EAM Solar ASA: Q3 2022 Financial Report

15 Nov 2022 07:00 CET

HIGHLIGHTS Q3 2022


EBITDA for the quarter was EUR 39 thousand and accumulated for the year minus
EUR 587 thousand. Normal operations, adjusted for legal costs resulted in an
EBITDA of EUR 58 thousand for the quarter and EUR 141 thousand for the first
half year, equivalent to an adjusted EBITDA margin of 17 per cent and 14 per
cent respectively.

Cost of operations and SG&A were EUR 70 thousand and EUR 216 thousand for the
quarter and EUR 186 thousand and EUR 674 thousand accumulated for the year
respectively.

Legal costs were EUR 18 thousand in the quarter and EUR 728 thousand accumulated
for the year.

On 1 July 2022 Oslo District Court dismissed EAM Solar ASA’s request for a
Private Criminal Proceeding against Enovos Luxembourg SA.

On 15 July the Company filed an appeal of the decision by the Oslo District
Court to the Borgarting Appellate Court.

On 21 October Borgarting Court of Appeal rejected EAM Solar ASA’s appeal against
Oslo District Court’s decision to reject the start of a private criminal
proceedings against Enovos Luxembourg S.A.

During the quarter, the Company participated in a private placement whereby EAM
Solar ASA at the nominal price of NOK 0.02 per share and for a total
consideration of NOK 137 044.20, subscribed for 6 852 210 new shares in Energeia
AS. These shares were later in the quarter, following an extraordinary general
meeting, distributed as dividend to the shareholders of EAM Solar ASA.


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 acquisition of solar power
plants.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

575718_Q3 2022 Financial Report.pdf