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EAM Solar ASA : 1st quarter 2014 report

EAM: 1stquarter 2014 report30thof April 2014

EAM Solar ASA has released the 1stquarter 2014 financial report and the
highlights are;

EAM Solar ASA took important strategic steps during the first three months of
2014. The company is close to finalise the P31 transaction at improved terms.
Operations have been in line with expectations, and a dividend of EUR 0.36
(NOK 3) is to be paid in May.

* P31 expected to close near term, yet delayed due to final negotiations,
which will reduce the total risk for EAM. The share purchase agreement will
be amended and EAM will under certain conditions have the right to sell
back some of the power plants and thus lower the portfolio risk.

* Equity issue of EUR 26,3m (NOK 220m) at an issue price of EUR 5,2 (NOK 80)
per share concluded in January. The equity issue and credit facility of EUR
6m secures financing of the P31 acquisition.

* Q1 power production of 1.5 GWh, 8% lower than seasonal average. Momo and
Caltignaga 15% above normal in the quarter while Varmo and Codroipo 14%
below normal in the quarter

* Reported EBITDA in the quarter was negative with EUR 342k, adjusted for
equity issue cost and due diligence cost on P31, EBITDA was positive with
EUR 216k.

* 1st quarter 2014 dividend payment of EUR 0.36 (NOK 3) per share decided in
accordance with Company bylaws, to be distributed to shareholders in week
20, 2014. Share will trade ex dividend from Monday 12th of May. Full year
2014 dividend distribution based on the P31 acquisition is expected between
EUR 0,84 to 1,2 per share (NOK 7 to 10) to be paid on a quarterly basis.

See enclosed 1stquarter financial report for further details.

For further information, please contact:

Viktor E Jakobsen, Executive Director, phone +47 9161 1006,viktor@eamsolar.no

Audun W. Iversen, CEO, phone +47 9161 6250,audun@eamsolar.no

About EAM Solar:

EAM Solar ASA is a utility company that acquires and operates solar power
plants. The Company currently owns four solar PV power plants in Italy. The
plants are operating under long-term sales contracts. EAM Solar acquires
power plants that are commissioned, connected to the grid and in power
production at the time of financial close with the geographical focus on

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Q1 2014 Financial Report
EAM OSE notice Q1 2014


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: EAM Solar ASA via Globenewswire


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