57. Principal operating companies

57. Principal operating companies
			Percentage held
Company	Place of incorporation	Activity	2009	2008
Digital Television solutions
Nagravision SA	CH – Cheseaux	Solutions for Digital TV and audio products	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	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 system	50	50

Middleware & Advertising
OpenTV Corp.	British Virgin Islands	Middleware for set-top-boxes and advertising solutions	89*	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 96% (2008: 77%) of the voting power in OpenTV Corp