Highlights Q4 2023
EBITDA for the quarter was minus EUR 321 thousand and accumulated for the year
minus EUR 1 111 thousand. Normal operations, adjusted for legal costs resulted
in an EBITDA of minus EUR 40 thousand for the quarter, and minus EUR 129
thousand accumulated for the year, equivalent to an adjusted EBITDA margin of
minus 19.6 per cent and minus 13.0 per cent respectively.
Cost of operations and SG&A were EUR 88 thousand and EUR 158 thousand for the
quarter, and EUR 237 thousand and EUR 884 thousand accumulated for the year
respectively.
Legal costs were EUR 280 thousand in the quarter and EUR 983 thousand
accumulated for the year.
On 12 July 2023, Section V of the Criminal Appeal Court of Milan notified the
parties that the appeal process for the criminal proceedings related to the P31
fraud case would continue and the first hearing took place on 30 November 2023.
There are two further hearings scheduled for 5 March and 20 March 2024. The
Court of Appeal has stated its intention to render its judgement in the case at
the conclusion of the hearing on 20 March 2024.
The Milan Chamber of Arbitration's final decision in the arbitration between EAM
Solar ASA and Aveleos SA was received 29 February 2024. The arbitration court
conclusion was net amount in favor of EAM of approximately of EUR 2 939 814.
For further information, please contact: Viktor E Jakobsen, Chairman, 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.