EAM Solar ASA: Q2 2019 Financial Report

EAM Solar ASA: Q2 2019 Financial Report

13.08.2019 07:00

https://newsweb.oslobors.no/message/482644

HIGHLIGHTS Q2 2019 EBITDA for the quarter was EUR 483 thousand, and accumulated for the year EUR 653 thousand. Normal operations,adjusted for legal costs resulted in an EBITDA of EUR 678 thousand for the quarter and EUR 1 124 thousand accumulated for the year, equivalent to an adjusted EBITDA margin of 56 per cent and 52 per cent, respectively. Cost of operations and SG&A were EUR 86 thousand and EUR 444 thousand for the quarter and EUR 229 thousand and EUR 801 thousand accumulated for the year respectively. Legal costs were EUR 195 thousand in the quarter and EUR 471 thousand accumulated for the year respectively. EAM Solar ASA received on 3 April 2019 the decision made by the Arbitral Tribunal. EAM Solar ASA filed on 4 July 2019 an appeal against the decision conducted by the Arbitration Tribunal of the Chamber of Arbitration in Milan. The Criminal Court of Milan published on 18 April 2019 its ruling in the criminal proceedings where EAM Solar ASA has been included as a civil damaged party and has been awarded provisional damages of EUR 5 million. The reason for the decision, which takes the form of the full ruling is expected on or about 18 October 2019. In Luxembourg, EAM Solar ASA filed on 11 July 2019 a civil lawsuit against the Aveleos shareholder, Enovos Luxembourg SA, its parent company Encevo SA, along with four Enovos-employed directors of Aveleos. For further information, please contact: Viktor E Jakobsen, CEO, phone [phone], [e-mail] 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.