HIGHLIGHTS Q1 2022
EBITDA for the quarter was minus EUR 293 thousand. Normal operations, adjusted for legal costs resulted in an EBITDA of EUR 6 thousand for the quarter, equivalent to an adjusted EBITDA margin of 2 per cent.
Cost of operations and SG&A were EUR 60 thousand and EUR 240 thousand for the quarter respectively.
Legal costs were EUR 299 thousand in the quarter.
A hearing in the private criminal proceedings against Enovos Luxembourg SA took place in Oslo District Court on 21 April and 22 April 2022. Oslo District Court will, following the hearing, decide if the fraud charges shall go to main trial proceedings or be rejected. A decision was expected in the first half of May but has not yet been announced.
On 29 March 2022, Law no. 25 (Sostegni ter Decree) entered into force. One of the most significant measures introduced by the Decree is the limitation of the windfall profits of certain renewable power plants that have been able to benefit from rising energy prices, set out under Article 16. The Company has still not received any information from GSE. The Company estimates that market price revenues will be reduced by EUR 130 thousand in the first quarter due to the new decree, and have made a provision in the accounts for this amount.
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 acquisition of solar power
plants.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.