AKKA Technologies: Non-recurring Costs Relating to the German and French Restructuring Plans

BRUSSELS--(BUSINESS WIRE)--Regulatory News:

As announced in its press release published December 28^th, 2020, AKKA (Paris:AKA) (BSE:AKA) (ISIN:FR0004180537) will account for non-recurring costs relating to the restructuring plans that the Group has decided to implement in Germany and France in its consolidated financial statements for the fiscal year 2020, in accordance with the accounting principles in use.

In addition to the information already provided, as part of AKKA’s FY2020 consolidated accounts closure process, the Group will record a provision of around €80M relating to both restructuring plans. However, this amount is likely to change marginally until the accounts are approved by AKKA’s Board of Directors prior to the FY2020 results publication on March 17^th, 2021, as it will depend on the ongoing information and consultation procedures in France and the final terms of the plan’s implementation in Germany. The corresponding cash outflow will be spread over the fiscal years 2021 and 2022.

In addition, as previously indicated, the accelerated deployment of the Group's transformation plan and the ongoing partial unemployment measures during the second half of 2020 resulted in non-recurring costs of the same order of magnitude as those recognised in the first half of 2020.

About AKKA

AKKA is the European leader in engineering consulting and R&D services in the mobility segment. As an innovation accelerator for its clients, AKKA supports leading industry players in the automotive, aerospace, rail and life sciences sectors throughout the life cycle of their products with cutting edge digital technologies (AI, ADAS, IoT, Big Data, robotics, embedded computing, machine learning, etc.).

Founded in 1984, AKKA has a strong entrepreneurial culture and is pursuing its fast-paced growth and international development in line with its CLEAR 2022 strategic plan. With 22,000 employees, who are passionate about technology and dedicated to advancing the future of industry, the Group recorded revenues of €1.8 billion in 2019.

Following the completion of the friendly take-over bid of Data Respons launched in January 2020, AKKA now holds 100% of the company’s shares; with the success of this operation, AKKA leverages the most comprehensive portfolio of digital solutions in Europe to harness the growing demand from its customers in the mobility sector.

AKKA Technologies is listed on Euronext Paris and Brussels – Segment A – ISIN code: FR0004180537

For more information, please visit www.akka-technologies.com

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