Landis+Gyr Comments on Toshiba Earnings Results
Zug, Switzerland, August 14, 2017 – Landis+Gyr (SWX: LAND), a global leader in transforming the way energy is delivered and managed, today issued the following statement.
Landis+Gyr's former majority shareholder Toshiba Corporation has released its fiscal year 2016 and Q1 2017 financial results. The results for fiscal year 2016 and Q1 2017 (which are as of June 30, 2017) included Landis+Gyr as a fully consolidated subsidiary. In addition, Toshiba Corporation provided certain additional financial information for Landis+Gyr, net sales and operating income, which included certain unspecified additions and adjustments.
As a stand-alone company, and consistent with the offering memorandum dated July 12, 2017 (as supplemented on July 20, 2017), Landis+Gyr posted USD 433 million in net revenue (unaudited) and USD 54.6 million in adjusted EBITDA (unaudited) for the three months ended June 30, 2017.
Landis+Gyr is providing this information in response to Toshiba Corporation's uncoordinated release of its financial results, and as an exception to Landis+Gyr's half year financial reporting policy. Landis+Gyr will provide its next financial update for H1 2017 on or about October 26, 2017.
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