EAM Solar ASA : Q2 2016 Financial Report

Highlights in the second quarter 2016:


· All 25 power plants produced electricity in the 2nd quarter until mid June
when the 17 power plants affected by the termination of FIT where permanently
shut down. The power plants are shut down as a consequence of the ruling in the
Administrative Court (TAR) of Lazio confirming the legal basis for GSE's
termination decision. The power plants were shut down due to invalid
certification of the modules.


· The SPVs affected by the criminal proceedings were admitted to commence
financial restructuring by the Bankruptcy Court in Milan. The deadline for
reaching a financial restructuring plan has been prolonged from the 8th of July
to the 6th of September 2016.


· EAM Solar Italy 3 srl, one of the unaffected companies, was sold in June for a
total consideration of EUR 3,55M.


· The Criminal Court proceedings in Milan commenced the 7th of June 2016.  On
13th of July 2016 the tribunal reconfirmed EAM Solar ASA as victim of criminal
contractual fraud.


· The power production in the quarter was 9.652 GWh. At the end of June 2016,
accumulated power production for H1 was 16.126 GWh.


· EBITDA in the quarter was EUR 169k, adjusted for legal costs and SPVs with
terminated FIT contracts, the EBITDA was EUR 1.1 million.


· Cost reduction measures implemented have started to take effect in the 2nd
quarter 2016.




For information, please contact:



Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no




About EAM Solar: EAM Solar is a utility company that acquires and operates solar
power plants. The Company currently owns solar PV power plants in Italy. The
plants are operating under long-term sales contracts.


This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


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