HIGHLIGHTS Q4 2020
EBITDA for the quarter was minus EUR 1 107 thousand and accumulated for the year minus EUR 1 666 thousand. Normal operations, adjusted for legal costs resulted in an EBITDA of minus EUR 102 thousand for the quarter and EUR 76 thousand for the year, equivalent to an adjusted EBITDA margin of minus 44 per cent and 6 per cent, respectively.
Cost of operations and SG&A were EUR 73 thousand and EUR 259 thousand for the quarter and EUR 213 thousand and EUR 983 thousand accumulated for the year respectively.
Legal costs were EUR 1 005 thousand in the quarter and EUR 1 741 thousand accumulated for the year respectively.
On 20 January 2021, the Criminal Appeal Court of Milan revoked the first instance judgement of the Criminal Court of Milan, acquitting Mr Akhmerov and Mr Giorgi for fraud against the State of Italy and EAM Solar ASA.
EAM Solar ASA learned in January that the Bolzano Public Prosecutor requested the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (“Økokrim”) to search the Company offices in relation to a new investigation for subsidy fraud. The Company is collaborating with Økokrim through a voluntary transfer of documents.
The Company is conducting a strategic review with focus on future litigation activities and an opportunity for the Company’s shareholders to participate in future business within solar PV renewable energy projects.
For further information, please contact:
Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no
About EAM Solar ASA: EAM Solar ASA 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. In addition,
the Company's business is lawsuits in relation solar power plants.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.