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411.6314 442.4449 Tm0.0552 Tc[(1)55.4(0)-27.9(0)-3015.4(1)55.4(0)-27.9(0)-3474.6(FC)-3376.4(FC)]TJ8.5 0 0 8.5 266.6545 431.9449 Tm0.0554 Tc(and ticketing)Tj-24.3446 -1.2353 TD0.0555 Tc[(L)39.1(ysis T)72.2(rading SA )-5302.3(CH)-475.1(Lausanne)-4029(Sales)]TJ7.5 0 0 7.5 411.6314 421.4449 Tm0.0552 Tc[(1)55.4(0)-27.9(0)-3015.4(1)55.4(0)-27.9(0)-3474.6(FC)-3376.4(FC)]TJ8.5 0 0 8.5 59.7254 410.9449 Tm0.0555 Tc-0.0001 Tw[(L)39.1(y)0.1(sis America Ltd)-5156.3(U)0.1(S)-624.1(Atlanta)-5270.4(Sales)]TJ7.5 0 0 7.5 411.6314 410.9449 Tm0.0552 Tc0 Tw[(1)55.4(0)-27.9(0)-3015.4(1)55.4(0)-27.9(0)-3474.6(FC)-3376.4(FC)]TJ8.5 0 0 8.5 59.7254 400.4449 Tm0.0554 Tc[(L)39(ysis UK Ltd)-7602.6(GB)-475.2(Londres )-4364.3(No activity)]TJ7.5 0 0 7.5 411.6314 400.4449 Tm0.0552 Tc[(1)55.4(0)-27.9(0)-3015.4(1)55.4(0)-27.9(0)-3474.6(FC)-3376.4(FC)]TJ8.5 0 0 8.5 59.7254 389.9449 Tm0.0554 Tc[(SkiData AG)-8043.1(A)72.1(T)-843.3(Gartenau)-4159.2(Mixed holding)]TJ7.5 0 0 7.5 411.6314 389.9449 Tm0.0552 Tc[(1)55.4(0)-27.9(0)-3015.4(1)55.4(0)-27.9(0)-3474.6(FC)-3376.4(FC)]TJ8.5 0 0 8.5 266.6545 379.4449 Tm0.0554 Tc(physical access control)Tj-24.3446 -1.2353 TD[(SkiData Benelux BV)-4117.9(NL)-715.2(Barendrecht)-2696.3(Physical access control)]TJ7.5 0 0 7.5 411.6314 368.9449 Tm0.0552 Tc[(1)55.4(0)-27.9(0)-3015.4(1)55.4(0)-27.9(0)-3474.6(FC)-3376.4(FC)]TJ8.5 0 0 8.5 59.7254 358.4449 Tm0.0554 Tc[(Lepanto T)94.5(echnologie AG)-1878(A)72.1(T)-843.3(Gartenau)-4159.2(Physical access control)]TJ7.5 0 0 7.5 420.5932 358.4449 Tm3.0706 Tc[(L1)3070.8(0)2987.5(0)-885.4(?)-361(F)3015.4(C)]TJ8.5 0 0 8.5 59.7254 347.9449 Tm0.0554 Tc[(SkiData Srl \(Italie\))-4876.6(IT)-1161.3(Bolzano)-4791.7(Physical access control)]TJ7.5 0 0 7.5 411.6314 347.9449 Tm0.0552 Tc[(1)55.4(0)-27.9(0)-3015.4(1)55.4(0)-27.9(0)-3474.6(FC)-3376.4(FC)]TJ8.5 0 0 8.5 59.7254 337.4449 Tm0.0554 Tc[(SkiData Scandinavia AB)-2097.5(SE)-697.2(Kil)-7363.4(Physical access control)]TJ7.5 0 0 7.5 411.6314 337.4449 Tm0.0552 Tc[(1)55.4(0)-27.9(0)-3015.4(1)55.4(0)-27.9(0)-3474.6(FC)-3376.4(FC)]TJ8.5 0 0 8.5 59.7254 326.9449 Tm0.0554 Tc[(SkiData \(Schweiz\) AG)-2985.5(CH)-475.2(Diepoldsau)-3252.1(Physical access control)]TJ7.5 0 0 7.5 411.6314 326.9449 Tm0.0552 Tc[(1)55.4(0)-27.9(0)-3015.4(1)55.4(0)-27.9(0)-3474.6(FC)-3376.4(FC)]TJ8.5 0 0 8.5 59.7254 316.4449 Tm0.0554 Tc[(SkiData Computer GmbH)-1450.4(DE)-660.3(Landshut)-4214.1(Physical access control)]TJ7.5 0 0 7.5 411.6314 316.4449 Tm0.0552 Tc[(1)55.4(0)-27.9(0)-3015.4(1)55.4(0)-27.9(0)-3474.6(FC)-3376.4(FC)]TJ8.5 0 0 8.5 59.7254 305.9449 Tm0.0554 Tc[(SkiData France S?rl)-4042.3(FR)-715.2(Argenteuil)-3732.6(Physical access control)]TJ7.5 0 0 7.5 411.6314 305.9449 Tm0.0552 Tc[(1)55.4(0)-27.9(0)-3015.4(1)55.4(0)-27.9(0)-3474.6(FC)-3376.4(FC)]TJ8.5 0 0 8.5 59.7254 295.4449 Tm0.0554 Tc[(SkiData France SA)-4542.2(FR)-715.2(Montm?lian)-3142.5(Physical access control)]TJ7.5 0 0 7.5 411.6314 295.4449 Tm0.0552 Tc[(1)55.4(0)-27.9(0)-3015.4(1)55.4(0)-27.9(0)-3474.6(FC)-3376.4(FC)]TJ8.5 0 0 8.5 59.7254 284.9449 Tm0.0554 Tc[(Medatec Computer GmbH)-1062(A)72.1(T)-843.3(Hard)-6252.8(Physical access control)]TJ7.5 0 0 7.5 416.007 284.9449 Tm[(85)-3598.8(85)-3474.6(FC)-3376.3(FC)]TJ8.5 0 0 8.5 59.7254 274.4449 Tm[(SkiData Inc.)-7821.6(US)-624.2(Hillsborough)-2550.4(Physical access control)]TJ7.5 0 0 7.5 411.6314 274.4449 Tm0.0552 Tc[(1)55.4(0)-27.9(0)-3015.4(1)55.4(0)-27.9(0)-3474.6(FC)-3376.4(FC)]TJ8.5 0 0 8.5 59.7254 263.9449 Tm0.0554 Tc[(SkiData Nippon Co. Ltd)-2227.8(JP)-956.2(T)94.6(okyo)-5850.1(Physical access control)]TJ7.5 0 0 7.5 411.6314 263.9449 Tm0.0552 Tc[(1)55.4(0)-27.9(0)-3015.4(1)55.4(0)-27.9(0)-3474.6(FC)-3376.4(FC)]TJ8.5 0 0 8.5 59.7254 253.4449 Tm0.0555 Tc[(Nagra France Holding SAS)-652.9(FR)-715.1(Paris)-6160.3(Holding)]TJ7.5 0 0 7.5 411.6314 253.4449 Tm-0.0002 Tc[(10)-83.3(0)-3821.6(?)-3530.1(F)-55.4(C)-3858(?)]TJ8.5 0 0 8.5 59.7254 242.9449 Tm0.0554 Tc[(Canal+ T)94.6(echnologies SA)-1907.8(FR)-715.2(Paris)-6160.4(Intellectual property )]TJ7.5 0 0 7.5 416.007 242.9449 Tm[(50)-3766.1(?)-3474.5(F)0.2(C)-3802.4(?)]TJ8.5 0 0 8.5 266.6545 232.4449 Tm(management)Tj-24.3446 -1.2353 TD[(T)94.6(ouristDataShop SA)-4009.3(CH)-475.2(Ollon)-6031.5(T)94.6(ourism broker)]TJ7.5 0 0 7.5 416.007 221.9449 Tm[(50)-3766.1(?)-3474.5(F)0.2(C)-3802.4(?)]TJ8.5 0 0 8.5 59.7254 211.4449 Tm0.0555 Tc-0.0001 Tw[(Labitzke Schaf)16.8(fner AG)-2854.4(CH)-475.1(Adliswil )-4566.5(Car park access )]TJ7.5 0 0 7.5 411.6314 211.4449 Tm-0.0002 Tc0 Tw[(10)-83.3(0)-3821.6(?)-3530.1(F)-55.4(C)-3858(?)]TJ8.5 0 0 8.5 266.6545 200.9449 Tm0.0554 Tc(control)Tj-24.3446 -1.2353 TD[(Access Arena AG)-5136.3(CH )-141.8(R?mlang)-4454.5(Destination management)]TJ7.5 0 0 7.5 416.007 190.4449 Tm[(90)-3654.5(4)55.5(1)-3474.5(FC)-3304.3(EM)]TJ8.5 0 0 8.5 59.7254 169.4449 Tm(\(FC: Full consolidation\))TjT*(\(EM: Equity method\))TjT*0.0555 Tc(\(L: Liquidated\))Tj10 0 0 10 59.7244 589.4449 Tm/Cs8 cs 1 scn(Scope of consolidation)Tj7.5 0 0 7.5 420.4933 578.9449 Tm0.0554 Tc[(Percentage)-3242.1(Consolidation )]TJ-48.1025 -1.4 TD[(Company)-10997(Location)-8003(Activity)-20476.2(held)-6295.5(method)]TJ125.6239 -1.4 TD2.0147 Tw[(20)-27.8(03 20)-27.8(02 )-134.6(20)-27.8(03 )-36.3(20)-27.8(02)]TJ8.5 0 0 8.5 655.0009 536.9449 Tm0 0 0 1 k0 Tw[(SwissAccessGroup AG)-2378.1(CH)-475.2(Saint-Gall)-3843.9(T)16.7(icketing and access control )]TJ7.5 0 0 7.5 1011.2826 536.9449 Tm[(25)-3598.9(25)-3402.6(EM)-3304.3(EM)]TJ8.5 0 0 8.5 655.0009 526.4449 Tm[(in Liquidation)-17935.5(for Expo.02)]TJ0 -1.2353 TD[(Digital Elecktronik GmbH)-1580.3(A)72.1(T)-843.3(Gartenau)-4159.2(Physical access control)]TJ7.5 0 0 7.5 1011.2826 515.9449 Tm[(25)-3598.9(25)-3402.6(EM)-3304.3(EM)]TJ8.5 0 0 8.5 655.0009 505.4449 Tm[(APT)111.1(-SkiData Limited)-3893.4(GB)-475.2(Middlesex)-3808.7(Physical access control)]TJ7.5 0 0 7.5 1011.2826 505.4449 Tm[(26)-3598.9(26)-3402.6(EM)-3304.3(EM)]TJ8.5 0 0 8.5 655.0009 494.9449 Tm0.0555 Tc-0.0001 Tw[(SkiData Parking)-6005.8(HK)-605(Hong Kong)-3216.5(Physical access control)]TJ7.5 0 0 7.5 1011.2826 494.9449 Tm0.0553 Tc0 Tw[(26)-3598.9(26)-3402.6(EM)-3304.3(EM)]TJ8.5 0 0 8.5 655.0009 484.4449 Tm0.0555 Tc-0.0001 Tw(Systems Ltd)TjT*[(Kabushiki Kaisha Skidata)-1635.1(JP)-956.1(T)94.7(o)0.1(kyo)-5850(Physical access control)]TJ7.5 0 0 7.5 1011.2826 473.9449 Tm0.0553 Tc0 Tw[(25)-3598.9(25)-3402.6(EM)-3304.3(EM)]TJ8.5 0 0 8.5 655.0009 452.9449 Tm(\(EM: Equity method\))Tj0 -3.7059 TD0.0499 Tc[(In addition to the companies in the scope of consolidation, Kudelski SA also has a 1)55(0)-27.6(0% interest in Nagra T)72.1(ravel S?rl,)]TJ0 -1.2353 TD0.0554 Tc(which according to the materiality principle is not consolidated, as well as minority insignificant investments in )TjT*[(dif)16.7(ferent companies.)]TJ10 0 0 10 655 589.4449 Tm/Cs8 cs 1 scn0.0555 Tc(Scope of consolidation)Tj7.5 0 0 7.5 1015.7689 578.9449 Tm[(Percentage)-3242(Consolidation )]TJ-48.1025 -1.4 TD0.0554 Tc[(Company)-10997(Location)-8003(Activity)-20476.2(held)-6295.6(method)]TJETQendstreamendobj31 0 obj<>/ExtGState<>/ColorSpace<>>>endobj33 0 obj<>stream q0.2 i -0.276 841.445 1190.552 -841.89 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf8.5 0 0 8.5 655.0009 589.4449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw[(?)-311.6(The companies Logiways, Cheseaux et Soft )]TJ0.8671 -1.2353 TD0.0554 Tc[(T)94.6(echnology SA, Brive, are 5)55.5(1% owned. These compa-)]TJT*0 Tw(nies develop and market complete real-time software)TjT*0.0555 Tc-0.0001 Tw(solutions in the field of digital television as well as )TjT*0.0554 Tc0 Tw(software testing tools in the same field. )Tj-0.8671 -2.4706 TD[(?)-311.7(Nagra Public Access AG, Zoug, created in December)]TJ0.8671 -1.2353 TD0.0555 Tc-0.0001 Tw[(20)-27.7(02, is a 1)55.6(0)-27.6(0% subsidiary)72.3(.)0.1( This holding company)]TJT*0.0554 Tc0 Tw(groups together the entities that are active in the field)TjT*(of public access.)Tj-0.8671 -2.4706 TD0.0555 Tc-0.0001 Tw(The scope of consolidation has also changed due to the)Tj0 -1.2353 TD0.0554 Tc[(mergers between NagraID and Thermoplex F)127.8(.)0.1( Droz SA)]TJT*0.0555 Tc[(and between Nagravision SA, L)39(ysis International SA )]TJT*[(and L)39(ysis SA.)]TJ0 -2.4706 TD0.0554 Tc0 Tw(Nagra Italia SRL, Pr?cision Electronique Precel SA )Tj0 -1.2353 TD[(and L)38.9(ysis Asia Pte Ltd left the scope of the Group on )]TJT*[(3)55.6(1)0( December 20)-27.8(02.)]TJ10 0 0 10 655.0009 358.4449 Tm0.0555 Tc(Consolidation of capital)Tj0 -1.05 TD[(T)72.3(reatment of goodwill)]TJ8.5 0 0 8.5 655.0009 326.9449 Tm0.0499 Tc(The book value of investments has been eliminated)Tj0 -1.2353 TD(against the share in the net assets of the companies, )TjT*(valued at the time of acquisition or creation. )TjT*-0.0001 Tw(The purchase method is applied.)Tj0 -2.4706 TD0 Tw[(The dif)16.7(ference between the acquisition cost and the )]TJ0 -1.2353 TD(fair value of net assets acquired is booked directly)TjT*(against shareholders? equity in the year of acquisition.)TjT*(Each element is detailed in note \(5.2\).)Tj0 -2.4706 TD-0.0001 Tw(In accordance with Swiss GAAP FER 9 relating to )Tj0 -1.2353 TD(financial statement disclosures, information on the )TjT*0 Tw[(theoretical ef)16.7(fect on the balance sheet and the income)]TJT*(statement of the goodwill as an asset and its amortization)TjT*(over the specified period of use is explained in the )TjT*(footnote to the statements of changes in shareholders?)TjT*[(equity)72(.)]TJ10 0 0 10 898.308 589.4449 Tm0.0554 Tc(Foreign currencies)Tj8.5 0 0 8.5 898.308 568.4449 Tm/Cs8 cs 1 scn0.0555 Tc-0.0001 Tw[(T)72.3(r)0.1(anslation of financial statements)]TJ0 0 0 1 kT*0.0554 Tc0 Tw(Financial statements of Group companies expressed in)TjT*(currencies other than Swiss francs \(CHF\) are translated)TjT*[(at year)72.1(-end exchange rates with respect to the balance)]TJT*(sheet and at average exchange rates for the year with)TjT*(respect to the income statement. 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Nagra France S?rl)TjT*(acquired the implementation and development activities)TjT*(for digital television security systems of Canal+)TjT*[(T)94.6(echnologies \(the ?MediaGuard? product line\) through)]TJT*0.0555 Tc-0.0001 Tw(an asset deal. For this acquisition a new holding )TjT*0.0554 Tc0 Tw(company was formed named Nagra France Holding)TjT*0.0555 Tc-0.0001 Tw(SAS, Paris, which is fully owned by Kudelski Group.)TjT*0.0554 Tc0 Tw(These companies were integrated in the scope of )TjT*[(consolidation from December 3)55.5(1, 20)-27.8(03, therefore )]TJT*[(this acquisition has no ef)16.7(fect on the income statement)]TJT*[(for 20)-27.8(03.)]TJ-0.8671 -2.4706 TD0.0555 Tc(The scope of consolidation also changed as follows )Tj0 -1.2353 TD0.0554 Tc[(in 20)-27.8(03:)]TJ0 -2.4706 TD[(In 20)-27.8(03 the Group acquired the remaining balance of the)]TJ0 -1.2353 TD(minority interests in the following companies, bringing its)TjT*[(share up to 1)55.5(0)-27.7(0%:)]TJ0 -2.4706 TD0.0555 Tc[(?)-311.6(Logiways, Cheseaux and Logiways France SA )]TJ0.8671 -1.2353 TD0.0415 Tc[(\(formerly Soft T)94.6(echnology SA\), Paris, with ef)16.8(fect from)]TJT*[(September 30, 20)-27.7(03. It formerly had a 5)55.5(1% share.)]TJ-0.8671 -2.4706 TD0.0443 Tc[(?)-11.1( )-11.3(SportAccess SA, Sion: share exchange of)16.7(fer with ef)16.7(fect )]TJ0.8671 -1.2353 TD[(on August 25, 20)-27.7(03 \(note 3.9\). The Group formerly had)]TJT*[(a 7)27.7(8)0(% share. Through this purchase, the Kudelski)]TJT*[(Group also holds 1)55.6(0)-27.7(0% of the share capital of)]TJT*(SportAccess Kudelski SA in liquidation, Sion,)TjT*(SportAccess Kudelski AG, Bregenz, as well as the sub-)TjT*(sidiaries of the Systems ticketing group, whose share)TjT*(was formerly 84%.)Tj-0.8671 -2.4706 TD0.0554 Tc(The acquisition of the remaining balance of minority)Tj0 -1.2353 TD[(interests of the above companies only has an ef)16.8(fect on)]TJT*(the minority interests and shareholders? equity \(goodwill\))TjT*(of the Group, because these companies had already)TjT*(been consolidated under the full consolidation principle.)Tj28.6244 56.8235 TD0.0388 Tc-0.0001 Tw[(In addition, the Group acquired 1)55.5(0)-27.6(0% of the share capital)]TJ0 -1.2353 TD0 Tw[(of Labitzke Schaf)16.7(fner AG, Adliswil, a company involved )]TJT*(in the installation and servicing of car park systems,)TjT*0.0387 Tc[(with ef)16.6(fect on December 3)55.4(1)-0.1(, 20)-27.8(03, as well as 50% of)]TJT*0.0388 Tc[(T)94.7(ouristDataShop SA, Ollon, a company which operates )]TJT*0.0387 Tc(a reservation system for hotel rooms using the internet,)TjT*[(with ef)16.6(fect on September 1, 20)-27.9(03.)]TJ0 -2.4706 TD0.0388 Tc-0.0001 Tw(The Group also increased its share in AccessArena AG,)Tj0 -1.2353 TD0.0387 Tc0 Tw[(R?mlang, with ef)16.6(fect on September 30, 20)-27.9(03, bringing it)]TJT*0.0388 Tc-0.0001 Tw[(up to 90% \(from 4)55.5(1% in 20)-27.7(02\). )]TJ0 -2.4706 TD0.0387 Tc0 Tw[(The partner in the company e-prica AG, L)38.7(y)0(ss, bought the)]TJ0 -1.2353 TD[(Group?)55.4(s share with ef)16.6(fect on January 1, 20)-27.8(03.)]TJ0 -2.4706 TD0.0388 Tc[(The companies Lepanto T)94.5(echnologies AG, Gartenau,)]TJ0 -1.2353 TD(Political rights SA \(Polirights\) in liquidation and Systems)TjT*(Produktion AG left the scope of consolidation on)TjT*-0.0001 Tw[(December 3)55.5(1)0(, 20)-27.7(03, following their liquidation.)]TJ0 -2.4706 TD[(In 20)-27.7(02 the scope of consolidation was modified )]TJ0 -1.2353 TD0 Tw(as follows: )Tj0 -2.4706 TD0.0555 Tc-0.0001 Tw[(?)-311.6(K)0(udelski Financial Services Holding SCA, Kudelski)]TJ0.8671 -1.2353 TD0 Tw(Luxembourg S?rl and Kud S?rl, all based in)TjT*0.0554 Tc[(Luxembourg, were established in January 20)-27.8(02. )]TJT*-0.0001 Tw(These entities were created within the framework of)TjT*0 Tw(the convertible bond issue. Kudelski Financial Services)TjT*0.0555 Tc-0.0001 Tw(Holding SCA is also the issuing company of this )TjT*0.0554 Tc0 Tw[(convertible bond. They are all 1)55.5(0)-27.7(0% subsidiaries.)]TJ-0.8671 -2.4706 TD[(?)-311.7(T)16.8(icketCorner GmbH, Bad Homburg is a company )]TJ0.8671 -1.2353 TD[(established in June 20)-27.7(02 and a 1)55.5(0)-27.7(0% subsidiary )]TJT*[(of T)16.7(icketCorner SA. This company is active in the)]TJT*(development of software and the sale of ticketing )TjT*[(in Germany)72.1(.)]TJ/Cs8 cs 1 scn69.1654 17.2941 TD(Exchange rates)Tj7.5 0 0 7.5 1009.5822 368.9449 Tm[(A)16.7(verage rate)-3615(Y)94.6(ear)72.1(-end rate)]TJ-1.3297 -1.4 TD2.1248 Tw[(20)-27.8(03 20)-27.8(02 )-101.6(20)-27.8(03 )18.2(20)-27.8(02)]TJ0 0 0 1 k-13.507 -2.8 TD0 Tw[(1)-333.5(USD)-10757.8(1)111.2(.34)-2875.2(1)111.2(.56)-2976.8(1)111.2(.24)-2857(1)111.2(.39)]TJ0 -1.4 TD[(1)-333.5(GBP)-10571.6(2.20)-2763.9(2.33)-2921.1(2.2)55.5(1)-2745.6(2.23)]TJT*[(1)-333.5(EUR)-10850.9(1)111.2(.52)-2875.2(1)111.2(.47)-2976.8(1)111.2(.56)-2857(1)111.2(.46)]TJT*-0.0002 Tc[(10)-83.3(0)-517(J)-55.7(P)-55.7(Y)-10065.6(1)55.6(.)55.7(16)-2930.7(1)55.6(.)-55.6(2)-55.6(4)-3199.4(1)55.6(.)55.7(16)-3079.5(1)55.6(.)55.7(17)]TJT*0.0554 Tc[(1)55.6(0)-27.7(0)-461.4(SEK)-8924.6(1)55.6(6.7)27.7(0)-2180.4(1)55.6(6.0)-27.8(0)-2309.6(1)55.6(7.20)-2189.8(1)55.6(5.90)]TJETQendstreamendobj34 0 obj<>/ExtGState<>/ColorSpace<>>>endobj36 0 obj<>stream q0.2 i -0.276 841.445 1190.552 -841.89 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/Cs10 cs 1 scn/GS2 gs303.031 387.32 231.969 42 ref303.031 324.32 231.969 21 refQq0.2 i -0.276 841.445 1190.552 -841.89 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf7.5 0 0 7.5 655.0236 38.1949 Tm0 0 0 1 k0.0554 Tc0 Tw(17)Tj-79.3701 0 TD(16)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Consolidated financial statements of Kudelski Group)Tj0 0 0 1 k0 -1.1484 TD[(Notes to the consolidated financial statements at December 3)55.3(1)0.1(,)]TJT*[(20)-27.8(03 and 20)-27.8(02 )]TJET0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d/GS3 gs303.031 418.82 m535 418.82 l303.031 408.32 m535 408.32 l303.031 397.82 m535 397.82 l303.031 334.82 m535 334.82 lS/GS2 gsBT10 0 0 10 59.7254 589.4449 Tm/Cs8 cs 1 scn0.0443 Tc(2. Accounting policies and valuation methods)Tj0 0 0 1 k0 -3.15 TD0.0555 Tc(Intangible fixed assets)Tj8.5 0 0 8.5 59.7254 536.9449 Tm0.0554 Tc(New developments created by the Group comprise )Tj0 -1.2353 TD(the internal costs directly attributable to them and are)TjT*(capitalized where it is likely that they will generate future)TjT*(economic benefit. )Tj0 -2.4706 TD0.0555 Tc-0.0001 Tw(Amortization is calculated on a straight-line basis over )Tj0 -1.2353 TD0.0554 Tc0 Tw(a useful life of 4 to 5 years from the date on which the)TjT*(development in a solution sold to clients is first invoiced. )Tj0 -2.4706 TD0.0555 Tc-0.0001 Tw(Patents and software are capitalized at acquisition costs.)Tj0 -1.2353 TD(Amortization is calculated on a straight-line basis over)TjT*0.0554 Tc0 Tw(the estimated useful life of 4 to 8 years. )Tj0 -2.4706 TD0.0555 Tc-0.0001 Tw(Goodwill is booked directly against shareholders? equity)Tj0 -1.2353 TD0.0554 Tc0 Tw[(on the date of acquisition and the theoretical ef)16.7(fects of)]TJT*0.0555 Tc-0.0001 Tw(accounting for goodwill as an asset are mentioned in the)TjT*0.0554 Tc0 Tw(notes to the financial statement. The theoretical )TjT*(amortization period of goodwill is defined at the time )TjT*[(of acquisition and generally varies between 1)55.6(0)-0.1( and 20)]TJT*(years. A value adjustment test \(impairment\) is also )TjT*0.0555 Tc-0.0001 Tw(performed in accordance with the Swiss GAAP FER 20)TjT*0 Tw(standard.)Tj10 0 0 10 59.7254 274.4449 Tm(Financial fixed assets)Tj8.5 0 0 8.5 59.7254 253.4449 Tm0.0554 Tc(The financial fixed assets primarily comprise long-term)TjT*0.0555 Tc-0.0001 Tw(loans as well as other financial instruments such as)TjT*0.0554 Tc0 Tw(equity interests and investments in companies over)TjT*(which the Group exercises neither control nor a deter-)TjT*(mining influence.)Tj0 -2.4706 TD-0.0001 Tw(These financial investments are recorded at their )Tj0 -1.2353 TD0.0555 Tc(acquisition value after allowing for valuation adjustments)TjT*0.0554 Tc0 Tw(necessitated by particular circumstances. )Tj10 0 0 10 303.0324 589.4449 Tm0.0555 Tc[(T)94.7(angible fixed assets)]TJ8.5 0 0 8.5 303.0324 568.4449 Tm0.0554 Tc(Land and buildings are stated in the balance sheet )TjT*(at acquisition cost less depreciation. Buildings )TjT*0.0555 Tc-0.0001 Tw(are depreciated on a straight-line basis over 20 to 33)TjT*0.0554 Tc0 Tw(years. Building improvement costs are depreciated )TjT*0.0555 Tc-0.0001 Tw(on a straight-line basis over 4 to 8 years.)Tj0 -2.4706 TD(The other tangible fixed assets are stated at acquisition)Tj0 -1.2353 TD(cost. Depreciation is calculated on a straight-line basis)TjT*0.0554 Tc0 Tw(over the useful life. )Tj7.5 0 0 7.5 499.4906 452.9449 Tm/Cs8 cs 1 scn(Useful life)Tj8.5 0 0 8.5 303.0324 442.4449 Tm[(T)94.6(echnical equipment and machinery)]TJ7.5 0 0 7.5 507.4118 442.4449 Tm(in years)Tj8.5 0 0 8.5 303.0324 421.4449 Tm0 0 0 1 k[(Machinery and measurement instruments)-5593(4 - 7)]TJT*[(Digital material and equipment)-10607.3(4 - 5)]TJT*[(Computers and information networks)-9078.5(4)]TJT*0.0555 Tc-0.0001 Tw[(Fixed assets made available to clients)-6499.2(2 - 1)55.6(0)]TJ/Cs8 cs 1 scn0 -3.7059 TD0.0554 Tc0 Tw(Other equipment)Tj0 0 0 1 k0 -2.4706 TD[(Of)16.7(fice furniture and equipment)-10477(5 - 7)]TJ0 -1.2353 TD[(V)72.2(ehicles)-22777.4(4)]TJ/Cs8 cs 1 scn0 -3.7059 TD0.0555 Tc(Leased tangible fixed assets)Tj0 0 0 1 k0 -1.2353 TD0.0499 Tc-0.0001 Tw(Assets acquired under long-term finance leases are capi-)TjT*0 Tw[(talized and depreciated in accordance with the Group?)55.5(s)]TJT*[(policy on property)72.1(, plant and equipment. The financial)]TJT*-0.0001 Tw(commitments resulting therefrom are reported as other)TjT*0 Tw(short and long-term liabilities. Rentals payable under )TjT*-0.0001 Tw(operating leases are charged to the income statement )TjT*(as incurred.)Tj/Cs8 cs 1 scn0 -3.7059 TD0.0555 Tc0 Tw(Fixed assets made available to clients)Tj0 0 0 1 k0 -1.2353 TD-0.0001 Tw(The Group makes equipment as well as smart cards)TjT*0.0554 Tc0 Tw(available to clients within the scope of complete security)TjT*(solutions. The assets given to these clients remain )TjT*(the property of the Group and are valued at cost and)TjT*(disclosed in the balance sheet under fixtures and fittings. )Tj0 -2.4706 TD(These assets are depreciated over their economic life)Tj0 -1.2353 TD(and the expense is disclosed under depreciation.)Tj10 0 0 10 655 589.4449 Tm(Inventories)Tj8.5 0 0 8.5 655 568.4449 Tm0.0555 Tc-0.0001 Tw(Purchased goods are stated at the lower of cost and)TjT*0.0554 Tc0 Tw(replacement value, while manufactured goods are stated)TjT*(at the lower of the manufacturing cost and net realizable)TjT*(value.)Tj0 -2.4706 TD(In the balance sheet inventory is primarily valued at )Tj0 -1.2353 TD0.0555 Tc-0.0001 Tw(standard cost, which approximates the historical cost)TjT*(determined on a first-in-first-out \(FIFO\) basis.)Tj0 -2.4706 TD(Goods no more part of production and sale plans are)Tj0 -1.2353 TD0.0554 Tc0 Tw(directly deducted from the gross value of inventories.)TjT*[(Moreover)94.5(, appropriate provisions have been made )]TJT*(for inventories with a lower market value or which are)TjT*0.0555 Tc-0.0001 Tw(slow moving.)Tj10 0 0 10 655 400.4449 Tm0.0554 Tc0 Tw[(W)39.1(ork in progress)]TJ8.5 0 0 8.5 655 379.4449 Tm[(W)39.1(ork in progress for long-term contracts is accounted)]TJT*(for in accordance with the percentage of completion)TjT*(method, but not in excess of net realizable value.)Tj0 -2.4706 TD(The percentage of completion is generally calculated)Tj0 -1.2353 TD[(based on the cost incurred and the ef)16.7(fective hours)]TJT*(worked up to the measurement date. It is determined)TjT*(from specific surveys of work performed.)Tj10 0 0 10 898.307 589.4449 Tm[(T)72.2(rade accounts receivable)]TJ8.5 0 0 8.5 898.307 568.4449 Tm[(T)72.2(rade receivables are carried at anticipated realizable)]TJT*(value. )Tj0 -2.4706 TD0.0555 Tc-0.0001 Tw(An estimate is made on a regular basis for doubtful)Tj0 -1.2353 TD0.0554 Tc0 Tw(receivables. A provision is established to this end.)Tj10 0 0 10 898.307 494.9449 Tm0.0555 Tc(Cash and cash equivalents)Tj8.5 0 0 8.5 898.307 473.9449 Tm-0.0001 Tw(Cash and cash equivalents include cash at bank and)TjT*0 Tw(short-term deposits. Cash at bank consists of all funds)TjT*0.0554 Tc(in current accounts available within 48 hours. Short-term)TjT*0.0555 Tc-0.0001 Tw(deposits include bank deposits and fixed term invest-)TjT*0.0554 Tc0 Tw(ments whose maturities are generally of three months or)TjT*(less from the transaction date.)Tj10 0 0 10 898.307 389.9449 Tm(Financial derivative instruments)Tj8.5 0 0 8.5 898.307 368.9449 Tm(The Group uses derivative financial instruments to )TjT*-0.0001 Tw(manage the foreign exchange exposure related to the)TjT*0.0555 Tc(operational activities as well as to its policy of acquiring)TjT*0.0554 Tc0 Tw(companies. As a general principle the Group does not)TjT*(enter into speculative derivative transactions.)Tj0 -2.4706 TD(The instruments used during the year include forward)Tj0 -1.2353 TD(foreign exchange contracts; currency swaps as well as)TjT*(zero cost option strategies with terms not exceeding six)TjT*(months. The derivative financial instruments are mainly)TjT*(utilized to cover the currency exposure of existing and)TjT*[(anticipated receivables or payables in foreign currency)72.1(.)]TJ0 -2.4706 TD(All currency derivatives are carried out at the market)Tj0 -1.2353 TD(value with changes in realized and/or unrealized gains )TjT*(or losses recognized in the income statement. The deriv-)TjT*(ative financial instruments are entered into with high)TjT*(credit quality financial institutions, consistent with )TjT*(specific approval, limit and monitoring procedures.)TjETQendstreamendobj37 0 obj<>/ExtGState<>/ColorSpace<>>>endobj39 0 obj<>stream q0.2 i -0.276 841.445 1190.552 -841.89 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf7.5 0 0 7.5 655.0236 38.1949 Tm0 0 0 1 k0.0554 Tc0 Tw(19)Tj10 0 0 10 655 589.4449 Tm0.0001 Tw(Employee stock option plan)Tj8.5 0 0 8.5 655 568.4449 Tm0 Tw(Options granted to employees are subject to valuation at)Tj0 -1.2353 TD(their fair value at grant date. This fair value is determined)TjT*(using the Black & Scholes model. The value of the)TjT*(options is charged against the income statement at grant)TjT*(date. A factor corresponding to the estimated turnover )TjT*[(of staf)16.7(f)0( who will be unable to exercise their options)]TJT*0.0555 Tc-0.0001 Tw[(under the provisions of the plan has been allowed for)94.8(.)]TJ0 -2.4706 TD0.0554 Tc0 Tw(The option plan put in place by the Group comprises)Tj0 -1.2353 TD0.0555 Tc-0.0001 Tw(options with vesting period of 3, 4 and 5 years and)TjT*0.0554 Tc0 Tw(which may be exercised during a period of one year from)TjT*(the end of this vesting period.)Tj10 0 0 10 655 421.4449 Tm[(T)72.2(reasury shares)]TJ8.5 0 0 8.5 655 400.4449 Tm0.0388 Tc-0.0001 Tw[(T)72.2(reasury shares are valued at their acquisition cost and are)]TJT*0.0387 Tc0 Tw[(reported in deduction of shareholders? equity)72(.)]TJ10 0 0 10 655 358.4449 Tm0.0554 Tc(Deferred consideration within the scope )Tj0 -1.05 TD0.0555 Tc(of acquisitions)Tj8.5 0 0 8.5 655 326.9449 Tm0.0554 Tc(When some companies were bought, the final purchase)Tj0 -1.2353 TD(consideration depended on the future financial perform-)TjT*(ance of the company \(?earn out?\). The liability is deter-)TjT*(mined according to the best management estimate of the)TjT*(future performance.)Tj0 -2.4706 TD-0.0001 Tw(These deferred considerations are reported under )Tj0 -1.2353 TD0 Tw(current and long-term liabilities according to their terms.)Tj7.5 0 0 7.5 59.748 38.1949 Tm(18)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Consolidated financial statements of Kudelski Group)Tj0 0 0 1 k0 -1.1484 TD[(Notes to the consolidated financial statements at December 3)55.3(1)0.1(,)]TJT*[(20)-27.8(03 and 20)-27.8(02 )]TJ10 0 0 10 59.7244 589.4449 Tm0.0554 Tc(Convertible bond )Tj8.5 0 0 8.5 59.7244 568.4449 Tm(The convertible bond is reported at its nominal value less)Tj0 -1.2353 TD(issuing costs and after allowing for the reconstitution of)TjT*-0.0001 Tw[(the redemption value. The dif)16.7(ference between the issue)]TJT*0 Tw(value and the redemption value as well as the costs of)TjT*(issue, are amortized over the term of the bond.)Tj10 0 0 10 59.7244 494.9449 Tm0.0555 Tc(Provisions)Tj8.5 0 0 8.5 59.7244 473.9449 Tm0.0554 Tc(Provisions are recognized when the Group has a present)TjT*(legal or constructive obligation as a result of past)TjT*(events, when it is probable that an outflow of resources)TjT*(will be required to settle the obligation and when a )TjT*(reliable estimate of the amount of the obligation can )TjT*(be made.)Tj0 -2.4706 TD(Restructuring provisions are accounted for in case of )Tj0 -1.2353 TD-0.0001 Tw(necessary reorganization of activity sectors or new )TjT*0.0555 Tc(subsidiaries acquired.)Tj10 0 0 10 59.7244 347.9449 Tm0 Tw(Deferred taxes)Tj8.5 0 0 8.5 59.7244 326.9449 Tm0.0554 Tc(Some restatements made to the statutory accounts in)TjT*(order to bring them into line with the accounting princi-)TjT*[(ples of the Group create temporary dif)16.7(ferences arising)]TJT*(between the tax basis and the result stated for financial)TjT*[(reporting purposes. These dif)16.7(ferences give rise to)]TJT*(deferred taxes in the consolidated financial statements,)TjT*-0.0001 Tw(which are recorded using the liability method based on)TjT*0 Tw(the expected taxes at the time of the materialization )TjT*[(of the debt or the liability)72.2(. All changes in tax rate are)]TJT*(accounted for in the income statement.)Tj0 -2.4706 TD(A deferred tax asset is recognized for the carry forward)Tj0 -1.2353 TD0.0555 Tc-0.0001 Tw(of unused tax losses and unused tax credits to the extent)TjT*(that it is probable that future taxable profits will be avail-)TjT*0 Tw(able against which the unused tax losses and unused tax)TjT*0.0554 Tc(credits can be utilized. The tax rate applied corresponds)TjT*[(to the current tax rate of the company)72.2(. )]TJ10 0 0 10 303.0314 589.4449 Tm(Pension scheme)Tj8.5 0 0 8.5 303.0314 568.4449 Tm(The liability in respect of defined benefit pension plans)TjT*(is in all material cases the defined benefit obligation )TjT*(calculated annually by independent actuaries using the)TjT*(?projected unit credit method?. The defined benefit obli-)TjT*(gation is measured at the present value of the estimated)TjT*0.0555 Tc-0.0001 Tw(future cash flows. As permitted by Swiss GAAP FER,)TjT*0.0554 Tc0 Tw(the Group has decided not to activate the surplus of the)TjT*(pension funds. The theoretical charge for such pension)TjT*(plans, representing the net periodic pension cost less)TjT*[(employee contributions, is shown in note \(3.)111.3(1)55.6(5\).)]TJ10 0 0 10 303.0314 442.4449 Tm0.0555 Tc(Sales)Tj8.5 0 0 8.5 303.0314 421.4449 Tm-0.0001 Tw(Sales comprise goods and services sold to third parties,)TjT*(net of sales taxes and discounts. The Group generates)TjT*0.0554 Tc0 Tw(revenue from the sale of integrated hardware and )TjT*(software solutions in the field of pay TV and physical)TjT*(access. Sales of goods are recorded in the income)TjT*(statement upon transfer of risks and important )TjT*[(advantages of ownership to the buyer)94.6(. Revenues are )]TJT*(recognized under the percentage of completion method)TjT*(for the solutions sold under license, including integration)TjT*0.0555 Tc-0.0001 Tw(services and as well as software development. )Tj0 -2.4706 TD0.0554 Tc0 Tw(The Group provides complete security solutions by )Tj0 -1.2353 TD0.0555 Tc-0.0001 Tw(making available assets, which nevertheless remain the)TjT*0.0554 Tc0 Tw(property of the Group. These sales are recognized)TjT*(monthly on invoicing in the form of rental.)TjETQendstreamendobj40 0 obj<>/ExtGState<>/ColorSpace<>>>endobj42 0 obj<>stream q0.2 i -0.276 841.445 1190.552 -841.89 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/Cs10 cs 1 scn/GS2 gs655 219.32 475.275 63 ref655 345.693 475.275 188.627 ref0 0 0 0 k/GS3 gs1032.953 214.07 48.661 336 ref935.63 337.442 48.661 212.628 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d655 523.82 m1130.275 523.82 l655 513.32 m1130.275 513.32 l655 502.82 m1130.275 502.82 l655 492.32 m1130.275 492.32 l655 481.82 m1130.275 481.82 l655 471.32 m1130.275 471.32 l655 460.82 m1130.275 460.82 l655 450.32 m1130.275 450.32 l655 439.82 m1130.275 439.82 l655 429.32 m1130.275 429.32 l655 418.82 m1130.275 418.82 l655 408.32 m1130.275 408.32 l655 397.82 m1130.275 397.82 l655 387.32 m1130.275 387.32 l655 376.82 m1130.275 376.82 l655 366.32 m1130.275 366.32 l655 355.82 m1130.275 355.82 l655 282.32 m1130.275 282.32 l655 271.82 m1130.275 271.82 l655 261.32 m1130.275 261.32 l655 250.82 m1130.275 250.82 l655 240.32 m1130.275 240.32 l655 229.82 m1130.275 229.82 lSQq0.2 i -0.276 841.445 1190.552 -841.89 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf8.5 0 0 8.5 655.0009 589.4449 Tm/Cs8 cs 1 scn0.0555 Tc0 Tw(3.3 Land and buildings)Tj7.5 0 0 7.5 1004.6977 578.9449 Tm0.0332 Tc(Building )Tj0.7548 -1.4 TD0.0443 Tc(impro-)Tj-12.3033 -1.4 TD[(Land)-2174(Buildings)-2615(vements)]TJ-35.0777 -1.4 TD0.0554 Tc[(Y)94.6(ears ended December 3)55.5(1)0.1( )]TJ54.3883 0 TD[(20)-27.8(03)-3951.8(20)-27.8(02)]TJ-54.3883 -1.4 TD(in kCHF)TjET/GS3 gsBT8.5 0 0 8.5 655.0009 526.4449 Tm0.0555 Tc-0.0001 Tw(Gross values at January 1 )Tj7.5 0 0 7.5 915.8853 526.4449 Tm0 Tw[(9)-166.7(806)-3276.6(29)-166.8(296)-3961.7(8)-166.7(8)55.7(1)55.7(4)-3387.9(47)-166.8(9)55.6(1)55.7(6)-3201(4)0.1(8)-166.9(9)0(64)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 515.9449 Tm0 0 0 1 k(Additions )Tj7.5 0 0 7.5 927.5638 515.9449 Tm[(?)-3888.1(1)-166.7(343)-4628.6(620)-3888.1(1)-166.8(963)-3840.4(1)-166.7(97)27.7(3)]TJ8.5 0 0 8.5 655.0009 505.4449 Tm(Disposals and retirements)Tj7.5 0 0 7.5 927.5638 505.4449 Tm[(?)-5445.3(?)-4277.1(-808)-4314.9(-808)-3516.7(-1)-166.9(1)55.6(9)0.1(7)]TJ8.5 0 0 8.5 655.0009 494.9449 Tm0.0554 Tc(Change in scope of consolidation)Tj7.5 0 0 7.5 927.5638 494.9449 Tm5.5008 Tc[(??)37.8(??)1984.2(-)5445.4(1)5278.4(8)5445.3(3)5445.4(4)]TJ8.5 0 0 8.5 655.0009 484.4449 Tm0.0554 Tc(Currency translation and other adjustments)Tj7.5 0 0 7.5 930.8946 484.4449 Tm0.0555 Tc[(1)-4666.3(659)-5500.1(-3)-4666.4(657)-5257.9(1)55.7(0)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 473.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(At December 3)55.5(1)0.1( )]TJ7.5 0 0 7.5 915.8853 473.9449 Tm0.0555 Tc[(9)-166.7(807)-3332.3(3)55.7(1)-166.7(298)-3850.4(8)-166.8(6)0(23)-3304.5(49)-166.9(7)27.8(2)0.1(8)-3312.4(4)0.1(7)-166.9(9)55.7(1)55.7(6)]TJ8.5 0 0 8.5 655.0009 452.9449 Tm0.0554 Tc(Accumulated depreciation at January 1)Tj7.5 0 0 7.5 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400.4449 Tm0.0555 Tc[(?)-4666.4(433)-5500.1(-4)-4666.4(429)-4239.3(-264)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 389.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(At December 3)55.5(1)0.1( )]TJ7.5 0 0 7.5 927.5638 389.9449 Tm-0.0002 Tc[(?)-3415.8(1)0(2)-222.5(6)-55.6(7)-28(3)-4017.3(6)-222.4(412)-3387.9(19)-222.5(0)-55.6(8)-55.7(5)-3312.4(1)0(5)-222.4(5)-55.7(9)-55.6(8)]TJ8.5 0 0 8.5 655.0009 368.9449 Tm0.0554 Tc[(Net values at December 3)55.5(1)0.1( )]TJ7.5 0 0 7.5 915.8853 368.9449 Tm0.0555 Tc[(9)-166.7(807)-3332.3(1)55.7(8)-166.7(625)-4017.3(2)-166.7(2)55.7(1)111.3(1)-3276.5(30)-166.9(643)-3312.4(3)0.1(2)-166.9(3)55.7(1)55.7(8)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 347.9449 Tm0 0 0 1 k0.0554 Tc(Useful life in years)Tj7.5 0 0 7.5 963.2558 347.9449 Tm0.0555 Tc[(20-33)-4888.6(4-8)]TJ8.5 0 0 8.5 655.0009 316.4449 Tm-0.0001 Tw(Leased land and buildings included in the table above amount to:)Tj7.5 0 0 7.5 1051.4515 295.4449 Tm/Cs8 cs 1 scn0.0554 Tc2.0902 Tw[(3)55.6(1)111.3(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(in kCHF)Tj8.5 0 0 8.5 655.0009 274.4449 Tm0 0 0 1 k0.0555 Tc(Leased land and buildings)Tj7.5 0 0 7.5 1062.0782 274.4449 Tm0.0554 Tc[(8)-166.9(7)27.7(94)-3812.7(8)-166.8(2)-0.1(30)]TJ8.5 0 0 8.5 655.0009 263.9449 Tm(Accumulated depreciation)Tj7.5 0 0 7.5 1060.0684 263.9449 Tm-0.0002 Tc[(-)-55.6(6)-222.5(018)-3628(-)-55.6(5)-222.5(212)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 253.4449 Tm/Cs8 cs 1 scn0.0554 Tc(Net book value)Tj7.5 0 0 7.5 1062.2871 253.4449 Tm-0.0002 Tc[(2)-222.5(7)-27.8(7)-27.9(6)-3979.5(3)-222.4(018)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 232.4449 Tm0 0 0 1 k0.0554 Tc(Fire insurance value of buildings)Tj7.5 0 0 7.5 1057.2834 232.4449 Tm[(50)-167(343)-3201.1(4)0(9)-167(5)-0.1(27)]TJ8.5 0 0 8.5 655.0009 221.9449 Tm(Corporate buildings on land whose owner has granted a permanent and specific right of use)Tj7.5 0 0 7.5 1061.8695 221.9449 Tm0.2223 Tc[(43)166.9(6)166.8(2)-3645.8(44)166.8(3)166.9(7)]TJET/Cs10 cs 1 scn59.724 177.32 475.276 73.5 ref0 0 0 0 k/GS3 gs437.677 174.695 48.661 78.75 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d59.724 240.32 m535 240.32 l59.724 229.82 m535 229.82 l59.724 219.32 m535 219.32 l59.724 208.82 m535 208.82 l59.724 198.32 m535 198.32 l59.724 187.82 m535 187.82 lS/GS2 gsBT7.5 0 0 7.5 59.748 38.1949 Tm0 0 0 1 k0.0554 Tc(20)Tj79.3701 0 TD(21)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Consolidated financial statements of Kudelski Group)Tj0 0 0 1 k0 -1.1484 TD[(Notes to the consolidated financial statements at December 3)55.3(1)0.1(,)]TJT*[(20)-27.8(03 and 20)-27.8(02 )]TJET/Cs10 cs 1 scn59.724 334.848 475.276 188.972 ref0 0 0 0 k/GS3 gs437.677 332.195 48.661 194.25 ref340.354 332.195 48.662 194.25 ref59.724 513.32 m535 513.32 l59.724 502.82 m535 502.82 l59.724 492.32 m535 492.32 l59.724 481.82 m535 481.82 l59.724 471.32 m535 471.32 l59.724 460.82 m535 460.82 l59.724 450.32 m535 450.32 l59.724 439.82 m535 439.82 l59.724 429.32 m535 429.32 l59.724 418.82 m535 418.82 l59.724 408.32 m535 408.32 l59.724 397.82 m535 397.82 l59.724 387.32 m535 387.32 l59.724 376.82 m535 376.82 l59.724 366.32 m535 366.32 l59.724 355.82 m535 355.82 l59.724 345.32 m535 345.32 lS/GS2 gsBT10 0 0 10 59.7254 589.4449 Tm0 0 0 1 k(3. Notes to the consolidated balance sheet)Tj8.5 0 0 8.5 59.7254 568.4449 Tm/Cs8 cs 1 scn0.0555 Tc[(3.)111.2(1 Intangible fixed assets)]TJ7.5 0 0 7.5 342.5688 568.4449 Tm0.0554 Tc2.2031 Tw(Development Patents,)Tj2.982 -1.4 TD0 Tw[(of new )-2020(software )]TJ-8.277 -1.4 TD1.5929 Tw[(Know-how)-2279.4(products and )1592.9(other )]TJ-32.4175 -1.4 TD0 Tw[(Y)94.6(ears ended December 3)55.5(1)]TJ54.3883 0 TD[(20)-27.8(03)-4027.4(20)-27.8(02)]TJ-54.3883 -1.4 TD(in kCHF)TjET/GS3 gsBT8.5 0 0 8.5 59.7254 515.9449 Tm0.0555 Tc-0.0001 Tw(Gross values at January 1 )Tj7.5 0 0 7.5 320.1959 515.9449 Tm0.0554 Tc0 Tw[(5)-166.9(0)-27.7(0)-27.7(0)-3332.3(47)-166.9(1)55.6(5)0(2)-3366.9(1)55.6(7)-166.9(3)0(7)72.1(1)-3276.7(69)-166.9(523)-3349(7)72.2(1)-166.9(928)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 505.4449 Tm0 0 0 1 k0.0555 Tc(Additions )Tj7.5 0 0 7.5 332.2883 505.4449 Tm0.0554 Tc[(?)-3332.4(1)55.6(0)-166.9(8)-0.1(65)-3850.5(8)-166.8(9)-0.1(43)-3332.4(1)55.6(9)-166.9(808)-3276.8(23)-167(850)]TJ8.5 0 0 8.5 59.7254 494.9449 Tm0.0555 Tc(Disposals and retirements)Tj7.5 0 0 7.5 332.2883 494.9449 Tm[(?)-5445.3(?)-4277.1(-420)-4314.9(-420)-2925.1(-27)-166.9(0)0.1(92)]TJ8.5 0 0 8.5 59.7254 484.4449 Tm0.0554 Tc(Change in scope of consolidation)Tj7.5 0 0 7.5 332.2883 484.4449 Tm[(?)-5445.4(?)-4628.7(203)-4666.5(203)-5445.4(?)]TJ8.5 0 0 8.5 59.7254 473.9449 Tm(Currency translation and other adjustments)Tj7.5 0 0 7.5 332.2883 473.9449 Tm[(?)-5278(2)0(5)-4684.4(1)55.6(87)-4777.8(2)55.6(1)55.6(2)-4666.4(837)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 463.4449 Tm/Cs8 cs 1 scn[(At December 3)55.5(1)0( )]TJ7.5 0 0 7.5 320.1959 463.4449 Tm[(5)-166.9(0)-27.7(0)-27.7(0)-3276.7(58)-166.9(042)-3239(2)0(6)-166.9(2)-0.1(84)-3276.7(89)-166.9(326)-3276.8(69)-167(523)]TJ8.5 0 0 8.5 59.7254 442.4449 Tm(Accumulated amortization at January 1)Tj7.5 0 0 7.5 320.1959 442.4449 Tm[(5)-166.9(0)-27.7(0)-27.7(0)-3276.7(34)-166.9(954)-3850.5(6)-166.8(836)-3304.6(4)0(6)-166.9(7)27.7(90)-3404.7(47)-167(1)55.6(7)72.2(1)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 431.9449 Tm0 0 0 1 k(Systematic amortization)Tj7.5 0 0 7.5 332.2883 431.9449 Tm0.0555 Tc[(?)-3888.1(3)-166.8(024)-3850.4(4)-166.7(682)-3916(7)-166.7(7)27.8(0)0.1(6)-3721.4(7)-333.5(290)]TJ8.5 0 0 8.5 59.7254 421.4449 Tm0.0554 Tc(Impairment)Tj7.5 0 0 7.5 332.2883 421.4449 Tm-0.0002 Tc[(?)-5333.6(5)-55.6(7)-5463.2(?)-5333.6(5)-55.6(7)-3443.7(19)-222.5(15)-55.6(2)]TJ8.5 0 0 8.5 59.7254 410.9449 Tm0.0555 Tc-0.0001 Tw(Recovery of amortization on disposals and retirements)Tj7.5 0 0 7.5 332.2883 410.9449 Tm0 Tw[(?)-5445.3(?)-4277.1(-382)-4314.9(-382)-2925.1(-27)-166.9(0)0.1(92)]TJ8.5 0 0 8.5 59.7254 400.4449 Tm0.0554 Tc(Change in scope of consolidation)Tj7.5 0 0 7.5 332.2883 400.4449 Tm5.5008 Tc[(??)37.8(???)]TJ8.5 0 0 8.5 59.7254 389.9449 Tm0.0554 Tc(Currency translation and other adjustments)Tj7.5 0 0 7.5 332.2883 389.9449 Tm[(?)-5889.5(2)-4628.6(238)-4666.5(240)-4666.5(269)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 379.4449 Tm/Cs8 cs 1 scn[(At December 3)55.5(1)0( )]TJ7.5 0 0 7.5 320.1959 379.4449 Tm[(5)-166.9(0)-27.7(0)-27.7(0)-3276.7(38)-166.9(037)-3378.1(1)111.2(1)-166.9(3)0(7)27.6(4)-3443.6(54)-166.9(4)55.6(1)111.2(1)-3304.5(4)0(6)-166.9(7)27.7(90)]TJ8.5 0 0 8.5 59.7254 358.4449 Tm[(Net values at December 3)55.5(1)]TJ7.5 0 0 7.5 332.2883 358.4449 Tm-0.0002 Tc[(?)-3304.8(2)-55.6(0)-222.5(0)-83.3(0)-55.6(5)-3461.5(14)-222.4(910)-3443.6(3)-55.6(4)-222.5(915)-3360.1(2)-55.6(2)-222.5(7)-27.9(3)-55.6(3)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 337.4449 Tm0 0 0 1 k0.0554 Tc(Useful life in years)Tj7.5 0 0 7.5 377.1526 337.4449 Tm[(4-5)-4888.7(4-8)]TJ8.5 0 0 8.5 59.7254 316.4449 Tm[(The 20)-27.8(02 impairment relates to developments of new capitalized products for which a decision was taken in the)]TJ0 -1.2353 TD(restructuring process that the resources required to bring these projects to completion would not be made available.)Tj/Cs8 cs 1 scn0 -3.7059 TD0.0555 Tc(3.2 Financial fixed assets)Tj7.5 0 0 7.5 456.1759 263.9449 Tm0.0554 Tc[(3)55.6(1)111.2(.)111.3(1)55.6(2.03)-2499.1(3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD(in kCHF)Tj8.5 0 0 8.5 59.7254 242.9449 Tm0 0 0 1 k(Investment \(Swiss International Air Lines Ltd\))Tj7.5 0 0 7.5 478.2726 242.9449 Tm3.9715 Tc[(?3)3749.2(7)3943.8(5)3916.1(0)]TJ8.5 0 0 8.5 59.7254 232.4449 Tm0.0555 Tc(Associates)Tj7.5 0 0 7.5 467.8464 232.4449 Tm0.2223 Tc[(51)278.1(1)222.5(9)-3721.3(46)166.9(9)166.8(3)]TJ8.5 0 0 8.5 59.7254 221.9449 Tm0.0554 Tc(Non-consolidated investments)Tj7.5 0 0 7.5 462.8427 221.9449 Tm0.0277 Tc[(1)27.9(6)-194.6(772)-4721.9(3)-27.7(7)-0.1(9)]TJ8.5 0 0 8.5 59.7254 211.4449 Tm0.0555 Tc(Loans)Tj7.5 0 0 7.5 467.4289 211.4449 Tm-0.0002 Tc[(2)-222.5(815)-4055.1(1)-222.5(510)]TJ8.5 0 0 8.5 59.7254 200.9449 Tm0.0554 Tc(Guarantee deposit)Tj7.5 0 0 7.5 466.594 200.9449 Tm[(7)-166.9(546)]TJ8.5 0 0 8.5 526.0285 200.9449 Tm0 Tc(?)Tj-54.8592 -1.2353 TD0.0555 Tc-0.0001 Tw(Other financial fixed assets)Tj7.5 0 0 7.5 472.4309 190.4449 Tm0.0554 Tc0 Tw[(535)-4666.5(550)]TJET/GS3 gsBT7.5 0 0 7.5 462.2165 179.9449 Tm/Cs8 cs 1 scn0.0555 Tc[(32)-166.8(7)27.8(8)0.1(7)-3332.3(1)55.7(0)-166.8(8)0.1(82)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 158.9449 Tm0 0 0 1 k0.0499 Tc-0.0001 Tw[(In 20)-27.8(0)55.6(1)0.1( the Group participated to the share capital increase of Swiss International Air Lines Ltd for an amount of )]TJT*0.0536 Tc0.0018 Tw[(kCHF )5.5(1)59.2(0)-157.5(0)-23.9(0)-23.9(0)3.8(.)-329.9(A)-1.9( total of )]TJ11.6551 0 TD0.0554 Tc0 Tw[(kCHF 6)-166.9(250, representing valuation adjustments of kCHF 4)-166.8(464 in 20)-27.8(02 and kCHF 1)-166.9(7)27.7(86 )]TJ-11.6551 -1.2353 TD[(in 20)-27.8(0)55.6(1, was charged against shareholders? equity)72.1(. An integral impairment has been established under this heading)]TJT*(for the financial year under report; the total charged against shareholders? equity were brought against the income)TjT*[(statement. The valuation adjustment charged to the financial year 20)-27.7(03 is thus kCHF 1)55.5(0)-166.8(0)-27.7(0)-27.7(0)0.1(.)]TJT*(The non-consolidated investments primarily include an investment in the company IndusInd Media & Communication)TjT*[(Ltd, India. The Group has a share of about 3% in this company)72.2(.)]TJT*[(The guarantee deposit was used at the beginning of 20)-27.6(04 as part of a settlement with the plaintif)16.8(f in litigation in the)]TJT*(United States.)TjETQendstreamendobj43 0 obj<>/ExtGState<>/ColorSpace<>>>endobj47 0 obj<>stream q0.2 i -0.276 841.445 1190.552 -841.89 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/Cs10 cs 1 scn/GS2 gs655 271.821 475.275 41.999 ref655 376.82 475.275 31.5 ref655 471.32 475.275 84 ref0 0 0 0 k/GS3 gs1032.952 185.195 48.662 375.375 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d655 544.82 m1130.275 544.82 l655 534.32 m1130.275 534.32 l655 523.82 m1130.275 523.82 l655 513.32 m1130.275 513.32 l655 502.82 m1130.275 502.82 l655 492.32 m1130.275 492.32 l655 481.82 m1130.275 481.82 l655 397.82 m1130.275 397.82 l655 387.32 m1130.275 387.32 lS1130.275 303.312 m655 303.312 l1130.275 292.812 m655 292.812 l1130.275 282.312 m655 282.312 lSQq0.2 i -0.276 841.445 1190.552 -841.89 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf7.5 0 0 7.5 59.748 38.1949 Tm0 0 0 1 k0.0554 Tc0 Tw(22)Tj79.3701 0 TD(23)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Consolidated financial statements of Kudelski Group)Tj0 0 0 1 k0 -1.1484 TD[(Notes to the consolidated financial statements at December 3)55.3(1)0.1(,)]TJT*[(20)-27.8(03 and 20)-27.8(02 )]TJET/Cs10 cs 1 scn59.724 345.319 475.276 189 ref59.724 261.32 475.276 10.5 ref0 0 0 0 k/GS3 gs437.677 172.07 48.661 367.5 ref340.354 316.445 48.662 223.125 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d59.724 523.819 m535 523.819 l59.724 513.319 m535 513.319 l59.724 502.819 m535 502.819 l59.724 492.319 m535 492.319 l59.724 481.819 m535 481.819 l59.724 471.319 m535 471.319 l59.724 460.819 m535 460.819 l59.724 450.319 m535 450.319 l59.724 439.819 m535 439.819 l59.724 429.319 m535 429.319 l59.724 418.819 m535 418.819 l59.724 408.319 m535 408.319 l59.724 397.819 m535 397.819 l59.724 387.319 m535 387.319 l59.724 376.819 m535 376.819 l59.724 366.319 m535 366.319 l59.724 355.819 m535 355.819 lS/GS2 gsBT8.5 0 0 8.5 655 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc(3.5 Inventories )Tj7.5 0 0 7.5 1051.4506 568.4449 Tm2.1657 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.03 3)55.6(1)111.3(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(in kCHF)Tj8.5 0 0 8.5 655 547.4449 Tm0 0 0 1 k0.0555 Tc(Raw materials and components)Tj7.5 0 0 7.5 1058.1174 547.4449 Tm-0.0002 Tc[(10)-222.5(13)-55.6(0)-3388(1)0(3)-222.4(9)-55.7(4)-55.6(7)]TJ8.5 0 0 8.5 655 536.9449 Tm0.0554 Tc(Devices in production)Tj7.5 0 0 7.5 1061.8687 536.9449 Tm0.2222 Tc[(39)166.8(6)166.7(3)-3721.4(52)166.7(4)166.8(7)]TJ8.5 0 0 8.5 655 526.4449 Tm0.0555 Tc-0.0001 Tw(Finished goods, smart cards and digital material)Tj7.5 0 0 7.5 1057.7 526.4449 Tm-0.0002 Tc0 Tw[(3)-55.6(7)-222.6(16)-55.6(4)-3460.3(3)-55.6(8)-222.6(7)16.6(17)]TJET/GS3 gsBT7.5 0 0 7.5 1057.7 515.9449 Tm/Cs8 cs 1 scn[(51)-222.4(2)-55.6(5)-55.7(7)-3499.3(5)-55.6(7)-222.6(9)0(1)55.6(1)]TJET/GS2 gsBT8.5 0 0 8.5 655 494.9449 Tm0 0 0 1 k0.0554 Tc(Less: Amortization)Tj7.5 0 0 7.5 1055.0637 494.9449 Tm[(-1)55.5(0)-166.8(0)0(48)-3536.8(-8)-167(804)]TJET/GS3 gsBT7.5 0 0 7.5 1057.7 473.9449 Tm/Cs8 cs 1 scn[(4)55.6(1)-166.8(209)-3332.4(4)0(9)-167(1)55.6(07)]TJET/GS2 gsBT8.5 0 0 8.5 655 442.4449 Tm[(3.6 T)72.1(rade accounts receivable)]TJ7.5 0 0 7.5 1051.4506 421.4449 Tm2.1657 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.03 3)55.6(1)111.3(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(in kCHF)Tj8.5 0 0 8.5 655 400.4449 Tm0 0 0 1 k[(T)72.2(rade accounts receivable)]TJ7.5 0 0 7.5 1053.5312 400.4449 Tm0.2224 Tc[(1)222.6(8)167(05)167(4)222.5(1)-2526(2)166.9(3)167(97)194.7(3)167(0)]TJ8.5 0 0 8.5 655 389.9449 Tm0.0555 Tc-0.0001 Tw(./. provision for bad debts)Tj7.5 0 0 7.5 1055.4812 389.9449 Tm0.0554 Tc0 Tw[(-23)-166.9(2)55.6(1)55.6(3)-2925.2(-26)-166.9(8)-0.1(94)]TJET/GS3 gsBT7.5 0 0 7.5 1053.1135 379.4449 Tm/Cs8 cs 1 scn-0.0002 Tc[(15)-55.6(7)-222.6(3)-55.6(2)-55.7(8)-2832.2(212)-222.4(8)-55.7(3)-55.6(6)]TJET/GS2 gsBT8.5 0 0 8.5 655 347.9449 Tm0.0554 Tc(3.7 Other receivables)Tj7.5 0 0 7.5 1051.4506 326.9449 Tm2.1657 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.03 3)55.6(1)111.3(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(in kCHF)Tj8.5 0 0 8.5 655 305.9449 Tm0 0 0 1 k(Other receivables)Tj7.5 0 0 7.5 1058.1174 305.9449 Tm-0.0002 Tc[(18)-222.5(7)-27.9(7)-27.8(9)-3387.9(1)0(2)-222.4(4)-55.7(4)-55.6(8)]TJ8.5 0 0 8.5 655 295.4449 Tm0.0555 Tc(Accruals)Tj7.5 0 0 7.5 1057.9086 295.4449 Tm-0.0002 Tc[(18)-222.5(7)-27.9(3)-55.6(8)-3943.8(7)-222.4(2)-55.7(2)-55.6(0)]TJ8.5 0 0 8.5 655 284.9449 Tm0.0555 Tc(Deferred tax asset)Tj7.5 0 0 7.5 1058.1174 284.9449 Tm0.0554 Tc[(1)111.2(1)-166.8(586)-3332.4(1)55.6(3)-166.8(9)-0.1(94)]TJET/GS3 gsBT7.5 0 0 7.5 1057.7 274.4449 Tm/Cs8 cs 1 scn[(49)-167(1)55.6(0)0(3)-3276.7(3)0(3)-167(6)-0.1(62)]TJET/GS2 gsBT8.5 0 0 8.5 655 253.4449 Tm0 0 0 1 k[(The other receivables primarily comprise kCHF 6)-166.9(3)55.6(1)55.6(4)0( in withholding tax relating to the transfer of companies. )]TJ0 -1.2353 TD[(This amount was fully recovered at the start of the financial year 20)-27.7(04.)]TJ/Cs8 cs 1 scn-70.0323 40.7647 TD(3.4 Fixtures and fittings)Tj7.5 0 0 7.5 355.4875 578.9449 Tm[(T)94.6(echnical )]TJ-0.4836 -1.4 TD[(equipment)-3723.1(Other)]TJ-1.9618 -1.4 TD[(and machinery)-1516.2(equipment)]TJ-36.9895 -1.4 TD[(Y)94.6(ears ended December 3)55.5(1)]TJ54.3883 0 TD[(20)-27.8(03)-4027.4(20)-27.8(02)]TJ-54.3883 -1.4 TD(in kCHF)TjET/GS3 gsBT8.5 0 0 8.5 59.7254 526.4449 Tm0.0555 Tc-0.0001 Tw(Gross values at January 1)Tj7.5 0 0 7.5 364.7794 526.4449 Tm0.0554 Tc0 Tw[(57)-166.9(905)-3850.5(8)-166.8(633)-3276.7(6)0(6)-166.9(538)-3276.8(58)-167(896)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 515.9449 Tm0 0 0 1 k0.0555 Tc(Additions)Tj7.5 0 0 7.5 364.7794 515.9449 Tm0.0554 Tc[(57)-166.9(553)-4628.7(3)-0.1(08)-3332.4(57)-167(86)55.5(1)-3332.3(1)55.6(4)-166.9(0)0(25)]TJ8.5 0 0 8.5 59.7254 505.4449 Tm0.0555 Tc(Disposals and retirements)Tj7.5 0 0 7.5 366.7295 505.4449 Tm0.0554 Tc[(-1)-166.9(056)-4332.9(-)0(1)55.5(2)0(5)-3648.1(-)0(1)-167(1)55.6(8)55.6(1)-3536.7(-3)-167(065)]TJ8.5 0 0 8.5 59.7254 494.9449 Tm(Change in scope of consolidation)Tj7.5 0 0 7.5 370.2006 494.9449 Tm[(3)-166.9(2)55.6(1)55.6(5)-5851.6(5)-3888.1(3)-166.9(220)-3536.7(-2)-167(548)]TJ8.5 0 0 8.5 59.7254 484.4449 Tm(Currency translation and other adjustments)Tj7.5 0 0 7.5 375.2025 484.4449 Tm[(330)-4332.9(-)0(1)55.5(0)0(7)-4666.5(223)-4370.7(-7)27.7(7)27.7(0)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 473.9449 Tm/Cs8 cs 1 scn[(At December 3)55.5(1)0( )]TJ7.5 0 0 7.5 361.4457 473.9449 Tm[(1)111.2(1)55.6(7)-166.9(9)-0.1(47)-3978.4(8)-166.9(7)72.2(1)55.6(4)-2776.5(1)55.6(2)0(6)-167(6)0(6)55.5(1)-3276.7(66)-167(538)]TJ8.5 0 0 8.5 59.7254 452.9449 Tm(Accumulated depreciation at January 1)Tj7.5 0 0 7.5 364.7794 452.9449 Tm[(36)-166.9(057)-3850.5(4)-166.8(498)-3276.7(4)0(0)-166.9(555)-3388.1(34)-167(6)55.6(1)55.6(8)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 442.4449 Tm0 0 0 1 k(Systematic depreciation)Tj7.5 0 0 7.5 365.6144 442.4449 Tm0.0555 Tc[(1)111.3(1)-166.8(397)-3850.4(1)-166.7(282)-3360.1(1)55.7(2)-166.7(6)0.1(7)27.7(9)-3360.1(1)55.7(0)-166.8(7)27.8(9)0.1(7)]TJ8.5 0 0 8.5 59.7254 431.9449 Tm0.0554 Tc(Impairment)Tj7.5 0 0 7.5 375.62 431.9449 Tm-0.0002 Tc[(18)-55.6(6)-5463.2(?)-4777.8(18)-55.6(6)-5501(?)]TJ8.5 0 0 8.5 59.7254 421.4449 Tm0.0555 Tc-0.0001 Tw(Recovery of depreciation on disposals and retirements)Tj7.5 0 0 7.5 366.7295 421.4449 Tm0.0554 Tc0 Tw[(-1)-166.9(056)-4888.7(-82)-3592.4(-1)-167(1)55.6(3)0(8)-3536.7(-)0(2)-167(2)0(36)]TJ8.5 0 0 8.5 59.7254 410.9449 Tm(Change in scope of consolidation)Tj7.5 0 0 7.5 372.9839 410.9449 Tm[(-35)55.5(1)-4888.6(-28)-4342.8(-37)27.7(9)-3536.7(-)0(1)-167(8)0(09)]TJ8.5 0 0 8.5 59.7254 400.4449 Tm(Currency translation and other adjustments)Tj7.5 0 0 7.5 374.9956 400.4449 Tm[(60)-27.8(0)-4888.6(-47)-4666.5(553)-4426.3(-8)55.5(1)55.6(5)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 389.9449 Tm/Cs8 cs 1 scn[(At December 3)55.5(1)0( )]TJ7.5 0 0 7.5 364.7794 389.9449 Tm[(46)-166.9(833)-3850.5(5)-166.8(623)-3276.7(5)0(2)-166.9(456)-3276.8(40)-167(555)]TJ8.5 0 0 8.5 59.7254 368.9449 Tm[(Net values at December 3)55.5(1)]TJ7.5 0 0 7.5 366.5738 368.9449 Tm[(7)72.2(1)-166.9(1)111.2(1)55.6(4)-3906(3)-166.9(09)55.5(1)-3304.5(7)27.7(4)-166.9(205)-3276.8(25)-167(983)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 347.9449 Tm0 0 0 1 k(Useful life in years)Tj7.5 0 0 7.5 372.9839 347.9449 Tm[(2-1)55.5(0)-4888.6(4-7)]TJ8.5 0 0 8.5 59.7254 326.9449 Tm(The technical equipment and machinery comprise assets made available to clients and generating monthly revenue.)Tj/Cs8 cs 1 scn0 -3.7059 TD(Fire insurance value)Tj7.5 0 0 7.5 456.1759 284.9449 Tm2.1657 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(in kCHF)Tj8.5 0 0 8.5 59.7254 263.9449 Tm0 0 0 1 k(Fixtures and fittings)Tj7.5 0 0 7.5 462.0078 263.9449 Tm[(46)-166.9(242)-3276.8(30)-167(686)]TJETQendstreamendobj48 0 obj<>/ExtGState<>/ColorSpace<>>>endobj50 0 obj<>stream q0.2 i 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financial statements at December 3)55.3(1)0.1(,)]TJT*[(20)-27.8(03 and 20)-27.8(02 )]TJET/Cs10 cs 1 scn59.724 345.32 475.276 42 ref59.724 523.82 475.276 31.5 ref0 0 0 0 k/GS3 gs437.677 332.201 48.661 225.573 ref340.354 332.208 48.662 68.243 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d59.724 544.82 m535 544.82 l59.724 534.32 m535 534.32 lS535 376.82 m59.724 376.82 l535 366.32 m59.724 366.32 l535 355.82 m59.724 355.82 lS/GS2 gsBT8.5 0 0 8.5 655.0009 589.4449 Tm/Cs8 cs 1 scn0.0555 Tc-0.0001 Tw(Conditional share capital)Tj7.5 0 0 7.5 1062.9133 578.9449 Tm0.0554 Tc3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(in kCHF)TjET/GS3 gsBT8.5 0 0 8.5 655.0009 557.9449 Tm0.0555 Tc-0.0001 Tw(Conditional share capital as at January 1)Tj7.5 0 0 7.5 1057.4921 557.9449 Tm0 Tw[(69)-166.9(7)27.8(3)0.1(4)-3332.3(1)55.7(0)-166.8(3)0.1(92)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 547.4449 Tm0 0 0 1 k0.0554 Tc[(Share capital increase as per amended Articles of Incorporation dated January 25, 20)-27.8(02)]TJ7.5 0 0 7.5 1073.5481 547.4449 Tm0.0831 Tc[(?)-3193.8(6)27.7(0)-139.3(000)]TJ8.5 0 0 8.5 655.0009 536.9449 Tm0.0554 Tc(Shares allotted to employees)Tj7.5 0 0 7.5 1065.2791 536.9449 Tm0.0555 Tc[(-7)27.7(46)-4314.9(-658)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 526.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(Conditional share capital at December 3)55.5(1)]TJ7.5 0 0 7.5 1057.2834 526.4449 Tm[(68)-167(988)-3304.6(6)0(9)-167(7)27.7(34)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 505.4449 Tm0 0 0 1 k(In order to authorize the issuance of convertible bonds, the shareholders of Kudelski SA met in an Extraordinary)Tj0 -1.2353 TD[(General Meeting on January 25, 20)-27.8(02 and approved the increase of the conditional share capital of kCHF 60)-166.9(0)-27.7(0)-27.7(0)0.1( )]TJT*[(by means of 6)-166.9(0)-27.7(0)-27.7(0)-166.9(0)-27.7(0)-27.7(0)0( bearer shares of a nominal value of CHF 1)55.6(0, to be issued progressively upon the exercise )]TJT*(of the rights to convert the bonds of Kudelski SA and its subsidiaries. The conditions of the convertible bond issued)TjT*[(by the Kudelski Group at the end of January 20)-27.8(02 are explained in note \(3.)111.2(1)55.6(0\).)]TJ0 -2.4706 TD(In conformity with the Articles of Incorporation, the remaining balance of the conditional capital is reserved for the)Tj0 -1.2353 TD(exercise of stock options granted to employees.)Tj/Cs8 cs 1 scn0 -3.7059 TD(Authorized share capital)Tj7.5 0 0 7.5 1062.9133 389.9449 Tm3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(in kCHF)Tj8.5 0 0 8.5 655.0009 368.9449 Tm0 0 0 1 k[(3)-166.9(7)27.7(68)-167(1)55.6(64 / 3)-167(8)-0.1(28)-167(632 bearer shares of CHF 1)55.5(0)0( each)]TJ7.5 0 0 7.5 1057.2834 368.9449 Tm0.0555 Tc[(37)-166.9(682)-3276.6(3)0.1(8)-166.9(2)0.1(86)]TJ8.5 0 0 8.5 655.0009 358.4449 Tm0.0554 Tc-0.0001 Tw[(3)-166.9(2)0(0)-27.8(0)-166.9(0)-27.7(0)-27.7(0)0( / 3)-167(2)0(0)-27.8(0)-166.9(0)-27.7(0)-27.7(0)0.1( registered shares of CHF 1 each)]TJ7.5 0 0 7.5 1061.6626 358.4449 Tm0.2223 Tc0 Tw[(32)166.9(0)139.1(0)-3693.6(32)166.9(0)139.1(0)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 347.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(Authorized share capital at December 3)55.5(1)]TJ7.5 0 0 7.5 1057.2834 347.9449 Tm0.0555 Tc[(40)-166.9(882)-3332.3(4)55.7(1)-166.8(4)0.1(86)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 326.9449 Tm0 0 0 1 k0.0554 Tc(The change in authorized share capital is as follows:)TjET/GS3 gsBT8.5 0 0 8.5 655.0009 316.4449 Tm/Cs8 cs 1 scn0.0555 Tc-0.0001 Tw(Authorized share capital as at January 1)Tj7.5 0 0 7.5 1057.7008 316.4449 Tm-0.0002 Tc0 Tw[(41)-222.5(4)-55.6(8)-55.7(6)-3388(4)0(1)-222.5(4)-55.6(8)-55.7(6)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 305.9449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw(Shares allotted for acquisition purposes)Tj7.5 0 0 7.5 1065.0704 305.9449 Tm0 Tw[(-604)-5445.2(?)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 295.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(Authorized share capital at December 3)55.5(1)]TJ7.5 0 0 7.5 1057.2834 295.4449 Tm0.0555 Tc[(40)-166.9(882)-3332.3(4)55.7(1)-166.8(4)0.1(86)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 274.4449 Tm0 0 0 1 k0.0554 Tc[(In an exchange of)16.7(fer)94.5(, 60)-167(468 Kudelski SA bearer shares were alloted to the minority shareholders of the company)]TJ0 -1.2353 TD(SportAccess SA, Sion, with the purpose of acquiring the entirety of the share capital.)Tj0 -2.4706 TD[(The Board of Directors is authorized to increase the share capital in one or more stages until May 24, 20)-27.7(04, for the)]TJ0 -1.2353 TD0.0415 Tc(purposes of acquiring companies, parts of companies or for financing the full or partial acquisition of other companies. )Tj/Cs8 cs 1 scn0 -3.7059 TD0.0554 Tc[(T)72.2(r)0.1(easury shares)]TJ7.5 0 0 7.5 1053.4041 190.4449 Tm(Number )Tj-0.6094 -1.4 TD-0.0001 Tw[(of bearer )-3374.3(Book )]TJ1.1851 -1.4 TD0 Tw[(shares)-4037.8(value)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 148.4449 Tm[(At January 1, 20)-27.8(03)]TJ7.5 0 0 7.5 1073.5481 148.4449 Tm5.5008 Tc(??)TjET/GS2 gsBT8.5 0 0 8.5 655.0009 137.9449 Tm0 0 0 1 k0.0554 Tc[(T)72.2(ransactions during the financial year:)]TJ0 -1.2353 TD0.0555 Tc(? acquisitions)Tj7.5 0 0 7.5 1057.7008 127.4449 Tm[(20)-166.9(1)55.7(5)0.1(5)-4666.4(3)0.1(80)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 116.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(At December 3)55.5(1, 20)-27.8(03)]TJ7.5 0 0 7.5 1057.7008 116.9449 Tm0.0555 Tc[(20)-166.9(1)55.7(5)0.1(5)-4666.4(3)0.1(80)]TJET/Cs10 cs 1 scn/GS2 gs59.724 229.82 475.276 31.5 ref/GS3 gs59.724 250.82 m535 250.82 l59.724 240.32 m535 240.32 lS0 0 0 0 k437.677 216.695 48.661 56.135 ref/GS2 gsBT8.5 0 0 8.5 59.7254 589.4449 Tm/Cs8 cs 1 scn-0.0001 Tw(3.8 Cash and cash equivalents )Tj7.5 0 0 7.5 456.1759 568.4449 Tm0.0554 Tc2.0901 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(in kCHF)Tj8.5 0 0 8.5 59.7254 547.4449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw(Cash at bank and in hand)Tj7.5 0 0 7.5 462.0078 547.4449 Tm0.0554 Tc0 Tw[(98)-166.9(360)-3229(7)27.7(2)-166.9(367)]TJ8.5 0 0 8.5 59.7254 536.9449 Tm0.0555 Tc-0.0001 Tw(Short-term deposits)Tj7.5 0 0 7.5 458.0478 536.9449 Tm0.0554 Tc0 Tw[(1)55.6(3)0(8)-166.9(7)27.7(47)-2717.6(680)-166.9(7)72.2(1)55.6(5)]TJET/GS3 gsBT7.5 0 0 7.5 457.839 526.4449 Tm/Cs8 cs 1 scn[(237)-167(1)55.6(0)0(7)-2617.5(7)27.8(53)-167(082)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 505.4449 Tm(Derivative financial instruments)Tj0 0 0 1 k0 -1.2353 TD0.0527 Tc-0.0001 Tw(The following table presents the contract or notional amount and the carrying values of derivative financial )TjT*[(instruments at December 3)55.5(1, 20)-27.7(03 and 20)-27.7(02, analyzed by contract type. The contract or notional amount shows the)]TJT*(volume of the underlying transaction at the balance sheet date and not the total amount exposed to the risk. )TjT*(The carrying value shows the profit or loss, which these contracts could generate at the expiration date on the basis)TjT*0.0526 Tc0 Tw[(of the market value at December 3)55.4(1, 20)-27.8(03 and 20)-27.8(02.)]TJ7.5 0 0 7.5 355.0859 431.9449 Tm/Cs8 cs 1 scn0.0554 Tc(Forwards )Tj2.7752 -1.4 TD(and )Tj-42.1566 -1.4 TD[(Y)94.6(ear ended December 3)55.5(1)-28750.4(swaps)-2686.9(Options)]TJ54.3883 -1.4 TD3.6184 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(in kCHF)TjET/GS3 gsBT8.5 0 0 8.5 59.7254 379.4449 Tm(Contract notional amount)Tj7.5 0 0 7.5 365.1969 379.4449 Tm[(2)55.6(1)-166.9(837)-3266.8(7)27.7(7)-166.8(0)-0.1(80)-3388.1(98)-166.9(9)55.6(1)55.6(7)-3201(97)-167(023)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 368.9449 Tm0 0 0 1 k(Positive replacement value)Tj7.5 0 0 7.5 381.0442 368.9449 Tm[(?)-3850.5(2)-166.8(680)-3888.2(2)-166.9(680)-3868.3(3)-166.9(1)55.6(96)]TJ8.5 0 0 8.5 59.7254 358.4449 Tm(Negative replacement value)Tj7.5 0 0 7.5 372.9839 358.4449 Tm[(-26)55.5(1)-5407.5(?)-4370.7(-26)55.5(1)-5369.7(?)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 347.9449 Tm/Cs8 cs 1 scn0.0555 Tc(Carrying value of assets \(liabilities\))Tj7.5 0 0 7.5 372.9839 347.9449 Tm0.0554 Tc[(-26)55.5(1)-3850.4(2)-166.8(6)-0.1(80)-3999.6(2)-166.9(4)55.6(1)55.6(9)-3868.2(3)-166.9(1)55.6(96)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 305.9449 Tm(3.9 Shareholders? equity )Tj0 -2.4706 TD(Composition of share capital )Tj7.5 0 0 7.5 456.1759 274.4449 Tm2.1657 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(in kCHF)Tj8.5 0 0 8.5 59.7254 253.4449 Tm0 0 0 1 k[(46)-167(864)-167(936 / 46)-166.9(7)27.7(2)0(9)-167(8)-0.1(68 bearer shares of CHF 1)55.5(0)0( each)]TJ7.5 0 0 7.5 457.4216 253.4449 Tm[(468)-167(649)-2665.2(467)-167(2)0(99)]TJ8.5 0 0 8.5 59.7254 242.9449 Tm-0.0001 Tw[(46)-167(30)-27.8(0)-166.9(0)-27.7(0)-27.7(0)0( / 46)-166.9(30)-27.8(0)-166.9(0)-27.7(0)-27.7(0)0.1( registered shares of CHF 1 each)]TJ7.5 0 0 7.5 461.8009 242.9449 Tm0 Tw[(46)-166.9(30)-27.8(0)-3249.1(4)0(6)-167(3)0(0)-27.8(0)]TJET/GS3 gsBT7.5 0 0 7.5 458.2565 232.4449 Tm/Cs8 cs 1 scn-0.0002 Tc[(514)-222.5(9)-55.6(4)-55.6(9)-2832.2(513)-222.5(5)-55.6(9)-55.7(9)]TJETQendstreamendobj51 0 obj<>/ExtGState<>/ColorSpace<>>>endobj53 0 obj<>stream q0.2 i -0.276 841.445 1190.552 -841.89 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/Cs10 cs 1 scn/GS2 gs59.724 156.32 475.276 84 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d/GS3 gs59.724 229.82 m535 229.82 lSQq0.2 i -0.276 841.445 1190.552 -841.89 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf7.5 0 0 7.5 59.748 38.1949 Tm0 0 0 1 k0.0554 Tc0 Tw(26)Tj79.3701 0 TD(27)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Consolidated financial statements of Kudelski Group)Tj0 0 0 1 k0 -1.1484 TD[(Notes to the consolidated financial statements at December 3)55.3(1)0.1(,)]TJT*[(20)-27.8(03 and 20)-27.8(02 )]TJET/Cs10 cs 1 scn655 481.82 475.275 84 ref655 166.82 475.275 63 ref0 0 0 0 k/GS3 gs1032.953 158.945 48.661 409.5 ref935.63 158.945 48.661 412.125 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d655 555.32 m1130.275 555.32 l655 544.82 m1130.275 544.82 l655 534.32 m1130.275 534.32 l655 523.82 m1130.275 523.82 l655 513.32 m1130.275 513.32 l655 502.82 m1130.275 502.82 l655 492.32 m1130.275 492.32 lS1130.275 219.32 m655 219.32 l1130.275 208.821 m655 208.821 l1130.275 198.321 m655 198.321 l1130.275 187.822 m655 187.822 l1130.275 177.321 m655 177.321 lS/Cs10 cs 1 scn/GS2 gs59.724 544.82 475.276 10.5 ref0 0 0 0 k/GS3 gs437.677 130.07 48.661 433.125 ref340.354 130.07 48.662 433.125 ref59.724 219.32 m535 219.32 l59.724 208.821 m535 208.821 l59.724 198.321 m535 198.321 l59.724 187.822 m535 187.822 l59.724 177.322 m535 177.322 l59.724 166.823 m535 166.823 lS/Cs10 cs 1 scn/GS2 gs59.724 366.32 475.276 31.5 ref/GS3 gs59.724 387.32 m535 387.32 l59.724 376.82 m535 376.82 lS/GS2 gsBT8.5 0 0 8.5 59.7254 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc(Major shareholders)Tj7.5 0 0 7.5 392.4303 578.9449 Tm[(V)72.2(oting rights)]TJ12.0964 0 TD0.061 Tc(Shareholdings)Tj-16.5608 -1.4 TD0.0554 Tc[(3)55.6(1)111.2(.)111.3(1)55.6(2.03)-2461.4(3)55.6(1)111.2(.)111.3(1)55.6(2.02)-2499.1(3)55.6(1)111.2(.)111.3(1)55.6(2.03)-2456.5(3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ8.5 0 0 8.5 59.7254 547.4449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw(Kudelski family)Tj7.5 0 0 7.5 371.8719 547.4449 Tm0 Tw[(64%)-4184.5(64%)-4222.3(34%)-4179.6(34%)]TJ8.5 0 0 8.5 59.7254 515.9449 Tm/Cs8 cs 1 scn0.0554 Tc(Employee stock option plan)Tj0 0 0 1 k0 -2.4706 TD[(In April 20)-27.8(03 the Kudelski Group set up a stock option plan for certain employees. )]TJT*(The Board of Directors and Executive management determined the modalities and the conditions governing the )Tj0 -1.2353 TD(grant of options. )Tj0 -2.4706 TD(The following options were granted:)Tj7.5 0 0 7.5 484.536 421.4449 Tm/Cs8 cs 1 scn(Exercise price )Tj-56.6414 -1.4 TD[(Y)94.6(ear of grant)-6189.8(Number of options)-7081.1(V)72.2(esting)-6732.6(Maturity)-8101.5(Ratio)-7118.5(in CHF)]TJ0 0 0 1 k0 -2.8 TD[(20)-27.8(03)-14874.5(1)55.6(2)0(5)-167(0)-27.7(0)-27.7(0)-6311.8(1)111.2(.4.20)-27.8(06)-6311.9(1)111.2(.4.20)-27.8(07)-9007.6(1:1)-9322.1(20)]TJ0 -1.4 TD[(20)-27.8(03)-14874.5(1)55.6(2)0(5)-167(0)-27.7(0)-27.7(0)-6311.8(1)111.2(.4.20)-27.8(07)-6311.9(1)111.2(.4.20)-27.8(08)-9007.6(1:1)-9322.1(20)]TJT*[(20)-27.8(03)-14874.5(1)55.6(2)0(5)-167(0)-27.7(0)-27.7(0)-6311.8(1)111.2(.4.20)-27.8(08)-6311.9(1)111.2(.4.20)-27.8(09)-9007.6(1:1)-9322.1(20)]TJ8.5 0 0 8.5 59.7254 347.9449 Tm[(37)27.6(5)-166.9(0)-27.7(0)-27.7(0)-0.1( options, to a total theoretical value of kCHF 3,023 were granted. This value was calculated and is )]TJ0 -1.2353 TD(disclosed in the financial statements in accordance with the accounting principles and valuation method set out in)TjT*(the notes.)Tj0 -2.4706 TD(The following table summarizes the changes in options held by these employees: )Tj7.5 0 0 7.5 408.2562 284.9449 Tm/Cs8 cs 1 scn8.7353 Tw[(A)16.7(verage A)16.7(verage)]TJ-6.3141 -1.4 TD2.4261 Tw[(Number)-2518.7(exercise Number)-2513.8(exercise )]TJ8.5 0 0 8.5 59.7254 263.9449 Tm0 Tw(Changes in stock option plan)Tj7.5 0 0 7.5 353.2872 263.9449 Tm[(of options)-4055.1(price)-1744.4(of options)-4050.2(price)]TJ2.283 -1.4 TD[(20)-27.8(03)-3989.6(20)-27.8(03)-4027.4(20)-27.8(02)-3984.7(20)-27.8(02)]TJ-41.4245 -1.4 TD(en CHF)TjET/GS3 gsBT8.5 0 0 8.5 59.7254 232.4449 Tm(In circulation on January 1)Tj7.5 0 0 7.5 381.0442 232.4449 Tm5.5008 Tc[(?)37.8(???)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 221.9449 Tm0 0 0 1 k0.0554 Tc(? of which exercisable)Tj7.5 0 0 7.5 381.0442 221.9449 Tm5.5008 Tc[(?)37.8(???)]TJ8.5 0 0 8.5 59.7254 211.4449 Tm0.0554 Tc(New rights issued )Tj7.5 0 0 7.5 359.9881 211.4449 Tm0.0831 Tc4.8791 Tw[(3)27.7(7)55.3(5)-139.1(000)27.8( 2)27.7(0)-5417.7(?)-5417.7(?)]TJ8.5 0 0 8.5 59.7254 200.9449 Tm0.0554 Tc0 Tw(Rights exercised)Tj7.5 0 0 7.5 381.0442 200.9449 Tm5.5008 Tc[(?)37.8(???)]TJ8.5 0 0 8.5 59.7254 190.4449 Tm0.0554 Tc(Rights cancelled/forfeited )Tj7.5 0 0 7.5 381.0442 190.4449 Tm5.5008 Tc[(?)37.8(???)]TJET/GS3 gsBT8.5 0 0 8.5 59.7254 179.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(In circulation on December 3)55.5(1)]TJ7.5 0 0 7.5 359.9881 179.9449 Tm5.112 Tw[(37)27.6(5)-166.8(0)-27.7(0)-27.7(0)-5240.1(20)-5445.4(? ? )]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 158.9449 Tm0 0 0 1 k0 Tw(? which exercisable)Tj7.5 0 0 7.5 381.0442 158.9449 Tm5.5008 Tc[(?)37.8(???)]TJ8.5 0 0 8.5 59.7254 137.9449 Tm0.0554 Tc[(The expense charged against the income statement for the financial year 20)-27.6(03 amounts to kCHF 2)-166.9(7)27.7(20. )]TJ0 -1.2353 TD[(The expense recorded assumes that on a weighted average 1)55.6(0)0(% of the beneficiaries will not be able to exercise)]TJT*(their options in conformity with the provisions of the plan.)Tj/Cs8 cs 1 scn70.0323 55.5882 TD[(3.)111.1(1)55.6(0)0( Convertible bond )]TJ7.5 0 0 7.5 965.6841 578.9449 Tm[(20)-27.8(03)-10490.4(20)-27.8(03)-4027.4(20)-27.8(02)]TJ-1.4517 -1.4 TD[(in kUSD)-9000.9(in kCHF)-2537.9(in kCHF)]TJ8.5 0 0 8.5 655 557.9449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw(Balance at January 1)Tj7.5 0 0 7.5 955.4678 557.9449 Tm0 Tw[(232)-166.9(653)-9128.1(323)-166.8(3)0.1(88)-5445.3(?)]TJ8.5 0 0 8.5 655 547.4449 Tm0.0554 Tc(Issue)Tj7.5 0 0 7.5 976.319 547.4449 Tm11.9638 Tc[(??)9243.1(5)11908.3(5)11908.4(7)11741.4(2)11908.3(9)11908.4(6)]TJ8.5 0 0 8.5 655 536.9449 Tm0.0555 Tc-0.0001 Tw(Redemption and partial cancellation)Tj7.5 0 0 7.5 957.6267 536.9449 Tm0.0554 Tc0 Tw[(-59)-166.9(7)27.7(25)-9388.2(-80)-166.9(6)0(29)-2341.8(-1)55.5(43)-167(60)-27.8(0)]TJ8.5 0 0 8.5 655 526.4449 Tm[(Exchange rate ef)16.7(fect)]TJ7.5 0 0 7.5 1054.6462 526.4449 Tm0.0555 Tc[(-28)-166.8(3)0.1(28)-2925.2(-90)-166.8(3)0(08)]TJET/GS3 gsBT8.5 0 0 8.5 655 515.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(Convertible bond on December 3)55.5(1)]TJ7.5 0 0 7.5 956.0941 515.9449 Tm0.0555 Tc[(1)55.7(7)27.9(2)-166.8(928)-9295.1(2)55.6(1)55.7(4)-166.8(4)0.1(3)55.6(1)-2665.1(323)-166.9(3)0(88)]TJET/GS2 gsBT8.5 0 0 8.5 655 505.4449 Tm0 0 0 1 k(Allocated issuing costs)Tj7.5 0 0 7.5 962.004 505.4449 Tm0.0554 Tc[(-2)-167(645)-9999.8(-3)-166.9(280)-3536.8(-)0(6)-167(4)-0.1(93)]TJ8.5 0 0 8.5 655 494.9449 Tm(Reconstitution of the redemption value)Tj7.5 0 0 7.5 965.8927 494.9449 Tm0.2222 Tc[(28)222.4(1)278(1)-10184.3(34)166.8(8)166.7(6)-3721.4(22)166.7(9)166.8(6)]TJET/GS3 gsBT8.5 0 0 8.5 655 484.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(At December 3)55.5(1)]TJ7.5 0 0 7.5 956.0941 484.4449 Tm-0.0002 Tc[(17)-27.8(3)-222.5(0)-55.7(9)-55.7(4)-9295.2(214)-222.4(6)-55.6(3)-55.7(7)-2943.5(319)-222.4(191)]TJET/GS2 gsBT8.5 0 0 8.5 655 463.4449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw[(At the end of January 20)-27.7(02, Kudelski Financial Services Holding S.C.A., a 1)55.6(0)-27.6(0% subsidiary of Kudelski SA, )]TJ0 -1.2353 TD0.0554 Tc0 Tw[(issued an unsubordinated convertible bond of kUSD 325)-166.9(0)-27.7(0)-27.7(0. The conversion price was fixed at CHF 1)55.6(27.50 )]TJT*[(per ordinary bearer share of Kudelski SA. It was changed on July 3)55.6(1, 20)-27.8(03 to CHF 1)55.5(0)-27.7(0.0)-27.8(0 in conformity with the)]TJT*[(provisions of the bond public of)16.7(fering prospectus. Kudelski SA guarantees this issuance unconditionally )]TJT*[(and irrevocably)72.1(. )]TJ0 -2.4706 TD0.0555 Tc-0.0001 Tw[(Each bond has a nominal value of USD 1,0)-27.6(0)-27.6(0)0( and the issue price was 1)55.6(0)-27.6(0%; the interest rate is 2.25% per annum,)]TJ0 -1.2353 TD[(calculated on the nominal amount of the bonds and payable semi-annually \(on January 3)55.6(1)0( and July 3)55.6(1, commencing)]TJT*[(on July 3)55.6(1, 20)-27.7(02\). The yield to maturity is 3% per annum on a semi-annual basis.)]TJ0 -2.4706 TD0.0554 Tc0 Tw[(At the January 3)55.5(1, 20)-27.8(09 maturity date, the issuer will redeem the bonds at 1)55.5(0)-0.1(5.7)27.6(9% of their nominal amount. )]TJ0 -1.2353 TD[(The issuer may redeem all of the bonds at any time after January 3)55.5(1, 20)-27.8(05 and before January 3)55.5(1, 20)-27.8(07. )]TJT*0.0443 Tc(For the purposes of valuing the reconstitution of the redemption value in the financial statements, the redemption price)TjT*[(considered is 1)55.5(04.0)55.5(1% assuming an early redemption on January 3)55.5(1, 20)-27.7(07.)]TJ/Cs8 cs 1 scn0 -3.7059 TD0.0554 Tc[(3.)111.1(1)111.2(1)0( Provisions)]TJ7.5 0 0 7.5 898.2458 284.9449 Tm(Legal fees)Tj1.1126 -1.4 TD[(lawsuits)-2296.8(Deferred )]TJ-0.4804 -1.4 TD0.0555 Tc[(and risks )-4482.4(tax )]TJ-1.6289 -1.4 TD0.0554 Tc[(on contracts)-3203.8(liability)-3723.1(Other)]TJ-31.4361 -1.4 TD[(Y)94.6(ears ended December 3)55.5(1)]TJ54.3883 0 TD[(20)-27.8(03)-4027.4(20)-27.8(02)]TJ-54.3883 -1.4 TD(in kCHF)TjET/GS3 gsBT8.5 0 0 8.5 655 221.9449 Tm0.0555 Tc-0.0001 Tw(At January 1)Tj7.5 0 0 7.5 911.7156 221.9449 Tm0 Tw[(1)55.7(5)-166.8(539)-3888.1(2)-166.8(807)-3850.3(4)-166.8(2)0.1(02)-3276.6(22)-166.9(548)-3360.1(4)55.7(1)-166.7(2)0.1(7)27.7(6)]TJET/GS2 gsBT8.5 0 0 8.5 655 211.4449 Tm0 0 0 1 k0.0554 Tc(Allocation)Tj7.5 0 0 7.5 915.8843 211.4449 Tm0.0555 Tc[(2)-166.8(9)0.1(69)-4666.4(949)-4628.6(639)-3888.1(4)-166.7(557)-3916(5)-166.7(7)27.8(6)0.1(9)]TJ8.5 0 0 8.5 655 200.9449 Tm0.0554 Tc(Reintegration into goodwill)Tj7.5 0 0 7.5 927.563 200.9449 Tm5.5008 Tc[(??)37.8(??)2519.7(-)5445.4(1)5500.8(0)5278.6(0)5417.7(0)5417.7(0)]TJ8.5 0 0 8.5 655 190.4449 Tm0.0554 Tc(Reversed amounts and utilization)Tj7.5 0 0 7.5 927.563 190.4449 Tm[(?)-3592.4(-)0(2)-167(1)55.6(84)-3499(-2)-166.9(026)-3648.1(-)0(4)-167(2)55.6(1)55.6(0)-2980.8(-1)55.5(3)-166.8(2)-0.1(68)]TJ8.5 0 0 8.5 655 179.9449 Tm[(Conversion dif)16.7(ference)]TJ7.5 0 0 7.5 919.0851 179.9449 Tm0.0555 Tc[(-550)-5537.9(-3)-5407.5(?)-4314.9(-553)-3536.6(-1)-166.9(229)]TJET/GS3 gsBT8.5 0 0 8.5 655 169.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(At December 3)55.5(1)0( )]TJ7.5 0 0 7.5 911.7156 169.4449 Tm[(1)55.6(7)-166.9(958)-3888.2(1)-166.9(569)-3961.8(2)-166.9(8)55.6(1)55.6(5)-3276.7(22)-167(342)-3276.8(2)0(2)-167(5)-0.1(48)]TJET/GS2 gsBT8.5 0 0 8.5 655 137.9449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw(The provision for legal fees and contractual risks covers all the costs relating to the legal actions taken against)Tj0 -1.2353 TD0.0554 Tc0 Tw(Group companies, mainly in the United States. Comments on the legal and arbitration proceedings under way are)TjT*[(set out in note \(3.)111.2(1)55.6(7\).)]TJ0 -2.4706 TD[(The provision for litigation of kCHF 1)55.6(0)-166.9(0)-27.7(0)-27.7(0)-0.1( was dissolved during the financial year 20)-27.6(02 by reintegration into the)]TJ0 -1.2353 TD0.0555 Tc-0.0001 Tw(goodwill, having been established that the litigation risk no longer existed.)TjETQendstreamendobj54 0 obj<>/ExtGState<>/ColorSpace<>>>endobj56 0 obj<>stream q0.2 i -0.276 841.445 1190.552 -841.89 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/Cs10 cs 1 scn/GS2 gs655 481.82 475.275 73.5 ref655 145.82 475.275 94.5 ref0 0 0 0 k/GS3 gs1032.952 119.57 48.661 438.375 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d1130.275 544.82 m655 544.82 l1130.275 534.32 m655 534.32 l1130.275 523.82 m655 523.82 l1130.275 513.32 m655 513.32 l1130.275 502.82 m655 502.82 l1130.275 492.32 m655 492.32 lS655 229.82 m1130.275 229.82 l655 208.82 m1130.275 208.82 l655 198.32 m1130.275 198.32 l655 187.82 m1130.275 187.82 l655 177.32 m1130.275 177.32 l655 166.82 m1130.275 166.82 l655 156.32 m1130.275 156.32 l655 219.32 m1130.275 219.32 lSQq0.2 i -0.276 841.445 1190.552 -841.89 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf8.5 0 0 8.5 655.0009 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc0 Tw[(3.)111.1(1)55.6(4)0( Other information)]TJ7.5 0 0 7.5 1051.4515 568.4449 Tm2.1657 Tw[(3)55.6(1)111.3(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(in kCHF)Tj8.5 0 0 8.5 655.0009 547.4449 Tm0 0 0 1 k(Guarantees in favor of third parties)Tj7.5 0 0 7.5 1063.1221 547.4449 Tm0.2222 Tc[(28)222.4(1)278(1)-3165.5(1)222.4(3)-0.1(5)166.8(5)166.7(6)]TJ8.5 0 0 8.5 655.0009 536.9449 Tm0.0554 Tc(Current assets pledged to secure own commitments)Tj7.5 0 0 7.5 1062.0782 536.9449 Tm0.2223 Tc[(27)194.6(4)166.9(7)-3721.3(24)166.9(4)166.8(0)]TJ8.5 0 0 8.5 655.0009 526.4449 Tm0.0554 Tc(Pension fund liability)Tj7.5 0 0 7.5 1061.8695 526.4449 Tm0.2223 Tc[(13)166.9(0)166.8(6)-4499.6(3)166.9(5)166.8(4)]TJ8.5 0 0 8.5 655.0009 515.9449 Tm0.0554 Tc[(Of)16.7(f balance sheet lease commitments:)]TJ0 -1.2353 TD0.0555 Tc-0.0001 Tw(? less than 1 year)Tj7.5 0 0 7.5 1061.8695 505.4449 Tm0.2223 Tc0 Tw[(13)166.9(5)166.8(4)-4555.3(1)222.5(5)166.9(6)]TJ8.5 0 0 8.5 655.0009 494.9449 Tm0.0554 Tc(? more than 1 year and less than five years)Tj7.5 0 0 7.5 1061.8695 494.9449 Tm0.2223 Tc[(24)166.9(6)166.8(5)-4555.3(1)222.5(9)166.9(2)]TJ8.5 0 0 8.5 655.0009 484.4449 Tm0.0554 Tc(Employees \(including MediaGuard\))Tj7.5 0 0 7.5 1061.6626 484.4449 Tm0.2223 Tc[(14)166.9(0)139.1(0)-3721.2(12)166.9(2)166.8(0)]TJ8.5 0 0 8.5 655.0009 452.9449 Tm/Cs8 cs 1 scn0.0554 Tc[(3.)111.1(1)55.6(5)0( Retirement benefit plan)]TJ0 0 0 1 k0 -2.4706 TD0.0666 Tc-0.0001 Tw[(Apart from the social security plans fixed by the law)55.5(, the Group in Switzerland sponsors three independent )]TJ0 -1.2353 TD0 Tw(pension plans.)Tj0 -2.4706 TD0.051 Tc-0.0001 Tw[(All employees in Switzerland are covered by these plans, which are defined benefit plans under Swiss GAAP FER 1)55.6(6. )]TJ0 -1.2353 TD0.0555 Tc[(An independent actuary revises all liabilities and all assets periodically)72.3(.)]TJ0 -2.4706 TD0.0554 Tc0 Tw(Abroad, the Group does not have any significant liabilities resulting from benefits plans, with the exception of)Tj0 -1.2353 TD[(Austria. This plan was included in the figures below)55.5(, for the financial year 20)-27.7(03. An independent actuary revised )]TJT*0.0555 Tc(all the liabilities and assets.)Tj0 -2.4706 TD-0.0001 Tw[(According to Swiss GAAP FER 1)55.6(6)0(, plan assets have been estimated at market value and liabilities have been )]TJ0 -1.2353 TD0.0554 Tc0 Tw(calculated according to the ?Projected Unit Credit? method.)Tj0 -2.4706 TD[(The following table sets forth the financial position of the defined benefit pension plan at December 3)55.7(1, 20)-27.8(03)]TJ0 -1.2353 TD0.0555 Tc-0.0001 Tw[(respectively 20)-27.6(02, based on actual assumptions, in accordance with Swiss GAAP FER 1)55.6(6)0.2(:)]TJ7.5 0 0 7.5 1062.9133 253.4449 Tm/Cs8 cs 1 scn0.0554 Tc3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(in kCHF)Tj8.5 0 0 8.5 655.0009 232.4449 Tm0 0 0 1 k0.0555 Tc(Fair value of plan assets)Tj7.5 0 0 7.5 1058.1183 232.4449 Tm[(42)-166.8(0)55.6(1)55.7(0)-3276.5(3)0.1(7)-166.9(8)0.1(83)]TJ8.5 0 0 8.5 655.0009 221.9449 Tm0.0554 Tc(Projected benefit obligation)Tj7.5 0 0 7.5 1054.6472 221.9449 Tm0.0555 Tc[(-38)-166.9(8)0.1(37)-2925.2(-43)-166.9(2)0.1(67)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 200.9449 Tm/Cs8 cs 1 scn0.0554 Tc(Funded status)Tj7.5 0 0 7.5 1062.4958 200.9449 Tm[(3)-166.8(1)55.6(7)27.7(3)-3536.6(-5)-167(384)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 179.9449 Tm0 0 0 1 k(Unrecognized transition asset)Tj7.5 0 0 7.5 1065.4878 179.9449 Tm0.0555 Tc[(-39)55.6(1)-4314.8(-426)]TJ8.5 0 0 8.5 655.0009 169.4449 Tm-0.0001 Tw(Unrecognized net \(gains\)/losses)Tj7.5 0 0 7.5 1059.2334 169.4449 Tm0.0554 Tc0 Tw[(-4)-167(666)-3943.9(6)-166.9(46)55.5(1)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 148.4449 Tm/Cs8 cs 1 scn0.0555 Tc(\(Net liability\)/asset)Tj47.5154 0 TD0 Tc(-)Tj7.5 0 0 7.5 1061.8695 148.4449 Tm0.2223 Tc[(18)166.9(8)166.8(4)-4555.3(6)166.9(5)222.4(1)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 127.4449 Tm0 0 0 1 k0.0554 Tc[(The net liability recognized in the balance sheet at December 3)55.6(1, 20)-27.8(03 is kCHF 1)-166.9(884.)]TJ7.5 0 0 7.5 59.748 38.1949 Tm(28)Tj79.3701 0 TD(29)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Consolidated financial statements of Kudelski Group)Tj0 0 0 1 k0 -1.1484 TD[(Notes to the consolidated financial statements at December 3)55.3(1)0.1(,)]TJT*[(20)-27.8(03 and 20)-27.8(02 )]TJET/Cs10 cs 1 scn59.724 513.32 475.276 42 ref59.724 387.32 475.276 42 ref59.724 229.57 475.276 63 ref0 0 0 0 k/GS3 gs437.677 140.57 48.661 427.875 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d59.724 544.82 m535 544.82 l59.724 534.32 m535 534.32 l59.724 523.82 m535 523.82 l59.724 418.82 m535 418.82 l59.724 408.32 m535 408.32 l59.724 397.82 m535 397.82 lS535 292.57 m59.724 292.57 l535 282.07 m59.724 282.07 l535 271.57 m59.724 271.57 l535 261.07 m59.724 261.07 l535 250.57 m59.724 250.57 l535 240.07 m59.724 240.07 lS/GS2 gsBT8.5 0 0 8.5 59.7244 589.4449 Tm/Cs8 cs 1 scn0.0555 Tc(Deferred tax liability)Tj7.5 0 0 7.5 456.175 568.4449 Tm0.0554 Tc2.1657 Tw[(3)55.6(1)111.2(.)111.3(1)55.6(2.03 3)55.6(1)111.2(.)111.3(1)55.6(2.02)]TJ-52.8601 -1.4 TD0 Tw(in kCHF)Tj8.5 0 0 8.5 59.7244 547.4449 Tm0 0 0 1 k[(T)94.6(a)0(x liabilities by temporary dif)16.7(ferences category:)]TJ0 -1.2353 TD(Investments)Tj7.5 0 0 7.5 466.593 536.9449 Tm0.2223 Tc[(15)166.9(0)166.8(7)-3749.2(26)166.9(7)194.5(0)]TJ8.5 0 0 8.5 59.7244 526.4449 Tm0.0555 Tc[(T)94.7(angible fixed assets)]TJ7.5 0 0 7.5 477.0161 526.4449 Tm0.0554 Tc[(62)-4722.1(1)55.6(3)0(7)]TJET/GS3 gsBT7.5 0 0 7.5 466.593 515.9449 Tm/Cs8 cs 1 scn0.2223 Tc[(15)166.9(6)166.8(9)-3721.3(28)166.8(0)166.9(7)]TJET/GS2 gsBT8.5 0 0 8.5 59.7244 484.4449 Tm0.0554 Tc[(3.)111.1(1)55.6(2)0( Short-term provisions)]TJ7.5 0 0 7.5 340.6189 473.9449 Tm(Restructuring )Tj-5.8701 -1.4 TD[(provision and benefit plan )-3389.6(Other )]TJ5.614 -1.4 TD[(for employees)-1614.6(provisions)]TJ-37.1965 -1.4 TD[(Y)94.6(ears ended December 3)55.5(1)]TJ54.3883 0 TD3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(in kCHF)TjET/GS3 gsBT8.5 0 0 8.5 59.7244 421.4449 Tm0.0555 Tc-0.0001 Tw(At January 1)Tj7.5 0 0 7.5 365.1959 421.4449 Tm0 Tw[(1)55.7(7)-166.8(534)-3850.3(4)-166.8(366)-3304.7(2)55.7(1)-166.8(9)0.1(0)-27.7(0)-3332.2(3)55.7(1)-166.8(645)]TJET/GS2 gsBT8.5 0 0 8.5 59.7244 410.9449 Tm0 0 0 1 k-0.0001 Tw(Additional provision)Tj7.5 0 0 7.5 379.7878 410.9449 Tm-0.0002 Tc0 Tw[(5)-55.6(4)-4851.3(81)55.6(1)-4722(8)-55.6(6)-55.7(5)-3415.8(10)-222.5(5)-55.6(7)-28(8)]TJ8.5 0 0 8.5 59.7244 400.4449 Tm0.0554 Tc(Reversed amounts and utilization)Tj7.5 0 0 7.5 362.5598 400.4449 Tm[(-1)55.5(3)-166.9(2)-0.1(07)-4888.7(-93)-2953.3(-)0(1)55.5(3)-166.9(30)-27.8(0)-2925.2(-20)-166.9(323)]TJET/GS3 gsBT8.5 0 0 8.5 59.7244 389.9449 Tm/Cs8 cs 1 scn[(At December 3)55.5(1)0.1( )]TJ7.5 0 0 7.5 369.7821 389.9449 Tm0.2223 Tc[(43)166.9(8)222.4(1)-3683.4(50)166.8(8)166.9(4)-3721.3(94)166.9(6)166.8(5)-3137.9(2)222.5(1)0.1(9)166.9(0)139.1(0)]TJET/GS2 gsBT8.5 0 0 8.5 59.7244 368.9449 Tm0 0 0 1 k0.0554 Tc(The use of the restructuring provision covered mainly costs relating to personnel and other charges connected with)Tj0 -1.2353 TD(the ongoing 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389.9449 Tm0.0554 Tc0 Tw[(-1)-167(68)55.5(1)-5277.9(6)0(4)]TJ8.5 0 0 8.5 59.7254 379.4449 Tm(Costs of issuance of the convertible bond)Tj7.5 0 0 7.5 464.9173 379.4449 Tm[(-2)-167(7)72.2(1)55.6(5)-3564.5(-)0(5)-166.9(0)0(7)27.6(4)]TJET/GS3 gsBT7.5 0 0 7.5 459.5804 368.9449 Tm/Cs8 cs 1 scn[(-40)-166.9(7)27.7(2)0(4)-2925.3(-)-0.1(42)-167(246)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 337.4449 Tm[(4.)111.1(1)55.6(0)0( Extraordinary items)]TJ7.5 0 0 7.5 467.6378 316.4449 Tm3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(in kCHF)Tj8.5 0 0 8.5 59.7254 295.4449 Tm0 0 0 1 k(Extraordinary profit)Tj7.5 0 0 7.5 478.2726 295.4449 Tm3.777 Tc[(?3)3388.1(6)3721.6(0)3721.5(6)]TJ8.5 0 0 8.5 59.7254 284.9449 Tm0.0554 Tc(Extraordinary expenses)Tj7.5 0 0 7.5 463.9578 284.9449 Tm[(-3)-167(208)-5445.4(?)]TJET/GS3 gsBT7.5 0 0 7.5 463.9578 274.4449 Tm/Cs8 cs 1 scn[(-3)-167(208)-3888.2(3)-166.9(6)0(06)]TJET/GS2 gsBT8.5 0 0 8.5 59.7254 253.4449 Tm0 0 0 1 k(The extraordinary profits and expenses correspond to adjustments in provisions for the purpose of covering potential)Tj0 -1.2353 TD(interest post-judgment on the IPPV proceedings in the United States.)TjET/Cs10 cs 1 scn655 523.82 475.275 31.3 ref0 0 0 0 k/GS3 gs1032.953 521.195 48.661 36.75 ref655 544.82 m1130.275 544.82 l655 534.32 m1130.275 534.32 lS/GS2 gsBT8.5 0 0 8.5 655.0009 589.4449 Tm/Cs8 cs 1 scn[(4.)111.1(1)111.2(1)0( Income tax)]TJ7.5 0 0 7.5 1062.9133 568.4449 Tm3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(in kCHF)Tj8.5 0 0 8.5 655.0009 547.4449 Tm0 0 0 1 k(Income taxes)Tj7.5 0 0 7.5 1057.9835 547.4449 Tm0.0555 Tc[(-5,698)-3592.3(-9)-166.9(1)55.7(9)0.1(5)]TJ8.5 0 0 8.5 655.0009 536.9449 Tm0.0554 Tc(Change in deferred taxes)Tj7.5 0 0 7.5 1059.6509 536.9449 Tm[(-1)-167(1)55.6(2)0(6)-3888.2(6)-166.9(924)]TJET/GS3 gsBT7.5 0 0 7.5 1059.2334 526.4449 Tm/Cs8 cs 1 scn[(-6)-167(824)-3609(-)0(2)-167(2)0(7)72.1(1)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 505.4449 Tm0 0 0 1 k0.0555 Tc-0.0001 Tw[(Capital taxes disclosed under operating expenses amount to kCHF 956 \(20)-27.5(02: kCHF 2)-166.8(202\).)]TJ/Cs8 cs 1 scn0 -3.7059 TD0.0554 Tc0 Tw[(4.)111.1(1)55.6(2)0( Earnings per share \(EPS\))]TJ7.5 0 0 7.5 1062.9133 463.4449 Tm3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 442.4449 Tm0 Tw(Basic earnings per share \(in CHF\))Tj7.5 0 0 7.5 1065.2059 442.4449 Tm[(0.65)-4333(0)-0.1(.20)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 431.9449 Tm0 0 0 1 k(Net income \(in kCHF\))Tj7.5 0 0 7.5 1057.7008 431.9449 Tm[(33)-167(1)55.6(6)0(7)-3388.1(1)55.6(0)-166.9(0)0(3)55.5(1)]TJ8.5 0 0 8.5 655.0009 421.4449 Tm[(W)39.1(eighted average number of bearer shares outstanding \(pro rata temporis\))]TJ7.5 0 0 7.5 1042.4828 421.4449 Tm0.0555 Tc[(46)-166.9(7)27.9(3)0.1(7)-166.9(5)0.1(95)-1303.2(46)-166.9(7)27.9(2)0.1(9)-166.9(8)0.1(68)]TJ8.5 0 0 8.5 655.0009 400.4449 Tm0.0499 Tc(Basic earnings per share is calculated by dividing the net income attributable to shareholders owning shares of a)Tj0 -1.2353 TD-0.0001 Tw[(nominal value of CHF 1)55.4(0)0( by the weighted average number of bearer shares outstanding during the year)94.4(, excluding)]TJT*(from the issued shares the average number of shares purchased by the Group and held as treasury shares.)Tj7.5 0 0 7.5 1062.9133 347.9449 Tm/Cs8 cs 1 scn0.0554 Tc3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 326.9449 Tm0 Tw(Diluted earnings per share \(in CHF\))Tj7.5 0 0 7.5 1065.2059 326.9449 Tm[(0.64)-4333(0)-0.1(.20)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 316.4449 Tm0 0 0 1 k(Net income \(in kCHF\))Tj7.5 0 0 7.5 1057.7008 316.4449 Tm[(33)-167(1)55.6(6)0(7)-3388.1(1)55.6(0)-166.9(0)0(3)55.5(1)]TJ8.5 0 0 8.5 655.0009 305.9449 Tm[(W)39.1(eighted average number of bearer shares outstanding \(pro rata temporis\))]TJ7.5 0 0 7.5 1042.4828 305.9449 Tm0.0555 Tc[(46)-166.9(7)27.9(3)0.1(7)-166.9(5)0.1(95)-1303.2(46)-166.9(7)27.9(2)0.1(9)-166.9(8)0.1(68)]TJ8.5 0 0 8.5 655.0009 295.4449 Tm0.0499 Tc(Adjustment for stock option plan)Tj7.5 0 0 7.5 1053.5321 295.4449 Tm-0.0002 Tc[(516)-222.5(8)-55.6(4)-55.7(7)-5501(?)]TJ8.5 0 0 8.5 655.0009 284.9449 Tm0.0554 Tc[(W)39.1(eighted average number of bearer shares for diluted earnings per share)]TJ7.5 0 0 7.5 1042.2742 284.9449 Tm[(47)-166.9(254)-167(442)-1303.3(4)0(6)-167(7)27.8(29)-167(868)]TJ8.5 0 0 8.5 655.0009 263.9449 Tm0.0499 Tc(The diluted earnings per share calculation takes into account all potential dilutions to the earnings per share arising)TjT*-0.0001 Tw(from the convertible bond and the employee stock option plan. )Tj0 -2.4706 TD[(Share equivalents of 3)-161.5(7)27.8(46)-161.4(668 \(20)-27.8(02: 3)-161.4(527)-161.4(1)55.6(87\) relating to the convertible bond were excluded from the calculation)]TJ0 -1.2353 TD0 Tw(of diluted earnings per share as they were anti-dilutive.)TjETQendstreamendobj66 0 obj<>/ExtGState<>/ColorSpace<>>>endobj68 0 obj<>stream q0.2 i -0.276 841.445 1190.552 -841.89 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf7.5 0 0 7.5 59.748 38.1949 Tm0 0 0 1 k0.0554 Tc0 Tw(36)Tj79.3701 0 TD(37)Tj16 0 0 16 59.7244 788.9449 Tm/Cs8 cs 1 scn0.0332 Tc(Consolidated financial statements of Kudelski Group)Tj0 0 0 1 k0 -1.1484 TD[(Notes to the consolidated financial statements at December 3)55.3(1)0.1(,)]TJT*[(20)-27.8(03 and 20)-27.8(02 )]TJET/Cs10 cs 1 scn59.724 208.82 475.276 315 ref0 0 0 0 k/GS3 gs437.677 206.195 48.661 320.25 ref0 0 0 0 K0 J 0 j 0.5 w 10 M []0 d59.724 513.32 m535 513.32 l59.724 502.82 m535 502.82 l59.724 492.32 m535 492.32 l59.724 481.82 m535 481.82 l59.724 471.32 m535 471.32 l59.724 460.82 m535 460.82 l59.724 450.32 m535 450.32 l59.724 439.82 m535 439.82 l59.724 429.32 m535 429.32 l59.724 418.82 m535 418.82 l59.724 408.32 m535 408.32 l59.724 397.82 m535 397.82 l59.724 387.32 m535 387.32 l59.724 376.82 m535 376.82 l59.724 366.32 m535 366.32 l59.724 355.82 m535 355.82 l59.724 345.32 m535 345.32 l59.724 334.82 m535 334.82 l59.724 324.32 m535 324.32 l59.724 313.82 m535 313.82 l59.724 303.32 m535 303.32 l59.724 292.82 m535 292.82 l59.724 282.32 m535 282.32 l59.724 271.82 m535 271.82 l59.724 261.32 m535 261.32 l59.724 250.82 m535 250.82 l59.724 240.32 m535 240.32 l59.724 227.195 m535 227.195 l59.724 219.32 m535 219.32 lS/GS2 gsBT10 0 0 10 59.8643 589.4449 Tm0 0 0 1 k(5. Notes to the consolidated statements of cash flows)Tj8.5 0 0 8.5 59.8643 557.9449 Tm/Cs8 cs 1 scn0.0555 Tc-0.0001 Tw[(5.)111.2(1 Operating cash flow )]TJ7.5 0 0 7.5 467.7767 536.9449 Tm0.0554 Tc3.694 Tw[(20)-27.8(03 20)-27.8(02)]TJ-54.3883 -1.4 TD0 Tw(in kCHF)TjET/GS3 gsBT8.5 0 0 8.5 59.8643 515.9449 Tm[(Net income, Group?)55.5(s interest)]TJ7.5 0 0 7.5 462.5641 515.9449 Tm[(33)-167(1)55.6(6)0(7)-3388.1(1)55.6(0)-166.9(0)0(3)55.5(1)]TJET/GS2 gsBT8.5 0 0 8.5 59.8643 494.9449 Tm0 0 0 1 k(Financial income)Tj7.5 0 0 7.5 459.7193 494.9449 Tm[(-29)-166.9(7)27.7(3)0(3)-2925.3(-)0(25)-166.9(449)]TJ8.5 0 0 8.5 59.8643 484.4449 Tm(Financial expenses)Tj7.5 0 0 7.5 466.9416 484.4449 Tm[(8)-166.9(7)27.7(85)-3388.1(42)-167(3)55.6(1)55.6(0)]TJ8.5 0 0 8.5 59.8643 473.9449 Tm(Loss on Swiss International Airlines investment)Tj7.5 0 0 7.5 462.1503 473.9449 Tm0.0831 Tc[(1)83.3(0)-139.2(000)-5417.6(?)]TJ8.5 0 0 8.5 59.8643 463.4449 Tm0.0554 Tc(Profit on redemption of convertible bond)Tj7.5 0 0 7.5 459.928 463.4449 Tm[(-25)-166.9(66)55.5(1)-2925.2(-)0(60)-166.9(503)]TJ8.5 0 0 8.5 59.8643 452.9449 Tm(Amortization of costs and redemption value of convertible bond)Tj7.5 0 0 7.5 466.7329 452.9449 Tm0.2223 Tc[(42)166.9(6)166.8(8)-3721.3(76)166.9(4)166.8(3)]TJ8.5 0 0 8.5 59.8643 442.4449 Tm0.0554 Tc(Income tax)Tj7.5 0 0 7.5 466.7329 442.4449 Tm0.2223 Tc[(68)166.9(2)166.8(4)-3793.6(22)166.9(7)239(1)]TJ8.5 0 0 8.5 59.8643 431.9449 Tm0.0554 Tc(Shares allotted to employees )Tj7.5 0 0 7.5 472.7785 431.9449 Tm0.0277 Tc[(74)-27.7(6)-4694.2(6)-27.7(5)-27.8(8)]TJ8.5 0 0 8.5 59.8643 421.4449 Tm0.0554 Tc(Options granted to employees)Tj7.5 0 0 7.5 466.9416 421.4449 Tm0.2223 Tc[(27)194.6(2)166.9(0)-5278.5(?)]TJ8.5 0 0 8.5 59.8643 410.9449 Tm0.0554 Tc(Depreciation and amortization )Tj7.5 0 0 7.5 462.5641 410.9449 Tm-0.0002 Tc[(21)-222.5(9)-55.6(2)-55.7(3)-3360.2(2)-55.6(0)-222.5(8)-55.6(7)-28(0)]TJ8.5 0 0 8.5 59.8643 400.4449 Tm0.0554 Tc(Impairment)Tj7.5 0 0 7.5 472.5698 400.4449 Tm0.0555 Tc[(243)-3332.3(1)55.7(9)-166.8(8)0.1(82)]TJ8.5 0 0 8.5 59.8643 389.9449 Tm0.0554 Tc(Change in long-term provisions)Tj7.5 0 0 7.5 466.7329 389.9449 Tm0.0555 Tc[(1)-166.8(5)0.1(82)-3536.6(-9)-166.9(423)]TJ8.5 0 0 8.5 59.8643 379.4449 Tm-0.0001 Tw(Change in deferred tax liability)Tj7.5 0 0 7.5 464.0967 379.4449 Tm0.0554 Tc0 Tw[(-3)-167(643)-3943.9(2)-166.9(1)55.6(4)0(5)]TJ8.5 0 0 8.5 59.8643 368.9449 Tm(Use in provision for restructuring)Tj7.5 0 0 7.5 464.3055 368.9449 Tm[(-8)-166.9(7)27.7(5)0(2)-2980.9(-)0(1)55.5(8)-166.9(835)]TJ8.5 0 0 8.5 59.8643 358.4449 Tm(Minority interest in net income)Tj7.5 0 0 7.5 464.723 358.4449 Tm[(-1)-166.9(1)55.6(7)27.7(0)-3888.2(2)-166.9(988)]TJ8.5 0 0 8.5 59.8643 347.9449 Tm0.0555 Tc-0.0001 Tw(Result from associated companies)Tj7.5 0 0 7.5 469.9337 347.9449 Tm0 Tw[(-334)-5445.3(?)]TJET/GS3 gsBT8.5 0 0 8.5 59.8643 326.9449 Tm/Cs8 cs 1 scn(Cash flow)Tj7.5 0 0 7.5 462.1467 326.9449 Tm0.0554 Tc[(20)-166.9(965)-3648.1(-)0(5)-167(4)55.6(1)55.6(2)]TJET/GS2 gsBT8.5 0 0 8.5 59.8643 305.9449 Tm0 0 0 1 k(Change in inventories)Tj7.5 0 0 7.5 467.1503 305.9449 Tm0.2223 Tc[(81)222.5(4)166.9(7)-3749.2(42)166.9(7)194.5(9)]TJ8.5 0 0 8.5 59.8643 295.4449 Tm0.0554 Tc(Change in work in progress)Tj7.5 0 0 7.5 472.5698 295.4449 Tm0.0555 Tc[(280)-3536.6(-)0.1(7)-166.9(3)0.1(80)]TJ8.5 0 0 8.5 59.8643 284.9449 Tm0.0554 Tc(Change in trade accounts receivable)Tj7.5 0 0 7.5 462.6887 284.9449 Tm-0.0168 Tc[(71)-239.1(4)-72.2(0)-72.3(7)-3404.6(7)-44.5(9)-239.1(0)-72.2(7)-44.6(4)]TJ8.5 0 0 8.5 59.8643 274.4449 Tm0.0554 Tc(Change in other receivables)Tj7.5 0 0 7.5 478.4115 274.4449 Tm3.3321 Tc[(?3)3276.7(0)3109.8(8)3276.7(5)3276.6(7)]TJ8.5 0 0 8.5 59.8643 263.9449 Tm0.0554 Tc(Change in other assets)Tj7.5 0 0 7.5 460.1368 263.9449 Tm[(-1)55.5(2)-166.9(8)0(7)27.6(5)-4342.8(-97)27.7(5)]TJ8.5 0 0 8.5 59.8643 253.4449 Tm(Change in trade accounts payable)Tj7.5 0 0 7.5 459.5105 253.4449 Tm[(-34)-166.9(364)-3536.7(-)0(8)-167(3)0(88)]TJ8.5 0 0 8.5 59.8643 242.9449 Tm(Change in other liabilities)Tj7.5 0 0 7.5 464.0967 242.9449 Tm0.0555 Tc[(-8)-166.9(969)-2980.8(-)0.1(53)-166.9(7)27.9(7)27.8(3)]TJ8.5 0 0 8.5 59.8643 232.4449 Tm0.0554 Tc(Change in short-term provisions)Tj7.5 0 0 7.5 464.0967 232.4449 Tm[(-3)-167(254)-3888.2(9)-166.9(089)]TJET/GS3 gsBT8.5 0 0 8.5 59.8643 211.4449 Tm/Cs8 cs 1 scn0.0555 Tc-0.0001 Tw(Operating cash flow)Tj7.5 0 0 7.5 462.5641 211.4449 Tm-0.0002 Tc0 Tw[(41)-222.5(3)-55.6(3)-55.7(7)-3404.6(4)-55.6(7)-222.5(3)-55.6(7)16.5(1)]TJET/Cs10 cs 1 scn/GS2 gs655 124.82 475.275 336 ref0 0 0 0 k/GS3 gs1032.953 122.195 48.661 341.25 ref1130.275 450.32 m655 450.32 l1130.275 439.82 m655 439.82 l1130.275 418.82 m655 418.82 l1130.275 408.32 m655 408.32 l1130.275 397.82 m655 397.82 l1130.275 387.32 m655 387.32 l1130.275 376.82 m655 376.82 l1130.275 366.32 m655 366.32 l1130.275 355.82 m655 355.82 l1130.275 345.32 m655 345.32 l1130.275 334.82 m655 334.82 l1130.275 324.32 m655 324.32 l1130.275 313.82 m655 313.82 l1130.275 303.32 m655 303.32 l1130.275 292.82 m655 292.82 l1130.275 282.32 m655 282.32 l1130.275 271.82 m655 271.82 l1130.275 261.32 m655 261.32 l1130.275 250.82 m655 250.82 l1130.275 240.32 m655 240.32 l1130.275 229.82 m655 229.82 l1130.275 219.32 m655 219.32 l1130.275 208.82 m655 208.82 l1130.275 198.32 m655 198.32 l1130.275 187.82 m655 187.82 l1130.275 177.32 m655 177.32 l1130.275 166.82 m655 166.82 l1130.275 156.32 m655 156.32 l1130.275 145.82 m655 145.82 l1130.275 135.32 m655 135.32 lS/GS2 gsBT8.5 0 0 8.5 655.0009 589.4449 Tm/Cs8 cs 1 scn0.0555 Tc-0.0001 Tw(5.2 Acquisition/sale of subsidiaries, cash outflow/inflow)Tj0 0 0 1 k0 -2.4706 TD0.0554 Tc0 Tw[(The Group bought or completed its share in 6 companies or groups of companies in the course of the 20)-27.7(03 )]TJ0 -1.2353 TD0.0555 Tc-0.0001 Tw[(financial year for a total sum of kCHF 37)27.9(4,460 and sold one company for kCHF 0.)]TJ0 -2.4706 TD0.0554 Tc0 Tw[(The Group sold 2 companies in the course of the 20)-27.6(02 financial year for a total sum of kCHF 480.)]TJT*(The fair values of the assets acquired/sold and debts taken in charge/transferred on the acquisition date are )Tj0 -1.2353 TD0.0555 Tc(as follows:)Tj7.5 0 0 7.5 989.1459 484.4449 Tm/Cs8 cs 1 scn[(Acquisitions)-1848.3(Disposals)-1854.3(Disposals)]TJ3.3409 -1.4 TD0.0554 Tc3.6879 Tw[(20)-27.8(03 20)-27.8(03)-4027.4(20)-27.8(02)]TJ-47.8936 -1.4 TD0 Tw(in kCHF)Tj8.5 0 0 8.5 655.0009 452.9449 Tm0 0 0 1 k0.0555 Tc(Intangible fixed assets)Tj7.5 0 0 7.5 1018.9958 452.9449 Tm[(203)-5439.2(?)-5445.3(?)]TJ8.5 0 0 8.5 655.0009 442.4449 Tm[(T)94.7(angible fixed assets)]TJ7.5 0 0 7.5 1013.159 442.4449 Tm[(3)-166.7(664)-4920.4(-65)-3536.6(-)0.1(2)-166.9(4)0.1(37)]TJ8.5 0 0 8.5 655.0009 431.9449 Tm0.0554 Tc(Net working capital \(including short-term deferred consideration )Tj7.5 0 0 7.5 1006.3541 431.9449 Tm0.0555 Tc[(-23)-166.8(1)55.7(4)0.1(8)-3993.4(1)-166.7(4)55.6(1)55.7(2)-3888(1)-166.8(997)]TJ8.5 0 0 8.5 655.0009 421.4449 Tm0.0554 Tc(and projected restructuring costs\))Tj0 -1.2353 TD(Long-term liabilities)Tj7.5 0 0 7.5 1006.1473 410.9449 Tm[(-1)55.5(8)-166.9(0)-27.7(03)-3827(1)-166.9(0)-27.7(0)-27.7(0)-4694.2(7)27.7(3)0(0)]TJ8.5 0 0 8.5 655.0009 400.4449 Tm0.0555 Tc-0.0001 Tw(Cash and cash equivalents)Tj7.5 0 0 7.5 1013.159 400.4449 Tm0 Tw[(5)-166.7(483)-5531.8(-2)-5445.3(?)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 379.4449 Tm/Cs8 cs 1 scn0.0554 Tc(Fair value of net assets acquired/sold)Tj7.5 0 0 7.5 1006.7716 379.4449 Tm0.2223 Tc[(-)166.9(3)222.4(18)166.9(0)222.4(1)-3715.2(23)166.9(4)166.8(5)-4499.6(2)166.9(9)166.8(0)]TJ8.5 0 0 8.5 655.0009 358.4449 Tm0.0555 Tc(Goodwill )Tj7.5 0 0 7.5 1004.4042 358.4449 Tm[(40)55.6(1)-166.7(697)]TJET/GS2 gsBT7.5 0 0 7.5 1073.5481 358.4449 Tm0 0 0 1 k0 Tc(?)TjET/GS3 gsBT7.5 0 0 7.5 1114.2437 358.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(-7)27.6(7)27.8(0)]TJ8.5 0 0 8.5 655.0009 337.4449 Tm0.0555 Tc[(T)94.7(otal acquisition costs/sales proceeds)]TJ7.5 0 0 7.5 1003.9866 337.4449 Tm[(369)-166.8(896)-3882.1(2)-166.8(3)0.1(45)-4314.9(-480)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 316.4449 Tm0 0 0 1 k0.0554 Tc(Minus:)TjT*0.0555 Tc-0.0001 Tw(Cash and cash equivalents acquired/disposed of)Tj7.5 0 0 7.5 1010.5228 305.9449 Tm0 Tw[(-5)-166.9(483)-5883.3(2)-5445.2(?)]TJ8.5 0 0 8.5 655.0009 295.4449 Tm0.0554 Tc[(Ef)16.7(fect of full consolidation of a former associated company)]TJ7.5 0 0 7.5 1013.159 295.4449 Tm0.0555 Tc[(1)-166.7(688)-5439.2(?)-5445.3(?)]TJ8.5 0 0 8.5 655.0009 284.9449 Tm0.0554 Tc(Minority interests acquired/disposed of)Tj7.5 0 0 7.5 1013.159 284.9449 Tm0.0555 Tc[(1)-166.7(249)-3530.6(-2)-166.9(345)-5445.3(?)]TJ8.5 0 0 8.5 655.0009 274.4449 Tm0.0554 Tc0.0001 Tw(Shares allotted)Tj7.5 0 0 7.5 1016.3599 274.4449 Tm0.0555 Tc0 Tw[(-604)-5439.2(?)-5445.3(?)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 253.4449 Tm/Cs8 cs 1 scn(Acquisition/disposal of subsidiaries, cash outflow/inflow)Tj7.5 0 0 7.5 1004.1954 253.4449 Tm[(366)-166.8(7)27.8(4)0.1(6)-5883.3(2)-4314.8(-480)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 232.4449 Tm0 0 0 1 k0.0554 Tc(Detail of acquisition cost:)TjT*0.0555 Tc-0.0001 Tw(Acquisition/disposal of subsidiaries, net of cash acquired)Tj7.5 0 0 7.5 1004.1954 221.9449 Tm0 Tw[(366)-166.8(7)27.8(4)0.1(6)-5883.3(2)-5445.2(?)]TJ8.5 0 0 8.5 655.0009 211.4449 Tm-0.0001 Tw(Cash and cash equivalents acquired/disposed of)Tj7.5 0 0 7.5 1013.159 211.4449 Tm0 Tw[(5)-166.7(483)-5531.8(-2)-5445.3(?)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 190.4449 Tm/Cs8 cs 1 scn0.0554 Tc(Liquidity)Tj7.5 0 0 7.5 1004.1954 190.4449 Tm0.0555 Tc[(37)27.7(2)-166.7(229)-5439.2(?)-5445.3(?)]TJET/GS2 gsBT8.5 0 0 8.5 655.0009 169.4449 Tm0 0 0 1 k-0.0001 Tw(Shares allotted \(at nominal value\))Tj7.5 0 0 7.5 1018.9958 169.4449 Tm0 Tw[(604)-5439.2(?)-5445.3(?)]TJET/GS3 gsBT8.5 0 0 8.5 655.0009 148.4449 Tm/Cs8 cs 1 scn0.0554 Tc[(T)94.6(otal)]TJ7.5 0 0 7.5 1004.1954 148.4449 Tm0.0555 Tc[(37)27.7(2)-166.7(833)]TJET/GS2 gsBT7.5 0 0 7.5 1073.5481 148.4449 Tm0 0 0 1 k5.5008 Tc(??)Tj8.5 0 0 8.5 655.0009 127.4449 Tm0.0554 Tc[(A)16.7(v)0(erage market value of shares allotted)]TJ7.5 0 0 7.5 1013.5765 127.4449 Tm0.2223 Tc[(22)166.9(3)222.4(1)-5272.3(?)-5278.5(?)]TJETQendstreamendobj69 0 obj<>/ExtGState<>/ColorSpace<>>>endobj71 0 obj<>stream q0.2 i -0.276 841.445 1190.552 -841.89 re0 841 mW n0.015015 841.89 1190.55 -841.89 reW n/GS2 gsBT/F1 1 Tf10 0 0 10 59.7244 589.4449 Tm/Cs8 cs 1 scn0.0554 Tc0 Tw(Report of the Group auditors to the General)Tj0 -1.05 TD(Meeting of Shareholders of Kudelski SA, )TjT*[(Cheseaux-sur)72.1(-Lausanne)]TJ8.5 0 0 8.5 59.7244 536.9449 Tm0 0 0 1 k(As auditors of the Group, we have audited the consoli-)Tj0 -1.2353 TD(dated financial statements \(balance sheet, income )TjT*(statement, statement of cash flows, statements of)TjT*(changes in shareholders? equity and notes\) included )TjT*(on pages 4 to 37 of Kudelski SA for the year ended)TjT*[(December 3)55.5(1, 20)-27.8(03.)]TJ0 -2.4706 TD(These consolidated financial statements are the respon-)Tj0 -1.2353 TD(sibility of the Board of Directors. Our responsibility is )TjT*(to express an opinion on these consolidated financial)TjT*[(statements based on our audit. W)39(e)0( confirm that we )]TJT*(meet the legal requirements concerning professional)TjT*(qualification and independence.)Tj0 -2.4706 TD(Our audit was conducted in accordance with auditing)Tj0 -1.2353 TD0.0555 Tc-0.0001 Tw(standards promulgated by the Swiss profession, which)TjT*0.0554 Tc0 Tw(require that an audit be planned and performed to obtain)TjT*(reasonable assurance about whether the consolidated)TjT*-0.0001 Tw(financial statements are free from material misstatement.)TjT*0 Tw[(W)39.1(e)0( have examined the amounts and disclosures in the)]TJT*0.0555 Tc(consolidated financial statements by analysis and a )TjT*-0.0001 Tw[(survey basis test. W)39(e)0( have also assessed the accounting)]TJT*0.0554 Tc0 Tw(principles used, significant estimates made and the )TjT*(overall consolidated financial statement presentation. )TjT*[(W)39.1(e)0( believe that our audit provides a reasonable basis )]TJT*(for our opinion.)Tj28.6244 37.0588 TD(In our opinion, the consolidated financial statements give)Tj0 -1.2353 TD(a true and fair view of the financial position, the results)TjT*(of operations and the cash flows in accordance with the)TjT*0.0555 Tc[(Swiss GAAP FER and comply with Swiss law)55.7(.)]TJ0 -2.4706 TD0.0443 Tc-0.0001 Tw[(W)39.1(e)0.1( recommend that the consolidated financial statements)]TJ0 -1.2353 TD0.0554 Tc0 Tw(submitted to you be approved.)Tj0 -14.8235 TD[(F)128(.)0( Roth)-10443.8(Ph. 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495.313 l374.937 495.02 l374.499 494.801 l373.986 494.618 l373.474 494.508 l372.925 494.471 l372.559 494.508 l372.193 494.545 l371.9 494.618 l371.571 494.728 l371.278 494.874 l371.022 495.057 l370.766 495.277 l370.547 495.496 l370.364 495.752 l370.181 496.045 l370.034 496.337 l369.888 496.667 l369.815 497.033 l369.741 497.435 l369.668 498.241 l369.705 498.753 l369.741 499.229 l369.851 499.741 l369.998 500.253 l370.144 500.729 l370.364 501.205 l370.62 501.68 l370.913 502.12 l371.241 502.522 l371.571 502.888 l371.973 503.218 l372.376 503.51 l372.852 503.73 l373.328 503.912 l373.877 504.022 l374.426 504.059 l374.791 504.059 l375.157 503.986 l375.45 503.912 l375.779 503.803 l376.035 503.656 l376.328 503.473 l376.548 503.29 l376.987 502.779 l377.133 502.522 l377.426 501.863 l377.536 501.497 l377.573 501.095 l377.646 500.692 l377.646 500.253 lh376.145 500.4 m376.145 500.656 l376.109 500.912 l376.109 501.168 l376.072 501.388 l376.035 501.644 l375.962 501.9 l375.889 502.083 l375.779 502.303 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497.948 l333.038 498.497 l333.001 499.082 l332.928 499.631 l332.891 500.216 l332.818 500.765 l332.781 501.315 l332.708 501.9 l332.672 502.449 l332.599 503.035 l332.342 503.035 l332.232 503.071 l331.647 503.071 l331.537 503.107 l330.44 503.107 l330.366 503.145 l329.927 503.145 l329.854 502.852 l329.781 502.412 l329.708 502.046 l329.671 501.9 l329.671 501.754 l329.635 501.571 l329.561 501.278 l329.561 501.095 l329.525 500.948 l329.415 500.29 l329.378 500.034 l329.854 500.034 l329.927 499.997 l330.842 499.997 l330.951 500.034 l331.574 500.034 l331.684 500.07 l332.05 500.07 l332.196 500.107 l332.306 500.107 l332.306 499.997 l332.269 499.924 l332.269 499.85 l332.232 499.814 l332.232 499.631 l332.196 499.558 l332.196 499.192 l332.232 499.156 l332.086 499.156 l331.94 499.192 l331.537 499.192 l331.427 499.229 l330.878 499.229 l330.769 499.265 l329.635 499.265 l329.598 499.229 l329.269 499.229 l329.195 498.973 l329.159 498.753 l329.122 498.497 l329.122 498.277 l329.085 498.094 l328.976 497.435 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496.667 l342.662 497.143 l343.247 498.167 l343.54 498.716 l343.833 499.302 l344.492 500.473 l344.821 501.131 l345.187 501.79 l345.589 502.486 l345.955 503.218 l346.394 503.986 l347.382 503.986 lh346.724 498.973 m346.321 502.193 l344.638 498.973 l345.626 498.973 l345.699 498.936 l345.772 498.973 l346.724 498.973 lf*351.664 505.01 m351.554 504.461 l351.445 503.949 l351.371 503.4 l351.261 502.888 l351.188 502.412 l351.078 501.9 l351.005 501.388 l350.932 500.912 l350.859 500.4 l350.786 499.924 l350.712 499.412 l350.676 498.9 l350.603 498.387 l350.53 497.838 l350.493 497.289 l350.42 496.703 l350.42 496.74 l349.944 496.74 l349.871 496.777 l349.431 496.777 l349.358 496.74 l348.883 496.74 l348.883 496.703 l348.993 497.289 l349.103 497.838 l349.322 498.863 l349.395 499.412 l349.505 499.887 l349.651 500.912 l349.724 501.388 l349.871 502.412 l349.944 502.888 l350.017 503.437 l350.163 504.461 l350.237 505.01 l350.017 505.01 l349.834 504.974 l348.554 504.974 l348.371 504.937 l347.675 504.937 l347.675 504.901 l347.675 504.974 l347.712 505.01 l347.712 505.084 l347.749 505.12 l347.749 505.193 l347.785 505.267 l347.785 505.376 l347.822 505.45 l347.822 505.633 l347.858 505.706 l347.858 505.889 l354.299 505.889 l354.299 505.852 l354.262 505.816 l354.226 505.742 l354.226 505.706 l354.189 505.633 l354.189 505.523 l354.152 505.45 l354.152 505.376 l354.116 505.303 l354.116 504.901 l354.116 504.937 l353.457 504.937 l353.274 504.974 l352.067 504.974 l351.884 505.01 l351.664 505.01 lf*355.946 498.204 m355.946 498.131 l355.909 498.094 l355.909 497.985 l355.872 497.911 l355.872 497.801 l355.836 497.728 l355.836 497.252 l355.689 497.289 l355.433 497.289 l355.287 497.326 l354.518 497.326 l354.372 497.362 l353.384 497.362 l353.347 497.326 l352.871 497.326 l352.835 497.07 l352.798 496.85 l352.762 496.594 l352.689 496.155 l352.689 495.971 l352.616 495.533 l352.579 495.35 l352.506 494.911 l352.506 494.691 l352.469 494.435 l352.433 494.215 l352.396 493.959 l352.36 493.666 l352.36 493.703 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l355.543 501.205 l354.921 501.205 l354.774 501.241 l353.567 501.241 l353.493 500.985 l353.457 500.729 l353.311 499.997 l353.274 499.85 l353.274 499.704 l353.237 499.558 l353.201 499.375 l353.164 499.229 l353.164 499.046 l353.127 498.863 l353.091 498.643 l353.018 498.131 l353.347 498.131 l353.42 498.094 l354.445 498.094 l354.592 498.131 l355.177 498.131 l355.287 498.167 l355.689 498.167 l355.799 498.204 l355.946 498.204 lf*369.778 502.998 m369.668 502.412 l369.522 501.863 l369.412 501.278 l369.302 500.729 l369.192 500.143 l369.119 499.558 l369.009 499.009 l368.936 498.424 l368.826 497.838 l368.753 497.289 l368.534 495.533 l368.46 494.984 l368.314 493.813 l368.314 493.849 l366.777 493.849 l366.777 493.813 l366.851 494.142 l366.924 494.435 l366.96 494.728 l367.034 495.02 l367.07 495.277 l367.143 495.57 l367.18 495.825 l367.253 496.118 l367.29 496.374 l367.326 496.667 l367.363 496.923 l367.436 497.216 l367.472 497.472 l367.509 497.765 l367.582 498.058 l367.619 498.35 l364.179 498.35 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