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Friday, 1 September 2017, 06:00 HKT/SGT

Source: Gemalto NV
Gemalto first semester 2017 results
- Revenue of EUR 1.4 billion, lower by (8%) at constant exchange rates and (7%) at historical exchange rates
- Government Programs and Machine-to-Machine acceleration in the second quarter after a slow start
- Acquisition of 3M's Identity Management Business well received by customers
- Profit from operations at EUR 93 million, with EUR 50 million of free cash flow
- EUR 425 million goodwill impairment charge as a result of deteriorated prospects for the removable SIM market

AMSTERDAM, Sept 1, 2017 - (ACN Newswire) - Gemalto (Euronext NL0000400653 - GTO), the world leader in digital security today announces its results for the first semester 2017.

Key figures of the adjusted income statement
                                                     y-o-y variations
(EUR  in millions)      H1 2017     H1 2016              A        B
Revenue                   1,393       1,495           (7%)     (8%)
Gross profit                502         586          (14%)
Operating expenses        (409)       (415)           (1%)
Profit from operations       93         172          (46%)
Profit margin              6.7%       11.5%      (4.8 ppt)
A: at historical exchange rates
B: at constant exchange rates
Philippe Vallee, Chief Executive Officer, commented: "In the second quarter, Gemalto's year-on-year base of comparison in the US Payment business was at its most challenging level, reflecting the on-going adjustments in US EMV demand. In addition the removable SIM business deteriorated faster than we expected. As a result, the Company's first semester results were disappointing. Looking ahead, Gemalto expects to generate year-on-year stable revenue in the second semester supported by an acceleration in its Enterprise, Government Programs and Machine-to-Machine businesses leading to the outlook announced in July. The priorities that I have set for the teams are to rapidly integrate the newly acquired Identity Management Business, successfully execute the first actions of the transition plan and focus our investments on offers that are key to our clients' digital transformation."

Full Document download: http://bit.ly/2emMunD

About Gemalto

Gemalto (Euronext NL0000400653 GTO) is the global leader in digital security, with 2016 annual revenues of EUR 3.1 billion and customers in over 180 countries. We bring trust to an increasingly connected world.

From secure software to biometrics and encryption, our technologies and services enable businesses and governments to authenticate identities and protect data so they stay safe and enable services in personal devices, connected objects, the cloud and in between.

Gemalto's solutions are at the heart of modern life, from payment to enterprise security and the internet of things. We authenticate people, transactions and objects, encrypt data and create value for software - enabling our clients to deliver secure digital services for billions of individuals and things.

Our 15,000+ employees operate out of 112 offices, 43 personalization and data centers, and 30 research and software development centers located in 48 countries.

For more information visit www.gemalto.com, or follow @gemalto on Twitter.

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Topic: Earnings
Sectors: Enterprise IT, Security/Biometrics, Mobility/Wireless
From the Asia Corporate News Network

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