Landis+Gyr Announces First Half FY 2021 Financial Results

Rhea-AI Summary

Landis+Gyr announced its unaudited financial results for the first half of FY 2021, revealing a strong performance amidst COVID-19 challenges. Key metrics included:

• Order intake of USD 1,786.9 million with a book-to-bill ratio of 2.55, driven by major US contracts.
• Net revenues increased by 9.1% YoY to USD 700.9 million.
• Adjusted EBITDA grew 41.3% to USD 70.8 million, with a margin of 10.1%.
• Net income reached USD 35.0 million, or USD 1.21 per share, compared to a loss in H1 FY 2020.
• Guidance for FY 2021 confirmed, but results expected towards the lower end due to supply chain issues.

Positive

• Record committed backlog of USD 3,235.6 million, up 55.5% YoY.
• Strong balance sheet with low net debt of USD 79.3 million.
• H1 FY 2021 net income of USD 35.0 million, a significant recovery from H1 FY 2020.

Negative

• Guidance for FY 2021 indicates results towards the lower end of expectations due to increasing supply chain challenges.
• Free Cash Flow decreased to USD 41.6 million from USD 45.3 million in H1 FY 2020.
• Ongoing supply chain constraints expected to negatively impact financial performance in H2 FY 2021.

CHAM, Switzerland, Oct. 28, 2021 /PRNewswire/ -- Landis+Gyr (SIX: LAND) today announced unaudited financial results for the first half of financial year 2021 (April 1^st - September 30^th, 2021). Key highlights included: 

• Order intake of USD 1,786.9 million corresponding to a book-to-bill ratio of 2.55, primarily driven by major US contract wins 
• Record committed backlog of USD 3,235.6 million, an increase of 55.5% Year-over-Year (YoY) 
• H1 FY 2021 net revenues increased 9.1% YoY in constant currency to USD 700.9 million driven by the recovery in the EMEA region and despite supply chain related headwinds 
• Adjusted EBITDA^* grew 41.3% to USD 70.8 million, a margin of 10.1% compared to 8.0% in H1 FY 2020 
• Net income was USD 35.0 million or USD 1.21 per share compared to USD (2.0) million or USD (0.07) per share in H1 FY 2020 
• Free Cash Flow (excl. M&A) was USD 41.6 million compared to USD 45.3 million in H1 FY 2020 
• Strong balance sheet with low net debt of USD 79.3 million and net debt / Adjusted EBITDA of 0.5x after several acquisitions
• Guidance for FY 2021 confirmed with results pointing towards the lower end of the guided ranges due to ongoing and increasing supply chain challenges 
• Transformation with strategic acquisitions and initiatives on track 

"Landis+Gyr delivered respectable results in the first half of our financial year 2021 in a very challenging global environment dominated by the COVID-19 pandemic and global supply chain constraints. We are especially proud of the wins of major orders in the United States, which, after regulatory delays, finally came through and are proof of our industry-leading expertise and technology helping our customers manage energy in a more informed and sustainable way. Together with other relevant contract wins, this leads to a record-high backlog, further supporting solid business performance in the mid- and long-term and our teams all over the world remain dedicated and passionate to enable our customers' success", said Werner Lieberherr, Chief Executive Officer of Landis+Gyr.

"We are also excited about the progress of our ongoing transformation in H1, including several strategic acquisitions, which will enable additional growth in new segments and geographies. However, the global supply chain constraints negatively impacted our positive development and we expect the negative financial impact from the supply chain situation to increase in H2 compared to H1 of FY 2021. With various measures in place, we confirm our guidance for FY 2021 and expect results towards the lower end of the guided ranges", Lieberherr concluded.

Read the full ad hoc announcement here.

Contact
Melissa van Anraad  
Head of PR 
Phone +41 41 935 6398  
Melissa.vanAnraad@landisgyr.com

Investor inquiries: ir@landisgyr.com
Media inquiries: pr@landisgyr.com

About Landis+Gyr
Landis+Gyr is a leading global provider of integrated energy management solutions for the utility sector. Offering one of the broadest portfolios, we deliver innovative and flexible solutions to help utilities solve their complex challenges in Smart Metering, Grid Edge Intelligence and Smart Infrastructure. With sales of USD 1.4 billion in FY 2020, Landis+Gyr employs around 5,000 people in over 30 countries across five continents, with the sole mission of helping the world manage energy better. 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 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 ad hoc announcement includes forward-looking information and statements, including statements concerning the outlook for Landis+Gyr Group AGʼs (hereinafter also the "Company" or "Landis+Gyr") 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 and geographic spread 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, 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; 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 filings with the SIX Swiss Exchange. Although Landis+Gyr 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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SOURCE Landis+Gyr

FAQ

What were Landis+Gyr's earnings for the first half of FY 2021?

Landis+Gyr reported a net income of USD 35.0 million, or USD 1.21 per share.

How did Landis+Gyr's revenues change in H1 FY 2021?

Net revenues increased by 9.1% year-over-year to USD 700.9 million.

What is Landis+Gyr's guidance for FY 2021?

The company confirmed its guidance but expects results at the lower end due to supply chain challenges.

What is Landis+Gyr’s backlog status as of H1 FY 2021?

The record committed backlog stood at USD 3,235.6 million, a 55.5% increase year-over-year.

What were the main drivers of Landis+Gyr's order intake?

The order intake of USD 1,786.9 million was primarily driven by major contract wins in the United States.