HIGHLIGHTS
USD 919.7 million total revenues and other operating income, with USD 32.9 million operating income ex restructuring costs, benefitting from comprehensive cost reduction program
Strong free cash flow generation of USD 46.1 million in the second half
Increased transparency with former integrated Digital TV segment now disclosed as three separate segments: Digital TV, Cybersecurity and IoT
Strong Digital TV profitability at USD 111.9 million OIBDA ex restructuring costs
SmarDTV divestment completed
USD 151 million Cybersecurity gross revenues, with shift of business mix to high value-added advisory, managed security services and proprietary technologies, resulting in increasing gross profits
Development of new secure IoT platform and establishing key partnerships to address market demand for new deployments
Public Access confirming market leadership
Outlook for 2019: Revenues slightly up, EBITDA in the USD 80-95 million range*
Proposing a cash distribution (dividend) of CHF 0.10 per bearer share
Mr. Alexandre Zeller resigns from the Board of Directors of Kudelski SA following appointment as Managing Partner of Lombard Odier SA
KEY FIGURES 2018
(In million USD) 2018 2017
Revenues & Other Operating Income 919.7 1012.1
Operating Income Before Depreciation and Amortization (OIBDA)* 76.0 82.8
Operating Income* 32.9 44.3
* Ex restructuring costs
Cheseaux-sur-Lausanne, Switzerland, and Phoenix (AZ), USA - February 27, 2019 - The Kudelski Group (SIX: KUD.S), the world leader in digital security, announced today its 2018 annual results.
In 2018, total revenues and other operating income decreased from USD 1,012.1 million to USD 919.7 million, mainly driven by the Digital TV segment, which posted a USD 72.1 million net revenue decline. The Group implemented a comprehensive restructuring program resulting in a USD 74.9 million reduction of recurring Digital TV costs. The Group completed most of the restructuring measures related to its French operations in the second half of 2018, including the divestment of SmarDTV operations and the closure of a French R&D site. A further enabler of the 2018 cost reduction was tighter integration of NAGRA and Conax operations. Operational excellence measures across the entire Digital TV organization allowed for material efficiency improvements. Similarly, the Group streamlined corporate functions supporting Digital TV activities through the simplification and digitization of key processes, the consolidation of the organizational structure and the migration of selected functions to lower cost locations. Finally, the Group consolidated its operational footprint, resizing underutilized locations and closing satellite offices.
Group OIBDA ex restructuring costs was USD 76.0 million, a USD 6.8 million decrease over the previous year. Overall, the Group generated an operating loss of USD 7.3 million for the year. Operating income ex restructuring costs was at USD 32.9 million in 2018 compared to USD 44.3 million in 2017.
Kudelski achieved strong free cash flow generation of USD 46.1 million in the second half of 2018.
BUSINESS SEGMENT PRESENTATION
With the publication of its 2018 financial statements, the Group commences presentation of its results based on four segments: Digital TV, Cybersecurity, Internet of Things (IoT) and Public Access. While Public Access has been disclosed in prior financial statements, the former Integrated Digital TV segment is now divided into three new segments.
The Digital TV segment provides secure, open, integrated platforms and applications for broadcast, broadband and mobile networks, enabling compelling and personalized viewing experiences. Such platforms allow digital TV operators and content providers to offer a wide range of high value-added pay TV services.
The Cybersecurity segment provides end-to-end cybersecurity solutions to a wide variety of customers across multiple sectors. The portfolio is based on four pillars: advisory services, technology, managed security services and proprietary R&D. The Cybersecurity segment leverages the Group's historical strengths in R&D to fuel a highly differentiated product and service offering across each of the four pillars.
With the IoT segment, Kudelski offers a resilient and easy-to-integrate and operate security solution. The Group's IoT offering includes the Kudelski IoT Security Platform, a pre-integrated, end-to-end solution providing device and data protection, and Kudelski IoT Security Services, such as advanced lab services and managed security services.
In the Public Access segment, SKIDATA, the Group's subsidiary, designs and delivers integrated solutions to provide seamless, user-friendly access for people and vehicles to sites and installations such as car parks, ski-lifts, stadiums, arenas and amusement parks.
DIGITAL TV: EXTENDING KEY CUSTOMER RELATIONSHIPS
In spite of decreasing revenues, Digital TV delivered OIBDA ex restructuring costs of USD 111.9 million, reflecting strong cost controls and the successful completion of 2018 restructuring program.
In 2018, the Group extended its partnerships with key players in the industry, securing a solid foundation for future revenues by offering the latest NAGRA content protection, multi-DRM, business intelligence and anti-piracy solutions:
In the United States, NAGRA continued to strengthen its long-term relationship with Altice USA. Altice USA has selected OpenTV Player, NAGRA SSP and NAGRA Connect to power and secure its new multiscreen experience by providing a secure playout on a wide range of open devices. In addition, Altice USA has selected NAGRA Insight, the advanced digital TV data platform that leverages artificial intelligence to address a number of business opportunities.
In France, NAGRA has expanded its digital security and convergent media solution pa
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HIGHLIGHTS
