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CHAM, Switzerland, Oct. 27, 2022 /PRNewswire/ — Landis+Gyr (SIX: LAND) today announced unaudited financial results for the first half of financial year 2022 (April 1st – September 30th, 2022). Key highlights included:
- Sustained solid order intake of USD 773.2 million corresponding to a book-to-bill ratio of 1.06
- Committed backlog at record-high level of USD 3,479.7 million, up 7.5% year-over-year
- Net revenues increased in H1 FY 2022 by 10.3% in constant currency to USD 728.7 million driven by the Americas region and despite supply chain headwinds
- Adjusted EBITDA* declined 31.2% to USD 48.7 million equivalent to a margin of 6.7% due to higher supply chain cost, and USD strength
- Net income was USD 186.5 million in H1 FY 2022 including a one-off gain related to divestment of minority stake in Intellihub; Diluted EPS of USD 6.57
- Significant inventory build-up in anticipation of strong shipments in H2 results in negative Free Cash Flow (excl. M&A) of USD (38.9) million in H1 FY 2022
- Strong balance sheet with low net debt of USD 79.3 million and net debt / trailing twelve months adjusted EBITDA ratio of 0.63x
- Confirmation of FY 2022 guidance with expected significant volume ramp up in H2 as supply chain situation is expected to start easing
- Well positioned to support utilities and end customers through energy crisis with solutions enabling grid intelligence, driving energy efficiency and grid stability
"We see a favorable environment for energy efficiency technologies and solutions, which is reflected in our continued solid order intake, and further amplified by the current energy crisis. While the first half of FY 2022 continues to be impacted by ongoing supply chain challenges, we expect to see improvements in the second half. Due to the volatile availability of components needed to convert our high order backlog, we have temporarily higher inventories. While this impacts our cash position in the short-term, we are well positioned for a production ramp up in the second half of the current fiscal year", said Werner Lieberherr, Chief Executive Officer of Landis+Gyr. "Due to the continuation of deployments of critical infrastructure even during economic cooldowns, Landis+Gyr is recession-resilient, and paired with our strategic transformation, we feel confident about the future", Lieberherr concluded.
Read the full ad hoc announcement here.
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About Landis+Gyr
Landis+Gyr is a leading global provider of integrated energy management solutions. We measure and analyze energy utilization to generate empowering analytics for smart grid and infrastructure management, enabling utilities and consumers to reduce energy consumption. Our innovative and proven portfolio of software, services and intelligent sensor technology is a key driver to decarbonize the grid. Having avoided more than 9 million tons of CO2 in FY 2021, Landis+Gyr manages energy better – since 1896. With sales of USD 1.5 billion in FY 2021, Landis+Gyr employs around 6,800 talented people across five continents. For more information, please visit our website www.landisgyr.com.
Disclaimer
This ad hoc announcement and information referred to herein contains (a) preliminary, unaudited numbers that may be subject to change and (b) information regarding alternative performance measures or non USGAAP measures, such as "Reported EBITDA", "Adjusted EBITDA", "Adjusted Gross Profit", "Adjusted Research and Development", "Adjusted Sales, General and Administrative", and "Adjusted Operating Expenses". Definitions of these measures and reconciliations between such measures and their USGAAP counterparts if not defined in this announcement may be found on pages 28 to 30 of the Landis+Gyr Half Year Financial Report Fiscal Year 2022 on our website at www.landisgyr.com/investors.
* For a reconciliation of non-GAAP measures, see chapter "Supplemental Reconciliations and Definitions (unaudited)" in the ad hoc announcement on www.landisgyr.com/investors/results-center.
Forward-looking Information
This ad hoc announcement includes forward-looking information and statements, including statements concerning the outlook for Landis+Gyr Group AGʼs businesses. These statements are based on current expectations, estimates and projections about the factors that may affect the Companyʼs future performance, including global economic conditions, and the economic conditions of the regions and industries that are major markets for Landis+Gyr. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates", "targets", "plans", "outlook", "guidance" or similar expressions. There are numerous risks, uncertainties and other factors, many of which are beyond Landis+Gyrʼs control, that could cause the Companyʼs actual results to differ materially from the forward-looking information and statements made in this announcement and which could affect the Companyʼs ability to achieve its stated targets. The important factors that could cause such differences include, among others: the duration, severity, geographic spread and potential after effects of the COVID-19 pandemic, government actions to address or mitigate the impact of the COVID-19 pandemic, and the potential negative impacts of COVID-19 on the global economy, any of the Company’s operations and those of its customers and suppliers; global shortage of energy or supplied components as well as increased freight rates, business risks associated with the volatile global economic environment and political conditions, unrests and/or wars; costs associated with compliance activities; market acceptance of new products and services; changes in governmental regulations and currency exchange rates; estimates of future warranty claims and expenses and sufficiency of accruals; and other such factors as may be discussed from time to time in Landis+Gyr Group AG filings with the SIX Swiss Exchange. Although Landis+Gyr Group AG believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved.