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"value": "Note 1 General informationCorporate informationCloudberry Clean Energy ASA (\u201cthe Company\u201d), its subsidiaries and investments in associated compa-nies and joint ventures (\u201cthe Group\u201d or \u201cCloudberry\u201d) is a Nordic renewable power producer, operator and developer. The Company has an integrated business model across the life cycle of hydro- and wind power plants including project development, financing, construction (normally outsourced), ownership, management and operations.Cloudberry Clean Energy ASA is incorporated and domiciled in Norway. The address of its registered office is Fr\u00f8yas gate 15, NO-0273 Oslo, Norway. Cloudberry Clean Energy ASA was established on 10 November 2017. The Company is listed on Oslo Stock Exchange main list (ticker: CLOUD).",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__7__5": {
"value": "Note 1 General informationCorporate informationCloudberry Clean Energy ASA (\u201cthe Company\u201d), its subsidiaries and investments in associated compa-nies and joint ventures (\u201cthe Group\u201d or \u201cCloudberry\u201d) is a Nordic renewable power producer, operator and developer. The Company has an integrated business model across the life cycle of hydro- and wind power plants including project development, financing, construction (normally outsourced), ownership, management and operations.Cloudberry Clean Energy ASA is incorporated and domiciled in Norway. The address of its registered office is Fr\u00f8yas gate 15, NO-0273 Oslo, Norway. Cloudberry Clean Energy ASA was established on 10 November 2017. The Company is listed on Oslo Stock Exchange main list (ticker: CLOUD).Note 2 General accounting policies and principlesBasis for preparationThe Group\u2019s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations from International Financial Reporting Interpretations Committee (IFRIC) as adopted by the EU.Presentation and classification of items in the finan-cial statements is consistent for the periods pre-sented. Application of the accounting policies by the subsidiaries has been changed where necessary to ensure consistency with Group accounting policies. The Group\u2019s consolidated financial statement is prepared on a going concern basis. When assessing this assumption, management has assessed all available information about the future. This com-prises information about net cash flows from existing operations, debt service and obligations. After mak-ing this assessment, management has a reasonable expectation that the Group has adequate resources to continue its operational existence for the foresee-able future. These consolidated financial statements for the full year 2022 have been approved for issuance by the Board of Directors on 23 March 2023 and are subject to approval by the Annual General Meeting on 27 April 2023.Basis for measurementThe consolidated financial statements have been prepared on a historical cost basis, except for cer-tain financial instruments and derivatives, that are recognised at fair value. Historical cost is generally based on the fair value of the consideration given when acquiring assets and services. Classification as current/non-currentThe Group presents assets and liabilities in the state-ment of financial position based on current/non-cur-rent classification. An asset is current when it is: \u00b7 Held primarily for the purpose of trading \u00b7 Expected to be realised within twelve months after the reporting period, or \u00b7 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting periodAll other assets are classified as non-current. A liability is current when: \u00b7 It is expected to be settled in normal operating cycle \u00b7 It is held primarily for trading \u00b7 It is due to be settled within twelve months after the reporting period, or \u00b7 There is no unconditional right to defer the settle-ment of the liability for at least twelve months after the reporting periodThe Group classifies all other liabilities as non-current.Deferred tax assets and liabilities are classified as non-current. Basis and principles for consolidationThe consolidated financial statements comprise the financial statements of the parent company Cloudberry Clean Energy ASA and its subsidiaries, see note 28.SubsidiariesSubsidiaries are all entities (including structured enti-ties) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. Subsidiaries are no longer consolidated from the date when control ceases. The financial statements of the subsidiaries are prepared for the same reporting periods as the parent company. Consistent accounting policies are applied.Profits and losses resulting from intercompany trans-actions have been eliminated, as well as unrealised gains on transactions between group companies. Unrealised losses are eliminated unless the trans-action provides evidence of an impairment of the transferred assets.Upon purchase of projects, the management assess whether the purchase constitute purchase of an asset or purchase of a business in accordance with IFRS 3.Transactions with non-controlling interests Non-controlling interests in subsidiaries are pre-sented within equity separately from the equity attributable to the owners of the parent. Non-controlling interests consist of fair value of those interests at the date of the business combination, and the non-controlling interests\u2019 share of changes in equity since the date of the business combina-tion. When acquiring shares from a non-controlling interest the difference between the consideration and the shares proportionate value of recognized net assets in the subsidiary as correction of equity in the parent company owners. A change in ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. Consideration in excess of, or lower than, the carrying amount of non-controlling interests is recognised against the equity attribut-able to the owners of the parent. If the Group loses control over a subsidiary, it derecognises the assets, liabilities and non-controlling interest, and reclassi-fies to profit or loss, or transfers directly to retained earnings as appropriate, the amounts recognised in other comprehensive income in relation to the subsidiary. Any investment retained at the date when control is lost is measured at fair value and a gain/loss is recognised.Foreign currency translationFunctional and presentation currencyThe functional currency of the companies in the Group is determined based on the nature of the primary economic environment in which the company oper-ates. The functional currency of the parent company Cloudberry Clean Energy ASA and the presentation currency of the Group is Norwegian kroner (NOK). Transactions in foreign currencies are initially recorded by the Group\u2019s entities at their respective functional currency spot rates at the date the trans-action first qualifies for recognition.Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognised in profit or loss.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.The Group has foreign entities with functional cur-rency other than NOK. At the reporting date, assets and liabilities of foreign entities with functional currencies other than NOK, are translated into NOK at the rate of exchange prevailing at the reporting date and their income statements are translated at annual average exchange rates. The exchange differences arising on translation for consolidation are recognised in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in profit or loss.Principles of cash flow statementThe cash flow statement has been prepared using the indirect method.Operating activities: changes in working capital comprise of current interest-free receivables and current interest-free liabilities. Effects related to capital expenditures, inventory investments, unreal-ised changes or reclassifications are not included in changes in working capital.Investing activities: acquisition/divestment of shares includes cash and cash equivalents in the investee that are recognised/divested at the transaction date. Hence, this is presented net together with the cash consideration paid or received. Capitalized costs related to project inventory is presented together with project investments. Financing activities: interest payments from interest rate derivatives, which are used to manage the Group\u2019s debt portfolio, are presented as a part of interests paid. Note 3 Key accounting estimates and judgementsThe preparation of financial statements in conform-ity with IFRS requires the use of certain accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies and reported amounts of assets and liabilities, income and expenses.The Group management base its estimates on historical experience, current trends and other various assumptions that are believed to be relevant at the time the consolidated financial statements are prepared.Significant estimates - long term price forecast for power One of the critical assumptions used by manage-ment in making business decisions is the long-term price forecast for power and the related market developments. The assumption is also critical input for management related to financial statement processes such as: \u00b7 Allocation of fair value in business combination note 5 \u00b7 Impairment testing note 19Management use Volue, and their base case for long term power price forecasts. Volue is an external source of information which ensures an unbiased estimate. Management review and update the fore-cast continuously, based on market development. Significant judgement Due to the Group\u2019s business activities, management must apply judgement in determining the appropri-ate accounting policies in many areas, and for some the application of the Groups accounting may have a material impact on the accounting treatment in the financial statements. Significant judgement includes areas such as: \u00b7 Assessment of business combination or asset acquisition note 5 and 16 \u00b7 Assessments related to share-based payments note 12 \u00b7 Classification of developing projects note 16 and 18 \u00b7 Assessment of impairment indicators note 19Note 4 Business segmentsAccounting principle An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses. The Company has defined that the Board of Directors is the chief operating decision maker. Business segments are reported in a manner consistent with how the Group internally follows up the business. The Group\u2019s segment financials are reported on a proportionate basis. This is con-sistent with how the internal financial reporting to the Group\u2019s chief operating decision maker is. The business segments are determined based on the differences in the nature of their operations.Management provides this because these measures are used internally for key performance measures (KPIs) and financial risk assessments. These meas-ures represent the most important KPI\u2019s to support decision making for achieving the Group\u2019s strategic goals. The main performance indicator for segment reporting is EBITDA. The key differences between the proportionate and the consolidated IFRS financials are that all entities are included with the respective ownership share in each accounting line by the Group. Associated com-panies and joint ventures are included in the finan-cial accounting lines, the profit or loss statement and share of assets and net debt, using the respective proportionate ownership share. While in the consol-idated financials associated companies and joint ventures are consolidated with the equity method. Subsidiaries that have non-controlling interests are in the proportionate reporting presented with only the Group\u2019s ownership share, while in the consolidated financials they are included with 100%. The Group reports its operations in four business segments; Production, an active owner of renewable power assets in the Nordics; Development, a green-field developer both onshore and off-shore with a long history of organic, in-house developments of wind and hydropower assets in Norway and Sweden; Operations, an asset manager and operator of renewable power assets, that also delivers industrial digital solutions, and a cost efficient Corporate seg-ment ensure management tasks for the Group like financing, marketing, reporting and other corporate activities.Proportionate financials are further defined and described in the APM section of this report. ProductionThe Production segment owns long-term yield hydro and wind assets in Norway and Sweden. Revenues come mostly from power production sold on a continuous basis through bilateral agreements or through the spot market, Nordpool. Production is also the local manager and delivers management services to the portfolio of power plants owned by Forte Energy Norway AS, see note 20, Investments in associated companies and joint ventures. DevelopmentThe Development segment has a significant onshore and offshore development portfolio with renewable assets in Sweden and Norway. Development is responsible for development of hydro and wind power assets from early stage until the projects receive construction permits. Cloudberry has ongoing dialogue with landowners, municipalities and grid companies to clarify oppor-tunities for new wind power projects. Operations (Captiva) The Operations segment includes the activities organized in the Captiva Group. Captiva is an asset manager and operator of wind and hydro assets in the Nordics with more than 15 years of history. Cloudberry is currently a 60% owner of Captiva with the option to purchase 100% of the business by 2025 (the remaining 40% is owned by the previous sellers). Captiva has organized its business into manage-ment services and digital solutions.CorporateCorporate consists of the activities of corporate services, management, and group finance. The corporate management aims to remain a cost-ef-fective, agile and dynamic team. By year end, there were seven employees in the corporate segment.Proportionate financialsThe table shows the segment reporting for 2022 (with reconciliation to reported Group consolidated IFRS) and with comparable figures for 2021 in lower table: Residual FY 2022Elimination ownership Total Group of equity consoli-Total Develop-Proportio-elimi-accounted dated Consoli-NOK million Productionment Operations Corporatenate nationsentitiesentitiesdatedTotal revenue 402 207 38 - 646 (218) (254) 43 217Operating expenses (139) (30) (33) (63) (265) 25 94 (40) (186)Net income/(loss) from - - - - - - 120 - 120associated companies and JV\u2019sEBITDA 262 177 4 (63) 381 (193) (40) 3 151Depreciation and amortisation (38) - (6) (3) (48) - 18 (5) (35)Operating profit (EBIT) 224 177 (2) (66) 333 (193) (22) (2) 116Net financial items (19) (9) - 43 15 - (10) 2 6Profit/(loss) before tax 204 168 (2) (22) 348 (193) (33) - 122Total assets 3 132 381 179 2 178 5 870 (695) (595) 23 4 603Interest bearing debt 865 55 6 - 926 - (591) 4 339Cash (131) (21) 34 1 704 1 587 - (122) 73 1 538Net interest bearing debt (NIBD) 996 76 (28) (1 704) (661) - (469) (69) (1 200)Residual FY 2021Elimination ownership Total Group of equity consoli-Total Develop-Proportio-elimi-accounted dated Consoli-NOK million Productionment Operations Corporatenate nationsentitiesentitiesdatedTotal revenue 77 6 - - 83 - (42) - 41Operating expenses (34) (35) - (38) (107) - 18 - (89)Net income/(loss) from - - - - - - 16 - 16associated companies and JV\u2019sEBITDA 43 (30) - (38) (25) - (7) - (32)Depreciation and amortisation (18) - - (1) (19) - 10 - (10)Operating profit (EBIT) 25 (30) - (39) (44) - 3 - (41)Net financial items (8) (3) - (3) (14) - (8) - (22)Profit/(loss) before tax 17 (33) - (42) (58) - (5) - (64)Total assets 2 065 308 - 1 443 3 815 (110) (587) - 3 118Interest bearing debt 826 - - - 826 - (522) - 304Cash 11 (59) - 1 330 1 282 - (167) - 1 115Net interest bearing debt (NIBD) 816 59 - (1 330) (456) - (355) - (811)Please refer to note 11 sales revenues and other income for information about external sales revenue per product and services and information about geographical area. Please refer to the section Alternative Performance Measure for definitions and further details about reconciliations between the Group IFRS reported figures and proportionate segment reporting. Note 5 Business combinationsAccounting principle Business combinations are accounted for using the acquisition method. The acquisition cost is meas-ured at fair value of the consideration transferred at the acquisition date. The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The acquisition date is the date when control is transferred to the Group, acquired businesses are included in the financial statements from the trans-action date. Comparable figures are not adjusted for acquired, sold, or liquidated businesses. When the Group acquires a business, a purchase price allocation is carried out, and assets and liabilities are valued at fair value at the time of the acquisition. If the acquisition cost (including any non-controlling interests) exceeds the fair value of identifiable net assets acquired, this is recognised as goodwill. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acqui-sition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.In accordance with IFRS 3, the estimation of fair value and goodwill may be adjusted up to 12 months after the takeover date if new information has emerged about the facts and circumstances that existed at the time of takeover. Acquisition related costs, except costs related to issue of debt or equity securities, are booked to operating expenses. Estimates and judgements Significant management judgement is required in the assessment of a business combination. This includes determining if an acquisition is a business combination or an asset acquisition, determining an acquiring part and determining the allocation of fair value of assets and liabilities acquired. A specific assessment is made for each acquisition to decide weather it is a business combination or an asset acquisition. If regarded as a business combi-nation IFRS 3 Business combinations will be applied, while if an asset, it will be either IAS 2 inventory, IAS 38 Intangible assets or IAS 16 Property plant and equipment that will be applied. The latter relates to the type of assets being acquired.For acquisitions that consist of a single development project, single power plant ready to construct or assets that do not have any clearly defined input or output, the acquisition will often be accounted for as an asset acquisition. Acquisitions that consist of pro-ducing assets, projects organized with key employ-ees, business processes in place and defined inputs and outputs from the processes, the acquisition will often be accounted for as business combination. However, the specific assessment will be needed to conclude on the treatment for each acquisition.The purchase price allocation is by nature judge-mental as it includes allocation of the purchase price to the underlying assets and liabilities on their underlying estimated fair value. Significant manage-ment judgement is applied about valuation method, estimates and assumptions. There is an inherent uncertainty related to managements estimates of significant assumptions such as discount rate, cash flow estimates and useful life which impact the split of the allocated fair value of the estimates. Business combinations in 2022Acquisition OperationsAcquisition of 60% of Captiva Digital Services AS \u201cThe Captiva Group\u201dOn 7 January 2022 Cloudberry Clean Energy ASA entered a share purchase agreement for the acqui-sition of 60% of the shares in Captiva Digital Services AS from Captiva Capital Partner AS.Captiva Digital Services AS with subsidiaries \u201cThe Captiva Group\u201d is a data-driven operator, manager and developer of renewable energy in the Nordics. The Captiva Group comprise of the following busi-ness areas with respective subsidiaries and associ-ated companies:Captiva Asset Management AS with subsidiaries, delivers management services within operations and maintenance, development and construction, technical and commercial, and finance and accounting services to renewable energy projects in the Nordics. Captiva Digital Solutions AS with subsidiaries, deliv-ers digital services to renewable energy projects with operational intelligence, visualization, compliance and reporting solutions. Kraftanmelding AS, operates as a power trade agent and delivers services related to power trade on behalf of power producers. Captiva Energi AS with subsidiaries, delivers devel-opment projects within renewable hydro energy. Captiva Energi has realized 11 hydro projects over the past 5 years. The Captiva Group represented a new business segment for the Group, \u201cOperations\u201d, established in 2022. The agreed enterprise value was NOK 160 million on a cash and debt free basis, taken into account normalized working capital (100% basis). At completion the Company has paid a preliminary purchase price of NOK 101m. 50% of the prelimi-nary purchase price was settled with Cloudberry shares, this was 3.484.041 shares of par value NOK 0.25 and a fair value of NOK 14.50 per share (share capital increase with NOK 0.87m). The remaining 50% was settled by cash payment of NOK 50.5m. The purchase price was subject to adjustments after audited completion accounts, the settlement amounted to NOK 0 million. Net acquired assets is in the completion accounts NOK 37.3 million (based on 100%, including non-controlling interests). The transaction is accounted as a business combination and the Captiva Group was consolidated in the Group accounts from 7 January 2022. Cloudberry is currently a 60% owner of Captiva with a call option to purchase the remaining share up to 100% of the business by 2025 at fixed terms (the remaining 40% is owned by the previous sellers).Acquisition of 26% of Enestor AS On June 1 Captiva Asset Management AS called an option to acquire further 26% of the shares in Enestor AS bringing the ownership to a total of 51%. The acquisition price was fixed at NOK 4.6m and paid in cash. The transaction is accounted as a business combination and Enestor was consolidated in the Group accounts from 1 June 2022. Acquisition Production Acquisition of 100% of Tinnkraft ASOn 1 February 2022 Cloudberry Production AS completed the acquisition of 100% of the shares in Tinnkraft AS, \u201cTinnkraft\u201d. Tinnkraft is a producing hydro power plant located in Tinn municipality, in the attractive NO 2 price area. The annual average power production is 6.3 GWh. The total purchase price was NOK 27.7m and was paid with cash settlement. The transaction is accounted as a business combination as Tinnkraft is a producing powerplant and established business. Tinnkraft was consolidated in the Group accounts from 1 February 2022. Acquisition of 100% of B\u00f8en Kraft ASOn 9 June 2022, Cloudberry Production AS com-pleted the acquisition of 100% of the shares of B\u00f8en Kraft AS \u201cB\u00f8en Kraft\u201d. B\u00f8en Kraft consists of two hydro power plants \u201cB\u00f8en 1\u201d and \u201cB\u00f8en 2\u201d, which both are producing hydro power plants located in Hjelmeland Municipality in Rogaland County and have an expected annual production (normalized) of total 17 GWh. The plants are in NO2 price area. In addition to the operating plants, a third license application is under prepararation, \u201cB\u00f8en 3\u201d will if approved be built with a dam adding also flexibility to \u201cB\u00f8en 1\u201d and \u201cB\u00f8en 2\u201d. \u201cB\u00f8en 3\u201d is planned with expected annual production of 5 GWh. The total purchase price was NOK 102m, of which NOK 85m was paid in cash and NOK 16m was settled with Cloudberry shares, this was 935.020 shares of par value NOK 0.25 and a fair value of NOK 17.32 per share (share capital increase with NOK 0.234m).The acquisition is accounted as a business com-bination as B\u00f8en Kraft consists of two producing power plants and is an established business. B\u00f8en Kraft was consolidated in the Group accounts from 9 June 2022.Purchase price allocation for the acquisitions in 2022 Captiva 1NOK millionGroup Tinnkraft AS B\u00f8en Kraft AS Enestor ASTotalAcquisition date 07.01.2022 01.02.2022 09.06.2022 01.06.2022Voting rights/shareholding acquired through the 60% 100% 100% 26%acquisitionTotal voting rights after the acqusition 60% 100% 100% 51%Non-controlling interests 40% - - 49%ConsiderationCash 51 28 85 5 168Shares 51 - 16 - 67Total acquisition cost 101 28 102 5 235Book value of net assets (se table below) 37 5 (11) 4 35Identification of excess value. attributable to:Intangible assets 47 - - - 47Property, plant and equipment 1 30 144 - 174Inventory - - - - -Other 2 - - - 2Gross excess value 50 30 144 - 224Deferred tax on excess value (11) (7) (32) - (49)Net excess value 39 23 112 - 175Fair value of net acquired assets excluding goodwill 77 28 102 4 210Of which Non controlling interest 33 - - 3 35Controlling interests 44 28 102 1 174Total acquisition cost (controlling interest) 101 28 102 5 235Fair value of net aquired assets ex goodwill 44 28 102 1 174(controlling interest) Goodwill (controlling interest) 57 - - 4 62Goodwill (non controlling interest) 38 - - 3 41Goodwill (100%) 95 - - 7 103Total non controlling interest 71 - - 6 771 Ownership through Captiva GroupBook value of net acquired assetsCaptiva 1NOK millionGroup Tinnkraft AS B\u00f8en Kraft AS Enestor ASTotal Intangible assets 27 - - - 27Property, plants and equipment 16 13 32 - 63Goodwill 2 - - - 2Other non-current assets 1 - - - 1Financial non-current assets 6 - 2 - 7Inventory - - - - -Other current assets 33 - 3 3 39Cash and cash equivalents 161 2 11 3 177Acquired assets 246 15 48 6 316Interest bearing debt, long term 20 10 33 - 63Other non current liabilities - - 23 - 23Current liabilities 185 1 8 - 193Deferred tax liability 3 - (5) - (1)Other liabilities - - - 3 3Net asset value aquired assets 37 5 (11) 4 35Total acquisition cost 101 28 102 5 235Non cash consideration 51 - 16 - 67Cash consideration 51 28 85 5 168Cash in acquired company (161) (2) (11) (3) (177)Net cash outflow at acquisition (110) 26 74 1 (9) 1 Ownership through Captiva GroupThe purchase price allocation of Captiva has been finalized as at 31 December 2022. Other financial figures The acquired subsidiaries are consolidated in the Group accounts from the acquisition date. The table below show the total revenue and total profit or loss that is included in the Group accounts for 2022: Captiva 1NOK millionGroup Tinnkraft AS B\u00f8en Kraft AS Enestor ASTotal Acquisition date 07.01.2022 01.02.2022 09.06.2022 01.06.2022Gross revenue from aqusition date untill 31.12.22 60 7 4 9 80Pofit or loss total from aqusition date untill 31.12.22 3 5 (4) - 31 Ownership through CaptivaThe table below show the pro forma revenues and net profit or loss if the acquired companies had been consolidated from 1 January 2022. Pro forma Group figures 2022Cloudberry Group Captiva Pro-forma 1NOK millionreportedGroup Tinnkraft AS B\u00f8en Kraft AS Enestor ASGroup figures Total revenues 217 1 - 9 6 233Total profit or loss 122 - - 4 1 126Key risks and financial instrumentsThrough its business activities, the Group is exposed to various risks and has engaged in various financial instruments. This section outlines the key risks and management activities undertaken to manage the Group\u2019s exposure to financial and other risks.The Group focuses on the following risk categories: stratgic risk, market/external risk, operational risks, financial and ESG risks. Guidelines for risk management and strategy for handling and using financial instruments as a part of the business activities and handling risks have been approved by the Board of Directors. The Group\u2019s overall risk management programme seeks to mini-mize the potential for adverse effects on the Groups performance. The Group uses derivative financial instruments to hedge certain risk exposures. For full disclosure of the Group\u2019s ESG risk reporting see also the Groups sustainability report for 2022. Note 6 Market related risksPolitical and regulatory riskThe power industry is a highly regulated sector and thus subject to political riskThe power industry is publicly regulated, and regu-lations may change over time. Thus, there is political risk of investments in the renewable and infrastruc-ture industries in the Nordic countries. The guarantee of origin scheme is subject to political riskIn accordance with EU legislation, power plants in the EEA may get approval for guarantees of origin for five years at a time. Energy suppliers may buy such guarantees of origin from the power producer in order to guarantee its customers that the deliv-ered energy is produced from renewable sources.The relevance of the latest revision of the current European Renewable Energy Directive is currently being assessed by the EEA/EFTA. The revision seems to extend the guarantee of origin scheme, although no decision has been made. The future of the scheme is thus subject to political risk.The renewable sector is still under developmentUnexpected success in other areas of renewable energy may reduce the pressure on the author-ities to allow for development of wind parks and hydropower plants. This may affect the Group\u2019s future investment opportunities and reduce the second-hand value of its power plants. The same may also hold true for non-renewable or currently unknown energy technologies. The uncertainties associated with the development of the renewable sector, as well as the emergence of other technol-ogies, are factors which could adversely affect the Group\u2019s business and growth opportunities.Risks related to new sustainability regulationsAll industries must expect stricter laws and regula-tions related to sustainability in the years to come. This is based on the fact that financial markets, creditors and investors need consistent, compara-ble and high-quality information on the impacts of environment and climate change on businesses. The Task Force on Climate-related Financial Disclosure (TCFD) developed recommendations to improve and standardize the reporting of climate-related finan-cial information and to enhance market transpar-ency and stability. Further, mandatory, or voluntary reporting requirements are likely to continue to come as this is a field in fast change. Price riskThe profitability of the Group\u2019s producing power plants depends on the volume and relevant price of the electricity produced. The majority of the Group\u2019s sale will be exposed to price risk related to electricity sold at spot rates. The Group\u2019s production volume sold in the spot market is consequently exposed to fluctuations in the market prices for electricity, unless new fixed terms agreements are entered into.Electricity prices are inter alia dependent on substitute or adjacent commodity prices such as e.g. oil, gas and coal prices, but also dependent on meteorological conditions, CO pricing and other 2supply and demand factors going into the clearing of the market price of electricity. Further, massive climate goal subsidy schemes may put downward pressure on revenues (i.e. electricity prices) of non-subsidized existing assets. The Group considers subsidized offshore wind power as the most likely threat.As sale of electricity constitutes a material share of the Group\u2019s revenues, the price risks related to electricity prices could result in reduced revenue and profitability for the Group and also reduce the fair market value of the Group\u2019s assets.Electricity price risks are mainly hedged by entering into exchange traded electricity derivatives con-tracts (NordPool/Nasdaq OMX Commodities), as well as derivative contracts directly with industry coun-terparties (bilateral contracts). The Group\u2019s hedging strategies are continuously evaluated as electricity market prices, the hydrological balance and other relevant parameters change. For further information on hedging and outstanding derivative contracts see details under note 10 Hedge accounting.Sensitivity analysisThe table below is calculated based on the Group\u2019s electricity position (i.e. derivatives) as of 31 December and illustrates the potential impact on the income statement and equity. The sensitivity analysis includes only the market risks arising from derivatives i.e. the underlying physical electricity sales and purchases are not included. The analysis is based on the assumption that the forward price quotations of electricity would change +/-10%, flat in the time period that the Group is exposed with PPA\u2019s, with all other variables held constant. The sensitivity is what man-agement assumes may be a reasonable change:+10% change in electricity forward price quatations 2022 2021Effect on profit before income tax (2) -Effect on equity (5) --10% change in electricity forward price quatations 2022 2021Effect on profit before income tax 2 -Effect on equity 5 -Inflation risk does not have a direct impact on the Groups financial position, but inflation and related price risk may have an adverse impact on Group\u2019s projects under development, accounted as inven-tory. The Group\u2019s development projects are capital intensive and increasing commodity prices will result in higher capital expenditures to develop and construct the projects (i.e. due to higher construction costs and turbine costs). High inflation may carve out the value of the expected cash flows from the Group\u2019s development projects relative to the up-front investments. Further, high inflation is expected to lead to higher short and long-term interest rates, affecting the financial costs for the Group\u2019s develop-ment projects. These factors and uncertainties may result in lower expected profitability from projects under development and ultimately that projects under development are postponed or abandoned leading to an impairment loss. On the opposite high inflation may be caused by higher energy prices, and thus power prices which can act as a counter-weight to the risk. War in UkraineOn 24 of February 2022 Russia attacked Ukraine thereby started a war that has been lasting for more than a year. The invasion has resulted in severe implications on global trade, global markets, energy prices and commodity prices. During 2022, Europe, and the Nordics, saw record high power prices, primarily driven by soaring gas prices after European gas imports from Russia ended. The intermediate danger of a European gas shortage has since been reduced, and power prices has dropped significantly, albeit to still historically high levels. As the Group primarily sells its electricity in the spot market, the war\u2019s effect on energy prices have, and will continue to have, a significant impact on the Group\u2019s revenues. Further, there may be implications on the global trade, and transportation costs and/or higher commodity prices may increase the cost of the Group\u2019s construction projects. It is still highly uncertain how the conflict will evolve and how it will continue to have an impact on the global economy going forward. The Group continues to assess the risk related to the volatility on the energy prices, and implications caused by the war in detail going forward.Note 7 Commercial and operational risksRisks related to changes in laws and regulationsChanges in laws and regulations may affect the Group\u2019s operations, increase the Group\u2019s operating costs, and reduce demand for its services. It could also increase compliance costs, mandate significant and costly changes to the way the Group imple-ments its services and solutions and threaten the Group\u2019s ability to continue to serve certain markets.For some small-scale power plants and large-scale power plants, license fees and concessionary power must be paid or transferred to the municipality, county, or state. Often, such power plants must deliver 10-15% of their power production as conces-sionary power. The power plant must in such cases sell the concession power at the expected \u201ccost price\u201d. These are changes in regulations that would affect the Group\u2019s profitability.Changes in tax laws of any jurisdiction in which the Group operates, or any failure to comply with applicable tax legislation, may have a material adverse effect for the Group. The Group is subject to prevailing tax legislation, treaties and regulations in the jurisdictions in which it is operating, and the interpretation and enforcement thereof. The Group\u2019s income tax expenses are based upon its interpre-tation of the tax laws in effect at the time that the expense is incurred. If applicable laws, treaties or regulations change, or if the Group\u2019s interpretation of the tax laws is at variance with the interpretation of the same tax laws by tax authorities, this could have a material adverse effect on the Group\u2019s business, results of operations or financial condition. In September 2022, the Norwegian government proposed several tax changes, which are not yet finally voted in Parliament. The tax changes may have effect of the Groups assets, the details of the proposals and the effects are described further under note 19 Impairment. Operational risks Power plants are highly technicalInvestments in power generation and energy-related infrastructure involve technical and operational risks. The Group will seek to invest in power plants of expected good technical standard to reduce the technical risk of the investment. The Group will prioritize technical solutions that are well-proven and delivered by reputable suppliers, so that any repairs can be made within reasonable timeframes and at reasonable cost, and to achieve attractive insurance terms. Despite the aim of choosing sound solutions, technical problems may occur meaning possible stops in production or costly reinvestments that reduce the Group\u2019s profitability and/or financial position.Risks related to costs of transmission and distributionIncreases in charges relating to the connection to and use of the electricity transmission and distribu-tion networks and relating to balancing of electricity supply and demand, and/or restrictions on the capacity in such networks available for use by the Group\u2019s power plants, may result in higher operating costs, lower revenues and fewer opportunities for growth.Risks related to development projectsFor the development projects, there are project related risks with regards to reaching final invest-ment decision. The Group must inter alia negotiate and conclude agreements related to construction, maintenance and operations of the plants, obtain financing and secure the necessary grid capacity and permits. If the Group fails to realize all or some of the development projects, the Group may have to write off the investments made into the project(s).Risks related to construction projects For projects under construction, both current and future, the construction phase is linked to risk of overruns and delays. The construction of power plants differs from project to project, and several aspects may cause delays or budget overruns. During construction of wind farms, challenges related to foundations or roads may lead to delays, or heavy winds may delay the installations of the turbines. Distress in the global supply chain may delay certain components and increase cost. Drilling of waterways for hydro power plants may cause delays if the bedrock proves more challenging than expected, and delay of critical components may cause delays to the project, and subsequently cost overruns.Environmental risksClimate change related risksClimate change itself is a risk for the Group, although society\u2019s climate change mitigation efforts create business opportunities for us. Climate change can alter the precipitation patterns we are used to, which makes hydropower a less dependable source for energy production than in the past. Additionally, climate change is increasing the frequency and severity of extreme weather events, which pose threats to the Group\u2019s assets. The risk assessment and management related to climate risk, is both a specific process in the Group and integrated in the general risk management activities. The Group assesses its risks and opportu-nities from a short-, medium-, and long-term strate-gic and financial perspective, and have set threshold values for financial impact. The company identifies the potential financial impact from the risks and opportunities and their significance for the Group. The financial impact is defined by assessing both the actual cost of the impact as well as a consider-ation of frequency, with the intervals structured as below. Financial Impact Low Medium HighMNOK <25 25\u2013100 >100Frequency <0-1 years 1-5 years >5 yearsRisk related to changing weather patternsThe meteorological conditions (rain and wind) at the particular sites at which the Group\u2019s power plants are located can vary materially from season to season and from year to year. Changes in average temperatures will impact the meteorological conditions. Overall warmer climates can lead to increased rainfall, increased wind, and longer periods of drought. Potential consequences include flooding at hydro plants resulting in less production, severe winds exceeding a wind turbine`s capacity leading to production stops, and droughts leading to low water levels and forcing the company to reduce or even fully stop the electricity production. Also, if a site proves to have lower resources than anticipated in the Group\u2019s business model or suffers a sustained decline in meteorological conditions, such power plants are likely to generate lower electricity volumes and lower revenue than antici-pated, which could have a material adverse effect on the Group\u2019s business. For more information about climate related risk, see the Group\u2019s separate TCFD-report and Sustainability report 2022. Note 8 Financial risksThe Group\u2019s overall financial risk management focuses primarily on maintaining a financial risk profile that provides flexibility as well as optimising return on assets. Financial risk management is centralised, guidelines for risk management and strategy for handling and using financial instruments as a part of the business activities and handling risks have been approved by the Board of Directors.The Group uses derivatives, such as interest rate swaps, power purchase agreements and currency forward swaps to manage its exposure to certain risks as described in this section. To reduce volatility in the statement of profit or loss the Group applies hedge accounting. Refer to Note 10 Hedge account-ing for further information.Interest rate risk Interest rate risk is the risk that the future cash flows, or fair value of a financial instrument will fluctuate because of changes in market interest rates. The Group is exposed to interest rate risks through funding and cash management activities. The Group\u2019s underlying assets will normally be loan-financed with long term debt obligations with floating rates, which is exposed to the risk of changes in market interest rates. An increase in interest rates will lead to higher financing costs and interest payments, which reduces the Group\u2019s profitability. Changes in interest rates also expose the Group to changes in the fair value of interest rate derivatives (fair value risk). Management seeks to minimize the interest rate risk together with borrowing costs. The Group manages the borrowing cost and interest risk by either using long-term financing at fixed rates or using floating to fixed interest swaps. All long-term debt is at fixed rates. The profit or loss statement and future cash flows related to existing debt are therefore limitedly sensitive to changes in interest rates. Sensitivity analysisThe following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of financial assets and liabilities affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit and equity before tax is affected through the impact on floating rate borrowings, as follows:1%-point increase in floating interest rate 2022 2021Effect on profit before income tax - -Effect on equity 27 121%-point decrease in floating interest rate 2022 2021Effect on profit before income tax - -Effect on equity (25) (12)Currency risk The Group presents its financial statements in NOK. However, Norwegian power companies sell the power through Nord Pool where EUR is the official trading currency. Electricity Certificates are traded in SEK. Several of the Groups development projects in Sweden also have costs which are denominated in SEK. Further, the Group\u2019s investment in Odal Vind AS and Forte Energy Norway AS is exposed to EUR in its entirety. Consequently, the Group is exposed to currency risk. Any fluctuations in exchange rates between NOK, SEK and EUR could materially and adversely affect the Group\u2019s business, results of operations, cash flows, financial condition and/or prospects. The Group is also exposed to currency risk by having employees and operations in Sweden. Any fluctu-ations in exchange rates between NOK and SEK could materially and adversely affect the Group\u2019s business, results of operations, cash flows, financial condition and/or prospects. The Group may want to do business in other countries in the future, exposing the Group to additional currency risk, as shown in the signed share purchase agreement with the Odin portfolio as described in note 29 Subsequent events. Should it choose to do so, any fluctuations in exchange rates between NOK and the relevant foreign currency could materially and adversely affect the Group\u2019s business, results of operations, cash flows, financial condition and/or prospects.The Group has significant contractual cash flow obligations in other currencies, especially related to investments or capital expenditures on power plants under construction, these are either in EUR (turbine suppliers) or in the local currency where the invest-ment or construction project is located. The Group seeks to minimize the risk related to these cash flows by entering currency forward contracts that match the contractual cash out flows or buying/swapping the necessary amount to the relevant currency so that the risk of change in FX rate have limited impacts of the investment/project profitability. The Group holds deposits in local currency (NOK, SEK and EUR) in order to match future obligations and has entered future currency swap contracts for the larger obligations to limit the exposure to future exchange rate fluctuations. The Group has not currently applied hedge accounting for these arrangements. Sensitivity analysisCurrency gains and losses on monetary items in foreign currency are recognised in the income statement of the Group. The table below shows the sensitivity to a reasonable change in SEK and EUR exchange rate to the Groups consolidated financial assets and liabilities: (only significant exposures are included in the table): NOK million 2022 2021Change in SEK (5%) (5%)Effect on cash and cash equivalents (4) -Effect on group receivables and liabilities (14) (2)Change in EUR (5%) (5%)Effect on cash and cash equivalents (1) (8)Effect on group receivables and liabilities - (5)Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations when due. The Group manages liquidity risk through, on a regular basis, to review future commitments and the liquidity reserves which consist of cash (see note 21) and borrowing facilities (see note 23). Management prepares minimum quarterly cash flow forecasts that look a minimum of 24 months ahead to handle the liquidity risk. When taking business decisions and entering into contracts the Group evaluates the liquidity needs and makes sure the liquidity needed is in place before entering into contracts. As of 31 December 2022, the Group has a total of approximately NOK 550 million in contractual commitments, in addition to the current payables which are recognised in the Groups balance sheet. The obligation does not include regular employee expenses or other day-to-day costs. See note 16 Property, plant and equipment and note 24 Provisions, guarantees and other contractual obligations. The following table shows the maturity for nominal cash outflow for the contractual obligations as per 31 December 2022:Carrying Less than NOK million amounta year 2024 2025 2026 2027+ Total Bank loan (incl. interest payments) 338 37 26 26 230 75 394Lease liabilities 43 7 7 8 7 24 53Accounts payable 135 135 - - - - 135Total non-derivatives 516 179 34 33 237 99 582Net-settled derivatives 25 17 8 - - - 25Total financial liabilities and derivatives 540 196 41 33 237 99 607Per 31 December 2021:Carrying Less than NOK million amounta year 2024 2025 2026 2027+ Total Bank loan (incl. interest payments) 304 20 21 21 21 313 396Lease liabilities 5 1 1 1 - 2 6Accounts payable 38 38 - - - - 38Total non-derivatives34759222221315440Net-settled derivatives 3 - - - - 1 3Total financial liabilities and derivatives35060232322316443Credit risk Credit risk is the risk that the Group\u2019s customers or counterparties will cause financial loss by failing to honour their obligations. The Group is exposed to third party credit risk in several instances including off-take partners who have committed to buy electricity produced by or on behalf of the Group, banks providing financing and guarantees of the obligations of other parties, insurance companies providing coverage against various risks applicable to the Group\u2019s assets, and other third parties who may have obligations towards the Group includ-ing warranties provided under share purchase agreements. The Group\u2019s main credit risks arise from credit exposures with deposits with financial institutions and other short-term receivables. Counterparties in derivative contracts and financial deposits are limited to financial institutions with high creditworthiness. The Group\u2019s account receivables have low credit risk and all receivables over the past several years have been collected in full and on time. At year end Management has evaluated the account receiva-bles credit risk to be insignificant and the account receivables are therefore recognised in the financial statements at face value.Note 9 Financial instrumentsAccounting principle Financial assetsThe group classifies its financial assets in the follow-ing measurement categories: \u00b7 those to be measured at amortised cost, \u00b7 those to be measured subsequently at fair value (either through OCI or profit or loss)The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Financial assets that are held to collect contractual cash flows and where those cash flows represent solely payments of principal and interest (SPPI) are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/ (losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss.For financial assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. Financial assets recognised at fair value through profit or loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Gains or losses arising from changes in the fair value of the financial instruments at fair value through profit or loss, including interest and dividends, are recognised in the income statement as other gain or loss. Derivatives are always measured at fair value through profit or loss. The accounting for subse-quent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged (see note 10 Hedge accounting for further details).For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehen-sive income.For Impairment losses on accounts receivables the group applies the simplified approach as it follows from IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. An allowance is made on the balance sheet for the expected future credit losses and remains on the balance sheet until it is written off as a credit loss or reversed.Regular purchases and sales of financial assets are recognised on trade-date, the date on which the Group commits to purchase or sell the asset.Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.Financial liabilities The group classifies its financial liabilities at initial recognition in the following categories \u00b7 Loans and borrowings including bank overdrafts \u00b7 Payables \u00b7 Derivatives (designated as hedging instruments in an effective hedge or fair value recognised in profit or loss)All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. In subsequent periods, all financial liabilities, except derivatives are measured at amortised cost.A financial liability is derecognised when the obli-gation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on sub-stantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Power Purchase Agreements (PPA)The Group has in some cases entered into PPA for the sale of electric power and related products (el-certificates of guarantees of origin) at a fixed price. A characteristic to these agreements is that they can be accounted for as a financial instrument or as a contract with customer, depending on the terms and conditions. \u201cOwn use\u201d contracts: Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with Cloudberry\u2019s expected purchase, sale or usage requirements are accounted for as own use con-tracts. These contracts do not qualify for recognition in the statement of financial position in accordance with IFRS 9 but are accounted for as contracts with customers after IFRS 15 and energy purchase. \u201cOwn use\u201d contracts will typically have a stable customer base e.g. bilateral industry contracts, and are settled by physical delivery. As per 31 December the Group has two PPA con-tracts, one with applied hedge accounting, see note 10, and one recognised at fair value over the profit or loss statement. The Group has no PPA classified as \u201cown use\u201d contract. Financial instrumentsThe table below shows the Groups financial instru-ments with their carrying amounts recognised in the consolidated financial position on 31 December 2022. The carrying amount for assets and liabili-ties measured at amortised cost is believed to be approximate to fair value. FY 2022Financial Financial Financial assts Liabilities at assets liabilities NOK millionat amortised costamortised cost- fair value- fair value Total Financial investments 57 - - - 57Derivative financial instrument - - 39 - 39Other non-current asset 9 - - - 9Total non-current financial assets 66 - 39 - 105Trade and other receivables 137 - - - 137Cash and cash equivalents 1 538 - - - 1 538Total current Financial assets 1 676 - - - 1 676Lease liability - (7) - - (7)Current borrowings - (12) - - (12)Total current financial liabilities - (19) - - (19)Lease liability - (36) - - (36)Financial liability for PPA termination - (5) - - (5)Long term borrowings - (327) - - (327)Derivatives - - - (25) (25)Total non current financial liabilities - (368) - (25) (393)Net financial assets (liabilities) 1 742 (387) 39 (25) 1 369FY 2021Financial Financial Fianancial assts Liabilities at assets liabilities NOK millionat amortised costamortised cost- fair value- fair value Total Derivative financial instrument - - 7 - 7Other non-current asset 4 - - - 4Total non-current financial assets 4 - 7 - 10Trade and other current receivables 85 - - - 85Cash and cash equivalents 1 115 - - - 1 115Total current Financial assets 1 200 - - - 1 200Lease liability - (1) - - (1)Current borrowings - (10) - - (10)Total current financial liabilities - (11) - - (11)Lease liability - (3) - - (3)Financial liability for PPA termination - (5) - - (5)Long term borrowings - (291) - - (291)Derivatives - - - (3) (3)Total non current financial liabilities - (299) - (3) (302)Net financial assets (liabilities) 1 204 (311) 7 (3) 897Fair value measurementFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly trans-action between market participants at the measurement date.All assets and liabilities for which fair value is measured or disclosed in the financial statements are catego-rised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u00b7 Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities \u00b7 Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is observable, directly or indirectly, in a non-active market \u00b7 Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is unobservable and make use of best estimateThe fair value of the interest rate swaps derivatives is calculated as the present value of the estimated future cash flows based on observable yield curves (level 2). Changes in fair value relate to daily changes in market prices of the derivative contracts and the volume of contracts. The fair value of the Groups derivative finan-cial instruments has been determined by external banks. The fair value hierarchy for assets and liabilities measured at fair value are presented in the following table: Level 1 Level 2 Level 331.12.2022 31.12.2021 31.12.2022 31.12.2021 31.12.2022 31.12.2021Derivative assets\u2013 Interest rate derivatives - - 36 7 - -\u2013 Commodity derivatives (power) - - 2 - - -Derivative liabilities\u2013 Interest rate derivatives - - (1) (3) - -\u2013 Interest rate derivatives - - - - - -\u2013 Commodity derivatives (power) - - (24) - - -Fair value - - 14 4 - -* Note 1: fair value of the interest rate derivative in Forte is included in the carrying amount of the equity accounted company, the fair value per 31 December 2022 is NOK 57m and is measured at level 2 in the hierarchy).The contracts at level 2 as of 31 December are the Groups interest rate derivatives, PPA agreements and EUR forward swap. The fair value of the derivatives is determined by discounting expected future cash flows to present value through the use of observed market rates. The Group\u2019s interest rate derivatives and a PPA agreement are held for hedging purposes, reference to note 10 Hedge accounting. Note 10 Hedge accountingAccounting principle Derivatives are measured at fair value. The resulting gain or loss on re-measurement is recognised immediately in the statement of profit or loss, unless the derivative is designated into an effective hedge relationship as a hedging instrument. The Group designates currently only derivatives as cash flow hedges (where the derivative is used to manage the variability in cash flows relating to recognised liabilities or forecast transactions). Please refer to Note 9 under Fair value measurement for information on how fair value is determined.Cash \ufb02ow hedgesIf a financial instrument is designated as a cash flow hedging instrument the effective portion of the changes in the fair value of the derivative are recognised in other comprehensive income and accumulated in a sep-arate reserve in equity (cash flow hedge reserve). Subsequently the cumulative amount is transferred to the statement of profit or loss when the underlying transactions are recognised. The ineffective portion of changes in the fair value of the hedging instruments are recognised immediately.Hedge accounting is discontinued when the hedging instrument expires, is terminated, is exercised, or no longer qualifies for hedge accounting. The cumulative gain or loss recognised in other comprehensive income remains in the hedge reserve until the forecast transaction occurs, or it is immediately recognised in the state-ment of profit or loss if the transaction is no longer expected to occur.The Group applies hedge accounting to the borrowings and the associated interest rate swaps, for move-ments in benchmark interest rates (i.e. excluding any margin component). The secured debt and the interest rate swap agreement has critical terms that match and are expected to be highly effective. Critical terms are defined as currencies, nominal amounts and maturity. All interest rate swaps are designated as hedging instruments. Hedge ineffectiveness can arise from changes in counterparty credit risk. As per December 2022 the Group has entered into interest rate swaps, swapping from floating to fixed interest rate, for all long-term debt related to power plants, see note 23 Long-term debt.The Group also applies hedge accounting to highly probable future sales of power where there is an economic relationship between the hedged item (usually set at a low % of the total exposure) and the hedging instrument. The terms of the derivative (PPA) match the terms of the expected highly probable forecast transactions (i.e. % notional and payment date).Hedge accounting Hedging instruments designates in a hedge accounting relationship Information about hedging instruments that the Group has designated in a hedge accounting relationship is presented in the following table.Carrying amount of the hedging instrumentsWeighted Maturity average Nominal 1amount2Risk and hedging instruments(months)rate/priceAssets LiabilitiesCash flow hedgesInterest rate risk - borrowingsInterest rate swap (IRS) - NOK 37-172 1.815% 369 278 36 (1)Commodity price risk \u2013 Forecast transactionsFixed price PPA 60 133 21 2 -1 The weighted average prices for commodity hedges are presented as the price per megawatt hour for electricity (EUR/MWh)2 Nominal amount is the nominal value converted into NOK using the exchange rate at year end.The carrying amount of the Forte interest swap is NOK 57m per 31 December recognised in other compre-hensive income, with tax effect of NOK -13m. Hedge accounting impact to reserves in other comprehensive income:As at As at NOK million31.12.202231.12.2021Opening balance 3 1Net change in value of effective derivative hedging instruments 91 2Interest rate swap (IRS) - NOK 32 2Fixed price PPA 2 0Interest rate swap (IRS) - NOK Forte 57 0Deferred tax/tax credit -20 -1Total movement 71 2Closing balance 74 3Impact from derivatives not designated in a hedge relationshipIn addition to derivatives that are designated and qualify for hedge accounting, the Group also has two derivatives as economic hedges of foreign currency and price exposure. This is a PPA related to B\u00f8en Kraft and a EUR swap related to future capex in EUR at Sundby Vindpark. The change in fair value of these derivatives have had limited impact on the profit or loss statement in 2022. Statement of profit or loss and comprehensive incomeNote 11 Sales revenues and other operating incomeAccounting principle Revenue recognition The Group accounts for revenue in accordance with IFRS 15 Revenue from Contracts with Customers and applies the five-step method to all revenue streams. The Group\u2019s sales revenues are divided into the following categories:1. Sale of hydro and wind generated electricity delivered to the grid, el-certificates and guarantees of origin.2. Sale of management services for hydro and wind power assets.3. Sale of management services for development of hydro and wind assets4. Digital services 5. Consultancy services within accounting and IT management.6. Agency fee power salesRevenue from power production or related products bear the characteristic of delivering power, el-cer-tificates and guarantees of origin, at a certain price. The performance obligation is to deliver a series of distinct goods (power or related products) and the transaction price is the consideration the Group expects to receive, at either spot price, regulated price or contract price. The performance obligation is satisfied over time which entails that revenue should be recognized for each unit delivered at the transaction price. The Group applies a practical expedient under IFRS 15 whereby the revenue from power for most of the contracts is recognized at the amount of which the entity has a right to invoice. The right to invoice power arises when power is produced and delivered, and the right to invoice the consideration will normally correspond directly with the value to the customer. The right to invoice for el-certificates and guarantees of origin arise when the certificates are delivered. Revenue from management and consultancy ser-vices is recognized when the service is performed, and the Group has an unconditional right to the consideration settlement. When the performance obligation is fulfilled and the Group has an uncon-ditional right to the consideration, this is presented separately in the balance sheet as a receivable.Agency fee from power sales are services related to power trade on behalf of power producers. Agency fee revenues are presented net and represent only the agency fee. This is because the Group acts on behalf of the power producer and does not trade at its own risk. A smaller part of the trade portfolio includes risk related to unbalance, but this risk is actively reduced as much as possible.When determining the transaction price for each element in the contract, the Group adjusts for the time value of money if the timing of payment agreed to by the parties provides the customer with a significant benefit of financing. The Group applies a practical approach, and the consideration is not adjusted for a financing component if the period between the transfer for the goods or service and the payment is less than a year.Other income Sale of ready to build development projects is assessed as not part of the ordinary course of daily business, as each transaction is unique. The sales of ready-to-build development projects is accounted net of inventory costs and presented as other income in accordance with IFRS 10. The projects are often organized in single-purpose-vehicles (SPV) and the net gain and net loss is recognized when control of the project SPV is transferred to the acquirer. Net gain or loss from sale of fixed assets (producing power plants) is classified and presented as other income.Government grants Government grants are conditional to own gen-eration of power from certain technologies. This includes el-certificates and guarantees of origin (GoO). The right to receive the grants are obtained at the time of generation. When the el-certificates and GoO are granted, they are measured at cost and classified as other income and inventory. Cost of government grants is zero. Upon subsequent sales, the sales price is recognized within sales revenues. Total revenue The consolidated revenues are presented in the table below.NOK million 2022 2021Power related products 152 33Asset Management 28 3Project development services 4 -Consultancy services 12 -Digital Services 2 -Agency fee power trade 11 -Other revenue 1 -Sales revenues 208 35Net gain sale of PPE and project inventory 8 -Public grants - El certificates and guarantees of origin - -Other - 6Other income 9 6Total revenue 217 4199% of all external revenue is generated in Norway, the remaining is generated in Sweden and Switzerland. For information about the revenue split between business segments, see note 4.Note 12 Employee benefits and share based paymentsAccounting principle Employee benefits are accrued in the period in which the associated services are rendered by the employ-ees of the Company.Share-based compensationThe Group has an equity incentive plan for top management and key employees. The programme includes the issue of warrants for shares in the Company. The Group applies the Black-Scholes model based on the market price to determine the fair value at the grant date. The grant date is determined by the Board of Directors. The fair value of the warrants is recog-nised as a personnel expense over the vesting period, at the same time a corresponding increase in paid in equity is recognised. The vesting period is the period over which all the specified vesting conditions are to be satisfied. On each balance date, the Group revises its estimates of the number of warrants that are expected to be exercisable. Any adjustments will be recognised in the income statement and corresponding adjustment to equity. Social security tax is recognised in the profit and loss statement and a provision is recognised in the balance sheet.Significant estimates and judgementShare based paymentThe fair value of management warrant programme makes use of an estimation model, Black-Scholes for calculation the call option value at grant date and at the balance sheet day. This model makes use of man-agement estimates for expected life of option, volatility, interest rate and expected dividend yield. Employee benefitsThe table below shows the employee benefits accrued in the period and the capitalized costs relate to development projects.NOK million 2022 2021Salaries 67 22Social security tax 9 5Pension costs 3 1Share based payment 264Other benefits 2 -Gross personnel expenses10633- Capitalized development costs (project inventory) (15) (5)Total personnel expenses 91 28Average number of full-time equivalents (FTEs) 55 12Number of full-time equivalents as 31.12 (FTEs) 62 14Included in salaries are remuneration to board members, see note 27 transactions with related parties. PensionThe Group has an established pension scheme that is classified as a defined contribution plan. The pension scheme is in line with the requirements of the law. Contributions to the defined contribution schemes are recognised in the consolidated statement of profit or loss in the period in which the contribution amounts are earned by the employees. The defined contribution plan does not commit the Group beyond the amounts contributed.Remuneration of Executive Group management The remuneration of the Executive Group Management is based on a fixed salary, including personal benefits such as free telephone and health insurance, a variable group performance bonus scheme, pension bene-fits, and a long-term share-based incentive program. The table below shows the remuneration in 2022Anders Christian Jon Gunnar Charlotte Stig J. Ingrid 1Lenborg Helland Solli Bergqvist \u00d8stebr\u00f8t Bj\u00f8rdalNOK million(CEO) (CVO) (COO) (CDO) (CTO) (CCOO) TotaSalary 3 3 2 1 3 1 12Bonus 2 1 1 - - - 4Pension costs - - - - - - 1Share based payment 6 5 2 1 - - 14Total reportable benefits paid 2022 11 8 5 3 3 1 311 Ingrid Bj\u00f8rdal was hired 1.9.2022, the salary represent 4 months. The table below shows the remuneration in 2021Anders Christian Suna Jon Gunnar Tor Arne Lenborg Helland Alkan Solli Pedersen NOK million(CEO)(CVO)(CSO)(COO)(CDO) TotaSalary 3 2 2 2 2 10Bonus 1 1 - 1 - 3Pension costs - - - - - -Share based payment 2 1 - 1 - 4Total reportable benefits paid 2021 6 4 2 3 2 18Total remuneration, warrants and shares for top management per year end:Warrants Total Warrants grantet FY 2022Shares remun-grantet Warrants total Warrants NOK million Holding Company pr 31.12.22aration2022pr 01.01.22pr 31.12.22exercisedAnders Lenborg (CEO) Lenco AS 1 363 546 11 700 000 2 695 000 3 395 000 -Christian Helland (CVO) Amandus Invest AS 452 758 8 550 000 2 000 000 2 550 000 -Jon Gunnar Solli (COO) Lotmar Invest AS 613 723 5 250 000 900 000 1 150 000 -Charlotte Bergqvist (CDO) - 3 600 000 - 600 000 -Stig J. \u00d8stebr\u00f8t (CTO) 25 000 3 - - - -Ingrid Bj\u00f8rdal (CCOO) 40 000 1 - - - -19 1 400 000 2 900 000 4 300 000 -Warrants Total Warrants grantet FY 2021Shares remun-grantet Warrants total Warrants NOK million Holding Company pr 31.12.21aration2021pr 01.01.21pr 31.12.21exercisedAnders Lenborg (CEO) Lenco AS 1 323 546 6 1 900 000 795 000 2 695 000 -Christian Helland (CVO) Amandus Invest AS 452 758 4 1 500 000 500 000 2 000 000 -Suna Alkan (CSO) Cappadocia Invest AS 233 448 2 300 000 225 000 525 000 -Jon Gunnar Solli (COO) Lotmar Invest AS 600 498 3 600 000 300 000 900 000 -Tor Arne Pedersen (CDO) Viva North AS 139 128 2 300 000 300 000 600 000 -18 4 600 000 2 120 000 6 720 000 -Share based payments and long-term incentive program In accordance with the terms adopted by the General Meeting of the Company on 21 March 2020, the Board of Directors has established a share incentive scheme for the executive managers and key employees of the Group. The key conditions are as follows:The equity incentive plan may cover up to 5% of the issued shares in the Company from time to time. Allocations are proposed by the Board and subject to shareholder approval. The exercise price for the war-rants is determined by the Board in its reasonable discretion based on fair market value of the Shares on the date of the Board of Directors proposed allocation of warrants under the program. The determined exercise price is subject to approval by the general meeting in relation with issuance of warrants. The duration of the warrants from grant date is 5 years. The vesting period is normally 3 years from the grant date. The value of the warrants in the accounts are calculated at the grant date given a fair value using the Black-Scholes model. The key assumptions applied for the grants in 2022 are 40% volatility (based on listed peer with 3 years historical data and updated with historic volatility for the Company from listing on the Main List Oslo B\u00f8rs to the grant date in June 2022), 2.8% interest rate and approx. 1% dividend yield. Other inputs to the model are current stock price, exercise price and expected life of option (vesting period + one year). The table shows the outstanding warrants as of 1 January and 31 December and movements in the year:FY 2022Outstanding warrants 01.01. 7 700 000Granted in 2022 3 000 000Exercised in 2022 -Expired in 2022 (200 000)Outstanding warrants 31.12. 10 500 000Vested 31.12.2022 3 299 995Charged to profit and loss statement 2022 (NOK million ) 25Charged to equity 2022 (NOK million ) 26FY 2021Outstanding warrants 01.01.2021 2 200 000Granted in 2021 5 500 000Exercised in 2021 -Expired in 2021 -Outstanding warrants 31.12.2021 7 700 000Vested 31.12.2021 2 200 000Charged to profit and loss statement 2021 (NOK million ) 5Charged to equity 2021 (NOK million ) 4As of the date of the annual report the following warrants have been issued: Weighted Average Share remaining Weighted Vested Weighted Price FY 2022contractual Average instruments Average (grant NOK million # Warrants Grant date Expiry datelifeStrike Price31.12.2022Strike Pricedate) Warrant package #1 775 000 20.03.2020 20.03.2025 2.2 11.1 516 665 11.1 11.1Warrant package #2 1 425 000 25.09.2020 25.09.2025 2.7 12.2 949 998 12.2 13.1Warrant package #3 5 500 000 17.06.2021 17.06.2026 3.5 12.5 1 833 332 12.5 14.7Warrant package #4 3 000 000 15.06.2022 28.04.2027 4.3 17.4 - - 16.010 700 000Per 31 December 2022, the equity incentive plan covers 3.7% of the issued shares in the Company.Note 13 Other operating expensesThe table shows the breakdown of other operating expenses in FY 2022 and FY 2021. NOK million 2022 2021Lease short-term and variable 28 7External accounting and auditing fees 8 5Legal and other fees 22 16Operating and maintenance power plants 2 4Project costs 4 22Other 16 1Total other operating expenses 81 55For information about other lease expenses and lease agreements see note 25 Lease agreements. Expenses related to statutory audit and other auditor services is presented below:NOK million 2022 2021Statutory audit 3 3Tax counselling - -Other assuranse services 1 -Total auditor costs 4 3Note 14 Financial itemsThe table shows the breakdown of financial income and financial expense in FY 2022 and FY 2021.Financial incomeNOK million 2022 2021Interest income 11 1Other financial income 13 2Exchange differences 44 4Total financial income 67 6Financial expenseNOK million 2022 2021Interest expense (22) (9)Guarantees and commitment fees (1) (6)Other financial expense (5) (5)Exchange differences (45) (12)Capitalized interest 12 4Total financial expense (62) (29)Other financial income comprises of income from placements in money market funds. The cash effect of interest payments and commitment fee related to long-term borrowing facility was NOK 20m in 2022 (NOK 8m in FY2021). Other interest expenses relate to lease liabilities and asset retirement obligation. For further information about interest sensitivities and payments, please see note 8 Financial risks, note 10 Hedge accounting, note 25 Lease agreements, note 23 Long term debt, and note 24 Provisions, guarantees and other contractual obligations. Net foreign exchange differences related to Group internal loans are NOK -1m, while net foreign exchange difference related to external parties are NOK 0m. Note 15 Income tax expenseAccounting principle Income tax is calculated in accordance with ordinary tax rules and by applying the adopted tax rate. The tax expense in the statement of comprehensive income comprises taxes payable and changes in deferred tax liabilities and deferred tax assets. Taxes payable are calculated on the basis of the taxable income for the year. Deferred tax liabilities and deferred tax assets are calculated on the basis of temporary differences between the accounting and tax values and the tax effect of losses carried forward.Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Deferred tax assets are recognised to the extent that it is probable that they will be utilised. Tax related to items recog-nised in other comprehensive income is also recognised in other comprehensive income, while tax related to equity transactions is recognised in equity.Tax expense and deferred taxThe table below show the tax expense in the income statement NOK million 2022 2021Tax expense in the income statementIncome tax payable 1 -Change in deferred income tax (1) 1Tax expense in the income statement - 1Reconsiliation of nominal tax rate and effective tax rateProfit before income tax 122 (64)Nominal tax rate 22% 22%Expected tax expense (27) 14Effect on taxes of:Permanent differences 34 (2)Not regognized tax asset related to tax losses carried forward (7) (12)Changes related to deferred tax on excess values (3) 1Changes related to other deferred tax 2 -Tax expense in the income statement - 1The appropriate tax rate in Norway and Sweden is 22% and 20,6% respectively. The table shows the deferred tax asset and liability in the balance sheet. NOK million 2022 2021Temporarily differences deferred tax asset:Property, plant and equipment (22) -Derivatives 24 -Other receivables (3) -Tax loss carried forward 326 322Subtotal 325 323Of which not recognised as tax asset (192) (247)Basis for deferred tax asset 133 76Deferred tax asset 29 17Temporarily differences deferred tax liability:Inventory valuation (83) (47)Property, plant and equipment (542) (402)Intangible assets (53) -Derivatives (38) (4)Other 4 0Basis for deferred tax liability (711) (453)Deferred tax liability (156) (100)Reconsiliation to the statement of financial position Deferred tax asset 29 17Deferred tax liability (156) (100)Net deferred tax liabilities in the statement of financial position (127) (83)As per 31 December 2022 the Group has recorded a valuation allowance of NOK 192m (247m) related to tax losses carried forward, which is not included as a recognised deferred tax asset. It will be made a new assessment of tax asset recognition after the final outcome of the new tax proposal during 2023. The table below show the movement in the deferred tax liability in the statement of financial position from 1 January to 31 December NOK million 2022 2021Net deferred tax libility at 01.01 (83) (14)Change in deferred tax (in profit or loss statement) 1 1Change in deferred tax (recognised in other comprehensive income) (8) (1)Acquisitions and disposals of subsidiaries (41) (69)Other and currency translation differences 3Net deferred tax libility at 31.12 (127) (83)Statement of financial positionNote 16 Property, plant and equipmentAccounting principle Property, plant, and equipment (PPE) is measured at historical cost less accumulated depreciation and accumulated impairment losses. Land is not depreciated. The initial cost of a PPE asset comprises its pur-chase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of asset retirement obligation if any, and for qualifying assets, borrowing costs incurred in the construction period. Subsequent costs are included in the asset\u2019s carrying amount or recog-nised as a separate asset, as appropriate, only when it is probable that future economic benefits associ-ated with the item will flow to the group and the cost of the item can be measured reliably. All repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. If a separate component is damaged and replaced, the component is derecognised and the carrying amount is charged to the profit and loss statement as an impairment loss in the period. The replacement component is capitalized as a new item of PPE. Each component of a PPE item with a cost that is significant in relation to the total cost of the item is depreciated separately. Depreciation is calculated using the straight-line method to allocate costs over their estimated useful lives. Depreciation of hydro and wind power plants commences when the plant is ready for managements intended use, normally at the date of the grid connection and commissioning. The depreciation period is adapted to the duration of the landowner contract period.The assets\u2019 residual values and useful lives are reviewed annually and adjusted if appropriate. Gains and losses on disposals are determined by compar-ing actual proceeds with the carrying amount. Gains and losses on disposals are included in profit or loss.Capitalisation of borrowing costs Borrowing costs that are directly attributable to the acquisition, construction or production of a qualify-ing asset is included as a part of cost. Other borrow-ing costs are recognised as an expense. Asset retirement obligation (ARO)Provisions for asset retirement costs are recognised when the Group has an obligation to dismantle and remove a power plant and must restore the site on which it is located. The asset retirement cost is capitalised as a part of the carrying value of the power plant and depreciated over the useful life of the plants. Estimated useful life of power plantsThe estimated useful life of power plants is based on assumptions on expected usage of the plant, expected wear and tear, technical or commercial obsolescence, legal or other regulatory limitations or lease expiry. The power plants in current operations have expected useful life between 20-60 years. Significant estimates and judgementAssessment of asset acquisition or business combinationSignificant management judgement is required in the assessment if an acquired project or power plant is a business combination or an asset acquisition. It is made a specific assessment for each acquisition.. If the acquisition is regarded as a business combi-nation IFRS 3 Business Combinations will be applied, while if an asset, it will be either IAS 2 inventory or IAS 16 Property plant and equipment that will be applied. For acquisitions that consist of a single power plant ready to construct, the acquisition will in most cases be regarded as an asset transaction, while acquisi-tions including producing assets are mainly business combinations. However, to conclude on accounting treatment, a separate assessment is performed for each acquisition. Impairment Producing power plants and power plants under construction are tested for impairment to the extent that indicators of impairment exist, please refer to Note 19 Impairment for details.Property, plant and equipmentThe table below shows the split of PPE into produc-ing power plants, assets under construction, other equipment and right-to-use lease assets. Producing Power Right to FY 2022power plant under use - lease NOK millionplantsconstruction Equipmentasset Total Accumulated cost 1.1.2022 819 255 2 6 1 082Additions from bus.comb. and acqusitions during the year 303 - 1 24 328Additions during the year 6 278 1 21 306Transfer between groups 427 (427) - - -Transfer from inventory - 16 - - 16Cost of disposed assets (16) - - (5) (22)Effects of movement in foreign exchange 3 (4) - - (1)Accumulated cost at 31.12.2022 1 542 118 4 46 1 710Accumulated depreciations and impairment losses at 1.1.2022 70 - 1 2 73Accumulated depreciations acquired assets during the year 13 - 1 - 14Depreciations for the year 22 - 1 5 28Impairment losses - - - - -Accomulated depreciations and impairment losses disposed - - - (2) (2)assetsEffects of movements in foreigs exchange - - - - -Accumulated depreciations and impairment losses at 106 - 2 5 11331.12.2022Carrying amount at 31.12.2022 1 437 118 2 40 1 597Carrying amount beginning of period 749 255 1 4 1 009Estimated useful life (years) 25-60 5-10 5-10Producing Power Right to FY 2021power plant under use - lease NOK millionplantsconstruction Equipmentasset Total Accumulated cost 1.1.2021 58 6 2 5 72Additions from business combinations during the year 746 47 - - 794Additions during the year 2 176 1 1 180Transfer between groups 12 (15) - - (3)Transfer from inventory - 44 - - 44Cost of disposed assets - - (1) - (1)Effects of movement in foreign exchange - (4) - - (4)Accumulated cost at 31.12.2021819255261 082Accumulated depreciations and impairment losses at 1.1.2021 11 - 2 1 13Accumulated depreciations acquired assets during the year 51 - - - 51Depreciations for the year 8 - - 1 10Impairment losses - - - - -Accomulated depreciations and impairment losses disposed - - (1) - (1)assetsEffects of movements in foreigs exchange - - - - -Accumulated depreciations and impairment losses at 70 - 1 2 7331.12.2021Carrying amount at end of period 749 255 1 4 1 009Carrying amount beginning of period 48 6 1 4 58Estimated useful life (years) 25-50 5-10 5-50During 2022 the Group has expanded the portfolio of producing power plants with acquisitions of Ramsli\u00e5na, Tinnkraft, and B\u00f8en Kraft, which are all producing power plants. The latter two were assessed as business combinations, see note 5 for further information. Two projects under construction, H\u00e5n Vindpark and Sk\u00e5r\u00e5na were completed during 2022 and have been transferred between asset classes and are now classified as producing power plants. Power plant assets are pledged as security for long term debt, see note 23 Long term debt. The development project Sundby Vindpark (Kafj\u00e4rden) was transferred from inventory to power plant under construction (PPE) when final investment decision (FID) was made in December 2022. Sundby is the only power plant under construction as per year end.Right to use lease assets include office lease and fixed amount fall lease on power plants. For further details about lease, please see 25 Lease agreements. The total contractual obligations related to the pro-ject Sundby amounts to EUR 50m, of which EUR 12m is already invested and reflected in the table above. The obligation related to \u00d8vre Kvemma is total investment of NOK 124m (enterprise value). The investment is expected to be financed with 50% debt. See note 24 Provisions, guarantees and con-tractual obligations.Note 17 Intangible assets and goodwill Accounting principle Intangible assets acquired separately are measured on initial recognition at cost, while the cost of intangible assets acquired in a business combination is the fair value at the date of the acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisations and accumulated impairment losses. Intangible assets with an indefinite useful life, such as goodwill are not amortised on a regular basis, but instead tested annually for impairment or more frequently if there are circumstances indicating that the carrying value may be impaired. The Group\u2019s goodwill derives from business combinations, the Group has no other intangible assets with indefinite useful life than goodwill as of 31 December 2022. Intangible assets with a finite lifetime are amortised over the useful life of the assets and assessed for impair-ment whenever there is an indication that the intangible asset may be impaired. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired business at the date of acquisition. Goodwill is carried at cost less accu-mulated impairment losses. Intangible assets and goodwillIntangible NOK million Goodwill assetsAccumulated cost 1.1.2022 38 -Additions from business combinations and acqusitions during the year 105 76Additions during the year - 19Accumulated cost at 31.12.202214395Accumulated amortizations and impairment losses at 1.1.2022 - -Accumulated amortizations acquired assets during the year - 1Amortizations for the year - 8Impairment losses - -Accumulated amortizations and impairment losses at 31.12.2022 - 9Carrying amount at end of period 143 86Estimated useful life (years) N/A 5-10There are no comparable figures for 2021.Intangible assets are related to inhouse developed software systems in Captiva (Operations). The main software systems are Captiva\u2019s digital platform, \u201cThe Portal\u201d, and Tyde hydro analytics system. Goodwill additions of NOK 105m from business combinations in 2022 is related to the Operations segment and the acquisition of Captiva (NOK 98m) and further investment in Enestor AS (NOK 7m) which was an associated company in the Captiva acquisition, but is now a subsidiary. In the acquisition of Captiva, goodwill was determined to be related to development know-how within hydro projects, a record of accomplishments, operational intelligence business systems integrated in the Captiva Group of other companies to benefit from each other, and the competence and experience of consultants within the industry. Note 18 InventoryAccounting principleInventories consist of development projects and government grants of el-certificates and guarantees of ori-gin (GoO). Inventories are accounted for in accordance with IAS 2 Inventories. According to IAS 2 inventories are measured at the lower of cost and net realisable value. Government grants of el-certificates and GoO are at granting measured and recognised at cost to inventory. Cost of government grants is zero. Development projectsExpenses related to research activities (project opportunities) are recognised in the statement of profit or loss as they incur. Expenses related to development activities are capitalised to the extent that the project qualifies for asset recognition, the Group is technically and commercially viable and has sufficient resources to complete the development work. Asset recognition of project inventory is done when the Group has the right to explore the developing project and is in the process to enter a concession application. Before asset recognition, the projects are assessed if they meet the major key success prerequisites and must also meet the criteria for expected future eco-nomic benefits, either from a project sale or from an in-house owned power producing power plant. Capitalized development costs consists of external development costs, capitalized salaries for internal employees and capitalized interest costs related to project funding. The development projects are part of the Development business segment and are mainly held for trading. A project can be reclassified to held for own use if it is selected to be kept as a long-term producing asset. When a project is ready to build, and the Group makes the final investment decision (FID), the projects will be reclassified to property, plant and equipment and accounted according to IAS 16. Inventory per year endNOK million 31.12.2022 31.12.2021Projects 106 154Government grants - -Total 106 154The table below shows the split of project inventory in projects with construction permit and project backlog. FY 2022Projects - with Projects - NOK millionconstruction permitBacklog TotalProject inventory 01.01. 118 35 154Acqusitions during the year 29 4 33Capitalization (salary, borrowing cost, other expenses) 41 2 42Realized (104) - (104)Transfer to PPE (16) - (16)Write down current year - - -Effects of movements in foreign exchange (2) - (3)Project inventory 31.12. 66 41 106FY 2021Projects - with Projects - NOK millionconstruction permitBacklog TotalProject inventory 01.01.21 163 33 196Acqusitions during the year - - -Capitalization (salary, borrowing cost, other expenses) 9 2 11Realized - - -Transfer to PPE (47) - (47)Write down current year (3) - (3)Effects of movements in foreign exchange (3) - (3)Project inventory 31.12.21 118 35 154Projects with construction permit comprise of the wind project Duvh\u00e4llen and Munkhyttan (acquired in first quarter 2022). Both are located in SE3 Sweden. The development project Sundby Vindpark (Kafj\u00e4rden, also acquired in first quarter 2022) was transferred from inventory to power plant under construction (PPE), when final investment decision was made in December 2022. Stenkalles, a shallow water project was in September disposed 50% with Hafslund joining as a new partner The project is now owned 50% and classified as a joint venture and equity accounted. Included in the carrying amount is capitalized external costs related to the projects, salary to the employees working with project development and borrowing costs. Capitalized costs in 2022 consists of NOK 4m (NOK 2m) in borrowing costs, NOK 5m (NOK 3m) in salaries and NOK 33m (NOK 7m) in external fees. The capitalisation rate applied for borrowing costs is 4%.Note 19 ImpairmentAccounting principle Property, plant and equipment and intangible assets with a definite useful life are tested for impairment to the extent that indicators of impairment exist. When there are indicators that future earnings cannot justify the carrying value, the recoverable amount is calculated to consider whether an allow-ance for impairment must be made. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. Previously impaired non-financial assets, except goodwill, are reviewed for possible reversal of the impairment at each reporting date. For the purposes of assessing impairment losses, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash-generating units (CGUs)). The Group has identified the following CGUs:Property plant and equipment (power producing assets) \u00b7 Hydropower: Power plants sharing the same water flow and/or being subject to the same infrastruc-ture limitation are managed together to optimise power generation. \u00b7 Wind farms: The individual wind farm.Inventory of projects \u00b7 The individual project with construction permit \u00b7 Groups of similar projects that are in concession process and are connected in progressEquity accounted companies \u00b7 The individual associated company or joint ventureIntangible assets \u00b7 Captiva portal and related digital services \u00b7 Tyde system with related digital services \u00b7 Krasys system with related power trade agent servicesGoodwill and intangible assets with an indefinite useful life are not depreciated but are considered for impairment testing once every year and when there are circumstances or indicators implying an impairment test should be performed. Impairment is determined for goodwill by assessing the recovera-ble amount for each cash-generating unit (CGU) to which the goodwill relates. Impairment losses relat-ing to goodwill cannot be reversed in future periods. Significant estimates and judgementManagement have applied significant judgement to decide on and assess relevant impairment indicators. Factors that trigger impairment testing include, but is not limited to, changes in long power price estimates, political changes, underperforming power plants in terms of production, changes in the Groups strategy or macroeconomic fluctuations. For intangible assets impairment indicators may be underperforming sales or negative development in market conditions. Value in use calculation is based on a discounted cash flow model. The future cash flows in the model are based on a number of significant estimates and assumptions such as future market conditions, discount rates and estimated useful life and market price for development projects with construction permit, or sales volume for services. The estimates are based on the Group\u2019s budgets and long-term outlooks approved by management. The Group monitors changes in government leg-islations and regulations on a continuous basis, changes may impact key assumptions in the value in use calculations in future periods. Impairment test of Goodwill Goodwill For impairment testing of goodwill, the relevant level for impairment testing is the cash generating unit (CGU), this has been identified and defined as the following: NOK million TotalDevelopment 37Production 1Operations 105Total 143The recoverable amount for these assets has been determined estimating the value in use of the assets and comparing against the carrying value of the CGU\u2019s. Goodwill related to Operations origins from the acquisition of Captiva in January 2022. The goodwill was determined to be related to a long record of accomplishments, business know-how, reputation and established business related to development within hydro projects, advisory within asset manage-ment and financial services, IT-support and general operational intelligence business systems integrated in the Captiva Group of other companies to benefit from each other, and the competence and experi-ence of consultants within the industry. The goodwill amount was in the purchase price allocation allo-cated to the operation CGU and segment. The Group applies discounted cash flow model for impairment testing of goodwill and intangible assets. The impairment test is sensitive to the following key assumptions and estimates: \u00b7 Captiva is currently in a ramp-up phase and a dis-count rate of 15% on the cash flows has been applied to adjust for the ramp-up risk \u00b7 Future cash flows estimated for the period FY 2023 \u2013 FY 2032. The business plan estimates a ramp up period of three years from Captiva\u2019s business plan, then normal business with 3% annual growth in the scenario. Plans for ramp up years have been assessed and approved by management and the Board. SaaS and ARR multiples are used as impairment indicators and as a valuation method. The Group is of the view that no reasonable possible change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for the CGU. No impairment loss was recognised as the recovera-ble amounts exceed the carrying amount. Goodwill related to Development origins from the acquisition of Scanergy AS in February 2020. The goodwill was determined to be related to the large pipeline of project prospects within wind on land and shallow water, the know-how and business connec-tions (employees), the record of accomplishments over the past 10 years for the company acquired, as well as synergies. The model for impairment testing of goodwill related to the Development segment is based om the same model as for impairment testing projects, which is value in use based on a discounted cash flow model. The impairment test is sensitive to the following key assumptions: \u00b7 future cash flows with price per MW/GWh for development projects \u00b7 Timing of project development and concession grant, \u00b7 Applied discount rate of 12%The Group is of the view that no reasonable possible change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for the CGU.No impairment loss was recognised as the recovera-ble amounts exceed the carrying amount. The goodwill related to Production origins from the acquisition of Selselva Kraft AS in January 2021. The goodwill was determined to be related to a potential expansion of the power plant. The model for impairment testing of goodwill related to the Production segment is based on the same model for value in use and a discounted cash flow model. The impairment test did not result in any impairment losses and the Group\u2019s value in use was significantly higher than the carrying amount.Impairment test of other assetsProperty plant and equipment (producing and under construction power plants)The Group uses an internal valuation model based on external input as the impairment indicator for PPE. This model makes use and combines the most relevant internal and external input factors, such as long-term power price estimates, interest rate level, tax and regulatory changes and asset performance. For the majority of the producing power plants there was no impairment indicator observed and no further impairment testing to calculate recov-erable amount for the remaining power plants was performed. The impairment indicator applied was based on updated long-term power prices, the new tax proposal that was announced in September 2022 and increased interest rate levels.When taking the new tax proposal into consideration (see section below), the only asset that would need further impairment testing was R\u00f8yrmyra wind farm. An external valuation was nevertheless not pre-formed because the crucial factor was the new tax proposal. Since this is not finally voted on, the Group awaits the final outcome (expected during summer 2023) before a new assessment and impairment test is performed. For one other producing power plant asset, the assessment of observed impairment indicator was sensitive to changes in estimates and assumptions and close to having an impairment indicator. If future interest rate increase or long-term power price decrease the asset must be tested for impairment New Norwegian tax proposalIn September 2022 the Norwegian government proposed several new tax proposals for the power producing industry. With respect to land-based wind farms (both existing and new) which are subject to license requirement and hydropower plants with an installed effect of minimum 1 MW, the Norwegian government proposed to introduce a high price contribution tax levied on energy sold at a price above NOK 0.70/kWh at a rate of 23%, with effect from 1 January 2023. The high price contribution tax is not expected to be deductible in the calculation of corporate income tax or resource rent tax and expected only to be in effect until the end of 2024. Further, the Norwegian government has informed that they plan to introduce a resource rent tax with an effective tax rate of 40%, and natural resource tax for land-based wind farms (both existing and new) which are subject to license requirement, with effect from 1 January 2023. The high price contribution and the ground rent resource tax is in effect from 01. January 2023, but has not been passed as legisla-tion by the Parliament. The Norwegian government has published a consultation paper in Q4 2022, and official hearings ended 15 of March 2023. A final vote in the Parliament is expected in the summer 2023. If passed it is expected to be in effect from 01.01.2023.Investments in associated companies and joint ventures With application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associated companies. At each reporting date, the Group determines whether there is an impairment indicator observed which indicates the need for impairment testing. If so, the Group calculates the amount of impairment as the difference between the recovera-ble amount of the associate and the carrying value, and then recognises the loss as \u201cnet income/loss\u201d from associated companies and joint ventures in the statement of profit or loss. The same method as for recoverable amount and value in use is used as for producing/ under construction power plants or project inventory is applied. For the investments related to producing power plants, there was no relevant impairment indicator observed, and no further impairment testing was performed. Intangible assetsThe Groups intangible assets are related to IT systems and customer portfolio. The IT systems are related to the Captiva portal, TYDE science and soft-ware developed in Kraftanmelding AS. The valuation model applied for these software systems are SaaS and ARR multiples with future sales estimates and discounted cash flow mod-els. Relevant impairment indicators which would trigger impairment testing include significant fall in observed market multiples, underperformance in sales compared with forecasts, IT system develop-ment delays. During the 2022 the mentioned multiples have fallen, and the Group has tested the assets for impairment. The model for impairment testing is based on a multiple valuation for SAAS and ARR. The impairment test is sensitive to the following key assumptions and estimates: \u00b7 SaaS and ARR multiples are used as impairment indicators and as a valuation method. The multiples are based on a peer of comparable companies. \u00b7 Applied future sales forecast for 3 years, and the multiple valuations is based on the second year. The Group is of the view that no reasonable possible change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for the CGUs. No impairment loss was recognised as the recovera-ble amounts exceed the carrying amount. Inventory (development projects)For project inventory impairment is performed if net sales value is less than the carrying value of the asset. The Group has a quarterly routine to go through all projects to secure satisfying progress and attention. If a project does not qualify for internally prioritization, but the projects is put on hold or discontinued, the book value is impairment tested and a sales value is assessed. If the sales value, less cost of disposal is less than book value, an impair-ment loss classified as a write down is recognized over the profit or loss statement. Net realizable amount for projects with construction permit is set to an estimated market price per MW or per GWh that is reasonable to expect if the projects was to be sold. The price is compared with recent observable market transactions. As per 31 December the Group has an impairment loss of less the NOK 0.5m related to a minor develop-ment project due to the prospects of profitability in the project. The impairment loss is classified as cost of goods sold. Projects are reported in the Development segment.Note 20 Investments in associated companies and joint ventures Accounting principle Investments in associated companiesAn associated company is an entity over which the Group has significant influence and that is not a subsidiary or a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without the ability to have control over those policies. Significant influence normally exists when the Group has 20% to 50% voting power through ownership or agreements. Investments in associated companies are accounted for using the equity method. Joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control. That is when the strategic financial and operating policy decisions relating to the activities of the joint arrangement require the unanimous consent of the parties sharing control. If the parties to the joint arrangement have rights to the net assets of the arrangement, the arrangement is classified as a joint venture. If the parties have rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is classified as a joint operation. Currently the company has only a joint venture. Interests in joint ventures are accounted for using the equity method.Equity methodUnder the equity method of accounting, the invest-ments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profit or loss. Dividends received or receivable from associated companies, are recog-nised as a reduction of the carrying amount of the investment. Unrealised gains or transactions between the Group and the associated companies are eliminated to the extent of the Groups interest in the entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the assets transferred. Accounting policies of equity accounted investees have been changed were necessary to ensure consistency with the policies adopted by the Group. Equity accounted investments are reviewed each period to determine whether there is any objective evidence that the net investment is impaired. Goodwill relating to the associated company is included in the carrying amount of the investment and is not tested for impairment separately.The table shows the summarized investments in associated companies included in the Groups balance sheet as of 31 December 2022Consolidated economic Name of Entity Place of interest per business31.12.22 Segment Princippal ActivitiesForte Energy Norway AS with SPV's. Assosiated company Norway 34.0% Production Hydro powerOdal Vind AS Assosiated company Norway 33.4% Production Wind power under construction Stenkalles Holding AS Joint Venture Sweden 50.0% Development Offshore wind with construction permitProxima Hydrotech AS Assosiated company Norway 33.3% Operations Management hydro Forte Energy Norway AS (Forte)Forte was acquired by the Group in November 2020. Forte owns 14 producing hydro power assets and one power offtake agreement in Norway, with a combined normalized annual production of 87 GWh net to Cloudberry. The hydro power assets have an average license life of minimum 50 years.Odal Vind AS (Odal)Odal was first acquired in December 2020 with 15% ownership, and further increased its ownership to 33.4% in July 2021. The other owners of Odal Vind AS are Akershus Energi Vind AS and KLP, owning 33.4% and 33.2% respectively. Odal windfarm has been constructed during 2021 and 2022 and is now finished and was in full production from second half of 2022. The windfarm has a normalized annual production of 176 GWh net to Cloudberry and the remaining concession is 29 years. Stenkalles Holding AS (Stenkalles) Stenkalles Holding AS includes two Swedish subsidiaries owning the Stenkalles Grund project. The Stenkalles Grund project is a 100 MW shallow-water wind project in the lake of V\u00e4nern in south-central Sweden (SE3). 50% of the project was sold to Hafslund Vekst AS in September 2022, bringing them in as a joint partner. Together the parties will work towards a final investment decision (FID) for the project. The 50% ownership is now accounted as a joint venture. The table show the summarised financial information in the Group accounts for equity accounted companies. FY 2022Forte Proxima Energy Odal Vind Stenkalles Hydrotech NOK millionNorway ASASHolding ASAS TotalBook value beginning of year 254 423 - - 677Additions of invested capital - 31 17 2 50Share of profit/loss for the year 41 74 - - 114Depreciation of excess value (3) - - - (3)IFRS adjustment 9 - - - 9Dividend paid to the owners (31) - - - (31)Correction from previous years result - - - - -Currency translation differences 2 27 - - 29Items charges to equity 45 - - - 45Book value at reporting date 317 555 17 1 890Excess value beginning of year 137 19 - - 156Correction against booked equity - - - - -Excess value 31 December 134 19 1 - 154Book value of equity at 31 December associated company/JV 183 536 16 1 736FY 2021Forte Proxima Energy Odal Vind Stenkalles Hydrotech NOK millionNorway ASASHolding ASAS TotalBook value beginning of year 234 103 - - 337Additions of invested capital - 332 - - 332Share of Profit/loss for the year 16 (4) - - 12Depreciation of excess value (3) - - - (3)Dividend paid to the owners - - - - -Correction from previous years result 1 - - - 1IFRS adjustment 6 - - - 6Currency translation differences - (8) - - (8)Items charges to equity - - - - -Book value at reporting date 254 423 - - 677Excess value beginning of year 141 7 - - 148Correction against booked equity (1) - - - (1)Excess value 31 December 137 19 - - 156Book value of equity at 31 December associated company/JV 116 404 - - 520The IFRS adjustment in Forte relates to the power off take agreement which in the Forte accounts is recog-nised at cost, while in the Group accounts according to IFRS is recognised in the balance sheet at fair value with the change in fair value recognised in the periods profit or loss statement.The table shows the summarized financial information for Forte and Odal. The figures apply to 100% of the companies\u2019 operations. Revenue and balance totalFY 2022 FY 2021Forte Energy Forte Energy NOK millionNorway AS Odal Vind AS Total Norway AS Odal Vind AS Total Revenue 337 405 742 122 - 122Operating costs (167) (98) (265) (48) (7) (56)Depreciations and amortisations (21) (22) (42) (20) - (20)Operating profit 149 285 434 54 (8) 47Net interest expenses 43 (13) 30 27 (3) 24Tax expense (38) (53) (91) (18) (2) (20)Profit for the period 153 219 373 63 (13) 50Total non current assets 1 197 2 160 3 358 950 1 701 2 651Total current assets 270 557 827 117 518 635Total cash and cash equivalents 242 83 325 99 399 499Long term debt 687 907 1 593 664 882 1 546Short term debt 243 206 449 60 127 187Equity 538 1 604 2 142 343 1 209 1 552The table shows the Group\u2019s share of the summarized financial information on a line for line basis for Forte and Odal. Revenue and balance based on Cloudberrys ownershipFY 2022 FY 2021Forte Energy Forte Energy NOK millionNorway AS Odal Vind AS Total Norway AS Odal Vind AS Total Revenue 114 135 250 42 - 42Operating costs (57) (33) (90) (16) (2) (18)Depreciations and amortisations (7) (7) (14) (7) - (7)Operating profit 51 95 146 18 (2) 16Net interest expenses 15 (4) 10 9 (1) 8Tax expense (13) (18) (31) (6) (1) (7)Profit for the period 52 73 125 22 (4) 18Total non current assets 407 722 1 129 323 568 891Total current assets 92 186 278 40 173 213Total cash and cash equivalents 82 28 110 34 133 167Long term debt 234 303 536 226 295 520Short term debt 82 69 151 20 43 63Equity 183 536 719 116 404 520Note 21 Cash, cash equivalents and corporate fundingAccounting principle Cash and cash equivalents include deposits held at call with financial institutions, commercial papers and other short term interest-bearing securities or highly liquid investments (money market funds) that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.Placements in money market funds are made to diversify risk and at the same time secure high liquidity of the placements to be able to meet short term cash commitments. The funds are larger funds with estab-lished low interest rate risk and low credit risk. Placements in money market funds are classified as cash equivalents as the placements are short term placements and can be redeemed at any time without restrictions or cost (2-3 days settlement) to meet short term commitments when needed. The placements have insignificant risk of change in value as they are placements with the lowest risk profiles. The Group has entered into a corporate account agreement with SpareBank 1 SR-Bank for the Norwegian companies. No credit facility is incorporated in this agreement, but a larger facility with SpareBank 1 SR-Bank is established, see note 23 Long term debt. NOK million 2022 2021Bank deposits 541 383Money market funds 998 732Total cash and cash equivalents 1 538 1 115Investments in money market funds consist of investments in KLP fund and Fondsforvaltning. These place-ments are short term placements and is readily convertible to cash. Of bank deposits per 31 December, NOK 96m is related to Kraftanmelding AS, which is a company owned 51% in the Operations segment. The company is a power trade agent and receives settlement from spot sales before it settles with the power producers. Hence, the cash position must be seen in relation to other short-term positions, current accounts payable, current provisions and other current debt and assets (including restricted cash related to settlements). Restricted cash is not included in cash and cash equivalents, this is classified as other current assets and a deposit for office rent of NOK 2m is classified as a non-current financial asset.Note 22 Share capital and shareholder informationAccounting principleNature and purpose of reserves included in total equity \u00b7 Share premium: Share premium includes net share premium paid as part of capital increases. \u00b7 Other Equity: Other equity includes share-based payment transaction reserve used to recognise the value of equity-settled and share-based payment transactions provided to employees, including key manage-ment personnel, as part of their remuneration. It also includes hedging reserves charged to other compre-hensive income and currency translation differences, together with retained earnings. \u00b7 Foreign currency translation reserve: The foreign currency translation reserve comprises all foreign cur-rency differences arising from the translation of the financial statements of foreign operations. \u00b7 Hedging reserve: The hedging reserve includes mark-to-market revaluation reserve after tax on derivatives used in the Group\u2019s cash flow hedging.Share capital The table below show the share capital, share premium and number of shares as of 31 December 2022 and 31 December 2021. NOK million 2022 2021Share capital 73 59Share premium 3 495 2 676Share capital and premium at 31 December 3 568 2 735Number of shares at 31 December 291 299 905 235 244 646The shares are at par value NOK 0.25. The following capital increases has taken place in 2022:Number Share NOK 1000 Dateof sharescapitalNumber of shares 1 January 2022 235 244 646 58 811 162Capital increase 07.01.2022 3 484 041 871 010Capital increase 29.06.2022 935 020 233 755Capital increase 22.09.2022 51 612 903 12 903 226Capital increase 24.10.2022 23 295 5 824Number of shares and share capital 31 December 2022291 299 90572 824 976The table below show the 20 largest shareholders of Cloudberry as of 31 December 2022:Number of Share of Share of sharesownershipvoting rightsFerd AS 33 919 686 11.6% 11.6%Joh Johannson Eiendom AS 29 512 098 10.1% 10.1%Havfonn AS (Bergesen family) 24 761 554 8.5% 8.5%Snefonn AS (Bergesen family) 16 203 725 5.6% 5.6%The Northern Trust Comp, London 15 980 677 5.5% 5.5%HSBC Trinkaus & Burkhardt GmbH 15 600 000 5.4% 5.4%Caceis Bank 12 669 673 4.3% 4.3%State Street Bank and Trust Comp (Swedbank Robur) 9 578 902 3.3% 3.3%Clearstream Banking S.A. 7 486 279 2.6% 2.6%Skandinaviska Enskilda Banken AB 6 570 220 2.3% 2.3%Danske Invest Norge Vekst 6 317 098 2.2% 2.2%Verdipapirfondet Alfred Berg Gamba 5 658 324 1.9% 1.9%Awilco AS 5 282 256 1.8% 1.8%Citibank Europe plc 5 000 000 1.7% 1.7%Verdipapirfondet Storebrand Norge 4 087 885 1.4% 1.4%Gjensidige Forsikring ASA 4 023 469 1.4% 1.4%MP Pensjon PK 3 496 230 1.2% 1.2%CCP AS 3 484 041 1.2% 1.2%CCPartner AS 3 202 040 1.1% 1.1%Verdipapirfondet KLP Norge 2 426 887 0.8% 0.8%Other 76 038 861 26.1% 26.1%Total number of shares 291 299 905 100.0% 100.0%Note 23 Long term debtIn November 2021 the Group increased the NOK 700 million credit facility with a syndicate of Norwegian savings banks lead by SpareBank 1 SR-Bank ASA (established in March 2021) to NOK 1 400m, with a possibility to increase the facility with additional NOK 500m. The facility consists of a term loan facility of NOK 1 100m to finance investments in power plants (hydro and wind) in the Nordics. The facility covers current inhouse producing assets and growth opportunities both organically and in-organically. In addition to the term loan facility, the facility with SP Bank also consists of a related revolving credit facility of NOK 300m. The Group has the following long-term borrowings as per 31 December 2022:NOK million 31.12.2022 31.12.2021Total bank loan related to power plants 338 302Reclassified principal payment to current interest bearing loans and borrowings (12) (10)Derivative liability realted to hedge accounting 1 3Total long term interest bearing loans and borrowings 327294Per year end 2022 all external debt in the consolidated group has been re-financed using the facility. There are no other long-term bank loans that are in any other bank. The total amount drawn from the term loan facility as per 31 December is NOK 328m. The table below shows a reconciliation of opening balance, movements and closing balance of the long-term debt for the year 2022:NOK million In cash flow statementOpening balance long term debt 01.01.22 294Debt take over in acqusitions non-cash 84Repaid existing debt in subsidiaries for refinancing cash outflow (151)Drawn from new facility with refinanced cash inflow 116Drawn construction loan cash inflow -Downpayments cash outflow (13)Change in swap derivative non cash (1)Reclassified principal payments to short term non-cash (2)Closing balance long term debt 31.12.22 327Of which:Drawn from new facility with refinanced 116Drawn construction loan -Proceeds from new term loans 2022116Repaid existing debt in subsidiaries for refinancing (151)Downpayments (13)Total repayment of term loan 2022 (164)The interest rate on the term loan is 3 months NIBOR plus margin less than 2% The bank loan facilities\u2019 terms are at a market floating interest rate with a fixed interest rate swap to reduce the interest rate risk. See note 10 Hedge accounting. The following financial covenants and collateral apply to the credit facilities:1. Group consolidated equity ratio, minimum 30% Cloudberry Production AS equity ratio, minimum 30% Minimum Group equity NOK 1 800m Minimum equity Cloudberry Production AS, NOK 900m2. Liquidity reserves Group level, minimum NOK 40m 3. Minimum secured 75% share of principal pr loan of 5 years. 4. Main securities granted under the credit facility: Pledge related to Cloudberry Production AS: Pledge in shares in all subsidiaries with producing assets (SPV\u2019s) Pledge in shares in associated companies Pledge in cash, inventory and receivables Pledge applied for subsidiaries with producing assets: Pledge in cash and bank accounts Pledge in property plant and equipment Pledge in inventory and receivables Pledge in lease agreements for land and water/fall rights Pledge in shares in Cloudberry Development ASThe Group was not in any breach of covenants as per 31 December 2022. Note 24 Provisions, guarantees and other contractual obligationsAccounting principleAsset retirement obligationProvision for asset retirement costs is recognized when the Group has an obligation to dismantle and remove a hydro or wind power plant and to restore the site where it is located after a concession period is over. Long term provisionsThe Group has NOK 36 m in long term provisions, of which NOK 15m is related to asset retirement obligations. Asset retirement obligation is established for H\u00e5n Vindpark and Sundby Vindpark in 2022, in addition to R\u00f8ymyra Vindpark, payable between 15-30 years. Current liabilities and provisionsNOK million 2022 2021Trade creditors 131 37Advance tax withholdings and taxes payable 4 1Accounts payables and other liabilities 13538Accrued salary and bonus 14 7Provision for project costs 5 7Public duties payable 3 2PPA contract termination 5 5Accrued fall lease 48 6Other 54 14Provisions 128 41Trade creditors and other provisions is related to Kraftanmelding, see also note 21 Cash, cash equivalents and corporate funding. Guarantees and other contractual obligationsThe Group has the following guarantees and bank deposits with duration: Balance NOK millionsheet item Maturity date 2022 2021Sundby wind farm Parent guarantee off-balance H1 2024 311 -to supplierGuarantee Odal Vind Bank guarantee/off balance / other H1 2022 - 317bank deposit current assetrestrictedGuarantee H\u00e5n wind farm Bank deposit other current asset H2 2022 3 3restrictedBank guarantee to Axpo Bank guarantee off-balace February 2022 - 5Bank guarantee Marker Vindpark Bank guarantee off-balace August 2022 - 8Guarantees for office rent Escrow account non-current financial asset February 2029 2 1Total guarantees and deposits 316 333The Sundby guarantee is a Vesta\u2019s guarantee securing nine wind turbines to be installed at Sundby during H2 2023. Other obligations not recognised in the balance sheet is related to financial close of secured portfolio. The Group has per 31. December 2022 signed sale and purchase agreement to the following power plants with financial close after 31 December 2022: Expected Equity Debt NOK millionsettlementfinancedFinanced Total\u00d8vre Kvemma Kraftverk H1 2024 60 60 120Total 60 60 120The power plant is under construction and risk of the assets is not yet transferred to the Group. Because the risk is not transferred and there are conditions precedent up until the takeover e.g. that the power plants shall function according to the agreement, the assets and the obligations are not recognised in the balance sheet.In February 2023 the Group signed a share purchase agreement to the Danish Odin wind portfolio, see note 29 subsequent events. For information about the Group\u2019s share of debt in associated companies, please see note 20. Note 25 Lease agreementsAccounting principle LeasesAt the lease commencement date, the Group rec-ognises a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u00b7 Short-term leases (defined as 12 months or less) \u00b7 Low value assetsFor these leases, the Group recognises the lease payments as other operating expenses in the state-ment of profit or loss when they incur.Lease liabilitiesThe Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable.The lease payments included in the measurement comprise of: \u00b7 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u00b7 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u00b7 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate.The Group does not include variable lease payments in the lease liability arising from future events, such as lease payments which depend on production vol-ume. Instead, the Group recognises these variable lease expenses in profit or loss, se under description of water right lease agreement. Right-of-use assetsThe Group recognises right-of-use assets at the commencement date of the lease, i.e. the date the underlying asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.Water right lease agreementsCloudberry enters into water-right lease agreements with owners of water rights, which entitles the company to utilise the water in the rivers. The agree-ments typically have duration from 40 to 100 years, starting when the power plant is put into commercial operation.The agreement with the owners of the water rights has a variable payment depending on the gross revenue of the power plant and is typically around 10% of the gross revenue. In certain agreements the variable payment depends on the net profit of the power plant (not the gross revenue). In these cases, Cloudberry is secured a minimum return on the investment (typically 4 \u2013 7% p.a.) before owners of the water rights are compensated. Excess return above this minimum return is then split between the owners of the water rights and Cloudberry.When Cloudberry has a commitment to pay rent to the owners of the water rights, we account for this as other operating expenses as the commitment arises. Upon expiration of the agreement the owners have the right to purchase the power plant with all rights and technical installations at a price based on certain specific conditions.Land lease agreements for construction of wind farms Cloudberry enters into lease agreements with land- owners, which entitles the company to utilise the land for construction of wind farms. The agree-ment typically has a duration from 25 to 35 years dependent on the concession period, starting when the power plant is put into commercial operation.The typical agreement with the landowners has a variable payment depending on the gross revenue of the power plant (around 4%). When Cloudberry has a commitment to pay rent to the landowners, we account for this as other operating expenses as the commitment arises.Fixed amount- agreement: In certain cases, Cloudberry can be obligated to pay landowner a fixed annual amount, in such cases it may be accounted according to IFRS 16 lease agreement. Upon expiration of the agreement the landowner has the right to purchase the powerplant with all rights and technical installations at a price based on book value at the end of the lease agreement. Lease The table shows the reconciliation of lease liability in the beginning of the year and per 31 December:NOK million 2022 2021Lease liability at 1.1. 5 4Lease agreements entered into during the year 21 1Lease agreements from business combinations 24 -Lease agreements terminated during the year (3) -Lease payments during the year (4) (1)Interest expense on lease liability 1 -Lease liability at 31.12. 43 5Lease payment of which:Payment on lease liabilities - interest (1) -Repayment on lease liabilities (3) (1)Lease payments during the year (3) (1)For split of total lease liability between current and non-current in the statement of financial position, please see table below in this note. Lease liability in the beginning of the year was related to office lease at Bergehus, and some minor lease agreements related to the fixed lease amounts on land lease related to power plants. During 2022 the Group has recognised office lease agreements related to the acquisition of the Captiva Companies. The office lease at Bergehus was termi-nated and a new lease contract recognised. The discount rate used to calculate the present value of future lease payments is the lessees marginal loan rate, which consists of a base rate and a credit premium. The base rate is a market rate based on a combination of the lessee\u2019s home country and the term of the lease. Credit premiums correspond to market credit premiums for compa-nies with similar credit ratings as lessees. Credit rating is determined through individual credit assess-ment of the individual lessee. Interest expenses related to the lease obligations are recognized as a separate line in the income statement. The Group presents its lease liabilities as separate line items in the statement of financial position.Lease in the statement of financial positionNOK million 2022 2021AssetsRight-to-use asset beginning of year 4 4Right-to-use asset recognised in the year 43 1Right-to-use asset terminated in the year (3) -Amortisation during the year (4) (1)Right to use asset end of year 40 4LiabilitiesNon-current liabilities 36 3Current lease liability 7 1Total lease liability 43 4Leases in the income statementNOK million 2022 2021Operating expensesVariable fall lease payment expenses (23) (6)Short term lease expenses (2) -Low value lease expenses (3) (1)Depreciation expensesDepreciation of right to use asset (office lease) (5) (1)Financial expenses Interest expenses on lease liability (1) -Total lease expense in the income statement (33) (8)Included in variable lease is rent to landowner where the water right lease is variable. Other informationNote 26 Earnings per shareEarnings per share is calculated as profit/(loss) attributable to the equity holders of the parent company divided by the number of shares outstanding. Diluted earnings per share is affected by the warrant program for equity settled share-based payments transactions, see note 12 Employee benefits and share based payments. NOK million 2022 2021Profit/(loss) attributable to the equity holders of the company 118 (63)Weighted average number of shares outstanding for the purpose of basic earnings per share 253 292 752 155 842 058Earnings per share for income attributable to the equity holders of the company - basic NOK 0.47 (0.40)Effect of potential dilutive shares Weighted average number of shares outstanding for the purpose of diluted earnings per share 254 067 752 159 800 849Earnings per share for income attributable to the equity holders of the company - diluted NOK 0.47 (0.40)For information about share capital on 31 December see note 22 Share capital and shareholder information. Note 27 Transactions with related partiesThe Group\u2019s related parties include the Company and its subsidiaries, as well as members of the Board of Directors, members of Management and their related parties. Related parties also include companies in which the individuals mentioned in this paragraph have significant influence. All transactions are on arm\u2019s length basis and done in the ordinary course of business. The following related party transactions have been entered in 2022: \u00b7 Acquisition of 60% of the shares of Captiva Digital Services AS. Cloudberry\u2019s chairperson, Frank J. Berg, through CCPartner AS and related party Mothe Invest AS, held a minority interest of 33% in Captiva Capital Partner AS (now CCP AS), which was the seller of the shares of Captiva Digital Services AS. Mothe Invest now holds 23% of CCP AS. \u00b7 Office lease contract for Fr\u00f8yas Gate 15, Bergehus Holding AS: End of March 2022 the Company terminated the existing office lease contract and entered into a new lease contract for new office space at the same address and with the same lessor, Bergehus Holding AS. Bergehus Holding AS is owned by the Bergesen family who is an owner in Cloudberry through Havfonn AS and Snefonn AS. The new annual lease amount is initially NOK 1.7 million per year and will increase to NOK 3.4 million per year as Captiva is phasing out its existing rental agreements and moving more of its personnel to Cloudberry\u2019s head-office. The contract is 7 years on regular business terms. \u00b7 Short term office lease contract for Fr\u00f8yas Gate 15, Bergehus Holding AS entered in September for 2-month lease, while main office was renovated. The contract was on regular business terms. The Board of Directors ensures that any material transaction between the Company and Shareholders, a Shareholder\u2019s parent company, members of the Board of Directors, executive personnel, or close associates of any such parties will be entered into on arm\u2019s length terms. The Board of Directors has adopted rules of procedures for the Board of Directors which inter alia includes guidelines for notification by members of the Board of Directors and executive management if they have any material direct or indirect interest in any transaction entered into by the Company. Balances and transactions between the Company and its subsidiaries have been eliminated on consolida-tion and are eliminated in the consolidated accounts. The Group has had transactions with the following related parties:NOK million Related party Relation for Cloudberry Nature of transaction 2022 2021Bergehus Holding AS Board member and indirect Office lease 3 1shareholderCCPartners AS Chairman of the Board Consultant agreement - 1Forte Energy Norway AS Associated company Management fee revenue 3 3CCPartners AS Chairman of the Board Acqusition of 60% of 33 -Captiva Group1Capiva Asset Management AS Chairman of the Board & Indirect Project consultancy and - 5shareholderoperational platform asset management1 Captiva Asset Management AS part of Cloudbery Group from 07 January 2022. Intercompanmy transactions are eliminated in group accounts.See note 12 Employee benefits and share based payment for information about management remuneration. See note 20 Investments in associated companies and JV\u2019s for information about management fee to Forte. See note 25 Lease agreements for information about the office lease agreement with Bergehus. As per 31 December there were no employee or shareholder loans. Remuneration to the Board of DirectorsRemun-FY 2022eration Served Term paid in Warrants Shares pr Functionsinceexpires2022 (NOK)pr 31.12.2231.12.22 Holding CompanyFrank J Berg Chairman of 2020 2023 260 000 - 3 209 805 CCPartner ASthe BoardPetter W. Borg Board Member 2019 2023 257 500 - 2 253 503 Caddie Invest AS & Kewa ASBenedicte H. Fossum Board Member 2020 2023 245 000 - 100 103 Mittas ASLiv E. L\u00f8nnum Board Member 2020 2023 205 000 - 7 765Stefanie Witte Board Member 2022 2023 - - -Henrik Joelsson Board Member 2022 2023 - - -Nicolai Nordstrand Board Member 2022 2023 - - 31 264Morten S. Bergesen Board Member 2019 2022 255 000 - 40 965 279 Havfonn AS & Snefonn AS1 222 500 - 46 559 954Remun-FY 2021eration Served Term paid in Warrants Shares pr Functionsinceexpires2021 (NOK)pr 31.12.2131.12.22 Holding CompanyFrank J Berg Chairman of 2020 2022 550 000 - 3 202 040 CCPartner ASthe BoardPetter W. Borg Board Member 2019 2022 275 000 - 1 995 738 Caddie Invest AS & Kewa ASMorten S. Bergesen Board Member 2019 2022 275 000 - 33 868 506 Havfonn AS & Snefonn ASBenedicte H. Fossum Board Member 2020 2022 275 000 - 67 845 Mittas ASLiv E. L\u00f8nnum Board Member 2020 2022 275 000 - -1 650 000 - 39 134 129The remuneration to the Board is proposed by the nomination committee to the Company general meeting. The remuneration is paid after the next Company general meeting when the remuneration is earned. Due to change in routines, the remuneration for the period 2021/2022 was paid in 2021, while the remu-neration for 2020/2021 was paid in 2022. The remuneration for the period 2022/2023 will be paid after the Company general meeting in April 2023. The Group have a share purchase program for Board members implemented by the Company general meeting in 2021. The Board members shall use 30% of the fixed gross remuneration (prior to tax) per year to acquire shares in the Company, until the value of the shares of each individual member reaches a threshold of two years of board remuneration. The Board members shall after the threshold of two years board remu-neration has been achieved, be offered to use up to 30% of the gross board remuneration (prior to tax) to acquire shares. Please refer for further information to the Remuneration report for 2022 that will be presented at the annual Company general meeting and published on the website. Note 28 List of subsidiaries and equity accounted companiesThe following companies are fully consolidated (subsidiaries) or accounted for with the equity method (asso-ciated companies or joint ventures) as per 31 December 2022. Ownership intrest to Place of majority Part of Group Name of Entity Accouned asbusinessshareholdersfrom date SegmentCloudberry Clean Energy ASA Parent company Norway 100% 24.11.2017 CorporateCloudberry Production AS Subsiduary Norway 100% 15.02.2020 Production R\u00f8yrmyra Vindpark AS Subsiduary Norway 100% 15.02.2020 Production Finnesetbekken Kraftverk AS Subsiduary Norway 100% 15.02.2020 Production Cloudberry Develop AS Subsiduary Norway 100% 15.02.2020 DevelopmentCloudberry Utveckling II AB Subsiduary Sweden 100% 15.02.2020 DevelopmentDuvh\u00e4llen Vindpark AB Subsiduary Sweden 100% 15.02.2020 DevelopmentH\u00e5n Vindpark AB Subsiduary Sweden 100% 15.02.2020 Production H\u00e5n 22kV AS Subsiduary Norway 100% 15.02.2020 Production Cloudberry Utveckling AB Subsiduary Sweden 100% 15.02.2020 DevelopmentCloudberry Projekt AB Subsiduary Sweden 100% 15.02.2020 DevelopmentK\u00e5nna Vindpark AB Subsiduary Sweden 100% 15.02.2020 DevelopmentLjunga Vindpark AB Subsiduary Sweden 100% 15.02.2020 DevelopmentCloudberry Wind AB Subsiduary Sweden 100% 15.02.2020 DevelopmentSkogvind AS Subsiduary Norway 100% 31.08.2020 DevelopmentRewind Offshore AB Subsiduary Sweden 100% 15.02.2020 DevelopmentForte Energy Norway AS Associated Company Norway 34.0% 15.11.2020 Production Odal Vind AS Associated Company Norway 33.4% 23.12.2020 Production Selselva Kraft AS Subsiduary Norway 100% 13.01.2021 Production Sk\u00e5r\u00e5na Kraft AS Subsiduary Norway 100% 24.02.2021 Production Bj\u00f8rgelva Kraft AS Subsiduary Norway 100% 30.06.2021 Production N\u00e6ssakraft AS Subsiduary Norway 100% 30.06.2021 Production Usma Kraft AS Subsiduary Norway 100% 20.08.2021 Production \u00c5motfoss AS Subsiduary Norway 100% 01.12.2021 Production Sundby Vindpark AB Subsiduary Sweden 100% 21.12.2021 DevelopmentCaptiva Digital Services AS Subsiduary Norway 60% 07.01.2022 Operations 1SCaptiva Asset Management Subsiduary Norway 60% 07.01.2022 Operations 1Caprtiva Financial Services ASSubsiduary Norway 60% 07.01.2022 Operations 1Proxima HydroTech ASAssociated Company Norway 20% 07.01.2022 Operations 1Captiva Digital Services GmbHSubsiduary Switzerland 60% 07.01.2022 OperationsCaptiva Digital Solutions AS Subsiduary Norway 60% 07.01.2022 Operations 1Kraftanmelding ASSubsiduary Norway 30% 07.01.2022 Operations 1Broentech Solutions ASSubsiduary Norway 34% 07.01.2022 Operations 1Captiva Energi ASSubsiduary Norway 60% 07.01.2022 OperationsTinnkraft AS Subsiduary Norway 100% 01.02.2022 Production Munkhyttan Vindkraft AB Subsiduary Sweden 100% 03.02.2022 DevelopmentRamsli\u00e5na Kraftverk AS Subsiduary Norway 100% 31.03.2022 Production Re Energi AS Subsiduary Norway 100% 31.03.2022 Development 1Enestor ASSubsiduary Norway 31% 01.06.2022 OperationsB\u00f8en Kraft AS Subsiduary Norway 100% 10.06.2022 Production Stenkalles Holding AS Joint Venture Norway/Sweden 50% 19.09.2022 Development1 Owned through Captiva Digital Services AS (60% ownership to Cloudberry Clean Energy ASA).Place of Ownership Part of Group Name of Entity Accouned asbusinessintrestfrom date Segment\u00d8vre Kvemma Kraftverk AS Subsiduary Norway 100% H1-2024 Production Acquired companies in 2023Entities with acquisition close after 1 January 2023 is included in secured portfolio, but not included in the table. Se note 29 Subsequent events. Note 29 Subsequent eventsSigned SPA Odin portfolio On 10 February the Group signed a sale and purchase agreement with Skovgaard Energy A/S (\u201cSkovgaard\u201d), a Danish renewable energy developer. The agreement secured Cloudberry a majority stake in a portfolio consisting of up to 51 high-quality wind turbines in production, with 47 turbines located in Denmark and additional 4 turbines in southern Sweden.Cloudberry will acquire 80% ownership in the newly established company Odin Energy P/S (\u201cOdin\u201d) while Skovgaard will keep a 20% ownership. Thisadds a total capacity of 106 MW (~311 GWh) net to Cloudberry. The turbines are high quality Vestas and Siemens turbines with an average expected remain-ing lifetime of about 23 years.The agreed enterprise value for 80% of Odin Energy is DKK 1,488 million. The final purchase price will be reduced with the cash flow generation between 1 January 2023 to Closing, potential pre-emptive rights in Tranche 2 (as described below) and adjustments related to net debt and net working capital. As part of the transaction and included in the enterprise value, Odin will also purchase the land associated with 44 (~95%) of the Danish turbines and certain rights to new wind and solar projects through a development agreement with Skovgaard.The transaction will be divided into two tranches, where Tranche 1 includes all entities which are wholly owned and partially owned entities without pre-emptive rights (approx. 247 GWh). Tranche 2 covers entities which are partially owned with pre-emptive rights (approx. 64 GWh). For the entities included in Tranche 2, the existing co-owners have certain shareholder rights (such as inter alia right of first refusal) which may be triggered by the transac-tion. Consequently, the exact size of the portfolio to be transferred in relation to Tranche 2 is subject to changes.The acquisition of the portfolio will be fully financed by existing cash and the existing bank facility avail-able to Cloudberry by Nordic banks (approx. 50% equity and 50% debt). With the expected cash flow generation from the enlarged producing portfolio and a low levered balance sheet, Cloudberry has capacity to fund further growth such as assets in the development portfolio.The transaction is inter alia subject to approval from Danish authorities with Closing estimated in latter part of Q2 2023. Increased backlog with signed option to two projects in SwedenCloudberry has increased its backlog to 480 MW by securing exclusive rights to the wind projects Ulricehamn Vindpark and S\u00f6derk\u00f6ping Vindpark both in the attractive SE-3 region. ",
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"value": "Note 2 General accounting policies and principlesBasis for preparationThe Group\u2019s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations from International Financial Reporting Interpretations Committee (IFRIC) as adopted by the EU.Presentation and classification of items in the finan-cial statements is consistent for the periods pre-sented. Application of the accounting policies by the subsidiaries has been changed where necessary to ensure consistency with Group accounting policies. The Group\u2019s consolidated financial statement is prepared on a going concern basis. When assessing this assumption, management has assessed all available information about the future. This com-prises information about net cash flows from existing operations, debt service and obligations. After mak-ing this assessment, management has a reasonable expectation that the Group has adequate resources to continue its operational existence for the foresee-able future. These consolidated financial statements for the full year 2022 have been approved for issuance by the Board of Directors on 23 March 2023 and are subject to approval by the Annual General Meeting on 27 April 2023.Basis for measurementThe consolidated financial statements have been prepared on a historical cost basis, except for cer-tain financial instruments and derivatives, that are recognised at fair value. Historical cost is generally based on the fair value of the consideration given when acquiring assets and services. Classification as current/non-currentThe Group presents assets and liabilities in the state-ment of financial position based on current/non-cur-rent classification. An asset is current when it is: \u00b7 Held primarily for the purpose of trading \u00b7 Expected to be realised within twelve months after the reporting period, or \u00b7 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting periodAll other assets are classified as non-current. A liability is current when: \u00b7 It is expected to be settled in normal operating cycle \u00b7 It is held primarily for trading \u00b7 It is due to be settled within twelve months after the reporting period, or \u00b7 There is no unconditional right to defer the settle-ment of the liability for at least twelve months after the reporting periodThe Group classifies all other liabilities as non-current.Deferred tax assets and liabilities are classified as non-current. Basis and principles for consolidationThe consolidated financial statements comprise the financial statements of the parent company Cloudberry Clean Energy ASA and its subsidiaries, see note 28.SubsidiariesSubsidiaries are all entities (including structured enti-ties) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. Subsidiaries are no longer consolidated from the date when control ceases. The financial statements of the subsidiaries are prepared for the same reporting periods as the parent company. Consistent accounting policies are applied.Profits and losses resulting from intercompany trans-actions have been eliminated, as well as unrealised gains on transactions between group companies. Unrealised losses are eliminated unless the trans-action provides evidence of an impairment of the transferred assets.Upon purchase of projects, the management assess whether the purchase constitute purchase of an asset or purchase of a business in accordance with IFRS 3.Transactions with non-controlling interests Non-controlling interests in subsidiaries are pre-sented within equity separately from the equity attributable to the owners of the parent. Non-controlling interests consist of fair value of those interests at the date of the business combination, and the non-controlling interests\u2019 share of changes in equity since the date of the business combina-tion. When acquiring shares from a non-controlling interest the difference between the consideration and the shares proportionate value of recognized net assets in the subsidiary as correction of equity in the parent company owners. A change in ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. Consideration in excess of, or lower than, the carrying amount of non-controlling interests is recognised against the equity attribut-able to the owners of the parent. If the Group loses control over a subsidiary, it derecognises the assets, liabilities and non-controlling interest, and reclassi-fies to profit or loss, or transfers directly to retained earnings as appropriate, the amounts recognised in other comprehensive income in relation to the subsidiary. Any investment retained at the date when control is lost is measured at fair value and a gain/loss is recognised.Foreign currency translationFunctional and presentation currencyThe functional currency of the companies in the Group is determined based on the nature of the primary economic environment in which the company oper-ates. The functional currency of the parent company Cloudberry Clean Energy ASA and the presentation currency of the Group is Norwegian kroner (NOK). Transactions in foreign currencies are initially recorded by the Group\u2019s entities at their respective functional currency spot rates at the date the trans-action first qualifies for recognition.Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognised in profit or loss.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.The Group has foreign entities with functional cur-rency other than NOK. At the reporting date, assets and liabilities of foreign entities with functional currencies other than NOK, are translated into NOK at the rate of exchange prevailing at the reporting date and their income statements are translated at annual average exchange rates. The exchange differences arising on translation for consolidation are recognised in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in profit or loss.Principles of cash flow statementThe cash flow statement has been prepared using the indirect method.Operating activities: changes in working capital comprise of current interest-free receivables and current interest-free liabilities. Effects related to capital expenditures, inventory investments, unreal-ised changes or reclassifications are not included in changes in working capital.Investing activities: acquisition/divestment of shares includes cash and cash equivalents in the investee that are recognised/divested at the transaction date. Hence, this is presented net together with the cash consideration paid or received. Capitalized costs related to project inventory is presented together with project investments. Financing activities: interest payments from interest rate derivatives, which are used to manage the Group\u2019s debt portfolio, are presented as a part of interests paid.Accounting principle An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses. The Company has defined that the Board of Directors is the chief operating decision maker. Business segments are reported in a manner consistent with how the Group internally follows up the business. The Group\u2019s segment financials are reported on a proportionate basis. This is con-sistent with how the internal financial reporting to the Group\u2019s chief operating decision maker is. The business segments are determined based on the differences in the nature of their operations.Management provides this because these measures are used internally for key performance measures (KPIs) and financial risk assessments. These meas-ures represent the most important KPI\u2019s to support decision making for achieving the Group\u2019s strategic goals. The main performance indicator for segment reporting is EBITDA. The key differences between the proportionate and the consolidated IFRS financials are that all entities are included with the respective ownership share in each accounting line by the Group. Associated com-panies and joint ventures are included in the finan-cial accounting lines, the profit or loss statement and share of assets and net debt, using the respective proportionate ownership share. While in the consol-idated financials associated companies and joint ventures are consolidated with the equity method. Subsidiaries that have non-controlling interests are in the proportionate reporting presented with only the Group\u2019s ownership share, while in the consolidated financials they are included with 100%. The Group reports its operations in four business segments; Production, an active owner of renewable power assets in the Nordics; Development, a green-field developer both onshore and off-shore with a long history of organic, in-house developments of wind and hydropower assets in Norway and Sweden; Operations, an asset manager and operator of renewable power assets, that also delivers industrial digital solutions, and a cost efficient Corporate seg-ment ensure management tasks for the Group like financing, marketing, reporting and other corporate activities.Proportionate financials are further defined and described in the APM section of this report.Accounting principle Business combinations are accounted for using the acquisition method. The acquisition cost is meas-ured at fair value of the consideration transferred at the acquisition date. The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The acquisition date is the date when control is transferred to the Group, acquired businesses are included in the financial statements from the trans-action date. Comparable figures are not adjusted for acquired, sold, or liquidated businesses. When the Group acquires a business, a purchase price allocation is carried out, and assets and liabilities are valued at fair value at the time of the acquisition. If the acquisition cost (including any non-controlling interests) exceeds the fair value of identifiable net assets acquired, this is recognised as goodwill. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acqui-sition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.In accordance with IFRS 3, the estimation of fair value and goodwill may be adjusted up to 12 months after the takeover date if new information has emerged about the facts and circumstances that existed at the time of takeover. Acquisition related costs, except costs related to issue of debt or equity securities, are booked to operating expenses.Accounting principle Financial assetsThe group classifies its financial assets in the follow-ing measurement categories: \u00b7 those to be measured at amortised cost, \u00b7 those to be measured subsequently at fair value (either through OCI or profit or loss)The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Financial assets that are held to collect contractual cash flows and where those cash flows represent solely payments of principal and interest (SPPI) are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/ (losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss.For financial assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. Financial assets recognised at fair value through profit or loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Gains or losses arising from changes in the fair value of the financial instruments at fair value through profit or loss, including interest and dividends, are recognised in the income statement as other gain or loss. Derivatives are always measured at fair value through profit or loss. The accounting for subse-quent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged (see note 10 Hedge accounting for further details).For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehen-sive income.For Impairment losses on accounts receivables the group applies the simplified approach as it follows from IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. An allowance is made on the balance sheet for the expected future credit losses and remains on the balance sheet until it is written off as a credit loss or reversed.Regular purchases and sales of financial assets are recognised on trade-date, the date on which the Group commits to purchase or sell the asset.Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.Financial liabilities The group classifies its financial liabilities at initial recognition in the following categories \u00b7 Loans and borrowings including bank overdrafts \u00b7 Payables \u00b7 Derivatives (designated as hedging instruments in an effective hedge or fair value recognised in profit or loss)All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. In subsequent periods, all financial liabilities, except derivatives are measured at amortised cost.A financial liability is derecognised when the obli-gation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on sub-stantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Power Purchase Agreements (PPA)The Group has in some cases entered into PPA for the sale of electric power and related products (el-certificates of guarantees of origin) at a fixed price. A characteristic to these agreements is that they can be accounted for as a financial instrument or as a contract with customer, depending on the terms and conditions. \u201cOwn use\u201d contracts: Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with Cloudberry\u2019s expected purchase, sale or usage requirements are accounted for as own use con-tracts. These contracts do not qualify for recognition in the statement of financial position in accordance with IFRS 9 but are accounted for as contracts with customers after IFRS 15 and energy purchase. \u201cOwn use\u201d contracts will typically have a stable customer base e.g. bilateral industry contracts, and are settled by physical delivery. As per 31 December the Group has two PPA con-tracts, one with applied hedge accounting, see note 10, and one recognised at fair value over the profit or loss statement. The Group has no PPA classified as \u201cown use\u201d contract.Accounting principle Derivatives are measured at fair value. The resulting gain or loss on re-measurement is recognised immediately in the statement of profit or loss, unless the derivative is designated into an effective hedge relationship as a hedging instrument. The Group designates currently only derivatives as cash flow hedges (where the derivative is used to manage the variability in cash flows relating to recognised liabilities or forecast transactions). Please refer to Note 9 under Fair value measurement for information on how fair value is determined.Cash \ufb02ow hedgesIf a financial instrument is designated as a cash flow hedging instrument the effective portion of the changes in the fair value of the derivative are recognised in other comprehensive income and accumulated in a sep-arate reserve in equity (cash flow hedge reserve). Subsequently the cumulative amount is transferred to the statement of profit or loss when the underlying transactions are recognised. The ineffective portion of changes in the fair value of the hedging instruments are recognised immediately.Hedge accounting is discontinued when the hedging instrument expires, is terminated, is exercised, or no longer qualifies for hedge accounting. The cumulative gain or loss recognised in other comprehensive income remains in the hedge reserve until the forecast transaction occurs, or it is immediately recognised in the state-ment of profit or loss if the transaction is no longer expected to occur.The Group applies hedge accounting to the borrowings and the associated interest rate swaps, for move-ments in benchmark interest rates (i.e. excluding any margin component). The secured debt and the interest rate swap agreement has critical terms that match and are expected to be highly effective. Critical terms are defined as currencies, nominal amounts and maturity. All interest rate swaps are designated as hedging instruments. Hedge ineffectiveness can arise from changes in counterparty credit risk. As per December 2022 the Group has entered into interest rate swaps, swapping from floating to fixed interest rate, for all long-term debt related to power plants, see note 23 Long-term debt.The Group also applies hedge accounting to highly probable future sales of power where there is an economic relationship between the hedged item (usually set at a low % of the total exposure) and the hedging instrument. The terms of the derivative (PPA) match the terms of the expected highly probable forecast transactions (i.e. % notional and payment date).Accounting principle Revenue recognition The Group accounts for revenue in accordance with IFRS 15 Revenue from Contracts with Customers and applies the five-step method to all revenue streams. The Group\u2019s sales revenues are divided into the following categories:1. Sale of hydro and wind generated electricity delivered to the grid, el-certificates and guarantees of origin.2. Sale of management services for hydro and wind power assets.3. Sale of management services for development of hydro and wind assets4. Digital services 5. Consultancy services within accounting and IT management.6. Agency fee power salesRevenue from power production or related products bear the characteristic of delivering power, el-cer-tificates and guarantees of origin, at a certain price. The performance obligation is to deliver a series of distinct goods (power or related products) and the transaction price is the consideration the Group expects to receive, at either spot price, regulated price or contract price. The performance obligation is satisfied over time which entails that revenue should be recognized for each unit delivered at the transaction price. The Group applies a practical expedient under IFRS 15 whereby the revenue from power for most of the contracts is recognized at the amount of which the entity has a right to invoice. The right to invoice power arises when power is produced and delivered, and the right to invoice the consideration will normally correspond directly with the value to the customer. The right to invoice for el-certificates and guarantees of origin arise when the certificates are delivered. Revenue from management and consultancy ser-vices is recognized when the service is performed, and the Group has an unconditional right to the consideration settlement. When the performance obligation is fulfilled and the Group has an uncon-ditional right to the consideration, this is presented separately in the balance sheet as a receivable.Agency fee from power sales are services related to power trade on behalf of power producers. Agency fee revenues are presented net and represent only the agency fee. This is because the Group acts on behalf of the power producer and does not trade at its own risk. A smaller part of the trade portfolio includes risk related to unbalance, but this risk is actively reduced as much as possible.When determining the transaction price for each element in the contract, the Group adjusts for the time value of money if the timing of payment agreed to by the parties provides the customer with a significant benefit of financing. The Group applies a practical approach, and the consideration is not adjusted for a financing component if the period between the transfer for the goods or service and the payment is less than a year.Other income Sale of ready to build development projects is assessed as not part of the ordinary course of daily business, as each transaction is unique. The sales of ready-to-build development projects is accounted net of inventory costs and presented as other income in accordance with IFRS 10. The projects are often organized in single-purpose-vehicles (SPV) and the net gain and net loss is recognized when control of the project SPV is transferred to the acquirer. Net gain or loss from sale of fixed assets (producing power plants) is classified and presented as other income.Government grants Government grants are conditional to own gen-eration of power from certain technologies. This includes el-certificates and guarantees of origin (GoO). The right to receive the grants are obtained at the time of generation. When the el-certificates and GoO are granted, they are measured at cost and classified as other income and inventory. Cost of government grants is zero. Upon subsequent sales, the sales price is recognized within sales revenues.Accounting principle Employee benefits are accrued in the period in which the associated services are rendered by the employ-ees of the Company.Accounting principle Income tax is calculated in accordance with ordinary tax rules and by applying the adopted tax rate. The tax expense in the statement of comprehensive income comprises taxes payable and changes in deferred tax liabilities and deferred tax assets. Taxes payable are calculated on the basis of the taxable income for the year. Deferred tax liabilities and deferred tax assets are calculated on the basis of temporary differences between the accounting and tax values and the tax effect of losses carried forward.Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Deferred tax assets are recognised to the extent that it is probable that they will be utilised. Tax related to items recog-nised in other comprehensive income is also recognised in other comprehensive income, while tax related to equity transactions is recognised in equity.Accounting principle Property, plant, and equipment (PPE) is measured at historical cost less accumulated depreciation and accumulated impairment losses. Land is not depreciated. The initial cost of a PPE asset comprises its pur-chase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of asset retirement obligation if any, and for qualifying assets, borrowing costs incurred in the construction period. Subsequent costs are included in the asset\u2019s carrying amount or recog-nised as a separate asset, as appropriate, only when it is probable that future economic benefits associ-ated with the item will flow to the group and the cost of the item can be measured reliably. All repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. If a separate component is damaged and replaced, the component is derecognised and the carrying amount is charged to the profit and loss statement as an impairment loss in the period. The replacement component is capitalized as a new item of PPE. Each component of a PPE item with a cost that is significant in relation to the total cost of the item is depreciated separately. Depreciation is calculated using the straight-line method to allocate costs over their estimated useful lives. Depreciation of hydro and wind power plants commences when the plant is ready for managements intended use, normally at the date of the grid connection and commissioning. The depreciation period is adapted to the duration of the landowner contract period.The assets\u2019 residual values and useful lives are reviewed annually and adjusted if appropriate. Gains and losses on disposals are determined by compar-ing actual proceeds with the carrying amount. Gains and losses on disposals are included in profit or loss.Capitalisation of borrowing costs Borrowing costs that are directly attributable to the acquisition, construction or production of a qualify-ing asset is included as a part of cost. Other borrow-ing costs are recognised as an expense. Asset retirement obligation (ARO)Provisions for asset retirement costs are recognised when the Group has an obligation to dismantle and remove a power plant and must restore the site on which it is located. The asset retirement cost is capitalised as a part of the carrying value of the power plant and depreciated over the useful life of the plants. Estimated useful life of power plantsThe estimated useful life of power plants is based on assumptions on expected usage of the plant, expected wear and tear, technical or commercial obsolescence, legal or other regulatory limitations or lease expiry. The power plants in current operations have expected useful life between 20-60 years.Accounting principle Intangible assets acquired separately are measured on initial recognition at cost, while the cost of intangible assets acquired in a business combination is the fair value at the date of the acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisations and accumulated impairment losses. Intangible assets with an indefinite useful life, such as goodwill are not amortised on a regular basis, but instead tested annually for impairment or more frequently if there are circumstances indicating that the carrying value may be impaired. The Group\u2019s goodwill derives from business combinations, the Group has no other intangible assets with indefinite useful life than goodwill as of 31 December 2022. Intangible assets with a finite lifetime are amortised over the useful life of the assets and assessed for impair-ment whenever there is an indication that the intangible asset may be impaired. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired business at the date of acquisition. Goodwill is carried at cost less accu-mulated impairment losses. Intangible assets and goodwillAccounting principleInventories consist of development projects and government grants of el-certificates and guarantees of ori-gin (GoO). Inventories are accounted for in accordance with IAS 2 Inventories. According to IAS 2 inventories are measured at the lower of cost and net realisable value. Government grants of el-certificates and GoO are at granting measured and recognised at cost to inventory. Cost of government grants is zero. Development projectsExpenses related to research activities (project opportunities) are recognised in the statement of profit or loss as they incur. Expenses related to development activities are capitalised to the extent that the project qualifies for asset recognition, the Group is technically and commercially viable and has sufficient resources to complete the development work. Asset recognition of project inventory is done when the Group has the right to explore the developing project and is in the process to enter a concession application. Before asset recognition, the projects are assessed if they meet the major key success prerequisites and must also meet the criteria for expected future eco-nomic benefits, either from a project sale or from an in-house owned power producing power plant. Capitalized development costs consists of external development costs, capitalized salaries for internal employees and capitalized interest costs related to project funding. The development projects are part of the Development business segment and are mainly held for trading. A project can be reclassified to held for own use if it is selected to be kept as a long-term producing asset. When a project is ready to build, and the Group makes the final investment decision (FID), the projects will be reclassified to property, plant and equipment and accounted according to IAS 16.Accounting principle Property, plant and equipment and intangible assets with a definite useful life are tested for impairment to the extent that indicators of impairment exist. When there are indicators that future earnings cannot justify the carrying value, the recoverable amount is calculated to consider whether an allow-ance for impairment must be made. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. Previously impaired non-financial assets, except goodwill, are reviewed for possible reversal of the impairment at each reporting date. For the purposes of assessing impairment losses, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash-generating units (CGUs)). The Group has identified the following CGUs:Property plant and equipment (power producing assets) \u00b7 Hydropower: Power plants sharing the same water flow and/or being subject to the same infrastruc-ture limitation are managed together to optimise power generation. \u00b7 Wind farms: The individual wind farm.Inventory of projects \u00b7 The individual project with construction permit \u00b7 Groups of similar projects that are in concession process and are connected in progressEquity accounted companies \u00b7 The individual associated company or joint ventureIntangible assets \u00b7 Captiva portal and related digital services \u00b7 Tyde system with related digital services \u00b7 Krasys system with related power trade agent servicesGoodwill and intangible assets with an indefinite useful life are not depreciated but are considered for impairment testing once every year and when there are circumstances or indicators implying an impairment test should be performed. Impairment is determined for goodwill by assessing the recovera-ble amount for each cash-generating unit (CGU) to which the goodwill relates. Impairment losses relat-ing to goodwill cannot be reversed in future periods.Accounting principle Investments in associated companiesAn associated company is an entity over which the Group has significant influence and that is not a subsidiary or a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without the ability to have control over those policies. Significant influence normally exists when the Group has 20% to 50% voting power through ownership or agreements. Investments in associated companies are accounted for using the equity method. Joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control. That is when the strategic financial and operating policy decisions relating to the activities of the joint arrangement require the unanimous consent of the parties sharing control. If the parties to the joint arrangement have rights to the net assets of the arrangement, the arrangement is classified as a joint venture. If the parties have rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is classified as a joint operation. Currently the company has only a joint venture. Interests in joint ventures are accounted for using the equity method.Equity methodUnder the equity method of accounting, the invest-ments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profit or loss. Dividends received or receivable from associated companies, are recog-nised as a reduction of the carrying amount of the investment. Unrealised gains or transactions between the Group and the associated companies are eliminated to the extent of the Groups interest in the entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the assets transferred. Accounting policies of equity accounted investees have been changed were necessary to ensure consistency with the policies adopted by the Group. Equity accounted investments are reviewed each period to determine whether there is any objective evidence that the net investment is impaired. Goodwill relating to the associated company is included in the carrying amount of the investment and is not tested for impairment separately.The table shows the summarized investments in associated companies included in the Groups balance sheet as of 31 December 2022Consolidated economic Name of Entity Place of interest per business31.12.22 Segment Princippal ActivitiesForte Energy Norway AS with SPV's. Assosiated company Norway 34.0% Production Hydro powerOdal Vind AS Assosiated company Norway 33.4% Production Wind power under construction Stenkalles Holding AS Joint Venture Sweden 50.0% Development Offshore wind with construction permitProxima Hydrotech AS Assosiated company Norway 33.3% Operations Management hydroAccounting principle Cash and cash equivalents include deposits held at call with financial institutions, commercial papers and other short term interest-bearing securities or highly liquid investments (money market funds) that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.Placements in money market funds are made to diversify risk and at the same time secure high liquidity of the placements to be able to meet short term cash commitments. The funds are larger funds with estab-lished low interest rate risk and low credit risk. Placements in money market funds are classified as cash equivalents as the placements are short term placements and can be redeemed at any time without restrictions or cost (2-3 days settlement) to meet short term commitments when needed. The placements have insignificant risk of change in value as they are placements with the lowest risk profiles. The Group has entered into a corporate account agreement with SpareBank 1 SR-Bank for the Norwegian companies. No credit facility is incorporated in this agreement, but a larger facility with SpareBank 1 SR-Bank is established, see note 23 Long term debt. NOK million 2022 2021Bank deposits 541 383Money market funds 998 732Total cash and cash equivalents 1 538 1 115Investments in money market funds consist of investments in KLP fund and Fondsforvaltning. These place-ments are short term placements and is readily convertible to cash. Of bank deposits per 31 December, NOK 96m is related to Kraftanmelding AS, which is a company owned 51% in the Operations segment. The company is a power trade agent and receives settlement from spot sales before it settles with the power producers. Hence, the cash position must be seen in relation to other short-term positions, current accounts payable, current provisions and other current debt and assets (including restricted cash related to settlements). Restricted cash is not included in cash and cash equivalents, this is classified as other current assets and a deposit for office rent of NOK 2m is classified as a non-current financial asset.Accounting principleNature and purpose of reserves included in total equity \u00b7 Share premium: Share premium includes net share premium paid as part of capital increases. \u00b7 Other Equity: Other equity includes share-based payment transaction reserve used to recognise the value of equity-settled and share-based payment transactions provided to employees, including key manage-ment personnel, as part of their remuneration. It also includes hedging reserves charged to other compre-hensive income and currency translation differences, together with retained earnings. \u00b7 Foreign currency translation reserve: The foreign currency translation reserve comprises all foreign cur-rency differences arising from the translation of the financial statements of foreign operations. \u00b7 Hedging reserve: The hedging reserve includes mark-to-market revaluation reserve after tax on derivatives used in the Group\u2019s cash flow hedging.Accounting principleAsset retirement obligationProvision for asset retirement costs is recognized when the Group has an obligation to dismantle and remove a hydro or wind power plant and to restore the site where it is located after a concession period is over.Accounting principle LeasesAt the lease commencement date, the Group rec-ognises a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u00b7 Short-term leases (defined as 12 months or less) \u00b7 Low value assetsFor these leases, the Group recognises the lease payments as other operating expenses in the state-ment of profit or loss when they incur.Lease liabilitiesThe Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable.The lease payments included in the measurement comprise of: \u00b7 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u00b7 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u00b7 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate.The Group does not include variable lease payments in the lease liability arising from future events, such as lease payments which depend on production vol-ume. Instead, the Group recognises these variable lease expenses in profit or loss, se under description of water right lease agreement. Right-of-use assetsThe Group recognises right-of-use assets at the commencement date of the lease, i.e. the date the underlying asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.Water right lease agreementsCloudberry enters into water-right lease agreements with owners of water rights, which entitles the company to utilise the water in the rivers. The agree-ments typically have duration from 40 to 100 years, starting when the power plant is put into commercial operation.The agreement with the owners of the water rights has a variable payment depending on the gross revenue of the power plant and is typically around 10% of the gross revenue. In certain agreements the variable payment depends on the net profit of the power plant (not the gross revenue). In these cases, Cloudberry is secured a minimum return on the investment (typically 4 \u2013 7% p.a.) before owners of the water rights are compensated. Excess return above this minimum return is then split between the owners of the water rights and Cloudberry.When Cloudberry has a commitment to pay rent to the owners of the water rights, we account for this as other operating expenses as the commitment arises. Upon expiration of the agreement the owners have the right to purchase the power plant with all rights and technical installations at a price based on certain specific conditions.Land lease agreements for construction of wind farms Cloudberry enters into lease agreements with land- owners, which entitles the company to utilise the land for construction of wind farms. The agree-ment typically has a duration from 25 to 35 years dependent on the concession period, starting when the power plant is put into commercial operation.The typical agreement with the landowners has a variable payment depending on the gross revenue of the power plant (around 4%). When Cloudberry has a commitment to pay rent to the landowners, we account for this as other operating expenses as the commitment arises.Fixed amount- agreement: In certain cases, Cloudberry can be obligated to pay landowner a fixed annual amount, in such cases it may be accounted according to IFRS 16 lease agreement. Upon expiration of the agreement the landowner has the right to purchase the powerplant with all rights and technical installations at a price based on book value at the end of the lease agreement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"s9_notes__7__19": {
"value": "Basis for preparationThe Group\u2019s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations from International Financial Reporting Interpretations Committee (IFRIC) as adopted by the EU.Presentation and classification of items in the finan-cial statements is consistent for the periods pre-sented. Application of the accounting policies by the subsidiaries has been changed where necessary to ensure consistency with Group accounting policies. The Group\u2019s consolidated financial statement is prepared on a going concern basis. When assessing this assumption, management has assessed all available information about the future. This com-prises information about net cash flows from existing operations, debt service and obligations. After mak-ing this assessment, management has a reasonable expectation that the Group has adequate resources to continue its operational existence for the foresee-able future. These consolidated financial statements for the full year 2022 have been approved for issuance by the Board of Directors on 23 March 2023 and are subject to approval by the Annual General Meeting on 27 April 2023.",
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"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__7__20": {
"value": "These consolidated financial statements for the full year 2022 have been approved for issuance by the Board of Directors on 23 March 2023",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__7__18": {
"value": "full year 2022",
"dimensions": {
"concept": "ifrs-full:PeriodCoveredByFinancialStatements",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__7__21": {
"value": "Basis and principles for consolidationThe consolidated financial statements comprise the financial statements of the parent company Cloudberry Clean Energy ASA and its subsidiaries, see note 28.SubsidiariesSubsidiaries are all entities (including structured enti-ties) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. Subsidiaries are no longer consolidated from the date when control ceases. The financial statements of the subsidiaries are prepared for the same reporting periods as the parent company. Consistent accounting policies are applied.Profits and losses resulting from intercompany trans-actions have been eliminated, as well as unrealised gains on transactions between group companies. Unrealised losses are eliminated unless the trans-action provides evidence of an impairment of the transferred assets.Upon purchase of projects, the management assess whether the purchase constitute purchase of an asset or purchase of a business in accordance with IFRS 3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__7__22": {
"value": "Transactions with non-controlling interests Non-controlling interests in subsidiaries are pre-sented within equity separately from the equity attributable to the owners of the parent. Non-controlling interests consist of fair value of those interests at the date of the business combination, and the non-controlling interests\u2019 share of changes in equity since the date of the business combina-tion. When acquiring shares from a non-controlling interest the difference between the consideration and the shares proportionate value of recognized net assets in the subsidiary as correction of equity in the parent company owners. A change in ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. Consideration in excess of, or lower than, the carrying amount of non-controlling interests is recognised against the equity attribut-able to the owners of the parent. If the Group loses control over a subsidiary, it derecognises the assets, liabilities and non-controlling interest, and reclassi-fies to profit or loss, or transfers directly to retained earnings as appropriate, the amounts recognised in other comprehensive income in relation to the subsidiary. Any investment retained at the date when control is lost is measured at fair value and a gain/loss is recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__7__23": {
"value": "Foreign currency translationFunctional and presentation currencyThe functional currency of the companies in the Group is determined based on the nature of the primary economic environment in which the company oper-ates. The functional currency of the parent company Cloudberry Clean Energy ASA and the presentation currency of the Group is Norwegian kroner (NOK). Transactions in foreign currencies are initially recorded by the Group\u2019s entities at their respective functional currency spot rates at the date the trans-action first qualifies for recognition.Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognised in profit or loss.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.The Group has foreign entities with functional cur-rency other than NOK. At the reporting date, assets and liabilities of foreign entities with functional currencies other than NOK, are translated into NOK at the rate of exchange prevailing at the reporting date and their income statements are translated at annual average exchange rates. The exchange differences arising on translation for consolidation are recognised in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__7__24": {
"value": "Principles of cash flow statementThe cash flow statement has been prepared using the indirect method.Operating activities: changes in working capital comprise of current interest-free receivables and current interest-free liabilities. Effects related to capital expenditures, inventory investments, unreal-ised changes or reclassifications are not included in changes in working capital.Investing activities: acquisition/divestment of shares includes cash and cash equivalents in the investee that are recognised/divested at the transaction date. Hence, this is presented net together with the cash consideration paid or received. Capitalized costs related to project inventory is presented together with project investments. Financing activities: interest payments from interest rate derivatives, which are used to manage the Group\u2019s debt portfolio, are presented as a part of interests paid.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__7__7": {
"value": "Note 3 Key accounting estimates and judgementsThe preparation of financial statements in conform-ity with IFRS requires the use of certain accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies and reported amounts of assets and liabilities, income and expenses.The Group management base its estimates on historical experience, current trends and other various assumptions that are believed to be relevant at the time the consolidated financial statements are prepared.Significant estimates - long term price forecast for power One of the critical assumptions used by manage-ment in making business decisions is the long-term price forecast for power and the related market developments. The assumption is also critical input for management related to financial statement processes such as: \u00b7 Allocation of fair value in business combination note 5 \u00b7 Impairment testing note 19Management use Volue, and their base case for long term power price forecasts. Volue is an external source of information which ensures an unbiased estimate. Management review and update the fore-cast continuously, based on market development. Significant judgement Due to the Group\u2019s business activities, management must apply judgement in determining the appropri-ate accounting policies in many areas, and for some the application of the Groups accounting may have a material impact on the accounting treatment in the financial statements. Significant judgement includes areas such as: \u00b7 Assessment of business combination or asset acquisition note 5 and 16 \u00b7 Assessments related to share-based payments note 12 \u00b7 Classification of developing projects note 16 and 18 \u00b7 Assessment of impairment indicators note 19Estimates and judgements Significant management judgement is required in the assessment of a business combination. This includes determining if an acquisition is a business combination or an asset acquisition, determining an acquiring part and determining the allocation of fair value of assets and liabilities acquired. A specific assessment is made for each acquisition to decide weather it is a business combination or an asset acquisition. If regarded as a business combi-nation IFRS 3 Business combinations will be applied, while if an asset, it will be either IAS 2 inventory, IAS 38 Intangible assets or IAS 16 Property plant and equipment that will be applied. The latter relates to the type of assets being acquired.For acquisitions that consist of a single development project, single power plant ready to construct or assets that do not have any clearly defined input or output, the acquisition will often be accounted for as an asset acquisition. Acquisitions that consist of pro-ducing assets, projects organized with key employ-ees, business processes in place and defined inputs and outputs from the processes, the acquisition will often be accounted for as business combination. However, the specific assessment will be needed to conclude on the treatment for each acquisition.The purchase price allocation is by nature judge-mental as it includes allocation of the purchase price to the underlying assets and liabilities on their underlying estimated fair value. Significant manage-ment judgement is applied about valuation method, estimates and assumptions. There is an inherent uncertainty related to managements estimates of significant assumptions such as discount rate, cash flow estimates and useful life which impact the split of the allocated fair value of the estimates.Significant estimates and judgementShare based paymentThe fair value of management warrant programme makes use of an estimation model, Black-Scholes for calculation the call option value at grant date and at the balance sheet day. This model makes use of man-agement estimates for expected life of option, volatility, interest rate and expected dividend yield.Significant estimates and judgementAssessment of asset acquisition or business combinationSignificant management judgement is required in the assessment if an acquired project or power plant is a business combination or an asset acquisition. It is made a specific assessment for each acquisition.. If the acquisition is regarded as a business combi-nation IFRS 3 Business Combinations will be applied, while if an asset, it will be either IAS 2 inventory or IAS 16 Property plant and equipment that will be applied. For acquisitions that consist of a single power plant ready to construct, the acquisition will in most cases be regarded as an asset transaction, while acquisi-tions including producing assets are mainly business combinations. However, to conclude on accounting treatment, a separate assessment is performed for each acquisition. Impairment Producing power plants and power plants under construction are tested for impairment to the extent that indicators of impairment exist, please refer to Note 19 Impairment for details.Significant estimates and judgementManagement have applied significant judgement to decide on and assess relevant impairment indicators. Factors that trigger impairment testing include, but is not limited to, changes in long power price estimates, political changes, underperforming power plants in terms of production, changes in the Groups strategy or macroeconomic fluctuations. For intangible assets impairment indicators may be underperforming sales or negative development in market conditions. Value in use calculation is based on a discounted cash flow model. The future cash flows in the model are based on a number of significant estimates and assumptions such as future market conditions, discount rates and estimated useful life and market price for development projects with construction permit, or sales volume for services. The estimates are based on the Group\u2019s budgets and long-term outlooks approved by management. The Group monitors changes in government leg-islations and regulations on a continuous basis, changes may impact key assumptions in the value in use calculations in future periods.",
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"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__7__25": {
"value": "Note 4 Business segmentsAccounting principle An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses. The Company has defined that the Board of Directors is the chief operating decision maker. Business segments are reported in a manner consistent with how the Group internally follows up the business. The Group\u2019s segment financials are reported on a proportionate basis. This is con-sistent with how the internal financial reporting to the Group\u2019s chief operating decision maker is. The business segments are determined based on the differences in the nature of their operations.Management provides this because these measures are used internally for key performance measures (KPIs) and financial risk assessments. These meas-ures represent the most important KPI\u2019s to support decision making for achieving the Group\u2019s strategic goals. The main performance indicator for segment reporting is EBITDA. The key differences between the proportionate and the consolidated IFRS financials are that all entities are included with the respective ownership share in each accounting line by the Group. Associated com-panies and joint ventures are included in the finan-cial accounting lines, the profit or loss statement and share of assets and net debt, using the respective proportionate ownership share. While in the consol-idated financials associated companies and joint ventures are consolidated with the equity method. Subsidiaries that have non-controlling interests are in the proportionate reporting presented with only the Group\u2019s ownership share, while in the consolidated financials they are included with 100%. The Group reports its operations in four business segments; Production, an active owner of renewable power assets in the Nordics; Development, a green-field developer both onshore and off-shore with a long history of organic, in-house developments of wind and hydropower assets in Norway and Sweden; Operations, an asset manager and operator of renewable power assets, that also delivers industrial digital solutions, and a cost efficient Corporate seg-ment ensure management tasks for the Group like financing, marketing, reporting and other corporate activities.Proportionate financials are further defined and described in the APM section of this report. ProductionThe Production segment owns long-term yield hydro and wind assets in Norway and Sweden. Revenues come mostly from power production sold on a continuous basis through bilateral agreements or through the spot market, Nordpool. Production is also the local manager and delivers management services to the portfolio of power plants owned by Forte Energy Norway AS, see note 20, Investments in associated companies and joint ventures. DevelopmentThe Development segment has a significant onshore and offshore development portfolio with renewable assets in Sweden and Norway. Development is responsible for development of hydro and wind power assets from early stage until the projects receive construction permits. Cloudberry has ongoing dialogue with landowners, municipalities and grid companies to clarify oppor-tunities for new wind power projects. Operations (Captiva) The Operations segment includes the activities organized in the Captiva Group. Captiva is an asset manager and operator of wind and hydro assets in the Nordics with more than 15 years of history. Cloudberry is currently a 60% owner of Captiva with the option to purchase 100% of the business by 2025 (the remaining 40% is owned by the previous sellers). Captiva has organized its business into manage-ment services and digital solutions.CorporateCorporate consists of the activities of corporate services, management, and group finance. The corporate management aims to remain a cost-ef-fective, agile and dynamic team. By year end, there were seven employees in the corporate segment.Proportionate financialsThe table shows the segment reporting for 2022 (with reconciliation to reported Group consolidated IFRS) and with comparable figures for 2021 in lower table: Residual FY 2022Elimination ownership Total Group of equity consoli-Total Develop-Proportio-elimi-accounted dated Consoli-NOK million Productionment Operations Corporatenate nationsentitiesentitiesdatedTotal revenue 402 207 38 - 646 (218) (254) 43 217Operating expenses (139) (30) (33) (63) (265) 25 94 (40) (186)Net income/(loss) from - - - - - - 120 - 120associated companies and JV\u2019sEBITDA 262 177 4 (63) 381 (193) (40) 3 151Depreciation and amortisation (38) - (6) (3) (48) - 18 (5) (35)Operating profit (EBIT) 224 177 (2) (66) 333 (193) (22) (2) 116Net financial items (19) (9) - 43 15 - (10) 2 6Profit/(loss) before tax 204 168 (2) (22) 348 (193) (33) - 122Total assets 3 132 381 179 2 178 5 870 (695) (595) 23 4 603Interest bearing debt 865 55 6 - 926 - (591) 4 339Cash (131) (21) 34 1 704 1 587 - (122) 73 1 538Net interest bearing debt (NIBD) 996 76 (28) (1 704) (661) - (469) (69) (1 200)Residual FY 2021Elimination ownership Total Group of equity consoli-Total Develop-Proportio-elimi-accounted dated Consoli-NOK million Productionment Operations Corporatenate nationsentitiesentitiesdatedTotal revenue 77 6 - - 83 - (42) - 41Operating expenses (34) (35) - (38) (107) - 18 - (89)Net income/(loss) from - - - - - - 16 - 16associated companies and JV\u2019sEBITDA 43 (30) - (38) (25) - (7) - (32)Depreciation and amortisation (18) - - (1) (19) - 10 - (10)Operating profit (EBIT) 25 (30) - (39) (44) - 3 - (41)Net financial items (8) (3) - (3) (14) - (8) - (22)Profit/(loss) before tax 17 (33) - (42) (58) - (5) - (64)Total assets 2 065 308 - 1 443 3 815 (110) (587) - 3 118Interest bearing debt 826 - - - 826 - (522) - 304Cash 11 (59) - 1 330 1 282 - (167) - 1 115Net interest bearing debt (NIBD) 816 59 - (1 330) (456) - (355) - (811)Please refer to note 11 sales revenues and other income for information about external sales revenue per product and services and information about geographical area. Please refer to the section Alternative Performance Measure for definitions and further details about reconciliations between the Group IFRS reported figures and proportionate segment reporting.",
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"value": "Accounting principle An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses. The Company has defined that the Board of Directors is the chief operating decision maker. Business segments are reported in a manner consistent with how the Group internally follows up the business. The Group\u2019s segment financials are reported on a proportionate basis. This is con-sistent with how the internal financial reporting to the Group\u2019s chief operating decision maker is. The business segments are determined based on the differences in the nature of their operations.Management provides this because these measures are used internally for key performance measures (KPIs) and financial risk assessments. These meas-ures represent the most important KPI\u2019s to support decision making for achieving the Group\u2019s strategic goals. The main performance indicator for segment reporting is EBITDA. The key differences between the proportionate and the consolidated IFRS financials are that all entities are included with the respective ownership share in each accounting line by the Group. Associated com-panies and joint ventures are included in the finan-cial accounting lines, the profit or loss statement and share of assets and net debt, using the respective proportionate ownership share. While in the consol-idated financials associated companies and joint ventures are consolidated with the equity method. Subsidiaries that have non-controlling interests are in the proportionate reporting presented with only the Group\u2019s ownership share, while in the consolidated financials they are included with 100%. The Group reports its operations in four business segments; Production, an active owner of renewable power assets in the Nordics; Development, a green-field developer both onshore and off-shore with a long history of organic, in-house developments of wind and hydropower assets in Norway and Sweden; Operations, an asset manager and operator of renewable power assets, that also delivers industrial digital solutions, and a cost efficient Corporate seg-ment ensure management tasks for the Group like financing, marketing, reporting and other corporate activities.Proportionate financials are further defined and described in the APM section of this report.",
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"value": "Note 5 Business combinationsAccounting principle Business combinations are accounted for using the acquisition method. The acquisition cost is meas-ured at fair value of the consideration transferred at the acquisition date. The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The acquisition date is the date when control is transferred to the Group, acquired businesses are included in the financial statements from the trans-action date. Comparable figures are not adjusted for acquired, sold, or liquidated businesses. When the Group acquires a business, a purchase price allocation is carried out, and assets and liabilities are valued at fair value at the time of the acquisition. If the acquisition cost (including any non-controlling interests) exceeds the fair value of identifiable net assets acquired, this is recognised as goodwill. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acqui-sition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.In accordance with IFRS 3, the estimation of fair value and goodwill may be adjusted up to 12 months after the takeover date if new information has emerged about the facts and circumstances that existed at the time of takeover. Acquisition related costs, except costs related to issue of debt or equity securities, are booked to operating expenses. Estimates and judgements Significant management judgement is required in the assessment of a business combination. This includes determining if an acquisition is a business combination or an asset acquisition, determining an acquiring part and determining the allocation of fair value of assets and liabilities acquired. A specific assessment is made for each acquisition to decide weather it is a business combination or an asset acquisition. If regarded as a business combi-nation IFRS 3 Business combinations will be applied, while if an asset, it will be either IAS 2 inventory, IAS 38 Intangible assets or IAS 16 Property plant and equipment that will be applied. The latter relates to the type of assets being acquired.For acquisitions that consist of a single development project, single power plant ready to construct or assets that do not have any clearly defined input or output, the acquisition will often be accounted for as an asset acquisition. Acquisitions that consist of pro-ducing assets, projects organized with key employ-ees, business processes in place and defined inputs and outputs from the processes, the acquisition will often be accounted for as business combination. However, the specific assessment will be needed to conclude on the treatment for each acquisition.The purchase price allocation is by nature judge-mental as it includes allocation of the purchase price to the underlying assets and liabilities on their underlying estimated fair value. Significant manage-ment judgement is applied about valuation method, estimates and assumptions. There is an inherent uncertainty related to managements estimates of significant assumptions such as discount rate, cash flow estimates and useful life which impact the split of the allocated fair value of the estimates. Business combinations in 2022Acquisition OperationsAcquisition of 60% of Captiva Digital Services AS \u201cThe Captiva Group\u201dOn 7 January 2022 Cloudberry Clean Energy ASA entered a share purchase agreement for the acqui-sition of 60% of the shares in Captiva Digital Services AS from Captiva Capital Partner AS.Captiva Digital Services AS with subsidiaries \u201cThe Captiva Group\u201d is a data-driven operator, manager and developer of renewable energy in the Nordics. The Captiva Group comprise of the following busi-ness areas with respective subsidiaries and associ-ated companies:Captiva Asset Management AS with subsidiaries, delivers management services within operations and maintenance, development and construction, technical and commercial, and finance and accounting services to renewable energy projects in the Nordics. Captiva Digital Solutions AS with subsidiaries, deliv-ers digital services to renewable energy projects with operational intelligence, visualization, compliance and reporting solutions. Kraftanmelding AS, operates as a power trade agent and delivers services related to power trade on behalf of power producers. Captiva Energi AS with subsidiaries, delivers devel-opment projects within renewable hydro energy. Captiva Energi has realized 11 hydro projects over the past 5 years. The Captiva Group represented a new business segment for the Group, \u201cOperations\u201d, established in 2022. The agreed enterprise value was NOK 160 million on a cash and debt free basis, taken into account normalized working capital (100% basis). At completion the Company has paid a preliminary purchase price of NOK 101m. 50% of the prelimi-nary purchase price was settled with Cloudberry shares, this was 3.484.041 shares of par value NOK 0.25 and a fair value of NOK 14.50 per share (share capital increase with NOK 0.87m). The remaining 50% was settled by cash payment of NOK 50.5m. The purchase price was subject to adjustments after audited completion accounts, the settlement amounted to NOK 0 million. Net acquired assets is in the completion accounts NOK 37.3 million (based on 100%, including non-controlling interests). The transaction is accounted as a business combination and the Captiva Group was consolidated in the Group accounts from 7 January 2022. Cloudberry is currently a 60% owner of Captiva with a call option to purchase the remaining share up to 100% of the business by 2025 at fixed terms (the remaining 40% is owned by the previous sellers).Acquisition of 26% of Enestor AS On June 1 Captiva Asset Management AS called an option to acquire further 26% of the shares in Enestor AS bringing the ownership to a total of 51%. The acquisition price was fixed at NOK 4.6m and paid in cash. The transaction is accounted as a business combination and Enestor was consolidated in the Group accounts from 1 June 2022. Acquisition Production Acquisition of 100% of Tinnkraft ASOn 1 February 2022 Cloudberry Production AS completed the acquisition of 100% of the shares in Tinnkraft AS, \u201cTinnkraft\u201d. Tinnkraft is a producing hydro power plant located in Tinn municipality, in the attractive NO 2 price area. The annual average power production is 6.3 GWh. The total purchase price was NOK 27.7m and was paid with cash settlement. The transaction is accounted as a business combination as Tinnkraft is a producing powerplant and established business. Tinnkraft was consolidated in the Group accounts from 1 February 2022. Acquisition of 100% of B\u00f8en Kraft ASOn 9 June 2022, Cloudberry Production AS com-pleted the acquisition of 100% of the shares of B\u00f8en Kraft AS \u201cB\u00f8en Kraft\u201d. B\u00f8en Kraft consists of two hydro power plants \u201cB\u00f8en 1\u201d and \u201cB\u00f8en 2\u201d, which both are producing hydro power plants located in Hjelmeland Municipality in Rogaland County and have an expected annual production (normalized) of total 17 GWh. The plants are in NO2 price area. In addition to the operating plants, a third license application is under prepararation, \u201cB\u00f8en 3\u201d will if approved be built with a dam adding also flexibility to \u201cB\u00f8en 1\u201d and \u201cB\u00f8en 2\u201d. \u201cB\u00f8en 3\u201d is planned with expected annual production of 5 GWh. The total purchase price was NOK 102m, of which NOK 85m was paid in cash and NOK 16m was settled with Cloudberry shares, this was 935.020 shares of par value NOK 0.25 and a fair value of NOK 17.32 per share (share capital increase with NOK 0.234m).The acquisition is accounted as a business com-bination as B\u00f8en Kraft consists of two producing power plants and is an established business. B\u00f8en Kraft was consolidated in the Group accounts from 9 June 2022.Purchase price allocation for the acquisitions in 2022 Captiva 1NOK millionGroup Tinnkraft AS B\u00f8en Kraft AS Enestor ASTotalAcquisition date 07.01.2022 01.02.2022 09.06.2022 01.06.2022Voting rights/shareholding acquired through the 60% 100% 100% 26%acquisitionTotal voting rights after the acqusition 60% 100% 100% 51%Non-controlling interests 40% - - 49%ConsiderationCash 51 28 85 5 168Shares 51 - 16 - 67Total acquisition cost 101 28 102 5 235Book value of net assets (se table below) 37 5 (11) 4 35Identification of excess value. attributable to:Intangible assets 47 - - - 47Property, plant and equipment 1 30 144 - 174Inventory - - - - -Other 2 - - - 2Gross excess value 50 30 144 - 224Deferred tax on excess value (11) (7) (32) - (49)Net excess value 39 23 112 - 175Fair value of net acquired assets excluding goodwill 77 28 102 4 210Of which Non controlling interest 33 - - 3 35Controlling interests 44 28 102 1 174Total acquisition cost (controlling interest) 101 28 102 5 235Fair value of net aquired assets ex goodwill 44 28 102 1 174(controlling interest) Goodwill (controlling interest) 57 - - 4 62Goodwill (non controlling interest) 38 - - 3 41Goodwill (100%) 95 - - 7 103Total non controlling interest 71 - - 6 771 Ownership through Captiva GroupBook value of net acquired assetsCaptiva 1NOK millionGroup Tinnkraft AS B\u00f8en Kraft AS Enestor ASTotal Intangible assets 27 - - - 27Property, plants and equipment 16 13 32 - 63Goodwill 2 - - - 2Other non-current assets 1 - - - 1Financial non-current assets 6 - 2 - 7Inventory - - - - -Other current assets 33 - 3 3 39Cash and cash equivalents 161 2 11 3 177Acquired assets 246 15 48 6 316Interest bearing debt, long term 20 10 33 - 63Other non current liabilities - - 23 - 23Current liabilities 185 1 8 - 193Deferred tax liability 3 - (5) - (1)Other liabilities - - - 3 3Net asset value aquired assets 37 5 (11) 4 35Total acquisition cost 101 28 102 5 235Non cash consideration 51 - 16 - 67Cash consideration 51 28 85 5 168Cash in acquired company (161) (2) (11) (3) (177)Net cash outflow at acquisition (110) 26 74 1 (9) 1 Ownership through Captiva GroupThe purchase price allocation of Captiva has been finalized as at 31 December 2022. Other financial figures The acquired subsidiaries are consolidated in the Group accounts from the acquisition date. The table below show the total revenue and total profit or loss that is included in the Group accounts for 2022: Captiva 1NOK millionGroup Tinnkraft AS B\u00f8en Kraft AS Enestor ASTotal Acquisition date 07.01.2022 01.02.2022 09.06.2022 01.06.2022Gross revenue from aqusition date untill 31.12.22 60 7 4 9 80Pofit or loss total from aqusition date untill 31.12.22 3 5 (4) - 31 Ownership through CaptivaThe table below show the pro forma revenues and net profit or loss if the acquired companies had been consolidated from 1 January 2022. Pro forma Group figures 2022Cloudberry Group Captiva Pro-forma 1NOK millionreportedGroup Tinnkraft AS B\u00f8en Kraft AS Enestor ASGroup figures Total revenues 217 1 - 9 6 233Total profit or loss 122 - - 4 1 126",
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"value": "Accounting principle Business combinations are accounted for using the acquisition method. The acquisition cost is meas-ured at fair value of the consideration transferred at the acquisition date. The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The acquisition date is the date when control is transferred to the Group, acquired businesses are included in the financial statements from the trans-action date. Comparable figures are not adjusted for acquired, sold, or liquidated businesses. When the Group acquires a business, a purchase price allocation is carried out, and assets and liabilities are valued at fair value at the time of the acquisition. If the acquisition cost (including any non-controlling interests) exceeds the fair value of identifiable net assets acquired, this is recognised as goodwill. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acqui-sition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.In accordance with IFRS 3, the estimation of fair value and goodwill may be adjusted up to 12 months after the takeover date if new information has emerged about the facts and circumstances that existed at the time of takeover. Acquisition related costs, except costs related to issue of debt or equity securities, are booked to operating expenses.",
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"value": "Note 6 Market related risksPolitical and regulatory riskThe power industry is a highly regulated sector and thus subject to political riskThe power industry is publicly regulated, and regu-lations may change over time. Thus, there is political risk of investments in the renewable and infrastruc-ture industries in the Nordic countries. The guarantee of origin scheme is subject to political riskIn accordance with EU legislation, power plants in the EEA may get approval for guarantees of origin for five years at a time. Energy suppliers may buy such guarantees of origin from the power producer in order to guarantee its customers that the deliv-ered energy is produced from renewable sources.The relevance of the latest revision of the current European Renewable Energy Directive is currently being assessed by the EEA/EFTA. The revision seems to extend the guarantee of origin scheme, although no decision has been made. The future of the scheme is thus subject to political risk.The renewable sector is still under developmentUnexpected success in other areas of renewable energy may reduce the pressure on the author-ities to allow for development of wind parks and hydropower plants. This may affect the Group\u2019s future investment opportunities and reduce the second-hand value of its power plants. The same may also hold true for non-renewable or currently unknown energy technologies. The uncertainties associated with the development of the renewable sector, as well as the emergence of other technol-ogies, are factors which could adversely affect the Group\u2019s business and growth opportunities.Risks related to new sustainability regulationsAll industries must expect stricter laws and regula-tions related to sustainability in the years to come. This is based on the fact that financial markets, creditors and investors need consistent, compara-ble and high-quality information on the impacts of environment and climate change on businesses. The Task Force on Climate-related Financial Disclosure (TCFD) developed recommendations to improve and standardize the reporting of climate-related finan-cial information and to enhance market transpar-ency and stability. Further, mandatory, or voluntary reporting requirements are likely to continue to come as this is a field in fast change. Price riskThe profitability of the Group\u2019s producing power plants depends on the volume and relevant price of the electricity produced. The majority of the Group\u2019s sale will be exposed to price risk related to electricity sold at spot rates. The Group\u2019s production volume sold in the spot market is consequently exposed to fluctuations in the market prices for electricity, unless new fixed terms agreements are entered into.Electricity prices are inter alia dependent on substitute or adjacent commodity prices such as e.g. oil, gas and coal prices, but also dependent on meteorological conditions, CO pricing and other 2supply and demand factors going into the clearing of the market price of electricity. Further, massive climate goal subsidy schemes may put downward pressure on revenues (i.e. electricity prices) of non-subsidized existing assets. The Group considers subsidized offshore wind power as the most likely threat.As sale of electricity constitutes a material share of the Group\u2019s revenues, the price risks related to electricity prices could result in reduced revenue and profitability for the Group and also reduce the fair market value of the Group\u2019s assets.Electricity price risks are mainly hedged by entering into exchange traded electricity derivatives con-tracts (NordPool/Nasdaq OMX Commodities), as well as derivative contracts directly with industry coun-terparties (bilateral contracts). The Group\u2019s hedging strategies are continuously evaluated as electricity market prices, the hydrological balance and other relevant parameters change. For further information on hedging and outstanding derivative contracts see details under note 10 Hedge accounting.Sensitivity analysisThe table below is calculated based on the Group\u2019s electricity position (i.e. derivatives) as of 31 December and illustrates the potential impact on the income statement and equity. The sensitivity analysis includes only the market risks arising from derivatives i.e. the underlying physical electricity sales and purchases are not included. The analysis is based on the assumption that the forward price quotations of electricity would change +/-10%, flat in the time period that the Group is exposed with PPA\u2019s, with all other variables held constant. The sensitivity is what man-agement assumes may be a reasonable change:+10% change in electricity forward price quatations 2022 2021Effect on profit before income tax (2) -Effect on equity (5) --10% change in electricity forward price quatations 2022 2021Effect on profit before income tax 2 -Effect on equity 5 -Inflation risk does not have a direct impact on the Groups financial position, but inflation and related price risk may have an adverse impact on Group\u2019s projects under development, accounted as inven-tory. The Group\u2019s development projects are capital intensive and increasing commodity prices will result in higher capital expenditures to develop and construct the projects (i.e. due to higher construction costs and turbine costs). High inflation may carve out the value of the expected cash flows from the Group\u2019s development projects relative to the up-front investments. Further, high inflation is expected to lead to higher short and long-term interest rates, affecting the financial costs for the Group\u2019s develop-ment projects. These factors and uncertainties may result in lower expected profitability from projects under development and ultimately that projects under development are postponed or abandoned leading to an impairment loss. On the opposite high inflation may be caused by higher energy prices, and thus power prices which can act as a counter-weight to the risk. War in UkraineOn 24 of February 2022 Russia attacked Ukraine thereby started a war that has been lasting for more than a year. The invasion has resulted in severe implications on global trade, global markets, energy prices and commodity prices. During 2022, Europe, and the Nordics, saw record high power prices, primarily driven by soaring gas prices after European gas imports from Russia ended. The intermediate danger of a European gas shortage has since been reduced, and power prices has dropped significantly, albeit to still historically high levels. As the Group primarily sells its electricity in the spot market, the war\u2019s effect on energy prices have, and will continue to have, a significant impact on the Group\u2019s revenues. Further, there may be implications on the global trade, and transportation costs and/or higher commodity prices may increase the cost of the Group\u2019s construction projects. It is still highly uncertain how the conflict will evolve and how it will continue to have an impact on the global economy going forward. The Group continues to assess the risk related to the volatility on the energy prices, and implications caused by the war in detail going forward.",
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"value": "Note 7 Commercial and operational risksRisks related to changes in laws and regulationsChanges in laws and regulations may affect the Group\u2019s operations, increase the Group\u2019s operating costs, and reduce demand for its services. It could also increase compliance costs, mandate significant and costly changes to the way the Group imple-ments its services and solutions and threaten the Group\u2019s ability to continue to serve certain markets.For some small-scale power plants and large-scale power plants, license fees and concessionary power must be paid or transferred to the municipality, county, or state. Often, such power plants must deliver 10-15% of their power production as conces-sionary power. The power plant must in such cases sell the concession power at the expected \u201ccost price\u201d. These are changes in regulations that would affect the Group\u2019s profitability.Changes in tax laws of any jurisdiction in which the Group operates, or any failure to comply with applicable tax legislation, may have a material adverse effect for the Group. The Group is subject to prevailing tax legislation, treaties and regulations in the jurisdictions in which it is operating, and the interpretation and enforcement thereof. The Group\u2019s income tax expenses are based upon its interpre-tation of the tax laws in effect at the time that the expense is incurred. If applicable laws, treaties or regulations change, or if the Group\u2019s interpretation of the tax laws is at variance with the interpretation of the same tax laws by tax authorities, this could have a material adverse effect on the Group\u2019s business, results of operations or financial condition. In September 2022, the Norwegian government proposed several tax changes, which are not yet finally voted in Parliament. The tax changes may have effect of the Groups assets, the details of the proposals and the effects are described further under note 19 Impairment. Operational risks Power plants are highly technicalInvestments in power generation and energy-related infrastructure involve technical and operational risks. The Group will seek to invest in power plants of expected good technical standard to reduce the technical risk of the investment. The Group will prioritize technical solutions that are well-proven and delivered by reputable suppliers, so that any repairs can be made within reasonable timeframes and at reasonable cost, and to achieve attractive insurance terms. Despite the aim of choosing sound solutions, technical problems may occur meaning possible stops in production or costly reinvestments that reduce the Group\u2019s profitability and/or financial position.Risks related to costs of transmission and distributionIncreases in charges relating to the connection to and use of the electricity transmission and distribu-tion networks and relating to balancing of electricity supply and demand, and/or restrictions on the capacity in such networks available for use by the Group\u2019s power plants, may result in higher operating costs, lower revenues and fewer opportunities for growth.Risks related to development projectsFor the development projects, there are project related risks with regards to reaching final invest-ment decision. The Group must inter alia negotiate and conclude agreements related to construction, maintenance and operations of the plants, obtain financing and secure the necessary grid capacity and permits. If the Group fails to realize all or some of the development projects, the Group may have to write off the investments made into the project(s).Risks related to construction projects For projects under construction, both current and future, the construction phase is linked to risk of overruns and delays. The construction of power plants differs from project to project, and several aspects may cause delays or budget overruns. During construction of wind farms, challenges related to foundations or roads may lead to delays, or heavy winds may delay the installations of the turbines. Distress in the global supply chain may delay certain components and increase cost. Drilling of waterways for hydro power plants may cause delays if the bedrock proves more challenging than expected, and delay of critical components may cause delays to the project, and subsequently cost overruns.Environmental risksClimate change related risksClimate change itself is a risk for the Group, although society\u2019s climate change mitigation efforts create business opportunities for us. Climate change can alter the precipitation patterns we are used to, which makes hydropower a less dependable source for energy production than in the past. Additionally, climate change is increasing the frequency and severity of extreme weather events, which pose threats to the Group\u2019s assets. The risk assessment and management related to climate risk, is both a specific process in the Group and integrated in the general risk management activities. The Group assesses its risks and opportu-nities from a short-, medium-, and long-term strate-gic and financial perspective, and have set threshold values for financial impact. The company identifies the potential financial impact from the risks and opportunities and their significance for the Group. The financial impact is defined by assessing both the actual cost of the impact as well as a consider-ation of frequency, with the intervals structured as below. Financial Impact Low Medium HighMNOK <25 25\u2013100 >100Frequency <0-1 years 1-5 years >5 yearsRisk related to changing weather patternsThe meteorological conditions (rain and wind) at the particular sites at which the Group\u2019s power plants are located can vary materially from season to season and from year to year. Changes in average temperatures will impact the meteorological conditions. Overall warmer climates can lead to increased rainfall, increased wind, and longer periods of drought. Potential consequences include flooding at hydro plants resulting in less production, severe winds exceeding a wind turbine`s capacity leading to production stops, and droughts leading to low water levels and forcing the company to reduce or even fully stop the electricity production. Also, if a site proves to have lower resources than anticipated in the Group\u2019s business model or suffers a sustained decline in meteorological conditions, such power plants are likely to generate lower electricity volumes and lower revenue than antici-pated, which could have a material adverse effect on the Group\u2019s business. For more information about climate related risk, see the Group\u2019s separate TCFD-report and Sustainability report 2022.Note 8 Financial risksThe Group\u2019s overall financial risk management focuses primarily on maintaining a financial risk profile that provides flexibility as well as optimising return on assets. Financial risk management is centralised, guidelines for risk management and strategy for handling and using financial instruments as a part of the business activities and handling risks have been approved by the Board of Directors.The Group uses derivatives, such as interest rate swaps, power purchase agreements and currency forward swaps to manage its exposure to certain risks as described in this section. To reduce volatility in the statement of profit or loss the Group applies hedge accounting. Refer to Note 10 Hedge account-ing for further information.Interest rate risk Interest rate risk is the risk that the future cash flows, or fair value of a financial instrument will fluctuate because of changes in market interest rates. The Group is exposed to interest rate risks through funding and cash management activities. The Group\u2019s underlying assets will normally be loan-financed with long term debt obligations with floating rates, which is exposed to the risk of changes in market interest rates. An increase in interest rates will lead to higher financing costs and interest payments, which reduces the Group\u2019s profitability. Changes in interest rates also expose the Group to changes in the fair value of interest rate derivatives (fair value risk). Management seeks to minimize the interest rate risk together with borrowing costs. The Group manages the borrowing cost and interest risk by either using long-term financing at fixed rates or using floating to fixed interest swaps. All long-term debt is at fixed rates. The profit or loss statement and future cash flows related to existing debt are therefore limitedly sensitive to changes in interest rates. Sensitivity analysisThe following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of financial assets and liabilities affected, after the impact of hedge accounting. With all other variables held constant, the Group\u2019s profit and equity before tax is affected through the impact on floating rate borrowings, as follows:1%-point increase in floating interest rate 2022 2021Effect on profit before income tax - -Effect on equity 27 121%-point decrease in floating interest rate 2022 2021Effect on profit before income tax - -Effect on equity (25) (12)Currency risk The Group presents its financial statements in NOK. However, Norwegian power companies sell the power through Nord Pool where EUR is the official trading currency. Electricity Certificates are traded in SEK. Several of the Groups development projects in Sweden also have costs which are denominated in SEK. Further, the Group\u2019s investment in Odal Vind AS and Forte Energy Norway AS is exposed to EUR in its entirety. Consequently, the Group is exposed to currency risk. Any fluctuations in exchange rates between NOK, SEK and EUR could materially and adversely affect the Group\u2019s business, results of operations, cash flows, financial condition and/or prospects. The Group is also exposed to currency risk by having employees and operations in Sweden. Any fluctu-ations in exchange rates between NOK and SEK could materially and adversely affect the Group\u2019s business, results of operations, cash flows, financial condition and/or prospects. The Group may want to do business in other countries in the future, exposing the Group to additional currency risk, as shown in the signed share purchase agreement with the Odin portfolio as described in note 29 Subsequent events. Should it choose to do so, any fluctuations in exchange rates between NOK and the relevant foreign currency could materially and adversely affect the Group\u2019s business, results of operations, cash flows, financial condition and/or prospects.The Group has significant contractual cash flow obligations in other currencies, especially related to investments or capital expenditures on power plants under construction, these are either in EUR (turbine suppliers) or in the local currency where the invest-ment or construction project is located. The Group seeks to minimize the risk related to these cash flows by entering currency forward contracts that match the contractual cash out flows or buying/swapping the necessary amount to the relevant currency so that the risk of change in FX rate have limited impacts of the investment/project profitability. The Group holds deposits in local currency (NOK, SEK and EUR) in order to match future obligations and has entered future currency swap contracts for the larger obligations to limit the exposure to future exchange rate fluctuations. The Group has not currently applied hedge accounting for these arrangements. Sensitivity analysisCurrency gains and losses on monetary items in foreign currency are recognised in the income statement of the Group. The table below shows the sensitivity to a reasonable change in SEK and EUR exchange rate to the Groups consolidated financial assets and liabilities: (only significant exposures are included in the table): NOK million 2022 2021Change in SEK (5%) (5%)Effect on cash and cash equivalents (4) -Effect on group receivables and liabilities (14) (2)Change in EUR (5%) (5%)Effect on cash and cash equivalents (1) (8)Effect on group receivables and liabilities - (5)Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations when due. The Group manages liquidity risk through, on a regular basis, to review future commitments and the liquidity reserves which consist of cash (see note 21) and borrowing facilities (see note 23). Management prepares minimum quarterly cash flow forecasts that look a minimum of 24 months ahead to handle the liquidity risk. When taking business decisions and entering into contracts the Group evaluates the liquidity needs and makes sure the liquidity needed is in place before entering into contracts. As of 31 December 2022, the Group has a total of approximately NOK 550 million in contractual commitments, in addition to the current payables which are recognised in the Groups balance sheet. The obligation does not include regular employee expenses or other day-to-day costs. See note 16 Property, plant and equipment and note 24 Provisions, guarantees and other contractual obligations. The following table shows the maturity for nominal cash outflow for the contractual obligations as per 31 December 2022:Carrying Less than NOK million amounta year 2024 2025 2026 2027+ Total Bank loan (incl. interest payments) 338 37 26 26 230 75 394Lease liabilities 43 7 7 8 7 24 53Accounts payable 135 135 - - - - 135Total non-derivatives 516 179 34 33 237 99 582Net-settled derivatives 25 17 8 - - - 25Total financial liabilities and derivatives 540 196 41 33 237 99 607Per 31 December 2021:Carrying Less than NOK million amounta year 2024 2025 2026 2027+ Total Bank loan (incl. interest payments) 304 20 21 21 21 313 396Lease liabilities 5 1 1 1 - 2 6Accounts payable 38 38 - - - - 38Total non-derivatives34759222221315440Net-settled derivatives 3 - - - - 1 3Total financial liabilities and derivatives35060232322316443Credit risk Credit risk is the risk that the Group\u2019s customers or counterparties will cause financial loss by failing to honour their obligations. The Group is exposed to third party credit risk in several instances including off-take partners who have committed to buy electricity produced by or on behalf of the Group, banks providing financing and guarantees of the obligations of other parties, insurance companies providing coverage against various risks applicable to the Group\u2019s assets, and other third parties who may have obligations towards the Group includ-ing warranties provided under share purchase agreements. The Group\u2019s main credit risks arise from credit exposures with deposits with financial institutions and other short-term receivables. Counterparties in derivative contracts and financial deposits are limited to financial institutions with high creditworthiness. The Group\u2019s account receivables have low credit risk and all receivables over the past several years have been collected in full and on time. At year end Management has evaluated the account receiva-bles credit risk to be insignificant and the account receivables are therefore recognised in the financial statements at face value.",
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"value": "Note 9 Financial instrumentsAccounting principle Financial assetsThe group classifies its financial assets in the follow-ing measurement categories: \u00b7 those to be measured at amortised cost, \u00b7 those to be measured subsequently at fair value (either through OCI or profit or loss)The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Financial assets that are held to collect contractual cash flows and where those cash flows represent solely payments of principal and interest (SPPI) are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/ (losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss.For financial assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. Financial assets recognised at fair value through profit or loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Gains or losses arising from changes in the fair value of the financial instruments at fair value through profit or loss, including interest and dividends, are recognised in the income statement as other gain or loss. Derivatives are always measured at fair value through profit or loss. The accounting for subse-quent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged (see note 10 Hedge accounting for further details).For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehen-sive income.For Impairment losses on accounts receivables the group applies the simplified approach as it follows from IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. An allowance is made on the balance sheet for the expected future credit losses and remains on the balance sheet until it is written off as a credit loss or reversed.Regular purchases and sales of financial assets are recognised on trade-date, the date on which the Group commits to purchase or sell the asset.Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.Financial liabilities The group classifies its financial liabilities at initial recognition in the following categories \u00b7 Loans and borrowings including bank overdrafts \u00b7 Payables \u00b7 Derivatives (designated as hedging instruments in an effective hedge or fair value recognised in profit or loss)All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. In subsequent periods, all financial liabilities, except derivatives are measured at amortised cost.A financial liability is derecognised when the obli-gation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on sub-stantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Power Purchase Agreements (PPA)The Group has in some cases entered into PPA for the sale of electric power and related products (el-certificates of guarantees of origin) at a fixed price. A characteristic to these agreements is that they can be accounted for as a financial instrument or as a contract with customer, depending on the terms and conditions. \u201cOwn use\u201d contracts: Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with Cloudberry\u2019s expected purchase, sale or usage requirements are accounted for as own use con-tracts. These contracts do not qualify for recognition in the statement of financial position in accordance with IFRS 9 but are accounted for as contracts with customers after IFRS 15 and energy purchase. \u201cOwn use\u201d contracts will typically have a stable customer base e.g. bilateral industry contracts, and are settled by physical delivery. As per 31 December the Group has two PPA con-tracts, one with applied hedge accounting, see note 10, and one recognised at fair value over the profit or loss statement. The Group has no PPA classified as \u201cown use\u201d contract. Financial instrumentsThe table below shows the Groups financial instru-ments with their carrying amounts recognised in the consolidated financial position on 31 December 2022. The carrying amount for assets and liabili-ties measured at amortised cost is believed to be approximate to fair value. FY 2022Financial Financial Financial assts Liabilities at assets liabilities NOK millionat amortised costamortised cost- fair value- fair value Total Financial investments 57 - - - 57Derivative financial instrument - - 39 - 39Other non-current asset 9 - - - 9Total non-current financial assets 66 - 39 - 105Trade and other receivables 137 - - - 137Cash and cash equivalents 1 538 - - - 1 538Total current Financial assets 1 676 - - - 1 676Lease liability - (7) - - (7)Current borrowings - (12) - - (12)Total current financial liabilities - (19) - - (19)Lease liability - (36) - - (36)Financial liability for PPA termination - (5) - - (5)Long term borrowings - (327) - - (327)Derivatives - - - (25) (25)Total non current financial liabilities - (368) - (25) (393)Net financial assets (liabilities) 1 742 (387) 39 (25) 1 369FY 2021Financial Financial Fianancial assts Liabilities at assets liabilities NOK millionat amortised costamortised cost- fair value- fair value Total Derivative financial instrument - - 7 - 7Other non-current asset 4 - - - 4Total non-current financial assets 4 - 7 - 10Trade and other current receivables 85 - - - 85Cash and cash equivalents 1 115 - - - 1 115Total current Financial assets 1 200 - - - 1 200Lease liability - (1) - - (1)Current borrowings - (10) - - (10)Total current financial liabilities - (11) - - (11)Lease liability - (3) - - (3)Financial liability for PPA termination - (5) - - (5)Long term borrowings - (291) - - (291)Derivatives - - - (3) (3)Total non current financial liabilities - (299) - (3) (302)Net financial assets (liabilities) 1 204 (311) 7 (3) 897Fair value measurementFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly trans-action between market participants at the measurement date.All assets and liabilities for which fair value is measured or disclosed in the financial statements are catego-rised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u00b7 Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities \u00b7 Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is observable, directly or indirectly, in a non-active market \u00b7 Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is unobservable and make use of best estimateThe fair value of the interest rate swaps derivatives is calculated as the present value of the estimated future cash flows based on observable yield curves (level 2). Changes in fair value relate to daily changes in market prices of the derivative contracts and the volume of contracts. The fair value of the Groups derivative finan-cial instruments has been determined by external banks. The fair value hierarchy for assets and liabilities measured at fair value are presented in the following table: Level 1 Level 2 Level 331.12.2022 31.12.2021 31.12.2022 31.12.2021 31.12.2022 31.12.2021Derivative assets\u2013 Interest rate derivatives - - 36 7 - -\u2013 Commodity derivatives (power) - - 2 - - -Derivative liabilities\u2013 Interest rate derivatives - - (1) (3) - -\u2013 Interest rate derivatives - - - - - -\u2013 Commodity derivatives (power) - - (24) - - -Fair value - - 14 4 - -* Note 1: fair value of the interest rate derivative in Forte is included in the carrying amount of the equity accounted company, the fair value per 31 December 2022 is NOK 57m and is measured at level 2 in the hierarchy).The contracts at level 2 as of 31 December are the Groups interest rate derivatives, PPA agreements and EUR forward swap. The fair value of the derivatives is determined by discounting expected future cash flows to present value through the use of observed market rates. The Group\u2019s interest rate derivatives and a PPA agreement are held for hedging purposes, reference to note 10 Hedge accounting.",
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"s9_notes__7__33": {
"value": "Accounting principle Financial assetsThe group classifies its financial assets in the follow-ing measurement categories: \u00b7 those to be measured at amortised cost, \u00b7 those to be measured subsequently at fair value (either through OCI or profit or loss)The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Financial assets that are held to collect contractual cash flows and where those cash flows represent solely payments of principal and interest (SPPI) are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/ (losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss.For financial assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. Financial assets recognised at fair value through profit or loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Gains or losses arising from changes in the fair value of the financial instruments at fair value through profit or loss, including interest and dividends, are recognised in the income statement as other gain or loss. Derivatives are always measured at fair value through profit or loss. The accounting for subse-quent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged (see note 10 Hedge accounting for further details).For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehen-sive income.For Impairment losses on accounts receivables the group applies the simplified approach as it follows from IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. An allowance is made on the balance sheet for the expected future credit losses and remains on the balance sheet until it is written off as a credit loss or reversed.Regular purchases and sales of financial assets are recognised on trade-date, the date on which the Group commits to purchase or sell the asset.Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.Financial liabilities The group classifies its financial liabilities at initial recognition in the following categories \u00b7 Loans and borrowings including bank overdrafts \u00b7 Payables \u00b7 Derivatives (designated as hedging instruments in an effective hedge or fair value recognised in profit or loss)All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. In subsequent periods, all financial liabilities, except derivatives are measured at amortised cost.A financial liability is derecognised when the obli-gation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on sub-stantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Power Purchase Agreements (PPA)The Group has in some cases entered into PPA for the sale of electric power and related products (el-certificates of guarantees of origin) at a fixed price. A characteristic to these agreements is that they can be accounted for as a financial instrument or as a contract with customer, depending on the terms and conditions. \u201cOwn use\u201d contracts: Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with Cloudberry\u2019s expected purchase, sale or usage requirements are accounted for as own use con-tracts. These contracts do not qualify for recognition in the statement of financial position in accordance with IFRS 9 but are accounted for as contracts with customers after IFRS 15 and energy purchase. \u201cOwn use\u201d contracts will typically have a stable customer base e.g. bilateral industry contracts, and are settled by physical delivery. As per 31 December the Group has two PPA con-tracts, one with applied hedge accounting, see note 10, and one recognised at fair value over the profit or loss statement. The Group has no PPA classified as \u201cown use\u201d contract.",
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"s9_notes__7__34": {
"value": "Note 10 Hedge accountingAccounting principle Derivatives are measured at fair value. The resulting gain or loss on re-measurement is recognised immediately in the statement of profit or loss, unless the derivative is designated into an effective hedge relationship as a hedging instrument. The Group designates currently only derivatives as cash flow hedges (where the derivative is used to manage the variability in cash flows relating to recognised liabilities or forecast transactions). Please refer to Note 9 under Fair value measurement for information on how fair value is determined.Cash \ufb02ow hedgesIf a financial instrument is designated as a cash flow hedging instrument the effective portion of the changes in the fair value of the derivative are recognised in other comprehensive income and accumulated in a sep-arate reserve in equity (cash flow hedge reserve). Subsequently the cumulative amount is transferred to the statement of profit or loss when the underlying transactions are recognised. The ineffective portion of changes in the fair value of the hedging instruments are recognised immediately.Hedge accounting is discontinued when the hedging instrument expires, is terminated, is exercised, or no longer qualifies for hedge accounting. The cumulative gain or loss recognised in other comprehensive income remains in the hedge reserve until the forecast transaction occurs, or it is immediately recognised in the state-ment of profit or loss if the transaction is no longer expected to occur.The Group applies hedge accounting to the borrowings and the associated interest rate swaps, for move-ments in benchmark interest rates (i.e. excluding any margin component). The secured debt and the interest rate swap agreement has critical terms that match and are expected to be highly effective. Critical terms are defined as currencies, nominal amounts and maturity. All interest rate swaps are designated as hedging instruments. Hedge ineffectiveness can arise from changes in counterparty credit risk. As per December 2022 the Group has entered into interest rate swaps, swapping from floating to fixed interest rate, for all long-term debt related to power plants, see note 23 Long-term debt.The Group also applies hedge accounting to highly probable future sales of power where there is an economic relationship between the hedged item (usually set at a low % of the total exposure) and the hedging instrument. The terms of the derivative (PPA) match the terms of the expected highly probable forecast transactions (i.e. % notional and payment date).Hedge accounting Hedging instruments designates in a hedge accounting relationship Information about hedging instruments that the Group has designated in a hedge accounting relationship is presented in the following table.Carrying amount of the hedging instrumentsWeighted Maturity average Nominal 1amount2Risk and hedging instruments(months)rate/priceAssets LiabilitiesCash flow hedgesInterest rate risk - borrowingsInterest rate swap (IRS) - NOK 37-172 1.815% 369 278 36 (1)Commodity price risk \u2013 Forecast transactionsFixed price PPA 60 133 21 2 -1 The weighted average prices for commodity hedges are presented as the price per megawatt hour for electricity (EUR/MWh)2 Nominal amount is the nominal value converted into NOK using the exchange rate at year end.The carrying amount of the Forte interest swap is NOK 57m per 31 December recognised in other compre-hensive income, with tax effect of NOK -13m. Hedge accounting impact to reserves in other comprehensive income:As at As at NOK million31.12.202231.12.2021Opening balance 3 1Net change in value of effective derivative hedging instruments 91 2Interest rate swap (IRS) - NOK 32 2Fixed price PPA 2 0Interest rate swap (IRS) - NOK Forte 57 0Deferred tax/tax credit -20 -1Total movement 71 2Closing balance 74 3Impact from derivatives not designated in a hedge relationshipIn addition to derivatives that are designated and qualify for hedge accounting, the Group also has two derivatives as economic hedges of foreign currency and price exposure. This is a PPA related to B\u00f8en Kraft and a EUR swap related to future capex in EUR at Sundby Vindpark. The change in fair value of these derivatives have had limited impact on the profit or loss statement in 2022. Statement of profit or loss and comprehensive income",
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"s9_notes__7__35": {
"value": "Accounting principle Derivatives are measured at fair value. The resulting gain or loss on re-measurement is recognised immediately in the statement of profit or loss, unless the derivative is designated into an effective hedge relationship as a hedging instrument. The Group designates currently only derivatives as cash flow hedges (where the derivative is used to manage the variability in cash flows relating to recognised liabilities or forecast transactions). Please refer to Note 9 under Fair value measurement for information on how fair value is determined.Cash \ufb02ow hedgesIf a financial instrument is designated as a cash flow hedging instrument the effective portion of the changes in the fair value of the derivative are recognised in other comprehensive income and accumulated in a sep-arate reserve in equity (cash flow hedge reserve). Subsequently the cumulative amount is transferred to the statement of profit or loss when the underlying transactions are recognised. The ineffective portion of changes in the fair value of the hedging instruments are recognised immediately.Hedge accounting is discontinued when the hedging instrument expires, is terminated, is exercised, or no longer qualifies for hedge accounting. The cumulative gain or loss recognised in other comprehensive income remains in the hedge reserve until the forecast transaction occurs, or it is immediately recognised in the state-ment of profit or loss if the transaction is no longer expected to occur.The Group applies hedge accounting to the borrowings and the associated interest rate swaps, for move-ments in benchmark interest rates (i.e. excluding any margin component). The secured debt and the interest rate swap agreement has critical terms that match and are expected to be highly effective. Critical terms are defined as currencies, nominal amounts and maturity. All interest rate swaps are designated as hedging instruments. Hedge ineffectiveness can arise from changes in counterparty credit risk. As per December 2022 the Group has entered into interest rate swaps, swapping from floating to fixed interest rate, for all long-term debt related to power plants, see note 23 Long-term debt.The Group also applies hedge accounting to highly probable future sales of power where there is an economic relationship between the hedged item (usually set at a low % of the total exposure) and the hedging instrument. The terms of the derivative (PPA) match the terms of the expected highly probable forecast transactions (i.e. % notional and payment date).",
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"s9_notes__7__36": {
"value": "Note 11 Sales revenues and other operating incomeAccounting principle Revenue recognition The Group accounts for revenue in accordance with IFRS 15 Revenue from Contracts with Customers and applies the five-step method to all revenue streams. The Group\u2019s sales revenues are divided into the following categories:1. Sale of hydro and wind generated electricity delivered to the grid, el-certificates and guarantees of origin.2. Sale of management services for hydro and wind power assets.3. Sale of management services for development of hydro and wind assets4. Digital services 5. Consultancy services within accounting and IT management.6. Agency fee power salesRevenue from power production or related products bear the characteristic of delivering power, el-cer-tificates and guarantees of origin, at a certain price. The performance obligation is to deliver a series of distinct goods (power or related products) and the transaction price is the consideration the Group expects to receive, at either spot price, regulated price or contract price. The performance obligation is satisfied over time which entails that revenue should be recognized for each unit delivered at the transaction price. The Group applies a practical expedient under IFRS 15 whereby the revenue from power for most of the contracts is recognized at the amount of which the entity has a right to invoice. The right to invoice power arises when power is produced and delivered, and the right to invoice the consideration will normally correspond directly with the value to the customer. The right to invoice for el-certificates and guarantees of origin arise when the certificates are delivered. Revenue from management and consultancy ser-vices is recognized when the service is performed, and the Group has an unconditional right to the consideration settlement. When the performance obligation is fulfilled and the Group has an uncon-ditional right to the consideration, this is presented separately in the balance sheet as a receivable.Agency fee from power sales are services related to power trade on behalf of power producers. Agency fee revenues are presented net and represent only the agency fee. This is because the Group acts on behalf of the power producer and does not trade at its own risk. A smaller part of the trade portfolio includes risk related to unbalance, but this risk is actively reduced as much as possible.When determining the transaction price for each element in the contract, the Group adjusts for the time value of money if the timing of payment agreed to by the parties provides the customer with a significant benefit of financing. The Group applies a practical approach, and the consideration is not adjusted for a financing component if the period between the transfer for the goods or service and the payment is less than a year.Other income Sale of ready to build development projects is assessed as not part of the ordinary course of daily business, as each transaction is unique. The sales of ready-to-build development projects is accounted net of inventory costs and presented as other income in accordance with IFRS 10. The projects are often organized in single-purpose-vehicles (SPV) and the net gain and net loss is recognized when control of the project SPV is transferred to the acquirer. Net gain or loss from sale of fixed assets (producing power plants) is classified and presented as other income.Government grants Government grants are conditional to own gen-eration of power from certain technologies. This includes el-certificates and guarantees of origin (GoO). The right to receive the grants are obtained at the time of generation. When the el-certificates and GoO are granted, they are measured at cost and classified as other income and inventory. Cost of government grants is zero. Upon subsequent sales, the sales price is recognized within sales revenues. Total revenue The consolidated revenues are presented in the table below.NOK million 2022 2021Power related products 152 33Asset Management 28 3Project development services 4 -Consultancy services 12 -Digital Services 2 -Agency fee power trade 11 -Other revenue 1 -Sales revenues 208 35Net gain sale of PPE and project inventory 8 -Public grants - El certificates and guarantees of origin - -Other - 6Other income 9 6Total revenue 217 4199% of all external revenue is generated in Norway, the remaining is generated in Sweden and Switzerland. For information about the revenue split between business segments, see note 4.",
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"s9_notes__7__37": {
"value": "Accounting principle Revenue recognition The Group accounts for revenue in accordance with IFRS 15 Revenue from Contracts with Customers and applies the five-step method to all revenue streams. The Group\u2019s sales revenues are divided into the following categories:1. Sale of hydro and wind generated electricity delivered to the grid, el-certificates and guarantees of origin.2. Sale of management services for hydro and wind power assets.3. Sale of management services for development of hydro and wind assets4. Digital services 5. Consultancy services within accounting and IT management.6. Agency fee power salesRevenue from power production or related products bear the characteristic of delivering power, el-cer-tificates and guarantees of origin, at a certain price. The performance obligation is to deliver a series of distinct goods (power or related products) and the transaction price is the consideration the Group expects to receive, at either spot price, regulated price or contract price. The performance obligation is satisfied over time which entails that revenue should be recognized for each unit delivered at the transaction price. The Group applies a practical expedient under IFRS 15 whereby the revenue from power for most of the contracts is recognized at the amount of which the entity has a right to invoice. The right to invoice power arises when power is produced and delivered, and the right to invoice the consideration will normally correspond directly with the value to the customer. The right to invoice for el-certificates and guarantees of origin arise when the certificates are delivered. Revenue from management and consultancy ser-vices is recognized when the service is performed, and the Group has an unconditional right to the consideration settlement. When the performance obligation is fulfilled and the Group has an uncon-ditional right to the consideration, this is presented separately in the balance sheet as a receivable.Agency fee from power sales are services related to power trade on behalf of power producers. Agency fee revenues are presented net and represent only the agency fee. This is because the Group acts on behalf of the power producer and does not trade at its own risk. A smaller part of the trade portfolio includes risk related to unbalance, but this risk is actively reduced as much as possible.When determining the transaction price for each element in the contract, the Group adjusts for the time value of money if the timing of payment agreed to by the parties provides the customer with a significant benefit of financing. The Group applies a practical approach, and the consideration is not adjusted for a financing component if the period between the transfer for the goods or service and the payment is less than a year.Other income Sale of ready to build development projects is assessed as not part of the ordinary course of daily business, as each transaction is unique. The sales of ready-to-build development projects is accounted net of inventory costs and presented as other income in accordance with IFRS 10. The projects are often organized in single-purpose-vehicles (SPV) and the net gain and net loss is recognized when control of the project SPV is transferred to the acquirer. Net gain or loss from sale of fixed assets (producing power plants) is classified and presented as other income.Government grants Government grants are conditional to own gen-eration of power from certain technologies. This includes el-certificates and guarantees of origin (GoO). The right to receive the grants are obtained at the time of generation. When the el-certificates and GoO are granted, they are measured at cost and classified as other income and inventory. Cost of government grants is zero. Upon subsequent sales, the sales price is recognized within sales revenues.",
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"s9_notes__7__38": {
"value": "Government grants Government grants are conditional to own gen-eration of power from certain technologies. This includes el-certificates and guarantees of origin (GoO). The right to receive the grants are obtained at the time of generation. When the el-certificates and GoO are granted, they are measured at cost and classified as other income and inventory. Cost of government grants is zero. Upon subsequent sales, the sales price is recognized within sales revenues.",
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"s9_notes__7__39": {
"value": "Note 12 Employee benefits and share based paymentsAccounting principle Employee benefits are accrued in the period in which the associated services are rendered by the employ-ees of the Company.Share-based compensationThe Group has an equity incentive plan for top management and key employees. The programme includes the issue of warrants for shares in the Company. The Group applies the Black-Scholes model based on the market price to determine the fair value at the grant date. The grant date is determined by the Board of Directors. The fair value of the warrants is recog-nised as a personnel expense over the vesting period, at the same time a corresponding increase in paid in equity is recognised. The vesting period is the period over which all the specified vesting conditions are to be satisfied. On each balance date, the Group revises its estimates of the number of warrants that are expected to be exercisable. Any adjustments will be recognised in the income statement and corresponding adjustment to equity. Social security tax is recognised in the profit and loss statement and a provision is recognised in the balance sheet.Significant estimates and judgementShare based paymentThe fair value of management warrant programme makes use of an estimation model, Black-Scholes for calculation the call option value at grant date and at the balance sheet day. This model makes use of man-agement estimates for expected life of option, volatility, interest rate and expected dividend yield. Employee benefitsThe table below shows the employee benefits accrued in the period and the capitalized costs relate to development projects.NOK million 2022 2021Salaries 67 22Social security tax 9 5Pension costs 3 1Share based payment 264Other benefits 2 -Gross personnel expenses10633- Capitalized development costs (project inventory) (15) (5)Total personnel expenses 91 28Average number of full-time equivalents (FTEs) 55 12Number of full-time equivalents as 31.12 (FTEs) 62 14Included in salaries are remuneration to board members, see note 27 transactions with related parties. PensionThe Group has an established pension scheme that is classified as a defined contribution plan. The pension scheme is in line with the requirements of the law. Contributions to the defined contribution schemes are recognised in the consolidated statement of profit or loss in the period in which the contribution amounts are earned by the employees. The defined contribution plan does not commit the Group beyond the amounts contributed.Remuneration of Executive Group management The remuneration of the Executive Group Management is based on a fixed salary, including personal benefits such as free telephone and health insurance, a variable group performance bonus scheme, pension bene-fits, and a long-term share-based incentive program. The table below shows the remuneration in 2022Anders Christian Jon Gunnar Charlotte Stig J. Ingrid 1Lenborg Helland Solli Bergqvist \u00d8stebr\u00f8t Bj\u00f8rdalNOK million(CEO) (CVO) (COO) (CDO) (CTO) (CCOO) TotaSalary 3 3 2 1 3 1 12Bonus 2 1 1 - - - 4Pension costs - - - - - - 1Share based payment 6 5 2 1 - - 14Total reportable benefits paid 2022 11 8 5 3 3 1 311 Ingrid Bj\u00f8rdal was hired 1.9.2022, the salary represent 4 months. The table below shows the remuneration in 2021Anders Christian Suna Jon Gunnar Tor Arne Lenborg Helland Alkan Solli Pedersen NOK million(CEO)(CVO)(CSO)(COO)(CDO) TotaSalary 3 2 2 2 2 10Bonus 1 1 - 1 - 3Pension costs - - - - - -Share based payment 2 1 - 1 - 4Total reportable benefits paid 2021 6 4 2 3 2 18Total remuneration, warrants and shares for top management per year end:Warrants Total Warrants grantet FY 2022Shares remun-grantet Warrants total Warrants NOK million Holding Company pr 31.12.22aration2022pr 01.01.22pr 31.12.22exercisedAnders Lenborg (CEO) Lenco AS 1 363 546 11 700 000 2 695 000 3 395 000 -Christian Helland (CVO) Amandus Invest AS 452 758 8 550 000 2 000 000 2 550 000 -Jon Gunnar Solli (COO) Lotmar Invest AS 613 723 5 250 000 900 000 1 150 000 -Charlotte Bergqvist (CDO) - 3 600 000 - 600 000 -Stig J. \u00d8stebr\u00f8t (CTO) 25 000 3 - - - -Ingrid Bj\u00f8rdal (CCOO) 40 000 1 - - - -19 1 400 000 2 900 000 4 300 000 -Warrants Total Warrants grantet FY 2021Shares remun-grantet Warrants total Warrants NOK million Holding Company pr 31.12.21aration2021pr 01.01.21pr 31.12.21exercisedAnders Lenborg (CEO) Lenco AS 1 323 546 6 1 900 000 795 000 2 695 000 -Christian Helland (CVO) Amandus Invest AS 452 758 4 1 500 000 500 000 2 000 000 -Suna Alkan (CSO) Cappadocia Invest AS 233 448 2 300 000 225 000 525 000 -Jon Gunnar Solli (COO) Lotmar Invest AS 600 498 3 600 000 300 000 900 000 -Tor Arne Pedersen (CDO) Viva North AS 139 128 2 300 000 300 000 600 000 -18 4 600 000 2 120 000 6 720 000 -Share based payments and long-term incentive program In accordance with the terms adopted by the General Meeting of the Company on 21 March 2020, the Board of Directors has established a share incentive scheme for the executive managers and key employees of the Group. The key conditions are as follows:The equity incentive plan may cover up to 5% of the issued shares in the Company from time to time. Allocations are proposed by the Board and subject to shareholder approval. The exercise price for the war-rants is determined by the Board in its reasonable discretion based on fair market value of the Shares on the date of the Board of Directors proposed allocation of warrants under the program. The determined exercise price is subject to approval by the general meeting in relation with issuance of warrants. The duration of the warrants from grant date is 5 years. The vesting period is normally 3 years from the grant date. The value of the warrants in the accounts are calculated at the grant date given a fair value using the Black-Scholes model. The key assumptions applied for the grants in 2022 are 40% volatility (based on listed peer with 3 years historical data and updated with historic volatility for the Company from listing on the Main List Oslo B\u00f8rs to the grant date in June 2022), 2.8% interest rate and approx. 1% dividend yield. Other inputs to the model are current stock price, exercise price and expected life of option (vesting period + one year). The table shows the outstanding warrants as of 1 January and 31 December and movements in the year:FY 2022Outstanding warrants 01.01. 7 700 000Granted in 2022 3 000 000Exercised in 2022 -Expired in 2022 (200 000)Outstanding warrants 31.12. 10 500 000Vested 31.12.2022 3 299 995Charged to profit and loss statement 2022 (NOK million ) 25Charged to equity 2022 (NOK million ) 26FY 2021Outstanding warrants 01.01.2021 2 200 000Granted in 2021 5 500 000Exercised in 2021 -Expired in 2021 -Outstanding warrants 31.12.2021 7 700 000Vested 31.12.2021 2 200 000Charged to profit and loss statement 2021 (NOK million ) 5Charged to equity 2021 (NOK million ) 4As of the date of the annual report the following warrants have been issued: Weighted Average Share remaining Weighted Vested Weighted Price FY 2022contractual Average instruments Average (grant NOK million # Warrants Grant date Expiry datelifeStrike Price31.12.2022Strike Pricedate) Warrant package #1 775 000 20.03.2020 20.03.2025 2.2 11.1 516 665 11.1 11.1Warrant package #2 1 425 000 25.09.2020 25.09.2025 2.7 12.2 949 998 12.2 13.1Warrant package #3 5 500 000 17.06.2021 17.06.2026 3.5 12.5 1 833 332 12.5 14.7Warrant package #4 3 000 000 15.06.2022 28.04.2027 4.3 17.4 - - 16.010 700 000Per 31 December 2022, the equity incentive plan covers 3.7% of the issued shares in the Company.",
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"s9_notes__7__40": {
"value": "Accounting principle Employee benefits are accrued in the period in which the associated services are rendered by the employ-ees of the Company.",
"dimensions": {
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"language": "en",
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"s9_notes__7__41": {
"value": "Note 13 Other operating expensesThe table shows the breakdown of other operating expenses in FY 2022 and FY 2021. NOK million 2022 2021Lease short-term and variable 28 7External accounting and auditing fees 8 5Legal and other fees 22 16Operating and maintenance power plants 2 4Project costs 4 22Other 16 1Total other operating expenses 81 55For information about other lease expenses and lease agreements see note 25 Lease agreements. Expenses related to statutory audit and other auditor services is presented below:NOK million 2022 2021Statutory audit 3 3Tax counselling - -Other assuranse services 1 -Total auditor costs 4 3",
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"s9_notes__7__42": {
"value": "Note 14 Financial itemsThe table shows the breakdown of financial income and financial expense in FY 2022 and FY 2021.Financial incomeNOK million 2022 2021Interest income 11 1Other financial income 13 2Exchange differences 44 4Total financial income 67 6Financial expenseNOK million 2022 2021Interest expense (22) (9)Guarantees and commitment fees (1) (6)Other financial expense (5) (5)Exchange differences (45) (12)Capitalized interest 12 4Total financial expense (62) (29)Other financial income comprises of income from placements in money market funds. The cash effect of interest payments and commitment fee related to long-term borrowing facility was NOK 20m in 2022 (NOK 8m in FY2021). Other interest expenses relate to lease liabilities and asset retirement obligation. For further information about interest sensitivities and payments, please see note 8 Financial risks, note 10 Hedge accounting, note 25 Lease agreements, note 23 Long term debt, and note 24 Provisions, guarantees and other contractual obligations. Net foreign exchange differences related to Group internal loans are NOK -1m, while net foreign exchange difference related to external parties are NOK 0m.",
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"s9_notes__7__43": {
"value": "Note 15 Income tax expenseAccounting principle Income tax is calculated in accordance with ordinary tax rules and by applying the adopted tax rate. The tax expense in the statement of comprehensive income comprises taxes payable and changes in deferred tax liabilities and deferred tax assets. Taxes payable are calculated on the basis of the taxable income for the year. Deferred tax liabilities and deferred tax assets are calculated on the basis of temporary differences between the accounting and tax values and the tax effect of losses carried forward.Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Deferred tax assets are recognised to the extent that it is probable that they will be utilised. Tax related to items recog-nised in other comprehensive income is also recognised in other comprehensive income, while tax related to equity transactions is recognised in equity.Tax expense and deferred taxThe table below show the tax expense in the income statement NOK million 2022 2021Tax expense in the income statementIncome tax payable 1 -Change in deferred income tax (1) 1Tax expense in the income statement - 1Reconsiliation of nominal tax rate and effective tax rateProfit before income tax 122 (64)Nominal tax rate 22% 22%Expected tax expense (27) 14Effect on taxes of:Permanent differences 34 (2)Not regognized tax asset related to tax losses carried forward (7) (12)Changes related to deferred tax on excess values (3) 1Changes related to other deferred tax 2 -Tax expense in the income statement - 1The appropriate tax rate in Norway and Sweden is 22% and 20,6% respectively. The table shows the deferred tax asset and liability in the balance sheet. NOK million 2022 2021Temporarily differences deferred tax asset:Property, plant and equipment (22) -Derivatives 24 -Other receivables (3) -Tax loss carried forward 326 322Subtotal 325 323Of which not recognised as tax asset (192) (247)Basis for deferred tax asset 133 76Deferred tax asset 29 17Temporarily differences deferred tax liability:Inventory valuation (83) (47)Property, plant and equipment (542) (402)Intangible assets (53) -Derivatives (38) (4)Other 4 0Basis for deferred tax liability (711) (453)Deferred tax liability (156) (100)Reconsiliation to the statement of financial position Deferred tax asset 29 17Deferred tax liability (156) (100)Net deferred tax liabilities in the statement of financial position (127) (83)As per 31 December 2022 the Group has recorded a valuation allowance of NOK 192m (247m) related to tax losses carried forward, which is not included as a recognised deferred tax asset. It will be made a new assessment of tax asset recognition after the final outcome of the new tax proposal during 2023. The table below show the movement in the deferred tax liability in the statement of financial position from 1 January to 31 December NOK million 2022 2021Net deferred tax libility at 01.01 (83) (14)Change in deferred tax (in profit or loss statement) 1 1Change in deferred tax (recognised in other comprehensive income) (8) (1)Acquisitions and disposals of subsidiaries (41) (69)Other and currency translation differences 3Net deferred tax libility at 31.12 (127) (83)",
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"value": "Accounting principle Income tax is calculated in accordance with ordinary tax rules and by applying the adopted tax rate. The tax expense in the statement of comprehensive income comprises taxes payable and changes in deferred tax liabilities and deferred tax assets. Taxes payable are calculated on the basis of the taxable income for the year. Deferred tax liabilities and deferred tax assets are calculated on the basis of temporary differences between the accounting and tax values and the tax effect of losses carried forward.Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Deferred tax assets are recognised to the extent that it is probable that they will be utilised. Tax related to items recog-nised in other comprehensive income is also recognised in other comprehensive income, while tax related to equity transactions is recognised in equity.",
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"s9_notes__7__45": {
"value": "Note 16 Property, plant and equipmentAccounting principle Property, plant, and equipment (PPE) is measured at historical cost less accumulated depreciation and accumulated impairment losses. Land is not depreciated. The initial cost of a PPE asset comprises its pur-chase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of asset retirement obligation if any, and for qualifying assets, borrowing costs incurred in the construction period. Subsequent costs are included in the asset\u2019s carrying amount or recog-nised as a separate asset, as appropriate, only when it is probable that future economic benefits associ-ated with the item will flow to the group and the cost of the item can be measured reliably. All repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. If a separate component is damaged and replaced, the component is derecognised and the carrying amount is charged to the profit and loss statement as an impairment loss in the period. The replacement component is capitalized as a new item of PPE. Each component of a PPE item with a cost that is significant in relation to the total cost of the item is depreciated separately. Depreciation is calculated using the straight-line method to allocate costs over their estimated useful lives. Depreciation of hydro and wind power plants commences when the plant is ready for managements intended use, normally at the date of the grid connection and commissioning. The depreciation period is adapted to the duration of the landowner contract period.The assets\u2019 residual values and useful lives are reviewed annually and adjusted if appropriate. Gains and losses on disposals are determined by compar-ing actual proceeds with the carrying amount. Gains and losses on disposals are included in profit or loss.Capitalisation of borrowing costs Borrowing costs that are directly attributable to the acquisition, construction or production of a qualify-ing asset is included as a part of cost. Other borrow-ing costs are recognised as an expense. Asset retirement obligation (ARO)Provisions for asset retirement costs are recognised when the Group has an obligation to dismantle and remove a power plant and must restore the site on which it is located. The asset retirement cost is capitalised as a part of the carrying value of the power plant and depreciated over the useful life of the plants. Estimated useful life of power plantsThe estimated useful life of power plants is based on assumptions on expected usage of the plant, expected wear and tear, technical or commercial obsolescence, legal or other regulatory limitations or lease expiry. The power plants in current operations have expected useful life between 20-60 years. Significant estimates and judgementAssessment of asset acquisition or business combinationSignificant management judgement is required in the assessment if an acquired project or power plant is a business combination or an asset acquisition. It is made a specific assessment for each acquisition.. If the acquisition is regarded as a business combi-nation IFRS 3 Business Combinations will be applied, while if an asset, it will be either IAS 2 inventory or IAS 16 Property plant and equipment that will be applied. For acquisitions that consist of a single power plant ready to construct, the acquisition will in most cases be regarded as an asset transaction, while acquisi-tions including producing assets are mainly business combinations. However, to conclude on accounting treatment, a separate assessment is performed for each acquisition. Impairment Producing power plants and power plants under construction are tested for impairment to the extent that indicators of impairment exist, please refer to Note 19 Impairment for details.Property, plant and equipmentThe table below shows the split of PPE into produc-ing power plants, assets under construction, other equipment and right-to-use lease assets. Producing Power Right to FY 2022power plant under use - lease NOK millionplantsconstruction Equipmentasset Total Accumulated cost 1.1.2022 819 255 2 6 1 082Additions from bus.comb. and acqusitions during the year 303 - 1 24 328Additions during the year 6 278 1 21 306Transfer between groups 427 (427) - - -Transfer from inventory - 16 - - 16Cost of disposed assets (16) - - (5) (22)Effects of movement in foreign exchange 3 (4) - - (1)Accumulated cost at 31.12.2022 1 542 118 4 46 1 710Accumulated depreciations and impairment losses at 1.1.2022 70 - 1 2 73Accumulated depreciations acquired assets during the year 13 - 1 - 14Depreciations for the year 22 - 1 5 28Impairment losses - - - - -Accomulated depreciations and impairment losses disposed - - - (2) (2)assetsEffects of movements in foreigs exchange - - - - -Accumulated depreciations and impairment losses at 106 - 2 5 11331.12.2022Carrying amount at 31.12.2022 1 437 118 2 40 1 597Carrying amount beginning of period 749 255 1 4 1 009Estimated useful life (years) 25-60 5-10 5-10Producing Power Right to FY 2021power plant under use - lease NOK millionplantsconstruction Equipmentasset Total Accumulated cost 1.1.2021 58 6 2 5 72Additions from business combinations during the year 746 47 - - 794Additions during the year 2 176 1 1 180Transfer between groups 12 (15) - - (3)Transfer from inventory - 44 - - 44Cost of disposed assets - - (1) - (1)Effects of movement in foreign exchange - (4) - - (4)Accumulated cost at 31.12.2021819255261 082Accumulated depreciations and impairment losses at 1.1.2021 11 - 2 1 13Accumulated depreciations acquired assets during the year 51 - - - 51Depreciations for the year 8 - - 1 10Impairment losses - - - - -Accomulated depreciations and impairment losses disposed - - (1) - (1)assetsEffects of movements in foreigs exchange - - - - -Accumulated depreciations and impairment losses at 70 - 1 2 7331.12.2021Carrying amount at end of period 749 255 1 4 1 009Carrying amount beginning of period 48 6 1 4 58Estimated useful life (years) 25-50 5-10 5-50During 2022 the Group has expanded the portfolio of producing power plants with acquisitions of Ramsli\u00e5na, Tinnkraft, and B\u00f8en Kraft, which are all producing power plants. The latter two were assessed as business combinations, see note 5 for further information. Two projects under construction, H\u00e5n Vindpark and Sk\u00e5r\u00e5na were completed during 2022 and have been transferred between asset classes and are now classified as producing power plants. Power plant assets are pledged as security for long term debt, see note 23 Long term debt. The development project Sundby Vindpark (Kafj\u00e4rden) was transferred from inventory to power plant under construction (PPE) when final investment decision (FID) was made in December 2022. Sundby is the only power plant under construction as per year end.Right to use lease assets include office lease and fixed amount fall lease on power plants. For further details about lease, please see 25 Lease agreements. The total contractual obligations related to the pro-ject Sundby amounts to EUR 50m, of which EUR 12m is already invested and reflected in the table above. The obligation related to \u00d8vre Kvemma is total investment of NOK 124m (enterprise value). The investment is expected to be financed with 50% debt. See note 24 Provisions, guarantees and con-tractual obligations.",
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"value": "Accounting principle Property, plant, and equipment (PPE) is measured at historical cost less accumulated depreciation and accumulated impairment losses. Land is not depreciated. The initial cost of a PPE asset comprises its pur-chase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of asset retirement obligation if any, and for qualifying assets, borrowing costs incurred in the construction period. Subsequent costs are included in the asset\u2019s carrying amount or recog-nised as a separate asset, as appropriate, only when it is probable that future economic benefits associ-ated with the item will flow to the group and the cost of the item can be measured reliably. All repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. If a separate component is damaged and replaced, the component is derecognised and the carrying amount is charged to the profit and loss statement as an impairment loss in the period. The replacement component is capitalized as a new item of PPE. Each component of a PPE item with a cost that is significant in relation to the total cost of the item is depreciated separately. Depreciation is calculated using the straight-line method to allocate costs over their estimated useful lives. Depreciation of hydro and wind power plants commences when the plant is ready for managements intended use, normally at the date of the grid connection and commissioning. The depreciation period is adapted to the duration of the landowner contract period.The assets\u2019 residual values and useful lives are reviewed annually and adjusted if appropriate. Gains and losses on disposals are determined by compar-ing actual proceeds with the carrying amount. Gains and losses on disposals are included in profit or loss.Capitalisation of borrowing costs Borrowing costs that are directly attributable to the acquisition, construction or production of a qualify-ing asset is included as a part of cost. Other borrow-ing costs are recognised as an expense. Asset retirement obligation (ARO)Provisions for asset retirement costs are recognised when the Group has an obligation to dismantle and remove a power plant and must restore the site on which it is located. The asset retirement cost is capitalised as a part of the carrying value of the power plant and depreciated over the useful life of the plants. Estimated useful life of power plantsThe estimated useful life of power plants is based on assumptions on expected usage of the plant, expected wear and tear, technical or commercial obsolescence, legal or other regulatory limitations or lease expiry. The power plants in current operations have expected useful life between 20-60 years.",
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"value": "Note 17 Intangible assets and goodwill Accounting principle Intangible assets acquired separately are measured on initial recognition at cost, while the cost of intangible assets acquired in a business combination is the fair value at the date of the acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisations and accumulated impairment losses. Intangible assets with an indefinite useful life, such as goodwill are not amortised on a regular basis, but instead tested annually for impairment or more frequently if there are circumstances indicating that the carrying value may be impaired. The Group\u2019s goodwill derives from business combinations, the Group has no other intangible assets with indefinite useful life than goodwill as of 31 December 2022. Intangible assets with a finite lifetime are amortised over the useful life of the assets and assessed for impair-ment whenever there is an indication that the intangible asset may be impaired. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired business at the date of acquisition. Goodwill is carried at cost less accu-mulated impairment losses. Intangible assets and goodwillIntangible NOK million Goodwill assetsAccumulated cost 1.1.2022 38 -Additions from business combinations and acqusitions during the year 105 76Additions during the year - 19Accumulated cost at 31.12.202214395Accumulated amortizations and impairment losses at 1.1.2022 - -Accumulated amortizations acquired assets during the year - 1Amortizations for the year - 8Impairment losses - -Accumulated amortizations and impairment losses at 31.12.2022 - 9Carrying amount at end of period 143 86Estimated useful life (years) N/A 5-10There are no comparable figures for 2021.Intangible assets are related to inhouse developed software systems in Captiva (Operations). The main software systems are Captiva\u2019s digital platform, \u201cThe Portal\u201d, and Tyde hydro analytics system. Goodwill additions of NOK 105m from business combinations in 2022 is related to the Operations segment and the acquisition of Captiva (NOK 98m) and further investment in Enestor AS (NOK 7m) which was an associated company in the Captiva acquisition, but is now a subsidiary. In the acquisition of Captiva, goodwill was determined to be related to development know-how within hydro projects, a record of accomplishments, operational intelligence business systems integrated in the Captiva Group of other companies to benefit from each other, and the competence and experience of consultants within the industry.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s9_notes__7__48": {
"value": "Accounting principle Intangible assets acquired separately are measured on initial recognition at cost, while the cost of intangible assets acquired in a business combination is the fair value at the date of the acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisations and accumulated impairment losses. Intangible assets with an indefinite useful life, such as goodwill are not amortised on a regular basis, but instead tested annually for impairment or more frequently if there are circumstances indicating that the carrying value may be impaired. The Group\u2019s goodwill derives from business combinations, the Group has no other intangible assets with indefinite useful life than goodwill as of 31 December 2022. Intangible assets with a finite lifetime are amortised over the useful life of the assets and assessed for impair-ment whenever there is an indication that the intangible asset may be impaired. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired business at the date of acquisition. Goodwill is carried at cost less accu-mulated impairment losses. Intangible assets and goodwill",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__7__49": {
"value": "Note 18 InventoryAccounting principleInventories consist of development projects and government grants of el-certificates and guarantees of ori-gin (GoO). Inventories are accounted for in accordance with IAS 2 Inventories. According to IAS 2 inventories are measured at the lower of cost and net realisable value. Government grants of el-certificates and GoO are at granting measured and recognised at cost to inventory. Cost of government grants is zero. Development projectsExpenses related to research activities (project opportunities) are recognised in the statement of profit or loss as they incur. Expenses related to development activities are capitalised to the extent that the project qualifies for asset recognition, the Group is technically and commercially viable and has sufficient resources to complete the development work. Asset recognition of project inventory is done when the Group has the right to explore the developing project and is in the process to enter a concession application. Before asset recognition, the projects are assessed if they meet the major key success prerequisites and must also meet the criteria for expected future eco-nomic benefits, either from a project sale or from an in-house owned power producing power plant. Capitalized development costs consists of external development costs, capitalized salaries for internal employees and capitalized interest costs related to project funding. The development projects are part of the Development business segment and are mainly held for trading. A project can be reclassified to held for own use if it is selected to be kept as a long-term producing asset. When a project is ready to build, and the Group makes the final investment decision (FID), the projects will be reclassified to property, plant and equipment and accounted according to IAS 16. Inventory per year endNOK million 31.12.2022 31.12.2021Projects 106 154Government grants - -Total 106 154The table below shows the split of project inventory in projects with construction permit and project backlog. FY 2022Projects - with Projects - NOK millionconstruction permitBacklog TotalProject inventory 01.01. 118 35 154Acqusitions during the year 29 4 33Capitalization (salary, borrowing cost, other expenses) 41 2 42Realized (104) - (104)Transfer to PPE (16) - (16)Write down current year - - -Effects of movements in foreign exchange (2) - (3)Project inventory 31.12. 66 41 106FY 2021Projects - with Projects - NOK millionconstruction permitBacklog TotalProject inventory 01.01.21 163 33 196Acqusitions during the year - - -Capitalization (salary, borrowing cost, other expenses) 9 2 11Realized - - -Transfer to PPE (47) - (47)Write down current year (3) - (3)Effects of movements in foreign exchange (3) - (3)Project inventory 31.12.21 118 35 154Projects with construction permit comprise of the wind project Duvh\u00e4llen and Munkhyttan (acquired in first quarter 2022). Both are located in SE3 Sweden. The development project Sundby Vindpark (Kafj\u00e4rden, also acquired in first quarter 2022) was transferred from inventory to power plant under construction (PPE), when final investment decision was made in December 2022. Stenkalles, a shallow water project was in September disposed 50% with Hafslund joining as a new partner The project is now owned 50% and classified as a joint venture and equity accounted. Included in the carrying amount is capitalized external costs related to the projects, salary to the employees working with project development and borrowing costs. Capitalized costs in 2022 consists of NOK 4m (NOK 2m) in borrowing costs, NOK 5m (NOK 3m) in salaries and NOK 33m (NOK 7m) in external fees. The capitalisation rate applied for borrowing costs is 4%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s9_notes__7__50": {
"value": "Accounting principleInventories consist of development projects and government grants of el-certificates and guarantees of ori-gin (GoO). Inventories are accounted for in accordance with IAS 2 Inventories. According to IAS 2 inventories are measured at the lower of cost and net realisable value. Government grants of el-certificates and GoO are at granting measured and recognised at cost to inventory. Cost of government grants is zero. Development projectsExpenses related to research activities (project opportunities) are recognised in the statement of profit or loss as they incur. Expenses related to development activities are capitalised to the extent that the project qualifies for asset recognition, the Group is technically and commercially viable and has sufficient resources to complete the development work. Asset recognition of project inventory is done when the Group has the right to explore the developing project and is in the process to enter a concession application. Before asset recognition, the projects are assessed if they meet the major key success prerequisites and must also meet the criteria for expected future eco-nomic benefits, either from a project sale or from an in-house owned power producing power plant. Capitalized development costs consists of external development costs, capitalized salaries for internal employees and capitalized interest costs related to project funding. The development projects are part of the Development business segment and are mainly held for trading. A project can be reclassified to held for own use if it is selected to be kept as a long-term producing asset. When a project is ready to build, and the Group makes the final investment decision (FID), the projects will be reclassified to property, plant and equipment and accounted according to IAS 16.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s9_notes__7__51": {
"value": "Note 19 ImpairmentAccounting principle Property, plant and equipment and intangible assets with a definite useful life are tested for impairment to the extent that indicators of impairment exist. When there are indicators that future earnings cannot justify the carrying value, the recoverable amount is calculated to consider whether an allow-ance for impairment must be made. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. Previously impaired non-financial assets, except goodwill, are reviewed for possible reversal of the impairment at each reporting date. For the purposes of assessing impairment losses, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash-generating units (CGUs)). The Group has identified the following CGUs:Property plant and equipment (power producing assets) \u00b7 Hydropower: Power plants sharing the same water flow and/or being subject to the same infrastruc-ture limitation are managed together to optimise power generation. \u00b7 Wind farms: The individual wind farm.Inventory of projects \u00b7 The individual project with construction permit \u00b7 Groups of similar projects that are in concession process and are connected in progressEquity accounted companies \u00b7 The individual associated company or joint ventureIntangible assets \u00b7 Captiva portal and related digital services \u00b7 Tyde system with related digital services \u00b7 Krasys system with related power trade agent servicesGoodwill and intangible assets with an indefinite useful life are not depreciated but are considered for impairment testing once every year and when there are circumstances or indicators implying an impairment test should be performed. Impairment is determined for goodwill by assessing the recovera-ble amount for each cash-generating unit (CGU) to which the goodwill relates. Impairment losses relat-ing to goodwill cannot be reversed in future periods. Significant estimates and judgementManagement have applied significant judgement to decide on and assess relevant impairment indicators. Factors that trigger impairment testing include, but is not limited to, changes in long power price estimates, political changes, underperforming power plants in terms of production, changes in the Groups strategy or macroeconomic fluctuations. For intangible assets impairment indicators may be underperforming sales or negative development in market conditions. Value in use calculation is based on a discounted cash flow model. The future cash flows in the model are based on a number of significant estimates and assumptions such as future market conditions, discount rates and estimated useful life and market price for development projects with construction permit, or sales volume for services. The estimates are based on the Group\u2019s budgets and long-term outlooks approved by management. The Group monitors changes in government leg-islations and regulations on a continuous basis, changes may impact key assumptions in the value in use calculations in future periods. Impairment test of Goodwill Goodwill For impairment testing of goodwill, the relevant level for impairment testing is the cash generating unit (CGU), this has been identified and defined as the following: NOK million TotalDevelopment 37Production 1Operations 105Total 143The recoverable amount for these assets has been determined estimating the value in use of the assets and comparing against the carrying value of the CGU\u2019s. Goodwill related to Operations origins from the acquisition of Captiva in January 2022. The goodwill was determined to be related to a long record of accomplishments, business know-how, reputation and established business related to development within hydro projects, advisory within asset manage-ment and financial services, IT-support and general operational intelligence business systems integrated in the Captiva Group of other companies to benefit from each other, and the competence and experi-ence of consultants within the industry. The goodwill amount was in the purchase price allocation allo-cated to the operation CGU and segment. The Group applies discounted cash flow model for impairment testing of goodwill and intangible assets. The impairment test is sensitive to the following key assumptions and estimates: \u00b7 Captiva is currently in a ramp-up phase and a dis-count rate of 15% on the cash flows has been applied to adjust for the ramp-up risk \u00b7 Future cash flows estimated for the period FY 2023 \u2013 FY 2032. The business plan estimates a ramp up period of three years from Captiva\u2019s business plan, then normal business with 3% annual growth in the scenario. Plans for ramp up years have been assessed and approved by management and the Board. SaaS and ARR multiples are used as impairment indicators and as a valuation method. The Group is of the view that no reasonable possible change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for the CGU. No impairment loss was recognised as the recovera-ble amounts exceed the carrying amount. Goodwill related to Development origins from the acquisition of Scanergy AS in February 2020. The goodwill was determined to be related to the large pipeline of project prospects within wind on land and shallow water, the know-how and business connec-tions (employees), the record of accomplishments over the past 10 years for the company acquired, as well as synergies. The model for impairment testing of goodwill related to the Development segment is based om the same model as for impairment testing projects, which is value in use based on a discounted cash flow model. The impairment test is sensitive to the following key assumptions: \u00b7 future cash flows with price per MW/GWh for development projects \u00b7 Timing of project development and concession grant, \u00b7 Applied discount rate of 12%The Group is of the view that no reasonable possible change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for the CGU.No impairment loss was recognised as the recovera-ble amounts exceed the carrying amount. The goodwill related to Production origins from the acquisition of Selselva Kraft AS in January 2021. The goodwill was determined to be related to a potential expansion of the power plant. The model for impairment testing of goodwill related to the Production segment is based on the same model for value in use and a discounted cash flow model. The impairment test did not result in any impairment losses and the Group\u2019s value in use was significantly higher than the carrying amount.Impairment test of other assetsProperty plant and equipment (producing and under construction power plants)The Group uses an internal valuation model based on external input as the impairment indicator for PPE. This model makes use and combines the most relevant internal and external input factors, such as long-term power price estimates, interest rate level, tax and regulatory changes and asset performance. For the majority of the producing power plants there was no impairment indicator observed and no further impairment testing to calculate recov-erable amount for the remaining power plants was performed. The impairment indicator applied was based on updated long-term power prices, the new tax proposal that was announced in September 2022 and increased interest rate levels.When taking the new tax proposal into consideration (see section below), the only asset that would need further impairment testing was R\u00f8yrmyra wind farm. An external valuation was nevertheless not pre-formed because the crucial factor was the new tax proposal. Since this is not finally voted on, the Group awaits the final outcome (expected during summer 2023) before a new assessment and impairment test is performed. For one other producing power plant asset, the assessment of observed impairment indicator was sensitive to changes in estimates and assumptions and close to having an impairment indicator. If future interest rate increase or long-term power price decrease the asset must be tested for impairment New Norwegian tax proposalIn September 2022 the Norwegian government proposed several new tax proposals for the power producing industry. With respect to land-based wind farms (both existing and new) which are subject to license requirement and hydropower plants with an installed effect of minimum 1 MW, the Norwegian government proposed to introduce a high price contribution tax levied on energy sold at a price above NOK 0.70/kWh at a rate of 23%, with effect from 1 January 2023. The high price contribution tax is not expected to be deductible in the calculation of corporate income tax or resource rent tax and expected only to be in effect until the end of 2024. Further, the Norwegian government has informed that they plan to introduce a resource rent tax with an effective tax rate of 40%, and natural resource tax for land-based wind farms (both existing and new) which are subject to license requirement, with effect from 1 January 2023. The high price contribution and the ground rent resource tax is in effect from 01. January 2023, but has not been passed as legisla-tion by the Parliament. The Norwegian government has published a consultation paper in Q4 2022, and official hearings ended 15 of March 2023. A final vote in the Parliament is expected in the summer 2023. If passed it is expected to be in effect from 01.01.2023.Investments in associated companies and joint ventures With application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associated companies. At each reporting date, the Group determines whether there is an impairment indicator observed which indicates the need for impairment testing. If so, the Group calculates the amount of impairment as the difference between the recovera-ble amount of the associate and the carrying value, and then recognises the loss as \u201cnet income/loss\u201d from associated companies and joint ventures in the statement of profit or loss. The same method as for recoverable amount and value in use is used as for producing/ under construction power plants or project inventory is applied. For the investments related to producing power plants, there was no relevant impairment indicator observed, and no further impairment testing was performed. Intangible assetsThe Groups intangible assets are related to IT systems and customer portfolio. The IT systems are related to the Captiva portal, TYDE science and soft-ware developed in Kraftanmelding AS. The valuation model applied for these software systems are SaaS and ARR multiples with future sales estimates and discounted cash flow mod-els. Relevant impairment indicators which would trigger impairment testing include significant fall in observed market multiples, underperformance in sales compared with forecasts, IT system develop-ment delays. During the 2022 the mentioned multiples have fallen, and the Group has tested the assets for impairment. The model for impairment testing is based on a multiple valuation for SAAS and ARR. The impairment test is sensitive to the following key assumptions and estimates: \u00b7 SaaS and ARR multiples are used as impairment indicators and as a valuation method. The multiples are based on a peer of comparable companies. \u00b7 Applied future sales forecast for 3 years, and the multiple valuations is based on the second year. The Group is of the view that no reasonable possible change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for the CGUs. No impairment loss was recognised as the recovera-ble amounts exceed the carrying amount. Inventory (development projects)For project inventory impairment is performed if net sales value is less than the carrying value of the asset. The Group has a quarterly routine to go through all projects to secure satisfying progress and attention. If a project does not qualify for internally prioritization, but the projects is put on hold or discontinued, the book value is impairment tested and a sales value is assessed. If the sales value, less cost of disposal is less than book value, an impair-ment loss classified as a write down is recognized over the profit or loss statement. Net realizable amount for projects with construction permit is set to an estimated market price per MW or per GWh that is reasonable to expect if the projects was to be sold. The price is compared with recent observable market transactions. As per 31 December the Group has an impairment loss of less the NOK 0.5m related to a minor develop-ment project due to the prospects of profitability in the project. The impairment loss is classified as cost of goods sold. Projects are reported in the Development segment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__7__52": {
"value": "Accounting principle Property, plant and equipment and intangible assets with a definite useful life are tested for impairment to the extent that indicators of impairment exist. When there are indicators that future earnings cannot justify the carrying value, the recoverable amount is calculated to consider whether an allow-ance for impairment must be made. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. Previously impaired non-financial assets, except goodwill, are reviewed for possible reversal of the impairment at each reporting date. For the purposes of assessing impairment losses, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash-generating units (CGUs)). The Group has identified the following CGUs:Property plant and equipment (power producing assets) \u00b7 Hydropower: Power plants sharing the same water flow and/or being subject to the same infrastruc-ture limitation are managed together to optimise power generation. \u00b7 Wind farms: The individual wind farm.Inventory of projects \u00b7 The individual project with construction permit \u00b7 Groups of similar projects that are in concession process and are connected in progressEquity accounted companies \u00b7 The individual associated company or joint ventureIntangible assets \u00b7 Captiva portal and related digital services \u00b7 Tyde system with related digital services \u00b7 Krasys system with related power trade agent servicesGoodwill and intangible assets with an indefinite useful life are not depreciated but are considered for impairment testing once every year and when there are circumstances or indicators implying an impairment test should be performed. Impairment is determined for goodwill by assessing the recovera-ble amount for each cash-generating unit (CGU) to which the goodwill relates. Impairment losses relat-ing to goodwill cannot be reversed in future periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__7__53": {
"value": "Note 20 Investments in associated companies and joint ventures Accounting principle Investments in associated companiesAn associated company is an entity over which the Group has significant influence and that is not a subsidiary or a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without the ability to have control over those policies. Significant influence normally exists when the Group has 20% to 50% voting power through ownership or agreements. Investments in associated companies are accounted for using the equity method. Joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control. That is when the strategic financial and operating policy decisions relating to the activities of the joint arrangement require the unanimous consent of the parties sharing control. If the parties to the joint arrangement have rights to the net assets of the arrangement, the arrangement is classified as a joint venture. If the parties have rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is classified as a joint operation. Currently the company has only a joint venture. Interests in joint ventures are accounted for using the equity method.Equity methodUnder the equity method of accounting, the invest-ments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profit or loss. Dividends received or receivable from associated companies, are recog-nised as a reduction of the carrying amount of the investment. Unrealised gains or transactions between the Group and the associated companies are eliminated to the extent of the Groups interest in the entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the assets transferred. Accounting policies of equity accounted investees have been changed were necessary to ensure consistency with the policies adopted by the Group. Equity accounted investments are reviewed each period to determine whether there is any objective evidence that the net investment is impaired. Goodwill relating to the associated company is included in the carrying amount of the investment and is not tested for impairment separately.The table shows the summarized investments in associated companies included in the Groups balance sheet as of 31 December 2022Consolidated economic Name of Entity Place of interest per business31.12.22 Segment Princippal ActivitiesForte Energy Norway AS with SPV's. Assosiated company Norway 34.0% Production Hydro powerOdal Vind AS Assosiated company Norway 33.4% Production Wind power under construction Stenkalles Holding AS Joint Venture Sweden 50.0% Development Offshore wind with construction permitProxima Hydrotech AS Assosiated company Norway 33.3% Operations Management hydro Forte Energy Norway AS (Forte)Forte was acquired by the Group in November 2020. Forte owns 14 producing hydro power assets and one power offtake agreement in Norway, with a combined normalized annual production of 87 GWh net to Cloudberry. The hydro power assets have an average license life of minimum 50 years.Odal Vind AS (Odal)Odal was first acquired in December 2020 with 15% ownership, and further increased its ownership to 33.4% in July 2021. The other owners of Odal Vind AS are Akershus Energi Vind AS and KLP, owning 33.4% and 33.2% respectively. Odal windfarm has been constructed during 2021 and 2022 and is now finished and was in full production from second half of 2022. The windfarm has a normalized annual production of 176 GWh net to Cloudberry and the remaining concession is 29 years. Stenkalles Holding AS (Stenkalles) Stenkalles Holding AS includes two Swedish subsidiaries owning the Stenkalles Grund project. The Stenkalles Grund project is a 100 MW shallow-water wind project in the lake of V\u00e4nern in south-central Sweden (SE3). 50% of the project was sold to Hafslund Vekst AS in September 2022, bringing them in as a joint partner. Together the parties will work towards a final investment decision (FID) for the project. The 50% ownership is now accounted as a joint venture. The table show the summarised financial information in the Group accounts for equity accounted companies. FY 2022Forte Proxima Energy Odal Vind Stenkalles Hydrotech NOK millionNorway ASASHolding ASAS TotalBook value beginning of year 254 423 - - 677Additions of invested capital - 31 17 2 50Share of profit/loss for the year 41 74 - - 114Depreciation of excess value (3) - - - (3)IFRS adjustment 9 - - - 9Dividend paid to the owners (31) - - - (31)Correction from previous years result - - - - -Currency translation differences 2 27 - - 29Items charges to equity 45 - - - 45Book value at reporting date 317 555 17 1 890Excess value beginning of year 137 19 - - 156Correction against booked equity - - - - -Excess value 31 December 134 19 1 - 154Book value of equity at 31 December associated company/JV 183 536 16 1 736FY 2021Forte Proxima Energy Odal Vind Stenkalles Hydrotech NOK millionNorway ASASHolding ASAS TotalBook value beginning of year 234 103 - - 337Additions of invested capital - 332 - - 332Share of Profit/loss for the year 16 (4) - - 12Depreciation of excess value (3) - - - (3)Dividend paid to the owners - - - - -Correction from previous years result 1 - - - 1IFRS adjustment 6 - - - 6Currency translation differences - (8) - - (8)Items charges to equity - - - - -Book value at reporting date 254 423 - - 677Excess value beginning of year 141 7 - - 148Correction against booked equity (1) - - - (1)Excess value 31 December 137 19 - - 156Book value of equity at 31 December associated company/JV 116 404 - - 520The IFRS adjustment in Forte relates to the power off take agreement which in the Forte accounts is recog-nised at cost, while in the Group accounts according to IFRS is recognised in the balance sheet at fair value with the change in fair value recognised in the periods profit or loss statement.The table shows the summarized financial information for Forte and Odal. The figures apply to 100% of the companies\u2019 operations. Revenue and balance totalFY 2022 FY 2021Forte Energy Forte Energy NOK millionNorway AS Odal Vind AS Total Norway AS Odal Vind AS Total Revenue 337 405 742 122 - 122Operating costs (167) (98) (265) (48) (7) (56)Depreciations and amortisations (21) (22) (42) (20) - (20)Operating profit 149 285 434 54 (8) 47Net interest expenses 43 (13) 30 27 (3) 24Tax expense (38) (53) (91) (18) (2) (20)Profit for the period 153 219 373 63 (13) 50Total non current assets 1 197 2 160 3 358 950 1 701 2 651Total current assets 270 557 827 117 518 635Total cash and cash equivalents 242 83 325 99 399 499Long term debt 687 907 1 593 664 882 1 546Short term debt 243 206 449 60 127 187Equity 538 1 604 2 142 343 1 209 1 552The table shows the Group\u2019s share of the summarized financial information on a line for line basis for Forte and Odal. Revenue and balance based on Cloudberrys ownershipFY 2022 FY 2021Forte Energy Forte Energy NOK millionNorway AS Odal Vind AS Total Norway AS Odal Vind AS Total Revenue 114 135 250 42 - 42Operating costs (57) (33) (90) (16) (2) (18)Depreciations and amortisations (7) (7) (14) (7) - (7)Operating profit 51 95 146 18 (2) 16Net interest expenses 15 (4) 10 9 (1) 8Tax expense (13) (18) (31) (6) (1) (7)Profit for the period 52 73 125 22 (4) 18Total non current assets 407 722 1 129 323 568 891Total current assets 92 186 278 40 173 213Total cash and cash equivalents 82 28 110 34 133 167Long term debt 234 303 536 226 295 520Short term debt 82 69 151 20 43 63Equity 183 536 719 116 404 520",
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__7__54": {
"value": "Accounting principle Investments in associated companiesAn associated company is an entity over which the Group has significant influence and that is not a subsidiary or a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without the ability to have control over those policies. Significant influence normally exists when the Group has 20% to 50% voting power through ownership or agreements. Investments in associated companies are accounted for using the equity method. Joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control. That is when the strategic financial and operating policy decisions relating to the activities of the joint arrangement require the unanimous consent of the parties sharing control. If the parties to the joint arrangement have rights to the net assets of the arrangement, the arrangement is classified as a joint venture. If the parties have rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is classified as a joint operation. Currently the company has only a joint venture. Interests in joint ventures are accounted for using the equity method.Equity methodUnder the equity method of accounting, the invest-ments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profit or loss. Dividends received or receivable from associated companies, are recog-nised as a reduction of the carrying amount of the investment. Unrealised gains or transactions between the Group and the associated companies are eliminated to the extent of the Groups interest in the entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the assets transferred. Accounting policies of equity accounted investees have been changed were necessary to ensure consistency with the policies adopted by the Group. Equity accounted investments are reviewed each period to determine whether there is any objective evidence that the net investment is impaired. Goodwill relating to the associated company is included in the carrying amount of the investment and is not tested for impairment separately.The table shows the summarized investments in associated companies included in the Groups balance sheet as of 31 December 2022Consolidated economic Name of Entity Place of interest per business31.12.22 Segment Princippal ActivitiesForte Energy Norway AS with SPV's. Assosiated company Norway 34.0% Production Hydro powerOdal Vind AS Assosiated company Norway 33.4% Production Wind power under construction Stenkalles Holding AS Joint Venture Sweden 50.0% Development Offshore wind with construction permitProxima Hydrotech AS Assosiated company Norway 33.3% Operations Management hydro",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__7__55": {
"value": "Note 21 Cash, cash equivalents and corporate fundingAccounting principle Cash and cash equivalents include deposits held at call with financial institutions, commercial papers and other short term interest-bearing securities or highly liquid investments (money market funds) that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.Placements in money market funds are made to diversify risk and at the same time secure high liquidity of the placements to be able to meet short term cash commitments. The funds are larger funds with estab-lished low interest rate risk and low credit risk. Placements in money market funds are classified as cash equivalents as the placements are short term placements and can be redeemed at any time without restrictions or cost (2-3 days settlement) to meet short term commitments when needed. The placements have insignificant risk of change in value as they are placements with the lowest risk profiles. The Group has entered into a corporate account agreement with SpareBank 1 SR-Bank for the Norwegian companies. No credit facility is incorporated in this agreement, but a larger facility with SpareBank 1 SR-Bank is established, see note 23 Long term debt. NOK million 2022 2021Bank deposits 541 383Money market funds 998 732Total cash and cash equivalents 1 538 1 115Investments in money market funds consist of investments in KLP fund and Fondsforvaltning. These place-ments are short term placements and is readily convertible to cash. Of bank deposits per 31 December, NOK 96m is related to Kraftanmelding AS, which is a company owned 51% in the Operations segment. The company is a power trade agent and receives settlement from spot sales before it settles with the power producers. Hence, the cash position must be seen in relation to other short-term positions, current accounts payable, current provisions and other current debt and assets (including restricted cash related to settlements). Restricted cash is not included in cash and cash equivalents, this is classified as other current assets and a deposit for office rent of NOK 2m is classified as a non-current financial asset.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__7__56": {
"value": "Accounting principle Cash and cash equivalents include deposits held at call with financial institutions, commercial papers and other short term interest-bearing securities or highly liquid investments (money market funds) that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.Placements in money market funds are made to diversify risk and at the same time secure high liquidity of the placements to be able to meet short term cash commitments. The funds are larger funds with estab-lished low interest rate risk and low credit risk. Placements in money market funds are classified as cash equivalents as the placements are short term placements and can be redeemed at any time without restrictions or cost (2-3 days settlement) to meet short term commitments when needed. The placements have insignificant risk of change in value as they are placements with the lowest risk profiles. The Group has entered into a corporate account agreement with SpareBank 1 SR-Bank for the Norwegian companies. No credit facility is incorporated in this agreement, but a larger facility with SpareBank 1 SR-Bank is established, see note 23 Long term debt. NOK million 2022 2021Bank deposits 541 383Money market funds 998 732Total cash and cash equivalents 1 538 1 115Investments in money market funds consist of investments in KLP fund and Fondsforvaltning. These place-ments are short term placements and is readily convertible to cash. Of bank deposits per 31 December, NOK 96m is related to Kraftanmelding AS, which is a company owned 51% in the Operations segment. The company is a power trade agent and receives settlement from spot sales before it settles with the power producers. Hence, the cash position must be seen in relation to other short-term positions, current accounts payable, current provisions and other current debt and assets (including restricted cash related to settlements). Restricted cash is not included in cash and cash equivalents, this is classified as other current assets and a deposit for office rent of NOK 2m is classified as a non-current financial asset.",
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__7__57": {
"value": "Note 22 Share capital and shareholder informationAccounting principleNature and purpose of reserves included in total equity \u00b7 Share premium: Share premium includes net share premium paid as part of capital increases. \u00b7 Other Equity: Other equity includes share-based payment transaction reserve used to recognise the value of equity-settled and share-based payment transactions provided to employees, including key manage-ment personnel, as part of their remuneration. It also includes hedging reserves charged to other compre-hensive income and currency translation differences, together with retained earnings. \u00b7 Foreign currency translation reserve: The foreign currency translation reserve comprises all foreign cur-rency differences arising from the translation of the financial statements of foreign operations. \u00b7 Hedging reserve: The hedging reserve includes mark-to-market revaluation reserve after tax on derivatives used in the Group\u2019s cash flow hedging.Share capital The table below show the share capital, share premium and number of shares as of 31 December 2022 and 31 December 2021. NOK million 2022 2021Share capital 73 59Share premium 3 495 2 676Share capital and premium at 31 December 3 568 2 735Number of shares at 31 December 291 299 905 235 244 646The shares are at par value NOK 0.25. The following capital increases has taken place in 2022:Number Share NOK 1000 Dateof sharescapitalNumber of shares 1 January 2022 235 244 646 58 811 162Capital increase 07.01.2022 3 484 041 871 010Capital increase 29.06.2022 935 020 233 755Capital increase 22.09.2022 51 612 903 12 903 226Capital increase 24.10.2022 23 295 5 824Number of shares and share capital 31 December 2022291 299 90572 824 976The table below show the 20 largest shareholders of Cloudberry as of 31 December 2022:Number of Share of Share of sharesownershipvoting rightsFerd AS 33 919 686 11.6% 11.6%Joh Johannson Eiendom AS 29 512 098 10.1% 10.1%Havfonn AS (Bergesen family) 24 761 554 8.5% 8.5%Snefonn AS (Bergesen family) 16 203 725 5.6% 5.6%The Northern Trust Comp, London 15 980 677 5.5% 5.5%HSBC Trinkaus & Burkhardt GmbH 15 600 000 5.4% 5.4%Caceis Bank 12 669 673 4.3% 4.3%State Street Bank and Trust Comp (Swedbank Robur) 9 578 902 3.3% 3.3%Clearstream Banking S.A. 7 486 279 2.6% 2.6%Skandinaviska Enskilda Banken AB 6 570 220 2.3% 2.3%Danske Invest Norge Vekst 6 317 098 2.2% 2.2%Verdipapirfondet Alfred Berg Gamba 5 658 324 1.9% 1.9%Awilco AS 5 282 256 1.8% 1.8%Citibank Europe plc 5 000 000 1.7% 1.7%Verdipapirfondet Storebrand Norge 4 087 885 1.4% 1.4%Gjensidige Forsikring ASA 4 023 469 1.4% 1.4%MP Pensjon PK 3 496 230 1.2% 1.2%CCP AS 3 484 041 1.2% 1.2%CCPartner AS 3 202 040 1.1% 1.1%Verdipapirfondet KLP Norge 2 426 887 0.8% 0.8%Other 76 038 861 26.1% 26.1%Total number of shares 291 299 905 100.0% 100.0%",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__7__58": {
"value": "Accounting principleNature and purpose of reserves included in total equity \u00b7 Share premium: Share premium includes net share premium paid as part of capital increases. \u00b7 Other Equity: Other equity includes share-based payment transaction reserve used to recognise the value of equity-settled and share-based payment transactions provided to employees, including key manage-ment personnel, as part of their remuneration. It also includes hedging reserves charged to other compre-hensive income and currency translation differences, together with retained earnings. \u00b7 Foreign currency translation reserve: The foreign currency translation reserve comprises all foreign cur-rency differences arising from the translation of the financial statements of foreign operations. \u00b7 Hedging reserve: The hedging reserve includes mark-to-market revaluation reserve after tax on derivatives used in the Group\u2019s cash flow hedging.",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__7__59": {
"value": "Note 23 Long term debtIn November 2021 the Group increased the NOK 700 million credit facility with a syndicate of Norwegian savings banks lead by SpareBank 1 SR-Bank ASA (established in March 2021) to NOK 1 400m, with a possibility to increase the facility with additional NOK 500m. The facility consists of a term loan facility of NOK 1 100m to finance investments in power plants (hydro and wind) in the Nordics. The facility covers current inhouse producing assets and growth opportunities both organically and in-organically. In addition to the term loan facility, the facility with SP Bank also consists of a related revolving credit facility of NOK 300m. The Group has the following long-term borrowings as per 31 December 2022:NOK million 31.12.2022 31.12.2021Total bank loan related to power plants 338 302Reclassified principal payment to current interest bearing loans and borrowings (12) (10)Derivative liability realted to hedge accounting 1 3Total long term interest bearing loans and borrowings 327294Per year end 2022 all external debt in the consolidated group has been re-financed using the facility. There are no other long-term bank loans that are in any other bank. The total amount drawn from the term loan facility as per 31 December is NOK 328m. The table below shows a reconciliation of opening balance, movements and closing balance of the long-term debt for the year 2022:NOK million In cash flow statementOpening balance long term debt 01.01.22 294Debt take over in acqusitions non-cash 84Repaid existing debt in subsidiaries for refinancing cash outflow (151)Drawn from new facility with refinanced cash inflow 116Drawn construction loan cash inflow -Downpayments cash outflow (13)Change in swap derivative non cash (1)Reclassified principal payments to short term non-cash (2)Closing balance long term debt 31.12.22 327Of which:Drawn from new facility with refinanced 116Drawn construction loan -Proceeds from new term loans 2022116Repaid existing debt in subsidiaries for refinancing (151)Downpayments (13)Total repayment of term loan 2022 (164)The interest rate on the term loan is 3 months NIBOR plus margin less than 2% The bank loan facilities\u2019 terms are at a market floating interest rate with a fixed interest rate swap to reduce the interest rate risk. See note 10 Hedge accounting. The following financial covenants and collateral apply to the credit facilities:1. Group consolidated equity ratio, minimum 30% Cloudberry Production AS equity ratio, minimum 30% Minimum Group equity NOK 1 800m Minimum equity Cloudberry Production AS, NOK 900m2. Liquidity reserves Group level, minimum NOK 40m 3. Minimum secured 75% share of principal pr loan of 5 years. 4. Main securities granted under the credit facility: Pledge related to Cloudberry Production AS: Pledge in shares in all subsidiaries with producing assets (SPV\u2019s) Pledge in shares in associated companies Pledge in cash, inventory and receivables Pledge applied for subsidiaries with producing assets: Pledge in cash and bank accounts Pledge in property plant and equipment Pledge in inventory and receivables Pledge in lease agreements for land and water/fall rights Pledge in shares in Cloudberry Development ASThe Group was not in any breach of covenants as per 31 December 2022.",
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"s9_notes__7__60": {
"value": "Note 24 Provisions, guarantees and other contractual obligationsAccounting principleAsset retirement obligationProvision for asset retirement costs is recognized when the Group has an obligation to dismantle and remove a hydro or wind power plant and to restore the site where it is located after a concession period is over. Long term provisionsThe Group has NOK 36 m in long term provisions, of which NOK 15m is related to asset retirement obligations. Asset retirement obligation is established for H\u00e5n Vindpark and Sundby Vindpark in 2022, in addition to R\u00f8ymyra Vindpark, payable between 15-30 years. Current liabilities and provisionsNOK million 2022 2021Trade creditors 131 37Advance tax withholdings and taxes payable 4 1Accounts payables and other liabilities 13538Accrued salary and bonus 14 7Provision for project costs 5 7Public duties payable 3 2PPA contract termination 5 5Accrued fall lease 48 6Other 54 14Provisions 128 41Trade creditors and other provisions is related to Kraftanmelding, see also note 21 Cash, cash equivalents and corporate funding. Guarantees and other contractual obligationsThe Group has the following guarantees and bank deposits with duration: Balance NOK millionsheet item Maturity date 2022 2021Sundby wind farm Parent guarantee off-balance H1 2024 311 -to supplierGuarantee Odal Vind Bank guarantee/off balance / other H1 2022 - 317bank deposit current assetrestrictedGuarantee H\u00e5n wind farm Bank deposit other current asset H2 2022 3 3restrictedBank guarantee to Axpo Bank guarantee off-balace February 2022 - 5Bank guarantee Marker Vindpark Bank guarantee off-balace August 2022 - 8Guarantees for office rent Escrow account non-current financial asset February 2029 2 1Total guarantees and deposits 316 333The Sundby guarantee is a Vesta\u2019s guarantee securing nine wind turbines to be installed at Sundby during H2 2023. Other obligations not recognised in the balance sheet is related to financial close of secured portfolio. The Group has per 31. December 2022 signed sale and purchase agreement to the following power plants with financial close after 31 December 2022: Expected Equity Debt NOK millionsettlementfinancedFinanced Total\u00d8vre Kvemma Kraftverk H1 2024 60 60 120Total 60 60 120The power plant is under construction and risk of the assets is not yet transferred to the Group. Because the risk is not transferred and there are conditions precedent up until the takeover e.g. that the power plants shall function according to the agreement, the assets and the obligations are not recognised in the balance sheet.In February 2023 the Group signed a share purchase agreement to the Danish Odin wind portfolio, see note 29 subsequent events. For information about the Group\u2019s share of debt in associated companies, please see note 20.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__7__61": {
"value": "Accounting principleAsset retirement obligationProvision for asset retirement costs is recognized when the Group has an obligation to dismantle and remove a hydro or wind power plant and to restore the site where it is located after a concession period is over.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__7__62": {
"value": "Note 25 Lease agreementsAccounting principle LeasesAt the lease commencement date, the Group rec-ognises a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u00b7 Short-term leases (defined as 12 months or less) \u00b7 Low value assetsFor these leases, the Group recognises the lease payments as other operating expenses in the state-ment of profit or loss when they incur.Lease liabilitiesThe Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable.The lease payments included in the measurement comprise of: \u00b7 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u00b7 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u00b7 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate.The Group does not include variable lease payments in the lease liability arising from future events, such as lease payments which depend on production vol-ume. Instead, the Group recognises these variable lease expenses in profit or loss, se under description of water right lease agreement. Right-of-use assetsThe Group recognises right-of-use assets at the commencement date of the lease, i.e. the date the underlying asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.Water right lease agreementsCloudberry enters into water-right lease agreements with owners of water rights, which entitles the company to utilise the water in the rivers. The agree-ments typically have duration from 40 to 100 years, starting when the power plant is put into commercial operation.The agreement with the owners of the water rights has a variable payment depending on the gross revenue of the power plant and is typically around 10% of the gross revenue. In certain agreements the variable payment depends on the net profit of the power plant (not the gross revenue). In these cases, Cloudberry is secured a minimum return on the investment (typically 4 \u2013 7% p.a.) before owners of the water rights are compensated. Excess return above this minimum return is then split between the owners of the water rights and Cloudberry.When Cloudberry has a commitment to pay rent to the owners of the water rights, we account for this as other operating expenses as the commitment arises. Upon expiration of the agreement the owners have the right to purchase the power plant with all rights and technical installations at a price based on certain specific conditions.Land lease agreements for construction of wind farms Cloudberry enters into lease agreements with land- owners, which entitles the company to utilise the land for construction of wind farms. The agree-ment typically has a duration from 25 to 35 years dependent on the concession period, starting when the power plant is put into commercial operation.The typical agreement with the landowners has a variable payment depending on the gross revenue of the power plant (around 4%). When Cloudberry has a commitment to pay rent to the landowners, we account for this as other operating expenses as the commitment arises.Fixed amount- agreement: In certain cases, Cloudberry can be obligated to pay landowner a fixed annual amount, in such cases it may be accounted according to IFRS 16 lease agreement. Upon expiration of the agreement the landowner has the right to purchase the powerplant with all rights and technical installations at a price based on book value at the end of the lease agreement. Lease The table shows the reconciliation of lease liability in the beginning of the year and per 31 December:NOK million 2022 2021Lease liability at 1.1. 5 4Lease agreements entered into during the year 21 1Lease agreements from business combinations 24 -Lease agreements terminated during the year (3) -Lease payments during the year (4) (1)Interest expense on lease liability 1 -Lease liability at 31.12. 43 5Lease payment of which:Payment on lease liabilities - interest (1) -Repayment on lease liabilities (3) (1)Lease payments during the year (3) (1)For split of total lease liability between current and non-current in the statement of financial position, please see table below in this note. Lease liability in the beginning of the year was related to office lease at Bergehus, and some minor lease agreements related to the fixed lease amounts on land lease related to power plants. During 2022 the Group has recognised office lease agreements related to the acquisition of the Captiva Companies. The office lease at Bergehus was termi-nated and a new lease contract recognised. The discount rate used to calculate the present value of future lease payments is the lessees marginal loan rate, which consists of a base rate and a credit premium. The base rate is a market rate based on a combination of the lessee\u2019s home country and the term of the lease. Credit premiums correspond to market credit premiums for compa-nies with similar credit ratings as lessees. Credit rating is determined through individual credit assess-ment of the individual lessee. Interest expenses related to the lease obligations are recognized as a separate line in the income statement. The Group presents its lease liabilities as separate line items in the statement of financial position.Lease in the statement of financial positionNOK million 2022 2021AssetsRight-to-use asset beginning of year 4 4Right-to-use asset recognised in the year 43 1Right-to-use asset terminated in the year (3) -Amortisation during the year (4) (1)Right to use asset end of year 40 4LiabilitiesNon-current liabilities 36 3Current lease liability 7 1Total lease liability 43 4Leases in the income statementNOK million 2022 2021Operating expensesVariable fall lease payment expenses (23) (6)Short term lease expenses (2) -Low value lease expenses (3) (1)Depreciation expensesDepreciation of right to use asset (office lease) (5) (1)Financial expenses Interest expenses on lease liability (1) -Total lease expense in the income statement (33) (8)Included in variable lease is rent to landowner where the water right lease is variable. Other information",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s9_notes__7__63": {
"value": "Accounting principle LeasesAt the lease commencement date, the Group rec-ognises a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u00b7 Short-term leases (defined as 12 months or less) \u00b7 Low value assetsFor these leases, the Group recognises the lease payments as other operating expenses in the state-ment of profit or loss when they incur.Lease liabilitiesThe Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable.The lease payments included in the measurement comprise of: \u00b7 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u00b7 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u00b7 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate.The Group does not include variable lease payments in the lease liability arising from future events, such as lease payments which depend on production vol-ume. Instead, the Group recognises these variable lease expenses in profit or loss, se under description of water right lease agreement. Right-of-use assetsThe Group recognises right-of-use assets at the commencement date of the lease, i.e. the date the underlying asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.Water right lease agreementsCloudberry enters into water-right lease agreements with owners of water rights, which entitles the company to utilise the water in the rivers. The agree-ments typically have duration from 40 to 100 years, starting when the power plant is put into commercial operation.The agreement with the owners of the water rights has a variable payment depending on the gross revenue of the power plant and is typically around 10% of the gross revenue. In certain agreements the variable payment depends on the net profit of the power plant (not the gross revenue). In these cases, Cloudberry is secured a minimum return on the investment (typically 4 \u2013 7% p.a.) before owners of the water rights are compensated. Excess return above this minimum return is then split between the owners of the water rights and Cloudberry.When Cloudberry has a commitment to pay rent to the owners of the water rights, we account for this as other operating expenses as the commitment arises. Upon expiration of the agreement the owners have the right to purchase the power plant with all rights and technical installations at a price based on certain specific conditions.Land lease agreements for construction of wind farms Cloudberry enters into lease agreements with land- owners, which entitles the company to utilise the land for construction of wind farms. The agree-ment typically has a duration from 25 to 35 years dependent on the concession period, starting when the power plant is put into commercial operation.The typical agreement with the landowners has a variable payment depending on the gross revenue of the power plant (around 4%). When Cloudberry has a commitment to pay rent to the landowners, we account for this as other operating expenses as the commitment arises.Fixed amount- agreement: In certain cases, Cloudberry can be obligated to pay landowner a fixed annual amount, in such cases it may be accounted according to IFRS 16 lease agreement. Upon expiration of the agreement the landowner has the right to purchase the powerplant with all rights and technical installations at a price based on book value at the end of the lease agreement.",
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"s9_notes__7__64": {
"value": "Note 26 Earnings per shareEarnings per share is calculated as profit/(loss) attributable to the equity holders of the parent company divided by the number of shares outstanding. Diluted earnings per share is affected by the warrant program for equity settled share-based payments transactions, see note 12 Employee benefits and share based payments. NOK million 2022 2021Profit/(loss) attributable to the equity holders of the company 118 (63)Weighted average number of shares outstanding for the purpose of basic earnings per share 253 292 752 155 842 058Earnings per share for income attributable to the equity holders of the company - basic NOK 0.47 (0.40)Effect of potential dilutive shares Weighted average number of shares outstanding for the purpose of diluted earnings per share 254 067 752 159 800 849Earnings per share for income attributable to the equity holders of the company - diluted NOK 0.47 (0.40)For information about share capital on 31 December see note 22 Share capital and shareholder information.",
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"s9_notes__7__65": {
"value": "Note 27 Transactions with related partiesThe Group\u2019s related parties include the Company and its subsidiaries, as well as members of the Board of Directors, members of Management and their related parties. Related parties also include companies in which the individuals mentioned in this paragraph have significant influence. All transactions are on arm\u2019s length basis and done in the ordinary course of business. The following related party transactions have been entered in 2022: \u00b7 Acquisition of 60% of the shares of Captiva Digital Services AS. Cloudberry\u2019s chairperson, Frank J. Berg, through CCPartner AS and related party Mothe Invest AS, held a minority interest of 33% in Captiva Capital Partner AS (now CCP AS), which was the seller of the shares of Captiva Digital Services AS. Mothe Invest now holds 23% of CCP AS. \u00b7 Office lease contract for Fr\u00f8yas Gate 15, Bergehus Holding AS: End of March 2022 the Company terminated the existing office lease contract and entered into a new lease contract for new office space at the same address and with the same lessor, Bergehus Holding AS. Bergehus Holding AS is owned by the Bergesen family who is an owner in Cloudberry through Havfonn AS and Snefonn AS. The new annual lease amount is initially NOK 1.7 million per year and will increase to NOK 3.4 million per year as Captiva is phasing out its existing rental agreements and moving more of its personnel to Cloudberry\u2019s head-office. The contract is 7 years on regular business terms. \u00b7 Short term office lease contract for Fr\u00f8yas Gate 15, Bergehus Holding AS entered in September for 2-month lease, while main office was renovated. The contract was on regular business terms. The Board of Directors ensures that any material transaction between the Company and Shareholders, a Shareholder\u2019s parent company, members of the Board of Directors, executive personnel, or close associates of any such parties will be entered into on arm\u2019s length terms. The Board of Directors has adopted rules of procedures for the Board of Directors which inter alia includes guidelines for notification by members of the Board of Directors and executive management if they have any material direct or indirect interest in any transaction entered into by the Company. Balances and transactions between the Company and its subsidiaries have been eliminated on consolida-tion and are eliminated in the consolidated accounts. The Group has had transactions with the following related parties:NOK million Related party Relation for Cloudberry Nature of transaction 2022 2021Bergehus Holding AS Board member and indirect Office lease 3 1shareholderCCPartners AS Chairman of the Board Consultant agreement - 1Forte Energy Norway AS Associated company Management fee revenue 3 3CCPartners AS Chairman of the Board Acqusition of 60% of 33 -Captiva Group1Capiva Asset Management AS Chairman of the Board & Indirect Project consultancy and - 5shareholderoperational platform asset management1 Captiva Asset Management AS part of Cloudbery Group from 07 January 2022. Intercompanmy transactions are eliminated in group accounts.See note 12 Employee benefits and share based payment for information about management remuneration. See note 20 Investments in associated companies and JV\u2019s for information about management fee to Forte. See note 25 Lease agreements for information about the office lease agreement with Bergehus. As per 31 December there were no employee or shareholder loans. Remuneration to the Board of DirectorsRemun-FY 2022eration Served Term paid in Warrants Shares pr Functionsinceexpires2022 (NOK)pr 31.12.2231.12.22 Holding CompanyFrank J Berg Chairman of 2020 2023 260 000 - 3 209 805 CCPartner ASthe BoardPetter W. Borg Board Member 2019 2023 257 500 - 2 253 503 Caddie Invest AS & Kewa ASBenedicte H. Fossum Board Member 2020 2023 245 000 - 100 103 Mittas ASLiv E. L\u00f8nnum Board Member 2020 2023 205 000 - 7 765Stefanie Witte Board Member 2022 2023 - - -Henrik Joelsson Board Member 2022 2023 - - -Nicolai Nordstrand Board Member 2022 2023 - - 31 264Morten S. Bergesen Board Member 2019 2022 255 000 - 40 965 279 Havfonn AS & Snefonn AS1 222 500 - 46 559 954Remun-FY 2021eration Served Term paid in Warrants Shares pr Functionsinceexpires2021 (NOK)pr 31.12.2131.12.22 Holding CompanyFrank J Berg Chairman of 2020 2022 550 000 - 3 202 040 CCPartner ASthe BoardPetter W. Borg Board Member 2019 2022 275 000 - 1 995 738 Caddie Invest AS & Kewa ASMorten S. Bergesen Board Member 2019 2022 275 000 - 33 868 506 Havfonn AS & Snefonn ASBenedicte H. Fossum Board Member 2020 2022 275 000 - 67 845 Mittas ASLiv E. L\u00f8nnum Board Member 2020 2022 275 000 - -1 650 000 - 39 134 129The remuneration to the Board is proposed by the nomination committee to the Company general meeting. The remuneration is paid after the next Company general meeting when the remuneration is earned. Due to change in routines, the remuneration for the period 2021/2022 was paid in 2021, while the remu-neration for 2020/2021 was paid in 2022. The remuneration for the period 2022/2023 will be paid after the Company general meeting in April 2023. The Group have a share purchase program for Board members implemented by the Company general meeting in 2021. The Board members shall use 30% of the fixed gross remuneration (prior to tax) per year to acquire shares in the Company, until the value of the shares of each individual member reaches a threshold of two years of board remuneration. The Board members shall after the threshold of two years board remu-neration has been achieved, be offered to use up to 30% of the gross board remuneration (prior to tax) to acquire shares. Please refer for further information to the Remuneration report for 2022 that will be presented at the annual Company general meeting and published on the website.",
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},
"s9_notes__7__66": {
"value": "Note 28 List of subsidiaries and equity accounted companiesThe following companies are fully consolidated (subsidiaries) or accounted for with the equity method (asso-ciated companies or joint ventures) as per 31 December 2022. Ownership intrest to Place of majority Part of Group Name of Entity Accouned asbusinessshareholdersfrom date SegmentCloudberry Clean Energy ASA Parent company Norway 100% 24.11.2017 CorporateCloudberry Production AS Subsiduary Norway 100% 15.02.2020 Production R\u00f8yrmyra Vindpark AS Subsiduary Norway 100% 15.02.2020 Production Finnesetbekken Kraftverk AS Subsiduary Norway 100% 15.02.2020 Production Cloudberry Develop AS Subsiduary Norway 100% 15.02.2020 DevelopmentCloudberry Utveckling II AB Subsiduary Sweden 100% 15.02.2020 DevelopmentDuvh\u00e4llen Vindpark AB Subsiduary Sweden 100% 15.02.2020 DevelopmentH\u00e5n Vindpark AB Subsiduary Sweden 100% 15.02.2020 Production H\u00e5n 22kV AS Subsiduary Norway 100% 15.02.2020 Production Cloudberry Utveckling AB Subsiduary Sweden 100% 15.02.2020 DevelopmentCloudberry Projekt AB Subsiduary Sweden 100% 15.02.2020 DevelopmentK\u00e5nna Vindpark AB Subsiduary Sweden 100% 15.02.2020 DevelopmentLjunga Vindpark AB Subsiduary Sweden 100% 15.02.2020 DevelopmentCloudberry Wind AB Subsiduary Sweden 100% 15.02.2020 DevelopmentSkogvind AS Subsiduary Norway 100% 31.08.2020 DevelopmentRewind Offshore AB Subsiduary Sweden 100% 15.02.2020 DevelopmentForte Energy Norway AS Associated Company Norway 34.0% 15.11.2020 Production Odal Vind AS Associated Company Norway 33.4% 23.12.2020 Production Selselva Kraft AS Subsiduary Norway 100% 13.01.2021 Production Sk\u00e5r\u00e5na Kraft AS Subsiduary Norway 100% 24.02.2021 Production Bj\u00f8rgelva Kraft AS Subsiduary Norway 100% 30.06.2021 Production N\u00e6ssakraft AS Subsiduary Norway 100% 30.06.2021 Production Usma Kraft AS Subsiduary Norway 100% 20.08.2021 Production \u00c5motfoss AS Subsiduary Norway 100% 01.12.2021 Production Sundby Vindpark AB Subsiduary Sweden 100% 21.12.2021 DevelopmentCaptiva Digital Services AS Subsiduary Norway 60% 07.01.2022 Operations 1SCaptiva Asset Management Subsiduary Norway 60% 07.01.2022 Operations 1Caprtiva Financial Services ASSubsiduary Norway 60% 07.01.2022 Operations 1Proxima HydroTech ASAssociated Company Norway 20% 07.01.2022 Operations 1Captiva Digital Services GmbHSubsiduary Switzerland 60% 07.01.2022 OperationsCaptiva Digital Solutions AS Subsiduary Norway 60% 07.01.2022 Operations 1Kraftanmelding ASSubsiduary Norway 30% 07.01.2022 Operations 1Broentech Solutions ASSubsiduary Norway 34% 07.01.2022 Operations 1Captiva Energi ASSubsiduary Norway 60% 07.01.2022 OperationsTinnkraft AS Subsiduary Norway 100% 01.02.2022 Production Munkhyttan Vindkraft AB Subsiduary Sweden 100% 03.02.2022 DevelopmentRamsli\u00e5na Kraftverk AS Subsiduary Norway 100% 31.03.2022 Production Re Energi AS Subsiduary Norway 100% 31.03.2022 Development 1Enestor ASSubsiduary Norway 31% 01.06.2022 OperationsB\u00f8en Kraft AS Subsiduary Norway 100% 10.06.2022 Production Stenkalles Holding AS Joint Venture Norway/Sweden 50% 19.09.2022 Development1 Owned through Captiva Digital Services AS (60% ownership to Cloudberry Clean Energy ASA).Place of Ownership Part of Group Name of Entity Accouned asbusinessintrestfrom date Segment\u00d8vre Kvemma Kraftverk AS Subsiduary Norway 100% H1-2024 Production Acquired companies in 2023Entities with acquisition close after 1 January 2023 is included in secured portfolio, but not included in the table. Se note 29 Subsequent events.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__7__67": {
"value": "Note 29 Subsequent eventsSigned SPA Odin portfolio On 10 February the Group signed a sale and purchase agreement with Skovgaard Energy A/S (\u201cSkovgaard\u201d), a Danish renewable energy developer. The agreement secured Cloudberry a majority stake in a portfolio consisting of up to 51 high-quality wind turbines in production, with 47 turbines located in Denmark and additional 4 turbines in southern Sweden.Cloudberry will acquire 80% ownership in the newly established company Odin Energy P/S (\u201cOdin\u201d) while Skovgaard will keep a 20% ownership. Thisadds a total capacity of 106 MW (~311 GWh) net to Cloudberry. The turbines are high quality Vestas and Siemens turbines with an average expected remain-ing lifetime of about 23 years.The agreed enterprise value for 80% of Odin Energy is DKK 1,488 million. The final purchase price will be reduced with the cash flow generation between 1 January 2023 to Closing, potential pre-emptive rights in Tranche 2 (as described below) and adjustments related to net debt and net working capital. As part of the transaction and included in the enterprise value, Odin will also purchase the land associated with 44 (~95%) of the Danish turbines and certain rights to new wind and solar projects through a development agreement with Skovgaard.The transaction will be divided into two tranches, where Tranche 1 includes all entities which are wholly owned and partially owned entities without pre-emptive rights (approx. 247 GWh). Tranche 2 covers entities which are partially owned with pre-emptive rights (approx. 64 GWh). For the entities included in Tranche 2, the existing co-owners have certain shareholder rights (such as inter alia right of first refusal) which may be triggered by the transac-tion. Consequently, the exact size of the portfolio to be transferred in relation to Tranche 2 is subject to changes.The acquisition of the portfolio will be fully financed by existing cash and the existing bank facility avail-able to Cloudberry by Nordic banks (approx. 50% equity and 50% debt). With the expected cash flow generation from the enlarged producing portfolio and a low levered balance sheet, Cloudberry has capacity to fund further growth such as assets in the development portfolio.The transaction is inter alia subject to approval from Danish authorities with Closing estimated in latter part of Q2 2023. Increased backlog with signed option to two projects in SwedenCloudberry has increased its backlog to 480 MW by securing exclusive rights to the wind projects Ulricehamn Vindpark and S\u00f6derk\u00f6ping Vindpark both in the attractive SE-3 region. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}