HIGHLIGHTS:
USD 827.3 million total revenues and other operating income, with EBITDA of USD 81.4 million ex restructuring costs
In-depth transformation of Group operations enabling future cross-segment synergies, and delivering USD 56.8 million total reduction of Group recurring operating expenses in 2019
Good resilience of Digital TV in mature markets, further portfolio optimization, extension of key customer relationships and deployment of cloud security platforms
Shift of Cybersecurity business to high margin activities and 30% year-on-year growth in EMEA region, particularly in Germany and France
Growing recognition for the Group's offering in IoT, initial launches completed both on-premise and on leading cloud platforms, including AWS and Azure
Completed first set of restructuring measures and launching further transformation program in Public Access
Outlook for 2020: EBITDA between USD 70 and 90 million and positive net income
Proposing a cash distribution (dividend) of CHF 0.10 per bearer share
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - February 27, 2020 - The Kudelski Group (SIX: KUD.S), the world leader in digital security, announced today its 2019 annual results.
In 2019, total revenues and other operating income decreased from USD 919.7 million to USD 827.3 million. This evolution was mainly driven by the Digital TV segment, which posted a USD 61.3 million decline, reflecting the trend seen in emerging markets. In the Public Access segment, European sales increased by 8.8% in constant currency, while in the Americas, sales decreased 16.5% compared to the previous year. Cybersecurity revenues shifted from lower margin technology reselling to higher margin advisory services, managed security services and proprietary technology sales. IoT generated marginal revenues as the segment's primary focus continues to be the development of a secure IoT platform solution for the market.
Overall, the Group reduced 2019 operating expenses by USD 81.7 million, including USD 56.8 million of cost savings achieved with the ongoing restructuring program, net of the cost of additional investments in the Group's key growth areas. Group EBITDA, excluding restructuring costs, was USD 81.4 million, a USD 5.5 million increase over the previous year.
The Group booked a USD 38.6 million net loss for 2019, including a total of USD 45.0 million of one-off costs from restructuring and from the tax effect of such restructuring measures.
In 2019, the Group generated USD 34.2 million of cash flow from operating activities, compared with a USD -4.7 million in 2018. Cash generation significantly improved in the second half to USD 36.2 million compared to a first-half operating cash flow of USD -2.0 million. The main driver of the year-on-year improvement is the reduction of trade accounts receivable, which generated USD 58.8 million of cash in 2019.
IN-DEPTH TRANSFORMATION OF GROUP OPERATIONS
The Group continued the transformation of its Digital TV organization to further enhance its operational efficiency, lay the foundation for future growth and consolidate its position as a world leader in this sector. Several key structural changes were made to the organization, including the merger of product units into a consolidated entity to deliver a more coherent offering to the market. In June 2019, the Group appointed Nancy Goldberg as Executive Vice President and Chief Marketing Officer, DTV, succeeding Pierre Roy.
The Group united its security brands for the first time at the 2020 CES, demonstrating the compelling value proposition of its end-to-end digital security ecosystem, which spans content protection, IoT and cybersecurity and leverages the strong synergies between Group entities.
The Group initiated a turnaround plan for SKIDATA in July 2019 and appointed David Luken as the new CEO of SKIDATA, with the objective of improving both cash flow generation and profitability.
The Group completed an in-depth review of SKIDATA's operations, defining a blueprint for operating improvements aimed at building an optimized operating model. A first wave of measures was completed with a focus on SKIDATA's US operations, including, in particular, the merger of formerly independent entities, the introduction of Group ERP and supply chain tools, a clean-up of the project portfolio, and the integration and streamlining of critical functions. To accelerate the implementation of its restructuring plan, the Group also replaced SKIDATA's General Manager for the US.
During 2019, Kudelski Security executed several operational changes in order to better enable the implementation of its growth strategy. Such changes include the regional alignment of management and resources for closer client relationship and support, the increased focus on the development of high added value products and increased collaboration with other Kudelski Group business entities. In August 2019, Andrew Howard was appointed as CEO of Kudelski Security.
DIGITAL TV: OPTIMIZATION OF PORTFOLIO AND EXTENSION OF KEY CUSTOMER RELATIONSHIPS
The digital TV market continues to contract, mainly in emerging markets, as a number of established pay TV operators report lower subscriber numbers. However, excluding restructuring costs, the Group's Digital TV segment generated an EBITDA of USD 114.4 million, representing a USD 2.5 million improvement from the previous year. This segment's profitability benefits from the improvement of productivity enabled by the transformation and the reduction of operating expenses driven by the Group's restructuring program.
In 2019, the Group continued to strengthen its partnerships with market-leading operators, especially in developed markets. Among the highlights:
Altice USA and the Kudelski Group expanded their partnership for both Media & Enterprise security by su
Europe Stories
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
02/05/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
15/04/2026
From immersive storytelling to laugh-out-loud comedies, podcasts are booming in ...
15/04/2026
Books have always moved with us, whether tucked in our bags or humming in our he...
15/04/2026
For many artists, independent venues are where music careers begin and fan communities take shape. Independent venue operators work hard every day to keep local...
15/04/2026
From gripping thrillers to poignant memoirs, the 21st century has had no shortage of unforgettable books. To celebrate the standout storytelling of our modern e...
15/04/2026
Vintage broadcast experts release second plug-in
Telsie T is the second plug-in to be released by SonicWorld, a German audio company who specialise in servi...
15/04/2026
Includes eight free UAD plug-ins
Universal Audio's latest bundle brings together a selection of their renowned plug-ins and virtual instruments, and is ...
15/04/2026
Maximum uptime for broadcasters: Rohde & Schwarz launches R&S BroadcastShield at...
15/04/2026
aconnic AG (ISIN: DE000A0LBKW6), Munich, announces the market launch of the ACCE...
15/04/2026
Wednesday 15 April 2026
Introducing Smart Home from Sky, a simple way to stay c...
15/04/2026
Wednesday 15 April 2026
The Burbs confirmed to return to Sky and NOW for a second season
Mystery-comedy series, The Burbs, will continue its exclusive resid...
15/04/2026
With new broadcast standards evolving all over the world and OTT streaming striving for the pole position in media consumption, both next-gen video and audio co...
15/04/2026
Harmonic's XOS Media Processor Delivers Exceptional Video Quality to More th...
15/04/2026
Five Decades of Box Office Intelligence: Comscore Celebrates 50 Years of Movie M...
15/04/2026
Two Cities Television and Keeper Pictures to produce six-part series in association with Screen Ireland for RT and ITV Studios
RT has commissioned Two Citie...
15/04/2026
RT 100
RT unveils The Signal' a specially commissioned 60-second film
...
14/04/2026
ToolsOnAir and Omnistream Bring Mobile SRT Contribution into Professional 24/7 P...
14/04/2026
Captures a trio of renowned polysynths
The latest software to join AIR Music Tech's extensive catalogue captures the sound of three sought-after polysyn...
14/04/2026
Free offering includes 10 powerful plug-ins
United Plugins have announced the launch of a new bundle that brings together 10 of their pro-audio plug-ins, an...
14/04/2026
Julian Coryell joins virtual session player line-up
Announced at NAMM 2026, Celemony's Tonalic kits DAW users out with real performances by world-class ...
14/04/2026
X-Rite Pantone Color Academy Grand Opening in Shanghai
On March 27, 2026, X-Rite Pantone, the global authority in color standards and color science, held the...
14/04/2026
14 Apr 2026
VEON and JazzWorld Receive Competition Commission of Pakistan Appro...
14/04/2026
Tuesday 14 April 2026
Nicola Coughlan and Aimee Lou Wood to host next two episo...
14/04/2026
Lead writer and executive producer Jack Lothian joins alongside lead director Je...
14/04/2026
Wuppertal April 14, 2026
Thomas Riedel Acquires Premium Manufacturer ARRIStrategic Alignment With the Riedel Group for Innovation and Growth
Thomas Riedel, f...
14/04/2026
New Service Simplifies Integration of AI Applications with Exceptional Reliabili...
14/04/2026
Luxembourg, April 14, 2026 - SES, a leading space solutions company, today annou...
13/04/2026
ToolsOnAir Composition Builder 2026 Boilerplate
More Details: The Composition Builder 2026 application for macOS enables TV stations and Live Event broadcast...
13/04/2026
ToolsOnAr just:live pro 2026 Boilerplate
More Details: just:live pro 2026 is a Multi-Channel Live Production Playout solution for video and static or real-ti...
13/04/2026
ToolsOnAr just:play pro 2026 Boilerplate
More Details: just:play pro 2026 is a Multi-Channel automated 24/7 Master Control playout solution with SD, HD and U...
13/04/2026
ToolsOnAr live:cut 2026 Boilerplate
More Details: live:cut is an option to just:in mac pro 2025 and enables multicamera production workflows for up to 16 cam...
13/04/2026
ToolsOnAir Just In Mac Lite NDI 2026 Boilerplate
More Details: The Just In Mac Lite NDI application is a streamlined media capture solution designed specific...
13/04/2026
ToolsOnAir Just In Mac Lite 2026 Boilerplate
More Details: The Just In Mac Lite application is a streamlined media capture solution designed specifically for...
13/04/2026
ToolsOnAir just:in mac pro 2026 Boilerplate
More Details: just:in mac pro is a macOS-based client-server multichannel capture solution to record SDI, HDMI, N...
13/04/2026
Intuitive EQ plug-in gets an upgrade
Following its official launch back in February 2026, Musik Hack's intuitive EQ plug-in has been treated to its firs...
13/04/2026
Flagship soft synth collection expanded
The latest version of UVI's flagship vintage-inspired soft synth collection has just arrived, expanding the suit...
13/04/2026
Free version of innovative string library arrives
Released in October 2025, Lux Orchestral Strings was said to be Sonuscore's most ambitious library to ...
13/04/2026
The Girls' Research Camp is part of the Technology - Future in Bavaria edu...
13/04/2026
Rohde & Schwarz transforms submarine communications for real time underwater dom...
13/04/2026
Rohde & Schwarz enables Pulsar signal simulation to support next-generation navi...
13/04/2026
The search for Ireland's newest country music star is live on Friday 17 Apri...
13/04/2026
Monday 13 April 2026
Global environmental action NGO WRAP brings recycling to l...
13/04/2026
J nger Audio has joined the EBU ADM Implementers Group (ADM-IG) as a founding me...
13/04/2026
FOX Latin America Announces The Launch Of The FOX Channel In Central America And...
HIGHLIGHTS:
