Gemalto - Security to be free

Annual Report 2015

As the global leader in digital security, Gemalto brings trust to an increasingly connected world.

Financial highlights 2015

  • Revenue

    • +27% at historical exchange rates
    • +16% at constant exchange rates
  • Ifrs net Profit

    • 2014: €221m
  • Net Debt

    • 2014 net cash: €493m
  • Profit from

    • 2014: €383m
  • Adjusted basic
    earnings per share1

    • 2014: €3.64
  • Cash generated
    from operations

    • 2014: €348m
  • Profit margin
    from operations

    • 2014: 15.5%
  • Cash dividend
    per share

    • +12%
  • Return on capital
    employed (roce)1

    • 2014: 17%
1Adjusted financial information
2015 Financial Review Download

Financial Results

Financial Results
2015 Financial Review Download

Chairman and CEO reviews

Alex Mandl

Gemalto maintained good growth in 2015, both organically and through our acquisition of SafeNet. As anticipated, it has been able to accelerate its growth in the Enterprise sector by leveraging Gemalto’s global footprint.

Alex Mandl Chairman
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Oliver Piou

We are now midway through the Long Range Plan we began in 2014. The essence of this plan was to transform the shape of our business, rapidly growing our Platforms and Services (P&S) activities to balance our Embedded Software and Products (ESP) operations.

Olivier Piou Chief Executive Officer
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What we do to create value

Digital technology offers huge potential. The possibilities are increasing daily, but so are the threats. Which is why trust is vital - and it's what we provide.

What we do to create value

How we grow

By adapting its core technologies, Gemalto has developed and diversified into an increasing number of growth markets.

Our client base has grown and changed over time as digital security has become critical to more and more organizations. Banks, governments, corporations, retailers, mobile operators, OEMs and many others now use our services.

As their scale and needs have grown, we’ve grown with them – by developing and tailoring our technologies to support new opportunities. We progressively increase our integration into expanding markets by complementing our products with related security services.

How we grow

Our offer


Embedded Software & Products

  • Electronic payment cards
  • Authenticators for eBanking and eCommerce

Platforms & Services

  • Mobile and card issuance services
  • eBanking & eCommerce authentication
Download Our Evolving Markets

Our strategy

  • Re-use our existing offer in regions moving to EMV.
  • Extend our issuance infrastructure to support new payment form factors.
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Enterprise Security

Embedded Software & Products

  • Identity cards and authentication tokens
  • Software protection tokens

Platforms & Services

  • Encryption and key management services
  • Cloud authentication services
  • Software monetization
Download Our Evolving Markets

Our strategy

  • Support a broader deployment of strong authentication to secure access to sensitive corporate data and assets.
  • Increase the scope of our offer by vertically integrating data encryption.
  • Enable technology companies to protect, manage and monetize their software.
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Embedded Software & Products

  • eID documents

Platforms & Services

  • Enrollment and issuance services
  • Border access management systems
  • Security for eGov services
Download Our Evolving Markets

Our strategy

  • Re-use our existing offer in countries moving to secure ID documents and support the move to new types of identification such as mobile ID.
  • Reinforce our presence in digital enrollment, border access control and eGovernment services.
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Mobile Communications

Embedded Software & Products

  • Embedded secure elements and embedded SIM for consumer devices
  • Removable SIM

Platforms & Services

  • Issuance services (Trusted Service Hub and mobile subscription management)
  • Mobile money and carrier billing
  • SIM administration Over-the-Air (OTA)
Download Our Evolving Markets

Our strategy

Renew security and SIM-related services on a large installed base of mobile handsets that require permanent updates to remain effective in managing fraud and optimizing network usage. Deploy platforms and services to mobile operators for mobile commerce, mobile identity and mobile security, as well as network connectivity.

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Internet of things

Embedded Software & Products

  • Connectivity modules
  • Embedded security for industrial equipment and consumer devices

Platforms & Services

  • Issuance services (Trusted Service Hub)
  • Application platform
  • Security consulting
Download Our Evolving Markets

Our strategy

Industrial applications

  • Lead the market of connectivity modules with plug-&-play solutions for different industries.
  • Integrate SIM and secure element technology in industrial markets.
  • Ensure IoT solutions are secure, well-managed and capable of supporting intelligent applications.

Consumer electronics

  • Provide OEMs with technologies for securing and connecting consumer electronic devices.
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Our Strategy and objectives

Our Strategy

Lead with innovation

  • We invest early and significantly in select opportunities.

Replicate technologies worldwide

  • We use core technologies in different sectors that need security, replicating our experience over industries, geographies and time.
  • We build our offer around a common services infrastructure.

Retain our market neutrality

  • We operate behind the scenes so that our clients can maintain a direct and trusted relationship with their customers.

Maintain operational flexibility

  • We invest in M&A in order to accelerate access to complementary businesses, new geographies and adjacent markets.
  • We maintain a robust financial structure with low debt ratios.

Our strategy drives our performance, to achieve our objectives


Success stories

Trust in a connected world

Securing mobile banking
in the Philippines

When over 90% of Filipinos said they wanted to “take their banking with them”, BancNet* decided to deliver. Now, its 40 million banking cardholders can pay bills, check account balances and transfer funds using their computers, tablets and other mobile devices. Securing the service is Gemalto’s Ezio solution, enabling them to perform dynamic, multi-layer authentication and verification of their transactions.

* BancNet is a Philippines-based network of 116 local and international banks.

Trust in a connected world

Simplifying enterprise
license management

HP provides a vast portfolio of solutions for large enterprises including best-in class components that simplify IT. It needed an efficient, user-friendly way of managing disparate license generators, a huge catalog and thousands of product activations daily. So for its customer portal it chose Sentinel EMS, a flexible web-based solution that enables it to manage its 4 million entitlement records, as well as license activation, cloud licensing, advanced usage data collection and reporting.

Trust In A Connected World

Increasing convenience
for Omani Citizens

When the Sultanate of Oman launched its ePassport program in 2015 it wanted to link the documents to its existing eID card program, streamlining enrollment and delivering considerable benefits for citizens and authorities alike. Using Gemalto’s Document Management System to create a unified registration infrastructure not only enhances security and efficiency, but may also be a stepping stone to solutions such as eGates and eBorder management.

Trust in a connected world

Faster commuting
in China

45 million people in China’s two largest cities, Shanghai and Beijing, use public transport systems every day. For speed and convenience, China Telecom* is deploying Gemalto’s NFC solution so commuters can ride metros and pay for everyday purchases with a simple tap of their smartphones. The LTE SIMs also enable users to benefit from other NFC services, leading to a wider adoption of mobile contactless technology across the entire country.

* China Telecom is a leading operator in the country with more than 183
million subscribers.

Trust in a connected world

Monitoring Brazil's
inshore waters

By checking ocean conditions, including waves, currents, water depth, temperature and salinity, port authorities can improve navigation safety, streamline ship traffic and increase productivity. But ensuring the information is available all the time and in all conditions requires a highly robust and reliable system. Gemalto’s M2M technology is being used in an innovative IoT solution to relay data in Porto do Açu, Rio de Janeiro, optimizing safety and efficiency in a hostile but strategically important environment.



Annual Report 2015 Annual Report 2015
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