EAM SOLAR ASA FOURTH QUARTER 2017

13 February 2018

1.Operations FY'2017

4.Q&A

Full year power production of 13,274 MWh, representing the best power production year since 2012.

Power plants in North Italy in very good operations.

South Italy power plants experiencing theft that impacts power production negatively.

• FY 2017 results in line with guidance given in the third quarter presentation. Guidance given for 2018 remains unchanged.

FY operations with positive EBITDA of EUR 1.8 million.
FY net litigation costs of EUR 1.6 million, after investment of EUR 500 thousand by Therium.
Costs of normal operations reduced by 20% YoY.

• Reversal of acquisition cost of managers royalty rights of EUR 1.888 million taken in third quarter.

	Unaudited	Unaudited	Unaudited	Audited
EUR 000'	Q4 2017	Q4 2016	2017	2016
Revenues	679	692	4213	4454
Cost of operations	(273)	(133)	(769)	(1 122)
Sales, general and administration expenses	(497)	(429)	(1679)	(2003)
Legal costs	1348	(230)	(6593)	(12 149)
EBITDA	1256	(99)	(4828)	(10820)
Depreciation, amortizations and write downs	(627)	(417)	(1909)	(6677)
EBIT	628	(516)	(6737)	(17497)
Net financial items	735	36	18	(2580)
Profit before tax	1364	(480)	(6719)	(20077)
Income tax gain/(expense)	(507)	(566)	(504)	66
Net income	857	(1046)	(7223)	(20011)
Earnings per share (fully diluted): Distribution to shareholders per share	0.13	(0.21)	(1.27)	(3.95)
Dividend yield	$0.0\%$	$0.0\%$	$0.0\%$	$0.0\%$
Million no. of shares (fully diluted)	6.85	5.07	5.68	5.07
EBITDA adjusted	(92)	131	1766	1329

Main headlines in the fourth quarter

Two main legal processes in the fourth quarter

1) Criminal court of Milan

• First EAM witnesses testimony in the Criminal Court on 20 February.

• First arbitration witness testimonies to start in March 2018

(Further comments given orally reflecting company reporting)