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"s10_notes__6__7": {
"value": "Note 1 General informationCorporate informationCloudberry Clean Energy ASA (\u201cthe Company\u201d), its subsidiaries (wholly and partly owned) and invest-ments in associated companies and joint ventures (\u201cthe Group\u201d or \u201cCloudberry\u201d) is an independent power producer, developing, owning and operating renewable assets in the Nordics. The Company has an integrated business model across the life cycle of renewable power plants including project development, financing, construction (normally out-sourced), 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": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__6__16": {
"value": "Cloudberry Clean Energy ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
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"s10_notes__6__15": {
"value": "Cloudberry Clean Energy ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__6__8": {
"value": "Cloudberry Clean Energy ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__9": {
"value": "ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__14": {
"value": "The Company has an integrated business model across the life cycle of renewable power plants including project development, financing, construction (normally out-sourced), ownership, management, and operations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
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"s10_notes__6__13": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
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"value": "Norway",
"dimensions": {
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"language": "en",
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"value": "Norway",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
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"s10_notes__6__12": {
"value": "Fr\u00f8yas gate 15, NO-0273 Oslo, Norway.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
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"s10_notes__6__5": {
"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.The Group\u2019s consolidated financial statement is prepared on a going concern basis. These consolidated financial statements for the full year 2023 have been approved for issuance by the Board of Directors on 19 March 2024 and are subject to approval by the Annual General Meeting on 16 April 2024.The consolidated financial accounts are presented in Norwegian Krone (NOK). Amounts are rounded to the nearest million, unless otherwise stated. As a result of rounding adjustments, amounts and percentages may not add up to the total. Basis for measurementThe consolidated financial statements have been prepared on a historical cost basis, except that certain financial instruments and derivatives are recognised at fair value, please see note 8 Key risks and financial instruments. Historical cost is generally based on the fair value of the consideration given when acquiring assets and services. 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 26 List of subsidiaries and equity accounted companies. Subsidiaries are all entities (including structured entities) over which the Group has control. Upon the acquisition of new entities, development or producing projects, single or groups, manage-ment assess whether the acquisition constitutes a business combination in accordance with IFRS 3, or whether it is considered to be an asset acquisition, see note 5 Business combinations.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 com-pany operates. The functional currency of the parent company Cloudberry Clean Energy ASA and the presentation currency of the Group is Norwegian krone (NOK). 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 are 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 principlesThe Group manages and reports its operations in four operating segments; \u00b7 Production is an active owner of renewable powerassets in the Nordics.\u00b7 Development is a green-field developer of hydro,wind and solar projects and has a solid trackrecord of organic, in-house developments of windand hydropower assets in Norway, Sweden &Denmark\u00b7 Operations is an asset manager and operator ofrenewable power assets, that also delivers indus-trial digital solutions,\u00b7 Corporate is a cost-efficient segment that over-sees management tasks for the Group like financ-ing, marketing, reporting and other corporateactivities.The Company has established that the board of directors act as the chief operating decision-maker. The segments are determined based on the differ-ences in the nature of their operations. The main performance indicator for segment reporting is EBITDA.The Group\u2019s segment financials are reported on 1a proportionate basis, a standard practice in the renewable energy market where assets are often partially owned. This approach helps manage risks, diversify investments, and address the industry\u2019s capital-intensive nature. As such the chief operating decision maker utilises this reporting basis to under-stand the Group\u2019s investment exposure by consid-ering it\u2019s proportionate share in different assets or companies. 1 APM, see section Alternative performance measure for further definition.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, with 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%.Accounting principle Business combinations are accounted for using the acquisition method in accordance with IFRS 3. When the Group acquires a business, a purchase price allocation is carried out, and assets and liabilities are valued at their 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. 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 recognised as operating expenses.Accounting principle Financial assetsThe Group classifies its financial assets in the follow-ing measurement categories: \u00b7 Financial assets measured at amortised cost, and \u00b7 Financial assets measured at fair value (either through profit or loss, or through OCI) The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group\u2019s cash and cash equivalents, accounts receivables and other financial receivables are measured at amortised cost. The interest income from these financial assets is included in finance income using the effective interest method. For impairment losses on the accounts receivables, the Group applies the simplified approach as per-mitted in IFRS 9 and presents the Impairment losses as a separate line item in the statement of profit or loss. The Group\u2019s derivative financial instruments with a positive fair value are recognised as financial assets and initially measured at fair value, with transac-tion costs expensed in the income statement. The method of recognising changes in the fair value of these financial assets depends on whether the derivatives are designated as hedging instruments and the nature of risks being hedged. See note 9 Hedge activities and derivatives for further details on the Group\u2019s hedging activities.Fair value gains or losses for derivatives that are not designated as hedging instruments are recognised through profit or loss as finance income or finance expenses. Fair value gains for derivatives that are designated as hedging instruments in an effective hedge position are recognised through other com-prehensive income as net movements in cash flow hedges.Financial assets are derecognised on the date on which the Group commits to sell the asset (trade date). Any gains or losses arising on derecognition are recognised directly in profit or loss and pre-sented in other gains/ (losses) together with foreign exchange gains and losses. Financial liabilities The group classifies its financial liabilities in the following measurement categories: \u00b7 Financial liabilities at amortised cost, and \u00b7 Financial liabilities at fair value (either through profit and loss, or through OCI) All of the Group\u2019s financial liabilities (except deriv-ative liabilities) are initially measured at fair value and subsequently measured at amortised cost using the effective interest rate method. Interest incurred on these financial liabilities is recognised as finance expenses in the income statement, except for borrowing costs directly attributable to project development, which are capitalised to the cost of those project assets.The Group\u2019s derivative financial liabilities are initially measured at fair value, with changes in the fair value recognised through profit or loss (not designated as hedging instruments), or other comprehensive income (designated as hedging instruments in an effective hedge position). See note 9 Hedge activi-ties and derivatives for further details on the Group\u2019s hedging activities.Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled, or expires.The carrying amount for financial assets and finan-cial liabilities measured at amortised cost is believed to be approximate to fair value.Accounting principleThe Group utilises derivative financial instruments to hedge its market and financial risk exposures, which are primarily risks related to interest rate movements, electricity price movements and foreign currency exchange rates.The Group manages its interest rate exposure from borrowings by entering into interest rate swaps, its electricity price risk exposure by entering into PPAs and foreign currency rate exposure by entering into foreign currency forward swaps. The hedging derivative instruments that the Group holds are designated as either:Accounting principle 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. RevenueThe Group derives its revenue from the three seg-ments that develop (Development), own (Production) and operate (Operations) hydropower plants and wind farms in Norway, Denmark, and Sweden.The three segments provide the group with multiple revenue streams, categorized as follows:1. Power related products: the sale of hydro and wind generated electricity in the spot market, through the sale of electricity certificates, and guarantees of origin;2. Asset management: the sale of commercial and technical management services for hydro and wind power plants;3. Project development services: the sale of man-agement services for development of hydro and wind assets;4. Consultancy services: the sale of consultancy with accounting and IT management services5. Digital services; and 6. Agency fee power tradeRevenue from power-related products is recognized at the spot price, regulated price or fixed contract price when or as the power or power related prod-ucts are delivered; applying the practical expedient available, to recognize the revenue to the extent that the Group has a right to invoice.Revenue from management, project development, consultancy and digital services is recognized at the fixed contract price, when the services are rendered, and the Group has an unconditional right to the consideration settlement. Agency fees from power sales are recognized at the fixed fee amount, at an agreed frequency with the power producers, as and when the power is deliv-ered to customers on their behalf. The Group makes use of the practical expedient available, where the transaction price is not adjusted for the financing component if the period between the transfer for the goods or services and payment is less than a year.Other income Sale of development projects and producing assets (PPE)The Development segment is an in-house developer for renewable power projects, held with the intention to develop and operate them as power producing assets. Where the segment identifies investment opportunities that represent a more advantageous strategy, the projects are sold off to other group entities or external parties.The Group enters into sale agreements of ready-to-build development projects and sometimes producing assets (PPE) and assesses these sale agreements as opportunistic decisions for the group which are not in the ordinary course of business. Therefore, the proceeds from the sales of this nature are recognized as net gains or losses in accordance with IFRS 10 and not IFRS 15. Government grantsGovernment grants are received conditional to gen-erating power using certain technologies, including electricity certificates and guarantees of origin (GOs). The right to receive the grants is obtained at the time of generation of power, at the value of 1 GO per megawatt hour of electricity produced. At grant time, electricity certificates and GOs are measured at nil and income recognized when the sale takes place.Accounting principle 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 and 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.Accounting principle Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.Accounting principle Property, plant and equipment (PPE) are measured using the cost method of IAS 16 and capitalisation of borrowing costs is accounted for in accordance with IAS 23.Estimated useful life of power plantsThe estimated useful life of power plants is based on assumptions on expected usage, expected wear and tear, potential technical or commercial obsoles-cence, legal or other regulatory limitations, and lease expiry. The power plants currently in operation have an expected useful life between 20-60 years.Accounting principle Intangible assets are recognised in accordance with the cost method of IAS 38.Accounting principleInventories consist of development projects and government grants of el-certificates and guarantees of origin (GoOs). Inventories are accounted for in accordance with IAS 2 Inventories.Accounting principle Goodwill is tested annually towards the end of the fiscal year for impairment or whenever there is an indication that the goodwill may be impaired. Intangible assets, property, plant and equipment (PPE) and investment in associated companies or JV\u2019s are tested for impairment whenever there is an objective evidence or indication that these assets may be impaired. An impairment loss is recognised when the recover-able amount is below carrying amount. The recov-erable amount is the higher of fair value less cost of disposal and value in use. The value in use calculation is based on discounted cash flow model (DCF) for power plants assets, while for the Operations segment the approach is a fair value model (recent transaction with valuation based on multiples and future cash flows) less cost of disposal.Accounting principle Investments in associated companies and joint arrangements are accounted for using the equity method in accordance with IAS 28.Accounting policies of equity accounted investees have been changed were necessary to ensure consist-ency with the policies adopted by the Group.Accounting principle Cash and cash equivalents consist of bank deposits and money market funds. The Group considers all highly liquid investments such as deposits with an original or remaining maturity of three months or less to be cash equivalents. Restricted cash is not considered as cash and cash equivalents but is classified as other current assets.Accounting principleThe Group recognises an obligation to dismantle and remove hydro and wind power plants and to restore the site after the concession period is over.",
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"s10_notes__6__18": {
"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.The Group\u2019s consolidated financial statement is prepared on a going concern basis. These consolidated financial statements for the full year 2023 have been approved for issuance by the Board of Directors on 19 March 2024 and are subject to approval by the Annual General Meeting on 16 April 2024.The consolidated financial accounts are presented in Norwegian Krone (NOK). Amounts are rounded to the nearest million, unless otherwise stated. As a result of rounding adjustments, amounts and percentages may not add up to the total. Basis for measurementThe consolidated financial statements have been prepared on a historical cost basis, except that certain financial instruments and derivatives are recognised at fair value, please see note 8 Key risks and financial instruments. Historical cost is generally based on the fair value of the consideration given when acquiring assets and services.",
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"s10_notes__6__19": {
"value": "These consolidated financial statements for the full year 2023 have been approved for issuance by the Board of Directors on 19 March 2024 and are subject to approval by the Annual General Meeting on 16 April 2024.",
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"s10_notes__6__17": {
"value": "full year 2023",
"dimensions": {
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"language": "en",
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"s10_notes__6__20": {
"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 26 List of subsidiaries and equity accounted companies. Subsidiaries are all entities (including structured entities) over which the Group has control. Upon the acquisition of new entities, development or producing projects, single or groups, manage-ment assess whether the acquisition constitutes a business combination in accordance with IFRS 3, or whether it is considered to be an asset acquisition, see note 5 Business combinations.",
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"s10_notes__6__21": {
"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 com-pany operates. The functional currency of the parent company Cloudberry Clean Energy ASA and the presentation currency of the Group is Norwegian krone (NOK).",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__22": {
"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 are 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.",
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"s10_notes__6__6": {
"value": "Note 3 Key accounting estimates and judgementsSignificant estimatesThe most critical assumptions used by management in making business decisions such as merger and acquisitions is the long-term price forecast for power and the related market developments together with the applied weighted average cost of capital (WACC) in discounted cash flow (DCF) models. These assumptions are also critical input for man-agement related to financial statement processes such as: \u00b7 Allocation of fair value in business combination transactions related to PPE, investment in asso-ciates and JV\u2019s and inventory, and goodwill. See note 5 Business combinations. \u00b7 Impairment testing of goodwill, PPE and investment in associates and JV\u2019s. See note 18 Impairment.Long term price forecast for powerManagement use two providers for forward power price curve estimates, Volue and Thema, each with their own base case for long term power price forecasts. As an input into decision making the base case of the two providers are averaged in order to provide an average power curve between two different and independent providers. Volue and Thema are external sources of information which ensures an unbiased estimate. Management utilises a consistent policy to base decision-making on third party independent power curves and may in the future also include other international pro-viders to average out different power curve thesis. Management review and update the forecast con-tinuously based on the latest available power curves. The utilised providers are continuously assessed. Weighted average cost of capital (WACC)The weighted average cost of capital (WACC) is a key input into the financial statements with regards to the mentioned items above. Management utilises a WACC based on market indicators externally observed to utilise an unbiased WACC. The cost of debt is calculated based on market risk-free rate with a market-based margin; both dependent on rel-evant country where the investment is taking place. The cost of equity is based on the risk-free rate and market risk premium for respective region and adjusted with an equity beta derived from a listed peer group to the relevant investment. The equity beta is based on the unlevered beta from the peer group, and re-levered to reflect the leverage ratio utilised for the relevant investment. The WACC is always updated to reflect the relevant period when it is being used as an input to the sections mentioned above. Significant judgementsDue 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 Group\u2019s 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 assetacquisition: note 5 and 15\u00b7 Assessment of control over investments:note 5\u00b7 Classification of developing projects:note 15 and 17\u00b7 Assessment of impairment indicators:note 18Significant estimatesThe purchase price allocation includes allocation of the purchase price to the underlying assets and liabilities on their estimated fair value. Estimated fair value of renewable power projects (development or producing) is based on discounted cash flow models. There is an inherent uncertainty related to manage-ment\u2019s assessment of significant assumptions such as cash flow estimates, which for renewable power assets are highly dependent on long term power price curves. discount rate (WACC), and useful life of the assets. These estimates impact the split of the fair value which is allocated to PPE and investment in associates and JVs. The valuation model, which is a discounted cash flow model makes use of significant estimates, please see note 3 for information related to how management applies judgement and consistent use of estimates in the DCF models.Significant 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 the acquiring part and determining the allocation of fair value of assets and liabilities acquired. A specific assessment is made for each acquisition to decide whether it is a business combination or an asset acquisition. If an acquisition is regarded as a business combination IFRS 3 Business combi-nations will be applied, while if it is regarded as an asset acquisition, 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 producing assets, projects organized with key employees, business processes in place and defined inputs and outputs from the processes, will often be accounted for as a business combination. However, a 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. When acquiring an entity with partial ownership management applies significant judgement as to whether Cloudberry has control of the entity and can be classified as a subsidiary, or if it has joint control or significant influence and should classify it as an investment in a joint venture or an associated company. Related to the Odin acquisition Cloudberry holds a majority shareholding, 80% voting rights, the majority of appointed Board of Directors, including chair position, Cloudberry comprise the executive man-agement and decision making. This gives Cloudberry the ability to direct the relevant activities of Odin and thus represents power. The list of reserved matters in the shareholder agreement has been assessed related to control, but all are in line with the intent of the transaction and does not give Skovgaard the power of control. The Odin portfolio consist primarily of producing wind turbine assets. Therefore, the model for valua-tion of the turbines and the assessment of account-ing method has significant management judgement.Significant estimates and judgementAssessment of asset acquisition or business combinationMaterial management judgement is necessary to determine whether an acquired project or power plant constitutes a business combination or an asset acquisition. This assessment is conducted individually for each acquisition. If the acquisition is identified as a business combination, IFRS 3 Business combinations will be applied, while for asset acqui-sitions, either IAS 2 inventory or IAS 16 Property plant and equipment will be applied. Acquisitions that consist of a single power plant ready to construct are typically considered asset transactions. Conversely, acquisitions comprising operational (producing) assets are typically accounted for as business combinations. Nevertheless, each acquisition undergoes a distinct assessment to determine the appropriate account-ing treatment. Impairment Producing power plants and power plants under construction undergo impairment testing whenever events or changes in circumstances indicate a potential impairment, see note 18 Impairment for further details.Significant estimates and judgementsDevelopment projectsDevelopment costs for work the Group has technical capability, commercial viability, and resources to com-plete are accounted for in accordance with IAS 2.Capitalized development costs consist 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 operating segment and are primarily held as project opportunities and where investment opportunities arise for projects to be retained as a long-term asset; they are reclassified as held for own use. Once a project is ready for construction, and the Group makes the final investment decision (FID), the project will be reclassified from inventory to property, plant, and equipment, and accounted in accordance with IAS 16.Key estimates and assumptionsFuture cash flows include several estimates related to future market conditions, discount rates and use of judgement for useful life and other technical assumptions. The significant estimates which are further defined in note 3, is the long-term power price curve and the WACC. In the impairment these estimates are used in the test of Goodwill (related to producing power plants) and in identifying impairment indicators for PPE and investments in associated companies and JV\u2019s. For more information about haw manage-ment apply these estimates, please see note 3 Key accounting estimates and judgements. The estimates applied are consistent with what is used in the Group\u2019s budgets and long-term outlook approved by management.",
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"s10_notes__6__23": {
"value": "Note 4 Operating segmentsAccounting principlesThe Group manages and reports its operations in four operating segments; \u00b7 Production is an active owner of renewable powerassets in the Nordics.\u00b7 Development is a green-field developer of hydro,wind and solar projects and has a solid trackrecord of organic, in-house developments of windand hydropower assets in Norway, Sweden &Denmark\u00b7 Operations is an asset manager and operator ofrenewable power assets, that also delivers indus-trial digital solutions,\u00b7 Corporate is a cost-efficient segment that over-sees management tasks for the Group like financ-ing, marketing, reporting and other corporateactivities.The Company has established that the board of directors act as the chief operating decision-maker. The segments are determined based on the differ-ences in the nature of their operations. The main performance indicator for segment reporting is EBITDA.The Group\u2019s segment financials are reported on 1a proportionate basis, a standard practice in the renewable energy market where assets are often partially owned. This approach helps manage risks, diversify investments, and address the industry\u2019s capital-intensive nature. As such the chief operating decision maker utilises this reporting basis to under-stand the Group\u2019s investment exposure by consid-ering it\u2019s proportionate share in different assets or companies. 1 APM, see section Alternative performance measure for further definition.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, with 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%. ProductionThe Production segment owns and manages renewable power assets with long-term yield in the Nordics. Revenues come mostly from power pro-duction sold on a continuous basis through bilateral agreements or through the spot market, Nordpool. The Odin portfolio acquired in June 2023 was allocated to the Production segment as it consisted of a portfolio of producing wind power assets mostly located in Denmark in DK1 price area. The acquisition increased producing MW by ~70% in the Production segment.Production is also the local manager and delivers management services to the portfolio of power plants owned by Forte Energy Norway AS, see note 19 Investments in associated companies and joint ventures.DevelopmentThe Development segment has a significant development portfolio with renewable assets in the Nordics.Development is responsible for development of hydro, wind and solar power assets from early stage until the projects receive construction permits. Cloudberry is fully focused on continuing to work in close dialogue with local communities, public and private landowners to ensure efficient permitting processes, limit nature impact and gain access to additional sites.Operations (Captiva) The Operations segment includes the activities organized in the Captiva Group under the business areas management services and digital solutions. Captiva is an asset manager and operator of renew-able power assets in the Nordics with more than 15 years of history. Cloudberry has been a 60% owner of Captiva, and acquired the remaining 40% on 19 December 2023. Since first acquiring Captiva, Captiva have added significant value to Cloudberry\u2019s hydro and wind development, procurement & construction as well as being recognized as a high-quality asset manager for power plants in the Nordics. Through the acquisition, Cloudberry will be able to further integrate the business areas within Captiva that are core for Cloudberry in order to scale these in the best manner possible. Please see note 6 Acquisition of 40% of Captiva Digital Services AS. CorporateCorporate consists of the activities of corporate services, management, and group finance. Group management sits within this segment and amongst other activities the Corporate segment manages and allocates the group capital towards different investments opportunities. The segment is also responsible for managing Cloudberry\u2019s balance sheet and capital needs. Key investment and oper-ational decisions, including handling the majority of the M&A activities, also lies under the corporate segment with input and contribution from the relevant segments. Further the segment handles all reporting to external stakeholders. The corporate management aims to remain a cost-effective, agile and dynamic team providing best in class group functions that the other segments can build on. By year end, there were six employees in the corporate segment. 1 Proportionate financialsThe table shows the segment reporting for 2023 (with reconciliation to reported Group consolidated IFRS) and with comparable figures for 2022 in lower table: Residual FY 2023Elimination ownership Total Group of equity consoli-Total Develop-Proportio-elimi-accounted dated Consoli-NOK million Productionment Operations Corporatenate nationsentitiesentitiesdatedTotal revenue 655 15 38 2 711 (22) (159) 80 610Operating expenses (168) (31) (44) (67) (310) 20 75 (61) (276)Net income/(loss) from - - - - - - (72) - (72)associated companies and JV'sEBITDA 487 (16) (6) (64) 401 (1) (156) 19 263Depreciation and amortisation (134) (72) (63) (3) (272) - 116 (69) (225)Operating profit (EBIT) 353 (88) (69) (67) 129 (1) (40) (50) 37Net financial items (51) 21 (1) 192 162 - 25 (2) 185Profit/(loss) before tax 303 (66) (70) 124 291 (1) (15) (52) 222Total assets 5 720 924 184 536 7 363 (264) (723) 315 6 691Interest bearing debt 2 088 - 10 - 2 098 - (626) 112 1 585Cash 277 (67) 45 543 797 - (80) 62 779Net interest-bearing debt (NIBD) 1 812 67 (35) (543) 1 301 - (546) 50 8061 APM, see section Alternative performance measure for further definition.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'sEBITDA 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)Please refer to note 10 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 regarding reconciliations between the Group IFRS reported figures and proportionate segment reporting.",
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"s10_notes__6__24": {
"value": "Accounting principlesThe Group manages and reports its operations in four operating segments; \u00b7 Production is an active owner of renewable powerassets in the Nordics.\u00b7 Development is a green-field developer of hydro,wind and solar projects and has a solid trackrecord of organic, in-house developments of windand hydropower assets in Norway, Sweden &Denmark\u00b7 Operations is an asset manager and operator ofrenewable power assets, that also delivers indus-trial digital solutions,\u00b7 Corporate is a cost-efficient segment that over-sees management tasks for the Group like financ-ing, marketing, reporting and other corporateactivities.The Company has established that the board of directors act as the chief operating decision-maker. The segments are determined based on the differ-ences in the nature of their operations. The main performance indicator for segment reporting is EBITDA.The Group\u2019s segment financials are reported on 1a proportionate basis, a standard practice in the renewable energy market where assets are often partially owned. This approach helps manage risks, diversify investments, and address the industry\u2019s capital-intensive nature. As such the chief operating decision maker utilises this reporting basis to under-stand the Group\u2019s investment exposure by consid-ering it\u2019s proportionate share in different assets or companies. 1 APM, see section Alternative performance measure for further definition.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, with 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%.",
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"s10_notes__6__25": {
"value": "Note 5 Business combinationsAccounting principle Business combinations are accounted for using the acquisition method in accordance with IFRS 3. When the Group acquires a business, a purchase price allocation is carried out, and assets and liabilities are valued at their 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. 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 recognised as operating expenses. Significant estimatesThe purchase price allocation includes allocation of the purchase price to the underlying assets and liabilities on their estimated fair value. Estimated fair value of renewable power projects (development or producing) is based on discounted cash flow models. There is an inherent uncertainty related to manage-ment\u2019s assessment of significant assumptions such as cash flow estimates, which for renewable power assets are highly dependent on long term power price curves. discount rate (WACC), and useful life of the assets. These estimates impact the split of the fair value which is allocated to PPE and investment in associates and JVs. The valuation model, which is a discounted cash flow model makes use of significant estimates, please see note 3 for information related to how management applies judgement and consistent use of estimates in the DCF models.Significant 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 the acquiring part and determining the allocation of fair value of assets and liabilities acquired. A specific assessment is made for each acquisition to decide whether it is a business combination or an asset acquisition. If an acquisition is regarded as a business combination IFRS 3 Business combi-nations will be applied, while if it is regarded as an asset acquisition, 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 producing assets, projects organized with key employees, business processes in place and defined inputs and outputs from the processes, will often be accounted for as a business combination. However, a 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. When acquiring an entity with partial ownership management applies significant judgement as to whether Cloudberry has control of the entity and can be classified as a subsidiary, or if it has joint control or significant influence and should classify it as an investment in a joint venture or an associated company. Related to the Odin acquisition Cloudberry holds a majority shareholding, 80% voting rights, the majority of appointed Board of Directors, including chair position, Cloudberry comprise the executive man-agement and decision making. This gives Cloudberry the ability to direct the relevant activities of Odin and thus represents power. The list of reserved matters in the shareholder agreement has been assessed related to control, but all are in line with the intent of the transaction and does not give Skovgaard the power of control. The Odin portfolio consist primarily of producing wind turbine assets. Therefore, the model for valua-tion of the turbines and the assessment of account-ing method has significant management judgement.Business combinations in 2023Acquisition of 80% of the Odin Portfolio / Odin GroupOn 31 May Cloudberry Production Aps (fully owned by Cloudberry Production AS) completed the acqui-sition of 80% of the shares in Odin Energy Holding P/S (\u201cthe Odin portfolio\u201d or \u201cOdin Group\u201d). The sale and purchase agreement was signed on 10 February and the agreement secured Cloudberry a majority stake in a portfolio consisting of 51 high-quality wind turbines in production, with 47 turbines located in Denmark and an additional 4 turbines in southern Sweden. The Odin portfolio is located primarily in the DK-1 price area and adds up to 311 GWh of estimated annual production net to Cloudberry.The transaction was subject to approval from the Danish authorities due to the assets being classi-fied as critical infrastructure and the approval was obtained on 14 April.The transaction was structured with all business (organized in SPV\u2019s) transferred to a newly estab-lished holding company: Odin Energy Holding Aps. Odin Energy Holding Aps is the owner of Odin Invest I P/S, which wholly owns producing wind turbines, Odin Invest II P/S, which owns majority shares in seven Danish entities/subsidiaries and minority shares in nine Danish entities (associates/JV\u2019S), and Odin Invest III P/S, which owns shares in two Swedish joint ventures. These companies comprise the Odin Group. The acquisition includes the wind turbine assets, land rights, re-powering options and a well anchored partnership with Skovgaard on asset management and development. The team is local and highly successful. In the transaction, Odin entered into an agreement with Skovgaard concerning the payment of a difference between Odin\u2019s realized power price for 2023 and a 2023 reference price from the November 2022 power curve. If the realized price is below the reference price, Skovgaard would cover the differ-ence multiplied by the production and vice versa. The payment was limited to EUR 6 million and was paid in full in Q1 2024. With the power curve at trans-action the date, it was expected a full pay-out, and a receivable was recognized (in other current asset) in the purchase price allocation. All acquired entities are reported under the Production segment in the segment reporting, see note 4 Operating segments. The total purchase price of DKK 1278m was set-tled with a cash payment of DKK 1265m and the remaining DKK 13m assumed through debt take over. The cash settlement was financed in part with exist-ing cash and a draw-down on the SR bank facility of DKK 532m. Cash in the acquired companies was DKK 18m at acquisition, net cash outflow was DKK 1247m (NOK 2010m). The acquisition is accounted for as a business combination and the Odin Group was consolidated in the Group from 31 May 2023.A preliminary purchase price allocation was first performed at acquisition, and this was subsequently updated per year end 2023. The final purchase price allocation is presented in the tables below: 1NOK million FY 2023 FY 2022Acquisition date 31.05.2023Voting rights/shareholding acquired through the acquisition 80%Total voting rights after the acqusition 80%Non-controlling interests 20%ConsiderationCash 2 061 168Shares - 67Total acquisition cost 2 061 235Book value of net assets (see table below) Identification of excess value attributable to:Intagible assets 7 47Property, plant and equipment 1 546 174Investment in associates and JV's 234 -Short-term assets 68 2Other liabilities (60) -Gross excess value 1 794 224Deferred tax on excess value 10 (49)Net excess value 1 804 175Fair value of net acquired assets excluding goodwill 2 688 210Of which:Non-controlling interest 723 35Controlling interests 1 965 174Total acquisition cost 100% 2 784 235Goodwill (controlling interest) 95 62Goodwill (non-controlling interest) - 41Goodwill (100%) 95 103Total non-controlling interest 723 77Book value of net acquired assets 1NOK million FY 2023 FY 2022Property, plant and equipment 1 026 63Intangible assets - 27Goodwill - 2Investment in associates and JV's 106 -Other non-current assets 18 7Other current assets 128 39Cash and cash equivalents 29 177Acquired assets 1 307 316Non-current interest-bearing debt to financial institutions 336 63Other non-current debt 46 23Current liabilities 41 193Deferred tax liability - (1)Other - 3Net asset value acquired assets 884 35Total acquisition cost 2 061 235Non cash consideration 21 67Cash consideration 2 039 168Cash in acquired company (29) (177)Net cash outflow at acquisition 2 010 (9) 1 Acquisitions in 2022 related to the Cativa Group acquired in January 2022, Tinnkraft AS in February 2022, B\u00f8en Kraft in June 2022 and an increase in the investment share in Enestor AS by Captiva in June 2022. Other financial figures The acquired subsidiaries in the Odin portfolio are consolidated in the Group accounts from the acquisition date. The table below shows the total revenue and total profit or loss that is included in the Group accounts for 2023:NOK million Total Acquisition date 31.05.2023Gross revenue from acqusition date until 31.12.23 138Pofit or loss total from acqusition date until 31.12.23 (2)The table below show the pro-forma revenues and net profit or loss if the acquired companies had been consolidated from 1 January 2023. Pro forma Group figures 2023Cloudberry Odin Pro-forma NOK millionGroup reportedPortfolio Group figures Total revenues 610 163 773Total profit or loss 233 120 353",
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"s10_notes__6__28": {
"value": "Accounting principle Business combinations are accounted for using the acquisition method in accordance with IFRS 3. When the Group acquires a business, a purchase price allocation is carried out, and assets and liabilities are valued at their 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. 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 recognised as operating expenses.",
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"s10_notes__6__27": {
"value": "Accounting principle Business combinations are accounted for using the acquisition method in accordance with IFRS 3. When the Group acquires a business, a purchase price allocation is carried out, and assets and liabilities are valued at their 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. 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 recognised as operating expenses.",
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"s10_notes__6__26": {
"value": "Accounting principle Business combinations are accounted for using the acquisition method in accordance with IFRS 3. When the Group acquires a business, a purchase price allocation is carried out, and assets and liabilities are valued at their 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. 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 recognised as operating expenses.",
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"s10_notes__6__29-1": {
"value": "Note 6 Acquisition of 40% shares in Captiva Digital Services ASOn 20 December 2023 Cloudberry announced that it has acquired the remaining 40% shares in Captiva Digital Services AS (Captiva) from CCP AS. The first 60% was acquired in January 2022 and was a business combination in 2022. The purchase price for the shares was NOK 23m and settled as a cash payment. The related non-controlling interest in Captiva that was acquired had a pre-transaction book value of NOK 25m. With the purchase price of NOK 23m, a loss of NOK 2mwas recognized for the NCI in the statement of equity. The acquisition is accounted for as a transaction with non-controlling interest and is presented in the statement for equity. Please note that the investments in Enestor AS, Kraftanmelding AS and Broentech AS remain with the same ownership share for Captiva and non-con-trolling interest in these investments amounts to NOK 5m per year end for the Group. The seller and owner of the shares, CCP AS, are the previous management team in Captiva, of which many are still employees in the Group and are therefore assessed as a related party of the Group. Please see note 25 Transactions with related parties for information about principles for related party transactions. Impairment In the fourth quarter the Group prepared the annual impairment assessment for impairment indicators of intangible assets and the annual review of goodwill. At the same time, related to the acquisition of the 40% shares in Captiva Digital Services AS, a valua-tion of the separate cash generating units in Captiva was prepared by management. The valuation was supported through a fairness opinion by a reputable third party. The valuation was used as a basis for the transaction price and therefore also the basis for the recoverable amount attributable to intangible assets and goodwill. Because it was confirmed through the transaction, the valuation was considered to be at market terms and is assessed as fair value of the assets. Therefore, the Group recognized an impairment loss related to intangible assets and goodwill of NOK -74m and NOK -25m respectively. Also, a tax income of NOK 10m from reversal of deferred tax was recog-nized. The net PL effect of the write downs were NOK 89m for the Group.Note 7 Disposal of assetsSale of three hydropower plants: Nessakraft, Selselva and \u00c5motsfossOn 16 June Cloudberry Production signed a share sale and purchase agreement with Norsk Vannkraft AS for the sale of 100% of the shares in Nessakraft AS, Selselva AS and \u00c5motsfoss AS. The transaction was completed on 30 June 2023. The companies represent three hydropower plants with a total estimated annual production of 77 GWh located in NO-2, NO-3 and NO-5. The total transaction value was NOK 703m on a debt and cash-free basis. Total settlement for the sale of shares was NOK 511m, settlement of internal long-term debt was NOK 216m. Total cash proceeds received were NOK 727m, with total cash in the disposed companies being NOK 43m, resulting in a net cash inflow to the Group of NOK 684m. At the time of the sale, Cloudberry Production AS settled the related bank debt to SR bank with a total of NOK 207m. Net cash to Cloudberry from the transaction was NOK 477m. The total gain recognized from the sale of these three assets was NOK 259m and is presented as other income in the statement of profit or loss. All related assets and liabilities were deconsolidated as of 30 June 2023. The sold assets were all reported under the produc-tion operating segment.Note 26 List of subsidiaries and equity accounted companiesThe following companies are fully consolidated (subsidiaries) or accounted for using the equity method (associated companies or joint ventures) as per 31 December 2023. Consolidated economic Place of interest per Part of Group Name of Entity Accouned asbusiness31.12.23from date SegmentCloudberry Clean Energy ASA Parent company Norway 100% 24.11.2017 CorporateCloudberry Production AS Subsidiary Norway 100% 15.02.2020 Production R\u00f8yrmyra Vindpark AS Subsidiary Norway 100% 15.02.2020 Production Finnesetbekken Kraftverk AS Subsidiary Norway 100% 15.02.2020 Production H\u00e5n Vindpark AB Subsidiary Sweden 100% 15.02.2020 Production H\u00e5n 22kV AS Subsidiary Norway 100% 15.02.2020 Production Forte Energy Norway AS Associated Company Norway 34% 15.11.2020 Production Odal Vind AS Associated Company Norway 33.4% 23.12.2020 Production Sk\u00e5r\u00e5na Kraft AS Subsidiary Norway 100% 24.02.2021 Production Bj\u00f8rgelva Kraft AS Subsidiary Norway 100% 30.06.2021 Production Usma Kraft AS Subsidiary Norway 100% 20.08.2021 Production Tinnkraft AS Subsidiary Norway 100% 01.02.2022 Production Ramsli\u00e5na Kraftverk AS Subsidiary Norway 100% 31.03.2022 Production Re Energi AS Subsidiary Norway 100% 31.03.2022 Production B\u00f8en Kraft AS Subsidiary Norway 100% 10.06.2022 Production Cloudberry Production Holding Subsidiary Denmark 100% 31.05.2023 Production ApSCloudberry Production Aps Subsidiary Denmark 100% 31.05.2023 Production Odin Energy Holding P/S Subsidiary Denmark 80% 31.05.2023 Production Odin Energy General Partner Subsidiary Denmark 80% 31.05.2023 Production ApSOdin Invest I P/S Subsidiary Denmark 80% 31.05.2023 Production Odin Invest II P/S Subsidiary Denmark 80% 31.05.2023 Production Odin Invest III P/S Subsidiary Denmark 80% 31.05.2023 Production Lem K\u00e6r Vindkraft I/S Subsidiary Denmark 61% 31.05.2023 Production N\u00f8rh-Hjortmose Vind 11 I/S Subsidiary Denmark 72% 31.05.2023 Production Skr\u00e6ddergaard Vindkraft I/S Subsidiary Denmark 48% 31.05.2023 Production Tornbyg\u00e5rd Vindkraft I/S Subsidiary Denmark 65% 31.05.2023 Production Trikelsh\u00f8j Vindkraft I/S Subsidiary Denmark 48% 31.05.2023 Production Vemb Vindkraft I/S Subsidiary Denmark 43% 31.05.2023 Production Volder Mark M5 Erhverv I/S Subsidiary Denmark 68% 31.05.2023 Production F\u00e5re Vindm\u00f8llelaug I/S Assosiated company Denmark 38% 31.05.2023 Production Fl\u00f8vej 33 I/S Joint Venture Denmark 40% 31.05.2023 Production N\u00f8rgaard Vind I/S Joint Venture Denmark 40% 31.05.2023 Production Stakroge Vindkraft I/S Assosiated company Denmark 21% 31.05.2023 Production Stakroge VM4 I/S Joint Venture Denmark 40% 31.05.2023 Production \u00d8stergaard Vindkraft I/S Assosiated company Denmark 16% 31.05.2023 Production Vindtved Vindkraft I/S Assosiated company Denmark 30% 31.05.2023 Production P/S T\u00e6ndpibe Vind Assosiated company Denmark 12% 31.05.2023 Production Volder Mark Vindkraft I/S Assosiated company Denmark 13% 31.05.2023 Production Orreholmen Vindkraft AB Joint Venture Sweden 40% 31.05.2023 Production Vetteberget Vindkraft AB Joint Venture Sweden 40% 31.05.2023 Production Consolidated economic Place of interest per Part of Group Name of Entity Accouned asbusiness31.12.23from date SegmentCloudberry Develop AS Subsidiary Norway 100% 15.02.2020 DevelopmentCloudberry Utveckling AB Subsidiary Sweden 100% 15.02.2020 DevelopmentCloudberry Utveckling II AB Subsidiary Sweden 100% 15.02.2020 DevelopmentCloudberry Utveckling III AB Subsidiary Sweden 100% 15.02.2020 DevelopmentCloudberry Wind AB Subsidiary Sweden 100% 15.02.2020 DevelopmentCloudberry Offfshore Wind AB Subsidiary Sweden 100% 15.02.2020 DevelopmentRewind Offshore AB Subsidiary Sweden 100% 15.02.2020 DevelopmentCloudberry Projekt AB Subsidiary Sweden 100% 15.02.2020 DevelopmentK\u00e5nna Vindpark AB Subsidiary Sweden 100% 15.02.2020 DevelopmentLjunga Vindpark AB Subsidiary Sweden 100% 15.02.2020 DevelopmentDuvh\u00e4llen Vindpark AB Subsidiary Sweden 100% 15.02.2020 DevelopmentSkogvind AS Subsidiary Norway 100% 31.08.2020 DevelopmentSundby Vindpark AB Subsidiary Sweden 100% 21.12.2021 DevelopmentMunkhyttan Vindkraft AB Subsidiary Sweden 100% 03.02.2022 DevelopmentStenkalles Holding AS Joint Venture Norway/Sweden 50% 19.09.2022 DevelopmentFossum Sol AS Assosiated company Norway 33% 15.03.2023 DevelopmentBjornejarnsberget Vindpark AB Subsidiary Sweden 100% 01.04.2023 DevelopmentSimpevarp Havsvindpark AB Joint Venture Sweden 50% 03.10.2023 DevelopmentCaptiva Digital Services AS Subsidiary Norway 100% 07.01.2022 OperationsCaptiva Asset Management AS Subsidiary Norway 100% 07.01.2022 OperationsCaprtiva Financial Services AS Subsidiary Norway 100% 07.01.2022 OperationsCaptiva Digital Services GmbH Subsidiary Switzerland 100% 07.01.2022 OperationsCaptiva Digital Solutions AS Subsidiary Norway 100% 07.01.2022 OperationsKraftanmelding AS Subsidiary Norway 50% 07.01.2022 OperationsBroentech Solutions AS Subsidiary Norway 56% 07.01.2022 OperationsCaptiva Energi AS Subsidiary Norway 100% 07.01.2022 OperationsCaptiva Digital Solutions AB Subsidiary Sweden 100% 01.04.2023 OperationsEnestor AS Subsidiary Norway 51% 01.06.2022 OperationsAcqusitions with takeover in 2023/2024Consolidated economic Place of interest per Part of Group Name of Entity Accouned asbusiness31.12.23from date Segment\u00d8vre Kvemma Kraftverk AS Subsiduary Norway 100% H1-2024 Production",
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"s10_notes__6__31": {
"value": "Note 8 Key risks and financial instrumentsThrough its business activities, the Group is exposed to various risks and has engaged in various financial instruments. This note together with note 9 Hegde activities and derivatives 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: market risk, operational risk, ESG risk and financial risk.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 Group\u2019s performance. The Group uses derivative financial instruments to hedge certain risk exposures. For full disclosure of the Group\u2019s ESG risk reporting see the Group\u2019s Sustainability report 2023. 8.1 Market risksPrice riskThe profitability of the Group\u2019s producing power plants depends on the volume and relevant price of the electricity produced. Most the Group\u2019s sales 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 term agreements are entered into.Electricity prices are inter alia dependent on substi-tute or adjacent commodity prices such as e.g. oil, gas and coal prices, but also dependent on metro-logical conditions, CO pricing and other supply 2and 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 exchange traded electricity derivatives contracts (NordPool/Nasdaq OMX Commodities), as well as derivative contracts directly with industry counter-parties (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 9 Hedge activities and derivatives.Sensitivity analysisThe table below is calculated based on the Group\u2019s electricity position (i.e. derivatives) as of 31 December 2023 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 forward price quotation is defined as a significant estimate, please see note 3 for information. The sensitivity is what management assumes may be a reasonable change:+10% change in electricity forward price quatations 2023 2022Effect on profit before income tax (1) (2)Effect on equity (2) (5)-10% change in electricity forward price quatations 2023 2022Effect on profit before income tax 1 2Effect on equity 2 5The basis for the sensitivity analysis is the price curves published closest to year end closing date. 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 the Group\u2019s projects under development, accounted as inventory. 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 con-struction 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 development projects. These factors and uncertainties may result in lower expected profitabil-ity from projects under development and ultimately that projects under development are postponed or abandoned leading to an impairment loss. Conversely, high inflation may be caused by higher energy prices, and thus power prices which can act as a counterweight to the risk. Political and regulatory riskThe power industry is a highly regulated sector and thus subject to political and tax 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 changes to the taxation of Norwegian renewables imple-mented in 2023 has further heightened the political risk in Norway.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. The guarantee of origin scheme is subject to political risk In 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 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.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 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 concessionary power. The power plant must in such cases sell the concession power at the expected \u201ccost price\u201d. These are changes in regula-tions that would affect the Group\u2019s profitability.8.2 Operational risksPower 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 projects For 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 operation 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 renewable projects related to wind, hydro, solar and storage, challenges related to foundations or roads may lead to delays, weather conditions such as heavy winds or rainfall can delay installations, distress in global supply chain may delay certain components and increase costs and causing project delays and subsequently cost overruns. 8.3 ESG risksRisks related to new sustainability regulationsAll industries are subject to much stricter laws and regulations related to sustainability, taking place now and in the years to come. This is based on the fact that financial markets, creditors and investors need consistent, comparable and high-quality informa-tion on the impacts of environment and climate change on businesses. The Corporate Sustainability Reporting Directive (CSRD) came into force in 2023 and will apply for the first group of companies from the 2024 financial year. Cloudberry is expected to comply with CSRD reporting requirements for the 2025 financial year. Further, the Task Force on Climate-related Financial Disclosure (TCFD) devel-oped recommendations to improve and standardize the reporting of climate-related financial information and to enhance market transparency and stability. A similar set of recommendations has been devel-oped for nature-related risks, called the Taskforce on Nature-related Financial Disclosures (TNFD). In addi-tion, reporting according to the EU Taxonomy, which is a classification system to help direct and scale up investments into sustainable activities, continues to increase its scope and importance.Climate change related risks Climate change itself is a risk for the Group, although society\u2019s climate change mitigation efforts create business opportunities for us. Climate change can imply altering the precipitation patterns we are used to, which makes hydropower a less dependable source of 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 oppor-tunities through a doble materiality assessment. Risks and opportunities are considered in a short-, medium-, and long-term strategic and financial per-spective, and have set threshold values for financial impact. The Company identifies the potential finan-cial 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 consideration 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 patterns The metrological 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 metrological 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 metrological conditions, such power plants are likely to generate lower electricity volumes and lower revenue than anticipated, 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 2023. 8.4 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 coordinated and managed centrally at Group level. 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 contracts 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 9 Hedge activities and derivatives for further information.Interest rate risk 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 debt denominated in EUR, NOK and partially DKK has been swapped to fixed interest rates for periods exceeding 10 years. The profit or loss statement and future cash flows related to existing debt are there-fore 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 before income tax and equity is affected through the impact on floating rate borrowings, as follows:1%-point increase in floating interest rate 2023 2022Effect on profit before income tax 1 -Effect on equity 86 271%-point decrease in floating interest rate 2023 2022Effect on profit before income tax (1) -Effect on equity (79) (25)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. The Group has also invested in a large portfolio in Denmark which reports in DKK. Several of the Group\u2019s development projects in Sweden 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 fluctu-ations in exchange rates between NOK, SEK, DKK 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 fluctua-tions 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 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, DKK and EUR) in order to match future obliga-tions and can enter future currency swap contracts for the larger obligations to limit the exposure to future exchange rate fluctuations.Sensitivity analysisThe Group has performed a sensitivity analysis, whereby the sensitivity of financial instruments for reasonably possible changes in exchange rates is assessed. The analysis has been performed for the main currencies to which the Group entities are exposed, namely: SEK, DKK and EUR exchange rate. The table below shows the sensitivity to a reason-able change in the Group\u2019s consolidated financial assets and liabilities. Currency gains and losses on monetary items in foreign currency are recognised in the income statement of the Group.NOK million 2023 2022Change in SEK (5%) (5%)Effect on cash and cash equivalents (2) (4)Effect on long-term debt - -Effect on group receivables and liabilities (28) (14)Change in DKK (5%) (5%)Effect on cash and cash equivalents 1 -Effect on long-term debt 39 -Effect on group receivables and liabilities (44) -Change in EUR (5%) (5%)Effect on cash and cash equivalents (3) (1)Effect on long-term debt 10 -Effect on group receivables and liabilities (10) -Liquidity risk The Group manages liquidity risk by regularly review-ing future commitments and the liquidity reserves which consist of cash (see note 20 Cash, cash equivalents and corporate funding) and borrowing facilities (see note 22 Interest-bearing debt and debt facilities). Management prepares minimum quarterly cash flow forecasts extending at least 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 levels needed are in place before entering into contracts. As of 31 December 2023, the Group has a total of approximately NOK 426 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 15 Property, plant and equipment and note 23 Provisions, guarantees and other contractual obligations. The following table shows the maturity for nominal cash outflow for the contractual obligations as per 31 December 2023: Carrying Less than NOK million amounta year 2025 2026 2027 2028+ Total Bank loan (incl. interest payments) 1 547 185 180 174 1 205 131 1 876Lease liabilities 36 7 8 7 6 16 44Accounts payable 147 147 - - - - 147Total non-derivatives 1 729 339 187 181 1 211 147 2 066Net-settled derivatives 44 17 10 10 5 2 44Total financial liabilities and derivatives 1 774 349 191 185 1 215 169 2 109Per 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 0 0 0 0 135Total non-derivatives516179343323799582Net-settled derivatives 25 17 7 0 0 0 25Total financial liabilities and derivatives541196413323799607Credit risk The Group is exposed to third party credit risk in several instances including off-take partners who have committed to buying electricity produced by or on behalf of the Group, suppliers with prepayments, 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.8.5 Financial instruments Accounting principle Financial assetsThe Group classifies its financial assets in the follow-ing measurement categories: \u00b7 Financial assets measured at amortised cost, and \u00b7 Financial assets measured at fair value (either through profit or loss, or through OCI) The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group\u2019s cash and cash equivalents, accounts receivables and other financial receivables are measured at amortised cost. The interest income from these financial assets is included in finance income using the effective interest method. For impairment losses on the accounts receivables, the Group applies the simplified approach as per-mitted in IFRS 9 and presents the Impairment losses as a separate line item in the statement of profit or loss. The Group\u2019s derivative financial instruments with a positive fair value are recognised as financial assets and initially measured at fair value, with transac-tion costs expensed in the income statement. The method of recognising changes in the fair value of these financial assets depends on whether the derivatives are designated as hedging instruments and the nature of risks being hedged. See note 9 Hedge activities and derivatives for further details on the Group\u2019s hedging activities.Fair value gains or losses for derivatives that are not designated as hedging instruments are recognised through profit or loss as finance income or finance expenses. Fair value gains for derivatives that are designated as hedging instruments in an effective hedge position are recognised through other com-prehensive income as net movements in cash flow hedges.Financial assets are derecognised on the date on which the Group commits to sell the asset (trade date). Any gains or losses arising on derecognition are recognised directly in profit or loss and pre-sented in other gains/ (losses) together with foreign exchange gains and losses. Financial liabilities The group classifies its financial liabilities in the following measurement categories: \u00b7 Financial liabilities at amortised cost, and \u00b7 Financial liabilities at fair value (either through profit and loss, or through OCI) All of the Group\u2019s financial liabilities (except deriv-ative liabilities) are initially measured at fair value and subsequently measured at amortised cost using the effective interest rate method. Interest incurred on these financial liabilities is recognised as finance expenses in the income statement, except for borrowing costs directly attributable to project development, which are capitalised to the cost of those project assets.The Group\u2019s derivative financial liabilities are initially measured at fair value, with changes in the fair value recognised through profit or loss (not designated as hedging instruments), or other comprehensive income (designated as hedging instruments in an effective hedge position). See note 9 Hedge activi-ties and derivatives for further details on the Group\u2019s hedging activities.Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled, or expires.The carrying amount for financial assets and finan-cial liabilities measured at amortised cost is believed to be approximate to fair value.Financial instrumentsThe table below shows the Groups financial instruments with their carrying amounts recognised in the consolidated financial position on 31 December 2023: Financial FY 2023liabilities at Financial Financial Fianancial assets amortised assets - fair liabilities - fair NOK million Noteat amortised costcostvaluevalue Total Financial investments 13 - - - 13Derivative financial instrument - - 45 - 45Other non-current assets 33 - - - 33Total non-current financial assets 45 - 45 - 91Accounts receivables 61 - - - 61Other assets 260 - - - 260Cash and cash equivalents 20 779 - - - 779Total current financial assets 1 100 - - - 1 100Lease liability - (7) - - (7)Interest-bearing loans and borrowings 22 - (78) - - (78)Derivative financial instrument - - - (6) (6)(included in current provisions)Accounts payables and other liabilities - (147) - - (147)Total current financial liabilities - (231) - (6) (237)Lease liability - (30) - - (30)Interest-bearing loans and borrowings 22 - (1 469) - - (1 469)Derivative financial instrument 22 - - - (39) (39)(included in non-current provisions)Total non-current financial liabilities - (1 498) - (39) (1 537)Net financial assets (liabilities) 1 146 (1 729) 45 (44) (583)Other current assets of NOK 261m primarily consists of NOK 174m receivable from previous owners of the Odin portfolio: Skovgaard, NOK 39m in restricted cash, NOK 23m in a VAT receivable on project investments at the Sundy Vindpark, and NOK 25m related to other accruals.Table per 31 December 2022:Financial FY 2022liabilities at Financial Financial Fianancial assets amortised assets - fair liabilities - fair NOK millionat amortised costcostvaluevalue Total Financial investments 57 - - - 57Derivative financial instrument - - 39 - 39Other non-current assets 9 - - - 9Total non-current financial assets 66 - 39 - 105Accounts receivables 52 - - - 52Other assets 86 - - - 86Cash and cash equivalents 1 538 - - - 1 538Total current financial assets 1 676 - - - 1 676Lease liability - (7) - - (7)Interest-bearing loans and borrowings - (12) - - (12)Derivative financial instrument - - - - -(included in current provisions)Accounts payables and other liabilities - (135) - - (135)Total current financial liabilities - (154) - - (154)Lease liability - (36) - - (36)Interest-bearing loans and borrowings - (327) - - (327)Derivative financial instrument - - - (25) (25)(included in non-current provisions)Total non-current financial liabilities - (362) - (25) (388)Net financial assets (liabilities) 1 742 (516) 39 (25) 1 239Fair value measurementThe Group\u2019s derivative financial instruments are measured at fair value in the statement of financial position and are classified using a fair-value hier-archy (level 1, 2 or 3) that reflects the significance of the lowest level inputs used in the valuation, in accordance with IFRS 13. The group primarily utilises interest rate swaps, power purchase agreements (PPAs) and currency forward contracts as derivative financial instruments.Valuation techniques, inputs, and processesAll derivative financial instruments held at reporting date derive their fair value primarily from market-re-lated inputs. The measurement of these instruments is therefore classified within level 2 of the fair-value hierarchy. \u00b7 Interest rate swaps: fair value is measured at the present value of the estimated future cash flows based on observable yield curves, determined by external banks. \u00b7 Power purchase agreements (PPAs): fair value is measured as the present value of the net differ-ence in megawatt-hour of forward energy prices determined on the inception date as well as the observed energy prices on the date of valuation. Changes in fair value relate to daily changes in market prices of the derivative contracts and the volume of contracts.Some power purchase agreements that the Group has entered into and continues to hold, are for the purpose of delivering electricity in accordance with Cloudberry\u2019s expected sale requirements (fixed contract prices and contract volumes). These agree-ments meet the \u201cown use\u201d contract exemption and the Group elects to account for them in accordance with IFRS 15 Revenue from contracts, and not accord-ing to the financial instrument scope of IFRS 9.The fair value hierarchy for assets and liabilities measured at fair value is presented in the following table: Level 1 Level 2 Level 331.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022Derivative assets\u2013 Interest rate derivatives - - 35 36 - -\u2013 Commodity derivatives (power) - - 10 2 - -Derivative liabilities\u2013 Interest rate derivatives - - (39) (1) - -\u2013 Interest rate derivatives - - - - - -\u2013 Commodity derivatives (power) - - (6) (24) - -Fair value - - 1 14 - -The fair value change of the interest rate derivative held by an associated company- Forte is included in the carrying amount of the equity accounted company. The fair value movement per 31 December 2023 is NOK -11m and is measured within level 2 of the fair-value hierarchy. There were no transfers between fair-value hierarchy levels as of 31 December 2023 (or the prior year).The Group\u2019s interest rate derivatives and a PPA agreement are held for hedging purposes, see note 9 Hedge activities and derivatives for further detail.",
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"s10_notes__6__32-1": {
"value": "8.1 Market risksPrice riskThe profitability of the Group\u2019s producing power plants depends on the volume and relevant price of the electricity produced. Most the Group\u2019s sales 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 term agreements are entered into.Electricity prices are inter alia dependent on substi-tute or adjacent commodity prices such as e.g. oil, gas and coal prices, but also dependent on metro-logical conditions, CO pricing and other supply 2and 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 exchange traded electricity derivatives contracts (NordPool/Nasdaq OMX Commodities), as well as derivative contracts directly with industry counter-parties (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 9 Hedge activities and derivatives.Sensitivity analysisThe table below is calculated based on the Group\u2019s electricity position (i.e. derivatives) as of 31 December 2023 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 forward price quotation is defined as a significant estimate, please see note 3 for information. The sensitivity is what management assumes may be a reasonable change:+10% change in electricity forward price quatations 2023 2022Effect on profit before income tax (1) (2)Effect on equity (2) (5)-10% change in electricity forward price quatations 2023 2022Effect on profit before income tax 1 2Effect on equity 2 5The basis for the sensitivity analysis is the price curves published closest to year end closing date. 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 the Group\u2019s projects under development, accounted as inventory. 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 con-struction 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 development projects. These factors and uncertainties may result in lower expected profitabil-ity from projects under development and ultimately that projects under development are postponed or abandoned leading to an impairment loss. Conversely, high inflation may be caused by higher energy prices, and thus power prices which can act as a counterweight to the risk. Political and regulatory riskThe power industry is a highly regulated sector and thus subject to political and tax 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 changes to the taxation of Norwegian renewables imple-mented in 2023 has further heightened the political risk in Norway.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. The guarantee of origin scheme is subject to political risk In 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 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.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 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 concessionary power. The power plant must in such cases sell the concession power at the expected \u201ccost price\u201d. These are changes in regula-tions that would affect the Group\u2019s profitability.Interest rate risk 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 debt denominated in EUR, NOK and partially DKK has been swapped to fixed interest rates for periods exceeding 10 years. The profit or loss statement and future cash flows related to existing debt are there-fore 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 before income tax and equity is affected through the impact on floating rate borrowings, as follows:1%-point increase in floating interest rate 2023 2022Effect on profit before income tax 1 -Effect on equity 86 271%-point decrease in floating interest rate 2023 2022Effect on profit before income tax (1) -Effect on equity (79) (25)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. The Group has also invested in a large portfolio in Denmark which reports in DKK. Several of the Group\u2019s development projects in Sweden 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 fluctu-ations in exchange rates between NOK, SEK, DKK 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 fluctua-tions 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 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, DKK and EUR) in order to match future obliga-tions and can enter future currency swap contracts for the larger obligations to limit the exposure to future exchange rate fluctuations.Sensitivity analysisThe Group has performed a sensitivity analysis, whereby the sensitivity of financial instruments for reasonably possible changes in exchange rates is assessed. The analysis has been performed for the main currencies to which the Group entities are exposed, namely: SEK, DKK and EUR exchange rate. The table below shows the sensitivity to a reason-able change in the Group\u2019s consolidated financial assets and liabilities. Currency gains and losses on monetary items in foreign currency are recognised in the income statement of the Group.NOK million 2023 2022Change in SEK (5%) (5%)Effect on cash and cash equivalents (2) (4)Effect on long-term debt - -Effect on group receivables and liabilities (28) (14)Change in DKK (5%) (5%)Effect on cash and cash equivalents 1 -Effect on long-term debt 39 -Effect on group receivables and liabilities (44) -Change in EUR (5%) (5%)Effect on cash and cash equivalents (3) (1)Effect on long-term debt 10 -Effect on group receivables and liabilities (10) -",
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"s10_notes__6__34": {
"value": "Liquidity risk The Group manages liquidity risk by regularly review-ing future commitments and the liquidity reserves which consist of cash (see note 20 Cash, cash equivalents and corporate funding) and borrowing facilities (see note 22 Interest-bearing debt and debt facilities). Management prepares minimum quarterly cash flow forecasts extending at least 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 levels needed are in place before entering into contracts. As of 31 December 2023, the Group has a total of approximately NOK 426 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 15 Property, plant and equipment and note 23 Provisions, guarantees and other contractual obligations. The following table shows the maturity for nominal cash outflow for the contractual obligations as per 31 December 2023: Carrying Less than NOK million amounta year 2025 2026 2027 2028+ Total Bank loan (incl. interest payments) 1 547 185 180 174 1 205 131 1 876Lease liabilities 36 7 8 7 6 16 44Accounts payable 147 147 - - - - 147Total non-derivatives 1 729 339 187 181 1 211 147 2 066Net-settled derivatives 44 17 10 10 5 2 44Total financial liabilities and derivatives 1 774 349 191 185 1 215 169 2 109Per 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 0 0 0 0 135Total non-derivatives516179343323799582Net-settled derivatives 25 17 7 0 0 0 25Total financial liabilities and derivatives541196413323799607",
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"s10_notes__6__35": {
"value": "Credit risk The Group is exposed to third party credit risk in several instances including off-take partners who have committed to buying electricity produced by or on behalf of the Group, suppliers with prepayments, 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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"s10_notes__6__36": {
"value": "8.5 Financial instruments Accounting principle Financial assetsThe Group classifies its financial assets in the follow-ing measurement categories: \u00b7 Financial assets measured at amortised cost, and \u00b7 Financial assets measured at fair value (either through profit or loss, or through OCI) The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group\u2019s cash and cash equivalents, accounts receivables and other financial receivables are measured at amortised cost. The interest income from these financial assets is included in finance income using the effective interest method. For impairment losses on the accounts receivables, the Group applies the simplified approach as per-mitted in IFRS 9 and presents the Impairment losses as a separate line item in the statement of profit or loss. The Group\u2019s derivative financial instruments with a positive fair value are recognised as financial assets and initially measured at fair value, with transac-tion costs expensed in the income statement. The method of recognising changes in the fair value of these financial assets depends on whether the derivatives are designated as hedging instruments and the nature of risks being hedged. See note 9 Hedge activities and derivatives for further details on the Group\u2019s hedging activities.Fair value gains or losses for derivatives that are not designated as hedging instruments are recognised through profit or loss as finance income or finance expenses. Fair value gains for derivatives that are designated as hedging instruments in an effective hedge position are recognised through other com-prehensive income as net movements in cash flow hedges.Financial assets are derecognised on the date on which the Group commits to sell the asset (trade date). Any gains or losses arising on derecognition are recognised directly in profit or loss and pre-sented in other gains/ (losses) together with foreign exchange gains and losses. Financial liabilities The group classifies its financial liabilities in the following measurement categories: \u00b7 Financial liabilities at amortised cost, and \u00b7 Financial liabilities at fair value (either through profit and loss, or through OCI) All of the Group\u2019s financial liabilities (except deriv-ative liabilities) are initially measured at fair value and subsequently measured at amortised cost using the effective interest rate method. Interest incurred on these financial liabilities is recognised as finance expenses in the income statement, except for borrowing costs directly attributable to project development, which are capitalised to the cost of those project assets.The Group\u2019s derivative financial liabilities are initially measured at fair value, with changes in the fair value recognised through profit or loss (not designated as hedging instruments), or other comprehensive income (designated as hedging instruments in an effective hedge position). See note 9 Hedge activi-ties and derivatives for further details on the Group\u2019s hedging activities.Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled, or expires.The carrying amount for financial assets and finan-cial liabilities measured at amortised cost is believed to be approximate to fair value.Financial instrumentsThe table below shows the Groups financial instruments with their carrying amounts recognised in the consolidated financial position on 31 December 2023: Financial FY 2023liabilities at Financial Financial Fianancial assets amortised assets - fair liabilities - fair NOK million Noteat amortised costcostvaluevalue Total Financial investments 13 - - - 13Derivative financial instrument - - 45 - 45Other non-current assets 33 - - - 33Total non-current financial assets 45 - 45 - 91Accounts receivables 61 - - - 61Other assets 260 - - - 260Cash and cash equivalents 20 779 - - - 779Total current financial assets 1 100 - - - 1 100Lease liability - (7) - - (7)Interest-bearing loans and borrowings 22 - (78) - - (78)Derivative financial instrument - - - (6) (6)(included in current provisions)Accounts payables and other liabilities - (147) - - (147)Total current financial liabilities - (231) - (6) (237)Lease liability - (30) - - (30)Interest-bearing loans and borrowings 22 - (1 469) - - (1 469)Derivative financial instrument 22 - - - (39) (39)(included in non-current provisions)Total non-current financial liabilities - (1 498) - (39) (1 537)Net financial assets (liabilities) 1 146 (1 729) 45 (44) (583)Other current assets of NOK 261m primarily consists of NOK 174m receivable from previous owners of the Odin portfolio: Skovgaard, NOK 39m in restricted cash, NOK 23m in a VAT receivable on project investments at the Sundy Vindpark, and NOK 25m related to other accruals.Table per 31 December 2022:Financial FY 2022liabilities at Financial Financial Fianancial assets amortised assets - fair liabilities - fair NOK millionat amortised costcostvaluevalue Total Financial investments 57 - - - 57Derivative financial instrument - - 39 - 39Other non-current assets 9 - - - 9Total non-current financial assets 66 - 39 - 105Accounts receivables 52 - - - 52Other assets 86 - - - 86Cash and cash equivalents 1 538 - - - 1 538Total current financial assets 1 676 - - - 1 676Lease liability - (7) - - (7)Interest-bearing loans and borrowings - (12) - - (12)Derivative financial instrument - - - - -(included in current provisions)Accounts payables and other liabilities - (135) - - (135)Total current financial liabilities - (154) - - (154)Lease liability - (36) - - (36)Interest-bearing loans and borrowings - (327) - - (327)Derivative financial instrument - - - (25) (25)(included in non-current provisions)Total non-current financial liabilities - (362) - (25) (388)Net financial assets (liabilities) 1 742 (516) 39 (25) 1 239Fair value measurementThe Group\u2019s derivative financial instruments are measured at fair value in the statement of financial position and are classified using a fair-value hier-archy (level 1, 2 or 3) that reflects the significance of the lowest level inputs used in the valuation, in accordance with IFRS 13. The group primarily utilises interest rate swaps, power purchase agreements (PPAs) and currency forward contracts as derivative financial instruments.Valuation techniques, inputs, and processesAll derivative financial instruments held at reporting date derive their fair value primarily from market-re-lated inputs. The measurement of these instruments is therefore classified within level 2 of the fair-value hierarchy. \u00b7 Interest rate swaps: fair value is measured at the present value of the estimated future cash flows based on observable yield curves, determined by external banks. \u00b7 Power purchase agreements (PPAs): fair value is measured as the present value of the net differ-ence in megawatt-hour of forward energy prices determined on the inception date as well as the observed energy prices on the date of valuation. Changes in fair value relate to daily changes in market prices of the derivative contracts and the volume of contracts.Some power purchase agreements that the Group has entered into and continues to hold, are for the purpose of delivering electricity in accordance with Cloudberry\u2019s expected sale requirements (fixed contract prices and contract volumes). These agree-ments meet the \u201cown use\u201d contract exemption and the Group elects to account for them in accordance with IFRS 15 Revenue from contracts, and not accord-ing to the financial instrument scope of IFRS 9.The fair value hierarchy for assets and liabilities measured at fair value is presented in the following table: Level 1 Level 2 Level 331.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022Derivative assets\u2013 Interest rate derivatives - - 35 36 - -\u2013 Commodity derivatives (power) - - 10 2 - -Derivative liabilities\u2013 Interest rate derivatives - - (39) (1) - -\u2013 Interest rate derivatives - - - - - -\u2013 Commodity derivatives (power) - - (6) (24) - -Fair value - - 1 14 - -The fair value change of the interest rate derivative held by an associated company- Forte is included in the carrying amount of the equity accounted company. The fair value movement per 31 December 2023 is NOK -11m and is measured within level 2 of the fair-value hierarchy. There were no transfers between fair-value hierarchy levels as of 31 December 2023 (or the prior year).The Group\u2019s interest rate derivatives and a PPA agreement are held for hedging purposes, see note 9 Hedge activities and derivatives for further detail.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__39": {
"value": "Accounting principle Financial assetsThe Group classifies its financial assets in the follow-ing measurement categories: \u00b7 Financial assets measured at amortised cost, and \u00b7 Financial assets measured at fair value (either through profit or loss, or through OCI) The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group\u2019s cash and cash equivalents, accounts receivables and other financial receivables are measured at amortised cost. The interest income from these financial assets is included in finance income using the effective interest method. For impairment losses on the accounts receivables, the Group applies the simplified approach as per-mitted in IFRS 9 and presents the Impairment losses as a separate line item in the statement of profit or loss. The Group\u2019s derivative financial instruments with a positive fair value are recognised as financial assets and initially measured at fair value, with transac-tion costs expensed in the income statement. The method of recognising changes in the fair value of these financial assets depends on whether the derivatives are designated as hedging instruments and the nature of risks being hedged. See note 9 Hedge activities and derivatives for further details on the Group\u2019s hedging activities.Fair value gains or losses for derivatives that are not designated as hedging instruments are recognised through profit or loss as finance income or finance expenses. Fair value gains for derivatives that are designated as hedging instruments in an effective hedge position are recognised through other com-prehensive income as net movements in cash flow hedges.Financial assets are derecognised on the date on which the Group commits to sell the asset (trade date). Any gains or losses arising on derecognition are recognised directly in profit or loss and pre-sented in other gains/ (losses) together with foreign exchange gains and losses. Financial liabilities The group classifies its financial liabilities in the following measurement categories: \u00b7 Financial liabilities at amortised cost, and \u00b7 Financial liabilities at fair value (either through profit and loss, or through OCI) All of the Group\u2019s financial liabilities (except deriv-ative liabilities) are initially measured at fair value and subsequently measured at amortised cost using the effective interest rate method. Interest incurred on these financial liabilities is recognised as finance expenses in the income statement, except for borrowing costs directly attributable to project development, which are capitalised to the cost of those project assets.The Group\u2019s derivative financial liabilities are initially measured at fair value, with changes in the fair value recognised through profit or loss (not designated as hedging instruments), or other comprehensive income (designated as hedging instruments in an effective hedge position). See note 9 Hedge activi-ties and derivatives for further details on the Group\u2019s hedging activities.Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled, or expires.The carrying amount for financial assets and finan-cial liabilities measured at amortised cost is believed to be approximate to fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__38": {
"value": "Accounting principle Financial assetsThe Group classifies its financial assets in the follow-ing measurement categories: \u00b7 Financial assets measured at amortised cost, and \u00b7 Financial assets measured at fair value (either through profit or loss, or through OCI) The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group\u2019s cash and cash equivalents, accounts receivables and other financial receivables are measured at amortised cost. The interest income from these financial assets is included in finance income using the effective interest method. For impairment losses on the accounts receivables, the Group applies the simplified approach as per-mitted in IFRS 9 and presents the Impairment losses as a separate line item in the statement of profit or loss. The Group\u2019s derivative financial instruments with a positive fair value are recognised as financial assets and initially measured at fair value, with transac-tion costs expensed in the income statement. The method of recognising changes in the fair value of these financial assets depends on whether the derivatives are designated as hedging instruments and the nature of risks being hedged. See note 9 Hedge activities and derivatives for further details on the Group\u2019s hedging activities.Fair value gains or losses for derivatives that are not designated as hedging instruments are recognised through profit or loss as finance income or finance expenses. Fair value gains for derivatives that are designated as hedging instruments in an effective hedge position are recognised through other com-prehensive income as net movements in cash flow hedges.Financial assets are derecognised on the date on which the Group commits to sell the asset (trade date). Any gains or losses arising on derecognition are recognised directly in profit or loss and pre-sented in other gains/ (losses) together with foreign exchange gains and losses. Financial liabilities The group classifies its financial liabilities in the following measurement categories: \u00b7 Financial liabilities at amortised cost, and \u00b7 Financial liabilities at fair value (either through profit and loss, or through OCI) All of the Group\u2019s financial liabilities (except deriv-ative liabilities) are initially measured at fair value and subsequently measured at amortised cost using the effective interest rate method. Interest incurred on these financial liabilities is recognised as finance expenses in the income statement, except for borrowing costs directly attributable to project development, which are capitalised to the cost of those project assets.The Group\u2019s derivative financial liabilities are initially measured at fair value, with changes in the fair value recognised through profit or loss (not designated as hedging instruments), or other comprehensive income (designated as hedging instruments in an effective hedge position). See note 9 Hedge activi-ties and derivatives for further details on the Group\u2019s hedging activities.Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled, or expires.The carrying amount for financial assets and finan-cial liabilities measured at amortised cost is believed to be approximate to fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__37": {
"value": "Accounting principle Financial assetsThe Group classifies its financial assets in the follow-ing measurement categories: \u00b7 Financial assets measured at amortised cost, and \u00b7 Financial assets measured at fair value (either through profit or loss, or through OCI) The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group\u2019s cash and cash equivalents, accounts receivables and other financial receivables are measured at amortised cost. The interest income from these financial assets is included in finance income using the effective interest method. For impairment losses on the accounts receivables, the Group applies the simplified approach as per-mitted in IFRS 9 and presents the Impairment losses as a separate line item in the statement of profit or loss. The Group\u2019s derivative financial instruments with a positive fair value are recognised as financial assets and initially measured at fair value, with transac-tion costs expensed in the income statement. The method of recognising changes in the fair value of these financial assets depends on whether the derivatives are designated as hedging instruments and the nature of risks being hedged. See note 9 Hedge activities and derivatives for further details on the Group\u2019s hedging activities.Fair value gains or losses for derivatives that are not designated as hedging instruments are recognised through profit or loss as finance income or finance expenses. Fair value gains for derivatives that are designated as hedging instruments in an effective hedge position are recognised through other com-prehensive income as net movements in cash flow hedges.Financial assets are derecognised on the date on which the Group commits to sell the asset (trade date). Any gains or losses arising on derecognition are recognised directly in profit or loss and pre-sented in other gains/ (losses) together with foreign exchange gains and losses. Financial liabilities The group classifies its financial liabilities in the following measurement categories: \u00b7 Financial liabilities at amortised cost, and \u00b7 Financial liabilities at fair value (either through profit and loss, or through OCI) All of the Group\u2019s financial liabilities (except deriv-ative liabilities) are initially measured at fair value and subsequently measured at amortised cost using the effective interest rate method. Interest incurred on these financial liabilities is recognised as finance expenses in the income statement, except for borrowing costs directly attributable to project development, which are capitalised to the cost of those project assets.The Group\u2019s derivative financial liabilities are initially measured at fair value, with changes in the fair value recognised through profit or loss (not designated as hedging instruments), or other comprehensive income (designated as hedging instruments in an effective hedge position). See note 9 Hedge activi-ties and derivatives for further details on the Group\u2019s hedging activities.Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled, or expires.The carrying amount for financial assets and finan-cial liabilities measured at amortised cost is believed to be approximate to fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__40": {
"value": "Financial instrumentsThe table below shows the Groups financial instruments with their carrying amounts recognised in the consolidated financial position on 31 December 2023: Financial FY 2023liabilities at Financial Financial Fianancial assets amortised assets - fair liabilities - fair NOK million Noteat amortised costcostvaluevalue Total Financial investments 13 - - - 13Derivative financial instrument - - 45 - 45Other non-current assets 33 - - - 33Total non-current financial assets 45 - 45 - 91Accounts receivables 61 - - - 61Other assets 260 - - - 260Cash and cash equivalents 20 779 - - - 779Total current financial assets 1 100 - - - 1 100Lease liability - (7) - - (7)Interest-bearing loans and borrowings 22 - (78) - - (78)Derivative financial instrument - - - (6) (6)(included in current provisions)Accounts payables and other liabilities - (147) - - (147)Total current financial liabilities - (231) - (6) (237)Lease liability - (30) - - (30)Interest-bearing loans and borrowings 22 - (1 469) - - (1 469)Derivative financial instrument 22 - - - (39) (39)(included in non-current provisions)Total non-current financial liabilities - (1 498) - (39) (1 537)Net financial assets (liabilities) 1 146 (1 729) 45 (44) (583)Other current assets of NOK 261m primarily consists of NOK 174m receivable from previous owners of the Odin portfolio: Skovgaard, NOK 39m in restricted cash, NOK 23m in a VAT receivable on project investments at the Sundy Vindpark, and NOK 25m related to other accruals.Table per 31 December 2022:Financial FY 2022liabilities at Financial Financial Fianancial assets amortised assets - fair liabilities - fair NOK millionat amortised costcostvaluevalue Total Financial investments 57 - - - 57Derivative financial instrument - - 39 - 39Other non-current assets 9 - - - 9Total non-current financial assets 66 - 39 - 105Accounts receivables 52 - - - 52Other assets 86 - - - 86Cash and cash equivalents 1 538 - - - 1 538Total current financial assets 1 676 - - - 1 676Lease liability - (7) - - (7)Interest-bearing loans and borrowings - (12) - - (12)Derivative financial instrument - - - - -(included in current provisions)Accounts payables and other liabilities - (135) - - (135)Total current financial liabilities - (154) - - (154)Lease liability - (36) - - (36)Interest-bearing loans and borrowings - (327) - - (327)Derivative financial instrument - - - (25) (25)(included in non-current provisions)Total non-current financial liabilities - (362) - (25) (388)Net financial assets (liabilities) 1 742 (516) 39 (25) 1 239",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__41": {
"value": "Fair value measurementThe Group\u2019s derivative financial instruments are measured at fair value in the statement of financial position and are classified using a fair-value hier-archy (level 1, 2 or 3) that reflects the significance of the lowest level inputs used in the valuation, in accordance with IFRS 13. The group primarily utilises interest rate swaps, power purchase agreements (PPAs) and currency forward contracts as derivative financial instruments.Valuation techniques, inputs, and processesAll derivative financial instruments held at reporting date derive their fair value primarily from market-re-lated inputs. The measurement of these instruments is therefore classified within level 2 of the fair-value hierarchy. \u00b7 Interest rate swaps: fair value is measured at the present value of the estimated future cash flows based on observable yield curves, determined by external banks. \u00b7 Power purchase agreements (PPAs): fair value is measured as the present value of the net differ-ence in megawatt-hour of forward energy prices determined on the inception date as well as the observed energy prices on the date of valuation. Changes in fair value relate to daily changes in market prices of the derivative contracts and the volume of contracts.Some power purchase agreements that the Group has entered into and continues to hold, are for the purpose of delivering electricity in accordance with Cloudberry\u2019s expected sale requirements (fixed contract prices and contract volumes). These agree-ments meet the \u201cown use\u201d contract exemption and the Group elects to account for them in accordance with IFRS 15 Revenue from contracts, and not accord-ing to the financial instrument scope of IFRS 9.The fair value hierarchy for assets and liabilities measured at fair value is presented in the following table: Level 1 Level 2 Level 331.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2023 31.12.2022Derivative assets\u2013 Interest rate derivatives - - 35 36 - -\u2013 Commodity derivatives (power) - - 10 2 - -Derivative liabilities\u2013 Interest rate derivatives - - (39) (1) - -\u2013 Interest rate derivatives - - - - - -\u2013 Commodity derivatives (power) - - (6) (24) - -Fair value - - 1 14 - -The fair value change of the interest rate derivative held by an associated company- Forte is included in the carrying amount of the equity accounted company. The fair value movement per 31 December 2023 is NOK -11m and is measured within level 2 of the fair-value hierarchy. There were no transfers between fair-value hierarchy levels as of 31 December 2023 (or the prior year).The Group\u2019s interest rate derivatives and a PPA agreement are held for hedging purposes, see note 9 Hedge activities and derivatives for further detail.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__42": {
"value": "Note 9 Hedge activities and derivativesAccounting principleThe Group utilises derivative financial instruments to hedge its market and financial risk exposures, which are primarily risks related to interest rate movements, electricity price movements and foreign currency exchange rates.The Group manages its interest rate exposure from borrowings by entering into interest rate swaps, its electricity price risk exposure by entering into PPAs and foreign currency rate exposure by entering into foreign currency forward swaps. The hedging derivative instruments that the Group holds are designated as either: \u00b7 Hedging instruments in a hedge accounting relationship, or \u00b7 Hedging instruments not in a hedge relationship At inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it applies hedge accounting and the risk management objective and strategy for the undertaking.Hedging instruments that the Group holds which meet all the qualifying criteria for hedge accounting, are accounted for, as described below under \u2018Cash flow hedges\u2019.Hedge accounting Cash Flow HedgesIf a derivative financial interest is designated as a cash flow hedge instrument, the effective portion of the changes in the fair value of the derivative are rec-ognised in other comprehensive income and accumu-lated separately in equity (cash flow hedge reserve). The gain or loss from fair value change related to the ineffective portion is recognised immediately in the income statement. Subsequently, the cumulative of the effective portion is transferred to the statement of profit or loss when the underlying forecast transaction is recognised in the income statement.Hedge accounting is discontinued when the hedg-ing instrument expires, is terminated, exercised or no longer qualifies for hedge accounting. \u00b7 Interest rate swaps: The interest rate swaps are a risk management tool to reduce the exposure to cash flow volatility arising from interest rate fluctuations, by swapping from floating to fixed interest rates for all long-term debt related to power plants, see note 22 Interest-bearing debt and debt facilities. The Group uses these swaps to hedge the cash flow variability due to changes in benchmark rates attributable to movements in the three-month IBOR rate (e.g. NIBOR, EURIBOR or CIBOR respectively) and by so doing, realise the desired matching of derivative results with the hedged interest rate payments. Cash flow hedge accounting is applied, as the swaps hedge interest rate payments that are expected to occur with a high degree of probability from the currently held debt facilities. The derivatives are carried on the balance sheet and their effectiveness monitored quarterly, noting that hedge ineffectiveness can arise from changes in counterparty credit risk. \u00b7 Power purchase agreements (PPAs): The Group enters into long-term, fixed price contracts to reduce the effect of electricity price fluctuations by locking in highly probable future sales of power at fixed prices per megawatt-hour of power. The volume of power is usually set at a low % of total production, shortfall exposure at a minimal, and guarantees revenue at a fixed price. Cash flow hedge accounting is applied as the PPAs hedge payments to be received from highly probable sale transactions. The derivatives are held on the balance sheet and their effectiveness monitored quarterly in relation to production volume movements.As of 31 December 2023, the Group had the below interest rate swaps and PPAs which it accounts for as hedging instruments designated in a hedge accounting relationship:Carrying amount of the hedging instrumentsWeighted Maturity average Nominal 1amount2Risk and hedging instruments(months)rate/priceAssets LiabilitiesCash flow hedgesInterest rate risk - borrowings 3Interest rate swap (IRS) - NOK25-160 1 820% 355 531 834 33 (39)Interest rate swap (IRS) - EUR 343 2 930% 200 642 925Interest rate swap (IRS) - DKK 58-116 3 270% 602 023 167Commodity price risk \u2013 Forecast transactionsFixed price PPA 48 133 21 10 -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.3 Changes in the fair value of a PPA and 2 interest rate derivatives with hedge ineffectiveness have been accounted for through profit and loss.Related to the sale of Selselva (a hydropower plant sold on 30 June 2023- see note 7 Disposal of assets) and settlement of related bank debt, two interest rate derivatives previously accounted for as cash flow hedges were no longer qualified for hedge accounting. The Group took the decision to then close these hedges and the cumulative fair value change previously in OCI was immediately transferred to profit and loss. Upon closing of the hedge, the Group realised a fair value gain of NOK 2m as of 31 December 2023. This gain is recognised as part of finance income in profit and loss.As of 31 December 2023, the movement of the cash flow hedge effect for the interest rate swap in the equity accounted entity: Forte, of NOK 4m and related tax effect of NOK -0.8m was recognised in other comprehen-sive income.Cash flow hedge accounting impact to reserves in other comprehensive income:NOK million 2023 2022Opening balance 74 3Net change in value of effective derivative hedging instruments (44) 91Interest rate swap (IRS) - NOK (41) 32Fixed price PPA 8 2Interest rate swap (IRS) - NOK Forte (11) 57Deferred tax/tax credit 10 (20)Total movement (35) 71Closing balance 40 74Hedge ine\ue61dectivenessThe Group has a PPA related to B\u00f8en Kraft and two NOK interest rate swaps that are accounted for as cash flow hedges, where the hedge has been assessed as being in an ineffective hedge position. The changes in fair value of these derivatives are recognised directly in profit and loss and as of 31 December 2023 amounted to a gain of NOK 20m for the PPA and NOK 3m for the interest swaps, recognised in finance income in profit and loss.During the year, the Group settled all foreign exchange forward contracts it previously held related to expected EUR capex at Sundby Vindpark and DKK expenditure for the acquisition of the Odin portfolio. The Group realised a fair value gain of NOK 100m upon settlement, recognised as finance income in profit and loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__44": {
"value": "Accounting principleThe Group utilises derivative financial instruments to hedge its market and financial risk exposures, which are primarily risks related to interest rate movements, electricity price movements and foreign currency exchange rates.The Group manages its interest rate exposure from borrowings by entering into interest rate swaps, its electricity price risk exposure by entering into PPAs and foreign currency rate exposure by entering into foreign currency forward swaps. The hedging derivative instruments that the Group holds are designated as either:",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__43": {
"value": "Accounting principleThe Group utilises derivative financial instruments to hedge its market and financial risk exposures, which are primarily risks related to interest rate movements, electricity price movements and foreign currency exchange rates.The Group manages its interest rate exposure from borrowings by entering into interest rate swaps, its electricity price risk exposure by entering into PPAs and foreign currency rate exposure by entering into foreign currency forward swaps. The hedging derivative instruments that the Group holds are designated as either:",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__46": {
"value": "Note 10 Sales revenues and other operating incomeAccounting principle 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. RevenueThe Group derives its revenue from the three seg-ments that develop (Development), own (Production) and operate (Operations) hydropower plants and wind farms in Norway, Denmark, and Sweden.The three segments provide the group with multiple revenue streams, categorized as follows:1. Power related products: the sale of hydro and wind generated electricity in the spot market, through the sale of electricity certificates, and guarantees of origin;2. Asset management: the sale of commercial and technical management services for hydro and wind power plants;3. Project development services: the sale of man-agement services for development of hydro and wind assets;4. Consultancy services: the sale of consultancy with accounting and IT management services5. Digital services; and 6. Agency fee power tradeRevenue from power-related products is recognized at the spot price, regulated price or fixed contract price when or as the power or power related prod-ucts are delivered; applying the practical expedient available, to recognize the revenue to the extent that the Group has a right to invoice.Revenue from management, project development, consultancy and digital services is recognized at the fixed contract price, when the services are rendered, and the Group has an unconditional right to the consideration settlement. Agency fees from power sales are recognized at the fixed fee amount, at an agreed frequency with the power producers, as and when the power is deliv-ered to customers on their behalf. The Group makes use of the practical expedient available, where the transaction price is not adjusted for the financing component if the period between the transfer for the goods or services and payment is less than a year.Other income Sale of development projects and producing assets (PPE)The Development segment is an in-house developer for renewable power projects, held with the intention to develop and operate them as power producing assets. Where the segment identifies investment opportunities that represent a more advantageous strategy, the projects are sold off to other group entities or external parties.The Group enters into sale agreements of ready-to-build development projects and sometimes producing assets (PPE) and assesses these sale agreements as opportunistic decisions for the group which are not in the ordinary course of business. Therefore, the proceeds from the sales of this nature are recognized as net gains or losses in accordance with IFRS 10 and not IFRS 15. Government grantsGovernment grants are received conditional to gen-erating power using certain technologies, including electricity certificates and guarantees of origin (GOs). The right to receive the grants is obtained at the time of generation of power, at the value of 1 GO per megawatt hour of electricity produced. At grant time, electricity certificates and GOs are measured at nil and income recognized when the sale takes place.Total revenue The total sales revenue and other operating income are presented in the table below:NOK million 2023 2022Power related products 273 152Asset Management 27 28Project development services 3 4Consultancy services 17 12Digital Services 2 2Agency fee power trade 10 11Other revenue 1 1Sales revenues 333 208Net gain sale of PPE and project inventory 271 8Public grants 6 -Other - -Other income 277 8Total revenue610217Other income for the year is primarily made up of the gain (NOK 258m) recognized on the sale of three hydropower plants, which was concluded on 30 June 2023. Please see note 7 Disposal of assets for further details on the sale.Sales revenue and other operating income per countryIn presenting information based on geographical areas, external revenues and other income from customers will be attributed to the country of the underlying legal entity recognising the sale.For information about the revenue split between business segments, see note 4 Operating segments.The total sales revenue and other operating income per country are presented in the table below:NOK million 2023 2022Norway 468 215Denmark 138 -Sweden 3 2Switzerland 1 1Total revenue 610 217",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__45": {
"value": "Note 10 Sales revenues and other operating incomeAccounting principle 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. RevenueThe Group derives its revenue from the three seg-ments that develop (Development), own (Production) and operate (Operations) hydropower plants and wind farms in Norway, Denmark, and Sweden.The three segments provide the group with multiple revenue streams, categorized as follows:1. Power related products: the sale of hydro and wind generated electricity in the spot market, through the sale of electricity certificates, and guarantees of origin;2. Asset management: the sale of commercial and technical management services for hydro and wind power plants;3. Project development services: the sale of man-agement services for development of hydro and wind assets;4. Consultancy services: the sale of consultancy with accounting and IT management services5. Digital services; and 6. Agency fee power tradeRevenue from power-related products is recognized at the spot price, regulated price or fixed contract price when or as the power or power related prod-ucts are delivered; applying the practical expedient available, to recognize the revenue to the extent that the Group has a right to invoice.Revenue from management, project development, consultancy and digital services is recognized at the fixed contract price, when the services are rendered, and the Group has an unconditional right to the consideration settlement. Agency fees from power sales are recognized at the fixed fee amount, at an agreed frequency with the power producers, as and when the power is deliv-ered to customers on their behalf. The Group makes use of the practical expedient available, where the transaction price is not adjusted for the financing component if the period between the transfer for the goods or services and payment is less than a year.Other income Sale of development projects and producing assets (PPE)The Development segment is an in-house developer for renewable power projects, held with the intention to develop and operate them as power producing assets. Where the segment identifies investment opportunities that represent a more advantageous strategy, the projects are sold off to other group entities or external parties.The Group enters into sale agreements of ready-to-build development projects and sometimes producing assets (PPE) and assesses these sale agreements as opportunistic decisions for the group which are not in the ordinary course of business. Therefore, the proceeds from the sales of this nature are recognized as net gains or losses in accordance with IFRS 10 and not IFRS 15. Government grantsGovernment grants are received conditional to gen-erating power using certain technologies, including electricity certificates and guarantees of origin (GOs). The right to receive the grants is obtained at the time of generation of power, at the value of 1 GO per megawatt hour of electricity produced. At grant time, electricity certificates and GOs are measured at nil and income recognized when the sale takes place.Total revenue The total sales revenue and other operating income are presented in the table below:NOK million 2023 2022Power related products 273 152Asset Management 27 28Project development services 3 4Consultancy services 17 12Digital Services 2 2Agency fee power trade 10 11Other revenue 1 1Sales revenues 333 208Net gain sale of PPE and project inventory 271 8Public grants 6 -Other - -Other income 277 8Total revenue610217Other income for the year is primarily made up of the gain (NOK 258m) recognized on the sale of three hydropower plants, which was concluded on 30 June 2023. Please see note 7 Disposal of assets for further details on the sale.Sales revenue and other operating income per countryIn presenting information based on geographical areas, external revenues and other income from customers will be attributed to the country of the underlying legal entity recognising the sale.For information about the revenue split between business segments, see note 4 Operating segments.The total sales revenue and other operating income per country are presented in the table below:NOK million 2023 2022Norway 468 215Denmark 138 -Sweden 3 2Switzerland 1 1Total revenue 610 217",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
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"s10_notes__6__47": {
"value": "Accounting principle 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. RevenueThe Group derives its revenue from the three seg-ments that develop (Development), own (Production) and operate (Operations) hydropower plants and wind farms in Norway, Denmark, and Sweden.The three segments provide the group with multiple revenue streams, categorized as follows:1. Power related products: the sale of hydro and wind generated electricity in the spot market, through the sale of electricity certificates, and guarantees of origin;2. Asset management: the sale of commercial and technical management services for hydro and wind power plants;3. Project development services: the sale of man-agement services for development of hydro and wind assets;4. Consultancy services: the sale of consultancy with accounting and IT management services5. Digital services; and 6. Agency fee power tradeRevenue from power-related products is recognized at the spot price, regulated price or fixed contract price when or as the power or power related prod-ucts are delivered; applying the practical expedient available, to recognize the revenue to the extent that the Group has a right to invoice.Revenue from management, project development, consultancy and digital services is recognized at the fixed contract price, when the services are rendered, and the Group has an unconditional right to the consideration settlement. Agency fees from power sales are recognized at the fixed fee amount, at an agreed frequency with the power producers, as and when the power is deliv-ered to customers on their behalf. The Group makes use of the practical expedient available, where the transaction price is not adjusted for the financing component if the period between the transfer for the goods or services and payment is less than a year.Other income Sale of development projects and producing assets (PPE)The Development segment is an in-house developer for renewable power projects, held with the intention to develop and operate them as power producing assets. Where the segment identifies investment opportunities that represent a more advantageous strategy, the projects are sold off to other group entities or external parties.The Group enters into sale agreements of ready-to-build development projects and sometimes producing assets (PPE) and assesses these sale agreements as opportunistic decisions for the group which are not in the ordinary course of business. Therefore, the proceeds from the sales of this nature are recognized as net gains or losses in accordance with IFRS 10 and not IFRS 15. Government grantsGovernment grants are received conditional to gen-erating power using certain technologies, including electricity certificates and guarantees of origin (GOs). The right to receive the grants is obtained at the time of generation of power, at the value of 1 GO per megawatt hour of electricity produced. At grant time, electricity certificates and GOs are measured at nil and income recognized when the sale takes place.",
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"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__49": {
"value": "Note 11 Employee benefits and share-based paymentsAccounting principle 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 and 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. Employee benefitsThe table below shows the employee benefits accrued in the period and the capitalized costs related to development projects.NOK million 2023 2022Salaries 90 67Social security tax 16 9Pension costs 4 3Share based payments 23 26Other benefits 3 2Gross personnel expenses 136 106Capitalized development costs (project inventory) (17) (15)Total personnel expenses 119 91Average number of full-time equivalents (FTEs) 65 55Number of full-time equivalents as 31.12 (FTEs) 67 62Included in salaries are remuneration to board members, see note 25 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 scheme 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 2023Anders Christian Jon Gunnar Charlotte Stig J. Ingrid FY 2023Lenborg Helland Solli Bergqvist \u00d8stebr\u00f8t Bj\u00f8rdal NOK million(CEO) (CVO) (COO) (CDO) (CTO) (CCOO) Total Salary 4.0 3.0 2.0 1.3 2.8 2.1 15.1Bonus 1.9 0.9 0.6 0.4 - 0.6 4.4Pension costs 0.1 0.1 0.1 0.3 0.1 0.1 0.8Share-based payments 7.3 5.4 2.3 2.1 - 0.6 17.6Total reportable benefits 13.2 9.4 5.0 4.1 2.9 3.3 38.0The table below shows the remuneration in 2022Anders Christian Jon Gunnar Charlotte Stig J. Ingrid FY 2022 1Lenborg Helland Solli Bergqvist \u00d8stebr\u00f8t Bj\u00f8rdalNOK million (CEO) (CVO) (COO) (CDO) (CTO) (CCOO) Total Salary 3.3 2.6 1.9 1.0 2.5 0.7 12.0Bonus 1.7 0.9 0.6 0.4 - 0.2 3.8Pension costs 0.1 0.1 0.1 0.5 0.1 - 0.9Share-based payments 6.2 4.8 2.1 0.8 - - 13.9Total reportable benefits 11.3 8.4 4.7 2.7 2.6 0.9 30.51 Ingrid Bj\u00f8rdal was hired 1.9.2022, the salary represents 4 months. Total shares, remuneration and warrants for top management per year end:Warrants Total Warrants granted FY 2023Shares pr remun-granted Warrants pr total pr Warrants NOK million Holding Company 31.12.23aration 202301.01.202331.12.23exercisedAnders Lenborg (CEO) Lenco AS 1 403 546 13 3 700 000 3 395 000 7 095 000 -Christian Helland (CVO) Amandus Invest AS 301 758 9 2 700 000 2 550 000 5 250 000 -Jon Gunnar Solli (COO) Lotmar Invest AS 626 323 5 1 100 000 1 150 000 2 250 000 -Charlotte Bergqvist (CDO) - 4 1 100 000 600 000 1 700 000 -Stig J. \u00d8stebr\u00f8t (CTO) 45 000 3 - - - -Ingrid Bj\u00f8rdal (CCOO) 80 000 3 600 000 - 600 000 -38 9 200 000 7 695 000 16 895 000 -Warrants Total Warrants granted FY 2022Shares pr remun-granted Warrants pr total pr Warrants NOK million Holding Company 31.12.22aration 202201.01.202231.12.22exercisedAnders 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 - - - -312 100 0005 595 0007 695 000-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, and updated by the General Meeting on 27 April 2023, 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 10% 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 warrants is determined by the Board at its reasonable discretion, considering based the fair market value of the Shares on the date of the Board of Director\u2019s 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 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 and Scholes model. The key assumptions applied for the grants in 2023 is a 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 April 2023), 3.25% interest rate and approx. 0% 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 2023 and 31 December and movements in the year:FY 2022Outstanding warrants 01.01. 10 500 000Granted in 2023 12 700 000Exercised in 2023 -Expired in 2023 (300 001)Outstanding warrants 31.12. 22 899 999Vested 31.12.2023 6 766 662Charged to profit and loss during year (NOK million ) 24Charged to equity during year (NOK million ) 24FY 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 during year (NOK million ) 25Charged to equity during year (NOK million ) 26As 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 Price31.12.2023Strike Pricedate) Warrant package #1 775 000 20.03.2020 20.03.2025 1.2 11.1 775 000 11.1 11.1Warrant package #2 1 425 000 25.09.2020 25.09.2025 1.7 12.2 1 425 000 12.2 13.1Warrant package #3 5 266 666 17.06.2021 17.06.2026 2.5 12.5 3 566 665 12.5 14.7Warrant package #4 2 933 333 15.06.2022 28.04.2027 3.3 17.4 999 997 17.4 16.0Warrant package #5 12 500 000 27.04.2023 26.04.2028 4.3 12.6 - - 10.422 899 9996 766 662Per 31 December 2023, the equity incentive plan covers 7.9% of the issued shares in the Company.",
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"s10_notes__6__51": {
"value": "Accounting principle 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 and 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.",
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"s10_notes__6__50": {
"value": "Accounting principle 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 and 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.",
"dimensions": {
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"s10_notes__6__48": {
"value": "Accounting principle 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 and 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. Employee benefitsThe table below shows the employee benefits accrued in the period and the capitalized costs related to development projects.NOK million 2023 2022Salaries 90 67Social security tax 16 9Pension costs 4 3Share based payments 23 26Other benefits 3 2Gross personnel expenses 136 106Capitalized development costs (project inventory) (17) (15)Total personnel expenses 119 91Average number of full-time equivalents (FTEs) 65 55Number of full-time equivalents as 31.12 (FTEs) 67 62Included in salaries are remuneration to board members, see note 25 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 scheme 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 2023Anders Christian Jon Gunnar Charlotte Stig J. Ingrid FY 2023Lenborg Helland Solli Bergqvist \u00d8stebr\u00f8t Bj\u00f8rdal NOK million(CEO) (CVO) (COO) (CDO) (CTO) (CCOO) Total Salary 4.0 3.0 2.0 1.3 2.8 2.1 15.1Bonus 1.9 0.9 0.6 0.4 - 0.6 4.4Pension costs 0.1 0.1 0.1 0.3 0.1 0.1 0.8Share-based payments 7.3 5.4 2.3 2.1 - 0.6 17.6Total reportable benefits 13.2 9.4 5.0 4.1 2.9 3.3 38.0The table below shows the remuneration in 2022Anders Christian Jon Gunnar Charlotte Stig J. Ingrid FY 2022 1Lenborg Helland Solli Bergqvist \u00d8stebr\u00f8t Bj\u00f8rdalNOK million (CEO) (CVO) (COO) (CDO) (CTO) (CCOO) Total Salary 3.3 2.6 1.9 1.0 2.5 0.7 12.0Bonus 1.7 0.9 0.6 0.4 - 0.2 3.8Pension costs 0.1 0.1 0.1 0.5 0.1 - 0.9Share-based payments 6.2 4.8 2.1 0.8 - - 13.9Total reportable benefits 11.3 8.4 4.7 2.7 2.6 0.9 30.51 Ingrid Bj\u00f8rdal was hired 1.9.2022, the salary represents 4 months. Total shares, remuneration and warrants for top management per year end:Warrants Total Warrants granted FY 2023Shares pr remun-granted Warrants pr total pr Warrants NOK million Holding Company 31.12.23aration 202301.01.202331.12.23exercisedAnders Lenborg (CEO) Lenco AS 1 403 546 13 3 700 000 3 395 000 7 095 000 -Christian Helland (CVO) Amandus Invest AS 301 758 9 2 700 000 2 550 000 5 250 000 -Jon Gunnar Solli (COO) Lotmar Invest AS 626 323 5 1 100 000 1 150 000 2 250 000 -Charlotte Bergqvist (CDO) - 4 1 100 000 600 000 1 700 000 -Stig J. \u00d8stebr\u00f8t (CTO) 45 000 3 - - - -Ingrid Bj\u00f8rdal (CCOO) 80 000 3 600 000 - 600 000 -38 9 200 000 7 695 000 16 895 000 -Warrants Total Warrants granted FY 2022Shares pr remun-granted Warrants pr total pr Warrants NOK million Holding Company 31.12.22aration 202201.01.202231.12.22exercisedAnders 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 - - - -312 100 0005 595 0007 695 000-",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__52": {
"value": "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 2023Anders Christian Jon Gunnar Charlotte Stig J. Ingrid FY 2023Lenborg Helland Solli Bergqvist \u00d8stebr\u00f8t Bj\u00f8rdal NOK million(CEO) (CVO) (COO) (CDO) (CTO) (CCOO) Total Salary 4.0 3.0 2.0 1.3 2.8 2.1 15.1Bonus 1.9 0.9 0.6 0.4 - 0.6 4.4Pension costs 0.1 0.1 0.1 0.3 0.1 0.1 0.8Share-based payments 7.3 5.4 2.3 2.1 - 0.6 17.6Total reportable benefits 13.2 9.4 5.0 4.1 2.9 3.3 38.0The table below shows the remuneration in 2022Anders Christian Jon Gunnar Charlotte Stig J. Ingrid FY 2022 1Lenborg Helland Solli Bergqvist \u00d8stebr\u00f8t Bj\u00f8rdalNOK million (CEO) (CVO) (COO) (CDO) (CTO) (CCOO) Total Salary 3.3 2.6 1.9 1.0 2.5 0.7 12.0Bonus 1.7 0.9 0.6 0.4 - 0.2 3.8Pension costs 0.1 0.1 0.1 0.5 0.1 - 0.9Share-based payments 6.2 4.8 2.1 0.8 - - 13.9Total reportable benefits 11.3 8.4 4.7 2.7 2.6 0.9 30.51 Ingrid Bj\u00f8rdal was hired 1.9.2022, the salary represents 4 months. Total shares, remuneration and warrants for top management per year end:Warrants Total Warrants granted FY 2023Shares pr remun-granted Warrants pr total pr Warrants NOK million Holding Company 31.12.23aration 202301.01.202331.12.23exercisedAnders Lenborg (CEO) Lenco AS 1 403 546 13 3 700 000 3 395 000 7 095 000 -Christian Helland (CVO) Amandus Invest AS 301 758 9 2 700 000 2 550 000 5 250 000 -Jon Gunnar Solli (COO) Lotmar Invest AS 626 323 5 1 100 000 1 150 000 2 250 000 -Charlotte Bergqvist (CDO) - 4 1 100 000 600 000 1 700 000 -Stig J. \u00d8stebr\u00f8t (CTO) 45 000 3 - - - -Ingrid Bj\u00f8rdal (CCOO) 80 000 3 600 000 - 600 000 -38 9 200 000 7 695 000 16 895 000 -Warrants Total Warrants granted FY 2022Shares pr remun-granted Warrants pr total pr Warrants NOK million Holding Company 31.12.22aration 202201.01.202231.12.22exercisedAnders 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 - - - -312 100 0005 595 0007 695 000-",
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"s10_notes__6__53": {
"value": "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, and updated by the General Meeting on 27 April 2023, 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 10% 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 warrants is determined by the Board at its reasonable discretion, considering based the fair market value of the Shares on the date of the Board of Director\u2019s 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 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 and Scholes model. The key assumptions applied for the grants in 2023 is a 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 April 2023), 3.25% interest rate and approx. 0% 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 2023 and 31 December and movements in the year:FY 2022Outstanding warrants 01.01. 10 500 000Granted in 2023 12 700 000Exercised in 2023 -Expired in 2023 (300 001)Outstanding warrants 31.12. 22 899 999Vested 31.12.2023 6 766 662Charged to profit and loss during year (NOK million ) 24Charged to equity during year (NOK million ) 24FY 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 during year (NOK million ) 25Charged to equity during year (NOK million ) 26As 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 Price31.12.2023Strike Pricedate) Warrant package #1 775 000 20.03.2020 20.03.2025 1.2 11.1 775 000 11.1 11.1Warrant package #2 1 425 000 25.09.2020 25.09.2025 1.7 12.2 1 425 000 12.2 13.1Warrant package #3 5 266 666 17.06.2021 17.06.2026 2.5 12.5 3 566 665 12.5 14.7Warrant package #4 2 933 333 15.06.2022 28.04.2027 3.3 17.4 999 997 17.4 16.0Warrant package #5 12 500 000 27.04.2023 26.04.2028 4.3 12.6 - - 10.422 899 9996 766 662Per 31 December 2023, the equity incentive plan covers 7.9% of the issued shares in the Company.",
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"s10_notes__6__54": {
"value": "Note 12 Other operating expensesThe table shows the breakdown of other operating expenses in FY 2023 and FY 2022. NOK million 2023 2022Lease short-term, low value and variable 23 28External accounting and auditing fees 10 8Legal and other fees 30 22Operating and maintenance power plants 38 2Project costs 2 4Insurance premiums 4 3Municipal property tax 6 3Other 16 11Total other operating expenses 130 81Expenses related to statutory audit and other auditor services is presented below: NOK million 2023 2022Statutory audit 7 3Tax counselling - -Other assurance services - 1Total auditor costs74",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__55": {
"value": "Expenses related to statutory audit and other auditor services is presented below: NOK million 2023 2022Statutory audit 7 3Tax counselling - -Other assurance services - 1Total auditor costs74",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
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"s10_notes__6__56": {
"value": "Note 13 Financial itemsThe table shows the breakdown of financial income and financial expense in FY 2023 and FY 2022. Financial incomeNOK million 2023 2022Interest income 28 11Other financial income 148 13Exchange differences 130 44Total financial income 306 67Financial expenseNOK million 2023 2022Interest expense (61) (22)Guarantees and commitment fees - (1)Other financial expense (1) (5)Exchange differences (62) (45)Capitalized interest 3 12Total financial expense (121) (61)Financial IncomeOther financial income of NOK 148m relates to a gain on currency swap agreements of NOK 100m, gain on power price agreement swaps (PPA derivatives) of NOK 18m and the remainder mainly from money market fund remeasurements.Exchange difference gains in financial income for the year amount to NOK 130m, of which NOK 68m relates to internal debt and receivables, and NOK 62m relates to bank deposits and foreign currency.The cash effect of interest received amounts to NOK 23m.Financial ExpensesExchange losses in financial expenses for the year amount to NOK -62m, of which NOK -55m relates to inter-nal debt and receivables, and NOK -7m relates to bank deposits and debt in foreign currency.The cash effect of interest payments and commitment fees relating to interest-bearing debt and debt facilities was NOK -55m.",
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"s10_notes__6__57": {
"value": "Financial incomeNOK million 2023 2022Interest income 28 11Other financial income 148 13Exchange differences 130 44Total financial income 306 67",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
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},
"s10_notes__6__58": {
"value": "Financial expenseNOK million 2023 2022Interest expense (61) (22)Guarantees and commitment fees - (1)Other financial expense (1) (5)Exchange differences (62) (45)Capitalized interest 3 12Total financial expense (121) (61)",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
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},
"s10_notes__6__60": {
"value": "Note 14 TaxAccounting principle Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.New tax legislations In December 2023 the Norwegian government published a statement that they had reached a broad con-sensus on the resource rent tax on Norwegian onshore wind. The agreement between the parties has in 2024 been implemented by law and the resource rent tax (NO: Grunnrenteskatt) for Norwegian onshore wind is implemented with an effective tax rate of 25%. For existing wind farms, the government has proposed tran-sition rules which is better than their initial proposal, although not achieving full investment neutrality. For new wind farms the resource tax will be structured with cash payments of negative resource tax, as is already implemented on large scale hydro, which makes the resource tax investment neutral for new projects.In the consolidated reporting only R\u00f8yrmyra is affected, while for equity accounted entities Odal wind is affected. For 2023 the effect on the Group tax expense is related to change in deferred tax liability. This amounts to NOK 3m for R\u00f8yrmyra. The high price contribution tax (NO: h\u00f8yprisbidrag) of 23% of prices above 70 \u00f8re/kWh was introduced together with the initial resource tax proposal. This was terminated from 1 October 2023 and 2023 costs are included in opex.Cloudberry is not within the scope of the Pilar 2 rules. Tax expense and deferred taxThe table below show the tax expense in the income statement NOK million 2023 2022Tax expense in the income statementIncome tax payable - 1Change in deferred tax related to recource tax (3) -Change in deferred income tax 14 (1)Tax expense in the income statement11-Reconciliation of nominal tax rate and effective tax rateProfit before income tax 222 122Nominal tax rate 22% 22%Expected tax expense (49) (27)Effect on taxes of:Permanent differences 39 34Unrecognized tax asset related to tax losses carried forward 25 (7)Changes related to deferred tax on excess values - (3)Changes related to other deferred tax - 2Implementing resource tax and effect on deferred tax (3) -Tax expense in the income statement 11 -The appropriate tax rate in Norway/Denmark and Sweden is 22% and 20.6% respectively.Resource rent tax rate on Norwegian wind is 25%. The table shows the deferred tax asset and liability in the balance sheet. NOK million 2023 2022Temporary differences deferred tax asset:Property, plant and equipment 2 (22)Derivatives 78 24Other receivables 31 (3)Tax loss carried forward 456 326Subtotal 566 325Of which not recognised as tax asset (156) (192)Basis for deferred tax asset 410 133Deferred tax asset 90 29Temporary differences deferred tax liability:Inventory valuation (69) (83)Property, plant and equipment (592) (542)Intangible assets (7) (53)Derivatives (45) (38)Other 14 4Resource rent tax calculations (12) -Subtotal (711) (711)Of which not recognised 99 -Basis for deferred tax liability (612) (711)Deferred tax liability (135) (156)Reconciliation to the statement of financial position Net deferred tax asset presented in the statement of financial position 15 -Net deferred tax liabilities presented in the statement of financial position (59) (127)Total net deferred tax (44) (127)As per 31 December 2023 the Group has recorded a valuation allowance of net NOK 57m (NOK 192m) related to tax losses carried forward, which is not included as a recognised deferred tax asset.The table below show the movement in the deferred tax liability in the statement of financial position from 1 January 2023 to 31 December 2023.NOK million 2023 2022Deferred tax libility at 01.01 (127) (83)Change in deferred tax (in profit or loss statement) 14 1Change in deferred tax (recognised in other comprehensive income) - (8)Acquisitions and disposals of subsidiaries 56 (41)Other and currency translation differences 1 3Change in deferred tax realted to resource tax (3) -Deferred tax libility at 31.12 (59) (127)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__59": {
"value": "Note 14 TaxAccounting principle Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.New tax legislations In December 2023 the Norwegian government published a statement that they had reached a broad con-sensus on the resource rent tax on Norwegian onshore wind. The agreement between the parties has in 2024 been implemented by law and the resource rent tax (NO: Grunnrenteskatt) for Norwegian onshore wind is implemented with an effective tax rate of 25%. For existing wind farms, the government has proposed tran-sition rules which is better than their initial proposal, although not achieving full investment neutrality. For new wind farms the resource tax will be structured with cash payments of negative resource tax, as is already implemented on large scale hydro, which makes the resource tax investment neutral for new projects.In the consolidated reporting only R\u00f8yrmyra is affected, while for equity accounted entities Odal wind is affected. For 2023 the effect on the Group tax expense is related to change in deferred tax liability. This amounts to NOK 3m for R\u00f8yrmyra. The high price contribution tax (NO: h\u00f8yprisbidrag) of 23% of prices above 70 \u00f8re/kWh was introduced together with the initial resource tax proposal. This was terminated from 1 October 2023 and 2023 costs are included in opex.Cloudberry is not within the scope of the Pilar 2 rules. Tax expense and deferred taxThe table below show the tax expense in the income statement NOK million 2023 2022Tax expense in the income statementIncome tax payable - 1Change in deferred tax related to recource tax (3) -Change in deferred income tax 14 (1)Tax expense in the income statement11-Reconciliation of nominal tax rate and effective tax rateProfit before income tax 222 122Nominal tax rate 22% 22%Expected tax expense (49) (27)Effect on taxes of:Permanent differences 39 34Unrecognized tax asset related to tax losses carried forward 25 (7)Changes related to deferred tax on excess values - (3)Changes related to other deferred tax - 2Implementing resource tax and effect on deferred tax (3) -Tax expense in the income statement 11 -The appropriate tax rate in Norway/Denmark and Sweden is 22% and 20.6% respectively.Resource rent tax rate on Norwegian wind is 25%. The table shows the deferred tax asset and liability in the balance sheet. NOK million 2023 2022Temporary differences deferred tax asset:Property, plant and equipment 2 (22)Derivatives 78 24Other receivables 31 (3)Tax loss carried forward 456 326Subtotal 566 325Of which not recognised as tax asset (156) (192)Basis for deferred tax asset 410 133Deferred tax asset 90 29Temporary differences deferred tax liability:Inventory valuation (69) (83)Property, plant and equipment (592) (542)Intangible assets (7) (53)Derivatives (45) (38)Other 14 4Resource rent tax calculations (12) -Subtotal (711) (711)Of which not recognised 99 -Basis for deferred tax liability (612) (711)Deferred tax liability (135) (156)Reconciliation to the statement of financial position Net deferred tax asset presented in the statement of financial position 15 -Net deferred tax liabilities presented in the statement of financial position (59) (127)Total net deferred tax (44) (127)As per 31 December 2023 the Group has recorded a valuation allowance of net NOK 57m (NOK 192m) related to tax losses carried forward, which is not included as a recognised deferred tax asset.The table below show the movement in the deferred tax liability in the statement of financial position from 1 January 2023 to 31 December 2023.NOK million 2023 2022Deferred tax libility at 01.01 (127) (83)Change in deferred tax (in profit or loss statement) 14 1Change in deferred tax (recognised in other comprehensive income) - (8)Acquisitions and disposals of subsidiaries 56 (41)Other and currency translation differences 1 3Change in deferred tax realted to resource tax (3) -Deferred tax libility at 31.12 (59) (127)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__62": {
"value": "Accounting principle Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__61": {
"value": "Accounting principle Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__63": {
"value": "Note 15 Property, plant and equipmentAccounting principle Property, plant and equipment (PPE) are measured using the cost method of IAS 16 and capitalisation of borrowing costs is accounted for in accordance with IAS 23.Estimated useful life of power plantsThe estimated useful life of power plants is based on assumptions on expected usage, expected wear and tear, potential technical or commercial obsoles-cence, legal or other regulatory limitations, and lease expiry. The power plants currently in operation have an expected useful life between 20-60 years. Significant estimates and judgementAssessment of asset acquisition or business combinationMaterial management judgement is necessary to determine whether an acquired project or power plant constitutes a business combination or an asset acquisition. This assessment is conducted individually for each acquisition. If the acquisition is identified as a business combination, IFRS 3 Business combinations will be applied, while for asset acqui-sitions, either IAS 2 inventory or IAS 16 Property plant and equipment will be applied. Acquisitions that consist of a single power plant ready to construct are typically considered asset transactions. Conversely, acquisitions comprising operational (producing) assets are typically accounted for as business combinations. Nevertheless, each acquisition undergoes a distinct assessment to determine the appropriate account-ing treatment. Impairment Producing power plants and power plants under construction undergo impairment testing whenever events or changes in circumstances indicate a potential impairment, see note 18 Impairment for further details. Property, plant and equipmentThe table below shows the split of PPE into produc-ing power plants, power plants under construction, equipment and right-to-use lease assets. Producing Power Right to FY 2023power plant under use - lease NOK millionplantsconstruction Equipmentasset Total Accumulated cost 1.1.2023 1 542 118 4 46 1 710Additions from bus.comb. and acquisitions during the year 2 453 - - 163 2 616Additions during the year - 522 - 2 524Transfer between groups - - - - -Transfer from inventory - 26 - - 26Cost of disposed assets (485) - - (1) (487)Effects of movements in foreign exchange (138) 19 1 - (118)Accumulated cost at 31.12.2023 3 372 684 5 209 4 271Accumulated depreciations and impairment losses at 1.1.2023 106 - 2 5 113Accumulated depreciations acquired assets during the year 37 - 7 44Depreciations for the year 94 - 1 13 109Impairment losses - - - - -Accumulated depreciations and impairment losses disposed (4) - - - (4)assetsEffects of movements in foreign exchange 10 - - 3 13Accumulated depreciations and impairment losses at 243 - 3 28 27431.12.2023Carrying amount at 31.12.2023 3 129 684 2 182 3 997Carrying amount beginning of period 1 437 118 2 40 1 597Estimated useful life (years) 25-60 5-10 5-10Producing 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 acquisitions 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 movements 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 foreign exchange - - - - -Accumulated depreciations and impairment losses at 106 - 2 5 11331.12.2022Carrying amount at end of period 1 437 118 2 40 1 597Carrying amount beginning of period 749 255 1 4 1 009Estimated useful life (years) 25-60 5-10 5-50During the year, the Group saw a significant expansion in the number of producing power plants through the acquisition of the Odin portfolio, amounting to NOK 2 572m. See further information on the acquisition in note 5 Business combinations. Other additions to PPE related to power plants under construction on projects: Sundby (NOK 426m), Munkhyttan (NOK 95m) and other smaller projects. The project Munkhyttan was transferred from inven-tory (NOK 26m) when the final investment decision was taken on 1 June 2023.During the year, the Group also disposed of three producing hydropower plants: Nessakraft, Selselva and \u00c5motsfoss, reducing the PPE by NOK 481m. See further information on the disposal in note 7 Disposal of assets.Producing power plants are pledged as security for long term debt, see note 22 Interest-bearing debt and debt facilities. The contractual obligations at Sundby amount to EUR 50m of which EUR 47m is included in the table above, and the remaining capex is EUR 3m. The total contractual obligation related to Munkhyttan is slightly above EUR 30m, of which EUR 6m is included in the table above and the remaining obligation is EUR 24m. The obligation related to \u00d8vre Kvemma is a total investment of NOK 124m (enterprise value). The investment is expected to be financed with 50% debt. See note 23 Provisions, guarantees and con-tractual obligations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__65": {
"value": "Accounting principle Property, plant and equipment (PPE) are measured using the cost method of IAS 16 and capitalisation of borrowing costs is accounted for in accordance with IAS 23.Estimated useful life of power plantsThe estimated useful life of power plants is based on assumptions on expected usage, expected wear and tear, potential technical or commercial obsoles-cence, legal or other regulatory limitations, and lease expiry. The power plants currently in operation have an expected useful life between 20-60 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__64": {
"value": "Accounting principle Property, plant and equipment (PPE) are measured using the cost method of IAS 16 and capitalisation of borrowing costs is accounted for in accordance with IAS 23.Estimated useful life of power plantsThe estimated useful life of power plants is based on assumptions on expected usage, expected wear and tear, potential technical or commercial obsoles-cence, legal or other regulatory limitations, and lease expiry. The power plants currently in operation have an expected useful life between 20-60 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__68": {
"value": "Note 16 Intangible assets and goodwill Accounting principle Intangible assets are recognised in accordance with the cost method of IAS 38.Intangible assets and goodwillIntangible NOK million Goodwill assetsAccumulated cost 1.1.2023 143 95Additions from business combinations and acquisitions during the year 95 7Additions during the year - 25Effects of movements in foreign exchange (8) (1)Accumulated cost at 31.12.2023 231 126Accumulated amortizations and impairment losses at 1.1.2023 - 9Accumulated amortizations acquired assets during the year - -Amortizations for the year - 18Impairment losses 25 74Effects of movements in foreign exchange - 1Accumulated amortizations and impairment losses at 31.12.2023 25 101Carrying amount at end of period 206 24Estimated useful life (years) N/A 5-10Intangible assets are made up of the internally developed software systems within our Operations segment, commercially operating as Captiva. The primary software systems comprise the Captiva Portal, Krasys (used in Kraftanmelding AS) and Rexonomy (a new tool for taxonomy assessment of renewable assets). Intangible assets with definite useful life (the Group does not have any with indefinite useful life) are assessed for impairment indications. The impairment losses of (NOK 74m) on intangible assets are related to the Tyde system and the Captiva portal, see further detail in note 18 Impairment.Goodwill additions of NOK 95m from business combinations relate to the acquisition of the Odin portfolio. The goodwill identified was associated with the portfolio having strong producing assets in the attractive DK-1 price area, along with access to development projects within the Danish market through the Skovgaard partnership.Goodwill is tested annually for impairment. The impairment losses of (NOK 25m) relate to goodwill that was recognised on acquisition of Captiva in 2022, see further details in note 18 Impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__67": {
"value": "Note 16 Intangible assets and goodwill Accounting principle Intangible assets are recognised in accordance with the cost method of IAS 38.Intangible assets and goodwillIntangible NOK million Goodwill assetsAccumulated cost 1.1.2023 143 95Additions from business combinations and acquisitions during the year 95 7Additions during the year - 25Effects of movements in foreign exchange (8) (1)Accumulated cost at 31.12.2023 231 126Accumulated amortizations and impairment losses at 1.1.2023 - 9Accumulated amortizations acquired assets during the year - -Amortizations for the year - 18Impairment losses 25 74Effects of movements in foreign exchange - 1Accumulated amortizations and impairment losses at 31.12.2023 25 101Carrying amount at end of period 206 24Estimated useful life (years) N/A 5-10Intangible assets are made up of the internally developed software systems within our Operations segment, commercially operating as Captiva. The primary software systems comprise the Captiva Portal, Krasys (used in Kraftanmelding AS) and Rexonomy (a new tool for taxonomy assessment of renewable assets). Intangible assets with definite useful life (the Group does not have any with indefinite useful life) are assessed for impairment indications. The impairment losses of (NOK 74m) on intangible assets are related to the Tyde system and the Captiva portal, see further detail in note 18 Impairment.Goodwill additions of NOK 95m from business combinations relate to the acquisition of the Odin portfolio. The goodwill identified was associated with the portfolio having strong producing assets in the attractive DK-1 price area, along with access to development projects within the Danish market through the Skovgaard partnership.Goodwill is tested annually for impairment. The impairment losses of (NOK 25m) relate to goodwill that was recognised on acquisition of Captiva in 2022, see further details in note 18 Impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__66": {
"value": "Note 16 Intangible assets and goodwill Accounting principle Intangible assets are recognised in accordance with the cost method of IAS 38.Intangible assets and goodwillIntangible NOK million Goodwill assetsAccumulated cost 1.1.2023 143 95Additions from business combinations and acquisitions during the year 95 7Additions during the year - 25Effects of movements in foreign exchange (8) (1)Accumulated cost at 31.12.2023 231 126Accumulated amortizations and impairment losses at 1.1.2023 - 9Accumulated amortizations acquired assets during the year - -Amortizations for the year - 18Impairment losses 25 74Effects of movements in foreign exchange - 1Accumulated amortizations and impairment losses at 31.12.2023 25 101Carrying amount at end of period 206 24Estimated useful life (years) N/A 5-10Intangible assets are made up of the internally developed software systems within our Operations segment, commercially operating as Captiva. The primary software systems comprise the Captiva Portal, Krasys (used in Kraftanmelding AS) and Rexonomy (a new tool for taxonomy assessment of renewable assets). Intangible assets with definite useful life (the Group does not have any with indefinite useful life) are assessed for impairment indications. The impairment losses of (NOK 74m) on intangible assets are related to the Tyde system and the Captiva portal, see further detail in note 18 Impairment.Goodwill additions of NOK 95m from business combinations relate to the acquisition of the Odin portfolio. The goodwill identified was associated with the portfolio having strong producing assets in the attractive DK-1 price area, along with access to development projects within the Danish market through the Skovgaard partnership.Goodwill is tested annually for impairment. The impairment losses of (NOK 25m) relate to goodwill that was recognised on acquisition of Captiva in 2022, see further details in note 18 Impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__70": {
"value": "Accounting principle Intangible assets are recognised in accordance with the cost method of IAS 38.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__69": {
"value": "Accounting principle Intangible assets are recognised in accordance with the cost method of IAS 38.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__72": {
"value": "Note 17 InventoryAccounting principleInventories consist of development projects and government grants of el-certificates and guarantees of origin (GoOs). Inventories are accounted for in accordance with IAS 2 Inventories. Significant estimates and judgementsDevelopment projectsDevelopment costs for work the Group has technical capability, commercial viability, and resources to com-plete are accounted for in accordance with IAS 2.Capitalized development costs consist 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 operating segment and are primarily held as project opportunities and where investment opportunities arise for projects to be retained as a long-term asset; they are reclassified as held for own use. Once a project is ready for construction, and the Group makes the final investment decision (FID), the project will be reclassified from inventory to property, plant, and equipment, and accounted in accordance with IAS 16. Inventory per year endNOK million 31.12.2023 31.12.2022Projects 99 106Government grants - -Total 99 106The 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 01.01.2023 65 40 106Acqusitions during the year 4 3 7Capitalization (salary, borrowing cost, other expenses) 5 4 9Realized - - -Transfer to PPE (26) - (26)Write down current year - - -Effects of movements in foreign exchange 2 1 3Project inventory 31.12.2023514899FY 2022Projects - with Projects - NOK millionconstruction permitBacklog TotalProject inventory 01.01.2022 118 35 153Acqusitions 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 31.12.2022 65 40 106Projects with a construction permit comprise of the wind project Duvh\u00e4llen, located in the Swedish SE-3 price area.Project Munkhyttan, for which a final investment decision was taken in second quarter has been transferred from Inventory to Property, Plant and Equipment (NOK 26m) for the commencement of its construction. Please see note 15 Property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__71": {
"value": "Note 17 InventoryAccounting principleInventories consist of development projects and government grants of el-certificates and guarantees of origin (GoOs). Inventories are accounted for in accordance with IAS 2 Inventories. Significant estimates and judgementsDevelopment projectsDevelopment costs for work the Group has technical capability, commercial viability, and resources to com-plete are accounted for in accordance with IAS 2.Capitalized development costs consist 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 operating segment and are primarily held as project opportunities and where investment opportunities arise for projects to be retained as a long-term asset; they are reclassified as held for own use. Once a project is ready for construction, and the Group makes the final investment decision (FID), the project will be reclassified from inventory to property, plant, and equipment, and accounted in accordance with IAS 16. Inventory per year endNOK million 31.12.2023 31.12.2022Projects 99 106Government grants - -Total 99 106The 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 01.01.2023 65 40 106Acqusitions during the year 4 3 7Capitalization (salary, borrowing cost, other expenses) 5 4 9Realized - - -Transfer to PPE (26) - (26)Write down current year - - -Effects of movements in foreign exchange 2 1 3Project inventory 31.12.2023514899FY 2022Projects - with Projects - NOK millionconstruction permitBacklog TotalProject inventory 01.01.2022 118 35 153Acqusitions 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 31.12.2022 65 40 106Projects with a construction permit comprise of the wind project Duvh\u00e4llen, located in the Swedish SE-3 price area.Project Munkhyttan, for which a final investment decision was taken in second quarter has been transferred from Inventory to Property, Plant and Equipment (NOK 26m) for the commencement of its construction. Please see note 15 Property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__73": {
"value": "Accounting principleInventories consist of development projects and government grants of el-certificates and guarantees of origin (GoOs). Inventories are accounted for in accordance with IAS 2 Inventories.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__74": {
"value": "Note 18 ImpairmentAccounting principle Goodwill is tested annually towards the end of the fiscal year for impairment or whenever there is an indication that the goodwill may be impaired. Intangible assets, property, plant and equipment (PPE) and investment in associated companies or JV\u2019s are tested for impairment whenever there is an objective evidence or indication that these assets may be impaired. An impairment loss is recognised when the recover-able amount is below carrying amount. The recov-erable amount is the higher of fair value less cost of disposal and value in use. The value in use calculation is based on discounted cash flow model (DCF) for power plants assets, while for the Operations segment the approach is a fair value model (recent transaction with valuation based on multiples and future cash flows) less cost of disposal. Key estimates and assumptionsFuture cash flows include several estimates related to future market conditions, discount rates and use of judgement for useful life and other technical assumptions. The significant estimates which are further defined in note 3, is the long-term power price curve and the WACC. In the impairment these estimates are used in the test of Goodwill (related to producing power plants) and in identifying impairment indicators for PPE and investments in associated companies and JV\u2019s. For more information about haw manage-ment apply these estimates, please see note 3 Key accounting estimates and judgements. The estimates applied are consistent with what is used in the Group\u2019s budgets and long-term outlook approved by management. Annual impairment test of Goodwill Goodwill is recognised separately as an intangible asset and is allocated to each of the Group\u2019s cash-gen-erating-units (CGU) expected to benefit from synergies arising from the business combination. Goodwill has been allocated to the following segments:NOK million 2023 2022Goodwill Development 37 37Goodwill Production 89 1Goodwill Operations 80 105Total 206 143For the purpose of impairment testing of goodwill, the recoverable amount for these assets has been deter-mined estimating the value in use or estimating a fair value of the assets and comparing against the carry-ing value of the CGU\u2019s. The below table summarize the method for valuation/goodwill testing per segment and the key assumptions and estimates in the calculations:Segment Recovarable amout based on Key assumptionsDevelopement Discounted CF model - Value in use Price pr MV ' and discount rate 1Production Discounted CF model - Value in use Long term power price curve, change in discount rate, estimated production volumesOperations Fair Value less cost of disposal Recent transaction 40% shares 1 Average of Volue and Thema base caseGoodwill Development Goodwill related to the Development segment origins from the acquisition in February 2020 of Scanergy AS, which represent the development CGU in Cloudberry. 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 connections (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 Discount rate of 15% applied from date to expected concession/construction permit grant.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 has been recognised as the recoverable amounts exceed the carrying amount. Goodwill ProductionGoodwill related to the Production segment origins from the acquisition of the Odin portfolio in Denmark in May 2023. The acquisition represents the entry into the Danish price area for Cloudberry and estab-lishing a partnership with Skovgaard Energy, a well reputed developer of renewable assets in the Nordic. The goodwill was determined to be related to the following; \u00b7 Acquiring a large portfolio of assets vs acquiring one by one. When acquiring a group compared to single assets, it is often paid a premium. The premium can be explained by both control and that acquiring one by one would increase the transaction costs. \u00b7 Entering the Danish market to diversify total Group portfolio risk. By entering a new market, price area, currency and balancing technology, it will further reduce the current Group risk. \u00b7 Entering the Danish market with an established and reputable partner, Skovgaard, both on the owner side, as an asset manager with core knowl-edge of the portfolio and local developer gives expected opportunities and a potential larger deal flow in the same area. \u00b7 The value of the option to repower is not identified separately for each project, but because it is likely that some of the projects in the portfolio will be repowered this value is included as goodwill. 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 expected cash flow from the Odin port-folio has been assessed in the valuation model used in the purchase price allocation. The model is sensitive to the following key assumptions: \u00b7 Discount rate (WACC applied is 5.75%) \u00b7 Future cash flows (dependent on future power price curves and expected production volumes). When assessing the DCF from the portfolio com-pared with the book values of the underlying assets including goodwill, there are no impairment indica-tors (see section for PPE impairment indicators), and therefor on the producing assets in the CGUs are concluded to support the goodwill.Other factors that support the goodwill in the Production segment: \u00b7 Signing Nees Hede development project. \u00b7 In October Skovgaard and Cloudberry signed a term-sheet agreement that Odin will acquire the Nees Hede project, a 210 MW (168 MW proportion-ate) solar and potential wind hybrid project. The Nees Hede project represents an important mile-stone as the first project from the development agreement with Skovgaard. The transaction illustrates that Cloudberry through the acquisition of the Odin portfolio, is perfectly positioned to take part in further development opportunities in Denmark as shown by this project. \u00b7 Other factors such as the diversification to Danish price areas and portfolio premium, is still highly relevant and supporting of the valuation. Since the valuation of the portfolio concludes that is does not have any impairment indicator, this supports that there is no impairment of the premium. Sensitivity; the Group is of the view that no reason-able possible change in the assumptions related to WACC (+- 0.5%) would cause the carrying value to materially exceed the recoverable amount for the CGU. For the assumptions related to the long-term power price curve a change of (+-5%, assumed as a reasonable change) would cause an impairment of goodwill of DKK 1m. No impairment has been recognized to goodwill related to the Odin portfolio in the Production segment. Goodwill Operations Goodwill of NOK 96m was recognized related to the acquisition of 60% of Captiva in January 2022 and at the same time establishing the Operations segment in Cloudberry. The goodwill was related to a long record of accom-plishments, business know-how, reputation and established business related to development within hydro-projects, advisory within asset management, and financial services. IT support and general opera-tional intelligence business systems integrated in the Captiva Group, and the competence and experi-ence of consultants within the renewable energy industry. The identified separate CGU\u2019s in the acquisition of Captiva was as follows: (allocation of related excess value in bracket): \u00b7 Asset management including financial services (GW) \u00b7 Project development and inventory of projects (GW and project inventory) \u00b7 Consultancy services, incl investments in Enestor and Proxima Hydrotech (GW) \u00b7 Digital services with the following separate under-lying CGU\u2019s \u00b7 Digital Solutions/Captiva portal (intangible assets) \u00b7 Broentech (intangible assets) \u00b7 Kraftanmelding (intangible assets)The Operations segment was established from the business of the Captiva group. Within the Captiva segment the following separate CGUs are identified to support the goodwill of the segment: \u00b7 Asset management services and financial ser-vices (ARR) \u00b7 Project Development \u00b7 Consultancy services The CGU related to software services had allocated the values to separate intangible assets and IT systems in the initial purchase price allocation. This was the Captiva portal and Tyde. Goodwill from the acquisition was not allocated to these CGU\u2019s. Kraftanmelding is a separate CGU\u2019s with NOK 2m in goodwill from the Captiva acquisition.The activity in Captiva is closely connected to Cloudberry\u2019s existing business (Cloudberry is cus-tomer of IT services and project development and management services and asset management service), and it is expected to generate synergies of know-how related to both Captiva and Cloudberry from closer cooperation, this is especially related to the interaction of asset management services, project development services and project manage-ment services. In December 2023 Cloudberry acquired the remain-ing 40% shares in Captiva Digital Services AS (buy out of non-controlling interests in Captiva), the annual impairment test of goodwill in the Operations segment is therefore based on the transaction values which represent fair value of the assets.The transaction of acquiring the remaining 40% shares in Captiva Digital Services AS was as follows: \u00b7 The purchase price for the shares was NOK 22.8m. \u00b7 The purchase price was based on an enterprise value of NOK 107m on 100% basis. \u00b7 Net debt in the company was MOK 50m, which equals an equity value of NOK 57m on 100% basisThe recoverable amount which the carrying value is compared with is the fair value based on the transaction, which is NOK 107m corresponding to the enterprise value. The valuation, and enterprise value, was based on identifying and valuing the separate independent revenue streams in the Captiva business segment. Each of the revenue streams\u2019 starting points were the latest business plans (three-year sales budget, based on the assumptions that Captiva is in a ramp up phase), and for each revenue stream the appro-priate valuation method was applied which gave a starting point for the valuation. The final valuation and transaction values for each of the revenue streams were an outcome of this input and negotia-tions with the sellers. The valuation and transaction price were allocated to the underlying CGU\u2019s.The carrying value of GW related to Captiva core (asset management, development and consultancy) was NOK 95.5m + NOK 7.4m related to further step up in Enestor. The allocated enterprise value of the CGUs supporting the Goodwill is NOK 84m. Other assets related to the CGS have a net book value of NOK 6m. An impairment loss of goodwill of NOK 25m is recognized to the segment. The carrying values of goodwill related to Kraftanmelding is less that the valuation allocated (including other assets), and no impairment of GW is recognized. Impairment test of other assetsFor 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 servicesManagement 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 Group\u2019s 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. For further infor-mation about how management applies significant estimates, see note 3 Key accounting estimates and judgements. 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. Property plant and equipment (PPE, 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 of 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 all the producing power plants the valuation model concluded that there was no impairment indi-cator observed and no further impairment testing to calculate recoverable amount for the power plants was performed. The impairment indicator applied was based on updated long-term power prices, new/existing tax proposal, and increased interest rate levels which increases WACC.Other observationsThe final outcome of the Norwegian tax proposal was settled in December, the impairment indicator model has included the new tax in in the model, (resource tax in model for R\u00f8yrmyra and Odal of 25% implemented from 2024). No impairment indicator was observed for these assets despite new regula-tions implemented. For producing and under construction power plants there is an active market. In June 2024 Cloudberry sold three hydro power plants to an external party with a valuation slightly above NOK 9kr pr KWh. This can also be used as a reference for fair value and again serve as supporting documentation for the carrying value of the power plants in PPE. 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 Group\u2019s intangible assets are related to IT systems and customer portfolio. The IT systems are related to the Captiva portal, TYDE and Krasys, a software developed and used in Kraftanmelding AS.The valuation model applied for these software sys-tems are software as a service and annual recurring revenue multiples with future sales estimates and discounted cash flow models. Relevant impairment indicators which would trigger impairment testing include significant fall in observed market multiples, underperformance in sales compared with fore-casts, IT system development delays. During the 2023 the mentioned multiples have fallen, and hence an objective impairment indicator was observed, and the Group has therefore tested the intangible assets for impairment. The model for impairment testing is based on a mul-tiple valuation for software as a service and annual recurring revenue. The impairment test is sensitive to the following key assumptions and estimates: \u00b7 Software as a service and annual recurring revenue multiples are used as impairment indica-tors and as a valuation method. The multiples are based on a peer of comparable companies. \u00b7 Applied future sales forecast for three years, and the multiple valuations is based on the second year. After the updated assessment an impairment loss on NOK 74m has been recognized and the book value is now the recoverable amount. For the Captiva portal this is NOK 10m, while for Tyde system the amount is NOK nil. No impairment loss is recognised for Krasys. 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 internal 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. No impairment loss is recognized for development projects per 31 December 2023. Projects are reported in the Development segment.",
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"value": "Accounting principle Goodwill is tested annually towards the end of the fiscal year for impairment or whenever there is an indication that the goodwill may be impaired. Intangible assets, property, plant and equipment (PPE) and investment in associated companies or JV\u2019s are tested for impairment whenever there is an objective evidence or indication that these assets may be impaired. An impairment loss is recognised when the recover-able amount is below carrying amount. The recov-erable amount is the higher of fair value less cost of disposal and value in use. The value in use calculation is based on discounted cash flow model (DCF) for power plants assets, while for the Operations segment the approach is a fair value model (recent transaction with valuation based on multiples and future cash flows) less cost of disposal.",
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"s10_notes__6__75": {
"value": "Accounting principle Goodwill is tested annually towards the end of the fiscal year for impairment or whenever there is an indication that the goodwill may be impaired. Intangible assets, property, plant and equipment (PPE) and investment in associated companies or JV\u2019s are tested for impairment whenever there is an objective evidence or indication that these assets may be impaired. An impairment loss is recognised when the recover-able amount is below carrying amount. The recov-erable amount is the higher of fair value less cost of disposal and value in use. The value in use calculation is based on discounted cash flow model (DCF) for power plants assets, while for the Operations segment the approach is a fair value model (recent transaction with valuation based on multiples and future cash flows) less cost of disposal.",
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"s10_notes__6__79": {
"value": "Note 19 Investments in associated companies and joint ventures Accounting principle Investments in associated companies and joint arrangements are accounted for using the equity method in accordance with IAS 28.Accounting policies of equity accounted investees have been changed were necessary to ensure consist-ency with the policies adopted by the Group. Associates and joint ventures The table shows the summarized investments classified as associated companies and joint ventures as of 31 December 2023: Consolidated economic Name of Entity Place of interest per business31.12.23 Segment Princippal ActivitiesForte Energy Norway AS with SPV's. Associated company Norway 34.0% Production Hydro powerOdal Vind AS Associated company Norway 33.4% Production Wind power Odin portfolio (80% ownership):F\u00e5re Vindm\u00f8llelaug I/S Associated company Denmark 47.5% Production Wind power Fl\u00f8vej 33 I/S Joint Venture Denmark 50.0% Production Wind power N\u00f8rgaard Vind I/S Joint Venture Denmark 50.0% Production Wind power \u00d8stergaard Vindkraft I/S Associated company Denmark 20.0% Production Wind power P/S T\u00e6ndpibe Vind Associated company Denmark 15.0% Production Wind power Stakroge Vindkraft I/S Associated company Denmark 25.9% Production Wind power Stakroge VM4 I/S Joint Venture Denmark 50.0% Production Wind power Vindtved Vindkraft I/S Associated company Denmark 37.6% Production Wind power Volder Mark Vindkraft I/S Associated company Denmark 15.8% Production Wind power Orreholmen Vindkraft AB Joint Venture Sweden 50.0% Production Wind power Vetteberget Vindkraft AB Joint Venture Sweden 50.0% Production Wind power Fossum Sol AS Associated company Norway 33.3% Development Solar power in construction permit processStenkalles Holding AS Joint Venture Sweden 50.0% Development Development project Simpevarp AB Joint Venture Sweden 50.0% Development Development projectProxima Hydrotech AS Associated 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. Cloudberry Production is the local manager of the Forte portfolio and delivers management services, which for 2023 amounted to NOK 3m.Odal Vind AS (Odal)Odal was first acquired in December 2020 with 15% ownership, and Cloudberry further increased its own-ership 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 was constructed during 2021 and 2022, and all turbines have been taken over by Odal in 2023. The windfarm has a normalized annual production of 176 GWh net to Cloudberry and the remaining concession is 27 years. Odin portfolio of JV and associated companies (Odin portfolio)The Odin portfolio of joint ventures and associated entities includes producing power plants that represent only the entities within the larger acquired Odin portfolio that we do not own a controlling share. We therefore account for their results using the equity accounting method in the consolidated Group accounts. Of the total 311 GWh proportionate share from the total Odin portfolio net to Cloudberry, these entities represent approximately 49 GWh proportionate to Cloudberry. Stenkalles Holding AS (Stenkalles project) The Stenkalles project was a 100MW (50MW) proportionate, 18-turbine offshore project on Sweden\u2019s largest lake, V\u00e4nern (SE-3), owned 50/50 by Hafslund and Cloudberry. The parties have decided not to move forward with the Stenkalles project in its current form, and the book values related to the development of the offshore wind project have been impaired in 2023. Instead, the project group is evaluating how to use the strategically positioned gird connection for a potential battery/solar project, where the associated capex costs have decreased. The remining book values in the project are related to a transformer under construction. The Stenkalles project is included in \u201cOther\u201d in the reported figures in this note. The table show the summarised financial information in the Group accounts for equity accounted companies. FY 2023Forte Energy Odal Vind Odin 1NOK millionNorway ASASPortfolio OtherTotal Book value beginning of year 317 555 - 18 890Additions of invested capital - - - - -Conversion of debt to equity - - - 84 84Additions from business combinations - - 339 - 339Share of profit/loss for the year 2 (10) 13 (67) (62)Depreciation of excess value (3) (1) (5) (1) (10)Dividend paid to the owners - (73) (12) - (85)Correction from previous years result - - - - -Currency translation differences 8 40 (22) - 26Items charged to equity (9) - - - (9)Book value at reporting date 316 511 313 35 1 175Excess value beginning of year 134 19 - 1 154Excess value 31 December 2023 131 18 217 - 366Book value of equity at 31 December associated company/JV 185 494 96 35 809The cash paid for the acquisition of the associated companies and joint ventures within the Odin portfolio was paid as part of the total purchase price for the entire business combination transaction. Of the total purchase price of NOK 1278m, NOK 339m was attributable to the investment in associates and joint ventures. See note 5 Business combinations for further details.FY 2022Forte Energy Odal Vind Odin 1NOK millionNorway ASASPortfolio OtherTotal Book value beginning of year 254 423 - - 677Additions of invested capital - 31 - 19 50Conversion of debt to equity - - - - -Additions from business combinations - - - - -Share of Profit/loss for the year 41 74 - - 114Depreciation of excess value (3) - - - (3)Dividend paid to the owners 9 - - - 9Correction from previous years result (31) - - - (31)Currency translation differences 2 27 - - 29Items charged to equity 45 - - - 45Book value at reporting date317555-18890Excess value beginning of year 137 19 - - 156Excess value 31 December 2022 134 19 - 1 154Book value of equity at 31 December associated company/JV 183 536 - 17 7361 \u2019Other\u2019 in the prior year consisted of the financial information for Stenkalles Holding AS and Proxima Hydrotech AS, which were presented separately and in the current year whose results are presented in summary with information for Fossum Sol AS and Simpevarb AB.The tables below show the summarized financial information for Forte, Odal and the Odin portfolio of asso-ciates and joint ventures respectively. The figures represent 100% of the companies\u2019 reporting in the first two columns (FY2023 and FY2024 respectively) and the two columns to the right (FY 2023 and FY 2022 respec-tively) show Cloudberry\u2019s share of the summarized financial information (excluding excess values and related depreciation) on a line-by-line basis:ForteBased on 100% Cloudberry shareNOK million 2023 2022 2023 2022Revenue 117 337 40 114EBITDA 62 170 21 58Profit for the period 5 153 2 52Total assets 1 329 1 468 452 499Total cash and cash equivalents 134 242 45 82Non-current Interest-bearing loans and borrowings 704 687 239 234Total equity 543 538 185 183OdalBased on 100% Cloudberry shareNOK million 2023 2022 2023 2022Revenue 270 405 90 135EBITDA 129 307 43 102Profit for the period (26) 219 (9) 73Total assets 2 615 2 717 873 908Total cash and cash equivalents 66 83 22 28Non-current Interest-bearing loans and borrowings 952 907 318 303Total equity 1 476 1 604 493 536Odin Portfolio - Associates and joint ventures Based on 100% Cloudberry shareNOK million 2023 2022 2023 2022Revenue 105 - 25 -EBITDA 88 - 20 -Profit for the period 59 - 11 -Total assets 552 - 144 -Total cash and cash equivalents 3 - 1 -Non-current Interest-bearing loans and borrowings 170 - 57 -Total equity 352 - 78 -",
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"s10_notes__6__78": {
"value": "Note 19 Investments in associated companies and joint ventures Accounting principle Investments in associated companies and joint arrangements are accounted for using the equity method in accordance with IAS 28.Accounting policies of equity accounted investees have been changed were necessary to ensure consist-ency with the policies adopted by the Group. Associates and joint ventures The table shows the summarized investments classified as associated companies and joint ventures as of 31 December 2023: Consolidated economic Name of Entity Place of interest per business31.12.23 Segment Princippal ActivitiesForte Energy Norway AS with SPV's. Associated company Norway 34.0% Production Hydro powerOdal Vind AS Associated company Norway 33.4% Production Wind power Odin portfolio (80% ownership):F\u00e5re Vindm\u00f8llelaug I/S Associated company Denmark 47.5% Production Wind power Fl\u00f8vej 33 I/S Joint Venture Denmark 50.0% Production Wind power N\u00f8rgaard Vind I/S Joint Venture Denmark 50.0% Production Wind power \u00d8stergaard Vindkraft I/S Associated company Denmark 20.0% Production Wind power P/S T\u00e6ndpibe Vind Associated company Denmark 15.0% Production Wind power Stakroge Vindkraft I/S Associated company Denmark 25.9% Production Wind power Stakroge VM4 I/S Joint Venture Denmark 50.0% Production Wind power Vindtved Vindkraft I/S Associated company Denmark 37.6% Production Wind power Volder Mark Vindkraft I/S Associated company Denmark 15.8% Production Wind power Orreholmen Vindkraft AB Joint Venture Sweden 50.0% Production Wind power Vetteberget Vindkraft AB Joint Venture Sweden 50.0% Production Wind power Fossum Sol AS Associated company Norway 33.3% Development Solar power in construction permit processStenkalles Holding AS Joint Venture Sweden 50.0% Development Development project Simpevarp AB Joint Venture Sweden 50.0% Development Development projectProxima Hydrotech AS Associated 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. Cloudberry Production is the local manager of the Forte portfolio and delivers management services, which for 2023 amounted to NOK 3m.Odal Vind AS (Odal)Odal was first acquired in December 2020 with 15% ownership, and Cloudberry further increased its own-ership 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 was constructed during 2021 and 2022, and all turbines have been taken over by Odal in 2023. The windfarm has a normalized annual production of 176 GWh net to Cloudberry and the remaining concession is 27 years. Odin portfolio of JV and associated companies (Odin portfolio)The Odin portfolio of joint ventures and associated entities includes producing power plants that represent only the entities within the larger acquired Odin portfolio that we do not own a controlling share. We therefore account for their results using the equity accounting method in the consolidated Group accounts. Of the total 311 GWh proportionate share from the total Odin portfolio net to Cloudberry, these entities represent approximately 49 GWh proportionate to Cloudberry. Stenkalles Holding AS (Stenkalles project) The Stenkalles project was a 100MW (50MW) proportionate, 18-turbine offshore project on Sweden\u2019s largest lake, V\u00e4nern (SE-3), owned 50/50 by Hafslund and Cloudberry. The parties have decided not to move forward with the Stenkalles project in its current form, and the book values related to the development of the offshore wind project have been impaired in 2023. Instead, the project group is evaluating how to use the strategically positioned gird connection for a potential battery/solar project, where the associated capex costs have decreased. The remining book values in the project are related to a transformer under construction. The Stenkalles project is included in \u201cOther\u201d in the reported figures in this note. The table show the summarised financial information in the Group accounts for equity accounted companies. FY 2023Forte Energy Odal Vind Odin 1NOK millionNorway ASASPortfolio OtherTotal Book value beginning of year 317 555 - 18 890Additions of invested capital - - - - -Conversion of debt to equity - - - 84 84Additions from business combinations - - 339 - 339Share of profit/loss for the year 2 (10) 13 (67) (62)Depreciation of excess value (3) (1) (5) (1) (10)Dividend paid to the owners - (73) (12) - (85)Correction from previous years result - - - - -Currency translation differences 8 40 (22) - 26Items charged to equity (9) - - - (9)Book value at reporting date 316 511 313 35 1 175Excess value beginning of year 134 19 - 1 154Excess value 31 December 2023 131 18 217 - 366Book value of equity at 31 December associated company/JV 185 494 96 35 809The cash paid for the acquisition of the associated companies and joint ventures within the Odin portfolio was paid as part of the total purchase price for the entire business combination transaction. Of the total purchase price of NOK 1278m, NOK 339m was attributable to the investment in associates and joint ventures. See note 5 Business combinations for further details.FY 2022Forte Energy Odal Vind Odin 1NOK millionNorway ASASPortfolio OtherTotal Book value beginning of year 254 423 - - 677Additions of invested capital - 31 - 19 50Conversion of debt to equity - - - - -Additions from business combinations - - - - -Share of Profit/loss for the year 41 74 - - 114Depreciation of excess value (3) - - - (3)Dividend paid to the owners 9 - - - 9Correction from previous years result (31) - - - (31)Currency translation differences 2 27 - - 29Items charged to equity 45 - - - 45Book value at reporting date317555-18890Excess value beginning of year 137 19 - - 156Excess value 31 December 2022 134 19 - 1 154Book value of equity at 31 December associated company/JV 183 536 - 17 7361 \u2019Other\u2019 in the prior year consisted of the financial information for Stenkalles Holding AS and Proxima Hydrotech AS, which were presented separately and in the current year whose results are presented in summary with information for Fossum Sol AS and Simpevarb AB.The tables below show the summarized financial information for Forte, Odal and the Odin portfolio of asso-ciates and joint ventures respectively. The figures represent 100% of the companies\u2019 reporting in the first two columns (FY2023 and FY2024 respectively) and the two columns to the right (FY 2023 and FY 2022 respec-tively) show Cloudberry\u2019s share of the summarized financial information (excluding excess values and related depreciation) on a line-by-line basis:ForteBased on 100% Cloudberry shareNOK million 2023 2022 2023 2022Revenue 117 337 40 114EBITDA 62 170 21 58Profit for the period 5 153 2 52Total assets 1 329 1 468 452 499Total cash and cash equivalents 134 242 45 82Non-current Interest-bearing loans and borrowings 704 687 239 234Total equity 543 538 185 183OdalBased on 100% Cloudberry shareNOK million 2023 2022 2023 2022Revenue 270 405 90 135EBITDA 129 307 43 102Profit for the period (26) 219 (9) 73Total assets 2 615 2 717 873 908Total cash and cash equivalents 66 83 22 28Non-current Interest-bearing loans and borrowings 952 907 318 303Total equity 1 476 1 604 493 536Odin Portfolio - Associates and joint ventures Based on 100% Cloudberry shareNOK million 2023 2022 2023 2022Revenue 105 - 25 -EBITDA 88 - 20 -Profit for the period 59 - 11 -Total assets 552 - 144 -Total cash and cash equivalents 3 - 1 -Non-current Interest-bearing loans and borrowings 170 - 57 -Total equity 352 - 78 -",
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"s10_notes__6__77": {
"value": "Note 19 Investments in associated companies and joint ventures Accounting principle Investments in associated companies and joint arrangements are accounted for using the equity method in accordance with IAS 28.Accounting policies of equity accounted investees have been changed were necessary to ensure consist-ency with the policies adopted by the Group. Associates and joint ventures The table shows the summarized investments classified as associated companies and joint ventures as of 31 December 2023: Consolidated economic Name of Entity Place of interest per business31.12.23 Segment Princippal ActivitiesForte Energy Norway AS with SPV's. Associated company Norway 34.0% Production Hydro powerOdal Vind AS Associated company Norway 33.4% Production Wind power Odin portfolio (80% ownership):F\u00e5re Vindm\u00f8llelaug I/S Associated company Denmark 47.5% Production Wind power Fl\u00f8vej 33 I/S Joint Venture Denmark 50.0% Production Wind power N\u00f8rgaard Vind I/S Joint Venture Denmark 50.0% Production Wind power \u00d8stergaard Vindkraft I/S Associated company Denmark 20.0% Production Wind power P/S T\u00e6ndpibe Vind Associated company Denmark 15.0% Production Wind power Stakroge Vindkraft I/S Associated company Denmark 25.9% Production Wind power Stakroge VM4 I/S Joint Venture Denmark 50.0% Production Wind power Vindtved Vindkraft I/S Associated company Denmark 37.6% Production Wind power Volder Mark Vindkraft I/S Associated company Denmark 15.8% Production Wind power Orreholmen Vindkraft AB Joint Venture Sweden 50.0% Production Wind power Vetteberget Vindkraft AB Joint Venture Sweden 50.0% Production Wind power Fossum Sol AS Associated company Norway 33.3% Development Solar power in construction permit processStenkalles Holding AS Joint Venture Sweden 50.0% Development Development project Simpevarp AB Joint Venture Sweden 50.0% Development Development projectProxima Hydrotech AS Associated 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. Cloudberry Production is the local manager of the Forte portfolio and delivers management services, which for 2023 amounted to NOK 3m.Odal Vind AS (Odal)Odal was first acquired in December 2020 with 15% ownership, and Cloudberry further increased its own-ership 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 was constructed during 2021 and 2022, and all turbines have been taken over by Odal in 2023. The windfarm has a normalized annual production of 176 GWh net to Cloudberry and the remaining concession is 27 years. Odin portfolio of JV and associated companies (Odin portfolio)The Odin portfolio of joint ventures and associated entities includes producing power plants that represent only the entities within the larger acquired Odin portfolio that we do not own a controlling share. We therefore account for their results using the equity accounting method in the consolidated Group accounts. Of the total 311 GWh proportionate share from the total Odin portfolio net to Cloudberry, these entities represent approximately 49 GWh proportionate to Cloudberry. Stenkalles Holding AS (Stenkalles project) The Stenkalles project was a 100MW (50MW) proportionate, 18-turbine offshore project on Sweden\u2019s largest lake, V\u00e4nern (SE-3), owned 50/50 by Hafslund and Cloudberry. The parties have decided not to move forward with the Stenkalles project in its current form, and the book values related to the development of the offshore wind project have been impaired in 2023. Instead, the project group is evaluating how to use the strategically positioned gird connection for a potential battery/solar project, where the associated capex costs have decreased. The remining book values in the project are related to a transformer under construction. The Stenkalles project is included in \u201cOther\u201d in the reported figures in this note. The table show the summarised financial information in the Group accounts for equity accounted companies. FY 2023Forte Energy Odal Vind Odin 1NOK millionNorway ASASPortfolio OtherTotal Book value beginning of year 317 555 - 18 890Additions of invested capital - - - - -Conversion of debt to equity - - - 84 84Additions from business combinations - - 339 - 339Share of profit/loss for the year 2 (10) 13 (67) (62)Depreciation of excess value (3) (1) (5) (1) (10)Dividend paid to the owners - (73) (12) - (85)Correction from previous years result - - - - -Currency translation differences 8 40 (22) - 26Items charged to equity (9) - - - (9)Book value at reporting date 316 511 313 35 1 175Excess value beginning of year 134 19 - 1 154Excess value 31 December 2023 131 18 217 - 366Book value of equity at 31 December associated company/JV 185 494 96 35 809The cash paid for the acquisition of the associated companies and joint ventures within the Odin portfolio was paid as part of the total purchase price for the entire business combination transaction. Of the total purchase price of NOK 1278m, NOK 339m was attributable to the investment in associates and joint ventures. See note 5 Business combinations for further details.FY 2022Forte Energy Odal Vind Odin 1NOK millionNorway ASASPortfolio OtherTotal Book value beginning of year 254 423 - - 677Additions of invested capital - 31 - 19 50Conversion of debt to equity - - - - -Additions from business combinations - - - - -Share of Profit/loss for the year 41 74 - - 114Depreciation of excess value (3) - - - (3)Dividend paid to the owners 9 - - - 9Correction from previous years result (31) - - - (31)Currency translation differences 2 27 - - 29Items charged to equity 45 - - - 45Book value at reporting date317555-18890Excess value beginning of year 137 19 - - 156Excess value 31 December 2022 134 19 - 1 154Book value of equity at 31 December associated company/JV 183 536 - 17 7361 \u2019Other\u2019 in the prior year consisted of the financial information for Stenkalles Holding AS and Proxima Hydrotech AS, which were presented separately and in the current year whose results are presented in summary with information for Fossum Sol AS and Simpevarb AB.The tables below show the summarized financial information for Forte, Odal and the Odin portfolio of asso-ciates and joint ventures respectively. The figures represent 100% of the companies\u2019 reporting in the first two columns (FY2023 and FY2024 respectively) and the two columns to the right (FY 2023 and FY 2022 respec-tively) show Cloudberry\u2019s share of the summarized financial information (excluding excess values and related depreciation) on a line-by-line basis:ForteBased on 100% Cloudberry shareNOK million 2023 2022 2023 2022Revenue 117 337 40 114EBITDA 62 170 21 58Profit for the period 5 153 2 52Total assets 1 329 1 468 452 499Total cash and cash equivalents 134 242 45 82Non-current Interest-bearing loans and borrowings 704 687 239 234Total equity 543 538 185 183OdalBased on 100% Cloudberry shareNOK million 2023 2022 2023 2022Revenue 270 405 90 135EBITDA 129 307 43 102Profit for the period (26) 219 (9) 73Total assets 2 615 2 717 873 908Total cash and cash equivalents 66 83 22 28Non-current Interest-bearing loans and borrowings 952 907 318 303Total equity 1 476 1 604 493 536Odin Portfolio - Associates and joint ventures Based on 100% Cloudberry shareNOK million 2023 2022 2023 2022Revenue 105 - 25 -EBITDA 88 - 20 -Profit for the period 59 - 11 -Total assets 552 - 144 -Total cash and cash equivalents 3 - 1 -Non-current Interest-bearing loans and borrowings 170 - 57 -Total equity 352 - 78 -",
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"s10_notes__6__82": {
"value": "Accounting principle Investments in associated companies and joint arrangements are accounted for using the equity method in accordance with IAS 28.Accounting policies of equity accounted investees have been changed were necessary to ensure consist-ency with the policies adopted by the Group.",
"dimensions": {
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"language": "en",
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},
"s10_notes__6__81": {
"value": "Accounting principle Investments in associated companies and joint arrangements are accounted for using the equity method in accordance with IAS 28.Accounting policies of equity accounted investees have been changed were necessary to ensure consist-ency with the policies adopted by the Group.",
"dimensions": {
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"language": "en",
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},
"s10_notes__6__80": {
"value": "Accounting principle Investments in associated companies and joint arrangements are accounted for using the equity method in accordance with IAS 28.Accounting policies of equity accounted investees have been changed were necessary to ensure consist-ency with the policies adopted by the Group.",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__83": {
"value": "Note 20 Cash, cash equivalents and corporate fundingAccounting principle Cash and cash equivalents consist of bank deposits and money market funds. The Group considers all highly liquid investments such as deposits with an original or remaining maturity of three months or less to be cash equivalents. Restricted cash is not considered as cash and cash equivalents but is classified as other current assets.The Group has a corporate account agreement with SpareBank 1 SR-Bank for the Norwegian companies. This agreement includes a credit facility, however, a larger facility has been established with SpareBank 1 SR-Bank, see note 22 Interest-bearing debt and debt facilities. NOK million 2023 2022Bank deposits 468 541Money market funds 311 998Total cash and cash equivalents 779 1 538Investments in money market funds consist of investments in KLP fund and Fondsforvaltning. These place-ments are short term placements and readily convertible to cash. Of the total bank deposits, NOK 81m (NOK 96m) relate to Kraftanmelding AS, which is a company owned 50.1% in the Operations segment. The company is a power trade agent and receives settlements from spot sales before it settles with power producers. Therefore, the cash position must be seen in relation to other short-term positions, current accounts payable, current provisions and other current debt and assets.",
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__84": {
"value": "Accounting principle Cash and cash equivalents consist of bank deposits and money market funds. The Group considers all highly liquid investments such as deposits with an original or remaining maturity of three months or less to be cash equivalents. Restricted cash is not considered as cash and cash equivalents but is classified as other current assets.",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__85": {
"value": "Note 21 Share capital and shareholder informationShare capital The table below show the share capital, share premium and number of shares as of 31 December 2023: NOK million 2023 2022Share capital 73 73Share premium 3 496 3 495Share capital and premium at 31 December 3 569 3 568Number of shares at 31 December 291 467 341 291 299 905The shares are at par value of NOK 0.25. Cloudberry has one share class and each share in the Company carries one vote at the Company\u2019s general meeting. All shares carry equal rights, including the right to participate in general meetings.The following capital increases has taken place in 2023:Number Share NOK Dateof sharescapitalNumber of shares 1 January 2023 291 299 905 72 824 976Capital increase 11.05.2023 70 199 17 550Number of shares and share capital 31 December 2023291 370 10472 842 526Share buy-back programThe Group initiated a share buy-back program to repurchase up to 3 000 000 of its shares in order to enhance shareholder value by returning capital to shareholders. The buy-back program was authorized by the board of directors at the general meeting held on 28 September 2023 for the purchase of up to NOK 14.60 per share. During the fourth quarter, The Group acquired 2 807 500 shares at an average price of NOK 10.32 per share. The total cost of ~NOK 29m was deducted from shareholder equity and presented as treasury shares in the statement of changes in equity.Given the potential value creation in the Nees Hede project (fully financed 140 MW solar net to Cloudberry), the buy-back program has not at present been prolonged into 2024 for capital preservation purposes. However, going forward Cloudberry sees share buy backs as an effective and accretive tool for value crea-tion which will be continuously evaluated based on inter alia current market price and market opportunities. It is expected that Cloudberry will ask the general meeting in 2024 for a prolongation of a share buy-back authorization.The table below show the 20 largest shareholders of Cloudberry as of 31 December 2023:Number of Share of Share of sharesownershipvoting rightsFerd AS 35 454 343 12.2% 12.2%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 15 749 182 5.4% 5.4%HSBC Continental Europe 14 321 384 4.9% 4.9%Farvatn Capital As 10 007 145 3.4% 3.4%Clearstream Banking S.A. 9 565 686 3.3% 3.3%Caceis Bank 8 061 534 2.8% 2.8%State Street Bank and Trust Comp (Swedbank Robur) 8 002 590 2.7% 2.7%Skandinaviska Enskilda Banken AB 7 000 000 2.4% 2.4%Danske Invest Norge Vekst 6 207 098 2.1% 2.1%Morgan Stanley & Co. Int. Plc. 5 536 352 1.9% 1.9%Citibank Europe plc 5 371 077 1.8% 1.8%CCPARTNER AS 4 212 412 1.4% 1.4%Gjensidige Forsikring ASA 4 023 469 1.4% 1.4%Verdipapirfondet Storebrand Norge 3 902 320 1.3% 1.3%J.P. Morgan SE 3 628 482 1.2% 1.2%MP Pensjon PK 2 996 230 1.0% 1.0%Cloudberry Clean Energy ASA 2 502 000 0.9% 0.9%Other 74 351 423 25.5% 25.5%Total number of shares 291 370 104 100.0% 100.0%Cloudberry Clean Energy ASA acquired 2 807 500 shares in 2023. The difference to the number in the over-view above does not show up at list due to the trade taking place at or about the latest trade date in 2023 and is first settled in 2024 through delivery vs payment at t+2 as is customary.",
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"s10_notes__6__89": {
"value": "Note 22 Interest-bearing debt and debt facilitiesThe Group has the following interest-bearing loans and borrowings as per 31 December 2023:NOK million 31.12.2023 31.12.2022Non-current interest-bearing debt and borrowings 1 469 327Non-current derivative liability related to hedge accounting 39 (1)Total non-current interest-bearing loans and borrowings 1 507 326Current interest-bearing loans and borrowings 78 12Total interest-bearing loand and borrowings to banks 1 585 338The table below shows a reconciliation of opening balance, movements and closing balance of the interest-bearing loans and borrowings for the year 2023:NOK million In cash flow statementOpening balance interest-bearing loans and borrowings 01.01.23 338Debt take over in acqusitions non-cash 336Repayment of term loan cash outflow (207)Drawn from new facility cash inflow 1 200Downpayments cash outflow (54)Change in interest swap derivatives non cash 39Effects of movements in foreign exchange non-cash (67)Closing balance interest-bearing debt and borrowings 31.12.23 1 585Of which:Drawn from new facility with refinanced 1 200Proceeds from new term loans 20231 200Repayment of term loan (207)Downpayments (54)Total repayment of term loan 2023 (261)In July 2023 the Group increased its credit facility with a bank syndicate comprising Sparebank 1 SR-Bank, Sparebank 1 Nord-Norge and Sparebank 1 \u00d8stlandet, securing an additional NOK 800m. As of reporting date, the total facility stands at NOK 2 200m, with the potential to increase it by an additional NOK 300m. The facility can be utilized for both construction and producing assets in Norway, Sweden and Denmark. The remaining consolidated debt is held within the Danish companies acquired under the Odin portfolio with local banks. The total amount drawn from the term loan facility as of 31 December 2023 is a total of NOK 1 250m. The interest rate on the term loans has a margin of less than 2% plus the benchmark rate (NIBOR/STIBOR/CIBOR). The Group has a strategy to enter into interest swap agreements, swapping floating rates to fixed. All debt denominated in EUR, NOK and partially DKK has been swapped to fixed interest rates for periods generally at or above 10 years. As of reporting date DKK loans amounting to a consolidated debt of DKK 312m remain on floating rates. The Group applies hedge accounting to account for its interest rate derivatives, see note 9 Hedge activities and derivatives. The term loan with the bank syndicate in Cloudberry Production AS is subject to the following financial covenants and collateral: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 80m consolidated, of which NOK 70m will have to be in the SR Bank cash pool. 3. Minimum secured 75% share of principal per 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 2023.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
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"s10_notes__6__88": {
"value": "Note 22 Interest-bearing debt and debt facilitiesThe Group has the following interest-bearing loans and borrowings as per 31 December 2023:NOK million 31.12.2023 31.12.2022Non-current interest-bearing debt and borrowings 1 469 327Non-current derivative liability related to hedge accounting 39 (1)Total non-current interest-bearing loans and borrowings 1 507 326Current interest-bearing loans and borrowings 78 12Total interest-bearing loand and borrowings to banks 1 585 338The table below shows a reconciliation of opening balance, movements and closing balance of the interest-bearing loans and borrowings for the year 2023:NOK million In cash flow statementOpening balance interest-bearing loans and borrowings 01.01.23 338Debt take over in acqusitions non-cash 336Repayment of term loan cash outflow (207)Drawn from new facility cash inflow 1 200Downpayments cash outflow (54)Change in interest swap derivatives non cash 39Effects of movements in foreign exchange non-cash (67)Closing balance interest-bearing debt and borrowings 31.12.23 1 585Of which:Drawn from new facility with refinanced 1 200Proceeds from new term loans 20231 200Repayment of term loan (207)Downpayments (54)Total repayment of term loan 2023 (261)In July 2023 the Group increased its credit facility with a bank syndicate comprising Sparebank 1 SR-Bank, Sparebank 1 Nord-Norge and Sparebank 1 \u00d8stlandet, securing an additional NOK 800m. As of reporting date, the total facility stands at NOK 2 200m, with the potential to increase it by an additional NOK 300m. The facility can be utilized for both construction and producing assets in Norway, Sweden and Denmark. The remaining consolidated debt is held within the Danish companies acquired under the Odin portfolio with local banks. The total amount drawn from the term loan facility as of 31 December 2023 is a total of NOK 1 250m. The interest rate on the term loans has a margin of less than 2% plus the benchmark rate (NIBOR/STIBOR/CIBOR). The Group has a strategy to enter into interest swap agreements, swapping floating rates to fixed. All debt denominated in EUR, NOK and partially DKK has been swapped to fixed interest rates for periods generally at or above 10 years. As of reporting date DKK loans amounting to a consolidated debt of DKK 312m remain on floating rates. The Group applies hedge accounting to account for its interest rate derivatives, see note 9 Hedge activities and derivatives. The term loan with the bank syndicate in Cloudberry Production AS is subject to the following financial covenants and collateral: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 80m consolidated, of which NOK 70m will have to be in the SR Bank cash pool. 3. Minimum secured 75% share of principal per 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 2023.",
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
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"s10_notes__6__87": {
"value": "Note 22 Interest-bearing debt and debt facilitiesThe Group has the following interest-bearing loans and borrowings as per 31 December 2023:NOK million 31.12.2023 31.12.2022Non-current interest-bearing debt and borrowings 1 469 327Non-current derivative liability related to hedge accounting 39 (1)Total non-current interest-bearing loans and borrowings 1 507 326Current interest-bearing loans and borrowings 78 12Total interest-bearing loand and borrowings to banks 1 585 338The table below shows a reconciliation of opening balance, movements and closing balance of the interest-bearing loans and borrowings for the year 2023:NOK million In cash flow statementOpening balance interest-bearing loans and borrowings 01.01.23 338Debt take over in acqusitions non-cash 336Repayment of term loan cash outflow (207)Drawn from new facility cash inflow 1 200Downpayments cash outflow (54)Change in interest swap derivatives non cash 39Effects of movements in foreign exchange non-cash (67)Closing balance interest-bearing debt and borrowings 31.12.23 1 585Of which:Drawn from new facility with refinanced 1 200Proceeds from new term loans 20231 200Repayment of term loan (207)Downpayments (54)Total repayment of term loan 2023 (261)In July 2023 the Group increased its credit facility with a bank syndicate comprising Sparebank 1 SR-Bank, Sparebank 1 Nord-Norge and Sparebank 1 \u00d8stlandet, securing an additional NOK 800m. As of reporting date, the total facility stands at NOK 2 200m, with the potential to increase it by an additional NOK 300m. The facility can be utilized for both construction and producing assets in Norway, Sweden and Denmark. The remaining consolidated debt is held within the Danish companies acquired under the Odin portfolio with local banks. The total amount drawn from the term loan facility as of 31 December 2023 is a total of NOK 1 250m. The interest rate on the term loans has a margin of less than 2% plus the benchmark rate (NIBOR/STIBOR/CIBOR). The Group has a strategy to enter into interest swap agreements, swapping floating rates to fixed. All debt denominated in EUR, NOK and partially DKK has been swapped to fixed interest rates for periods generally at or above 10 years. As of reporting date DKK loans amounting to a consolidated debt of DKK 312m remain on floating rates. The Group applies hedge accounting to account for its interest rate derivatives, see note 9 Hedge activities and derivatives. The term loan with the bank syndicate in Cloudberry Production AS is subject to the following financial covenants and collateral: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 80m consolidated, of which NOK 70m will have to be in the SR Bank cash pool. 3. Minimum secured 75% share of principal per 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 2023.",
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__6__86": {
"value": "Note 22 Interest-bearing debt and debt facilitiesThe Group has the following interest-bearing loans and borrowings as per 31 December 2023:NOK million 31.12.2023 31.12.2022Non-current interest-bearing debt and borrowings 1 469 327Non-current derivative liability related to hedge accounting 39 (1)Total non-current interest-bearing loans and borrowings 1 507 326Current interest-bearing loans and borrowings 78 12Total interest-bearing loand and borrowings to banks 1 585 338The table below shows a reconciliation of opening balance, movements and closing balance of the interest-bearing loans and borrowings for the year 2023:NOK million In cash flow statementOpening balance interest-bearing loans and borrowings 01.01.23 338Debt take over in acqusitions non-cash 336Repayment of term loan cash outflow (207)Drawn from new facility cash inflow 1 200Downpayments cash outflow (54)Change in interest swap derivatives non cash 39Effects of movements in foreign exchange non-cash (67)Closing balance interest-bearing debt and borrowings 31.12.23 1 585Of which:Drawn from new facility with refinanced 1 200Proceeds from new term loans 20231 200Repayment of term loan (207)Downpayments (54)Total repayment of term loan 2023 (261)In July 2023 the Group increased its credit facility with a bank syndicate comprising Sparebank 1 SR-Bank, Sparebank 1 Nord-Norge and Sparebank 1 \u00d8stlandet, securing an additional NOK 800m. As of reporting date, the total facility stands at NOK 2 200m, with the potential to increase it by an additional NOK 300m. The facility can be utilized for both construction and producing assets in Norway, Sweden and Denmark. The remaining consolidated debt is held within the Danish companies acquired under the Odin portfolio with local banks. The total amount drawn from the term loan facility as of 31 December 2023 is a total of NOK 1 250m. The interest rate on the term loans has a margin of less than 2% plus the benchmark rate (NIBOR/STIBOR/CIBOR). The Group has a strategy to enter into interest swap agreements, swapping floating rates to fixed. All debt denominated in EUR, NOK and partially DKK has been swapped to fixed interest rates for periods generally at or above 10 years. As of reporting date DKK loans amounting to a consolidated debt of DKK 312m remain on floating rates. The Group applies hedge accounting to account for its interest rate derivatives, see note 9 Hedge activities and derivatives. The term loan with the bank syndicate in Cloudberry Production AS is subject to the following financial covenants and collateral: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 80m consolidated, of which NOK 70m will have to be in the SR Bank cash pool. 3. Minimum secured 75% share of principal per 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 2023.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__6__91": {
"value": "Note 23 Provisions, guarantees and other contractual obligationsAccounting principleThe Group recognises an obligation to dismantle and remove hydro and wind power plants and to restore the site after the concession period is over.Long term provisionsThe Group has NOK 114m in long term provisions, of which NOK 64m relates to asset retirement obligations, and the remainder NOK 50m to other general long-term provisions.Asset retirement obligation relates to H\u00e5n Vindpark, Sundby Vindpark, R\u00f8ymyra Vindpark, and entities within the Odin portfolio, and all payable between 15-30 years. Current liabilities and provisionsNOK million 2023 2022Accounts payables 142 131Advance tax withholdings and taxes payable 5 4Total account payables and other liabilities 147135Accrued salary and bonus 15 14Provision for project costs 6 5Public duties payable 6 3PPA contract termination 5 5Accrued fall lease 24 48Derivative financial instrument- current liability 6 -Other 14 55Total Provisions 76 129Of the total Accounts payables, NOK 94m is related to Kraftanmelding, as a power trade agent that receives settlements from spot sales before it settles with power producers. See also note 20 Cash, cash equivalents and corporate funding for additional information on cash movements within Kraftanmelding.Guarantees and other contractual obligationsThe Group has the following guarantees and bank deposits: Balance NOK millionsheet item Maturity date 2023 2022Sundby wind farm Parent guarantee off-balance Q1 2024 11 311to supplierMunkhyttan wind farm Parent guarantee off-balance H2 2024 191 -to supplierStenkalles Vind AB Parent guarantee off-balance Q2 2024 5 -Guarantee H\u00e5n wind farm Bank deposit other current asset FY 2051 3 3restrictedGuarantee Munkhyttan wind farm Bank deposit other current asset FY 2053 3 -restrictedGuarantees for office rent Escrow account non-current financial asset February 2029 2 2Total guarantees and deposits 215 316The Sundby and Munkhyttan guarantees pertain to Vesta\u2019s, securing the respective wind turbines. The Group has as of 31 December 2023 signed a sale and purchase agreement for the acquisition of the \u00d8vre Kvemma power plant: Expected Equity Debt NOK millionsettlementfinancedFinanced Tota\u00d8vre Kvemma Kraftverk H1 2024 62 62 124Total 6262124The power plant is under construction and risk of the assets has not yet transferred to the Group. As the risk is not transferred and there are conditions precedent until the takeover, such as ensuring that the power plant operate as per agreements, the assets and the obligations are not recognised on the balance sheet.",
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"s10_notes__6__90": {
"value": "Note 23 Provisions, guarantees and other contractual obligationsAccounting principleThe Group recognises an obligation to dismantle and remove hydro and wind power plants and to restore the site after the concession period is over.Long term provisionsThe Group has NOK 114m in long term provisions, of which NOK 64m relates to asset retirement obligations, and the remainder NOK 50m to other general long-term provisions.Asset retirement obligation relates to H\u00e5n Vindpark, Sundby Vindpark, R\u00f8ymyra Vindpark, and entities within the Odin portfolio, and all payable between 15-30 years. Current liabilities and provisionsNOK million 2023 2022Accounts payables 142 131Advance tax withholdings and taxes payable 5 4Total account payables and other liabilities 147135Accrued salary and bonus 15 14Provision for project costs 6 5Public duties payable 6 3PPA contract termination 5 5Accrued fall lease 24 48Derivative financial instrument- current liability 6 -Other 14 55Total Provisions 76 129Of the total Accounts payables, NOK 94m is related to Kraftanmelding, as a power trade agent that receives settlements from spot sales before it settles with power producers. See also note 20 Cash, cash equivalents and corporate funding for additional information on cash movements within Kraftanmelding.Guarantees and other contractual obligationsThe Group has the following guarantees and bank deposits: Balance NOK millionsheet item Maturity date 2023 2022Sundby wind farm Parent guarantee off-balance Q1 2024 11 311to supplierMunkhyttan wind farm Parent guarantee off-balance H2 2024 191 -to supplierStenkalles Vind AB Parent guarantee off-balance Q2 2024 5 -Guarantee H\u00e5n wind farm Bank deposit other current asset FY 2051 3 3restrictedGuarantee Munkhyttan wind farm Bank deposit other current asset FY 2053 3 -restrictedGuarantees for office rent Escrow account non-current financial asset February 2029 2 2Total guarantees and deposits 215 316The Sundby and Munkhyttan guarantees pertain to Vesta\u2019s, securing the respective wind turbines. The Group has as of 31 December 2023 signed a sale and purchase agreement for the acquisition of the \u00d8vre Kvemma power plant: Expected Equity Debt NOK millionsettlementfinancedFinanced Tota\u00d8vre Kvemma Kraftverk H1 2024 62 62 124Total 6262124The power plant is under construction and risk of the assets has not yet transferred to the Group. As the risk is not transferred and there are conditions precedent until the takeover, such as ensuring that the power plant operate as per agreements, the assets and the obligations are not recognised on the balance sheet.",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__94": {
"value": "Accounting principleThe Group recognises an obligation to dismantle and remove hydro and wind power plants and to restore the site after the concession period is over.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__6__93": {
"value": "Accounting principleThe Group recognises an obligation to dismantle and remove hydro and wind power plants and to restore the site after the concession period is over.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__92": {
"value": "The Group has as of 31 December 2023 signed a sale and purchase",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__95": {
"value": "Note 24 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 11 Employee benefits and share based payments. NOK million 2023 2022Profit/(loss) attributable to the equity holders of the company 272 118Weighted average number of shares outstanding for the purpose of basic earnings per share 291 342 409 253 292 752Earnings per share for income attributable to the equity holders of the company - basic NOK 0.93 0.47Effect of potential dilutive shares Weighted average number of shares outstanding for the purpose of diluted earnings per share 291 917 409 254 067 752Earnings per share for income attributable to the equity holders of the company - diluted NOK 0.93 0.47For information about share capital on 31 December see note 21 Share capital and shareholder information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__6__96": {
"value": "Note 25 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 at arm\u2019s length basis and done in the ordinary course of business. In 2023 there was one new agreement entered into with a related party. The sellers of the remaining shares of Captiva Digital Services AS, of which the owners of the seller, CCP AS are many of the current employees in Captiva, see note 6 Acquisition of 40% shares in Captiva Digital Services AS for further information about the transaction. There have been no other new related party agreements entered in 2023.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 2023 2022CCP AS Owners are employees in the Acqusition of 40% of 23 -Group Captiva GroupBergehus Holding AS Board member and indirect Office lease 4 3shareholderForte Energy Norway AS Associated company Management fee revenue 3 3CCPartners AS Chairman of the Board Acqusition of 60% of - 33Captiva Group1 Captiva Asset Management AS part of Cloudbery Group from 07 January 2022. Intercompanmy transactions are eliminated in group accounts.See note 11 Employee benefits and share based payment for information about management remuneration. See note 19 Investments in associated companies and JV\u2019s for information about management fee to Forte. 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 Holding Company/ Functionsinceexpires2023 (NOK)pr 31.12.2331.12.23Associated CompanyTove Feld Chairperson of 2023 2024 - - 19 188the BoardPetter W. Borg Board Member 2019 2024 361 500 - 2 262 547 Caddie Invest AS /Kewa ASBenedicte H. Fossum Board Member 2020 2024 329 500 - 145 344 Mittas AS/ Jeshol ASStefanie Witte Board Member 2022 2024 319 500 - 9 044Henrik Joelsson Board Member 2022 2024 332 500 - 49 044 HJ Business Development ABNicolai Nordstrand Board Member 2022 2024 332 500 - 41 019 323 Havfonn AS/ Snefonn ASAlexandra Koefoed Board Member 2023 2024 - - 9 594Frank J Berg Past 2020 2023 645 000 - 4 212 412 CCPartner ASChairperson - no longer BoD member after 2023 AGMLiv E. L\u00f8nnum No longer BoD 2020 2023 319 500 - 7 765member after 2023 AGM2 640 000 - 47 734 261Remun-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 - 3 202 040 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 - - 0Henrik Joelsson Board Member 2022 2023 - - 0Nicolai 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 954The 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. The remuneration for the period 2022/2023 was paid in April 2023. Due to change in routines, the remunera-tion for 2020/2021 was paid in 2022 (while the remuneration for the period 2021/2022 was paid in 2021). The remuneration for the period 2023/2024 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 2023 that will be presented at the annual Company general meeting and published on the website.",
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__6__98": {
"value": "Note 26 List of subsidiaries and equity accounted companiesThe following companies are fully consolidated (subsidiaries) or accounted for using the equity method (associated companies or joint ventures) as per 31 December 2023. Consolidated economic Place of interest per Part of Group Name of Entity Accouned asbusiness31.12.23from date SegmentCloudberry Clean Energy ASA Parent company Norway 100% 24.11.2017 CorporateCloudberry Production AS Subsidiary Norway 100% 15.02.2020 Production R\u00f8yrmyra Vindpark AS Subsidiary Norway 100% 15.02.2020 Production Finnesetbekken Kraftverk AS Subsidiary Norway 100% 15.02.2020 Production H\u00e5n Vindpark AB Subsidiary Sweden 100% 15.02.2020 Production H\u00e5n 22kV AS Subsidiary Norway 100% 15.02.2020 Production Forte Energy Norway AS Associated Company Norway 34% 15.11.2020 Production Odal Vind AS Associated Company Norway 33.4% 23.12.2020 Production Sk\u00e5r\u00e5na Kraft AS Subsidiary Norway 100% 24.02.2021 Production Bj\u00f8rgelva Kraft AS Subsidiary Norway 100% 30.06.2021 Production Usma Kraft AS Subsidiary Norway 100% 20.08.2021 Production Tinnkraft AS Subsidiary Norway 100% 01.02.2022 Production Ramsli\u00e5na Kraftverk AS Subsidiary Norway 100% 31.03.2022 Production Re Energi AS Subsidiary Norway 100% 31.03.2022 Production B\u00f8en Kraft AS Subsidiary Norway 100% 10.06.2022 Production Cloudberry Production Holding Subsidiary Denmark 100% 31.05.2023 Production ApSCloudberry Production Aps Subsidiary Denmark 100% 31.05.2023 Production Odin Energy Holding P/S Subsidiary Denmark 80% 31.05.2023 Production Odin Energy General Partner Subsidiary Denmark 80% 31.05.2023 Production ApSOdin Invest I P/S Subsidiary Denmark 80% 31.05.2023 Production Odin Invest II P/S Subsidiary Denmark 80% 31.05.2023 Production Odin Invest III P/S Subsidiary Denmark 80% 31.05.2023 Production Lem K\u00e6r Vindkraft I/S Subsidiary Denmark 61% 31.05.2023 Production N\u00f8rh-Hjortmose Vind 11 I/S Subsidiary Denmark 72% 31.05.2023 Production Skr\u00e6ddergaard Vindkraft I/S Subsidiary Denmark 48% 31.05.2023 Production Tornbyg\u00e5rd Vindkraft I/S Subsidiary Denmark 65% 31.05.2023 Production Trikelsh\u00f8j Vindkraft I/S Subsidiary Denmark 48% 31.05.2023 Production Vemb Vindkraft I/S Subsidiary Denmark 43% 31.05.2023 Production Volder Mark M5 Erhverv I/S Subsidiary Denmark 68% 31.05.2023 Production F\u00e5re Vindm\u00f8llelaug I/S Assosiated company Denmark 38% 31.05.2023 Production Fl\u00f8vej 33 I/S Joint Venture Denmark 40% 31.05.2023 Production N\u00f8rgaard Vind I/S Joint Venture Denmark 40% 31.05.2023 Production Stakroge Vindkraft I/S Assosiated company Denmark 21% 31.05.2023 Production Stakroge VM4 I/S Joint Venture Denmark 40% 31.05.2023 Production \u00d8stergaard Vindkraft I/S Assosiated company Denmark 16% 31.05.2023 Production Vindtved Vindkraft I/S Assosiated company Denmark 30% 31.05.2023 Production P/S T\u00e6ndpibe Vind Assosiated company Denmark 12% 31.05.2023 Production Volder Mark Vindkraft I/S Assosiated company Denmark 13% 31.05.2023 Production Orreholmen Vindkraft AB Joint Venture Sweden 40% 31.05.2023 Production Vetteberget Vindkraft AB Joint Venture Sweden 40% 31.05.2023 Production Consolidated economic Place of interest per Part of Group Name of Entity Accouned asbusiness31.12.23from date SegmentCloudberry Develop AS Subsidiary Norway 100% 15.02.2020 DevelopmentCloudberry Utveckling AB Subsidiary Sweden 100% 15.02.2020 DevelopmentCloudberry Utveckling II AB Subsidiary Sweden 100% 15.02.2020 DevelopmentCloudberry Utveckling III AB Subsidiary Sweden 100% 15.02.2020 DevelopmentCloudberry Wind AB Subsidiary Sweden 100% 15.02.2020 DevelopmentCloudberry Offfshore Wind AB Subsidiary Sweden 100% 15.02.2020 DevelopmentRewind Offshore AB Subsidiary Sweden 100% 15.02.2020 DevelopmentCloudberry Projekt AB Subsidiary Sweden 100% 15.02.2020 DevelopmentK\u00e5nna Vindpark AB Subsidiary Sweden 100% 15.02.2020 DevelopmentLjunga Vindpark AB Subsidiary Sweden 100% 15.02.2020 DevelopmentDuvh\u00e4llen Vindpark AB Subsidiary Sweden 100% 15.02.2020 DevelopmentSkogvind AS Subsidiary Norway 100% 31.08.2020 DevelopmentSundby Vindpark AB Subsidiary Sweden 100% 21.12.2021 DevelopmentMunkhyttan Vindkraft AB Subsidiary Sweden 100% 03.02.2022 DevelopmentStenkalles Holding AS Joint Venture Norway/Sweden 50% 19.09.2022 DevelopmentFossum Sol AS Assosiated company Norway 33% 15.03.2023 DevelopmentBjornejarnsberget Vindpark AB Subsidiary Sweden 100% 01.04.2023 DevelopmentSimpevarp Havsvindpark AB Joint Venture Sweden 50% 03.10.2023 DevelopmentCaptiva Digital Services AS Subsidiary Norway 100% 07.01.2022 OperationsCaptiva Asset Management AS Subsidiary Norway 100% 07.01.2022 OperationsCaprtiva Financial Services AS Subsidiary Norway 100% 07.01.2022 OperationsCaptiva Digital Services GmbH Subsidiary Switzerland 100% 07.01.2022 OperationsCaptiva Digital Solutions AS Subsidiary Norway 100% 07.01.2022 OperationsKraftanmelding AS Subsidiary Norway 50% 07.01.2022 OperationsBroentech Solutions AS Subsidiary Norway 56% 07.01.2022 OperationsCaptiva Energi AS Subsidiary Norway 100% 07.01.2022 OperationsCaptiva Digital Solutions AB Subsidiary Sweden 100% 01.04.2023 OperationsEnestor AS Subsidiary Norway 51% 01.06.2022 OperationsAcqusitions with takeover in 2023/2024Consolidated economic Place of interest per Part of Group Name of Entity Accouned asbusiness31.12.23from date Segment\u00d8vre Kvemma Kraftverk AS Subsiduary Norway 100% H1-2024 Production",
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"language": "en",
"entity": "scheme:549300VUALPJQLAH7B56",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__99": {
"value": "Note 27 Subsequent eventsSubsequent to year end 2023, Cloudberry through its subsidiary Odin Energy Holding P/S acquired Nees Hede project comprising of 175 MW permitted solar capacity (140 MW proportionate). Nees Hede is a climate park with a favorable ESG footprint and local acceptance, situated on the western part of Jutland in the attractive DK 1 price area.Given the rapid decline in the capex for solar panels and hence the favorable project economics, Cloudberry will push towards an FID for the solar project which can be taken as soon as in 2024. The project is expected to be financed through existing cash at hand and project debt.The purchase price of the project is agreed to be EUR 8m, where EUR 1.6m was paid at closing of the trans-action in February 2024, while EUR 4.8 million and EUR 1.6 million is payable at FID and COD respectively - all numbers proportionate to Cloudberry.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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}