EAM Solar — Investor Presentation 2019

Aug 14, 2019

EAM SOLAR ASA Q2 2019

14 August 2019

• 1. Power production
• 2.H1'2019 P&L
• 1. Legal status update

4.Q&A

• Weak production in April and May, however, highest June production recorded since 2012.
• Production of 6,717 MWh in first half, 0,4% above budget.
• Electricity sales revenue H1 2019 of EUR 2,15m, 3% below budget.
• Average market price of electricity of EUR 51 per MWh, below the level seen in same period last year.

H1 2019 P&L

• Revenues slightly higher y-o-y due to higher power production.
• Positive EBITDA including litigation costs.
• Total costs of operations, SG&A and litigation slightly above budget first half with EUR 19k.

Key figures
EUR 000'	Unaudited Q2 2019	Unaudited Q2 2018	Unaudited H1 2019	Unaudited H1 2018	Audited 2018
Revenues	1208	1410	2154	2064	4 305
Cost of operations	(8€)	(209)	(229)	(358)	(era)
Sales, general and administration expenses	(444)	(378)	(801)	(724)	(1 439)
Legal costs	(195)	(822)	(471)	(1 245)	(1 534)
EBITDA	483		ee3	(263)	674
Depreciation, amortizations and write downs	(501)	(466)	(967)	(932)	(1 864)
EBIT	(18)	(466)	(314)	(1 таә)	(1 190)
Net financial items	(Tee)	(241)	(841)	(810)	(ents)
Profit before tax	(183)	(707)	(1 155)	(2 005)	(1 806)
Income tax gain/(expense)	(51)	(45)	(109)	(89)	(354)
Net income	(234)	(752)	(1 264)	(2095)	(2 160)
Earnings per share (fully diluted):	(0.03)	(0.11)	(0.18)	(0.31)	(0.32)
Distribution to shareholders per share
Dividend yield	0.0%	0.0%	0.09%	0.096	0.0%
Million no. of shares (fully diluted)	6.85	6.85	6.85	6.85	6.85
EBITDA adjusted	673	822	1124	982	2 208

Reference is given to the Q2'2019 report

Legal status update will be given orally on the following topics:

• 1. Arbitration decision appeal to the Civil Appeal Court of Milan
• 1. Criminal Court of Milano ruling
• 1. Civil complaint Luxembourg
• 1. UBI Leasing process
• 1. Comment on claims from Aveleos under the SPA and associated agreements