Interim / Quarterly Report • Aug 18, 2016
Interim / Quarterly Report
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INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2016
| Highlights Q2'2016 |
3 |
|---|---|
| Main events 3 |
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| Key figures3 | |
| Interim report |
4 |
| Operational review and outlook 4 |
|
| Subsequent events6 | |
| Financial review6 | |
| Consolidated interim financial information |
8 |
| Statement of comprehensive income 8 |
|
| Consolidated statement of financial position 9 |
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| Consolidated cash flow statement10 | |
| Consolidated statement of changes in equity11 | |
| Notes to the interim consolidated financial statements | 12 |
| Note 1: Basis for preparation12 | |
| Note 2: Significant accounting judgements 12 |
|
| Note 3: Currency exposure13 | |
| Note 4: Transactions with related parties 13 |
|
| Note 5: Segment information14 | |
| Note 6: Financial income and expenses14 | |
| Note 7: Cash and cash equivalents14 | |
| Note 8: Accounts receivables 14 |
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| Note 9: Property, plant and equipment15 | |
| Note 10: Short- and long-term debt 15 |
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| Note 11: List of subsidiaries 17 |
|
| Note 12: Operational costs break-down H1 201617 | |
| Note 13: Events after the reporting date18 |
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| Power production | 19 |
3
EAM Solar Italy 3 srl, one of the unaffected companies, was sold in June for a total consideration of EUR 3,55M.
The Criminal Court proceedings in Milan commenced the 7th of June 2016. On 13th of July 2016 the tribunal reconfirmed EAM Solar ASA as victim of criminal contractual fraud.
| Unaudited | Unaudited | Unaudited | Unaudited | Audited | Audited | |
|---|---|---|---|---|---|---|
| EUR 000' | Q2 2016 | Q2 2015 | H1 2016 | H1 2015 | 2015 | 2014 |
| Revenues | 1 886 | 4 248 | 2 805 | 6 631 | 6 131 | 8 715 |
| Cost of operations | -322 | -372 | -774 | -751 | -1 606 | -1 158 |
| Sales, general and administration expenses | -495 | -702 | -976 | -1 378 | -3 113 | -2 356 |
| Acquisition and transaction costs | -900 | -38 | -1 466 | -349 | -20 361 | -2 989 |
| EBITDA | 169 | 3 136 | -412 | 4 153 | -18 949 | 2 213 |
| Depreciation, amortizations and write downs | -4 681 | -1 332 | -5 247 | -2 645 | -49 573 | -3 365 |
| EBIT | -4 512 | 1 805 | -5 659 | 1 509 | -68 522 | -1 152 |
| Net financial items | -1 659 | -634 | -3 238 | -2 793 | -1 508 | 561 |
| Profit before tax | -6 171 | 1 170 | -8 897 | -1 284 | -70 031 | -591 |
| Income tax gain/(expense ) | -70 | -272 | 18 | -324 | 167 | -1 034 |
| Net income | -6 242 | 898 | -8 879 | -1 608 | -69 864 | -1 625 |
| Earnings per share (fully diluted): | -1,23 | 0,18 | -1,75 | -0,32 | -13,78 | -0,32 |
| Distribution to shareholders per share | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,36 |
| Dividend yield | 0,0 % | 0,0 % | 0,0 % | 0,0 % | 0,0 % | 0,0 % |
| Million no. of shares (fully diluted) | 5,07 | 5,07 | 5,07 | 5,07 | 5,07 | 5,07 |
| EBITDA adjusted | 1 069 | 3 174 | 1 055 | 4 502 | 1 412 | 5 202 |
Adjusted EBITDA, EBIT and Net income are adjusted for non-recurring items such as cost of acquisition, legal cost, gains from bargain purchase, non-cash currency movements etc.
EAM Solar ASA is an investment company listed on the Oslo Stock Exchange under the ticker EAM. The Company's primary business is to own solar photovoltaic power plants and sell produced electricity under longterm fixed price sales contracts. The initial geographical focus is Italy, where the company owns twenty-three power plants of which two power plants are located in the Friuli region in Northern Italy, and twenty-one power plants are located in the Puglia region in Southern Italy. Energeia Asset Management AS manages EAM Solar ASA under a long-term management agreement.
This interim report should be read in conjunction with the annual report for 2015, published the 30th of April 2016, and the 1st quarter report 2016 published the 25th of May 2016.
EAM Solar ASA operated 25 Solar PV power plants in the 2nd quarter 2016 with a total installed capacity of 27,2 MW and an annual budget power production of 38 GWh (P50 production).
2 PV power plants, totalling 2MW, where sold in the quarter with the 1st of June as take-over date, and the shares of EAM Solar Italy 3 Srl was transferred at the end of June.
In the 2nd quarter 8 power plants were operated under longterm FIT contracts representing 10,6 MW and 15 GWh annual capacity and production, while 17 power plants was operated with only market price revenues representing 16,6 MW and 23 GWh annual capacity and production.
The power plants not affected by the termination decisions operated as normal in the 2nd quarter. EAMs own operation and maintenance team conducted normal operational inspections and maintenance work during the 2nd quarter.
The 17 power plants with terminated FIT contracts were permanently shut down on the 16th and 17th of June following the ruling by the Administrative Court of Lazio (TAR) confirming the legal validity of Gestore dei Servizi Energetici's (GSE) termination decision in the 4th quarter 2015. 3 plants were shut down on the 16th of June and the remaining 14 were shut down on the 17th of June 2016.
GSE's termination decision of the FIT contracts are partly based on the invalidity of the certification of the PV modules installed on the power plants, and partly based on the falsification of the application documents, as stated in the criminal proceedings. The ruling in the TAR confirms this legal position. Consequently, with invalid certificates the plants are illegal to operate, a fact confirmed by a legal opinion from Gianni, Origoni, Grippo, Cappelli & Partners.
Based on the invalidity of the certificates the power plants operational insurance is no longer valid for technical failure or third party liability. EAM has taken the necessary measures to secure the plants to minimize any risks.
The SPVs affected by the termination decision is consequently without any revenues from the 18th of June 2016. As a consequence has the remaining book value of the terminated plants been written down to zero in the quarter (EUR 4.2m) and accruals for dismantling and recycling has been recognised (EUR 510k).
Power production from the power plants not affected by the criminal proceedings in the 2nd quarter amounted to 4.363 MWh equivalent to 99.3% of budgeted production for the period. The average irradiation in North Italy was 3.8% below seasonal average and irradiation in South Italy was 0.8% above seasonal average.
Power production from EAM Solar Italy 3 Srl in the 2nd quarter amounted to 507 MWh until end of May equivalent to 99.6% of budgeted production for the period.
Power production from the power plants with terminated FIT contracts amounted to 5.289 MWh until shut down 16th and 17th of June 2016.
FIT contract revenues in the 2nd quarter amounted to EUR 1.140k, equivalent to an average FIT contract price of EUR 261 per MWh. 2 power plants in the north of Italy and 4 power plants in the South of Italy receives FIT contract revenues, while 17 power plants had their FIT contracts terminated by GSE in the 4th quarter 2015, and are consequently not receiving any FIT revenues.
Market price revenues in the 2nd quarter amounted to EUR 323k representing an average market price for electricity of EUR 33.55 per MWh. The average electricity market price achieved in the North of Italy was EUR 34.8 per MWh and in the South of Italy EUR 33 per MWh.
The average market price of electricity in Italy has, equal to the rest of Europe, seen a drop of more than 45% over the past 12 months. EAM expect the market price of electricity to remain at these level in 2016, and that the general drop in market prices represents a lasting structural trend in the European power market. An increase in the oil price may increase power prices short term, however, with more and more intermittent renewable energy entering the market, EAM expects more periods of close to zero price on wholesale electricity to occur in the years to come.
EAM Solar ASA has during the quarter sold the company EAM Solar Italy 3 Srl (EAM 3) to Renewable European Italy 2 S.r.l. EAM 3 owns two PV power plants (Momo & Caltignaga) with a combined capacity of approximately 2MW, located in Piemonte.
The sale was conducted against a cash consideration received by EAM on 21st June 2016 of EUR 3,55 million based on the financial takeover date being the 1st of June 2016. The share purchase agreement contains normal terms and conditions for similar transactions.
EAM invested approximately EUR 3.7 million in September 2013 when acquiring the plants. In the period from September 2013 to May 2016, including the sale proceeds, the EAM group has received approximately EUR 4.9 million in cash from this investment.
The sale resulted in an accounting loss of EUR 1.5m due to difference between the book value of the company and the sales price. This should be seen in relation to the gain on bargain purchase received at the acquisition in the 3rd quarter 2013 of approximately EUR 2.2 million and the cash received during the ownership period.
The Manager, Energeia Asset Management continues to execute cost reduction measures including reduction of own staff and the use of external service providers. The cost reduction measures shall be fully executed during 2016.
As stated in the annual report 2015, due to the P31 Acquisition EAM has been transformed from an operational YieldCo to be dominated by ongoing and future legal actions and lawsuits.
On Wednesday the 13th of July 2016, the Criminal Court of Milan reconvened the proceedings of the criminal case 44638/13 against Igor Akhmerov, Marco Giorgi and others concerning fraud against the State of Italy in conjunction with application for Solar PV feed-in-tariff incentives and criminal contractual fraud against EAM Solar ASA in conjunction with the sale of the P31 SPVs.
The Criminal Court of Milan confirmed the ruling made in the Preliminary Hearing that EAM Solar ASA and EAM Solar Italy Holding Srl are to be regarded as victims of criminal contractual fraud.
The preliminary hearing in the Criminal Court of Milan concluded on the 16th of March 2016 that the Prosecutors Office of Milan's request for trial was merited on all charges.
EAM has filed a petition to the Court of Milan to include Aveleos SA, Enovos Luxembourg SA and Avelar Energy Ltd as financially liable for the damages suffered by EAM stemming from the fraud.
On Thursday 9th of June 2016, the administrative court of Lazio (TAR) issued its decision on the appeal the SPVs had filed on the termination decision made by GSE. In short; the court assented to the decision by GSE in full. In practise this means that:
In the 1st quarter, EAM Solar ASA filed to the Bankruptcy Court in Milan for financial restructuring and creditor protection of the 5 SPVs involved in the criminal proceedings with terminated FIT contracts (ESGP, ESGI, ESSP and ENFO14). The companies have external commissioners appointed by the court. The initial period of restructuring ended on 8th of July 2016, but has been prolonged for 60 days until 6th of September 2016. At the release of this quarterly report no conclusion was reached on the future of the SPVs.
The company has in the "Concordato Preventivo" process proposed a plan to recover some of the outstanding amounts of the creditors. Should the commissioners and the Court fail to approve the plan, the companies will enter into a formal liquidation procedure.
The main features of the restructuring plan are:
• The power plants are dismantled and the panels are transported to Germany and/or the Netherlands for re-certification.
• The re-certified equipment is employed in Asia on new private power purchase agreements.
EAM will pay no dividend in conjunction with the 2nd quarter 2016.
None.
The financial review of the 2nd quarter 2016 does not compare with the reported 2nd quarter report of 2015 due to changes in the accounts as a consequence of the FIT termination decision by GSE and the subsequent ruling in the administrative court (TAR).
2nd quarter revenues came in at EUR 1.886k, of which EUR 1.139k came from FIT contracts and EUR 323k came from market sales of electricity. For the first half year revenues came in at EUR 2.805k, of which EUR 1.800 k came from FIT contracts and EUR 558k came from market sales of electricity
The 2nd quarter 2016 revenues represent approximately 40% of the expected annual revenues of EUR 4.7 million based on the current corporate structure with 25 power plants in operations. However, subject to the outcome of the financial restructuring plan affecting 5 SPVs and 17 power plants, to be determined in the 3rd quarter 2016, the corporate structure may change to only comprise 6 power plants.
The 6 power plants not affected by the criminal proceedings represent annual revenue of approximately EUR 3.9 million with the current market prices of electricity.
EAM achieved an average electricity price in the 2nd quarter of EUR 152 per MWh. The power plants with valid FIT contracts achieved an average electricity price in the quarter of EUR 296 per MWh, EUR 336 per MWh in north Italy and EUR 229 per MWh in South Italy.
Cost of operations in the 2nd quarter was EUR 322 k, of which EUR 136 k was for plants in normal operations (non-affected plants). For the first half year cost of operations was EUR 774 k, of which EUR 392 k was for plants in normal operations (nonaffected plants).
SG&A costs in the 2nd quarter were EUR 495 k, of which EUR 96 k was for the non-affected power plants. For the first half year SG&A costs were EUR 976 k, of which EUR 267 k was for the non-affected power plants
The legal costs for EAM Solar ASA is posted under the heading "Acquisition and financing costs". In the 2nd quarter 2016 all of these costs are related to the legal costs in stemming from the P31 Acquisition. Total legal costs in the quarter were EUR 296 k. For the first half year total legal costs were EUR 840 k.
EBITDA in the 2nd quarter came in at EUR 169 k. EBITDA from the non-affected SPVs came in at a profit of EUR 1.1 million. For the first half year EBITDA came in at a loss of EUR 412 k. EBITDA from the non-affected SPVs came in at a profit of EUR 1.4 million.
The net total cost of the affected SPVs in the 2nd quarter was approximately EUR 790 k when revenues of EUR 220 k is subtracted. This is a situation that will not prevail past the 6th of September 2016, which is the deadline for the financial restructuring plan to be approved by the bankruptcy court of Milan.
Depreciation in the 2nd quarter was EUR 472 k, of which EUR 472k is for the non-affected SPVs. Following the full year 2015 impairment and subsequent write-down of assets belonging to SPVs with terminated Fit contracts.
Based on the final decision by the administrative court on the validity of the FIT, the 17 affected plants have been completed written off during the 2nd quarter. This amounted to EUR 4.2 million.
Net financial costs in the 2nd quarter was EUR 1.7 million, of which EUR 979 k was the net financial costs of the affected SPV's. For the first half year net financial costs were EUR 3.2 million, of which EUR 1.6 million was the net financial costs of the affected SPV's.
Pre-tax loss in the 2nd quarter was EUR 6.2 million, of which the affected SPVs represented a loss of EUR 6.0 million. For the first half year pre-tax loss was EUR 8.9 million, of which the affected SPVs represented a loss of EUR 7.4 million.
Taxes in the 2nd quarter amounted to a net tax cost of EUR 70 k on a group level. For the first half year taxes amounted to tax revenue of EUR 18 k.
Reported net loss for the group was in the 2nd quarter EUR 6.2 million, of which the affected SPVs represented a net loss of EUR 6.1 million for the first half year
Cash flow from operations for the quarter came in at EUR 233 k. No investment activities took place in the 2nd quarter and cash flow from financing activities was in total EUR 3.4 million.
Restricted and unrestricted cash by the end of the quarter was EUR 14.3 million, of which EUR 9.4 million remains seized by the Prosecutors Office in Milan.
Total assets at the end of the period are EUR 52.3 million, with a negative equity ratio of 83 % for the Group.
The mother company has a positive equity ratio of 77 % at the end of the 2nd quarter.
Oslo, 18th of August 2016
Pål Hvammen Non-executive director
Erling Christiansen Non-executive director
Ragnhild M Wiborg Chair
Viktor E Jakobsen CEO
| Unaudited | Unaudited | Audited | ||
|---|---|---|---|---|
| EUR | Note | H1 2016 | H1 2015 | 2015 |
| Revenues | 5,11 | 2 805 204 | 6 630 678 | 6 130 955 |
| Cost of operations | 4,12 | -774 468 | -750 790 | -1 605 821 |
| Sales, general and administration expenses | 4,12 | -976 235 | -1 377 982 | -3 113 255 |
| Acquisition and transaction costs | 4,12 | -1 466 272 | -348 695 | -20 360 928 |
| EBITDA | -411 770 | 4 153 212 | -18 949 049 | |
| Depreciation, amortizations and write downs | 9 | -5 246 832 | -2 644 598 | -49 573 204 |
| EBIT | -5 658 602 | 1 508 614 | -68 522 253 | |
| Finance income | 6 | 123 360 | 332 880 | 3 963 924 |
| Finance costs | 6 | -3 361 636 | -3 125 666 | -5 472 255 |
| Profit before tax | -8 896 878 | -1 284 172 | -70 030 584 | |
| Income tax gain/(expense) | 18 209 | -323 823 | 167 027 | |
| Profit after tax | -8 878 669 | -1 607 995 | -69 863 557 | |
| Other comprehensive income | ||||
| Translation differences | 1 761 502 | 406 874 | -4 563 500 | |
| Cash flow hedges | -39 893 | 623 283 | 53 808 | |
| Other comprehensive income net of tax | 1 721 609 | 1 030 157 | -4 509 692 | |
| Total comprehensive income | -7 157 060 | -577 838 | -74 373 249 | |
| Profit for the year attributable to: | ||||
| Equity holders of the parent company | -8 878 669 | -1 607 995 | -69 863 557 | |
| Equity holders of the parent company | -8 878 669 | -1 607 995 | -69 863 557 | |
| Total comprehensive income attributable to: | ||||
| Equity holders of the parent company | -7 157 060 | -577 838 | -74 373 249 | |
| Equity holders of the parent company | -7 157 060 | -577 838 | -74 373 249 | |
| Earnings per share: | ||||
| Continued operation | ||||
| - Basic | -1,75 | -0,32 | -13,78 | |
| - Diluted | -1,75 | -0,32 | -13,78 |
The interim financial statement information has not been subject to audit or review. Diluted number of shares at the end of the second quarter 2016 is 5,070,000.
| Unaudited | Audited | ||
|---|---|---|---|
| EUR | Note | Q2 2016 | 2015 |
| ASSETS | |||
| Property, plant and equipment | 9 | 24 089 870 | 34 436 689 |
| Deferred tax asset | 0 | 0 | |
| Intangible assets | 142 288 | 277 089 | |
| Other long term assets | 0 | 1 598 603 | |
| Non-current assets | 24 232 158 | 36 312 381 | |
| Receivables | 8 | 13 344 489 | 21 744 787 |
| Other current assets | 382 246 | 1 076 836 | |
| Cash and short term deposits | 7 | 14 346 820 | 10 718 169 |
| Current assets | 28 073 555 | 33 539 792 | |
| TOTAL ASSETS | 52 305 713 | 69 852 173 | |
| EQUITY AND LIABILITIES | |||
| Issued capital | 6 214 380 | 6 214 380 | |
| Share premium | 24 606 370 | 24 606 370 | |
| Paid in capital | 30 820 750 | 30 820 750 | |
| Translation differences | -7 108 180 | -8 869 682 | |
| Other equity | -67 322 221 | -48 103 947 | |
| Other equity | -74 430 401 | -56 973 629 | |
| Total equity | -43 609 651 | -26 152 879 | |
| Leasing | 10 | 5 988 855 | 6 135 377 |
| Long term loan - interest bearing | 10 | 8 195 798 | 7 632 405 |
| Other non current liabilities | 10 | 10 864 | 1 079 505 |
| Total non-current liabilities | 14 195 517 | 14 847 287 | |
| Trade payables | 10 | 5 971 060 | 3 089 199 |
| Tax liabilities | 10 | 1 133 424 | 807 902 |
| Short term financing - interest bearing | 10 | 42 703 866 | 41 063 191 |
| Other current liabilities | 10 | 31 911 496 | 36 197 476 |
| Total current liabilities | 81 719 846 | 81 157 768 | |
| Total liabilities | 95 915 363 | 96 005 055 | |
| TOTAL EQUITY AND LIABILITIES | 52 305 713 | 69 852 176 |
Oslo, 18th of August 2016
Pål Hvammen Non-executive director
Erling Christiansen Non-executive director
Ragnhild M Wiborg Chair
Viktor E Jakobsen CEO
| Unaudited | Unaudited | Audited | ||
|---|---|---|---|---|
| EUR | Note | H1 2016 | H1 2015 | 2015 |
| Cash flow from operating activities Ordinary profit before tax |
-8 878 669 | -2 454 434 | -70 030 585 | |
| Loss on disposal of property, plant and equipment | 1 549 987 | |||
| Paid income taxes | 0 | 0 | ||
| Depreciation | 9 | 1 038 595 | 2 644 598 | 4 181 074 |
| Write down of fixed assets | 9 | 4 208 237 | 45 392 130 | |
| Changes in trade receivables and trade payable | 8 | 6 996 183 | -4 345 268 | 30 279 |
| Changes in other accruals | -4 681 706 | 4 013 120 | 20 474 559 | |
| Net cash flow from operating activities | 232 627 | -141 985 | 47 457 | |
| Cash flows from investing activities | ||||
| Acquisition of subsidiary net of cash acquired | 0 | -29 810 | -630 403 | |
| Acquisition of property, plant and equipement | 0 | |||
| Net cash flow used in investing activities | 0 | -29 810 | -630 403 | |
| Cash flows from financing activities | ||||
| Proceeds from sale of property, plant and equipment | 3 550 000 | |||
| Proceeds from issue of share capital | 0 | 0 | ||
| Dividends or shareholder distributions | 0 | 0 | ||
| Proceeds from new loans | 0 | 676 327 | ||
| Repayment of loans | -153 975 | -183 523 | -320 147 | |
| Net cash flow from financing activities | 3 396 025 | -183 523 | 356 180 | |
| Cash and cash equivalents at beginning of period | 10 718 172 | 1 941 384 | 10 944 938 | |
| Net currency translation effect | 0 | -136 923 | 0 | |
| Seizure of cash | 7 | 0 | -114 762 | 0 |
| Net increase/(decrease) in cash and cash equivalents | 3 628 652 | -355 318 | -226 766 | |
| Cash and cash equivalents at end of period | 14 346 824 | 1 334 381 | 10 718 172 |
| EUR | Share capital | Share premium fund |
Other equity | Cash flow hedge reserve |
Currency translation reserve |
Total equity |
|---|---|---|---|---|---|---|
| Equity as at 1 January 2015 | 6 214 380 | 24 606 370 | 22 303 644 | -597 840 | -4 306 182 | 48 220 372 |
| Profit (loss) After tax | -69 863 557 | -69 863 557 | ||||
| Other | 0 | |||||
| Other comprehensive income | 53 808 | -4 563 500 | -4 509 692 | |||
| Equity as at 31 December 2015 | 6 214 380 | 24 606 370 | -47 559 913 | -544 032 | -8 869 682 | -26 152 877 |
| Equity as at 1 January 2016 | 6 214 380 | 24 606 370 | -47 559 913 | -544 032 | -8 869 682 | -26 152 877 |
| Profit (loss) After tax | -8 878 669 | -8 878 669 | ||||
| Other | -10 299 714 | -10 299 714 | ||||
| Other comprehensive income | -39 893 | 1 761 502 | 1 721 609 | |||
| Equity as at 30 June 2016 | 6 214 380 | 24 606 370 | -66 738 296 | -583 925 | -7 108 180 | -43 609 651 |
EAM Solar ASA is a public limited liability company, incorporated and domiciled in Norway, with registered office at Dronningen 1, NO-0287 Oslo, Norway. The Company was founded the 5 January 2011 and listed on the Oslo Stock Exchange under the ticker EAM in 2013.
The primary business activity of EAM Solar ASA is to own solar PV power plants and sell electricity produced under long-term contracts. EAM is structured to create a steady long-term dividend yield for its shareholders. Following the P31 Acquisition, the main value of EAM Solar ASA is dependant on the future outcome of litigations activities.
EAM Solar ASA currently owns 23 photovoltaic power plants and 11 subsidiaries in Italy. The company has no employees.
Energeia Asset Management AS manages the Company under a long-term management agreement. EAM Solar Park Management AS, a subsidiary of Energeia Asset Management AS, conducts most of the day-to-day operational tasks with own employees and through the use of subcontractors.
This interim condensed consolidated financial statement for the second quarter 2016 has been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements. The 1st quarter report should therefore be read in conjunction with the Group's Annual Report 2015 that was published the 30th of April 2016.
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended the 31st of December 2015. Standards and interpretations as mentioned in the Group's Annual Report 2015 Note 1 and effective from the 1st of January 2015 did not have a significant impact on the Group's consolidated interim financial statements.
For one of the external financing contracts with floating interest there is an interest rate swaps for the full duration of the contact period and for the full amount.
Under normal circumstances the risk for losses is considered to be low, since the main commercial counterparty is GSE, owned by the Ministry of Finance in Italy. The Group has not made any set-off or other derivate agreements to reduce the credit risk in EAM Solar ASA.
EAM Solar ASA group cash balance was EUR 14.4 million at the 30th of June 2016, of which EUR 9.3 million was seized. The seized cash has limited the Company from paying its obligations under the leasing and project financing agreements for the subsidiaries affected by the criminal proceedings in Italy. In the Group accounts the relevant financing has been reclassified as short-term debt since the lack of payment may be viewed as a breach of contact.
The subsidiaries affected by the criminal proceedings have received formal notice of breach of the respective loan agreement following the termination of the FIT contracts by GSE. However, due to the fact that the GSEs termination decision comes as a result of the criminal proceedings that has commenced against directors and individuals related to the sellers of the P31 portfolio, previously financially liable towards the banks, there is a de-facto standstill between the financing banks and EAM.
A complete impairment test was conducted of all power plants owned by EAM in conjunction with the full year 2015 accounts. Following the ruling in the administrative court (TAR) in June 2016 all the 17 affected power plants are now completely written down. In addition an accrual for dismantling and recycling has been recognised.
The main risk of operations in Italy is related to regulatory risk, whereby the contractual counterparty, the Government of Italy, has shown willingness to conduct unilateral and retroactive changes to the commercial electricity sales contracts and also to the operational regulatory regime governing the power plants in Italy.
In the process of applying the Group's accounting policies in according to IFRS, management has made several judgements and estimates. All estimates are assessed to the most probable outcome based on the management's best knowledge. Changes in key assumptions may have significant effect and
Given GSE's termination decision in the 4th quarter of 2015 followed by the ruling in the administrative court in June 2016, and the subsequent write-down of assets and accrual of possible claims, the board and management considers continuously the Company's ability to operate as a going concern for the next 12 months. The going concern consideration is mainly related to the assessment of adequate liquidity to meet the Company's running operational financial obligations.
Given the legal corporate status, having been identified as a victim of criminal contractual fraud by the Prosecutors Office of Milan and Criminal Court of Milan, resulting in significant legal and operational challenges, the board and management is continuously reviewing operations.
It is the judgment by the board and management, all factors considered, that the Company has adequate liquidity for the next 12 months, consequently, that the foundation for "going concern" is present at the end of the 2nd quarter 2016. See also the annual report 2015 published the 30th of April 2016 for further background information.
As a result of the termination decision by GSE, EAM has derecognized all receivables as of year-end 2015 for the SPVs affected by the criminal proceedings. In addition the financial claims for repayment from GSE against the SPVs have been recognized as other short-term debt. The repayment claim amounts have been recognized in full in the accounts although the size of the amount is disputed from our side.
Most of EAM's economic activity (revenues and costs) is in EUR. Some of the cost base and financing are in NOK. The functional currency for the parent company is NOK.
Energeia Asset Management AS is the manager of EAM Solar ASA. Energeia Asset management owns EAM Solar Park Management AS 100%. EAM Solar Park management AS in Norway and Italy employs most of the personnel conducting the technical and administrative services for EAM Solar ASA.
Sundt AS, Canica AS and Bjørgvin AS are large shareholders in EAM Solar ASA. They are also shareholders in Energeia Asset Management, but not involved in the day-to-day operations of Energeia Asset management. They are represented with one director each in the board of directors of Energeia Asset Management AS.
All the transactions have been carried out as part of the ordinary operations and at arms -length prices.
According to a management agreement between the parties, EAM Solar Park Management AS charges the Group for direct costs without any profit margin related to the services provided. In addition to reimbursement of direct cost, EAM Solar Park Management AS shall receive 12.5% of the Groups pre-tax profit as a royalty. The royalty is based on the fact that EAM Solar ASA is developed, created and managed by Energeia Asset Management AS. The royalty structure aligns the interests between the Group and the manager.
In the second quarter 2016 EAM SPM's direct costs of the management of EAM Solar ASA was EUR 350 k, of which EUR 52 k is related to cost of operations, EUR 203 k is related to SG&A and EUR 95 k is cost related to legal and litigation work in conjunction with the P31 Acquisition fraud. No royalty was calculated. The royalty payment has been waived until the legal situation of EAM Solar ASA has found its solution.
Invoices from EAM Solar Park Management AS to some Group subsidiaries has for a period remained unpaid, simultaneously EAM Solar ASA has funded EAM Solar Park Management AS with necessary liquidity on behalf of the subsidiaries creating a receivable. In order to settle outstanding amounts between the parties EAM Solar Park Management AS has in 2015 and 2016 assigned its position as creditor towards the subsidiaries of EAM Solar ASA to EAM Solar ASA and thereby settling the outstanding amount between EAM Solar ASA and EAM Solar Park Management AS, and EAM Solar Park Management and the subsidiaries of EAM Solar ASA.
EAM Solar ASA entered on the 20th of June 2014 into a shortterm acquisition credit facility agreement of NOK 65 million with the largest shareholder in EAM Solar ASA, Sundt AS. The credit facility originally expired on the 10th of December 2014, but has been extended twice thereafter. In March 2015 the parties agreed to convert the short-term facility to a long-term facility with 15 years duration, carrying an all-inclusive interest of 10%. The lending facility is secured against EAM Solar Norway Holding AS, EAM Solar Italy Holding II Srl and the subsidiaries EAM Solar Italy 1 Srl, and EAM Solar Italy 2 Srl.
EAM Solar Group owns and operates twenty-three solar PV power plants at the end of the 2nd quarter 2016. Due to the criminal proceedings affecting 17 of the "P31 portfolio" power plants, EAM has separated the affected power plants and SPVs in a separate segment.
| EAM Solar Italy 1 s.r.l. | H1 2016 | H1 2015 |
|---|---|---|
| Revenues from external customers | 399 258 | 481 854 |
| EBITDA | 271 984 | 348 285 |
| EBIT | 78 891 | 155 226 |
| Non-current assets | 5 129 019 | 5 532 224 |
| EAM Solar Italy 2 s.r.l. | H1 2016 | H1 2015 |
| Revenues from external customers | 798 688 | 963 119 |
| EBITDA | 564 335 | 690 397 |
| EBIT | 170 615 | 296 988 |
| Non-current assets | 10 700 995 | 11 470 496 |
| EAM Solar Italy 3 s.r.l. * | H1 2016 | H1 2015 |
| Revenues from external customers | 255 382 | 359 095 |
| EBITDA | 175 803 | 247 724 |
| EBIT | 61 854 | 111 222 |
| Non-current assets | 0 | 5 070 841 |
| ENS1 & ENFO 25 | H1 2016 | H1 2015 |
| Revenues from external customers | 618 351 | 683 418 |
| EBITDA | 395 800 | 390 444 |
| EBIT | 128 812 | 110 557 |
| Non-current assets | 9 993 902 | 10 496 427 |
| SPV's in criminal proceedings | H1 2016 | H1 2015 |
| Revenues from external customers | 354 204 | 4 143 193 |
| EBITDA | -1 540 033 | 2 853 110 |
| EBIT | -5 816 989 | 1 510 553 |
| Non-current assets | 588 291 | 44 669 379 |
| Other & eliminations | H1 2016 | H1 2015 |
| Revenues from external customers | 379 321 | 0 |
| EBITDA | -279 657 | -376 748 |
| EBIT | -281 784 | -675 931 |
| Non-current assets | -2 180 049 | 8 108 762 |
| Total | H1 2016 | H1 2015 |
| Revenues from external customers | 2 805 204 | 6 630 678 |
| EBITDA | -411 770 | 4 153 212 |
| EBIT | -5 658 602 | 1 508 614 |
| Non-current assets | 24 232 158 | 85 348 129 |
* Sold with financial takeover 1 June 2016
| Financial income | H1 2016 | H1 2015 |
|---|---|---|
| Interest income | 23 778 | 17 828 |
| Foreign exchange gain | 7 486 | 315 052 |
| Other financial income | 92 096 | 0 |
| Total financial income | 123 360 | 332 880 |
| Financial expenses | H1 2016 | H1 2015 |
| Interest expense | -2 235 431 | -1 488 311 |
| Foreign exchange losses | -692 812 | -1 411 790 |
| Other financial expenses | -433 393 | -225 565 |
| Total financial expenses | -3 361 636 | -3 125 666 |
| Net financial income (expenses) | -3 238 276 | -2 792 786 |
The average exchange rate used for H1 2016 was EUR/NOK 9.4229, whereas the exchange rate used at 30.6.2016 was EUR/NOK 9.3008.
| EUR | Q2 2016 | Q1 |
|---|---|---|
| Free cash Norway | 3 352 181 | 3 041 |
| Free cash Italy | 641 793 | 362 238 |
| Restricted cash Italy | 1 002 339 | 938 148 |
| Seized cash Italy | 9 350 507 | 9 350 507 |
| Unused credit facility | 0 | 0 |
| Cash and cash equivalents | 14 346 820 | 10 719 112 |
The group had no credit facilities at the 30th of June 2016.
Of the restricted cash, EUR 682 k is the debt service reserve account of ENS Solar One Srl. EUR 464 k of the seized cash is taken from companies not included in the criminal proceedings. In addition EAM Solar ASA transferred EUR 3,256 million to the accounts of ESGP, ESGI and ESSP on the 15th of July 2014 from Norway that were seized by the Prosecutors office on the 23rd of July 2014.
| Receivables | Q2 2016 | Q1 2016 |
|---|---|---|
| Accounts receivables | 875 923 | 566 961 |
| Unbilled revenue towards GSE | 547 548 | 705 346 |
| Recievable from Aveleos | 11 005 324 | 11 005 324 |
| Other receivables | 915 694 | 995 834 |
| Accounts receivables | 13 344 489 | 13 273 465 |
The substantial amount of the receivable outstanding is towards GSE and the sellers of P31. GSE normally has 60 days payment terms from receiving an invoice. In 2015, GSE introduced a 12 month delayed payment on 10% of expected annual revenues, which increases receivables against GSE.
| 2016 | Solar power plants |
|---|---|
| Carrying value 1 January 2016 | 34 436 689 |
| Additions | 0 |
| Write down | -4 208 237 |
| Depreciation | -1 038 595 |
| Disposals | -5 099 987 |
| Carrying value 30 June 2016 | 24 089 870 |
| 2015 | Solar power plants |
|---|---|
| Carrying value 1 January 2015 | 83 379 490 |
| Additions | 630 403 |
| Write down | -45 392 130 |
| Depreciation | -4 181 074 |
| Carrying value 31 December 2015 | 34 436 689 |
Economic life of 20- 25 years and straight-line depreciation.
EAM Solar ASA has during the quarter sold the company EAM Solar Italy 3 Srl (EAM 3) to Renewable European Italy 2 S.r.l. EAM 3 owns two PV power plants (Momo & Caltignaga) with a combined capacity of approximately 2MW, located in Piemonte.
The sale was conducted against a cash consideration received by EAM on 21st June 2016 of EUR 3,55 million based on the financial takeover date being the 1st of June 2016.
The sale resulted in a recognised loss of EUR 1.5m at group level:
| Property, plant and equipment | 4 948 653 |
|---|---|
| Intangible assets | 51 248 |
| Receivables | 210 484 |
| Cash and short term deposits | 9 123 |
| Trade payables | -37 711 |
| Tax liabilities | -81 810 |
| Net assets sold | 5 099 987 |
| Consideration received | -3 550 000 |
| Accounting loss | 1 549 987 |
The recognised loss in the quarter should be seen in relation to the gain on bargain purchase recognised at the acquisition date in the 3rd quarter 2013 of EUR 2.2 million when EAM invested EUR 3.7 million to acquire the company, and the cash received in the period from September 2013 to May 2016, of approximately EUR 1.3 million.
| EUR | Q2 2016 | Q1 2016 |
|---|---|---|
| Interest bearing debt | 8 195 798 | 7 905 018 |
| Other non current liabilities | 10 864 | 488 748 |
| Obligations under finance leases | 5 988 855 | 6 062 591 |
| Total non-current liabilities | 14 195 517 | 14 456 357 |
| Trade and other payables | 5 971 059 | 3 580 279 |
| Current interest bearing loans | 0 | 0 |
| Current project finance | 15 861 426 | 15 861 426 |
| Current leasing | 26 842 440 | 26 842 440 |
| Other current debt | 200 858 | 234 208 |
| Deferred tax | 430 479 | 191 756 |
| Tax payable | 702 945 | 687 235 |
| Related to ordinary operations | 50 009 207 | 47 397 344 |
| AION Renewables | 0 | 0 |
| Aveleos S.A. | 8 992 770 | 8 992 770 |
| GSE repayment claim | 22 717 868 | 22 717 868 |
| Related to criminal proceedings | 31 710 638 | 31 710 638 |
| Total current liabilities | 81 719 845 | 79 107 982 |
| Total liabilities | 95 915 362 | 93 564 339 |
The leasing and project finance for the SPVs ESGP, ESGI and ESSP of EUR 41 million is classified as current debt due to the fact that interest payments and instalments has not been paid in full by the SPVs since GSE suspended payment of the FIT contract in August 2014. Consequently the SPVs are now in breach of the lending and leasing agreements following the fraud against the companies.
The identified debt is a gross amount before adjustment of the EUR 2.6 million that not has been released under the financing agreements by the banks.
The SPVs are currently in formal debt restructuring governed by the Court of Milan and under creditor protection until the 6th of September 2016. EAM is working together with 5 Commissioners appointed by the Judge in the Bankruptcy Court of Milano to make a corporate restructuring plan to be approved by the court.
EAM Solar Italy Holding Srl and EAM Solar ASA entered into an equity contribution agreement and patronage letter with UBI Leasing and UniCredit in conjunction with the acquisition of ESGP, ESGI and ESSP.
In the outset, the agreements require EAM Solar Italy Holding Srl to inject equity into the SPVs under certain circumstances of breach of the lending agreement.
In the current situation, whereby the transfer of the companies came about as a deliberate fraud conducted by the previous owners, Enovos Luxembourg SA and Avelar Energy Ltd, the transfer also released Enovos and Avelar from their equity contribution obligations against UBI Leasing and UniCredit.
In the legal proceedings EAM has alleged that the main motive behind the contractual fraud conducted was in order for Enovos and Avelar to achieve to be formally released by the financing banks from their debt guarantee obligations, thus avoiding the losses that would come as a consequence of a FIT contract termination decision by GSE.
Consequently, the equity contribution commitments of EAM companies are considered void since this was brought about as a result of a criminal contractual fraud.
The account of the "P31" SPVs recognizes payables to Aveleos S.A. and the bankruptcy estates of the EPC contractor AION Renewables Spa of EUR 11 million.
Although recognized in the accounts, these payable claims are considered void due to the fact that they stems from criminal breach of the EPC contract obligations of AION renewables in conjunction with the contractual obligation to achieve that the power plant achieved the so–called "completion of works" before the end of 2010.
The investigation conducted by the Prosecutors Office in Milan and the criminal proceedings in Milano specifically identifies that the power plants did not achieve to be constructed in time to achieve completion of works before the end of 2010 in accordance with the Conto Energia II Salva Alcoa regulations.
Furthermore, the investigation has identified that the director responsible for issuing the declaration of achievement of completion of works has admitted in the criminal proceedings that he issued the declaration even though the power plants probably not were completed in time in accordance with the regulations.
The payables against Aveleos S.A. is considered invalid due to the fact that the directors of Aveleos S.A. were the responsible party for filing the application to the GSE for the FIT contracts under Conto Energia II, III and IV based on deliberately falsified documentation.
In conjunction with the termination decision of GSE, GSE has issued a claim for repayment of previously paid FIT contract revenues. This claim has been recognized in the annual accounts. However, the gross claim amount recognized in the accounts is disputed from our side.
The basis for the claim is the gross amount of FIT contract payment given to the affected SPVs since they started to receive FIT revenues in 2011 until May 2014. GSE has in addition also directed the same repayment claim directly against the financing banks, UBI Leasing and UniCredit under the argument that they have received revenues directly from GSE under the financing repayment structure, i.e. GSE payment conducted directly to the banks on behalf of the SPVs.
EAM is of the opinion that the repayment claim of payment from GSE, if accepted by the courts, must be adjusted with other revenues received by the State of Italy in conjunction with the construction and operation of the Solar PV power plants. These revenues includes but are not limited to the VAT received by the State of Italy in conjunction with the construction of the power plants, VAT, fees and other tax revenues received in conjunction with the operation of the power plants, revenues received by GSE for the Renewable Energy Certificates achieved form the production of renewable energy in the period from 2011 until year-end 2015.
In addition, the Prosecutors Office in Milan has seized EUR 9,35 million that either must be subtracted from the claim of GSE or returned to the SPVs.
A final point that must be considered by the court in the assessment of the repayment claim from GSE is the fact that GSE received revenues directly from the end-consumers of electricity in Italy in the period 2010 to 2014 for the delivery if renewable energy. In 2015 these revenues has been received directly to the Ministry of Finance after the restructuring of the ownership and payment streams for renewable energy in Italy from the end-consumers. The question to consider is whether GSE already have received revenues for the electricity they purchased from the SPVs in the period 2011 to May 2014 and whether this revenue must be subtracted from their claim.
In conjunction with the financial restructuring of the SPVs under the "Concordato Preventivo" institute, these issues will be presented in front of the Bankruptcy Court of Milan for a ruling.
In conjunction with the termination decision by GSE, EAM has filed for and gotten approved an operational and financial restructuring of the affected SPVs.
The restructuring plan is to be approved by the Bankruptcy Court of Milan, based on the proposal made by EAM and approved by the Commissioners appointed by the court in Milan.
The restructuring plan shall be presented to the Court in Milan no later than the 6th of September 2016, and shall be verified by an appropriate "Independent Certifier".
The main features of the restructuring plan are:
The plan must be accepted by the commissioners and bankruptcy court in order to be carried out, otherwise the company will enter into liquidation.
The following subsidiaries are included in the interim consolidated financial statements.
| Shareholder | ||||||||
|---|---|---|---|---|---|---|---|---|
| Company | Country | Main operation | Ownership | Vote | EBITDA | EBIT | Equity | loans |
| EAM Solar Norway Holding AS | Norway | Holding company | 100% | 100% | -20 029 | -20 029 | 16 163 882 | 157 798 |
| EAM Solar Italy Holding II Srl | Italy | Holding company | 100% | 100% | 253 852 | 253 852 | 6 752 034 | 6 783 499 |
| EAM Solar Italy 1 Srl | Italy | Solar power plant | 100% | 100% | 271 984 | 78 891 | -142 560 | 5 628 405 |
| EAM Solar Italy 2 Srl | Italy | Solar power plant | 100% | 100% | 564 335 | 170 615 | 2 148 484 | 9 232 549 |
| EAM Solar Italy 3 Srl* | Italy | Solar power plant | 100% | 100% | 175 803 | 61 854 | 0 | 0 |
| Ens Solar One s.r.l. | Italy | Solar power plant | 100% | 100% | 290 522 | 81 862 | 2 000 174 | 533 365 |
| Energia Fotovoltaica 25 Soc. Agr. A r.l. | Italy | Solar power plant | 100% | 100% | 105 278 | 46 950 | 343 567 | 2 313 084 |
| EAM Solar Italy Holding Srl | Italy | Holding company | 100% | 100% | -241 218 | -243 345 | 15 183 588 | 21 440 478 |
| Energetic Source Green Power s.r.l. | Italy | Solar power plant | 100% | 100% | -594 987 | -2 265 074 -27 649 248 | 4 613 349 | |
| Energetic Source Green Investment s.r.l. | Italy | Solar power plant | 100% | 100% | -298 985 | -1 031 723 -13 956 454 | 1 807 700 | |
| Energetic Source Solar Production s.r.l. | Italy | Solar power plant | 100% | 100% | -405 978 | -1 876 842 -22 052 552 | 2 154 005 | |
| Aveleos Green Investment s.r.l. | Italy | Solar power plant | 100% | 100% | -132 171 | -330 385 | -3 291 238 | 1 351 261 |
| Energia Fotovoltaica 14 Soc. Agr. A r.l. | Italy | Solar power plant | 100% | 100% | -107 912 | -312 965 | -3 338 624 | 2 894 353 |
* Sold with financial takeover 1 June 2016
| EAM Solar | EAM Solar | EAM Solar | EAM Solar | ENS1 & | Criminal | Other & | |
|---|---|---|---|---|---|---|---|
| EUR | Group | Italy 1 | Italy 2 | Italy 3 | ENFO25 | proceedings | Eliminations |
| Revenues | 2 805 204 | 399 258 | 798 688 | 255 382 | 618 351 | 354 204 | 379 321 |
| Cost of operations | -774 468 | -77 439 | -147 831 | -67 391 | -99 204 | -402 964 | 20 361 |
| Land rent | -168 106 | -17 611 | -36 824 | 0 | -3 846 | -109 825 | 0 |
| Insurance | -117 977 | -8 760 | -32 070 | -4 623 | -14 607 | -51 437 | -6 480 |
| Operation & Maintenance | -368 409 | -47 670 | -74 015 | -57 430 | -51 840 | -164 295 | 26 841 |
| Other operations costs | -119 976 | -3 398 | -4 922 | -5 338 | -28 911 | -77 407 | 0 |
| Sales, General & Administration | -976 235 | -49 835 | -75 598 | -12 169 | -120 888 | -805 188 | 87 443 |
| Accounting, audit & legal fees | -234 239 | -9 832 | -13 656 | -13 325 | -30 766 | -6 628 | -160 032 |
| IMU tax | -215 698 | -1 385 | -141 | 8 130 | -4 773 | -217 529 | 0 |
| EAM SPM adm costs | -385 231 | -37 475 | -58 720 | -5 314 | -50 077 | -242 631 | 8 987 |
| Other administrative costs | -141 067 | -1 143 | -3 081 | -1 660 | -35 272 | -338 400 | 238 489 |
| Acquisition & financing cost | -1 466 272 | 0 | -10 924 | -19 | -2 460 | -686 086 | -766 783 |
| Legal costs | -840 139 | 0 | 0 | 0 | -5 000 | -104 676 | -730 463 |
| Other non-recurring items | -626 133 | 0 | -10 924 | -19 | 2 540 | -581 410 | -36 320 |
| EBITDA | -411 770 | 271 984 | 564 335 | 175 803 | 395 800 | -1 540 033 | -279 657 |
* Sold with financial takeover 1 June 2016
None.
| Reported production (MWh) | 2012 | 2013 | 2014 | 2015 YTD'16 | Q1'14 | Q2'14 | Q3'14 | Q4'14 | Q1'15 | Q2'15 | Q3'15 | Q4'15 | Q1'16 | Q2'16 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EAM Solar Italy 1 Srl | 2 571 | 2 315 | 2 219 | 2 488 | 376 | 374 | 801 | 710 | 334 | 460 | 841 | 832 | 355 | 376 | 745 |
| EAM Solar Italy 2 Srl | 5 237 | 4 806 | 4 565 | 4 138 | 742 | 754 | 1 616 | 1 502 | 693 | 933 | 1 275 | 1 195 | 735 | 742 | 1 449 |
| EAM Solar Italy 3 Srl* | 326 | 2 160 | 2 482 | 431 | 404 | 881 | 603 | 271 | 438 | 858 | 816 | 370 | 431 | 507 | |
| Ens Solar One srl | 1 882 | 4 305 | 749 | 1 115 | 767 | 797 | 1 377 | 1 349 | 781 | 749 | 1 234 | ||||
| Energia Fotovaltaica 25 | 611 | 1 395 | 268 | 357 | 254 | 251 | 443 | 417 | 284 | 268 | 428 | ||||
| MWh | 7 808 | 7 447 | 11 436 | 14 808 | 2 566 | 1 533 | 3 298 | 4 287 | 2 318 | 2 879 | 4 794 | 4 610 | 2 526 | 2 566 | 4 363 |
| Companies affected by criminal proceedings | |||||||||||||||
| Energetic Source Green Power | 4 236 | 9 692 | 1 782 | 2 505 | 1 732 | 1 679 | 3 175 | 2 967 | 1 870 | 1 782 | 2 258 | ||||
| Energetic Source Green Investments | 1 824 | 3 892 | 761 | 1 072 | 752 | 731 | 1 253 | 1 184 | 725 | 761 | 992 | ||||
| Energetic Source Solar Production | 2 930 | 6 584 | 980 | 1 750 | 1 180 | 1 220 | 2 191 | 2 021 | 1 151 | 980 | 1 520 | ||||
| Aveleos Green Investment | 597 | 1 380 | 142 | 351 | 246 | 255 | 457 | 443 | 225 | 142 | 291 | ||||
| Energia Fotovaltaica 14 | 609 | 1 417 | 243 | 344 | 265 | 262 | 456 | 430 | 269 | 243 | 228 | ||||
| MWh | 0 | 0 | 10 196 | 22 964 | 3 908 | 0 | 0 | 6 022 | 4 174 | 4 147 | 7 531 | 7 045 | 4 241 | 3 908 | 5 289 |
| Total reported MWh | 7 808 | 7 447 | 21 632 | 37 772 | 6 474 | 1 533 | 3 298 10 309 | 6 493 | 7 026 12 325 11 655 | 6 766 | 6 474 | 9 652 |
| Actual production | 2012 | 2013 | 2014 | 2015 YTD'16 | Q1'14 | Q2'14 | Q3'14 | Q4'14 | Q1'15 | Q2'15 | Q3'15 | Q4'15 | Q1'16 | Q2'16 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Varmo | 2 571 | 2 315 | 2 219 | 2 488 | 376 | 374 | 801 | 710 | 334 | 460 | 841 | 832 | 355 | 376 | 745 |
| Codroipo | 5 237 | 4 806 | 4 565 | 4 138 | 742 | 754 | 1 616 | 1 502 | 693 | 933 | 1 275 | 1 195 | 735 | 742 | 1 449 |
| Momo* | 1 219 | 990 | 1 234 | 226 | 198 | 451 | 214 | 127 | 213 | 425 | 410 | 186 | 226 | 258 | |
| Caltignaga* | 1 160 | 1 170 | 1 248 | 205 | 207 | 430 | 389 | 144 | 225 | 433 | 406 | 184 | 205 | 249 | |
| Lorusso | 1 407 | 1 378 | 1 420 | 234 | 274 | 421 | 444 | 238 | 250 | 470 | 443 | 258 | 234 | 380 | |
| Brundesini | 1 393 | 1 427 | 1 461 | 255 | 286 | 419 | 455 | 267 | 277 | 472 | 456 | 256 | 255 | 416 | |
| Scardino | 1 352 | 1 424 | 1 424 | 259 | 286 | 426 | 451 | 261 | 270 | 436 | 450 | 268 | 259 | 437 | |
| Enfo 25 | 1 339 | 1 367 | 1 395 | 268 | 267 | 413 | 432 | 254 | 251 | 443 | 417 | 284 | 268 | 428 | |
| MWh | 7 808 | 14 992 | 14 537 | 14 808 | 2 566 | 2 646 | 4 977 | 4 597 | 2 318 | 2 879 | 4 794 | 4 610 | 2 526 | 2 566 | 4 363 |
| Power plants affected by criminal proceedings and permanently shut down as of the 18th of June 2016 | |||||||||||||||
| Selvaggi | 1 347 | 1 384 | 1 303 | 261 | 277 | 420 | 438 | 249 | 174 | 444 | 417 | 269 | 261 | 325 | |
| Di Mauro | 1 322 | 1 382 | 1 417 | 255 | 274 | 413 | 440 | 254 | 260 | 464 | 423 | 270 | 255 | 354 | |
| Ninivaggi | 1 312 | 1 384 | 1 400 | 256 | 274 | 423 | 434 | 253 | 243 | 444 | 440 | 273 | 256 | 358 | |
| Lomurno | 1 356 | 1 348 | 1 382 | 259 | 270 | 410 | 426 | 242 | 250 | 453 | 421 | 258 | 259 | 341 | |
| Giordano D. | 1 330 | 1 387 | 1 412 | 242 | 280 | 419 | 441 | 247 | 239 | 472 | 436 | 265 | 242 | 350 | |
| Gagnazzi | 1 374 | 1 364 | 1 416 | 244 | 276 | 412 | 430 | 246 | 259 | 459 | 430 | 267 | 244 | 177 | |
| Gentile | 1 258 | 1 334 | 1 361 | 265 | 260 | 411 | 423 | 240 | 254 | 438 | 400 | 269 | 265 | 354 | |
| Lorusso | 1 278 | 1 300 | 1 264 | 241 | 267 | 403 | 401 | 229 | 198 | 434 | 427 | 204 | 241 | 331 | |
| Cirasole | 1 367 | 1 461 | 1 217 | 253 | 292 | 441 | 462 | 267 | 271 | 369 | 320 | 258 | 253 | 323 | |
| Scaltrito | 1 335 | 1 373 | 1 411 | 267 | 278 | 405 | 435 | 256 | 262 | 449 | 436 | 263 | 267 | 338 | |
| Pasculli | 1 395 | 1 398 | 1 375 | 244 | 283 | 412 | 448 | 255 | 252 | 459 | 415 | 249 | 244 | 305 | |
| Pisicoli N. | 1 469 | 1 396 | 1 427 | 266 | 275 | 424 | 449 | 248 | 257 | 467 | 437 | 266 | 266 | 363 | |
| Pisicoli T. | 1 327 | 1 369 | 1 318 | 143 | 272 | 414 | 439 | 244 | 248 | 446 | 433 | 191 | 143 | 310 | |
| Marulli | 934 | 1 022 | 1 045 | 203 | 197 | 312 | 330 | 183 | 194 | 348 | 326 | 177 | 203 | 268 | |
| Antonacci | 1 310 | 1 418 | 1 419 | 124 | 285 | 430 | 454 | 249 | 269 | 471 | 410 | 269 | 124 | 273 | |
| Piangevino | 1 183 | 1 358 | 1 380 | 142 | 273 | 415 | 425 | 246 | 255 | 457 | 443 | 225 | 142 | 291 | |
| Enfo 14 | 1 313 | 1 377 | 1 417 | 243 | 280 | 415 | 417 | 265 | 262 | 456 | 430 | 269 | 243 | 228 | |
| MWh | 0 | 22 207 | 23 055 | 22 964 | 3 908 | 4 613 | 6 978 | 7 290 | 4 174 | 4 147 | 7 531 | 7 045 | 4 241 | 3 908 | 5 289 |
| Total produced MWh | 7 808 | 37 199 | 37 593 | 37 772 | 6 474 | 7 258 11 955 11 886 | 6 493 | 7 026 12 325 11 655 | 6 766 | 6 474 | 9 652 |
(Some power plants have the historical production adjusted based on revised data)
EAM Solar ASA Dronningen 1 NO-0287 Oslo NORWAY
Phone: +47 2411 5716 E-mail: [email protected] www.eamsolar.no
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