Gemalto secures corrective procedure for German banking

Thursday, 14 January, 2010 (Age: 234 days)

Following its statement of January 6, 2010 related to the German payment cards, Gemalto a world leader in digital security, has confirmed it has provided a secure procedure to its customers in Germany to address the situation.

The secure solution was timely verified and approved by the German banking authorities as keeping the concerned EC cards and credit cards fully compliant with the German card banking system.

Pursuant to IAS 37, Gemalto will book a special provision to cover the potential consequences related to this event. This exceptional charge, of an amount estimated in the range of 6 to 10 million euros, will be booked as part of 2009 results, modifying accordingly Gemalto’s expectation of around 180 million euros adjusted EBIT for the year by the same amount.

Category: Smart Cards