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Datum nieuwsfeit: 27-10-2005
Axalto: Derde kwartaal 2005 opbrengsten 227 miljoen dollar
( BW)(AXALTO)(AXTOF)(AXL.PA)(AXL.EU) Axalto - Third Quarter 2005
Revenue: $227 Million
Business Editors/Technology Editors
AMSTERDAM, Netherlands--(BUSINESS WIRE)--Oct. 27, 2005--
-- Over 100 million microprocessor cards delivered
-- Nine month revenue: $725 million
Axalto (EURONEXT:AXL) (EURONEXT:NL0000400653) today reported third
quarter 2005 revenue of $227 million, almost matching the
record-breaking $228 million third quarter of 2004 revenue adjusted
for Point of Sales terminals revenue deferrals.
For the first nine months of 2005 Axalto posted revenue of $725
million, an 8.4% increase over the $669 million revenue recorded in
the first nine months of 2004.
Commenting on these results Olivier Piou, Axalto's Chief Executive
Officer said: "Axalto delivered another strong performance, almost
matching last year's highest-ever third quarter. The strength of our
business in the Americas, the excellent start of financial contactless
card deliveries, and commercial successes in the EMEA region fully
compensated the predicted significant slowdown in Asia and delays in
electronic passport projects around the world.
Axalto's balanced and distributed model, industrial flexibility
and technological edge were again decisive to address the dynamic and
rapidly changing market place. This quarter Axalto has demonstrated
its agility and prepared its future well."
-0-
*T
Third quarter Nine months
----------------------------------------------------------------------
Axalto 2005 2004 Percentage 2005 2004
------ --------- of the -------------
quarter's
Cards (US$ million) Total (US$ million)
Revenue
Mobile Communication 135.2 137.3 59% 430.7 377.1
Financial Cards 49.1 47.1 22% 148.2 144.5
Public Sector, Access
and Other 15.2 18.2 7% 58.6 61.5
Prepaid (memory) Phone
Cards 7.8 9.6 3% 29.4 31.0
------ --------- ---------- ------ ------
Total Cards 207.2 212.1 91% 666.9 614.1
====== ========= ========== ====== ======
POS Terminals revenue
deferrals 10.7 (1)
Point-of-sale Terminals 19.7 15.8 9% 58.2 54.9
====== ========= ========== ====== ======
Total Revenue 226.9 238.6 (2)
====== ========= ========== ====== ======
Total Revenue adjusted for
POS revenue deferrals 226.9 228.0 100% 725.1 669.0
----------------------------------- --------- ---------- ------ ------
*T
(1) Included in the third quarter of 2004 revenue was $10.7
million of revenue in Point of Sales terminals related to
first and second quarter of 2004 deliveries, whose recognition
had to be deferred to the third quarter of that year in
accordance with US GAAP and IFRS as described in Axalto
previous quarterly reports.
(2) Including the $10.7 million revenue deferred from the first
and second quarter of 2004, and recognized in the third
quarter of 2004.
Further strong activity in the Cards segment
Revenue in the Cards segment came to $207 million. Nine-month
growth in revenue stands at +9% at $667 million. During the third
quarter Axalto again delivered over 100 million microprocessor cards.
The Americas region consolidated its status as the second-largest
revenue contributor, accounting for 30% of Axalto Cards segment
revenue this quarter.
Microprocessor cards revenue continues at strong levels
Mobile Communications
The Mobile Communications product line revenue reached $135
million in the quarter. During the first nine months of the year, this
product line has accounted for $431 million in revenue, a 14% increase
on the figure of last year's comparable period.
During the quarter, Axalto recorded a 17% increase in volumes of
SIM cards sold, which topped 77 million units. Almost 2 out of every 5
cards sold during the three month period were high-end cards, a 50%
increase on the comparable figure of a year ago. These progresses
contributed to offsetting the SIM cards sales price reduction, which
averaged 18% compared with the third quarter of 2004.
Volumes continued to grow in EMEA and pricing pressure remained
strong. For the first nine months of 2005, revenue growth in the EMEA
region stands at +12%.
As anticipated the decline in Mobile Communications revenue
recorded in Asia, where activity contracted by 28% compared with the
third quarter of 2004, was very significant, due to lower demand from
the leading Chinese telecommunications operators engaged in a major
reorganisation in preparation for the opening of their market to
international competition following China's decision to join the World
Trade Organization, and to the very high comparative base of the same
period of 2004 when migration from pre-paid scratch cards (without a
microprocessor) to entry-range microprocessor cards had been strongest
in Southern Asia. Axalto considers that this present situation in Asia
will develop favourably since competition between local and
international mobile communications operators active in China will
intensify and result in increasing requirements for the most advanced
technology. With its strong presence in the region Axalto is best
positioned to seize upsurges in demand. It was awarded in the recent
days a major order for 17 million cards.
The Americas once again posted excellent growth. Revenue was up by
52% compared with the third quarter 2004. It grew an impressive 77%
over the first nine months of 2005.
All growth drivers contributed to the progress. Sales volumes
increased strongly, reflecting buoyant demand in the region as digital
wireless communication systems penetration increases in highly
populated countries, and further successes in new markets. The product
mix continued to improve, supported by the excellent match of our
product and service offering with rapidly evolving customers needs:
high end products made up 65% of volumes sold against 40% a year ago.
Financial Cards
Axalto's revenue in this product line nearly reached $50 million
this quarter. Nine-month revenue stands at $148.2 million. During the
period, Axalto delivered over 20 million microprocessor cards.
This performance results from the EMV migration in Europe, Latin
America and Asia as well as from initial large-scale Paypass
contactless cards deployments in North America. This new payment
technology is being rapidly adopted throughout the United-States and
Axalto's competitive positioning at the forefront of this emerging and
high-growth market is now established. Axalto expects that its first
success publicly announced with Keybank will be followed by further
similar contract wins with tier-one financial institutions.
Public Sector, Access and Other
Revenue in this product line for the quarter was $15.2 million.
Nine-month revenue stands at $58.6 million.
During the quarter, Axalto signed a new licence for its patent
portfolio, with LG Electronics, of Korea.
The product line's global revenue variation was due to lower
deliveries in the pay TV business as described in the previous quarter
and last year's strong comparative base when initial deliveries of new
large orders - in particular to the US Department of Defense and to
the Puerto Rico Department of Health - began.
This product line activity remains subject to large projects
timelines and decision cycles, and has not yet started to benefit from
the global ramp up of national identity programs aimed at deploying
electronic passports and ID cards.
Axalto remains perfectly positioned to take advantage of the
long-term positive market dynamics of this activity and to leverage
its potential.
Prepaid Phone Cards (memory cards, without a microprocessor)
Revenue in this long-mentioned non-strategic product line
continued to decrease, and represents now only 3% of Axalto's total
revenue in the quarter.
Point-of-sale Terminals segment
Point-Of Sales Terminals segment activity grew by 24% this
quarter, driven by strong gains in Asia and Africa.
Including the $10.7 million accounting effect of deferred revenue
related to first and second quarter 2004 deliveries which had to be
recognized in the third quarter of 2004 in accordance with US GAAP and
IFRS, revenue recorded in the point-of-sale terminals segment
contracted by 26% during the quarter. Over the first nine-month period
of 2005, i.e. on a comparable basis, revenue Point-Of Sales Terminals
segment increased by 6% over the first nine-month period of 2004.
Geographical break-down of revenue
-0-
*T
Europe,
Middle
East,
Axalto Africa Asia Americas
------------------------------------- ---------- ---------- ----------
Revenue Revenue Revenue
Third quarter 2005 ($ million) ($ million) ($ million)
------------------------------------- ---------- ---------- ----------
Cards 99.8 44.5 62.9
Point-of-sale Terminals 14.3 4.3 1.1
------------------------------------- ---------- ---------- ----------
Total 114.2 48.8 64.0
------------------------------------- ---------- ---------- ----------
% Region 50% 22% 28%
------------------------------------- ---------- ---------- ----------
*T
Unless stated otherwise, all comparisons in this document are
shown on a historical exchange rate basis.
About Axalto
Axalto (EURONEXT:AXL) (EURONEXT:NL0000400653) is the world's
leading provider (Gartner 2005, Frost & Sullivan 2004) of
microprocessor cards - the key to digital networks - and a major
supplier of point-of-sale terminals. Its 4,500 employees, from over 60
nationalities, serve customers in more than 100 countries, with
worldwide sales reaching over 3 billion smart cards to date. The
company has 25 years' experience in smart card innovation and leads
its industry in security technology and open systems.
Axalto creates new generations of products for use in a variety of
applications in the telecommunications, finance, retail, transport,
entertainment, healthcare, personal identification, information
technology and public sector markets. Microprocessor cards provide
convenience, security and privacy to public and private services
operators, their customers and end users. For more information, please
visit www.axalto.com
--30--AM/ny*
CONTACT: Axalto
Media
Emmanuelle Saby
T: + 33 1 46 00 71 04
M: + 33 6 09 10 76 10
esaby@axalto.com
or
Investor Relations
Stephane Bisseuil
T: + 33 1 46 00 70 70
M: + 33 6 86 08 64 13
sbisseuil@axalto.com
or
TBWA\Corporate
Emlyn Korengold
T: + 33 1 49 09 66 51
M: + 33 6 08 21 93 74
emlyn.korengold@tbwa-corporate.com