This Report on Form 6-K is hereby incorporated by reference into Gemplus International S.A.s Solicitation/Recommendation Statement on Schedule 14D-9C filed on February 9, 2006 and shall be a part of that Statement from the date on which this Report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.
| Revenue increased by 8.5% to 939 million euros: growth sustained in all core businesses. | ||
| Operating income at 67 million euros: a 2.5 fold increase, driven by good overall Company performance. | ||
| Very strong net income1, at 90 million euros. | ||
| Robust free cash flow, at 85 million euros, excluding non-recurring items. |
| Operating margin at 6.0%, despite impact related to a quality issue with a specific chip. |
| Strong net income1, at 40 million euros, boosted by recognition of deferred tax assets of 25.6 million euros. |
In millions of euros | Q42005 | Q42004 | Year-on- | FY 2005 | FY 2004 | Year-on- | ||||||||||||||||||
year | year | |||||||||||||||||||||||
change | change | |||||||||||||||||||||||
Net sales |
261.7 | 242.5 | +7.9 | % | 938.9 | 865.0 | +8.5 | % | ||||||||||||||||
Adjusted for currency fluctuations, discontinued operations and acquisitions | -1.5 | % | +3.6 | % | ||||||||||||||||||||
Gross profit |
85.2 | 77.3 | +10.3 | % | 309.9 | 270.5 | +14.6 | % | ||||||||||||||||
Gross margin as a % of sales |
32.6 | % | 31.9 | % | +0.7 ppt | 33.0 | % | 31.3 | % | +1.7 ppt | ||||||||||||||
Operating income |
15.6 | 16.1 | -3.0 | % | 66.8 | 26.3 | +153.7 | % | ||||||||||||||||
Operating margin |
6.0 | % | 6.6 | % | -0.6 ppt | 7.1 | % | 3.0 | % | +4.1 ppts | ||||||||||||||
Net income1 |
40.0 | 11.8 | +239 | % | 89.9 | 4.7 | NM | |||||||||||||||||
Free cash
flow excluding non recurring items |
21.5 | 11.3 | +90 | % | 85.3 | 58.8 | +45 | % | ||||||||||||||||
Free cash flow2 |
19.6 | 1.7 | NM | 95.7 | 5.5 | NM | ||||||||||||||||||
Cash and cash equivalents |
418.4 | 388.4 | +7.7 | % | 418.4 | 388.4 | +7.7 | % | ||||||||||||||||
Per share data (in euros) | ||||||||||||||||||||||||
Earnings per share (fully diluted) |
0.06 | 0.02 | +224 | % | 0.14 | 0.01 | NM |
1 | Net Income attributable to Equity Holders | |
2 | Free cash flow is defined as net cash flow from operating activities less the purchase of property, plant and equipment and other investments related to the operating cycle (excluding acquisitions and financial investments). |
| Highlights: |
| Revenue up 8.5%: growth sustained in all core businesses. |
| Operating income at 67 million euros: a 2.5 fold increase, driven by good overall Company performance: |
| Gross margin up 1.7 percentage points. | ||
| Operating expenses flat. |
| Very strong net income1, at 90 million euros. | ||
| Robust free cash flow, at 85 million euros, excluding non-recurring items. |
Year-on-year | Adjusted | |||||||||||||||
In millions of euros | FY 2005 | FY 2004 | change | change3 | ||||||||||||
Group revenue |
938.9 | 865.0 | +8.5 | % | +3.6 | % | ||||||||||
Telecom |
654.5 | 641.8 | +2.0 | % | +0.5 | % | ||||||||||
of which Wireless products & services |
600.4 | 558.5 | +7.5 | % | NA | |||||||||||
of which Prepaid phone cards & scratchcards |
54.1 | 83.3 | -35.1 | % | NA | |||||||||||
Financial Services |
202.9 | 182.2 | +11.3 | % | +4.9 | % | ||||||||||
ID and Security |
81.5 | 41.0 | +98.7 | % | +46.6 | % |
| Telecom revenue was driven by Wireless. Wireless revenue was up 7.5% (up 7.2% currency adjusted), to 600.4 million euros, confirming the Groups leading position in this sub-segment. Wireless card shipments rose 34% to 342 million units, due to strong growth in EMEA4 and the Americas. The Groups focus on value creation drove a substantial shift toward high-end cards, now considered only 3G and above, with their share increasing from 6.0% in 2004 of total shipments to 10% in 2005. The share of 64Kb, 128Kb, 3G cards and above rose from 34% in 2004 to 47% in 2005. The average selling price declined 20%, currency adjusted. | ||
| Financial Services revenue was driven by the EMV migration, with substantial rollouts in many European countries and ramp-up in Latin America and Japan. Gemplus shipped 70 million payment microprocessor cards (up 36%), with revenue up 25%. |
3 | Adjusted for currency fluctuations, discontinued operations & acquisitions. | |
4 | Europe, Middle East and Africa |
| ID and Security revenue was driven by the Setec acquisition, Government ID projects, particularly, in the Middle East, and Corporate Security projects, notably in the Americas. | ||
| On a geographical basis, revenue from the Americas was up 21.0%, currency and acquisition adjusted, driven by Wireless. The EMEA4 region was up 1.8%, led by Financial Services. Asia was down 12.5% reflecting Wireless price pressure. |
As a % of | As a % of | |||||||||||||||
In millions of euros | FY 2005 | revenue | FY 2004 | revenue | ||||||||||||
Group gross profit |
309.9 | 33.0 | % | 270.5 | 31.3 | % | ||||||||||
Telecom |
241.5 | 36.9 | % | 220.8 | 34.4 | % | ||||||||||
of which Wireless products & services |
236.6 | 39.4 | % | 215.6 | 38.6 | % | ||||||||||
of which Prepaid phone cards & scratchcards |
4.9 | 9.1 | % | 5.2 | 6.2 | % | ||||||||||
Financial Services |
41.9 | 20.6 | % | 37.7 | 20.7 | % | ||||||||||
ID and Security |
26.5 | 32.5 | % | 12.0 | 29.4 | % |
As a % of | As a % of | |||||||||||||||
In millions of euros | FY 2005 | revenue | FY 2004 | revenue | ||||||||||||
Operating expenses |
243.2 | 25.9 | % | 244.2 | 28.2 | % | ||||||||||
Operating income |
66.8 | 7.1 | % | 26.3 | 3.0 | % | ||||||||||
Financial income & expenses |
7.7 | 5.7 | ||||||||||||||
Share of profit (loss) of associates |
-0.5 | -6.0 | ||||||||||||||
Other non operating income (expenses), net |
-2.3 | -6.8 | ||||||||||||||
Income tax |
19.8 | -13.0 | ||||||||||||||
Minority interests |
-1.5 | -1.6 | ||||||||||||||
Net income1 |
89.9 | 4.7 |
| Income statement |
| Revenue up 7.9% year-on-year (down 1.5% adjusted3). | ||
| Operating margin at 6.0%, despite impact related to a quality issue with a specific chip. | ||
| Strong net income1, at 40.0 million euros, boosted by recognition of deferred tax assets of 25.6 million euros. |
Adjusted3 | ||||||||||||||||
In millions of euros | Q4 2005 | Q4 2004 | % change | change (%) | ||||||||||||
Net sales |
261.7 | 242.5 | +7.9 | % | -1.5 | % | ||||||||||
Gross profit |
85.2 | 77.3 | +10.3 | % | ||||||||||||
Gross margin as a % of sales |
32.6 | % | 31.9 | % | +0.7 ppt | |||||||||||
Operating income |
15.6 | 16.1 | -3.0 | % | ||||||||||||
Net income1 |
40.0 | 11.8 | +239 | % |
| Balance sheet and cash flow statement |
| Robust free cash flow of 21.5 million euros, excluding non-recurring items. | ||
| Strong cash position, at 418.4 million euros. |
| Telecom |
| Record wireless shipments, at 101 million units, mainly driven by emerging countries. |
||
| Wireless ASP down 28.4% year-on-year, currency adjusted, reflecting an unfavorable regional mix and price pressure. |
Adjusted | ||||||||||||||||
change3 | ||||||||||||||||
In millions of euros | Q4 2005 | Q4 2004 | % change | (%) | ||||||||||||
Wireless products & services net sales |
163.6 | 165.3 | -1.0 | % | ||||||||||||
Wireless gross profit |
62.6 | 62.4 | +0.3 | % | ||||||||||||
Wireless gross margin |
38.2 | % | 37.7 | % | +0.5 ppt | |||||||||||
Prepaid phone cards & scratchcards net sales |
15.9 | 22.6 | -29.6 | % | ||||||||||||
Prepaid phone cards & scratchcards gross profit |
2.0 | 1.9 | +5.0 | % | ||||||||||||
Prepaid phone cards & scratchcards gross margin |
12.8 | % | 8.6 | % | +4.2 ppts | |||||||||||
Telecom net sales |
179.5 | 187.9 | -4.5 | % | -7.9 | % | ||||||||||
Telecom gross profit |
64.6 | 64.3 | +0.3 | % | ||||||||||||
Telecom gross margin |
36.0 | % | 34.2 | % | +1.8 ppt | |||||||||||
Telecom operating expenses |
44.5 | 39.1 | +14.0 | % | ||||||||||||
As a % of sales |
24.8 | % | 20.8 | % | +4.0 ppts | |||||||||||
Telecom operating income |
20.1 | 25.2 | -20.4 | % | ||||||||||||
Operating margin |
11.2 | % | 13.4 | % | -2.2 ppts |
| Wireless products & services revenue5 was down 1.0% year-on-year (down 4.6%, currency adjusted), to 163.6 million euros. | ||
| Fourth quarter Wireless shipments grew 35% year-on-year, to 101 million units, mostly driven by emerging countries in all regions: Latin America, Eastern Europe, China, South-East Asia, Middle East and Africa. | ||
| The Wireless mix notably improved in EMEA4 and North America, driven by momentum in 3G cards. High-end card shipments (3G and above) accounted for 15% of the fourth quarter total, compared to 8% a year ago. | ||
| Wireless average selling price (ASP) was down 7.7% quarter-on-quarter and 28.4% year-on-year, both currency adjusted, reflecting ongoing price pressure and a substantial unfavorable change in the regional mix. |
5 | Wireless products & services revenue comprises wireless microprocessor cards and related applications (embedded software and Over The Air platforms) and services (system integration and operated services). |
| Financial Services |
| Very strong growth in payment microprocessor cards: shipments up 70%, to 18.1 million units. | ||
| EMV6 roll-out gained further momentum in Eastern Europe and Latin America. |
Adjusted3 | ||||||||||||||||
In millions of euros | Q4 2005 | Q4 2004 | % change | change (%) | ||||||||||||
Net sales |
55.8 | 44.2 | +26.3 | % | +10.8 | % | ||||||||||
Gross profit |
12.2 | 9.7 | +26.0 | % | ||||||||||||
Gross margin as a % of sales |
21.8 | % | 21.9 | % | -0.1 ppt | |||||||||||
Operating expenses |
12.5 | 13.7 | -9.0 | % | ||||||||||||
As a % of sales |
22.3 | % | 31.0 | % | -8.7 ppts | |||||||||||
Operating income |
-0.3 | -4.0 | NM | |||||||||||||
Operating margin as a % of sales |
-0.5 | % | -9.1 | % | NM |
| Identity and Security |
| Very strong growth, driven by Government ID and Corporate Security projects. | ||
| On-going roll-out of e-passports in Singapore, Sweden and Norway. |
6 | EMV is a jointly defined set of specifications adopted by Europay, MasterCard and Visa for the migration of bank cards to smart card technology. |
Adjusted3 | ||||||||||||||||
In millions of euros | Q4 2005 | Q4 2004 | % change | change (%) | ||||||||||||
Net sales |
26.4 | 10.4 | +152.5 | % | +61.3 | % | ||||||||||
Gross profit |
8.4 | 3.3 | +157.1 | % | ||||||||||||
Gross margin as a % of sales |
32.0 | % | 31.5 | % | +0.5 ppt | |||||||||||
Operating expenses |
12.6 | 8.4 | +50.3 | % | ||||||||||||
As a % of sales |
47.9 | % | 80.5 | % | -32.6 ppts | |||||||||||
Operating income |
-4.2 | -5.1 | NM | |||||||||||||
Operating margin as a % of sales |
-15.9 | % | -49.0 | % | +33.1 ppts |
| Telecom |
| Financial Services |
| Identity and Security |
| Research and Development |
Press
|
Investor Relations | |
Gemplus
|
Gemplus | |
Jane Strachey
|
Celine Berthier | |
Tel: +33 (0) 4 42 36 46 61
|
Tel: +41 (0) 22 544 5054 | |
Mob: +33 (0) 6 79 46 35 93
|
||
Email: jane.strachey@gemplus.com
|
Email: celine.berthier@gemplus.com | |
Edelman
|
Fineo | |
Frédéric Boullard
|
||
Tel: +33 (0) 1 56 69 73 95
|
Tel: +33 (0) 1 56 33 32 31 | |
Email: frederic.boullard@edelman.com
|
Email: investors@gemplus.com |
( (in thousands of euros, except shares and per share amounts) | ||||||||||||||||
Twelve months ended | Three months ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
(unaudited) | ||||||||||||||||
Net sales |
261,703 | 242,542 | 938,875 | 865,034 | ||||||||||||
Cost of sales |
(176,475 | ) | (165,278 | ) | (628,967 | ) | (594,533 | ) | ||||||||
Gross Profit |
85,228 | 77,264 | 309,908 | 270,501 | ||||||||||||
Research and development expenses |
(17,882 | ) | (14,893 | ) | (62,269 | ) | (62,592 | ) | ||||||||
Selling and marketing expenses |
(31,851 | ) | (27,129 | ) | (116,088 | ) | (101,493 | ) | ||||||||
General and administrative expenses |
(21,982 | ) | (17,298 | ) | (67,983 | ) | (63,895 | ) | ||||||||
Restructuring expenses |
1,713 | 227 | 3,235 | (8,384 | ) | |||||||||||
Other operating income (expense), net |
391 | (101 | ) | (48 | ) | (101 | ) | |||||||||
Goodwill amortization and impairment |
| (1,970 | ) | | (7,718 | ) | ||||||||||
Operating income |
15,617 | 16,100 | 66,755 | 26,318 | ||||||||||||
Financial income (expense), net |
2,289 | 1,364 | 7,659 | 5,653 | ||||||||||||
Share of profit (loss) of associates |
662 | (947 | ) | (531 | ) | (5,970 | ) | |||||||||
Other non-operating income (expense), net |
(2,373 | ) | (2,158 | ) | (2,301 | ) | (6,757 | ) | ||||||||
Income before taxes |
16,195 | 14,359 | 71,582 | 19,244 | ||||||||||||
Income tax expense |
24,219 | (2,676 | ) | 19,816 | (12,953 | ) | ||||||||||
NET INCOME |
40,414 | 11,683 | 91,398 | 6,291 | ||||||||||||
Attributable to: |
||||||||||||||||
Equity holders of the Company |
40,013 | 11,806 | 89,890 | 4,674 | ||||||||||||
Minority interest |
401 | (123 | ) | 1508 | 1,617 | |||||||||||
Net income per share attributable to equity
holders of the Company (in euros) |
||||||||||||||||
Basic |
0.06 | 0.02 | 0.15 | 0.01 | ||||||||||||
Diluted |
0.06 | 0.02 | 0.14 | 0.01 | ||||||||||||
Shares used in net income per share calculation: |
||||||||||||||||
Basic |
628,003,671 | 606,933,869 | 618,285,864 | 606,672,060 | ||||||||||||
Diluted |
647,413,175 | 618,170,575 | 634,742,894 | 619,022,472 | ||||||||||||
(in thousands of euros) | ||||||||
December 31, | December 31, | |||||||
2005 | 2004 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
418,365 | 388,430 | ||||||
Trade accounts receivable, net |
183,022 | 148,512 | ||||||
Inventory, net |
107,673 | 115,610 | ||||||
Derivative financial instruments |
4,187 | 33,387 | ||||||
Other current receivables |
82,128 | 66,160 | ||||||
Total current assets |
795,375 | 752,099 | ||||||
Non-current assets: |
||||||||
Property, plant and equipment, net |
158,284 | 148,916 | ||||||
Goodwill, net |
90,826 | 28,197 | ||||||
Deferred development costs, net |
21,227 | 19,222 | ||||||
Other intangible assets, net |
23,600 | 8,965 | ||||||
Deferred income tax assets |
32,788 | 6,264 | ||||||
Investments in associates |
16,309 | 12,864 | ||||||
Available-for-sale financial assets, net |
2,469 | 4,752 | ||||||
Other non-current receivables, net |
40,846 | 43,900 | ||||||
Total non-current assets |
386,349 | 273,080 | ||||||
TOTAL ASSETS |
1,181,724 | 1,025,179 | ||||||
LIABILITIES |
||||||||
Current liabilities: |
||||||||
Accounts payable |
106,085 | 94,025 | ||||||
Derivative financial instruments |
2,592 | | ||||||
Salaries, wages and related items |
62,641 | 55,199 | ||||||
Current portion of provisions and other liabilities |
73,434 | 50,217 | ||||||
Current income tax liabilities |
5,228 | 6,581 | ||||||
Other current tax liabilities |
20,821 | 19,127 | ||||||
Current obligations under finance leases |
5,539 | 6,005 | ||||||
Total current liabilities |
276,340 | 231,154 | ||||||
Non-current liabilities: |
||||||||
Non-current obligations under finance leases |
26,425 | 33,663 | ||||||
Non-current portion of provisions |
23,482 | 25,696 | ||||||
Other non-current liabilities |
13,417 | 13,353 | ||||||
Deferred income tax liabilities |
4,354 | | ||||||
Total non-current liabilities |
67,678 | 72,712 | ||||||
Shareholders equity: |
||||||||
Ordinary shares |
133,466 | 128,643 | ||||||
Additional paid-in capital |
1,071,388 | 1,031,558 | ||||||
Retained earnings |
(374,183 | ) | (459,560 | ) | ||||
Other comprehensive income |
(4,407 | ) | 11,956 | |||||
Less, cost of treasury shares |
(1,395 | ) | (1,985 | ) | ||||
Equity attributable to equity holders
of the Company |
824,869 | 710,612 | ||||||
Minority interest |
12,837 | 10,701 | ||||||
Total shareholders equity |
837,706 | 721,313 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
1,181,724 | 1,025,179 | ||||||
(in thousands of euros) | ||||||||
Twelve months ended | ||||||||
December 31, | ||||||||
2005 | 2004 | |||||||
Cash flow from operating activities: |
||||||||
Net income (loss) |
91,398 | 6,291 | ||||||
Adjustments to reconcile net income (loss)
to net cash from operating activities: |
||||||||
Depreciation, amortization and impairment |
41,369 | 56,691 | ||||||
Changes in non-current portion of provisions
and other liabilities, excluding
restructuring |
(3,367 | ) | (32,930 | ) | ||||
Deferred income taxes |
(28,372 | ) | 3,661 | |||||
(Gain) / loss on sale and disposal of assets |
(4,612 | ) | 2,582 | |||||
Share of (profit) loss of associates |
571 | 5,970 | ||||||
Share-based compensation |
4,320 | | ||||||
Other, net |
(2,130 | ) | (2,700 | ) | ||||
Changes in operating assets and liabilities: |
||||||||
Trade accounts receivable and related current
liabilities |
(12,133 | ) | (2,962 | ) | ||||
Trade accounts payable and related current assets |
822 | 20,774 | ||||||
Inventories |
22,661 | (19,466 | ) | |||||
Value-added and income taxes |
(1,021 | ) | 21,288 | |||||
Salaries, wages and other |
4,429 | 14,161 | ||||||
Restricted cash |
23,277 | (28,018 | ) | |||||
Restructuring reserve payable |
(15,847 | ) | (18,307 | ) | ||||
Net cash from operating activities |
121,365 | 27,035 | ||||||
Cash flows from investing activities: |
||||||||
Sale /
(purchase) of activities net of cash
(disposed) / acquired |
(63,457 | ) | (2,898 | ) | ||||
Other investments |
(1,674 | ) | (2,982 | ) | ||||
Purchase of property, plant and equipment |
(25,078 | ) | (22,888 | ) | ||||
Purchase of other assets |
(2,693 | ) | (1,725 | ) | ||||
Proceeds from sale of non-current assets |
7,025 | 1,300 | ||||||
Change in non-trade accounts payable and other |
2,074 | 3,064 | ||||||
Net cash used for investing activities |
(83,803 | ) | (26,129 | ) | ||||
Cash flows from financing activities: |
||||||||
Proceeds from exercise of share options |
2,790 | 1,479 | ||||||
Payments on long-term borrowings |
(1,231 | ) | | |||||
Proceeds from sales-leaseback operations |
| 956 | ||||||
Principal payments on obligations under finance leases |
(5,938 | ) | (5,827 | ) | ||||
Increase (decrease) in bank overdrafts |
(2,657 | ) | 1,660 | |||||
Dividends paid by subsidiaries to minority shareholders |
(1,307 | ) | (1,724 | ) | ||||
Change in treasury shares |
| 90 | ||||||
Changes in
non-trade accounts payables on financing activities |
19 | | ||||||
Net cash
used for financing activities |
(8,324 | ) | (3,366 | ) | ||||
Effect of exchange rate changes on cash |
697 | 207 | ||||||
Net increase (decrease) in cash and cash equivalents |
29,238 | (2,461 | ) | |||||
Cash and cash equivalents, beginning of the period |
388,430 | 390,684 | ||||||
Cash and cash equivalents, end of the period |
418,365 | 388,430 | ||||||
Three months ended | (in millions of euros) | |||||||||||||||
December 31, | December 31, | % | Adjusted | |||||||||||||
Net sales | 2005 | 2004 | change | change (%) (*) | ||||||||||||
Telecommunications |
179.5 | 187.9 | -4 | % | -8 | % | ||||||||||
Financial Services |
55.8 | 44.2 | 26 | % | 11 | % | ||||||||||
Identity and Security |
26.4 | 10.4 | 153 | % | 61 | % | ||||||||||
Total |
261.7 | 242.5 | 8 | % | -2 | % | ||||||||||
(in millions of euros) | ||||||||||||||||||||
December 31, | (% of net | December 31, | (% of net | % | ||||||||||||||||
Gross profit | 2005 | sales) | 2004 | sales) | change | |||||||||||||||
Telecommunications |
64.6 | 36 | % | 64.3 | 34 | % | 0 | % | ||||||||||||
Financial Services |
12.2 | 22 | % | 9.7 | 22 | % | 26 | % | ||||||||||||
Identity and Security |
8.4 | 32 | % | 3.3 | 31 | % | 157 | % | ||||||||||||
Total |
85.2 | 33 | % | 77.3 | 32 | % | 10 | % | ||||||||||||
(in millions of euros) | ||||||||||||||||||||
December 31, | (% of net | December 31, | (% of net | % | ||||||||||||||||
Operating expenses | 2005 | sales) | 2004 | sales) | change | |||||||||||||||
Telecommunications |
(44.5 | ) | 25 | % | (39.1 | ) | 21 | % | 14 | % | ||||||||||
Financial Services |
(12.5 | ) | 22 | % | (13.7 | ) | 31 | % | -9 | % | ||||||||||
Identity and Security |
(12.6 | ) | 48 | % | (8.4 | ) | 81 | % | 50 | % | ||||||||||
Total |
(69.6 | ) | 27 | % | (61.2 | ) | 25 | % | 14 | % | ||||||||||
(in millions of euros) | ||||||||||||
Change in | ||||||||||||
December 31, | December 31, | Operating | ||||||||||
Operating income (loss) | 2005 | 2004 | income (loss) | |||||||||
Telecommunications |
20.1 | 25.2 | -5.1 | |||||||||
Financial Services |
(0.3 | ) | (4.0 | ) | 3.7 | |||||||
Identity and Security |
(4.2 | ) | (5.1 | ) | 0.9 | |||||||
Total |
15.6 | 16.1 | -0.5 | |||||||||
(*) | Adjusted for currency fluctuations, disposals & acquisitions |
Three months ended | (in millions of euros) | |||||||||||||||||||
December 31, | December 31, | % | Adjusted | |||||||||||||||||
Net sales | 2005 | 2004 | change | change (%) (*) | ||||||||||||||||
Europe, Middle East and Africa |
137.4 | 122.2 | 12 | % | -1 | % | ||||||||||||||
Asia |
45.5 | 46.5 | -2 | % | -7 | % | ||||||||||||||
Americas |
78.8 | 73.8 | 7 | % | 1 | % | ||||||||||||||
Total |
261.7 | 242.5 | 8 | % | -2 | % | ||||||||||||||
(*) | Adjusted for currency fluctuations, disposals & acquisitions |
Twelve months ended | (in millions of euros) | |||||||||||||||
December 31, | December 31, | % | Adjusted | |||||||||||||
Net sales | 2005 | 2004 | change | change (%) (*) | ||||||||||||
Telecommunications |
654.5 | 641.8 | 2 | % | 1 | % | ||||||||||
Financial Services |
202.9 | 182.2 | 11 | % | 5 | % | ||||||||||
Identity and Security |
81.5 | 41.0 | 99 | % | 47 | % | ||||||||||
Total |
938.9 | 865.0 | 9 | % | 4 | % | ||||||||||
(in millions of euros) | ||||||||||||||||||||
December 31, | (% of net | December 31, | (% of net | % | ||||||||||||||||
Gross profit | 2005 | sales) | 2004 | sales) | change | |||||||||||||||
Telecommunications |
241.5 | 37 | % | 220.8 | 34 | % | 9 | % | ||||||||||||
Financial Services |
41.9 | 21 | % | 37.7 | 21 | % | 11 | % | ||||||||||||
Identity and Security |
26.5 | 33 | % | 12.0 | 29 | % | 120 | % | ||||||||||||
Total |
309.9 | 33 | % | 270.5 | 31 | % | 15 | % | ||||||||||||
(in millions of euros) | ||||||||||||||||||||
December 31, | (% of net | December 31, | (% of net | % | ||||||||||||||||
Operating expenses | 2005 | sales) | 2004 | sales) | change | |||||||||||||||
Telecommunications |
(158.7 | ) | 24 | % | (149.0 | ) | 23 | % | 6 | % | ||||||||||
Financial Services |
(43.2 | ) | 21 | % | (63.9 | ) | 35 | % | -32 | % | ||||||||||
Identity and Security |
(41.3 | ) | 51 | % | (31.3 | ) | 76 | % | 32 | % | ||||||||||
Total |
(243.2 | ) | 26 | % | (244.2 | ) | 28 | % | 0 | % | ||||||||||
(in millions of euros) | ||||||||||||
Change in | ||||||||||||
December 31, | December 31, | Operating | ||||||||||
Operating income (loss) | 2005 | 2004 | income (loss) | |||||||||
Telecommunications |
82.9 | 71.8 | 11.1 | |||||||||
Financial Services |
(1.3 | ) | (26.3 | ) | 25.0 | |||||||
Identity and Security |
(14.8 | ) | (19.2 | ) | 4.4 | |||||||
Total |
66.8 | 26.3 | 40.4 | |||||||||
(*) | Adjusted for currency fluctuations, disposals & acquisitions |
Twelve months ended | (in millions of euros) | |||||||||||||||||||
December 31, | December 31, | % | Adjusted | |||||||||||||||||
Net sales | 2005 | 2004 | change | change (%) (*) | ||||||||||||||||
Europe, Middle East and Africa |
491.0 | 443.1 | 11 | % | 2 | % | ||||||||||||||
Asia |
172.7 | 194.3 | -11 | % | -13 | % | ||||||||||||||
Americas |
275.2 | 227.6 | 21 | % | 21 | % | ||||||||||||||
Total |
938.9 | 865.0 | 9 | % | 4 | % | ||||||||||||||
(*) | Adjusted for currency fluctuations, disposals & acquisitions |
GEMPLUS INTERNATIONAL S.A. |
||||
Date: 9 February, 2006 | By: | /s/ Frans SPAARGAREN | ||
Name: | Frans SPAARGAREN | |||
Title: | Chief Financial Officer | |||