Key figures

Solid 2009 resultS

Following the completion of the transition of selected large accounts to the service model in the first half 2009, the Kudelski Group delivered strong second half results, both in terms of top line and profitability. This robust second half resulted in a growing top line for the full year and a material improvement in profitability compared to the previous year. Total revenues including other operating income rose by 2.3% to reach CHF 1060.8 million in 2009, in spite of the negative impact of the weakening EUR. At constant exchange rates, the Group achieved a 4.7% top line growth.

The operating margin before depreciation and amortization reached CHF 137.8 million and the operating income CHF 73.3 million for the full year (compared to CHF 18.5 million in 2008). The Group is reaping the economic benefit of large service card volumes and of a careful cost control resulting in a net decrease of operating expenses compared to the previous year.

The structural rebalancing of our location mix with a fast build-up of R&D operations of the Chinese sites delivered initial economic benefits in 2009. Overall, the Group generated a CHF 51.1 million net income, improving by CHF 58.1 million compared to the previous year. In 2009, the Group generated a strong cash flow from operating activities of CHF 135.2 million, representing an increase of CHF 142.6 million compared to 2008.