AKKA FY 2020 RESULTS(1): PROFITABILITY(2) RESTORED IN H2 2020 IN ALL UNITS STRONG CASH FLOW GENERATION IN FY2020
OPERATING
Full-year revenue of €1.5 billion, down 16.5% vs 2019
Operating profit down to (170.5) M, due to the consequences of the COVID situation and its related costs
FY operating profit (adjusted)
FY2020
Financial structure strengthened following the completion of the reserved capital increase
Mauro Ricci, Chairman and CEO of AKKA, commented:
2020 was an unprecedented year, in which we carried out immediate actions to protect our employees and partners while continuing to serve our customers effectively. Throughout 2020, AKKA worked hard to accelerate its transformation while strengthening its fundamentals to be better positioned than ever and emerge from the crisis with its agility restored.
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Freebies for votes
From gold
thalis and mixer-grinders in the past, competitive clientelism in Tamil Nadu has escalated this election season on the home appliances and electronics front with the AIADMK proffering washing machines and free-of-cost cable TV connection and the DMK laying out tablets and computers. The ruling party added ₹1,500 per month assistance to women over the ₹1,000 promised by the DMK. Promises on job quotas were common in the two rivals’ manifestos released within 24 hours of each other last weekend. Notwithstanding the exceptionalism that marks the patron-client polity in Tamil Nadu, the sheer scale of it this year is remarkable.
The Characters
Rick Sorrells, former DCS superintendent forced to retire in 2017 amidst questions about the finances at DCS. In April 2018, Sorrells pleaded guilty to federal wire fraud and admitted to receiving more than $3 million in bribes and kickbacks in exchange for entering into contracts for $70 million in school bus camera equipment. He s expected to be sentenced in August.
Larry Duncan, former president of the DCS Board and a former Dallas City Council member. He stepped down from his position as president of board for Dallas County Schools on May 17, 2017 amid ongoing investigations into a multi-million budget gap, the agency s controversial stop-arm camera program and a sale-leaseback land deal that will cost taxpayers millions.