Landis+Gyr Announces FY 2021 Financial Results

CHAM, Switzerland, May 5, 2022 /PRNewswire/ -- Landis+Gyr (SIX: LAND) today announced unaudited financial results for financial year 2021 (April 1^st, 2021 - March 31^st, 2022). Key highlights included:

• Strong order intake of USD 2,665.5 million corresponding to a book-to-bill ratio of 1.82 driven by contract wins across all regions
• Record committed backlog of USD 3,388.6 million, an increase of 56.5% year-over-year (YoY)
• FY 2021 net revenues increased 6.9% YoY in constant currency to USD 1,464.0 million (5.1% organic) in all regions, primarily driven by the recovery in the EMEA region
• Adjusted EBITDA* up 5.3% to USD 147.0 million, equivalent to a margin of 10.0% (10.6% organic)
• Supply chain related constraints negatively impacted net revenues and costs impacted Adjusted EBITDA
• Net income of USD 79.4 million or USD 2.59 per share compared to a net loss in the previous year
• Free Cash Flow (excl. M&A) was USD 89.0 million compared to USD 97.6 million in FY 2020
• Net debt of USD 143.6 million as per financial year-end – Intellihub divestment on April 1^st, 2022 resulting in proceeds of more than USD 220 million before tax in FY 2022
• Distribution from statutory capital reserves of CHF 2.15 per share for FY 2021 will be proposed to the Annual General Meeting
• FY 2022 to be a transition year with high degree of uncertainty from external factors – expecting reported net revenue growth of 6% to 10% and an Adjusted EBITDA margin between 5% to 8%
• Large installed base of more than 130 million connected intelligent devices helped avoid 9 million tons of CO₂ emissions
• Dave Geary will not stand for re-election to the Board of Directors at the upcoming AGM 2022

"FY 2021 was a transformative year for us as we expand our reach in smart infrastructure and grid edge intelligence solutions. We have closed a number of important acquisitions, adding a cost-competitive metering platform and solidifying our position in the EV charging solutions market, while leveraging our co-innovation partnerships to expand our portfolio of holistic data analytics solutions and services", said Werner Lieberherr, Chief Executive Officer of Landis+Gyr.

"While delivering a strong performance in FY 2021, as a result of the ongoing global supply chain challenges, we saw an impact of about USD 100 million of revenues being pushed out as well as additional costs of approximately USD 30 million. We expect FY 2022 to be a transition year with continued high investments and increasing supply chain and inflation headwinds before we see the benefits of our transformative initiatives in FY 2023. In this context, I would like to thank our customers and shareholders for their continued trust and our employees for their tireless efforts and outstanding level of commitment. Looking ahead, we are well positioned to drive our transformation forward and continue to take on a key role in decarbonizing the grid", 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 and committed to achieve carbon neutrality by 2030, Landis+Gyr manages energy better – since 1896. With sales of USD 1.5 billion in FY 2021, Landis+Gyr employs around 6,500 talented people across five continents. For more information, please visit our website www.landisgyr.com.

Disclaimer

This release 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 release may be found on pages 28 to 30 of the Landis+Gyr Half Year Financial Report Fiscal Year 2021 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 release 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 presentation 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 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.

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