Landis+Gyr (SIX: LAND) today announced unaudited financial results for financial year 2021 (April 1st, 2021 – March 31st, 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 1st, 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.
