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2025'08.02.Sat
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2007'02.11.Sun
Gemalto Reports Third Quarter 2006 Revenue(1)
October 26, 2006

 
    -- Third Quarter Revenue at EUR 390 Million, Down 8% at
Constant Exchange 
       Rates, as Market Environment Remains Difficult in
Mobile Communication

    -- Year-to-date Pro Forma Revenue at EUR1,237 Million,
1% Lower Than Last 
       Year at Constant Exchange Rates, and Stable at
Current Exchange Rates

    -- Deployments of Electronic Passports Projects Lead to
20% Growth in ID & 
       Security in the Third Quarter 2006 at Constant
Exchange Rates


    AMSTERDAM, Oct. 26 /Xinhua-PRNewswire/ --

    - Strong Improvement in Net Cash, up EUR42 Million, to
EUR385 Million

    - Integration Program and Synergy Generation Well
On-Track

    Gemalto (Euronext NL0000400653 - GTO), a leader in
digital security, today announced its revenue for the
quarter ended September 30, 2006.

    In millions   Q3 06   Year-on-    Year-on-    YTD 06  
Year-on-   Year-on
       of euros            year         year        Pro    
 year       year
                         change at    change at    forma  
change at  change at
                        historical     constant          
historical  constant
                         exchange      exchange           
exchange   exchange
                          rates         rates              
 rates      rates
    Mobile        230.4     -14%         -12%      721.2   
  -8%       -9%
    Communication
    Secure         93.0      -5%          -4%      284.3   
  +8%       +8%
    transactions
    ID & Security  42.2    +19%          +20%     
148.8      +56%     +55%
    Public         13.6    -24%          -21%       46.5   
  -11%     -12%
    Telephony
    Point of       11.3    -31%          -29%       36.1   
  -21%     -21%
    Sales
    Terminals
    Total revenue 390.5    -10%          -8%     1,236.9   
   0%       -1%


    Olivier Piou, Chief Executive Officer, commented:
"Market demand for Gemalto products and services
remained strong in our major business segments.  However,
price pressure particularly in Mobile Communication
eliminated revenue growth for the quarter and year to date.
We continue to see significant strength in our ID &
Security segment, which turned in another strong quarter
and secured several new e-passport projects.

    Our merger integration program is moving ahead, on
target and on schedule. The integration process has
validated the net synergies we anticipated at the outset,
and revealed additional opportunities that we are
implementing. The markets we serve are dynamic and we are
fully committed to making the adjustments needed to ensure
that we remain in line with our long-term
objectives."

    Third quarter 2006 and year-to-date pro forma revenue
impacted by a difficult market environment in Mobile
Communication

    Microprocessor card deliveries(2) grew 31% to 281
million units in the third quarter 2006, sustained by
strong demand in all core business segments.  Year-to-date,
deliveries were up 34% to 826 million units.

    Third quarter total revenue was down 8%, at constant
exchange rates, reflecting varying performance between
business segments. Strong growth in Identity & Security
was offset by lower revenue in Mobile Communication, a
remnant of strong average selling price decrease in the
first quarter.

    On a pro forma basis, year-to-date revenue was stable.
After adjusting for the Setec acquisition, revenue was down
3% year-to-date at constant exchange rates.

    Third quarter 2006 segment analysis

    Mobile Communication performance reflects the strong
ASP decline incurred earlier in the year and a shift in
geographical mix


    In millions of   2005     2006    Year-on-year change
Year-on-year change
    euros             Pro      Pro       at historical     
  at constant
                     forma    forma      exchange rates    
 exchange rates
    Third quarter    267.8    230.4          -14%          
      -12%
    revenue
    Year-to-date     784.7    721.2          - 8%          
       -9%
    revenue

    Strong unit volume growth in SIM cards did not offset
the effect of the decrease in the average selling price:

    - Deliveries for the third quarter 2006 were up 34%
year-on-year to 219
      million units, driven by strong demand in Asia and in
EMEA(3), notably in
      Eastern Europe, the Middle East and Africa. Lower
sales in the Americas
      reflect a slowdown in new subscriber additions as
well as price       competition.

    - Average selling price for the third quarter 2006 was
down 32% year on
      year, at constant exchange rates, mainly due to the
strong competitive 
      price pressure during the first quarter and a shift
in the geographic 
      mix.  Compared with the second quarter 2006, average
selling price was 
      down 3.9%, at constant exchange rates.

    In the quarter, Gemalto's digital security leadership
and high end application expertise were rewarded:

    - The Group was selected to supply high-end products,
consulting services
      and project management for two nationwide mobile TV
rollouts.

    - The Company Over-The-Air personal information and
phonebook
      synchronization applications continued to receive
strong interest from
      network operators and are generating new value-added
services revenue 
      in the Americas.


    Secure Transactions posted a slight decline due to
slower EMV(4) revenue in Europe

    In millions of     2005      2006      Year-on-year    
Year-on-year
    euros           Pro forma   Pro forma    change at     
  change at
                                             historical    
   constant
                                            exchange rates 
exchange rates
    Third quarter       97.9      93.0          -5%        
     -4%
    revenue
    Year-to-date       262.3     284.3          +8%        
     +8%
    revenue


    Microprocessor card deliveries for the third quarter
2006 were up 11% to 52 million units, driven by on-going
EMV deployment, particularly in Turkey, Latin America and
North Asia. Volumes were slightly down in EMEA reflecting
completion of the initial EMV migration in the United
Kingdom and delays in EMV rollouts in Southern Europe.
Revenue was also impacted by price pressure in mature
markets.

    Contactless payment activity has now moved beyond the
United States to Asia, where Gemalto achieved strong
recognition and growth. The Group is also supplying
technology for several pilot projects in Asia and in
Europe.


    Excellent performance in ID & Security

    In millions of     2005      2006      Year-on-year    
Year-on-year
    euros           Pro forma  Pro forma    change at      
 change at
                                            historical     
  constant
                                          exchange rates  
exchange rates
    Third quarter      35.6       42.2         +19%        
    +20%
    revenue
    Year-to-date       95.2      148.8         +56%        
    +55%
    revenue


    Revenue growth was driven by deliveries of e-passports
solutions, including initial deployments of large scale
programs in France and Poland.

    Gemalto received initial orders in the third quarter
for e-passports solutions from the USA, Poland and
Slovenia, adding several meaningful and highly visible
contracts to those awarded earlier this year in France, the
Czech Republic, Portugal and Russia.

    Gemalto technology was also selected in the second
phase of the Sultanate of Oman e-government program.
Gemalto will provide an update of the Registration System,
integration services, and 2.5 million high-end smart ID
cards to offer additional e-government services to the
population of the Sultanate.

    Point-of-Sale Terminals

    Slower activity in this segment reflects delays earlier
this year in tender awards in Asia a transition to a new
range of products scheduled for introduction later in the
fourth quarter 2006.

    Regional analysis

    Third quarter revenue by region

    In millions of       Q3 05    Q3 06     % change at    
 % change at
    euros              Pro forma             historical    
   constant
                                           exchange rates  
exchange rates
    EMEA                 227.4    215.6         -5%        
     -4%
    North & South        128.3     92.3        -28%    
        -26%
    America
    Asia                  79.7     82.6         +4%        
     +8%
    Total revenue        435.4    390.5        -10%        
     -8%


    Regional analysis shows a substantial shift in revenue
contribution by region: Asia accounted for 21% of third
quarter 2006 revenue compared with 18% a year ago. Revenue
growth in this area was driven by Secure Transactions and
Mobile Communication. In EMEA, remarkable growth in ID
& Security was offset by lower revenue in Mobile
Communication and Secure Transactions. The Americas sharply
lower contribution to total revenue reflects the much lower
market demand for Mobile Communication products, while
Secure Transactions recorded strong growth over last year
in Latin America, building solid positions around the EMV
deployments.

    Outlook

    The third quarter market environment proved
challenging, and the Company expects an improvement in the
fourth quarter. With synergies from the combination
materializing progressively, in line with plans, and the
significant resources required this year to converge
product roadmaps and processes, Gemalto continues to expect
operating margin in the second half 2006 to be similar to
that of the first half.

    The Group is confident in its ability to play a leading
role in the global development of digital security. It has
taken cost reduction measures beyond the initially
identified synergies, and continues to adapt to match the
changing needs of the marketplace. Management is determined
to ensure that Gemalto meets its long term objective of an
operating margin in the low teens in 2009.

    Conference call

    The company has scheduled a conference call for
Thursday, October 26, 2006 at 2:30 pm CET (1:30 pm BST and
8:30 am New-York time). Callers may participate in the live
conference call by dialling:

    +44(0)207-365-1836 or +1-718-354-1158 or
+33-1-70-99-42-72.

    The slide show will be available on the web site at
12:00 CET (11:00 BST).

    Replays of the conference call will be available
approximately 3 hours after the conclusion of the
conference call until November 2, 2006 midnight by
dialling:

    +44(0)207-806-1970 or +1-718-354-11-12 or
+33-1-71-23-02-48, access code: 2104153.

    Earnings calendar

    Full year 2006 revenue is scheduled to be reported on
February 1, 2007, before the opening of Euronext Paris.

    The schedule for the announcement of fiscal year 2006
results will be communicated on February 1, 2007.

    About Gemalto

    Gemalto (Euronext NL 0000400653 GTO) is a leader in
digital security with pro forma 2005 annual revenues of
$2.2 billion (EUR1.7 billion), operations in 120 countries
and 11,000 employees including 1,500 R&D engineers. The
company's solutions make personal digital interactions
secure and easy in a world where everything of value - from
money to identities - is represented as information
communicated over networks.

    Gemalto thrives on creating and deploying secure
platforms, portable and secure forms of software in highly
personal objects like smart cards, SIMs, e-passports,
readers and tokens. More than a billion people worldwide
use the company's products and services for
telecommunications, banking, e-government, identity
management, multimedia digital right management, IT
security and other applications. Gemalto was formed in June
2006 by the combination of Axalto and Gemplus.

    For more information please visit 
http://www.gemalto.com

    APPENDIX

    Revenue breakdown by business segment

    In millions of   Q3 05 As a % Q3 06 As a %  YTD 05   As
a % YTD 06  As a %
    euros                    of           of              
of             of
                      Pro  total        total  Pro forma
total    Pro   total
                     forma                                 
     forma
    Mobile           267.8  62%   230.4  59%     784.7   
63%    721.2   58%
    Communication
    Secure           97.9   22%   93.0   24%     262.3   
21%    284.3   23%
    transactions
    ID & Security    35.6    8%   42.2   11%     95.2  
   8%    148.8   12%
    Public Telephony 17.8    4%   13.6    3%     52.1     
4%     46.5    4%
    Point of Sales   16.3    4%   11.3    3%     45.8     
4%     36.1    3%
    Terminals
    Total revenue    435.4 100.0% 390.5 100.0%  1,240.1 
100.0% 1,236.9 100.0%


    First quarter revenue by business segment

    In millions of        Q1 05     Q1 06      % change at 
    % change at
    euros               Pro forma Pro forma    historical  
      constant
                                             exchange rates
   exchange rates
    Mobile                236.7     229.9           -3%    
         -8%
    Communication
    Secure transactions    71.9      91.4          +27%    
         +25%
    ID & Security          22.6      53.2         +135%
            +127%
    Public Telephony       17.8      17.9           +1%    
          -4%
    Point of Sales         15.7      13.8          -12%    
         -14%
    Terminals
    Total revenue         364.7     406.2          +11%    
          +7%


    Second quarter revenue by business segment

    In millions of        Q2 05     Q2 06      % change at 
    % change at
    euros               Pro forma Pro forma     historical 
       constant
                                             exchange rates
   exchange rates
    Mobile                280.3     260.8           -7%    
          -8%
    Communication
    Secure transactions    92.5      99.9           +8%    
          +7%
    ID & Security          36.9      53.4          +45%
             +44%
    Public Telephony       16.5      15.0           -9%    
         -11%
    Point of Sales         13.9      11.0          -20%    
         -21%
    Terminals
    Total revenue         440.0     440.1            0%    
          -1%

    Year-to-date revenue by region

    In millions of       YTD 05    YTD 06      % change at 
    % change at
    euros               Pro forma Pro forma     historical 
       constant
                                             exchange rates
   exchange rates
    EMEA                  651.7     665.0          +2%     
          +2%
    North & South         340.1     304.3         -11% 
             -13%
    America
    Asia                  248.2     267.6          +8%     
          +6%
    Total revenue       1,240.1   1,236.9           0%     
          -1%


    In the first half 2006 earnings release, the Company
presented additional financial information on an adjusted
pro forma basis which was prepared in US dollars. The
adjusted pro forma information of the corresponding periods
have been prepared assuming that the combination with
Gemplus had taken place as of January 1, 2005, and
excluding charges arising from the accounting treatment of
the transaction and one-off expenses incurred in connection
with the combination with Gemplus. This adjusted pro forma
information is presented below in euros for the six month
periods ended June 30, 2005, June 30, 2006 and December 31,
2005.
    
    For a more detailed description of the basis of
preparation of this adjusted pro forma information, please
refer to EXPLANATION OF ADJUSTED AND PRO FORMA MEASURES at
the end of the first half 2006 earnings press release.

    Gemalto adjusted* pro forma income statement
    (assuming the combination was executed on January 1,
2005)
    All amounts in euro thousands (except where otherwise
stated)

                                          Six months ended
                                   30-Jun-05    31-Dec-05  
30-Jun-06
    Sales                           804,750     919,659    
846,312
    Cost of sales                  (541,434)   (623,593)  
(590,343)
    Gross profit                    263,316     296,066    
255,969
    Gross margin                       32.7%       32.2%   
   30.2%

    Operating expenses:
    Research and engineering        (55,763)    (60,760)   
(59,388)
    Sales and marketing             (97,767)   (109,545)  
(108,469)
    General and administrative      (52,273)    (62,108)   
(57,183)
    Other income, net                 2,214       1,397    
   (128)
    Operating income                 59,728      65,051    
 30,801
    Operating margin                    7.4%        7.1%   
    3.6%

    Financial income (expenses), net  2,069       2,535    
  5,720
    Share of profit (losses) of
    associates                         (990)      1,426    
    271
    Profit before income tax         60,806      69,012    
 36,792

    Income tax expense              (10,928)     14,024    
 (2,408)
    Profit for the period            49,879      83,035    
 34,385

    Attributable :
    Equity holders of the company    31,586      46,935    
 16,399
    Minority interest                18,292      36,100    
 17,986

    Basic earnings per share
    (in euros)                         0.51        0.75    
   0.26
    In thousands:
    Basic average number of shares
    outstanding                      62,425      62,316    
 62,399


    * excluding one-off expenses incurred in connection
with the combination with Gemplus and charges resulting
from the accounting treatment of the transaction

    DISCLAIMER

    The Gemalto N.V. securities referred to herein issued
in connection with the exchange offer of Gemalto N.V. for
the securities of Gemplus International S.A., and the
Gemalto N.V. shares issued in connection with the reopening
of such exchange offer, have not been (and are not intended
to be) registered under the United States Securities Act of
1933, as amended, (the "Securities Act") and may
not be offered or sold, directly or indirectly, into the
United States except pursuant to an applicable exemption.
The Gemalto securities have been and will be made available
within the United States in connection with the exchange
offer pursuant to an exemption from the registration
requirements of the Securities Act.

    The exchange offer and its reopening relate to the
securities of a non-US company and are subject to
disclosure requirements of a foreign country that are
different from those of the United States. Financial
statements presented have been prepared in accordance with
foreign accounting standards that may not be comparable to
the financial statements of United States companies.

    It may be difficult for an investor to enforce its
rights and any claim it may have arising under U.S. federal
securities laws, since Gemalto N.V. and Gemplus
International S.A. have their corporate headquarters
outside of the United States, and some or all of their
officers and directors may be residents of foreign
countries. An investor may not be able to sue a foreign
company or its officers or directors in a foreign court for
violations of the U.S. securities laws. It may be difficult
to compel a foreign company and its affiliates to subject
themselves to a U.S. court's judgment.

    This release does not constitute an offer to purchase
or exchange or the solicitation of an offer to sell or
exchange any securities of Gemalto N.V. or an offer to sell
or exchange or the solicitation of an offer to buy or
exchange any securities of Gemplus International S.A.

    Gemplus security holders are strongly advised to read
the offering circular relating to the exchange offer and
related exchange offer materials regarding the transaction
(see below), as well as any amendments and supplements to
those documents because they contain important
information.

    The exchange offer and its reopening described herein
are not (and are note intended to be) made, directly or
indirectly, in or into the United Kingdom, Italy, the
Netherlands, Canada or Japan or in or into any other
jurisdiction in which such offer would be unlawful prior to
the registration or qualification under the laws of such
jurisdiction. Accordingly, persons who come into possession
of this release should inform themselves of and observe
these restrictions.

    Copies of the free English translation of the joint
French language offering document which has received visa
No. 06-252 of July 6, 2006 from the French Autorite des
marches financiers and of the documents incorporated by
reference thereto are available from the Internet websites
of Gemalto N.V. ( http://www.gemalto.com ) and of Gemplus
International S.A. ( http://www.gemplus.com ) as well as
free of charge upon request to the following: Gemalto N.V.:
Koningsgracht Gebouw 1, Joop Geesinkweg 541-542, 1096 AX
Amsterdam, the Netherlands;

    Gemplus International S.A.: 46A, avenue J.F. Kennedy,
L-1855 Luxembourg, Grand Duchy of Luxembourg; Mellon
Investor Services LLC, U.S. Exchange Agent: 480 Washington
Boulevard, Attn: Information Agent Group,AIM # 074-2800,
Jersey City, New Jersey 07310, Call Toll Free:
1-866-768-4951.

    (1) Third quarter 2005, year-to-date 2005 and
year-to-date 2006 revenue
        provided in this press release are on a pro forma
basis, reflecting 
        the combined activity of Gemalto and Gemplus over
the corresponding 
        period, assuming that the combination had taken
place as of January 
        1, 2005.

    (2) Deliveries reported in the first half 2006 earnings
release included
        some contactless memory cards in Secure
Transactions and ID & 
        Security: actual microprocessor card deliveries in
the first half 2006
        was 545 million units of which 97 million units in
Secure Transactions

    (3) Europe, Middle East, Africa

    (4) EMV is a jointly defined set of specifications
dedicated to payment
        safety improvement, adopted by Europay, MasterCard
and Visa for the 
        migration of bank cards to microprocessor card
technology.

    For more information, please contact:

     Emmanuelle Saby, M.
     Corporate Media Relations
     Tel:   +336-09-10-76-10
     Email: emmanuelle.saby@gemalto.com

     Remi Calvet, M.
     Corporate Communication
     Tel:   +336-22-72-81-58
     Email: remi.calvet@gemalto.com

     Stephane Bisseuil 
     Investors Relations
     Tel:   +331-55-01-50-97
     Email: stephane.bisseuil@gemalto.com 

     FINEO
     Tel:   +331-56-33-32-31

SOURCE  Gemalto

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