Germany-based Giesecke & Devrient was no doubt glad to close the books on 2013, a year in which it saw substantial job cuts and changes in management and–as it reported Wednesday–lower sales and profitability.

The company, ranked as the No. 3 supplier of smart cards worldwide and a major NFC vendor, reported revenue dropped by 2% to €1.75 billion (US$2.4 billion), mainly because of a 6.4% fall in sales in its largest business unit, banknote printing, to €844 million. The vendor also reported a drop in sales in its government solutions unit, which produces ID cards and electronic passports. Sales fell in this business unit by 11.3% to €178.1 million, though G&D added that it had booked record orders for the ID unit.

Sales increased by 6.4% to €731 million in G&D’s second largest business unit, mobile security, which encompasses its SIM and banking chip card production and includes its TSM business.