Highlights Q1 2024 EBITDA for the quarter was minusEUR 3 thousand . Adjusted for legal costs the EBITDA wasEUR 39 thousand for the quarter, equivalent to an adjusted EBITDA margin of 18.6 per cent. Cost of operations and SG&A wereEUR 58 thousand andEUR 114 thousand for the quarter. Legal costs wereEUR 42 thousand in the quarter. InJuly 2023 , Section V of theCriminal 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 on30 November 2023 . A final hearing was conducted16 May 2024 . The Court of Appeal has stated its intention to render its judgement in the case on13 June 2024 . The Milan Chamber of Arbitration's issued their decision in the arbitration betweenEAM Solar ASA andAveleos SA on29 February 2024 . The arbitration court conclusion was a net amount in favour of EAM of approximatelyEUR 2.7 million after interest is applied. The arbitration decision may be appealed until the18 June 2024 . On 21 May Energeia AS issued a notice of termination of the management agreement ofEAM Solar ASA . The termination period is 12 months. During this periodEnergeia AS will conduct the management tasks as defined by the prevailing management agreement and assist the Board ofEAM Solar ASA in the establishment of a self-sufficient organisation. For further information, please contact: Viktor E Jakobsen, Chairman, phone +47 9161 1009, viktor@eam.no AboutEAM Solar ASA :EAM Solar ASA is a utility company that acquires and operates solar power plants. The Company currently owns solar PV power plants inItaly . The plants are operating under long-term sales contracts. In addition, the Company's business is lawsuits in relation acquisition of solar power plants. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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