Highlights in the first quarter 2015:
The reported Q1 power production was 7,0 GWh, 4.8% below the seasonal average for the period.
Reported EBITDA in the quarter was EUR 1,0m, adjusted for acquisition and transaction costs, EBITDA was EUR 1,3m.
24 April 2015 the company received the documents related to the criminal investigation conducted by the court of Milan. In the received documentation the prosecutor of the court of Milan has identified EAM Solar ASA as well as the manager, EAM Solar Park Management AS, as civil victims of criminal contractual fraud.
Hearing in the criminal proceedings has been set for 3 June 2015.
Claim filed to get the suspended tariffs reinstated. The company appealed the unfavourable decision of the administrative court in December to a higher court, and received a ruling in its favour by the Council of State in January 2015. The Council of State has accepted the appeal as it deems that the claim filed with the administrative court appears to be grounded.
The new hearing dates for the administrative court has been set for 9 July 2015 and 11 November 2015 where GSE must provide evidence of criminal activity to support their actions and the administrative court must resolve on the merits of the case, taking into consideration the ruling in the Council of State.
In the beginning of May, the GSE conducted inspections on the 17 power plants affected by the suspension of tariffs. At the release of this report the inspection had not yet been concluded.
For further information contact:
Viktor E Jakobsen, Executive Director, phone +47 9161 1009, viktor@eam.no
Audun W. Iversen, CEO, phone +47 9161 6250, audun@eam.no
