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Tuesday, 14 November 2017

EAM Solar ASA : Q3 2017 Financial Report

EAM Solar ASA    

Published: 07:00 CET 14-11-2017 /GlobeNewswire /Source: EAM Solar ASA / : EAM /ISIN: NO0010607781

EAM Solar ASA : Q3 2017 Financial Report

Highlights in the quarter:
 
 
In the quarter the Company made a
share capital increase by the issuance
of 532 210 shares in the Company to
EAM Solar Park Management AS ("the
Manager"). The shares were consideration
for the financial participation
mechanism in the Management Agreement,
and were non-dilutive for the
shareholders. As part of the transaction
the Company recognised a cost and
debt of EUR 1 888 thousand that was
settled with the shares.
 
 
In the quarter the Company also conducted
a fully underwritten rights issue
with gross proceeds of NOK 30 million,
resulting in 1 250 000 shares being issued.
 
 
EBITDA for the first nine months 2017
came in at minus EUR 6.1 million. Adjusted
for legal costs and the purchase
of the financial participation mechanism,
and write down of receivable
against Aveleos SA, normal operations
yielded an EBITDA of EUR 1.9 million in
the first nine months of 2017, equivalent
to an EBITDA margin of 52 per cent.
 
 
The following special items have been
recognised during the quarter;
 
Provision for doubtful debt against
Aveleos SA of EUR 4 418 thousand,
given that Aveleos SA is de-facto
bankrupt.
 
Provision for cost coverage of legal
cost based on the agreement with
Therium of EUR 191 thousand.
 
Cost of settling the financial participation
mechanism of EUR 1 888
thousand.

Change in the management agreement
with effect of EUR 55 thousand.
 
 
For information, please contact:
Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no
  
 
About EAM Solar: EAM Solar 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.
 
 
 
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
 
 


Q3 2017 Financial Report



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: EAM Solar ASA, Dronningen 1, Oslo 0287, Norway
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