Country for PR: United Kingdom
Contributor: PR Newswire Europe
Thursday, October 27 2022 - 16:30
Landis+Gyr Announces First Half FY 2022 Financial Results
CHAM, Switzerland, Oct. 27, 2022 /PRNewswire-AsiaNet/ --

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% 
- 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 
- 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 

"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 

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

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

* For a reconciliation of non-GAAP measures, see chapter "Supplemental 
Reconciliations and Definitions (unaudited)" in the ad hoc announcement on

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.