57. Principal operating companies

57. Principal operating companies
			Percentage held
Company	Place of incorporation	Activity	2008	2007
Digital Television solutions
Nagravision SA	CH - Cheseaux	Solutions for Digital TV and audio products	100	100
NagraCard SA	CH - Cheseaux	Secure smartcards	100	100
NagraID SA	CH - Chaux-de-Fonds	Smartcard production	100	100
Nagra France SAS	FR - Paris	Solutions for Digital TV and audio products	100	100
Nagra USA, Inc.	US - Nashville	Sales and support	100	100
Nagravision Asia Pte Ltd	SG - Singapore	Services	100	100
Quative Ltd	UK - London	IPTV solutions	100	100
SmarDTV SA	CH - Cheseaux	Chipsets for iDTV and conditional access modules	100	100
NagraStar LLC	US - Englewood	Smartcards and digital TV support	50	50
Nagra plus SA	CH - Cheseaux	Analog Pay-TV solutions	50	50
Nagra Thomson Licensing SA	FR - Paris	Intellectual property management	50	50

Public Access solutions
Nagra Public Access AG	CH - Zug	Holding in public access	100	100
SkiData Group	AT - Gartenau	People and car access systems	100	100
Ticketcorner Group	CH - Rümlang	Event distribution and ticketing	28	28
polyright SA	CH - Sion	Multifunction chipcard systems	50	50

Middleware & Advertising
OpenTV Corp.	British Virgin Islands	Middleware for set-top-boxes and advertising solutions	32*	32*

Corporate
Kudelski SA	CH - Cheseaux	Holding, parent company of the Group	100	100
Kudelski Financial Services SCA	LU - Luxemburg	Finance, convertible bearing company	100	100

Full consolidation method applied

Joint-venture accounting applied

Equity method of accounting applied

*The Group has 77% of the voting power in OpenTV Corp