Investor Presentation • Feb 14, 2023
Investor Presentation
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Cloudberry Clean Energy ASA
| Cloudberry in brief | 3 |
|---|---|
| Highlights and key figures | 5 |
| Operational review | 7 |
| Environmental, social and governance review | 11 |
| Financial review | 13 |
| Condensed interim financial information | 17 |
| Interim consolidated statement of profit or loss | 17 |
| Interim consolidated statement of comprehensive income | 18 |
| Interim consolidated statement of financial position | 19 |
| Interim consolidated statement of cash flows | 21 |
| Interim consolidated statement of changes in equity | 22 |
| Notes to the condensed interim consolidated financial statements | 23 |
| Note 1 General information | 23 |
| Note 2 General accounting policies and principles | 23 |
| Note 3 Business segments | 26 |
| Note 4 Business combinations and other transactions | 28 |
| Note 5 Net financial expenses and significant fair value measures | 28 |
| Note 6 Property, plant and equipment | 30 |
| Note 7 Intangible assets and goodwill | 31 |
| Note 8 Inventory | 32 |
| Note 9 Investment in associated companies and joint ventures | 33 |
| Note 10 Long term debt, corporate funding and guarantees | 36 |
| Note 11 Cash and cash equivalents | 37 |
| Note 12 Share based payment | 37 |
| Note 13 Related parties | 38 |
| Note 14 Subsequent events | 38 |
| Responsibility statement | 39 |
| Alternative Performance Measures | 40 |
Cloudberry is a renewable energy company, born, bred, and operating in the Nordics. We own, develop, and operate hydropower plants and wind farms. We are powering the transition to a sustainable future by providing new renewable energy today and for future generations. We believe in a fundamental long-term demand for renewable energy in Europe. With this as a cornerstone, we are building a sustainable, scalable, efficient, and profitable platform for creation of stakeholder value.
Our business model is based on three revenue generating segments and one cost-efficient corporate segment: Development, 100% owned, green-field development both on and off-shore with a long history of organic, in-house developments of wind and hydropower assets in Norway and Sweden. Production, 100% owned, an active owner of renewable power assets in the Nordics. Operations, 60% owned, an asset manager and operator of hydro and wind assets including digital solutions with a scalable operating platform.
Our strong commitment to local communities and integrated value chain ensures local presence and optimization of stakeholder alignment and value creation.
Our current portfolio consists of 28 hydropower and four wind power assets. We have a local and active ownership strategy and prefer 100% ownership; however, in certain investments we have proportionate ownership with strong, strategic partners. The scalable Cloudberry platform is positioned for valuable growth, both in terms of energy production and our in-house development backlog and pipeline. Cloudberry's strategy is to continue to grow both organically and inorganically in the Nordic market. We are backed by strong owners and an experienced management team. Our shares are traded on Oslo Stock Exchange's main list, ticker: CLOUD.
Cloudberry reports consolidated IFRS and proportionate 1 segment reporting to provide enhanced insight to the operation, financing and future prospect of the Group. Proportionate reporting is aligned with internal management reporting, analysis and decision making. The alternative performance measures (abbreviated APMs) provided by Cloudberry are a supplement to the financial statements that are prepared in accordance with IFRS.
Cloudberrys ESG reporting and the companys approach to sustainability, is inspired by the World Economic Forum (WEF) Stakeholder Capitalism Metrix, organized into four pillars, Principles of Governance, Planet, People and Prosperity. For more information see chapter Environmental, social and governance review.
1 See Alternative Performance Measure appendix for further definitions.
incl. under construction1
Hydro assets: 28 Wind assets: 4 Capacity: 188 MW Production: 612 GWh (normalized)
Wind assets: 3 Capacity: 128 MW2 Production: 389 GWh
(normalized)
Backlog (exclusive projects) Projects: 15 Capacity: 480 MW New projects Söderköping and Ulricehamn in Sweden, down-prioritizing of Norwegian wind project
Pipeline (non-exclusive projects) Projects: >20 Capacity: >2 500 MW Example: Simpevarp
1 Asset portfolio per reporting date with proportionate ownership to Cloudberry.
2 Duvhällen project included as 60 MW – Cloudberry has grid capacity permit for 30 MW and has applied for increased grid capacity to match the construction permit.
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| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Consolidated Financials | ||||
| Revenue and other income | 75 | 22 | 217 | 41 |
| Net income/(loss) from associated companies and JV's | 21 | 10 | 121 | 16 |
| EBITDA | 34 | (7) | 152 | (32) |
| Equity | 3 797 | 2 636 | 3 797 | 2 636 |
| Proportionate Financials | ||||
| Revenues and other income | 136 | 36 | 646 | 83 |
| EBITDA | 57 | (11) | 382 | (25) |
| Power Production (GWh) | 95 | 48 | 268 | 117 |
| Cloudberry's | Cloudberry's | |||||||
|---|---|---|---|---|---|---|---|---|
| Price | Total capacity |
proporionate capacity |
estimated production |
|||||
| Project | Technology | Location | area | (MW) | Ownership | (MW) | (GWh) | Status |
| Finnesetbekken | Hydro | Norway | NO-5 | 1 | 100% | 1 | 3 | Producing |
| Røyrmyra | Wind | Norway | NO-2 | 2 | 100% | 2 | 8 | Producing |
| Forte (5 assets, NO-2) | Hydro | Norway | NO-2 | 26 | 34% | 8 | 29 | Producing |
| Forte (4 assets, NO-3) | Hydro | Norway | NO-3 | 19 | 34% | 6 | 21 | Producing |
| Forte (6 assets, NO-5) | Hydro | Norway | NO-5 | 33 | 34% | 11 | 37 | Producing |
| Selselva | Hydro | Norway | NO-3 | 5 | 100% | 5 | 20 | Producing |
| Nessakraft | Hydro | Norway | NO-5 | 9 | 100% | 9 | 34 | Producing |
| Bjørgelva | Hydro | Norway | NO-4 | 3 | 100% | 3 | 7 | Producing |
| Usma | Hydro | Norway | NO-3 | 9 | 100% | 9 | 26 | Producing |
| Åmotfoss | Hydro | Norway | NO-2 | 5 | 100% | 5 | 23 | Producing |
| Tinnkraft | Hydro | Norway | NO-2 | 2 | 100% | 2 | 6 | Producing |
| Bøen I & II | Hydro | Norway | NO-2 | 6 | 100% | 6 | 18 | Producing |
| Ramsliåna | Hydro | Norway | NO-2 | 2 | 100% | 2 | 6 | Producing |
| Skåråna (2 assets) | Hydro | Norway | NO-2 | 4 | 100% | 4 | 14 | Producing |
| Odal Vind | Wind | Norway | NO-1 | 163 | 33.4 % | 54 | 176 | Producing |
| Hån | Wind | Sweden | NO-1 | 21 | 100% | 21 | 74 | Producing |
| Total 1 (Producing) | 309 | 148 | 502 | |||||
| Kvemma | Hydro | Norway | NO-5 | 8 | 100% | 8 | 20 | Const/Prod. H1 2024 |
| Sundby (Kafjarden) | Wind | Sweden | SE-3 | 32 | 100% | 32 | 89 | Const/Prod. H1 2024 |
| Total 2 (Producing + under constr.) | 349 | 188 | 611 | |||||
| Munkhyttan | Wind | Sweden | SE-3 | 18 | 100% | 18 | 60 | Final procurement |
| Duvhalllen | Wind | Sweden | SE-3 | 60 | 100% | 60 | 165 | Constr. permit |
| Stenkalles (Vanern) | Offshore | Sweden | SE-3 | 100 | 50% | 50 | 164 | Constr. permit |
| Total 3 (Producing + const. + permit) | 527 | 316 | 1 000 |
1 Asset portfolio per reporting date 14 February 2023 with proportionate ownership to Cloudberry (not including backlog). Not including Odin assets.
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Cloudberry reports its operations in four segments, Production, Development, Operations and Corporate. Operations was established with the acquisition of Captiva in January 2022.
The focus during the fourth quarter was the handover of Hån Windfarm and optimizing operational procedures in place for the wind assets. In addition, the Production segment has spent time to follow-up of ongoing construction projects as well as continuous streamlining and improving our operational platform.
Cloudberry's strategy is to have a balance between hydro production (normally producing higher volumes in the summer) and wind production (normally producing higher volumes in the winter). In 2021- 2022 a majority of Cloudberry's production volumes came from hydro power. However, going forward Cloudberry's wind power plants will add significant volumes and balance out the expected seasonal variations from the hydropower plants. Hence, the 2023 production is expected to have a more balanced profile throughout the year.
Cloudberry's proportionate power production in the fourth quarter totaled 95 GWh, a doubling from 48 GWh during the same quarter last year. The significant growth can be primarily explained by completion of new wind power plants.
Hydro power production totaled 47 GWh in the fourth quarter. Precipitation in the southern part of Norway (price area NO1 and NO2) picked up during the fourth quarter and ended well above normal levels. This is in strong contrast to the last year when precipitation was below normal. The change in weather shows the importance of a geographically diversified portfolio.
Continuing lack of grid capacity between the price areas across the Nordic countries led to continuous large differences in area prices during the quarter, with generally low prices in the north and high prices in the south. All plants have seen stable operations over the quarter although the plants in NO3 and NO5 have in periods not been producing due to lack of water.
Wind power production totaled 48 GWh in the fourth quarter. The large increase from the same quarter last year (3GWh) reflects Odal Vind in full operation as well as Hån Vindpark coming into full production in December.
Cloudberry realized an average physical power price of NOK 1.29 per kWh during the fourth quarter of 2022. More normalized levels of water in the reservoirs and above normal precipitation in the South of Norway in combination with lowered coal and gas prices reduced prices in NO 1,2 and 5. Prices in Northern Norway (NO 3 and 4) stayed at lower levels, but prices picked up slightly compared to previous quarter. Cloudberry will have a larger proportion of
During the fourth quarter, the development segment reached a number of major milestones. The backlog with development projects in SE 3 has grown significantly and a final investment decision was taken on Sundby Vindpark in SE 3 (previously named Kafjärden).
Sundby Vindpark AB (previously named Kafjärden). A final investment decision ("FID") was taken for Sundby Vindpark in December. Cloudberry signed in December nine 3.6 MW turbines with Vestas and plan to install a total capacity of 32.4 MW. The expected annual production is 89 GWh with a long-term ~97% uptime guarantee with Vestas. Total capex including development cost and contingency is estimated to EUR 50 million. Cloudberry will reuse a significant portion of the existing infrastructure (low nature and environment impact) and expects the project to be in operation already by the end of 2023.
Stenkalles (project Vänern). The wind farm at Stenkalles grund, located in Sweden's largest lake, Vänern (SE3), is a 100 MW, 18 turbine project owned 50/50 by Hafslund and Cloudberry. During the quarter, the joint venture and cooperation with Hafslund has been developed further and a joint project organization has been implemented. The project has received a two-year license extension from Swedish authorities. Based on the extension, Hafslund and Cloudberry have decided to spend additional time to optimize project economics and reduce risk. The expected operational date is pushed to 2025/2026.
Munkhyttan and Duvhällen is under way with integrated teams from Cloudberry and Captiva increasing the pace of the activities in the pre-construction phase. For Munkhyttan, final procurement production in the southern high price areas going forward as Odal and Hån (both NO 1) are in full production.
~98% of Cloudberry's production in fourth quarter was at merchant pricing (spot price). Bøen Kraft has a PPA in place of 8 GWh annually that expires 31.12.2024. Cloudberry secured a fixed 5-year contract for 4 GWh during 2022, at a fixed price of ~NOK 1.4 per kWh. The contract started January 2023.
is on-going and progressing according to plan. Cloudberry expects a final investment decision first half of 2023 and production in 2024. At Duvhällen, Cloudberry still awaits increased grid capacity.
Cloudberry has increased its backlog to 480 MW (15 projects) by securing exclusive rights to the wind projects Ulricehamn Vindpark (SE 3) and Söderköping Vindpark (SE 3). Cloudberry has a strong internal push and the local knowledge to increase the number of well anchored projects with local stakeholders. Cloudberry has removed two Norwegian wind projects from the backlog, as they have been down prioritized due to low probability of success.
Cloudberry has a long-term goal to have a project portfolio of > 2,500 MW in the Baltic Sea by 2030. Simpevarp is one example where Cloudberry is developing an offshore wind farm outside the peninsula in Oskarshamn located on the Swedish east coast in SE 3. A strong grid connection in combination with good water depths, suitable ports and a unique industrial energy expertise nearby create favorable conditions for Sweden's first large-scale unsubsidized offshore wind farm. The envisaged offshore wind farm Simpevarp has the capacity to produce ~3 TWh of electricity per year, corresponding to about 2% of Sweden's electricity. Due to the size of the project, it is likely that Cloudberry will look for a partner.
Further, Cloudberry is currently evaluating multiple sites and performing pre-studies to find the most suitable projects for future development.
The Operations segment includes the activities organized in the Captiva Group. Captiva is an asset manager and operator of wind and hydro assets in the Nordics with more than 15 years of history. Cloudberry is currently a 60% owner of Captiva with the option to purchase 100% of the business by 2025. Captiva has organized its business into management services and digital solutions.
of 23,295 new shares. The Company's new share capital is NOK 72,824,976.25, divided into 291,299,905 shares, each with a par value of NOK 0.25. Each share carries one vote.
· Cloudberry has during 2020 - 2021 secured all longterm existing debt on fixed rates (10 – 21 years). This includes the debt in the associated companies Odal Vind (all interest-bearing debt secured on a 21-year fixed rate) and the Forte portfolio (all interest-bearing debt fixed for 15 years). Higher
interest rates will therefore not affect the cost level of the existing production portfolio.
Cloudberry is continuing its profitable growth and has become a leading Nordic Independent Power Producer (IPP). Please refer to the newly announced acquisition of "Odin", which creates diversification into a new attractive market and price area DK1.
In the fourth quarter of 2022, we have further developed our assets under construction and our development pipeline. We are pleased that Odal Vind and Hån wind farms are in full production adding new renewable power to our portfolio. New wind power will also affect our production profile especially in winter where our hydro based portfolio is generally producing on a lower level. Further strengthening the production profile and power production is the FID on Sundby Wind Farm in SE 3 adding another 32MW to our portfolio when in production in approximately 12 months.
We have an increased focus on building up our development back-log with new hydro and wind projects. We are happy to see new projects in Sweden coming into the development portfolio. On the offshore side we continue our work on our latest early-stage project Simpevarp (800MW) in Sweden and also working on other near shore projects in the Swedish sector.
The Norwegian Government has proposed a new taxation for the renewable sector in Norway which we have received with great disappointment. We have been in close dialogue with the most important stakeholder from civil service and members of Government, industry, political parties and relevant organizations and trust that the decisionmakers understand the negative impact the proposal will have on the much needed energy transition and that the proposal finds an adjusted form before its brought to the Parliament hopefully before summer of 2023.
On the international arena EU is focusing on speeding up the energy transition through Fitfor55 and RePowerEU at the same time as they are looking at redesign the energy market. We are following the work closely and hope the outcome will be positive both for the developing of new renewable power throughout the EU leading to reduced and more stable energy prices for the consumers and industry.
The Nordic power market continues to look strong with high spot prices and high forward prices for all our relevant price areas. With the ongoing energy transition and the increased focus on security of supply the power prices are expected to remain strong.
This section covers highlights and updates from the fourth quarter 2022. Cloudberry will report more in depth in our annual Sustainability report which will be published on 24 March 2023.
No incidents causing harm to people`s health and safety, nor any serious material or environmental damages were recorded in Cloudberry during the fourth quarter 2022. There were no whistleblowing reports and no reported nor detected incidents of corruption or fraud.
Cloudberry has grown significantly in 2022 through the acquisition of 60% of the Captiva Group (the Operations segment) and by organic growth. The development necessitated updating the materiality analysis and the external stakeholder dialogue and the company has through this strengthened our sustainability strategy. Dialogue and input from all stakeholders are of high importance to the company. As a result, Cloudberry has updated our environmental, social and governance topics, by developing sustainability ambitions, targets, and key performance indicators (KPIs). During the fourth quarter 2022, the targets and KPIs were approved by the ESG committee and the Board of Directors in Cloudberry. The annual Sustainability report 2022 will describe these in detail.
Cloudberry's proportionate power production in 2022 totaled 268 GWh (117 GWh in 2021). The avoided emissions relative to baseline emissions from the European electricity mix (EU-27 electricity mix, IEA 2022) is equivalent to 59,496 tCO2 e (28,633 tCO2 e in 2021). Cloudberry`s carbon emissions accounting for 2022 from scope 1,2 and 3 will be published in the Sustainability report 2022. As of 2023, Cloudberry will report carbon emissions on a quarterly basis.
The final investment decision on Sundby Vindpark AB (Kafjärden) in Sweden was made by the end of fourth quarter. In this project, as in all of our
projects, we focus on biodiversity and as little nature and environmental impact as possible. At Sundby Vindpark a significant portion of the existing infrastructure, like foundations, roads, and crane supports will be reused. The internal cable network on site will also be reused with minor amendments. Furthermore, steel plates and wooden mats will be used for temporary storage of turbine blades, instead of building curves connected to the road. This way Cloudberry reduces impact on our valuable nature.
In accordance with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD), relevant climate risks and opportunities in the Operations segment were assessed during the fourth quarter 2022. The results have been integrated in Cloudberry`s overall climate related risks and opportunities. Going forward, analysis of climate-related risks in specific projects and assets will continue to be conducted. In addition, we are currently evaluating climate-related risk scenarios, and an integrated scenario analysis will be incorporated in the Cloudberry strategy. The TCFD report and scenario analysis will be published in conjunction with the Sustainability report 2022.
100% of the turnover within the Production and Development segments is considered to be EU Taxonomy eligible. The Operations segment will be a part of the taxonomy reporting from 2023. A thirdparty assessment is being carried out to assess alignment with the criteria of the EU Taxonomy on the hydro- and wind power assets. The evaluation is ongoing and will be reported from 2023.
Fostering diversity, equity, and inclusion (DEI) in the organization is of high importance for Cloudberry. It is also required by law through the Equality and Discrimination Act. In the fourth quarter 2022 Cloudberry conducted an employee engagement survey focusing on HMS, compliance, work life
balance and DEI in the workplace. The result from the survey gave a DEI index of 5,2 (6 is maximum score), which is a bundle of responses to five questions. This result constitutes the baseline for measures and targets within DEI and employee engagement. Even though the results were considered satisfactory, measures for progress are identified and under implementation to strengthen the work going forward. As part of our continuous improvement, smaller surveys in addition to the annual employee engagement survey will be conducted and discussed in focus groups during 2023. Cloudberry has set targets related to gender balance in the company and are to be published in the Sustainability report 2022.
To heighten the company's ambitions related to DEI and workplace environment as well as to further expectations from the legislation, Cloudberry has updated our Code of Conduct, approved by the Board of the company by the end of 2022.
Cloudberry conducted a due diligence assessment in accordance with the requirements of the Transparency Act during 2022 to secure fundamental human rights and decent working conditions in our entire supply chain. In fourth quarter we have taken further steps to strengten our work on transparency and decent working conditions, such as implementing pre-screening of all potential suppliers. We will report on our work with the Transparency Act within the deadline 30 June 2023, and include details on actions taken to reduce the risk of human rights breaches in the Sustainability report 2022.
Investing in local stakeholder and community relations is fundamental for Cloudberry. In the Sundby Vindpark AB (Kafjärden) project, a specific budget dedicated to environmental and social work in the construction phase has been included. In addition, a budget for the production period is in place for investment in local initiatives, which is an integral part of returning value to the communities in which Cloudberry operates. For the company, responsible actions towards the society means contributions and interactions with the local community, by local presence, providing information, and by finding the best possible solutions for the residents.
Consolidated and proportionate EBITDA for the fourth quarter were NOK 34m and NOK 57m respectively compared with NOK -7m and NOK -11m in same quarter last year.
The increase in consolidated and proportionate revenues and EBITDA compared to the same quarter last year stems primarily from increased production volumes from new power plants and higher realized power prices.
Net income from associated companies was NOK 21m in fourth quarter (NOK 10m same quarter 2021) with NOK 1m from Forte and NOK 20m from Odal.
Net finance expense in fourth quarter is a gain of NOK 16m (NOK -9m in same quarter last year). This is mainly due to positive other financial expense of NOK 18m from a fair value adjustment on the Bøen power price contract derivative. Interest payments related to the long-term debt facility was NOK -5m in fourth quarter.
All long-term interest-bearing debt is secured with fixed interest rate with applied hedge accounting.
As per reporting date the Group has a strong financial position and is fully financed for the acqusition of the Odin portfolio with existing cash and debt facilities.
The table below summaries the key figures on consolidated basis
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Revenue and other income | 75 | 22 | 217 | 41 |
| Net income/(loss) from associated companies and JV | 21 | 10 | 121 | 16 |
| EBITDA | 34 | (7) | 152 | (32) |
| Operating profit (EBIT) | 25 | (11) | 117 | (41) |
| Profit/loss from total operations | 40 | (20) | 125 | (63) |
| Cash and cash equivalents | 1 537 | 1 115 | 1 537 | 1 115 |
| Equity | 3 797 | 2 636 | 3 797 | 2 636 |
| Interst bearing debt | 339 | 304 | 339 | 304 |
| Net interest bearing debt (NIBD) | (1 199) | (811) | (1 199) | (811) |
| Basic earings per share | 0.14 | (0.10) | 0.48 | (0.40) |
Total revenue in fourth quarter was NOK 75m compared with NOK 22m in the same quarter last year. Increase of revenue from power production was NOK 34m and is due to increased production volumes and increased average power prices. Increase of NOK 15m is related to revenue from the new business segment Operations, while NOK 4m is related to gain from sale of past projects within the Operations and Development segment. The total revenue in
fourth quarter included the effect of an adjusted accounting gain of NOK 2m related to sale of 50% of Stenkalles to the new project partner Hafslund.
Revenue for the financial year 2022 was NOK 217m, compared with NOK 41m for financial year 2021. The increase on NOK 176m is mainly related to increased power production and higher average power price, but also revenue from the acquired operations segment.
Net income from associated companies and JV's represents Cloudberry's investment in Odal Vind, Forte and Stenkalles utilizing the equity method to account for Cloudberry's proportion of the company's net income for the consolidated accounts. Odal Vind and Forte's net income represents primarily profit from power sales and are included in the Production segment for the proportionate figures, while Stenkalles is a wind development project and included in the Development segment (from 19 September 2022).
Net income from associated companies and JV's was NOK 21m in fourth quarter, an increase of NOK 11m from the same quarter last year. Of the total net income, Forte and Odal represents NOK 1m and NOK 20m, respectively over the quarter. The increase is primarily related to higher realized power prices, while Odal is also affected by a ramp-up in production. Forte has recognized a loss on a power off-take agreement derivative of NOK 9m in the quarter, which is recognized in the profit or loss statement.
Net income from associated companies and JV's was NOK 121m for the financial year 2022, compared with NOK 16m previous year. The income is mainly related to Forte and Odal with NOK 48m and NOK 73m respectively (NOK 20m and NOK -4m, previous year). The increase of NOK 105m is mainly related to the ramp up of production in Odal and higher realized average power prices for Forte compared to the financial year of 2021.
EBITDA is NOK 34m in fourth quarter, an increase of NOK 41m from NOK -7m in same quarter previous year. The increase comprises of increased revenues of NOK 53m, increased operating expenses of NOK 23m and increased net income from associated companies of NOK 11m.
The increase in operating expenses relates mainly to increased salary and personnel expenses of NOK 18m, of which NOK 3m is increased warrant costs (non-cash) and increased other operating expenses of NOK 5m of which NOK 4m is related to landowner rent.
EBITDA for the financial year 2022 was NOK 152m, compared with NOK -32m for the financial year 2021. The increase of NOK 184m is due to increased total revenue of NOK 176, increased operating expenses of NOK 98m and increased net income from associates and JV's of NOK 105m. The increase is due to ramp up of operations.
EBIT in fourth quarter was NOK 25m, compared with NOK -11m in same quarter last year. The increase of NOK 36m is due to increased EBITDA of NOK 41m, and NOK 5m in increased depreciations and amortizations.
EBIT for the financial year 2022 was NOK 117m, compared with NOK -41m for the financial year 2021.
Equity has increased from NOK 2 636m to NOK 3 797m from year end 2021 to year end 2022. This is mainly due to the capital increase in September of NOK 800m, and capital increase from acquisitions which have been settled with shares and increased with non-controlling interests. Profit from total operations is NOK 125m and net other comprehensive income is NOK 100m per year end 2022. Equity ratio per 31 December 2022 was 83% (85% pr 31 December 2021).
Cash and cash equivalents were NOK 1 537m per 31 December 2022, an increase of NOK 422m from year end 2021. The increase comprises mainly of NOK 2m from operating activities, NOK -303m from investment activities and NOK 727m, from financing activities.
Total interest-bearing debt has increased from NOK 304m to NOK 339m from year end 2021 to year end 2022. The increase of NOK 35m is related to debt takeover of NOK 84m from business acquisitions, NOK 116m in proceeds from new term loan from refinanced debt, payment of NOK -151m and NOK -13m related to repayment of term loan in relation to refinancing, other debt repayments, and principal amounts on term loans. Change due to interest swap fair value is NOK -1m.
Proportionate financials represent Cloudberry's proportionate share of the financials which are not fully consolidated or excluding the non-controlling interest of subsidiaries held less than 100%. Please refer to the chapter Alternative Performance Measures (APM) for definitions and reconciliations.
The table below summaries the key figures on proportionate basis.
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Revenues and other income | 136 | 36 | 646 | 83 |
| Production | 123 | 35 | 402 | 77 |
| Development | 4 | 1 | 207 | 6 |
| Operations | 10 | - | 38 | - |
| Corporate | - | - | - | - |
| EBITDA | 57 | (11) | 382 | (25) |
| Production | 85 | 20 | 264 | 43 |
| Development | (9) | (16) | 177 | (30) |
| Operations | (1) | - | 4 | - |
| Corporate | (19) | (15) | (63) | (38) |
| Power Production (GWh) | 95 | 48 | 268 | 117 |
In the fourth quarter proportionate revenues increased from NOK 36m to NOK 136m compared to the same quarter last year. The increase of NOK 100m is primarily due to:
Proportionate revenue for the financial year 2022 was NOK 646m, compared with NOK 83m for financial year 2021. The increase of NOK 564m is due to:
· Increased revenue in Production of NOK 325m, due to increased production from 117GWh to 268 GWh
(increase of 127%) and increased average power price from NOK 0.63 per kWh to NOK 1.49 per kWh.
In fourth quarter proportionate EBITDA increased from NOK -11m to NOK 57m compared with same quarter last year. The increase of NOK 68m is primarily due to:
have increased its number of employees and the development activities, costs are mainly capitalized to development projects.
Proportionate EBITDA for the financial year 2022 was NOK 382m, compared with NOK -25m for financial year 2021. The increase of NOK 407m is due to:
| NOK million | Note | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Sales revenue | 70 | 21 | 208 | 35 | |
| Other income | 5 | 1 | 9 | 6 | |
| Total revenue | 3 | 75 | 22 | 217 | 41 |
| Cost of goods sold | (3) | (4) | (14) | (5) | |
| Salary and personnel expenses | 12 | (29) | (11) | (91) | (28) |
| Other operating expenses | (30) | (25) | (81) | (55) | |
| Operating expenses | (62) | (39) | (186) | (89) | |
| Net income/(loss) from associated companies and JV |
9 | 21 | 10 | 121 | 16 |
| EBITDA | 34 | (7) | 152 | (32) | |
| Depreciation and amortizations | 6,7 | (10) | (4) | (35) | (10) |
| Operating profit (EBIT) | 25 | (11) | 117 | (41) | |
| Financial income | 5 | 16 | 5 | 67 | 6 |
| Financial expenses | 5 | - | (13) | (61) | (29) |
| Profit/(loss) before tax | 41 | (20) | 123 | (64) | |
| Income tax expense | (1) | - | 1 | 1 | |
| Profit/(loss) after tax | 40 | (20) | 125 | (63) | |
| Profit/(loss) for the year from total operations | 40 | (20) | 125 | (63) | |
| Profit/(loss) attributable to: | |||||
| Equity holders of the parent | 41 | (20) | 121 | (63) | |
| Non-controlling interests | (1) | - | 3 | - | |
| Earnings per share (NOK): | |||||
| Continued operation | |||||
| - Basic | 0.14 | (0.10) | 0.48 | (0.40) | |
| - Diluted | 0.14 | (0.10) | 0.46 | (0.40) | |
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Profit for the year | 40 | (20) | 125 | (63) |
| Other comprehensive income: | ||||
| Items which will not be reclassified over profit and loss | - | - | - | |
| Items which may be reclassified over profit and loss in subsequent periods |
||||
| Net movement of cash flow hedges | 2 | (2) | 91 | 3 |
| Income tax effect | (1) | - | (20) | (1) |
| Exchange differences | - | (8) | 29 | (9) |
| Net other comprehensive income | 2 | (9) | 100 | (7) |
| Total comprehensive income/(loss) for the period | 42 | (29) | 225 | (70) |
| Total comprehensive income/(loss) attributable to: | ||||
| Equity holders of the parent company | 43 | (29) | 222 | (70) |
| Non-controlling interests | (1) | - | 3 | - |
| NOK million | Note | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 6 | 1 594 | 1 009 |
| Intangible assets | 7 | 86 | - |
| Goodwill | 7 | 143 | 38 |
| Investment in associated companies and JVs | 9 | 891 | 677 |
| Financial assets and other non-current assets | 105 | 10 | |
| Total non-current assets | 2 819 | 1 735 | |
| Current assets | |||
| Inventory | 8 | 106 | 154 |
| Accounts receivable | 52 | 12 | |
| Other current assets | 87 | 103 | |
| Cash and cash equivalents | 11 | 1 537 | 1 115 |
| Total current assets | 1 782 | 1 383 | |
| TOTAL ASSETS | 4 601 | 3 118 |
| NOK million | Note | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 73 | 59 | |
| Share premium | 3 495 | 2 676 | |
| Total paid in capital | 3 568 | 2 735 | |
| Other equity | 149 | (99) | |
| Non-controlling interests | 80 | - | |
| Total equity | 3 797 | 2 636 | |
| Non-current liabilities | |||
| Interest-bearing loans and borrowings | 10 | 327 | 294 |
| Lease liabilities long term | 39 | 3 | |
| Provisions | 32 | 11 | |
| Deferred tax liabilities | 126 | 83 | |
| Total non-current liabilities | 524 | 391 | |
| Current liabilities | |||
| Interest-bearing short term financial liabilities | 10 | 12 | 10 |
| Current lease liabilities | 4 | 1 | |
| Accounts payable and other current liabilities | 135 | 38 | |
| Provisions | 129 | 41 | |
| Total current liabilities | 280 | 91 | |
| TOTAL EQUITY AND LIABILITIES | 4 601 | 3 118 |
Oslo, 13 February 2023
The Board of Directors of Cloudberry Clean Energy ASA
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Cash flow from operating activities | ||||
| Profit/(loss) before tax | 41 | (20) | 123 | (64) |
| Net gain from sale of PPE and project inventory | (5) | - | (9) | - |
| Depreciations and amortizations | 10 | 4 | 35 | 10 |
| Write down, project inventory | - | 3 | - | 3 |
| Net income from associated comp. and JV's | (21) | (10) | (121) | (16) |
| Share based payment - non cash to equity | 4 | 1 | 26 | 4 |
| Net interest paid/received | 2 | 2 | 12 | 9 |
| Unrealized effect from derivatives not designated for hedgning | (18) | - | - | - |
| Unrealised foreign exchange (gain)/loss | 11 | - | 1 | - |
| Change in inventories due to capitalized salaries and other expenses | (2) | (4) | (40) | (9) |
| Change in accounts payable | (25) | 29 | 88 | 12 |
| Change in accounts receivabe | 5 | (8) | (25) | (9) |
| Change in other short term assets and liabilities | (169) | 9 | (89) | (11) |
| Net cash flow from operating activities | (168) | 7 | 2 | (71) |
| Cash flow from investing activities | ||||
| Interest received | 4 | - | 10 | 1 |
| Investment of projects cash outflow | - | - | (3) | - |
| Investments in PPE and intagibles | (133) | - | (301) | (180) |
| Proceeds from sale of PPE and project inventory | 2 | (64) | 60 | - |
| Acquisition of shares in subsidiaries, net liquidity outflow | - | (90) | (70) | (318) |
| Received dividend from associated comp. and JV's | 31 | - | 31 | - |
| Investments in associated comp. and JV's | - | - | (31) | (332) |
| Net cash flow from (used in) investing activities | (95) | (154) | (303) | (829) |
| Cash flow from financing activities | ||||
| Payment to escrow account | - | - | (14) | (85) |
| Transfer from escrow account | 22 | - | 82 | 152 |
| Proceeds from new term loans | - | 111 | 116 | 226 |
| Repayment of term loan | (33) | (112) | (151) | (283) |
| Repayment of short-term interest-bearing liabilities | (3) | - | (13) | (237) |
| Interest paid other than lease | (6) | (2) | (22) | (9) |
| Payment on lease liabilities - interest | (1) | - | (1) | - |
| Repayment on lease liabilities | (1) | - | (3) | (1) |
| Other financing activeties | (30) | - | (33) | - |
| Share capital increase | - | 579 | 767 | 1 647 |
| Net cash flow from financing activities | (51) | 576 | 727 | 1 411 |
| Total change in cash and cash equivalents | (314) | 429 | 426 | 512 |
| Effect of exchange rate changes on cash and cash equivalents | (2) | (3) | (3) | (2) |
| Cash and cash equivalents at start of period | 1 853 | 689 | 1 115 | 605 |
| Cash and cash equivalents at end of period | 1 537 | 1 115 | 1 537 | 1 115 |
| Attributable to parent company equity holders | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Paid in capital | Other Equity | |||||||||
| Share capital |
Share premium |
Share based payment |
Cash flow hedge reserves |
Exch. diff. |
Retained earnings |
Total other equity |
Total | Non controlling interests |
Total equity |
|
| Equity as at 01.01.2021: | 26 | 1 062 | 1 | 1 | (3) | (33) | (33) | 1 055 | - | 1 055 |
| Sharecapital increase | 33 | 1 614 | - | - | - | - | - | 1 647 | - | 1 647 |
| Share based payments in the year | - | - | 4 | - | - | - | 4 | 4 | - | 4 |
| Profit/loss for the period | - | - | - | - | - | (63) | (63) | (63) | - | (63) |
| Other comprehensive income | - | - | - | 2 | (9) | - | (7) | (7) | - | (7) |
| Total comprehensive income | - | - | - | 2 | (9) | (63) | (70) | (70) | - | (70) |
| Transaction with non-controlling intrest |
- | - | - | - | - | - | - | - | - | - |
| Transfer to other equity | - | - | - | - | - | - | - | - | - | - |
| Equity as at 31.12 2021 | 59 | 2 676 | 6 | 3 | (12) | (96) | (99) | 2 636 | - | 2 636 |
| Equity as at 01.01 2022: | 59 | 2 676 | 6 | 3 | (12) | (96) | (99) | 2 636 | - | 2 636 |
| Sharecapital increase | 14 | 819 | - | - | - | - | - | 833 | 76 | 910 |
| Share based payments in the year | - | - | 26 | - | - | - | 26 | 26 | - | 26 |
| Profit/loss for the period | - | - | - | - | - | 121 | 121 | 121 | 3 | 125 |
| Other comprehensive income | - | - | - | 71 | 29 | - | 100 | 100 | - | 100 |
| Total comprehensive income | - | - | - | 71 | 29 | 121 | 222 | 222 | 3 | 225 |
| Transaction with non-controlling intrest |
- | - | - | - | - | - | - | - | - | - |
| Transfer to other equity | - | - | - | - | - | - | - | - | - | - |
| Equity as at 31.12.2022 | 73 | 3 495 | 31 | 74 | 18 | 25 | 149 | 3 717 | 80 | 3 797 |
Cloudberry Clean Energy ASA ("Cloudberry"), its subsidiaries and investments in associated companies ("the Group") is a Nordic renewable power producer, operator and developer. The Company has an integrated business model across the life cycle of hydro- and wind power plants including project development, financing, construction (normally outsourced), ownership, management and operations.
Cloudberry Clean Energy ASA is incorporated and domiciled in Norway. The address of its registered office is Frøyas 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).
The condensed interim consolidated financial statements for the fourth quarter of 2022 were authorized by the Board of Directors for issue on 13 February 2023.
The Group's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) for interim reporting under International Accounting standard, IAS 34, and interpretations from International Financial Reporting Interpretations Committee (IFRIC) as adopted by the EU. These consolidated interim financial statements are unaudited.
Presentation and classification of items in the financial statements is consistent for the periods presented. Application of the accounting policies by the subsidiaries has been changed where necessary to ensure consistency with Group accounting policies. The functional currency of the companies in the Group is determined based on the nature of the primary economic environment in which the company operates. This is the Norwegian krone (NOK), the Swedish krone (SEK), Euro (EURO) and Swiss franc (CHF). The functional currency of the parent company Cloudberry Clean Energy ASA and the presentation currency of the Group is Norwegian kroner (NOK).
The Group's consolidated financial statements are prepared on a going concern basis. When assessing this assumption, management has assessed all available information about the future. This comprises information about net cash flows from existing operations, debt service and obligations. After making this assessment, management has a reasonable expectation that the Group has adequate resources to continue its operational existence for the foreseeable future.
The consolidated financial statements are comprised of the financial statements of the parent company Cloudberry Clean Energy ASA and its subsidiaries. Subsidiaries are all entities over which the Company has control. When assessing whether the Company controls an entity the roles and activities are analyzed in line with the definitions and requirements in IFRS 10.
Associated companies are companies where the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but not control or joint control over those policies. Investments in associated companies are recognized in the consolidated accounts using the equity method and presented as non-current assets.
Joint ventures (JV) are companies or entities where the Group has joint control with one or several other investors. In a joint venture company, decisions related to relevant activities must be unanimous between participants who have joint control. Investments in joint ventures are recognized in the consolidated accounts using the equity method and presented as non-current assets.
Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the Group's share of the post-acquisition profit or loss. Dividends received or receivable from associated companies or joint ventures, are recognized as a reduction of the carrying amount of the investment.
Business segments are reported in a manner consistent with how the Group internally follows up the business. The Group's segment financials are reported on a proportionate basis.
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 companies and joint ventures are included in the financial accounting lines of the profit or loss statement and share of assets and net debt, with the respective proportionate ownership share, in the consolidated financials associated companies are consolidated with the equity method. Subsidiaries that have non-controlling interests are presented with only the Group ownership share, while in the consolidated financials they are included with 100%. Proportionate financials is how the internal financial reporting to the Group's chief operating decision maker, defined as the Executive Management team, is prepared. The business segments are determined
based on the differences in the nature of their operations.
Cloudberry manages its operations in four segments, Production, Development, Operations and Corporate.
Cloudberry accounts for revenue in accordance with IFRS 15 Revenue from Contracts with Customers and applies the five-step method to all revenue streams.
The Group's sales revenues are divided into the following categories:
The revenues from power production or related products bear the characteristic of delivering power, el-certificates and guarantees of origin, at a certain price. The performance obligation is to deliver a series of distinct goods (power or related products) and the transaction price is the consideration the Group expects to receive, at either spot price, regulated price or contract price. The performance obligation is satisfied over time which entails that revenue should be recognized for each unit delivered at the transaction price. The Group applies a practical expedient under IFRS 15 whereby the revenue from power for most of the contracts is recognized at the amount of which the entity has a right to invoice. The right to invoice power arises when power is produced and delivered, and the right to invoice the consideration will normally correspond directly with the value to the customer. The right to invoice for el-certificates and guarantees of origin arise when the certificates are delivered.
Revenue from management and consultancy services is recognized when the service is preformed, and the Group has an unconditional right to the consideration settlement. When the performance obligation is fulfilled and Cloudberry has an unconditional right to the consideration, this is presented separately in the balance sheet as a receivable.
Agency fee from power sales are services related to power trade on behalf of power producers. Agency fee revenues are presented net and represent only the agency fee. This is because the Company acts on behalf of the power producer and does not trade at own risk. A smaller part of the trade portfolio includes risk related to unbalance, but this risk is actively reduced as much as possible.
When determining the transaction price for each element in the contract, Cloudberry adjusts for the time value of money if the timing of payment agreed to by the parties provides the customer with a significant benefit of financing. The Group applies a practical approach, and the consideration is not adjusted for a financing component if the period between the transfer for the goods or service and the payment is less than a year.
Sale of ready-to-build development projects is accounted net of inventory costs and presented as other income in accordance with IFRS 10. The projects are often organized in single-purpose-vehicles (SPV) and the net gain and net loss is recognized when control of the project SPV is transferred to the acquirer. Net gain or loss from sale of fixed assets (producing power plants) is classified and presented as other income.
For further information about the Group's applied accounting policies and principles please refer to the annual report for 2021.
The Group reports its operations in four business segments; Production, an active owner of renewable power assets in the Nordics; Development, a greenfield developer both on and off-shore with a long history of organic, in-house developments of wind and hydropower assets in Norway and Sweden; Operations, an asset manager and operator of renewable power assets, that also delivers industrial digital solutions, and a cost efficient Corporate segment ensure management tasks for the Group like financing, marketing, reporting and other corporate activities.
The Group reports on proportionate financials (APM) for each business segment. Proportionate financials are further defined and described in the APM section of this report.
The tables below show the proportionate segment reporting for the respective periods Q4 2022, Q4 2021, FY 2022 and FY 2021:
| Residual | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Q4 2022 | Elimination of equity |
ownership for fully |
|||||||
| Total | Group | consoli | consoli | Total | |||||
| NOK million | Propor | elimi | dated | dated | Consoli | ||||
| Production | Development | Operations | Corporate | tionate | nations | entities | entities | dated | |
| Total revenue | 123 | 4 | 10 | - | 136 | (5) | (69) | 12 | 75 |
| Operating expenses ex depreciations and amortisations |
(38) | (12) | (10) | (19) | (80) | 9 | 22 | (13) | (62) |
| Net income/(loss) from associated companies and JV's |
- | - | - | - | - | - | 21 | - | 21 |
| EBITDA | 85 | (9) | (1) | (19) | 57 | 4 | (26) | - | 34 |
| Depreciation and amortisation | (11) | - | (1) | (1) | (13) | - | 4 | (1) | (10) |
| Operating profit (EBIT) | 74 | (9) | (2) | (20) | 44 | 4 | (21) | (1) | 25 |
| Net financial items | (19) | 6 | 2 | 15 | 5 | - | 12 | (1) | 16 |
| Profit/(loss) before tax | 55 | (3) | - | (4) | 48 | 4 | (9) | (2) | 41 |
| Total assets | 3 128 | 383 | 179 | 2 178 | 5 867 | (695) | (595) | 24 | 4 601 |
| Interest bearing debt | 865 | 55 | 6 | - | 926 | - | (591) | 4 | 339 |
| Cash | (131) | (21) | 34 | 1 703 | 1 587 | - | (122) | 73 | 1 537 |
| NIBD | 996 | 76 | (28) | (1 703) | (660) | - | (469) | (69) | (1 199) |
| Q4 2021 | Total | Group | Elimination of equity consoli |
Residual ownership for fully consoli |
Total | ||||
|---|---|---|---|---|---|---|---|---|---|
| NOK million | Production | Development | Operations | Corporate | Propor tionate |
elimi nations |
dated entities |
dated entities |
Consoli dated |
| Total revenue | 35 | 1 | N/A | - | 36 | - | (14) | - | 22 |
| Operating expenses ex depreciations and amortisations |
(15) | (17) | - | (15) | (46) | - | 7 | - | (39) |
| Net income/(loss) from associated companies and JV's |
- | - | - | - | - | - | 11 | - | 11 |
| EBITDA | 20 | (16) | - | (15) | (11) | - | 3 | - | (7) |
| Depreciation and amortisation | (6) | - | - | - | (7) | - | 2 | - | (4) |
| Operating profit (EBIT) | 14 | (16) | - | (15) | (18) | - | 6 | - | (12) |
| Net financial items | 5 | (4) | - | (2) | (1) | - | (8) | - | (9) |
| Profit/(loss) before tax | 19 | (21) | - | (17) | (18) | - | (2) | - | (20) |
| Total assets | 2 065 | 308 | - | 1 443 | 3 815 | - | (696) | - | 3 119 |
| Interest bearing debt | 826 | - | - | - | 826 | - | (522) | - | 304 |
| Cash | 11 | (59) | - | 1 330 | 1 282 | - | (167) | - | 1 115 |
| NIBD | 816 | 59 | - | (1 330) | (456) | - | (355) | - | (811) |
| FY 2022 | Elimination of equity |
Residual ownership for fully |
|||||||
|---|---|---|---|---|---|---|---|---|---|
| NOK million | Production | Development | Operations | Corporate | Total Propor tionate |
Group elimi nations |
consoli dated entities |
consoli dated entities |
Total Consoli dated |
| Total revenue | 402 | 207 | 38 | - | 646 | (218) | (254) | 43 | 217 |
| Operating expenses ex depreciations and amortisations |
(138) | (30) | (33) | (63) | (264) | 25 | 92 | (40) | (186) |
| Net income/(loss) from associated companies and JV's |
- | - | - | - | - | - | 121 | - | 121 |
| EBITDA | 264 | 177 | 4 | (63) | 382 | (193) | (40) | 3 | 152 |
| Depreciation and amortisation | (38) | - | (6) | (3) | (48) | - | 18 | (5) | (35) |
| Operating profit (EBIT) | 226 | 177 | (2) | (66) | 335 | (193) | (23) | (2) | 117 |
| Net financial items | (20) | (9) | - | 43 | 15 | - | (10) | 2 | 6 |
| Profit/(loss) before tax | 206 | 168 | (2) | (22) | 349 | (193) | (33) | - | 123 |
| Total assets | 3 128 | 383 | 179 | 2 178 | 5 867 | (695) | (595) | 24 | 4 601 |
| Interest bearing debt | 865 | 55 | 6 | - | 926 | - | (591) | 4 | 339 |
| Cash | (131) | (21) | 34 | 1 703 | 1 587 | - | (122) | 73 | 1 537 |
| NIBD | 996 | 76 | (28) | (1 703) | (660) | - | (469) | (69) | (1 199) |
| FY 2021 | Elimination of equity |
Residual ownership for fully |
|||||||
|---|---|---|---|---|---|---|---|---|---|
| NOK million | Production | Development | Operations | Corporate | Total Propor tionate |
Group elimi nations |
consoli dated entities |
consoli dated entities |
Total Consoli dated |
| Total revenue | 77 | 6 | - | - | 83 | - | (42) | - | 41 |
| Operating expenses ex depreciations and amortisations |
(34) | (35) | - | (38) | (107) | - | 18 | - | (89) |
| Net income/(loss) from associated companies and JV's |
- | - | - | - | - | - | 16 | - | 16 |
| EBITDA | 43 | (30) | - | (38) | (25) | - | (7) | - | (32) |
| Depreciation and amortisation | (18) | - | - | (1) | (19) | - | 10 | - | (10) |
| Operating profit (EBIT) | 25 | (30) | - | (39) | (44) | - | 3 | - | (41) |
| Net financial items | (8) | (3) | - | (3) | (14) | - | (8) | - | (22) |
| Profit/(loss) before tax | 17 | (33) | - | (42) | (58) | - | (5) | - | (63) |
| Total assets | 2 065 | 308 | - | 1 443 | 3 815 | (110) | (587) | - | 3 118 |
| Interest bearing debt | 826 | - | - | - | 826 | - | (522) | - | 304 |
| Cash | 11 | (59) | - | 1 330 | 1 282 | - | (167) | - | 1 115 |
| NIBD | 816 | 59 | - | (1 330) | (456) | - | (355) | - | (811) |
Please refer to the section APM section of this report for definitions and further reconciliations to the Group IFRS reported figures.
Please refer to prior reports published in 2022 for details about business combinations and preliminary purchase price allocations and net book value for the acquisitions in 2022.
There are no new business combinations over the fourth quarter of 2022.
The purchase price allocation of Captiva which was acquired in January 2022 is finalized and the documentation is under preparation. The full disclosure will be presented in the annual report published 24 March 2023.
The tables below show the financial income and expenses included in the profit or loss statement:
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Interest income | 5 | - | 11 | 1 |
| Other financial income | 9 | 1 | 13 | 2 |
| Exchange differences | 2 | 4 | 44 | 4 |
| Total financial income | 16 | 5 | 67 | 6 |
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Interest expense | (6) | (2) | (22) | (12) |
| Guarantees and commitment fees | (1) | - | (1) | - |
| Other financial expense | 18 | (1) | (5) | (9) |
| Exchange differences | (15) | (12) | (45) | (12) |
| Capitalized interest | 4 | 2 | 12 | 4 |
| Total financial expense | - | (13) | (61) | (29) |
Other financial income comprises mainly of income from placements in money market funds.
Net exchange differences in fourth quarter were NOK -13m, of this is NOK -11m related to internal receivables and liabilities. NOK -2m is related to bank deposits in foreign currency.
The cash effect of interest payments and commitment fee related to fixed long-term loans and debt facilities was NOK -5m in fourth quarter 2022.
Other finance expense of NOK 18m (gain in fourth quarter) is mainly related to change in fair value of derivative instrument (Bøen power price agreement). The Group has not applied hedge accounting for this contract that expires end of 2024.
The Group has entered into interest swap agreements related to the loan facilities on producing power plants. These derivatives are designated as hedging instruments and accounted with hedge accounting. Please see note 10 and 11 in the annual report for 2021 for details about financial instruments and hedge accounting.
In 2022 the Group has recognized two power price agreements (PPA). The PPA at Bøen is accounted as a financial instrument with change in fair value over the profit or loss statement, while a financial PPA of ~4 GWh is recognized using hedge accounting with change in fair value recognized over OCI.
The table below show the fair value of the derivatives included in the balance sheet.
| NOK million | 31.12.2022 | 31.12.2021 |
|---|---|---|
| Derivative financial instrument asset | 39 | 7 |
| Derivative financial instrument liability | (25) | (3) |
Per 31 December the derivative financial asset relates to interest swap derivatives with NOK 36m, while NOK 2.4m relates to power purchase agreement. The derivative financial liability relates with NOK 23.5 million to power purchase agreements, while NOK 1m relates to interest swap agreements.
The interest swap liability is presented together with non-current interest-bearing loans and borrowings.
The table below shows the split of PPE into producing power plants, assets under construction, other equipment and right-to-use lease assets.
| Producing | Power | Right to | |||
|---|---|---|---|---|---|
| NOK million | power plants |
plant under construction |
Equipment | use - lease asset |
Total |
| Accumulated cost 1.1.2022 | 819 | 255 | 2 | 6 | 1 082 |
| Additions from bus.comb. and acqusitions during the year | 303 | - | 1 | 24 | 328 |
| Additions during the year | 1 | 281 | 1 | 21 | 303 |
| Transfer between groups | 427 | (427) | - | - | - |
| Transfer from inventory | - | 16 | - | - | 16 |
| Cost of disposed assets | (16) | - | - | (5) | (21) |
| Effects of movement in foreign exchange | 3 | (4) | - | - | (1) |
| Accumulated cost at 31.12.2022 | 1 537 | 121 | 4 | 46 | 1 707 |
| Accumulated depreciations and impairment losses at 1.1.2022 | 70 | - | 1 | 2 | 73 |
| Accumulated depreciations acquired assets during the year | 13 | - | 1 | - | 14 |
| Depreciations for the year | 22 | - | 1 | 5 | 28 |
| Impairment losses | - | - | - | - | - |
| Accomulated depreciations and impairment losses disposed assets |
- | - | - | (2) | (2) |
| Effects of movements in foreigs exchange | - | - | - | - | - |
| Accumulated depreciations and impairment losses at 31.12.2022 | 106 | - | 2 | 5 | 113 |
| Carrying amount at end of period | 1 431 | 121 | 2 | 41 | 1 594 |
| Carrying amount beginning of period | 749 | 255 | 1 | 4 | 1 009 |
| Estimated useful life (years) | 25-50 | N/A | 5-10 | 5-50 |
During 2022 the Group has expanded the portfolio of producing power plants with acquisition of Tinnkraft, Ramsliåna and Bøen Kraft, which are all producing power plants. Two projects under construction are completed and have been transferred between asset classes and are now classified as producing power plants, Hån (in fourth quarter) and Skåråna (third quarter).
The development project Sundby Vindpark (Kafjärden) was transferred from inventory to power plant under construction (PPE) when final investment decision was made in December 2022. Sundby is the only power plant under construction and the carrying value as per 31 December 2022 represent the total acquisition cost for the development project, and first payment to the turbine supplier, Vestas.
The total contractual obligations related to the project Sundby amounts to EUR 50m, of which EUR 12m is already invested and reflected in the table above.
The additions of right-to-use lease assets are mainly related to office lease contracts in Captiva and a new office lease contract that replaced the old lease contract at Bergehus, Frøyas gate 15, Oslo.
The table below shows the movement in goodwill and intangible assets from year end 2021 to 31 December 2022:
| Intangible | ||
|---|---|---|
| NOK million | Goodwill | assets |
| Accumulated cost 1.1.2022 | 38 | - |
| Additions from business combinations and acqusitions during the year | 105 | 76 |
| Additions during the year | - | 19 |
| Effects of movement in foreign exchange | - | - |
| Accumulated cost at 31.12.2022 | 143 | 95 |
| Accumulated amortizations and impairment losses at 1.1.2022 | - | - |
| Accumulated amortizations acquired assets during the year | - | 1 |
| Amortizations for the year | - | 8 |
| Impairment losses | - | - |
| Effects of movements in foreigs exchange | - | - |
| Accumulated amortizations and impairment losses at 31.12.2022 | - | 9 |
| Carrying amount at end of period | 143 | 86 |
Intangible assets are related to inhouse developed software systems in Captiva (Operations). The main software systems are Captiva's digital platform, "The Portal", and Tyde hydro analytics system.
Goodwill additions of NOK 105m from business combinations in 2022 is related to the Operations segment and the acquisition of Captiva (NOK 98m) in first quarter and further investment in Enestor AS (NOK 7m) in second quarter of 2022.
In the acquisition of Captiva, goodwill was determined to be related to development know-how within hydro projects, a record of accomplishments, operational intelligence business systems integrated in the Captiva Group of other companies to benefit from each other, and the competence and experience of consultants within the industry. Also, the Captiva brand name as an established and reputable company.
Inventories consist of the capitalized costs related to development projects and inventory of government grants of e-certificates and guarantees of origin.
| NOK million | 31.12.2022 | 31.12.2021 |
|---|---|---|
| Projects | 106 | 154 |
| Government grants | - | - |
| Total | 106 | 154 |
The table below shows the split of project inventory in projects with construction permit and project backlog with movement from 1 January to 31 December.
| NOK million | Projects - with construction permit |
Projects - Backlog |
Total |
|---|---|---|---|
| Project inventory 01.01 | 118 | 35 | 154 |
| Acqusitions during the year | 29 | 4 | 33 |
| Capitalization (salary, borrowing cost, other expenses) | 41 | 2 | 42 |
| Realized | (104) | - | (104) |
| Transfer to PPE | (16) | - | (16) |
| Write down current year | - | - | - |
| Effects of movements in foreigs exchange | (2) | - | (3) |
| Project inventory 31.12 | 66 | 41 | 106 |
Projects with construction permit comprise of the wind project Duvhällen and Munkhyttan (acquired in first quarter 2022). Both are located in SE3 Sweden.
The development project Sundby Vindpark (Kafjärden) was transferred from inventory to power plant under construction (PPE), when final investment decision was made in December 2022.
Stenkalles, a shallow water project was in third quarter disposed 50% to Hafslund joining as a new partner, the project is now owned 50% and classified as a joint venture and equity accounted.
Included in the carrying amount is capitalized external costs related to the projects, salary to the employees working with project development and borrowing costs.
Capitalized costs in fourth quarter 2022 consists of NOK 1m (YTD NOK 4m) in borrowing costs, NOK 1m (YTD NOK 5m) in salaries and NOK 0m (YTD NOK 33 m) in external fees.
Investments in associated companies and joint ventures are accounted for using the equity method. Odal Vind AS (Odal) has since 1 July 2021 used EUR as functional and reporting currency. From 1 July 2022, Forte Energy Norway AS (Forte) converted to EUR as functional and reporting currency. For companies with foreign functional and reporting currency, transactions are translated using the average rate in the respective quarter, while assets and liabilities are translated using the exchange rate at reporting date. Exchange rate differences are recognized in the Group accounts in other comprehensive income.
In September 50% of the Stenkalles project was sold, adding Hafslund as a joint partner and the investment was deconsolidated and is now classified as a joint venture in the Group accounts.
The table shows the summarized investments in associated companies and joint ventures included in the Groups balance sheet as of 30 September 2022:
| Name of Entity | Place of business |
Consolidated economic interest per 31.12.22 |
Segment | Princippal Activities | |
|---|---|---|---|---|---|
| Forte Energy Norway AS with SPV's. | Assosiated company | Norway | 34.0% | Production | Hydro power |
| Odal Vind AS | Assosiated company | Norway | 33.4% | Production | Wind power under construction |
| Stenkalles Holding AS | Joint Venture | Sweden | 50.0% | Development | Offshore wind with construction permit |
| Proxima Hydrotech AS | Assosiated company | Norway | 33.3% | Operations | Management hydro |
The table show the summarized financial information in the Groups accounts for associated companies and joint ventures per 31 December 2022.
| NOK million | Forte Energy Norway AS |
Odal Vind AS | Stenkalles Holding AS |
Proxima Hydrotech AS |
Total |
|---|---|---|---|---|---|
| Book value as beginning of year | 254 | 423 | - | - | 677 |
| Additions of invested capital | - | 31 | - | - | 31 |
| Additions from business combinations | - | - | 17 | 2 | 19 |
| Share of Profit/loss for the year | 42 | 74 | - | - | 115 |
| Depreciation of excess value | (3) | - | - | - | (3) |
| Dividend paid to the owners | (31) | - | - | - | (31) |
| IFRS adjustment | 9 | - | - | - | 9 |
| Currency translation differences | 2 | 27 | - | - | 29 |
| Items charges to equity | 45 | - | - | - | 45 |
| Book value at reporting date | 318 | 555 | 17 | 1 | 891 |
| Excess value beginning of year | 137 | 19 | 156 | ||
| Excess value 31 December 2022 | 134 | 19 | 1 | 154 |
The IFRS adjustment in Forte relates to the power off take agreement which in the Forte accounts is recognized at cost, while in the Group accounts according to IFRS is recognized in the balance sheet at fair value with the change in fair value recognized in the periods profit or loss statement.
Items charged to equity in Forte relates to gain on interest swap derivative which is accounted as hedging instruments in the Group accounts and hence included in the Group's other comprehensive income.
The tables show the summarized financial information for Forte and Odal for the periods Q4 2022, Q4 2021, FY 2022 and FY 2021.
The figures apply to 100% of the companies' operations:
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Revenue | 43 | 42 | 337 | 122 |
| Operating profit | 32 | 22 | 154 | 54 |
| Profit for the period | 4 | 37 | 157 | 63 |
| Total non-current assets | 1 197 | 950 | 1 197 | 950 |
| Total current assets | 270 | 117 | 270 | 117 |
| Total cash and cash equivalents | 242 | 99 | 242 | 99 |
| Long term debt | 687 | 664 | 687 | 664 |
| Total current liabilities | 190 | 60 | 190 | 60 |
| Total equity | 540 | 343 | 540 | 343 |
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Revenue | 158 | - | 405 | - |
| Operating profit | 100 | (4) | 285 | (8) |
| Profit for the period | 63 | (9) | 219 | (13) |
| Total non-current assets | 2 160 | 1 701 | 2 160 | 1 701 |
| Total current assets | 557 | 518 | 557 | 518 |
| Total cash and cash equivalents | 83 | 399 | 83 | 399 |
| Long term debt | 907 | 882 | 907 | 882 |
| Total current liabilities | 107 | 120 | 107 | 120 |
| Total equity | 1 604 | 1 209 | 1 604 | 1 209 |
The tables below show Cloudberry's share of the summarized financial information on a line for line basis for Forte and Odal respectively:
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Revenue | 15 | 14 | 114 | 42 |
| Operating profit | 11 | 8 | 52 | 18 |
| Profit for the period | 2 | 12 | 53 | 22 |
| Total non current assets | 407 | 323 | 407 | 323 |
| Total current assets | 92 | 40 | 92 | 40 |
| Total cash and cash equivalents | 82 | 34 | 82 | 34 |
| Long term debt | 234 | 226 | 234 | 226 |
| Short term debt | 65 | 20 | 65 | 20 |
| Equity | 184 | 117 | 184 | 117 |
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Revenue | 53 | - | 135 | - |
| Operating profit | 33 | (1) | 95 | (3) |
| Profit for the period | 21 | (3) | 73 | (4) |
| Total non-current assets | 722 | 568 | 722 | 568 |
| Total current assets | 186 | 173 | 186 | 173 |
| Total cash and cash equivalents | 28 | 133 | 28 | 133 |
| Long term debt | 303 | 295 | 303 | 295 |
| Total current liabilities | 36 | 40 | 36 | 40 |
| Total equity | 536 | 404 | 536 | 404 |
The Group has a NOK 1 400 million credit facility with SpareBank 1 SR-Bank ASA, with a possibility to increase the facility with additional NOK 500m. The facility consists of a term loan facility to finance investments in producing power plants (hydro and wind) in Norway and Sweden. The facility covers current inhouse producing assets and growth opportunities both organically and in-organically
The credit facility consists of a loan facility of NOK 1 100m, and a revolving credit and guarantee facility of NOK 300m.
The Group has the following long-term borrowings as per 31 December 2022.
| NOK million | 31.12.2022 | 31.12.2021 |
|---|---|---|
| Total bank loan related to power plants | 338 | 302 |
| Reclassified principal payment to short term interest bearing loans and borrowings | (12) | (10) |
| Derivative liability realted to hedge accounting | 1 | 3 |
| Total long term interest bearing loans and borrowings | 327 | 294 |
The interest rate on the term loan is 3 months NIBOR plus margin less than 2%. The Group has entered into interest swap agreements, swapping floating rate to fixed, the Group use hedge accounting, see note 5 in this report.
The covenants related to the term loan and revolving credit facility are related to minimum equity and equity/ debt ratio in Cloudberry Clean Energy ASA and in Cloudberry Production AS, and a minimum cash NOK 40m at Group level. The Group is not in any covenant breach.
The Group has the following guarantees as per 31 December 2022:
| NOK million | Balance sheet item | Maturity | 31.12.2022 | 31.12.2021 | |
|---|---|---|---|---|---|
| Sundby wind farm | Parent guarantee to supplier |
Off-balance | H1 2024 | 311 | - |
| Guarantee Odal Vind | Bank guarantee/bank deposit restricted |
Off-balance/other current assets |
H1 2022 | - | 317 |
| Guarantee Hån wind farm | Bank deposit restricted | Other current asset | H2 2022 | 3 | 3 |
| Bank guarantee to Axpo | Bank guarantee | Off-balance | February 2022 | - | 5 |
| Bank guarantee Marker Vindpark | Bank guarantee | Off-balance | August 2022 | - | 8 |
| Guarantees for office rent | Escrow account | Non-current financial asset |
February 2025 | 2 | 1 |
| Total guarantees and deposits | 316 | 333 |
The Group has a corporate account agreement with SpareBank 1 SR-Bank for the Norwegian companies. No credit facility is incorporated in this agreement, but a larger facility with SpareBank 1 SR-Bank is established, see note 10 in this report.
The Group has the following cash and cash equivalent as per 31 December 2022:
| NOK million | 31.12.2022 | 31.12.2021 |
|---|---|---|
| Bank deposits | 540 | 383 |
| Money market funds | 998 | 732 |
| Total cash and cash equivalents | 1 537 | 1 115 |
Investments in money market funds consist of investments in KLP fund and Fondsforvaltning. These placements are short term placements and are readily convertible to cash.
Of bank deposits per 31 December, NOK 96m is related to Kraftanmelding AS, which is a company owned 51% in the Operations segment. The company is a power trade agent and receives settlement from spot sales before it settles with the power producers. Hence, the cash position must be seen in relation to other shortterm positions, current accounts payable, current provisions and other current debt and assets (including restricted cash related to settlements).
Restricted cash is not included in cash and cash equivalents, this is classified as other current assets. Restricted cash per 31 December is related to Kraftanmelding NOK 32m, escrow amount related to Ramsliåna and Øvre Kvemma of total NOK 14m, tax withholdings of NOK 1m and a guarantee deposited to a restricted bank account to the municipality at Hån wind farm of SEK 3m. A deposit for office rent of NOK 2m is classified as a non-current financial asset.
On June 16 the Group granted 3 million warrants to key employees according to Company's equity incentive program and the decision made on the Company general meeting held 28 April 2022.
The warrants have a nominal value of NOK 0.25 per share and an exercise price of NOK 17.40 per share. The warrants are vested with 1/3 over 1-3 years.
In third quarter 2022 the Group changed the accounting treatment for accrual of warrants granted in 2021 (5.5 million warrants) from linear over the duration period to over the 1-3 years vesting period, reducing the overall periodization of the warrant program from five to three years. This resulted in a one-time catch-up effect of the 2021 grant and increased the cost in third quarter to a total of NOK 16m of which NOK 13m related to first half of 2022 and second half of 2021. The warrant cost is non-cash and a corresponding increase in paid in equity is recognized.
In fourth quarter the cost related to the warrant program was NOK 4.4m (NOK 1m same quarter previous year). The total warrant cost for the financial year 2022 was NOK 24m (NOK 5m in financial year 2021).
Please refer to prior reports published in 2022 for details about related party transactions in 2022.
There were no material transactions entered with related parties per the fourth quarter of 2022, for further information about Group policies for related party transactions, refer to the annual report for 2021, note 27.
Cloudberry has signed a sale and purchase agreement to acquire 80% of the Odin portfolio from Skovgaard Energy A/S ("Skovgaard")
Cloudberry has increased its backlog to 480 MW by securing exclusive rights to the wind projects Ulricehamn Vindpark and Söderköping Vindpark both in the attractive SE-3 region.
We confirm to the best of our knowledge, that the condensed interim financial statement for the period 1 January 2022 to 31 December 2022 has been prepared in accordance with IFRS as adopted by EU, and that the information gives a true and fair view of the company's assets, liabilities, financial position and result for the period. We also confirm that presented information provides a fair overview of important events that have occurred during the period and their impact on the financial statements, key risk and uncertainty factors that Cloudberry's is facing during the next accounting period.
Oslo, 13 February 2023
The Board of Directors of Cloudberry Clean Energy ASA
Frank J. Berg
Chair of the Board
Henrik Joelsson Board member
Petter W. Borg Board member
Nicolai Nordstrand Board member
Benedicte Fossum Board member
Stefanie Witte Board member
Liv Lønnum Board member
Anders J. Lenborg CEO Cloudberry Clean Energy ASA
The alternative performance measures (abbreviated APMs) that hereby are provided by the Group are a supplement to the financial statements that are prepared in accordance with IFRS. This is based on the Group's experience that APMs are frequently used by analysts, investors, and other parties for supplement information.
The purpose of the APMs, both financial and nonfinancial, is to provide an enhanced insight to the operations, financing, and future prospect for the Group. Management also uses these measures internally for key performance measures (KPIs). They represent the most important measures to support the strategy goals. Financial APMs should not be considered as a substitute for measures of performance in accordance with IFRS. APMs are calculated consistently over time and are based on financial data presented in accordance with IFRS and other operational data as described below. The Group uses the following financial APMs:
| Measure | Description | Reason for including |
|---|---|---|
| EBITDA | EBITDA is net earnings before interest, tax, depreciation, amortisation & impairments. |
Shows performance regardless of capital structure, tax situation or effects arising from different depreciation methods. Management believes the measurement enables an evaluation of operating performance. |
| EBIT | EBIT is net earnings before interest and tax. |
Shows performance regardless of capital structure, tax situation or effects arising from different depreciation methods. Management believes the measurement enables an evaluation of operating performance. |
| Net interest-bearing debt (NIBD) |
Net interest-bearing debt is interest bearing debt, less cash and cash equivalents. IFRS 16 leasing liabilities are not included in the net interest-bearing debt. |
Shows the interest-bearing debt position of the company adjusted for the cash position. Management believes the measure provides an indicator of net indebtedness and risk. |
| Equity ratio | Equity ratio equals total equity divided by total assets |
Shows the equity relative to the assets. Management believes the measurement enables an evaluation the financial strength and an indicator of risk. |
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| EBITDA | 34 | (7) | 152 | (32) |
| EBIT | 25 | (11) | 117 | (41) |
| Equity ratio | 83% | 85% | 83% | 85% |
| Net interest bearing debt (NIBD) | (1 199) | (811) | (1 199) | (811) |
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Non-current interest bearing debt | 327 | 294 | 327 | 294 |
| Current interest bearing debt | 12 | 10 | 12 | 10 |
| Cash and cash equivalent | (1 537) | (1 115) | (1 537) | (1 115) |
| Net interest bearing debt (NIBD) | (1 199) | (811) | (1 199) | (811) |
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Operating profit (EBIT) | 25 | (11) | 117 | (41) |
| Depreciations and amortizations | 10 | 4 | 35 | 10 |
| EBITDA | 34 | (7) | 152 | (32) |
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Interest bearing debt | 926 | 826 | 926 | 826 |
| Cash and cash equivalent | (1 587) | (1 282) | (1 587) | (1 282) |
| Net interest bearing debt (NIBD) | (660) | (456) | (660) | (456) |
| NOK million | Q4 2022 | Q4 2021 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Total revenue | 136 | 36 | 646 | 83 |
| Operating expenses | (80) | (46) | (264) | (107) |
| EBITDA | 57 | (11) | 382 | (25) |
The Group's segment financials are reported on a proportionate basis.
The Group introduces Proportionate Financials, as the Group is of the opinion that this method improves transparency and earnings visibility, and also aligns with internal management reporting.
The key differences between the proportionate and the consolidated IFRS financials are that all entities are included with the Group respective ownership share:
From the consolidated IFRS reported figures, to arrive at the proportionate figures for the respective periods the Group has:
A: Added back eliminated internal profit or loss items and internal debt and assets, column A.
B: Replaced the equity accounted net profit from associated companies in the period with items in column C and D. Replaced the investment in shares in associated companies including historical share of profit or loss (asset value) with balance sheet items in column C and D.
C: Reclassified excess value items included in the equity method to the respective line in the Profit or loss statement, and in the balance sheet.
D: Included the proportionate share of the line in the profit or loss statement items (respectively: revenues, operating expenses, depreciations and amortizations and net finance items) and the balance sheet items (total assets, interest bearing debt and cash) for the respective associated company.
E: Excluded residual ownership share related to non-controlling interest in the respective accounting lines.
The tables below reconcile the consolidated Group figures with the proportionate financial for the periods Q4 2022, Q4 2021, FY 2022 and FY 2021:
| A | B | C | D | E | |||
|---|---|---|---|---|---|---|---|
| NOK million | Total consolidated |
Other eliminations group |
Equity accounted |
Excess value |
Proportionate share of line items ass. comp. |
Residual ownership fully consolidated entitied |
Total proportionate |
| Total revenue | 75 | 5 | - | - | 69 | (12) | 136 |
| Operating expenses ex depreciations and amortisations |
(62) | (9) | - | - | (21) | 13 | (80) |
| Net income/(loss) from associated companies |
21 | - | (21) | - | - | - | - |
| EBITDA | 34 | (4) | (21) | - | 47 | 1 | 56 |
| Depreciation and amortisation | (10) | - | - | (1) | (3) | 1 | (12) |
| Operating profit (EBIT) | 25 | (4) | (21) | (1) | 45 | 2 | 44 |
| Net financial items | 16 | - | - | - | (12) | - | 5 |
| Profit/(loss) before tax | 41 | (4) | (21) | (1) | 33 | 2 | 48 |
| Total assets | 4 601 | 695 | (891) | 134 | 1 352 | (23) | 5 868 |
| Interest bearing debt | 339 | - | - | - | 591 | (4) | 926 |
| Cash | 1 537 | - | - | - | 122 | (73) | 1 586 |
| NIBD | (1 199) | - | - | - | 469 | 69 | (661) |
| A | B | C | D | E | |||
|---|---|---|---|---|---|---|---|
| NOK million | Total Consolidated |
Other eliminations group |
Equity accounted |
Excess value |
Proportionate share of line items ass. comp. |
Residual ownership fully consolidated entitied |
Total proportionate |
| Total revenue | 22 | - | - | - | 14 | - | 36 |
| Operating expenses ex depreciations and amortisations |
(39) | - | - | - | (7) | - | (46) |
| Net income/(loss) from associated companies |
10 | - | (10) | - | - | - | - |
| EBITDA | (7) | - | (10) | - | 7 | - | (11) |
| Depreciation and amortisation | (4) | - | - | (1) | (2) | - | (7) |
| Operating profit (EBIT) | (11) | - | (10) | (1) | 6 | - | (17) |
| Net financial items | (9) | - | - | - | 8 | - | (1) |
| Profit/(loss) before tax | (20) | - | (10) | (1) | 14 | - | (18) |
| - | |||||||
| Total assets | 3 118 | 110 | (678) | 160 | 1 103 | - | 3 814 |
| Interest bearing debt | 304 | - | - | - | 522 | - | 826 |
| Cash | 1 115 | - | - | - | 167 | - | 1 282 |
| NIBD | (811) | - | - | - | 355 | - | (456) |
| A | B | C | D | E | |||
|---|---|---|---|---|---|---|---|
| NOK million | Total consolidated |
Other eliminations group |
Equity accounted |
Excess value |
Proportionate share of line items ass. comp. |
Residual ownership fully consolidated entitied |
Total proportionate |
| Total revenue | 217 | 218 | - | - | 254 | (43) | 646 |
| Operating expenses ex depreciations and amortisations |
(186) | (25) | - | - | (92) | 40 | (263) |
| Net income/(loss) from associated companies |
121 | - | (121) | - | - | - | - |
| EBITDA | 152 | 193 | (121) | - | 162 | (3) | 383 |
| Depreciation and amortisation | (35) | - | - | (3) | (14) | 5 | (47) |
| Operating profit (EBIT) | 117 | 193 | (121) | (3) | 148 | 2 | 336 |
| Net financial items | 6 | - | - | - | 10 | (2) | 14 |
| Profit/(loss) before tax | 123 | 193 | (121) | (3) | 158 | - | 350 |
| - | |||||||
| Total assets | 4 601 | 695 | (891) | 134 | 1 352 | (23) | 5 868 |
| Interest bearing debt | 339 | - | - | - | 591 | (4) | 926 |
| Cash | 1 537 | - | - | - | 122 | (73) | 1 586 |
| NIBD | (1 199) | - | - | - | 469 | 69 | (661) |
| A | B | C | D | E | |||
|---|---|---|---|---|---|---|---|
| NOK million | Total Consolidated |
Other eliminations group |
Equity accounted |
Excess value |
Proportionate share of line items ass. comp. |
Residual ownership fully consolidated entitied |
Total proportionate |
| Total revenue | 41 | - | - | - | 42 | - | 83 |
| Operating expenses ex depreciations and amortisations |
(89) | - | - | - | (20) | - | (107) |
| Net income/(loss) from associated companies |
16 | - | (16) | - | - | - | - |
| EBITDA | (32) | - | (16) | - | 22 | - | (25) |
| Depreciation and amortisation | (10) | - | - | (3) | (7) | - | (19) |
| Operating profit (EBIT) | (41) | - | (16) | (3) | 15 | - | (44) |
| Net financial items | (22) | - | - | 8 | - | (14) | |
| Profit/(loss) before tax | (63) | - | (16) | (3) | 24 | - | (58) |
| Total assets | 3 118 | 110 | (678) | 160 | 1 103 | - | 3 815 |
| Interest bearing debt | 304 | - | - | - | 522 | - | 826 |
| Cash | 1 115 | - | - | - | 167 | - | 1 282 |
| NIBD | (811) | - | - | - | 355 | (456) |
| Measure | Description | Reason for including |
|---|---|---|
| Power Production | Power delivered to the grid over the defined time period (one year). Units are measured in GWh. Example A typical 4 MW turbine produces 3 000 full-load hours during a year. 4 MW x 3 000 hours = 12 000 MWh or 12 GWh. For illustration, according to the International Energy Agency1 ("IEA") the electrical power consumption per capita in Europe is approximately 6 MWh per year. For power production estimates it is used normalized annual level of power production (GWh). This may deviate from actual production within a single 12-month period but is the best estimate for annual production over a period of several years. Defined as "Normalized production". |
Shows Cloudberry's total production in GWh for the full year including the proportionate share of the production from Cloudberry's associated companies. |
| Production & under construction, secured |
At the time of measure, the estimated power output of the secured production and under construction portfolio. The measure is at year-end. Units are measured in MW. |
Shows Cloudberry's total portfolio of secured projects that are either producing or under construction. |
| Construction Permits | At the time of measure, the estimated total power output to be installed in projects with construction permit. Construction Permit is at the stage when concession has been granted, but before a final investment decision has been made. The measure is at year-end. Units are measured in MW. |
Shows Cloudberry's total portfolio of projects with construction permit. |
| Backlog | At the time of measure, the estimated total effect to be installed related to projects that are exclusive to the Group and in a concession application process. The measure is at year-end. Units are measured in MW |
Shows Cloudberry's portfolio of project where Cloudberry has an exclusive right to the projects. The projects are still under development. |
| Direct emissions | Measure in tons of CO2 equivalents. The use of fossil fuels for transportation or combustion in owned, leased or rented assets. It also includes emission from industrial processes. |
Shows Cloudberry's direct emissions (Scope 1, GHG emissions) for the full year. |
| Indirect emissions | Measure in tons of CO2 equivalents. Related to purchased energy; electricity and heating/cooling where the organisation has operational control. The electricity emission factors used are based on electricity production mixes from statistics made public by the IEA. Emissions from value chain activities are a result of the Group's upstream and downstream activities, which are not controlled by the Group. Examples are consumption of products, business travel, goods transportation and waste handling. |
Shows Cloudberry's indirect emissions (Scope 2 and Scope 3, GHG emissions) for the full year. |
| CO2 reduction | Refers to the reduction of greenhouse gas emissions relative to baseline emissions from the European electricity mix (EU-27 electricity mix, IEA 2021. |
Shows Cloudberry's reduction of greenhouse gases for the full year relative to the European Electricity mix after the direct and indirect emissions from Cloudberry's operation is subtracted |
1 https://www.iea.org/data-and-statistics/?country=WEOEUR&fuel=Energy%20consumption&indicator=ElecConsPerCapita (accessed 14 June 2021).
Cloudberry Clean Energy ASA Frøyas gate 15 0273 Oslo, Norway
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