Attached is the fourth quarter and full year 2024 financial report for EAM Solar
AS.
The highlights in the financial report is as follows:
EAM has executed organizational changes following the termination of the
management agreement. Erik B Reisenfeld is employed as the Company's new CEO.
Full year power production was 4 468 MWh, 16% below normal production due to
reduced production capacity from lacking PV modules following thefts.
Ordinary operations delivered a positive EBITDA contribution for the full year.
Legal costs and provisions for claims from legal proceedings resulted in a
negative EBITDA of EUR 1.4 million for the full year.
On 4 January 2025 the Court of Brescia ordered EAM to pay UBI Leasing EUR 4.4
million. The Court decision will be appealed. A provision for the amount is made
in the full year accounts under legal costs.
The net payable by Aveleos under the P31 purchase contract is at year end EUR
3.4 million. The arbitration award is now enforceable. A provision for the
amount is made in the full year accounts under legal costs.
The Italian Supreme Court has decided to conduct a hearing in the appeal of the
criminal court decision of the 4th of July 2024 on the 18th of March 2025. The
Supreme Court may decide in the matter on the same day.
For further information, please contact:
Viktor E Jakobsen, Chair, phone +47 9161 1009, viktor@eam.no
Erik Brandon Reisenfeld, CEO, phone +47 9055 3658, erik@eam.no
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.