Annual Report 2008

Historical overview

1951

Creation of the company by Stefan Kudelski and launch of the first portable recorder, the Nagra I.

1958

Release of the Nagra III, the legendary cinema recorder.

1986

The company is listed on the stock market.

1989

CANAL+ adopts Kudelski's access control system for pay television.

1991

André Kudelski succeeds Stefan Kudelski as Chairman and Chief Executive Officer of the Kudelski Group. First million analog decoders sold. Conditional access television systems become Kudelski's core business.

1992

Creation of Nagra+, joint-venture with CANAL+. Launch of the Nagra D, the first portable professional 4-track digital recorder.

1995

First order (from EchoStar) for a Nagra-vision digital system, marking the arrival of Nagravision in the North American market.

1996

Full conversion of the convertible bond (1986-1996) as part of a PEO.

1997

Digital pay television becomes the company's core business. Nagra Audio launches a range of high-end Hi-Fi products.

1998

Creation of NagraStar, a joint-venture with EchoStar, and of NagraCard. Capital increase and first indirect split of the Kudelski share (5+1).

1999

The company becomes a holding company. Kudelski stock is listed on the principal market of SIX Swiss Exchange.

2000

Investment in polyright. Capital increase and second indirect split (10+2).

2001

The Group makes several acquisitions in the public access sector (SkiData, Ticketcorner) and in digital television (Lysis, Livewire). The Kudelski share is split by 10. Launch of a convertible bond of USD 325 million. The operation is heavily over-subscribed.

2002

After a ten-year period of uninterrupted growth, the Kudelski Group suffers from the impact of the crisis in the television market, particularly in Europe, and of unfavourable developments in the foreign exchange markets. The company carries out an in-depth review of its structures. Creation of the holding company Nagra Public Access (including SkiData, Ticketcorner and polyright).

2003

Recovery of the digital television market. Acquisition of the MediaGuard product line from CANAL+ Technologies and creation of Nagra France.

2004

The Group publishes record results, tripling its digital TV revenues in Europe and almost doubling them in America.

2005

Early redemption of the USD 325 million convertible bond and issuance of a new convertible bond of CHF 250 million. Creation of Quative (IPTV sector). New Nagra Public Access structure; the entity is profitable again. Sale of the majority stake of Ticketcorner. Success of the new Nagra PMA pyramidal amplifier.

2006

Strategic investments for the development of the digital TV ecosystem. Acquisition of the digital TV activity of SCM Microsystems resulting in the creation of SmarDTV. Intensified research & development effort with a focus on content protection, IPTV and mobile TV.

2007

The Group becomes a leader in middleware and interactivity for digital television with the acquisition of a controlling interest in OpenTV. Launch of new IPTV and mobile TV solutions. Launch of new families of security solutions. Excellent results for Nagra Public Access. Success of the Nagra CD player.

2008

Revenues pass the billion Swiss francs milestone for the first time thanks to a 20,4% Group revenue growth in constant currency. Over 101 million digital TV active smartcards & devices worldwide. 25 million smartcards successfully migrated to service mode. Increasing footprint in Asia including for new solutions.