EAM Solar Announces Q1 2024 Financial Report
Source: www.gulfoilandgas.com 5/24/2024, Location: Europe
EBITDA for the quarter was minus EUR 3 thousand. Adjusted for legal costs the EBITDA was EUR 39 thousand for the quarter, equivalent to an adjusted EBITDA margin of 18.6 per cent.
Cost of operations and SG&A were EUR 58 thousand and EUR 114 thousand for the quarter. Legal costs were EUR 42 thousand in the quarter.
In 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. A final hearing was conducted 16 May 2024. The Court of Appeal has stated its intention to render its judgement in the case on 13 June 2024.
The Milan Chamber of Arbitration’s issued their decision in the arbitration between EAM Solar ASA and Aveleos SA on 29 February 2024. The arbitration court conclusion was a net amount in favour of EAM of approximately EUR 2.7 million after interest is applied. The arbitration decision may be appealed until the 18 June 2024.
On 21 May Energeia AS issued a notice of termination of the management agreement of EAM Solar ASA. The termination period is 12 months. During this period Energeia AS will conduct the management tasks as defined by the prevailing management agreement and assist the Board of EAM Solar ASA in the establishment of a self-sufficient organisation.