2007'02.04.Sun
Gemalto Second Quarter 2006 Revenue: $368 Million
July 27, 2006
-- Strong increase in deliveries to mobile network operators
-- Solid growth with financial issuers
-- Outstanding commercial successes in governmental identity programs
-- Solid growth with financial issuers
-- Outstanding commercial successes in governmental identity programs
AMSTERDAM, Netherlands, July 27 /Xinhua-PRNewswire/ --
The Gemalto securities referred to herein to be issued in
connection with the exchange offer of Gemalto N.V. for the
securities of Gemplus International S.A. have not been, and
are not intended to be, registered under the United States
Securities Act of 1933 (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 are to 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 relates to the securities of a
non-US company and is 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 and Gemplus 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.
Gemalto (Euronext NL0000400653 - GTO) today announces
its revenue for the second quarter 2006, the first to
consolidate Gemalto and Gemplus activity following the
execution on June 2, 2006 of the first step of the
combination between the two companies. The revenue reported
so includes Gemplus' June revenue of $127 million.
During the period, Gemalto recorded revenue of $368
million, 2% lower than last year's comparable revenue,
which includes Gemplus' June 2005 revenue of $116 million.
Olivier Piou, Gemalto's Chief Executive Officer
commented: "The combination between Axalto and Gemplus
is now effective. Since its announcement eight months ago,
we have very steadily delivered on all the operational
objectives we had set for Gemalto, ahead of schedule, and
the integrated organization is in place. Gemalto confirms
its objective of 85 million euros annual net synergies in
2009.
Our performance should improve in the second half of
the year as we are to benefit from the usual seasonal
increase of activity in mobile communication, from
large-scale renewals of financial EMV cards and from
deployments of the many identity programs for which Gemalto
has recently been selected.
Today, demand is strong in our digital security
markets, and our secure personal identity computing
platforms are more and more recognized by our broad
customer base as a vital link to improve their relationship
with their end-users."
Second Quarter Change
relative % of total
Gemalto 2006 2005 to 2005
on a revenue in
comparable basis quarter
At
At
On a historical
constant
comparable As exchange
exchange
basis* reported** rates
rates
(USD (USD (USD
million) million) million) %
%
Mobile
Communication 214.6 228.5 160.4 -6%
-6% 58%
Secure
Transactions 88.0 79.5 56.2 11%
12% 24%
ID & Security 42.9 36.0 16.0
19% 19% 12%
Public
Telephony 9.2 14.7 10.5 -38%
-38% 2%
Point-of-Sale
Terminals 13.8 17.7 17.7 -22%
-21% 4%
Total 368.3 376.5 260.9 -2%
-2% 100%
* Including Gemplus June 2005 revenue of $116 million
** Gemalto (ex-Axalto) 2005 second quarter reported
revenue
All comparisons in this document are at historical
exchange rates, unless stated otherwise, and describe the
evolution of Gemalto second quarter 2006 reported revenue
relative to Gemalto comparable 2005 second quarter revenue
as defined above.
Mobile Communication
The market demand for Subscriber Identity Modules (SIM)
continues to show robust growth although price pressure
intensified following the Gemalto proposed transaction
announcement, more than offsetting the impact of volume
growth on revenue.
The Mobile Communication segment recorded revenue of
$215 million in the quarter, down 6% compared with last
year.
Gemalto delivered strong volumes, with 165 million
units shipped, a 45% increase on last year's comparable
figure. During the quarter, the average sales price
declined 36% compared with the second quarter of 2005
reflecting:
* the intensely competitive environment since the
announcement
of the combination,
* an unfavorable geographic mix, with a larger
proportion of
volumes delivered to operators in emerging
countries, with
lower-end products on average,
* price erosion accumulated over the past quarters.
Sales grew year-on-year in Europe despite significant
on going pricing pressures.
Against the backdrop of an outstanding second quarter
performance in 2005, revenue in the Americas region
decreased.
For the second consecutive quarter, Asia's Mobile
Communication revenue increased compared with the same
quarter of the previous year. In China, revenue grew again
as national operators placed large-scale orders to Gemalto,
for SIM cards that will be used prior to the deployment of
the Chinese third-generation technology -- now expected
around the New Year. Over the quarter, Gemalto consolidated
its position as one of the foremost suppliers in this new
third-generation Chinese mobile telephony technology by
participating successfully in the TD-SCDMA field trials.
Secure Transactions (Financial Services and Pay TV)
Gemalto's revenue in this segment was $88 million in
the quarter, up 11% year on year.
Gemalto delivered 41 million microprocessor cards
during the quarter.
Activity in Europe was stable and the CISMEA (Community
of Independent States - Middle-East - Africa) region posted
solid growth, with strong deliveries to financial
institutions in Turkey and Russia.
EMV migration propelled North Asia to almost triple its
revenue this quarter, a trend that also benefited to Latin
America.
North America's growth was powered by strong shipments
in Canada and continued roll-outs in contactless cards in
the US.
ID & Security
Revenue in this segment for the quarter was $43
million, a 19% improvement on last-year's figure.
This growth was notably due to a marked increase in the
revenue derived from the company's patent portfolio compared
with the second quarter of 2005.
Gemalto also recorded strong growth in its Identity
activity in Europe with initial large-scale deployments of
French, Portuguese and Slovenian electronic passports.
Gemalto's leading expertise in this promising domain is now
recognized throughout the world: the company has been
selected to supply electronic passport technology in
Denmark, Finland, Norway, Singapore, Sweden, the Czech
Republic and is currently participating in large-scale
trial deployments in Russia.
Public Telephony
Revenue in this non-strategic product line dropped by
38% this quarter, reflecting further decline in worldwide
demand. It represented 2% of Gemalto's total revenue in the
quarter.
Point-of-Sale Terminals
The Point-of-Sale Terminals segment's revenue decreased
by 22% this quarter compared with the same period last year.
This was essentially due to delays in large tender awards in
Asia and in deliveries related to several large-scale
contracts. This segment accounted for 4% of Gemalto's
second quarter revenue.
Geographical break-down of second quarter revenue
Second Quarter Second
Quarter Change**
2006 2005*
(%)
EMEA 197.4
203.1 (3%)
NSA 78.3
106.6 (27%)
Asia 92.7
66.7 +39%
Total 368.3
376.5 (2%)
* Including Gemplus June 2005 revenue of $116 million
** All comparisons in this document are at historical
exchange rates, unless stated otherwise, and describe the
evolution of Gemalto second quarter 2006 reported revenue
relative to Gemalto comparable 2005 second quarter revenue
as defined above
Creation of gemalto
On June 2, 2006, Axalto and Gemplus announced a major
step of their combination project to create Gemalto. The
contribution in kind, by Texas Pacific Group and the Quandt
family entities, of their interests in Gemplus International
SA (in aggregate 43.4% of Gemplus share capital) to Axalto
Holdings NV was completed on the basis of 2 Axalto shares
for every 25 Gemplus shares. On the same day, Axalto
Holding NV, renamed Gemalto NV, filed a public exchange
tender offer for the remaining shares and warrant issued by
Gemplus. Prior to the contribution in kind, Gemplus had
completed a distribution of euro 0.26 per share to all of
its shareholders on the record upon market close of the
same day.
The public exchange tender offer initiated by Gemalto
for the shares and warrants issued by Gemplus was opened on
July 11, 2006, at the same exchange ratio of 2 Gemalto
shares for every 25 Gemplus shares. On July 6, 2006, the
offering document filed by Gemalto received the visa n¡ã
06-252 from the "Autorite des Marches Financiers"
(AMF) in Paris, the French stock market authority.
This tender offer will be opened until August 14, 2006.
The result of the Offer should be published at the latest on
August 25, 2006. On the basis of the indicative timetable,
it is envisaged that settlement will occur on August 30,
2006.
Gemplus securityholders 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 described herein is not made,
directly or indirectly, in or into Australia, 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 - Call Collect: 1-201-680-6590.
A conference call will be organized today at 3:30 pm
Paris time (2:30 pm London time - 9:30 am New York time).
Dial-in numbers: + 44 (0)207 138 0819 from
United-Kingdom
+ 1 718 354 1361 from
United States
+ 33 (0)1 55 17 41 50 from
France
Access code: 2344918
Replays of the conference call will be available
approximately 2 hours after the conclusion of the live
conference call until August 10th, 2006 at: +44 (0) 207 806
1970, or +1 718 354 1112 or +33(0)1 71 23 02 48 (Access
code: 2344918#).
Note that this conference call will be in English.
Gemalto will publish its 2006 consolidated first half
results, September 13th, 2006.
About Gemalto
Gemalto (Euronext NL 0000400653 GTO) is a leader in
digital security with pro forma 2005 annual revenues of
$2.2 billion (euro 1.7 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 .
Annex
Gemalto second quarter pro forma revenue
(Gemplus full second quarter revenue + Axalto full
second quarter revenue,
less eliminations)
Second quarter
Gemalto 2006 2005
Change % of
pro forma
total
revenue
(USD million) (USD million)
% in
quarter
Mobile
Communication 326.0 358.8
(9%) 59%
Secure
Transactions 125.7 118.4
+6% 23%
ID & Security 66.2 47.0
+41% 12%
Public Telephony 18.6 21.1
(11%) 3%
Point-of-Sale
Terminals 13.8 17.7
(22%) 2%
Total 550.3 562.9
(2%) 100%
Unless stated otherwise, all comparisons in this
document are shown on a historical exchange rate basis.
Gemalto first half pro forma revenue
(Gemplus full first half revenue + Axalto full first
half revenue, less eliminations)
First Half
Gemalto 2006 2005
Change % of
pro forma
total
revenue
(USD million) (USD million)
% in
semester
Mobile
Communication 600.8 672.8
(11%) 58%
Secure
Transactions 236.3 213.9
+10% 23%
ID & Security 128.4 77.0
+67% 12%
Public Telephony 40.1 44.7
(10%) 4%
Point-of-Sale
Terminals 30.2 38.6
(22%) 3%
Total 1,035.9 1,047.0
(1%) 100%
Unless stated otherwise, all comparisons in this
document are shown on a historical exchange rate basis.
Axalto Second Quarter stand-alone
Second quarter
Axalto 2006 2005
Change % of
total
(US $ million) (US $ million)
% revenue
in
quarter
Mobile
Communications 137.0 160.4
(15%) 57%
Secure
Transactions 57.8 56.2
+3% 24%
ID & Security 27.9 16.0
+74% 12%
Public Telephony 4.9 10.5
(53%) 2%
Point-of-Sale
terminals 13.8 17.7
(22%) 6%
Total 241.4 260.9
(7%) 100%
Unless stated otherwise, all comparisons in this
document are shown on a historical exchange rate basis.
For more information, please contact:
Emmanuelle SABY
Corporate Media Relations
Mobile: +33-6-09-10-76-10
Email: emmanuelle.saby@gemalto.com
Remi CALVET
Corporate Communications
Moblie: +33-06-22-72-81-58
Email: remi.calvet@gemalto.com
Stephane BISSEUIL
Investor Relations
Tel: +33-1-55-01-50-97
Mobile: +33-6-86-08-64-13
Email: stephane.bisseuil@gemalto.com
Guillaume GRANIER
TBWA \ CORPORATE
Tel: +33-1-49-09-25-87
Mobile: +33-6-63-64-63-73
Email: guillaume.granier@tbwa-corporate.com
SOURCE Gemalto
PR
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