HIGHLIGHTS Q3 2020
EBITDA for the quarter was minus EUR 281 thousand and accumulated for the year
minus EUR 560 thousand. Normal operations, adjusted for legal costs resulted in
an EBITDA of EUR 161 thousand for the quarter and EUR 177 thousand
for the year, equivalent to an adjusted EBITDA margin of 45 per cent and 17 per
Cost of operations and SG&A were EUR 50 thousand and EUR 146 thousand for the
quarter and EUR 140 thousand and EUR 725 thousand accumulated for the year
Legal costs were EUR 442 thousand in the quarter and EUR 737 thousand
accumulated for the year respectively.
On Monday 5 October 2020, the Arbitration Chamber of Milan notified EAM Solar
ASA and its subsidiary EAM Solar Italy Holding Srl that Aveleos SA had filed for
two new arbitration proceedings in relation to the P31 SPA with reference
to shareholder loans and corporate guarantees.
On Wednesday 28 October 2020, EAM Solar ASA was informed that the Prosecutor
within the Criminal Court of Bolzano had ordered the financial police to perform
a search and seizure of documents from 57 Italian companies related to the
ownership 58 Solar PV power plants with subsidized electricity sales contracts
towards GSE, of the State of Italy. The Milan office of EAM Solar ASA's Italian
subsidiaries, ENS Solar One Srl, Energia Fotovoltaica 25 Srl and EAM Solar Italy
Holding Srl were visited by officers of Guardia Di Finanza (the financial
police) who retrieved documentation related to the above-mentioned companies.
EAM Solar ASA has together with the Bailiff of Luxembourg conducted formal
collection procedures in Luxembourg. Aveleos SA has defaulted on the payment
demand from the Bailiff and consequently EAM Solar ASA filed a petition to the
Bankruptcy Court in Luxembourg on 11 November.
For further information, please contact: Viktor E Jakobsen, CEO, phone +47 9161
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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