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    ASL   DE000A2JNWZ9

AKASOL AG

(ASL)
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PRESS RELEASE : AKASOL AG: 2021 Virtual Annual General Meeting held

06/30/2021 | 02:10pm EDT
DGAP-News: AKASOL AG / Key word(s): AGM/EGM/AGM/EGM 
AKASOL AG: 2021 Virtual Annual General Meeting held 
2021-06-30 / 20:07 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
AKASOL AG: 2021 Virtual Annual General Meeting held 
Darmstadt, Germany, June 30, 2021 - AKASOL AG ("AKASOL"; ISIN DE000A2JNWZ9), a leading German developer and 
manufacturer of high-energy and high-performance lithium-ion battery systems for buses, commercial vehicles, rail 
vehicles, industrial vehicles, ships and boats, and a provider of comprehensive solutions, held its 2021 Annual General 
Meeting today, on Wednesday. The annual shareholder meeting was once again held as a virtual event in the second year 
of the COVID-19 pandemic. 90.53% of the share capital was represented. 
CEO Sven Schulz and CFO Carsten Bovenschen informed the shareholders about the continued dynamic business development 
of AKASOL AG in fiscal year 2020. In an economic environment noticeably burdened by the negative effects of the 
COVID-19 pandemic, AKASOL succeeded in increasing its revenue in 2020 by 43% compared to the previous year to a total 
of EUR 68.3 million (2019: EUR 47.6 million). Further milestones in the past fiscal year included the increase in 
production capacities at the site in Langen, Hesse, and the commissioning of the first production line at the US site 
in Hazel Park, Michigan, USA, as well as the relocation to the new headquarters in the southwest of Darmstadt after a 
construction period of only 15 months. Connected to the new headquarters is Gigafactory 1, by far Europe's most 
advanced, modern and largest series production facility for commercial vehicle battery systems. 
The first three months of the current fiscal year 2021 were also characterized by both operational and strategic 
successes. Compared to the same quarter of the previous year, AKASOL was able to triple its revenue to EUR 24.1 million 
(Q1 2020: EUR 8.0 million). EBITDA was in positive territory at EUR 0.3 million (Q1 2020: EUR -1.7 million) and EBIT 
improved by EUR 1.1 million to EUR -1.3 million (Q1 2020: EUR -2.4 million). Furthermore, with the closing of 
BorgWarner's takeover offer to the shareholders of AKASOL AG, the takeover process was successfully completed at the 
beginning of June. BorgWarner has since become the largest shareholder of AKASOL AG and has held at least 89.08% of the 
shares since the transaction was completed on June 4, 2021. With BorgWarner as a strong partner, AKASOL considers 
itself well positioned to successfully implement the further dynamic growth expected for the future. 
The Annual General Meeting expressed its confidence in the members of the Management Board and Supervisory Board and 
discharged them by a large majority. 
As part of the Supervisory Board elections, Mr. Gerd Merkel, a former longstanding executive at BorgWarner in Germany 
and an independent human resources consultant, was elected as a member of the Supervisory Board to succeed Dr. 
Christian Brenneke, who resigned from office with effect from the end of the 2021 Annual General Meeting. Against the 
backdrop of the increased demands on the Supervisory Board's control duties, it was also decided to expand the 
Supervisory Board from the previous three members to five. To fill the two newly created positions, two new members 
were elected to the Supervisory Board by the Annual General Meeting: Mr. Anthony Daniel Hensel, expert on corporate 
finance and compliance, and Mr. Wolfgang August Schneider, engineer. Both new members are long-serving and deserving 
former BorgWarner executives, who will accompany the further development of AKASOL AG, as well as support the 
cooperation with BorgWarner. The curricula vitae of the newly elected Supervisory Board members are published on 
AKASOL's corporate website. 
Other items on the agenda included the first-time approval of the new system of remuneration for Management Board 
members and the approval of the remuneration of the Supervisory Board members. In addition, BDO AG 
Wirtschaftsprüfungsgesellschaft, Frankfurt was appointed auditor for fiscal year 2021. 
The detailed voting results for the individual agenda items are published on the website https://www.akasol.com/de/ 
hauptversammlung. 
 
Contact: 
Georg Grießmann 
cometis AG 
T.: +49 (0) 611 20 58 55 61 
Email: griessmann@cometis.de 
About AKASOL: 
AKASOL is a leading German developer and manufacturer of high-energy and high-performance lithium-ion battery systems 
for use in buses, commercial vehicles, rail vehicles and industrial vehicles, as well as in ships and boats. With 30 
years of experience, AKASOL is a pioneer in the development and manufacture of lithium-ion battery systems for 
commercial applications. Shares of AKASOL AG stock have been traded on the Prime Standard segment of the Frankfurt 
Stock Exchange since June 29, 2018. 
 
DISCLAIMER: 
Statements contained herein could be deemed to constitute what are referred to as "forward-looking statements." 
Forward-looking statements are identifiable by the use of words such as "could," "will," "should," "plans," "expects," 
"anticipates," "estimates," "believes," "intends," "envisages," "aims" or the negative form of these terms, or 
corresponding modifications and comparable terms. 
Based on current expectations, forward-looking statements involve a number of known and unknown risks, uncertainties 
and other factors as a consequence of which actual results, degrees of capacity utilization, developments and successes 
achieved by the AKASOL, or on the part of the branch of industry in which AKASOL operates, might turn out to be 
materially different from the results contained or implied herein. The faith placed in forward-looking statements 
should not be unreasonably high. AKASOL will not update or review any forward-looking statements published herein in 
light of new information, future events or for any other reason. 
=---------------------------------------------------------------------------------------------------------------------- 
2021-06-30 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 
Archive at www.dgap.de 
=---------------------------------------------------------------------------------------------------------------------- 
Language:     English 
Company:      AKASOL AG 
              Kleyerstraße 20 
              64295 Darmstadt 
              Germany 
Phone:        +49 6151/800 500 
E-mail:       info@akasol.com 
Internet:     www.akasol.com 
ISIN:         DE000A2JNWZ9 
WKN:          A2JNWZ 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
              Hamburg, Munich, Stuttgart, Tradegate Exchange 
EQS News ID:  1213924 
 
End of News   DGAP News Service 
=------------ 

1213924 2021-06-30

 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1213924&application_name=news 
 

(END) Dow Jones Newswires

June 30, 2021 14:09 ET (18:09 GMT)

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Financials
Sales 2021 122 M 143 M 143 M
Net income 2021 1,29 M 1,52 M 1,52 M
Net Debt 2021 53,1 M 62,3 M 62,3 M
P/E ratio 2021 1 403x
Yield 2021 -
Capitalization 758 M 889 M 889 M
EV / Sales 2021 6,66x
EV / Sales 2022 3,56x
Nbr of Employees 337
Free-Float 6,11%
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Mean consensus HOLD
Number of Analysts 4
Last Close Price 125,00 €
Average target price 116,83 €
Spread / Average Target -6,53%
EPS Revisions
Managers and Directors
Sven Schulz Chief Executive Officer
Carsten Bovenschen Chief Financial Officer
Christoph Reimnitz Chairman-Supervisory Board
Marie-Luise Wolff-Hertwig Vice Chairman-Supervisory Board
Christian Brenneke Member-Supervisory Board
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