Landis+Gyr grows in Asia Pacific region

Zug, Switzerland, May 14, 2012 — Landis+Gyr was able to sustain increased year-over-year sales levels again despite a challenging global economic environment in financial year 2011.

Growth of 26 percent in the Asia-Pacific coupled with 7 percent growth in EMEA more than offset the 4 percent decline in the Americas region. Total sales increased 4 percent reaching a record $1,598 million (2010: $1,533 million).

In financial year 2011, Landis+Gyr, now an independent growth platform within the Toshiba Group, further strengthened and expanded its product offering of products in all regions, with a special emphasis on meeting smart grid opportunities.

The group sales performance once again displayed the benefit of Landis+Gyr's global business footprint as smart meter deployments worldwide continue to progress, though at a staggered pace.

The growth in Asia Pacific derives from two major smart metering contracts with CityPower/Powercor and SP AusNet in Australia, whereas North America experienced the conclusion of some of the region's first major deployments, such as California's Pacific Gas & Electric Co., while new contract wins, such as Canada's Hydro Quebec, secured regional order entry at an all-time high, but will not begin revenue contribution until later this year.

Of the total sales achieved by the company globally 47 percent were attributable to the Americas, 35 percent to the EMEA region (Europe, Middle East and Africa), 17 percent to the Asia-Pacific (previous year: 51 percent, 34 percent and 14 percent).

Notwithstanding the year-over-year growth in EMEA, the shift towards smart grid infrastructure has not yet fully materialized. Despite good progress with British Gas in the U.K., Iberdrola in Spain and French ErDF, regional economic difficulties resulted in the delay of other infrastructure projects and limited 2011 sales growth outside of the U.K.

As a consequence, tight cost management and the timing of R&D investments become crucial. Nevertheless the mandated smart metering roll-out of about 200 million smart electricity meters throughout all EU member states by 2020 will allow for solid future growth in EMEA.

The concept of energy efficiency, often referred to as the fifth fuel (beside coal, oil and gas, nuclear and renewable resources), is currently the subject of discussion among institutions worldwide.

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