Darmstadt, June 30, 2020 – Today, Tuesday, AKASOL AG held their 2020 Annual General Meeting. In the face of the coronavirus pandemic, the Company took advantage of the opportunities offered by the legislature and held the shareholders’ meeting in virtual form. 66% of the Company’s share capital was represented at this year’s gathering.
CEO Sven Schulz and CFO Carsten Bovenschen reported on the dynamic growth at AKASOL AG in 2019. The Company managed to more than double its revenue during the first full financial year following its IPO; revenue was around 120% higher year-over-year and totaled to EUR 47.6 million (2018: EUR 21.6 million). In line with the corrected expectations and opportunities, the decline in adjusted EBIT to EUR -2.4 million and was characterized by targeted investments in preparation of the corporate structures to cope with the prospective growth in the coming years.
In the first three months of the current year, a period already noticeable affected by the negative impact of the COVID-19 pandemic, AKASOL increased its total output to EUR 12.9 million. In addition, the management confirmed to the shareholders that, despite the coronavirus crisis, demand from existing and new customers was relatively high, and that there was a consistently high order backlog totaling to around EUR 2 billion through 2027. The AKASOL Management Board assumes that the economic environment will gradually normalize for the remainder of 2020. At this point in time, it also expects to see positive business performance and a significant recovery in business during the second half of the year.
By a large majority, the Annual General Meeting discharged the members of the Management Board and the Supervisory Board of AKASOL AG for the 2019 financial year and approved all items on the agenda.
The detailed voting results for the individual agenda items will be published promptly: AKASOL Annual General Meeting
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