EAM SOLAR ASA Highlights Q1 2019: EBITDA for the quarter was EUR 171 thousand. Normal operations, adjusted for legal costs resulted in an EBITDA of EUR 446 thousand for the quarter,equivalent to an EBITDA margin of 47 per cent. Cost of operations and SG&A were EUR 143 thousand and EUR 357 thousand for the quarter respectively. Legal costs were EUR 276 thousand in the quarter. In April 2019 the Criminal Court of Milan published its ruling in the criminal proceedings where EAM Solar ASA has been included as a civil damaged party. The Criminal Court found it evidenced and consequently decided that both Mr Giorgi and Mr Akhmerov are guilty of criminal contractual fraud against EAM Solar ASA in conjunction with the sale of the so-called P31 portfolio. The Criminal Court also decided that Mr Giorgi, Mr Akhmerov and Aveleos S.A. are jointly and severally liable to pay EAM Solar ASA provisional damages of EUR 5 million. In April 2019, EAM Solar ASA received the decision made by the Arbitral Tribunal where EAM Solar ASA and EAM Solar Italy Holding Srl filed a number of claims against Aveleos SA including the annulment of the purchase of 31 power plants in 2014. The Tribunal decided to dismiss EAM's claims for the annulment based on the claim of fraud and for the termination of the SPA. However, the Tribunal declared the right of EAM to be compensated for losses suffered in connection with the breach of the Representation and Warranties under the SPA within the limits of the liability cap as defined in the SPA. The liability cap in the SPA is defined to be approximately EUR 3.7 million. The Arbitration decision was not unanimous, with one out of three arbitrators dissenting from dismissing the claims brought by EAM Solar ASA and EAM Solar Italy Holding Srl. The dissent to the ruling was substantiated in a separate dissenting opinion published together with the arbitration ruling. 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.
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EAM Solar ASA published this content on 14 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 May 2019 05:02:08 UTC
