Admission Document

Cloudberry Clean Energy AS (A Private Limited Liability Company incorporated under the laws of Norway)

ADMISSION TO TRADING OF SHARES ON MERKUR MARKET

This admission document ("Admission Document") has been prepared by Cloudberry Clean Energy AS ("Company" and together with its subsidiaries the "Group") solely for use in connection with the admission to trading of all its issued shares on Merkur Market ("Admission").

As of the date of this Admission Document the Company has a share capital of NOK 9,620,124.50, divided into 38,480,498 shares each with a nominal value of NOK 0.25 ("Shares").

The Company's Shares have been admitted for trading on Merkur Market. Expected start of trading is on or about 2 April 2020 under the ticker "CLOUD-ME".

Merkur Market is a multilateral trading facility operated by Oslo Stock Exchange ASA. Merkur Market is subject to the rules of the Norwegian Securities Trading Act of 29 June 2007 no 75 (Nw.: Verdipapirhandelloven) ("Securities Act") and the Norwegian Securities Trading Regulation of 29 June 2007 no 876 (Nw.: Verdipapirforskriften) ("Securities Regulation") applying to such marketplaces. These rules apply to companies admitted to trading on Merkur Market, as do the marketplace's own rules, which are less comprehensive than the rules and regulations applying to companies listed on the Oslo Stock Exchange (Nw.: Oslo Børs) and Oslo Axess. Merkur Market is not a regulated market, and is therefore not subject to Part 4 of the Securities Act and Part 4 of the Securities Regulation. Investors should take this into account when making investment decisions.

THIS ADMISSION DOCUMENT SERVES AS AN ADMISSION DOCUMENT AS REQUIRED BY THE MERKUR MARKET ADMISSION RULES ONLY AND DOES THUS NOT CONSTITUTE AN OFFER TO BUY, SUBSCRIBE OR SELL ANY OF THE SECURITIES DESCRIBED HEREIN, AND NO SECURITIES ARE BEING OFFERED OR SOLD PURSUANT HERETO.

Merkur Advisor

Carnegie AS

27 March 2020

IMPORTANT NOTICE

This Admission Document has been prepared by the Company solely in connection with the Admission. The purpose of this Admission Document is to provide information about the Group and its business. This Admission Document has been prepared in English language only. For definitions of terms used throughout this Admission Document, see Section 14.

The Company has engaged Carnegie AS as its Merkur Advisor in connection with its Admission to trading on Merkur Market ("Merkur Advisor"). This Admission Document has been prepared to comply with the trading rules of Merkur Market ("Merkur Market Admission Rules"). The Oslo Stock Exchange has reviewed and approved this Admission Document in accordance with the Merkur Market Admission Rules. The Oslo Stock Exchange has not controlled or approved the accuracy or completeness of the information included in this Admission Document, but has from the Merkur Advisor received a confirmation of the Admission Document having been controlled by the Merkur Advisor. The approval by the Oslo Stock Exchange only relates to the information included in accordance with pre-defined disclosure requirements. The Oslo Stock Exchange has not made any form of control or approval relating to corporate matters described, or referred to, in this Admission Document.

All inquiries relating to this Admission Document shall be directed to the Company or its Merkur Advisor. No other person has been authorized to give any information, or make any representation, on behalf of the Company and/or its Merkur Advisor in connection with the Admission. If given or made, such other information or representation must not be relied upon as having been authorized by the Company and/or the Merkur Advisor.

The information contained herein is as of the date hereof and subject to change, completion or amendment without notice. There may have been changes affecting the Group subsequent to the date of this Admission Document. Any new material information or inaccuracy that might have an effect on the assessment of the Shares arising after the publication of this Admission Document and before the Admission will be published and announced promptly in accordance with the Merkur Market regulations. Neither the delivery of this Admission Document nor the completion of the Admission at any time after the date hereof will, under any circumstances, create any implication that there has been no change in the Group's affairs since the date hereof or that the information set forth in this Admission Document is correct as of any time since its date.

The contents of this Admission Document shall not be construed as legal, business or tax advice. Each reader of this Admission Document should consult its own legal, business or tax advisor as to legal, business or tax advice. If you are in any doubt about the contents of this Admission Document, you should consult your stockbroker, bank manager, lawyer, accountant or other professional adviser.

The distribution of this Admission Document may in certain jurisdictions be restricted by law. Persons in possession of this Admission Document are required to inform themselves about, and to observe, any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or distribution of this Admission Document in any country or jurisdiction where specific action for that purpose is required.

The Shares may be subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable securities laws and regulations. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Investors should be aware that they may be required to bear the financial risks of this investment for an indefinite period of time.

This Admission Document shall be governed by and construed in accordance with Norwegian law. The courts of Norway, with Oslo District Court (Nw.: Oslo tingrett) as legal venue, shall have exclusive jurisdiction to settle any dispute which may arise out of or in connection with the Admission Document. INVESTING IN THE COMPANY'S SHARES INVOLVES RISKS. PLEASE READ SECTION 3 "RISK FACTORS" OF THIS ADMISSION DOCUMENT.

		1.
പ്		GENERAL INFORMATION
		2.1. 9 Presentation of financial and other information
		2.2. Cautionary note regarding forward-looking statements
3.		RISK FACTORS
		3.1.
		3.2. Commercial and operational risks
	3.3.	Financial risks
		3.4. Risk related to shares
4.	REASONS FOR THE LISTING
		5.
		5.1. History and important events
		5.2. Perspectives on sustainable value creation and ESG
	5.3.	Group organisation
	5.4.	Business segment
	5.5.	Material agreements
	5.6.	Market overview
	5.7.	Dependency on contracts, patents, licences etc
	5.8.	Related party transactions
		5.9. Legal and arbitration proceedings
6.	ORGANISATION AND MANAGEMENT OF THE COMPANY
		6.1. The Board of Directors
		6.2. Management
		6.3. Share incentive scheme
		6.4. Benefits upon termination
	6.5.	Employees
	6.6.	Corporate governance requirements
	6.7.	Nomination committee
		6.8. Conflicts of interests, etc.
	7.
		7.1. Share capital and share capital history
		7.2. Ownership structure
	7.3.	Authorisation to issue additional shares
		7.4.
		7.5. Shareholder rights
		7.6. C Takeover bids and forced transfer of shares

		7.7. Insider trading
	8.
	8.1.	Basis for preparation
		8.2. Summary of accounting policies and principles
	8.3.	Selected statement of income
	8.4.	Selected statement of financial position
	8.5.	Selected statement of cash flow
	8.6.	Selected statement of changes in equity
	8.7.	Significant changes in the Company's financial or trading position since 31 December 2019 -
		8.8. Working capital statement
		8.9. Borrowings and financial commitments
		8.10. Grants
		9.
		9.1. Legal structure
		9.2. The articles of association.
		9.3. Dividends and dividend policy
10.	NORWEGIAN CORPORATE LAW
		10.1. General meetings
		10.2. 2 Minority rights
		10.3. Board members
11.	NORWEGIAN TAXATION
		11.1.
		11.2. Jaxation of capital gains on realization of shares
		11.3.
		11.4. VAT and transfer taxes
12.	SELLING AND TRANSFER RESTRICTIONS
		12.1. Selling restrictions
		12.2. S Transfer restrictions
13.	ADDITIONAL INFORMATION
		13.1.
		13.2. Third-party information
		13.3.
		13.4.
		14. DEFINITIONS AND TERMS

Appendix A Articles of Association of Cloudberry Clean Energy AS
Appendix B Cloudberry Clean Energy AS' (formerly known as Cloudberry Asset Management AS) audited Financial Statements for the year ended 31 December 2018 and 31 December 2019
Appendix C Cloudberry Develop AS' (formerly known as Scanergy AS) audited Financial Statements for the year ended 31 December 2018 and 31 December 2019 (unconsolidated) and unaudited Financial Statements for the year ended 31 December 2018 and 31 December 2019 (consolidated)
Appendix D Cloudberry Production AS' (formerly known as CB Nordic Renewable & Infrastructure Fund I AS) unaudited Financial Statements for the year ended 31 December 2018 and audited Financial Statements for the year ended 31 December 2019 (unconsolidated) and unaudited Financial Statements for the year ended 31 December 2018 and 31 December 2019 (consolidated)

1. STATEMENT OF RESPONSIBILITY AND ENFORCEMENT

This Admission Document has been prepared by the Company solely in connection with the Admission.

The board of directors of Cloudberry Clean Energy AS ("Board of Directors") accepts responsibility for the information contained in this Admission Document. The members of the Board of Directors confirm hereby, after having taken all reasonable care to ensure that such is the case, the information contained in this Admission Document is, to the best of their knowledge, in accordance with the facts and contains no omission likely to affect its import of this Admission Document.

Øslo, 27. mars 2020 Frank J. Berg Petter W. Borg Chairperson Board member Morten Bergesen Board member

ENFORCEMENT OF CIVIL LIABILITIES

The Company is a private limited liability company incorporated under the laws of Norway. As a result, the rights of the Shareholders will be governed by Norwegian law and the Articles. The rights of shareholders under Norwegian law may differ from the rights of companies incorporated in other jurisdictions.

The Board Members and the members of the Management are not residents of the United States of America ("U.S."), and none of the Company's assets are located within the U.S. As a result, it may be very difficult for investors in the U.S. to effect service of process on the Company, the Board Members and the Management in the U.S. or to enforce judgments obtained in U.S. courts against the Company or those persons, whether predicated upon civil liability provisions of federal securities laws or other laws of the U.S. (including any State or territory within the U.S.).

The U.S. and Norway do not currently have a treaty providing for reciprocal recognition and enforcement of judgements (other than arbitral awards) in civil and commercial matters. Uncertainty exists as to whether courts in Norway will enforce judgments obtained in other jurisdictions, including the U.S., against the Company or its Board Members or the Management under the securities laws of those jurisdictions or entertain actions in Norway against the Company or its Board Members or the Management under the securities laws of other jurisdictions. In addition, awards of punitive damages in actions brought in the U.S. or elsewhere may not be enforceable in Norway.

Similar restrictions may apply in other jurisdictions.

2. GENERAL INFORMATION

The Company has furnished the information in this Admission Document. No representation or warranty, express or implied, is made by the Merkur Advisor as to the accuracy, completeness or verification of the information set forth herein, and nothing contained in this Admission Document is, or shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The Merkur Advisor assume no responsibility for the accuracy or completeness or the verification of this Admission Document and accordingly disclaim, to the fullest extent permitted by applicable law, any and all liability whether arising in tort, contract or otherwise which they might otherwise be found to have in respect of this Admission Document or any such statement.

Neither the Company nor the Merkur Advisor, or any of their respective affiliates, representatives, advisors or selling agents, is making any representation to any purchaser of the Shares regarding the legality of an investment in the Shares. Each investor should consult with his or her own advisors as to the legal, tax, business, financial and related aspects of a purchase of the Shares.

2.1. Presentation of financial and other information

The Company's financial statements are unconsolidated. The financial statements for the Company for the year ended 31 December 2019 and 2018 ("Annual Financial Statements") have been prepared in accordance with NGAAP, the Norwegian Accounting Act of 17 July 1998 no 56 ("Accounting Act") and the Norwegian Accounting Standard Board (Nw.: Norsk Regnskapsstiftelse) standard no. 8 (good accounting practice for small businesses) (Nw.: Norsk Regnskaps Standard nr 8, God regnskapsskikk for små foretak) ("NRS no. 8"). The Annual Financial Statements are enclosed hereto as Appendix B.

The Annual Financial Statements have been audited by BDO AS.

The Company presents the Annual Financial Statements in NOK (presentation currency).

Reference is made to Section 8 ("Financial information") for more information on the Annual Financial Statements.

Further, for the purpose of this Admission Document, the Company has used industry and market data obtained from independent industry publications, market research and other publicly available information. Although the industry and market data is inherently imprecise, the Company confirms that where information has been sourced from a third party, such information has been accurately reproduced and that as far as the Company is aware and is able to ascertain from information published by that thirdparty, no facts have been omitted that would render the reproduced information inaccurate or misleading. Where information sourced from third parties has been presented, the source of such information has been identified.

Industry publications or reports generally state that the information they contain has been obtained from sources believed to be reliable, but the accuracy and completeness of such information is not guaranteed. The Company has not independently verified and cannot give any assurances as to the accuracy of market data contained in this Admission Document that was extracted from industry publications or reports and reproduced herein.

Market data and statistics are inherently predictive and subject to uncertainty and not necessarily reflective of actual market conditions. Such data and statistics are based on market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market.

As a result, prospective investors should be aware that statistics, data, statements and other information relating to markets, market sizes, market shares, market positions and other industry data in this Admission Document (and projections, assumptions and estimates based on such information) may not be reliable indicators of the Company's future performance and the future performance of the industry in which it operates. Such indicators are necessarily subject to a high degree of uncertainty and risk due to the limitations described above and to a variety of other factors, including those described in Section 3 ("Risk factors") and elsewhere in this Admission Document.

Unless otherwise indicated in the Admission Document, the basis for any statements regarding the Company's competitive position is based on the Company's own assessment and knowledge of the market in which it operates.

2.2. Cautionary note regarding forward-looking statements

This Admission Document includes forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms "anticipates", "assumes", "believes", "can", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "should", "will", "would" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements are not historic facts. Prospective investors in the Shares are cautioned that forward-looking statements are not guarantees of future performance and that the Company's actual financial position, operating results and liquidity, and the development of the industry in which the Company operates, may differ materially from those made in, or suggested, by the forward-looking statements contained in this Admission Document. The Company cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based will occur.

By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. For a nonexhaustive overview of important factors that could cause those differences, please refer to Section 3 "Risk factors".

These forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forwardlooking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this Admission Document.

3. RISK FACTORS

Investing in the Shares involves inherent risks. Before making an investment decision, investors should carefully consider the risk factors and all information contained in this Admission Document, including the financial information and related notes. The risks and uncertainties described in this Section 3 are the principal known risks and uncertainties faced by the Group as of the date of this Admission Document that the Company believes are the material risks relevant for an investment in the Shares. An investment in the Shares is suitable only for investors who understand the risks associated with this type of investment and who can afford a loss of all or part of their investment. The absence of a negative past experience associated with a given risk factor does not mean that the risks and uncertainties described herein should not be considered prior to making an investment decision.

If any of the risks were to materialize, individually or together with other circumstances, it could have a material and adverse effect on the Group and/or its business, financial condition, results of operations, cash flow and/or prospects, which may cause a decline in the value of the Shares that could result in a loss of all or part of any investment in the Shares. The risks and uncertainties described below are not the only risks the Group may face.

Additional risks and uncertainties that the Company currently believes are immaterial, or that are currently not known to the Company, may also have a material adverse effect on its business, financial condition, results of operations and cash flow. The order in which the risks are presented below is not intended to provide an indication of the likelihood of their occurrence nor of their severity or significance.

The risk factors described in this Section 3 "Risk factors" are sorted into a limited number of categories, where the Company has sought to place each individual risk factor in the most appropriate category based on the nature of the risk it represents. The list of risk factors should not be perceived as a ranking of importance, and it is not exhaustive. The risks mentioned herein could materialise individually or cumulatively.

The information in this Section 3 is as of the date of this Admission Document.

3.1. Market related risks

3.1.1. The power industry is a highly regulated sector and thus subject to political risk

The power industry is publicly regulated and regulation may change over time. Thus, there is political risk of investments in the renewable and infrastructure industries.

3.1.2. The revenues from sale of electricity, Electricity Certificates and Guarantees of Origin are subject to price risk

Sale of electricity, Electricity Certificates and Guarantees of Origin constitute a material share of the Group's revenues. The profitability of the Group's producing power plants depends on the volume and prices of the electricity produced, the Electricity Certificates and the Guarantees of Origin. Although some of the sale will be based on fixed price purchase agreements, the majority of the Company's sale will be exposed to price risk related to electricity sold at spot rates, the market price for Electricity Certificates and the market price for Guarantees of Origin. The Group has entered into fixed price contracts for sale of approximately 70% of the expected production which covers the period until the end of 2021. Upon termination of the fixed price contract, the contract party is entitled to a compensation of EUR 464,024. During this period the Group's exposure to the spot rates for electricity, the market price for Electricity Certificates and the market price for Guarantees of Origin is limited. After the end of this period, the Group's entire production is exposed to the fluctuations in the market prices for electricity, Electricity Certificates and Guarantees of Origin, unless new fixed terms agreements are entered into.

Electricity prices are inter alia dependent on substitute or adjacent commodity prices such as e.g. oil, gas and coal prices, but also dependent on metrological conditions, CO2 pricing and other supply and demand factors going into the clearing of the market price of electricity.

3.1.3. The Electricity Certificate scheme is subject to political risk

The Electricity Certification scheme is an aid scheme with intention of increasing the renewable power generation in the Nordic region (Norway and Sweden). New renewable power generation in Norway, which commence within the end of 2021, will receive Electricity Certificates for 15 years.

Sweden had decided to continue the scheme until the earliest of 2030 or until 18 TWh was reached. As Sweden already has reached its goal of 18 TWh, the Electricity Certification scheme is likely to be discontinued in Sweden. As of the date hereof, the future incentive schemes for renewable power generation is uncertain.

The investment decision related to several of the assets of the Group has been made based on inclusion of Electricity Certificate revenues. Electricity Certificates are traded in a market where the price is determined by the market cross between supply and demand. Demand is based on a quota system determined by political objectives. Revenue from the sale of Electricity Certificates is consequently subject to political risk.

3.1.4. The Guarantee of Origin scheme is subject to political risk

In accordance with EU legislation, power plants in the EEA may get approved 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 delivered energy is produced from renewable sources.

The relevance of the latest revision of the current European Renewable Energy Directive is currently being assessed by the EEA/EFTA. The revision seems to extend the Guarantee of Origin scheme, although no decision has been made. The future of the scheme is thus subject to political risk.

3.1.5. The renewable sector is still under development

Unexpected success in other areas of renewable energy may reduce the pressure on the authorities to allow for development of wind parks and hydro power plants. This may affect the Group's 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.

3.2. Commercial and operational risks

3.2.1. The Group has a limited operating history

The Group has a limited operating history upon which to evaluate the Group's likely performance. This equally holds true for the Group's power plants. Some of the Group's power plants are not yet constructed, and the Group has no operating history to base its assessment of future performance on for such power plants. Return calculations, budgets and accounting are based on forecasts and assumptions that may change over the life of the Group.

3.2.2. The Group is a result of a recent business combination

The Group is a result of a recent business combination involving three companies. The combination may result in risks unforeseen by the Group that may affect the Group negatively. Such risks include, but are not limited to, that key employees may choose to depart the Group and that implementation of systems, routines and/or other integration measures takes longer time and/or is more costly than anticipated.

3.2.3. Laws and regulations may affect the Group's operations, increase the Group's operating costs and reduce demand for its services

Changes in laws and regulations applicable to the Group could increase compliance costs, mandate significant and costly changes to the way the Group implements its services and solutions, and threaten the Group's ability to continue to serve certain markets.

For some small-scale power plants and large-scale power plants, license fees and concessionary power must be paid or transferred to the municipality, county or state. Often, such power plants must deliver 10-15% of their power production as concessionary power. The power plant must in such cases sell the concession power at the expected "cost price". This decreases the Group's profitability.

3.2.4. 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's income tax expenses are based upon its interpretation 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's 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's business, results of operations or financial condition.

3.2.5. Power plants are highly technical and thus subject to operational risk

Investments in power generation and energy-related infrastructure involve technical and operational risk. 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 that it is possible with attractive insurance terms. Despite the aim of choosing sound solutions, technical problems may occur meaning possible stop in production or costly reinvestments that reduce the Group's profitability and/or financial position.

3.2.6. The revenues from the Group's power plants are dependent on the metrological conditions

The metrological conditions (rain and wind) at particular sites at which the Group's power plants are located can vary materially from season to season and from year to year. If a site proves to have lower resources than anticipated in the Group's 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's business.

3.2.7. The Group's revenues and costs are dependent on charges related to transmission and distribution

Increases in charges relating to the connection to and use of the electricity transmission and distribution 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's power plants, may result in higher operating costs, lower revenues and fewer opportunities for growth.

3.2.8. Future revenues and costs of the Group are dependent on costs related to agreements with landowners

Subsequent decisions by the Group to develop renewable energy assets are subject to reaching an agreement with the landowners of the contemplated property for development. Consequently, the ability to develop further power plants on other properties is subject to negotiations with the landowners and thus the Group's revenues and costs are subject thereof.

3.2.9. Several of the Group's development projects may not be realized

Several of the Group's projects are under development and may not be realized. The right to build and operate a renewable project is subject to public concessions and permits in addition to private ownership rights to land and waterfalls. This comprise all stages of a renewable project, from early development stage to construction, production, transmission and sale of power. The necessary concessions and permits will depend on size and type of project, classification, development stage of the projects and jurisdiction. In addition to the energy/production related concessions and permits other permits, licenses and regulatory requirements are also applicable, such as licenses related to safety, pollution, noise, etc.

The Group is required to obtain various governmental concessions and approvals for each of its projects, including inter alia construction concessions and sales concessions. As of the date hereof, all permits and licenses have been obtained for the assets that are in production and all relevant concessions and permits for the projects under construction. Completion permissions, concession for sale of power, etc. are not yet in place due to the stage of the construction work. Further, Hån 22 KV AS holds a network concession to build and operate a 22 kV cable between Marker and Hån. Hån 22 KV AS has also applied for a grid concession with the Swedish Energy Markets Inspectorate but has not yet been granted such concession.

For greenfield projects that are not under construction and/or in operation, the Group will need to obtain necessary concessions, permits and contracts with landowners.

Whether the projects will be profitable depends on several factors outside the Group's control. Before construction of any projects commence, the Group will make an assessment of whether it is expected that the project will be profitable. If a project does not move to the construction phase, the development costs will not be recoverable. For several projects, the granted concessions include deadlines for initiation of the construction phase. If the deadlines are not met, the concessions will lapse.

3.2.10. The Group may be subject to litigation

The Group may become subject to legal disputes. Whether or not the Group ultimately prevails, legal disputes are costly and can divert management's attention from the Group's business. In addition, the Group may decide to settle a legal dispute, which could cause the Group to incur significant costs. An unfavourable outcome of any legal dispute could inter alia imply that the Group becomes liable for damages, payments or will not be able to realize some of its projects. A settlement or an unfavourable outcome in a legal dispute could have adverse effects on the Group's business, results of operations, cash flows, financial condition and prospects.

The Group is involved in a discussion with a contractor related to the final account of the work performed by the contractor. Although the final account has not yet been presented, the Group has disputed an invoice of approximately MNOK 8.7 (excl. VAT) related to the construction work as the Group's view is that this amount is covered by the fixed price for the construction work. Further, the Group may have a significant claim for liquidated damages against the contractor due to delayed completion of the construction works. On this basis, no reserves have been made for the claim of MNOK 8.7 (excl. VAT). The Group believes the dispute will be settled without litigation. However, if the Group's claim is unsuccessful, the Group may be liable for payment of the full amount in addition to overdue interest payments and legal costs.

3.3. Financial risks

3.3.1. Required return by investors may lower the equity value of the Company

There is uncertainty with respect to the future risk premium an investor will demand when investing in renewable energy and energy related infrastructure. If the required return is increased, the equity value of the Company will decrease.

3.3.2. Increase in interest rates may reduce the Group's profitability

The Group's underlying assets will normally be loan-financed. An increase in interest rates will lead to higher financing costs, which reduces the Group's profitability.

3.3.3. Fluctuations in exchange rates could affect the Group's cash flow and financial condition

The Group presents its financial statements in NOK. However, Norwegian power companies sell the power through Nord Pool. All trades on Nord Pool are settled in Euro, exposing the Group to currency risk (Electricity Certificates are traded in SEK). Any fluctuations in exchange rates between NOK, SEK and Euro could materially and adversely affect the Group's business, results of operations, cash flows, financial condition and/or prospects.

Additionally, the Group has employees and operations in Sweden, which also exposes the Group to currency risk. Any fluctuations in exchange rates between NOK and SEK could materially and adversely affect the Group's business, results of operations, cash flows, financial condition and/or prospects. The Group may want to do business in other countries in the future, exposing the Group to additional currency risk. Should it choose to do so, any fluctuations in exchange rates between NOK and the relevant foreign currency could materially and adversely affect the Group's business, results of operations, cash flows, financial condition and/or prospects.

The Group does currently not have any currency hedging arrangements in place to limit the exposure to exchange rate fluctuations.

3.3.4. Failure by subcontractors may lead to additional costs for the Group

The Group will use external suppliers for operation, maintenance, construction, etc. The Group will initially seek to use established subcontractors with proven reputable experience. However, the Group could be exposed to losses, and may be subject to additional costs, in connection with failings of subcontractors.

The Group could further be exposed to cost overruns on maintenance and/or reconstruction projects and/or construction projects, for example changes in plans or additional work that becomes necessary over and above what was included in the initial agreement with the subcontractor.

3.3.5. Profitability of projects is not given

There may be errors in the assumptions or methodology used in the financial models used by the Group in relation to its decision to acquire or develop renewable energy assets, whether as part of the Group's current portfolio or subsequently, which may result in the returns generated by such projects being materially lower than expected. Further, the Group will develop, own, operate and make investments in assets and projects which are illiquid. The realization of such assets may take time and there can be no assurances that the Group will be able to sell its assets or realize its projects as planned.

3.3.6. The Group is dependent on external financing

Further expansion of the Group's business will require external financing. If the Group is not able to obtain required financing on a timely basis and on attractive terms this could result in lost business opportunities, shortened lifetime of current assets and/or that the Group is forced to realize its interest in certain projects.

3.4. Risk related to shares

3.4.1. The Company will incur increased costs as a result of being listed on Merkur Market

As a company with its shares listed on Merkur Market, the Company will be required to comply with the Oslo Stock Exchange's reporting and disclosure requirements for companies listed on Merkur Market. The Company will incur additional legal, accounting and other expenses in order to ensure compliance with these and other applicable rules and regulations. The Company anticipates that its incremental general and administrative expenses as a company with its shares listed on Merkur Market will include, among other things, costs associated with annual and interim reports to the Shareholders, General Meetings, investor relations, incremental director and officer liability insurance costs and officer and director compensation. In addition, the Board of Directors and Management may be required to devote significant time and effort to ensure compliance with applicable rules and regulations for companies with its shares listed on Merkur Market, which may entail that less time and effort can be devoted to other aspects of the business. Any such increased costs, individually or in the aggregate, could have an adverse effect on the Group's business, financial condition, results of operations, cash flows and prospects.

3.4.2. An active trading market for the Company's shares on Merkur Market may not develop

The Shares have not previously been tradable on any stock exchange, other regulated marketplace or multilateral trading facilities. No assurances can be given that an active trading market for the Shares will develop on Merkur Market, nor sustain if an active trading market is developed. The market value of the Shares could be substantially affected by the extent to which a secondary market develops for the Shares following completion of the Listing.

3.4.3. Future issuances of shares in the Company or other securities, including by use of board authorisations, may dilute the holdings of shareholders and could materially affect the trading price of the Company's share

The Board of Directors has resolved to prepare an equity incentive scheme which will cover up to 5% of the at any time outstanding Shares in the Company. If the participants of the equity incentive program exercise their rights under the incentive scheme, this will have a dilutive effect on the existing Shareholders.

Depending on the structure of any future fund raising, existing Shareholders may not be able to purchase or subscribe for additional equity securities. If the Company raises additional funds by issuing additional shares or other equity securities, the relative holdings and voting interests and the financial interests of existing Shareholders may be diluted.

3.4.4. The market price of the Shares may be volatile which could result in investors losing a significant part of their investment

An investment in the Shares involves risk of loss of capital, and securities markets in general have been volatile in the past. The trading volume and price of the Shares may fluctuate significantly in response to a number of factors beyond the Company's control, including adverse business developments and prospects, variations in revenue and operating results, changes in financial estimates, announcements by the Company or its competitors of new development or new circumstances within the industry, legal actions against the Group, unforeseen events and liabilities, changes in management, changes to the regulatory environment in which the Group operates or general market conditions. The market value of the Shares could also be substantially affected by the extent to which a secondary market develops or sustains for the Shares.

3.4.5. The value of the Shares could for foreign investors be adversely affected by exchange rate fluctuations

The Shares on Merkur Market will be priced in NOK, and any future payments of dividends on the Shares will be made in NOK. Investors registered in the VPS who have not supplied the VPS with details of their bank account, will not receive payment of dividends unless they register their bank account details with the VPS Registrar. The exchange rate(s) that is applied when denominating any future payments of dividends to the relevant investor's currency will be the VPS Registrar's exchange rate on the payment date. Exchange rate movements of NOK will therefore affect the value of these dividends and distributions for investors whose principal currency is not NOK. Further, the market value of the Shares as expressed in foreign currencies will fluctuate in part as a result of foreign exchange fluctuations. This could affect the value of the Shares and of any dividends paid on the Shares for an investor whose principal currency is not NOK.

3.4.6. Norwegian law imposes certain restrictions on shares and shareholders

The rights of the Shareholders are governed by Norwegian law and by the Articles. These rights may differ from the rights of shareholders in companies incorporated in other jurisdictions. In particular, Norwegian law limits the circumstances under which shareholders of Norwegian companies may bring derivative actions. For instance, under Norwegian law, any action brought by a company in respect of wrongful acts committed against such company will be prioritised over actions brought by shareholders claiming compensation in respect of such acts. Further, it may be difficult to prevail in a claim against the Company under, or to enforce liabilities predicated upon, securities laws in other jurisdictions.

3.4.7. Shareholders may not be able to exercise their voting rights for Shares registered in a nominee account

Beneficial owners of the Shares that are registered in a nominee account or otherwise through a nominee arrangement (such as brokers, dealers or other third parties) may not be able to exercise voting rights and other shareholder rights as readily as Shareholders whose Shares are registered in their own names with the VPS prior to the Company's General Meetings. The Company cannot guarantee that beneficial owners of the Shares will receive the notice for a General Meeting in time to instruct their nominees to either effect a re-registration of their Shares in the manner desired by such beneficial owners.

3.4.8. The Shares are subject to restrictions on dividend payments

Norwegian law provides that any declaration of dividends must be adopted by the Company's General Meeting. Dividends may only be declared to the extent that the Company has distributable funds and the Board of Directors finds such a declaration to be prudent in consideration of the size, nature, scope and risks associated with the Company's operations and the need to maintain its liquidity and financial position. Accordingly, the size of any future dividend from the Company to the Shareholders is dependent on a number of factors, such as the Company's business development, results, financial position, cash flow, available liquidity and need for working capital. There are many risks that may affect the Company's earnings, and there can be no guarantee that the Company will be able to present results that enable distribution of dividends to the Shareholders in the future. If no dividend is distributed, the Shareholders' return on investment in the Company will solely generate on the basis of the development of the share price.

3.4.9. The transfer of Shares is subject to restrictions under the securities laws of the United States and other jurisdictions

None of the Shares have been registered under the US Securities Act of 1933 (as amended) (the "US Securities Act") or any US state securities laws or any other jurisdiction outside of Norway and are not expected to be registered in the future. As such, the Shares may not be offered or sold except pursuant to an exemption from, or in transactions not subject to, the registration requirements of the US Securities Act and other applicable securities laws. In addition, there is no assurances that shareholders residing or domiciled in the United States will be able to participate in future capital increases or rights offerings. Further, investors in the United States and other jurisdictions may have difficulty enforcing any judgment obtained in their local jurisdiction against the Company or its directors or executive officers in Norway.

4. REASONS FOR THE LISTING

As of the date of this Admission Document, the Company has 101 registered Shareholders. The Company has experienced an increasing interest from the investor community for sustainable business models, and sees the Listing as an excellent opportunity for meeting this demand. The main reasons for the Listing are:

To attract high quality Shareholders, diversify the shareholder base and enable investors to take part in the Company's future growth and value creation.
To enable investors to gain exposure to the attractive Nordic renewable power market through investing in an integrated renewable power developer and operator with local presence.
To enable the Company to access the capital markets to fund attractive growth opportunities.
To realise the Share's potential as a viable and attractive currency for potential accretive merger and/or acquisition opportunities.
To create liquidity in, and crystallise the true value of, the Share for current and potential investors.
To enhance the Company's profile with current and potential investors, business partners, suppliers, customers and other stakeholders.
To further improve the ability of the Company to attract and retain key management and employees.

5. PRESENTATION OF THE COMPANY

This section provides an overview of the Group's business as of the date of this Admission Document. The following discussion contains forward-looking statements that reflect the Company's plans and estimates (please refer to Section 2.2 above regarding forward-looking statements) and should be read in conjunction with other parts of this Admission Document, in particular Section 3 ("Risk factors").

The Company was established in November 2017 and is an owner and developer of Nordic renewable energy projects. The Group consists of the Company and its two wholly owned subsidiaries Cloudberry Production AS (formerly known as CB Nordic Renewable & Infrastructure Fund I AS) ("CB Production") and Cloudberry Develop AS (formerly known as Scanergy AS) ("CB Develop") with their respective subsidiaries.

The Company has offices in Oslo, Norway (headquarter) and Karlstad, Sweden. The Group has as of March 2020 a total of eight employees, five in Oslo and three in Karlstad.

5.1. History and important events

The table below shows the Group's key milestones from its incorporation and to the date of this Admission Document:

Date	Event
2008 May	Scanergy AS is incorporated by Conceptor AS and ownership of subsidiaries
	KraftKarane AS, Norges Småkraftverk AS and Scanergy South AB are
	transferred from Conceptor AS to Scanergy AS.
2008 May	Scanergy South AB is incorporated by Scanergy AS and two individuals.
2009 July	Scanergy AS acquires Swedish Prevind AB and later changes its company name
	to Scanergy West AB in 2010.
2010 November	Prevind Konsult AB is incorporated by Scanergy AS and the company name is
	later changed to Scanergy Wind AB.
2010 November	Scanergy AS acquires a stake in Swedish Rewind Offshore AB together with
	PEAB Energi AB.
2011 January	Rewind Vänern AB is incorporated by Scanergy AS and three other companies,
	each holding 25% of the shares in Rewind Vänern AB.
2011 May	Finse Kraftverk AS is incorporated by Scanergy AS'subsidiary KraftKarane AS.
2012 January	Scanergy South Prosjektbolag AB is incorporated by Scanergy South AB.
2012 November	Skiparvik Kraftverk AS is established with KraftKarane AS as one of the
	shareholders.
2013 December	Ljunga Vindpark AB and Kånna Vindpark AB are incorporated by Scanergy
	South Prosjektbolag AB.
2013 December	Hån VindPark AB is incorporated by Scanergy West AB.

2014 May	Scanergy AS acquires all outstanding shares in Rewind Vänern AB.
2015 August	Scanergy AS acquires additional shares in Swedish Rewind Offshore AB.
2015 August	Rewind Vänern AB is sold to ScanVind 2 AB.
2015 December	Duvhällen Vindpark AB is incorporated by Scanergy West AB.
2017 September	CB Nordic Renewable & Infrastructure Fund I AS is incorporated.
2017 November	Cloudberry Capital AS is incorporated.
2018 January	Subsidiaries Scanergy Wind Power AS and Scanergy Hydro Power AS are merged into Scanergy AS.
2018 November	Subsidiaries Scanergy Vannkraft AS, Norges Småkraftverk AS (with its subsidiary Elgenes Kraftverk AS) and KraftKarane AS (with its subsidiaries Skiparvik Kraftverk AS and Finse Kraftverk AS) are merged into Scanergy AS.
2019 May	Cloudberry Capital AS changes its name to Cloudberry Asset Management AS.
2019 May	Hån 22 KV AS is incorporated by Scanergy AS.
2019 June	CB Nordic Renewable & Infrastructure Fund I AS enters into a share purchase agreement regarding Nessakraft AS.
2019 June	CB Nordic Renewable & Infrastructure Fund I AS enters into a share purchase agreement regarding Bjørgelva Kraft AS.
2019 August	CB Nordic Renewable & Infrastructure Fund I AS acquires Røyrmyra Vindpark AS.
2019 September	Nordic Renewable & Infrastructure Fund I AS acquires Finnesetbekken Kraftverk AS.
2020 February	Shares in Scanergy AS and CB Nordic Renewable & Infrastructure Fund I AS are swapped with shares in Cloudberry Asset Management AS, and Cloudberry Asset Management AS changes its company name to Cloudberry Clean Energy AS.
2020 February	Hån 22KV AS is transferred from Scanergy AS to Hån Vindpark AB.
2020 February	CB Nordic Renewable & Infrastructure Fund I AS changes its company name to Cloudberry Production AS.
2020 March	Shares of Cloudberry Clean Energy AS are registered in the VPS.
2020 March	Scanergy AS changes its company name to Cloudberry Develop AS.
2020 March	Cloudberry Clean Energy AS completes a private placement of MNOK 158.

5.2. Perspectives on sustainable value creation and ESG

The Company's purpose is to build a new Nordic renewable energy company with a long-term perspective on value creation, a strong commitment to local communities and a drive to contribute to the renewable energy transition.

We own, develop and operate hydro power plants and wind farms in Norway and Sweden. We have a firm growth strategy and bold ambitions.

To fulfil our purpose we are building a new Nordic renewable power production and development company for future generations. We are committed to cooperating with local communities and partners to pursue long-term and sustainable value creation for stakeholders. We are based in Norway and Sweden, but closely connected to the Nordics and Europe.

Energy perspectives. An energy transition away from fossil fuels towards renewable and cleaner energy sources is required in order to address the climate crisis and to meet the requirements of the Paris Agreement and also to the UN Sustainable Development Goals more broadly. Renewable hydro and wind energy resources in the Nordics offer local communities and Europe a more sustainable energy solution. Several market drivers are pointing towards a sustained long-term increase in renewable and Nordic power prices.

EU's Energy Union has a vision of secure, sustainable, competitive, affordable energy (source: EU Commission). This vision is paving the way for new EU strategies, policies and regulations such as the European Green Deal and the EU taxonomy for sustainable activities. The EU's climate and energy targets together with national emission targets drive both the supply and demand of renewable energy.

In Norway and Sweden, the Company's home market, Norway targets a 50% reduction in non-quota emissions compared to 2005 in 2030 while Sweden targets a 100% renewable power system by 2040, and zero CO2 emissions by 2040.

Sustainability perspectives. Sustainability is about finding the balance between environmental, social and economic elements to create stakeholder value today without compromising future generations' opportunities or needs. For the Company, sustainability is to own, develop and operate renewable energy in a responsible manner.

Development of new renewable capacity contributes to the necessary energy transition, European and national climate targets and multiple UN Sustainable Development Goals (7. Affordable and clean energy, 9. Industry, innovation and infrastructure, 11. Sustainable cities and communities, 12. Responsible consumption and production and 13. Climate action).

Our approach is both local and sustainable and we seek to engage timely and openly with local stakeholders. Nevertheless, our success depends on our ability to build trust and create long-term sustainable value for all stakeholders. Our approach enables long-term value creation and success when:

Landowners want to lend their land to us.
Local communities have trust in us.
People and partners want to work with us.
Investors and creditors value us.

We assess material environmental, social and governance ("ESG") related factors in our business, in addition to financial aspects. This is an essential part of our sustainable and local approach.

Environment. We maintain continuous dialogue with local stakeholders and manage our renewable energy projects to minimise the footprint from our business. In Norway and Sweden, national authorities set strict environmental requirements which we already comply with. We work to ensure optimal conditions for small-scale hydropower and wind power.

Hydropower has no direct emissions to air and maintain the highest GHG emissions performance of all power generation technologies (source: Statkraft). In Norway, hydropower has been produced for more than 100 years and is strictly regulated by the government and concessionary authorities.

Development and operations of small-scale hydropower plants affects river systems. We comply with strict environmental requirements for the hydro industry. We consider requirements for minimum water level and monitor river flow pattern, biodiversity, and take action when required and needed.

Wind power has rapidly turned into one of the most environmentally friendly and cost-efficient sources for power production. The combination of cost competitiveness and great wind conditions in the Nordics, makes it attractive to own and develop wind assets in Norway and Sweden.

Development and operations of wind farms impacts the environment first and foremost through its visibility in the landscape. A wind farm depends on good wind conditions which typically can be found on high ground or open countryside. We also take in consideration the sound and shadow from the turbines, and potential icing being flung out under certain weather conditions and infrastructure in our development process.

Social. We strive to share our value creation with local communities. We mainly do this by paying tax to local municipalities, landowner payments and using local partners for construction, operations and maintenance.

Governance. We are committed to a high standard of corporate governance, diversity, ethics and anticorruption efforts. The Company intends to maintain a high level of corporate governance standards and will consider the implications of the NUES going forward.

The Company is currently drafting a code of conduct, which will be our ethical framework and describes expectations, behaviours and commitments for us as a company, our employees, suppliers and partners. We have a zero-tolerance policy for corruption, fraud, discrimination and harassment.

Our corporate governance policy defines roles and responsibilities, and relationship between shareholders, the Board of Directors and the Management. The Board of Directors will report on how the company complies in the annual report. Our board has strong competences within ESG, and we plan to further strengthen the board's risk and opportunity oversight with regards to ESG in 2020.

The Company plan to report annually on our ESG performance. By transparent and balanced reporting, the Company will disclose its performance on its material targets, KPIs and local community impact in a way that ensures confidence and drives sustainable value creation.

5.2.1. Our strategy and business model

Our business model

We are building a new Nordic renewable power production and development company for future generations. We own, develop and operate hydropower plants and wind farms.

Our integrated business model is based on a partnering model for construction, operations and maintenance to ensure risk-sharing, quality, cost and capital efficiency across the value chain.
A sustainable and local approach is distinctive for our ownership, development and operations together with a commitment to long-term value creation for all stakeholders.
Power produced and transferred to the transmission and distribution network equals our sales volume. Our revenue streams are predominantly determined by power sales volume and actual power price achieved in the spot market (Nord Pool).
We cultivate our portfolio to ensure a diversification and balance of risk, returns, asset- and geographical mix.
We are one of few publicly listed renewable power production companies offering market and value exposure to Nordic hydropower plants and wind farms.

We consider material financial and ESG related factors relevant for our business when we make business decisions. We build robustness through a diversified and balanced portfolio and use competitive financing to deliver sustainable, profitable and long-term growth.

Our strategy

We have a long-term growth strategy that rests upon our ability to create value for all stakeholders, our ability to use the best possible technology available, bring down costs, enhance sustainable operations and make an important contribution to the necessary energy transition.

Responsible growth

Organic growth through greenfield development of hydropower plants and wind farms
Grow and mature backlog and pipeline continuously
Utilize modern technology to drive production and cost efficiency
Identify and pursue inorganic (M&A) growth opportunities
Maintain scalable platform for growth

Optimisation

Short-term cash flow from producing assets, long-term cash flow from developments
Partnering model to ensure quality, cost and capital efficiency, outsourcing construction, operations and maintenance
Cultivating portfolio to ensure diversification and balance through M&A and selective divestments
Combined team experience and track records enable an integrated business model

Stakeholder value creation

Sustainable and local approach
Aligning interests through the value chain (ref. risk sharing)
The Listing provides access to capital, value sharing, transparency for society and an investment opportunity in hydro and wind power

5.3. Group organisation

Cloudberry Clean Energy AS is the parent company of the Group. The Company currently has two subsidiaries to reflect its business segments, development and production. CB Develop holds a significant development portfolio with renewable assets both in Sweden and Norway. CB Production is the owner of two producing hydro and wind assets in Norway. Please refer to section 9.1 for a legal chart of the Group and a full overview of the subsidiaries.

CB Develop develops hydro and wind power assets with the help of externally sourced construction partners. Certain assets are kept post development by transfer to CB Production while others are sold. CB Production acquires and holds the producing hydro and power assets with the help of externally sourced operating partners.

5.4. Business segment

The Company is a renewable power production and development company focusing on wind and hydro power in the Nordics. As Figure 1 shows, the Company holds the producing assets through its fully owned subsidiary CB Production, with externally sourced operating partners. Similarly, the Company develops power production assets to the ready-to-build phase through its other fully owned subsidiary, CB Develop, with externally sourced construction partners.

The business segments are a result of a combination of the renewable development company CB Develop (former Scanergy AS), the producing infrastructure fund CB Production (former CB Nordic Renewable and Infrastructure Fund I AS) and the management company Cloudberry Clean Energy AS (former Cloudberry Asset Management AS).

Figure 1. Cloudberry's business segments

The Company has spent time with its stakeholders to build a transparent and non-complex corporate structure, with all shareholders (including management) investing at the Company level.

5.4.1. Develop

The Group's development arm, CB Develop, focuses on the development of greenfield and nonregulated projects until the projects are ready-to-build. CB Develop was established in 2008 with the goal of identifying and developing renewable energy projects in Norway and Sweden. In the first years of operations, CB Develop focused on small-scale hydropower in Norway; however, for the last ten years, the main focus has shifted towards larger wind parks in Sweden. With a local development team of three employees in Karlstad, Sweden and 1.5 FTEs in Oslo, Norway, CB Develop has developed and exited ten development projects to high quality acquirors (e.g. Allianz, BKW, Vattenfall and Alpiq). Figure 2 below provides an overview of the divested projects and the projects currently held for sale.

Project	Location	Type	Production (GWh)	Capacity (MW)	Year realised
Tysvær Vindpark AS	Rogaland, Norway	Wind	101	ਤਰੇ	2011
Sandbackmossen	Värmland, Sweden	Wind	2	1	2011
Velinga-Nybruun	Västra Götaland, Sweden	Wind	24	10	2012
Sättravallen	Värmland, Sweden	Wind	136	48	2013
Sögårdsfjället	Västra Götaland, Sweden	Wind	25	10	2014
Tormoseröd Vindpark AB	Västra Götaland, Sweden	Wind	117	ਤਰੇ	2014
Jämnemon, Årjäng	Värmland, Sweden	Wind	50	21	2015
Project Rewind	Värmland, Sweden	Wind	348	100	2016
Ränsliden	Västra Götaland, Sweden	Wind	67	21	2017
Marker Vindpark AS	Viken (Østfold), Norway	Wind	196	54	2018
Total sold assets			1 066	343
Project Hån	Arjäng, Sweden	Wind	88	21
Project Duvhällen	Eskilstuna, Sweden	Wind	165	રેર
Total ongoing sales process	253	77

Figure 2. Divested projects and projects for sale

As the table above shows, 343 MW has been developed and divested over the last nine years (~38 MW per year). Marker Vindpark (Viken (Østfold), Norway) is the most recent project constructed by CB Develop. Final payments are expected during 2020. CB Develop also expects to collect about NOK 1 million per MW related to the sale of Hån and Duvhällen. Upon construction start, CB Develop also expects a final payment of an outstanding sellers-credit from Project Rewind.

Project Hån and project Duvhällen in Sweden are in exclusive sales-processes and held for sale (please refer to Section 9.1.2 below for further information on the Memorandum of Understanding). Project Hån is a promising project with a capacity of 21 MW with reasonable lease agreements, low capex and the necessary licenses in place. The project is close to the Norwegian border next to project Marker (transformer station) and the E18 motorway. Hån 22 KV AS holds a network concession to build and operate a 22 kV cable between Marker and Hån. Hån 22 KV AS has also applied for a grid concession with the Swedish Energy Markets Inspectorate but has not yet been granted such concession. The buyer for project Hån is currently performing final due diligence and the first payment is expected in 2020. Project Duvhällen was initially a 30 MW project, but is currently being scaled up to 56 MW due to the possibility of improved grid infrastructure. The necessary grid connection and transfer right is currently not held by Duvhällen Vindpark AB as the company is awaiting whether the district system operator is granted a concession to construct a 130 kV electricity line from the existing electricity grid to the Duvhällen wind farm. This is a pre-requisite for the construction and sale of the wind farm. The project was originally intended to be sold off as a package together with Hån; however, they are now split into two separate processes due to possible grid improvements. First payment for project Duvhällen is expected in 2022.

In addition to the projects mentioned above, the Company and CB Develop have a significant backlog and pipeline of more than 20 projects of wind and hydro projects in Sweden and Norway. With a backlog of 0.86 TWh (backlog is defined as exclusive projects in the development phase) and pipeline of 4.49 TWh (pipeline is defined as prospects with non-exclusive rights), the Management has a large pipeline to develop in the years to come. The projects range from early phase to mature.

CB Develop further holds a small development portfolio of 48 GWh hydro power-plant-projects (Melfjordbotn, Elgenes, Ulsberg, Kolås, Vambheim, Finse and Skiparvik (40%)).

Figure 3 illustrates a "generic" development process for CB Develop, where CB Develop will continue to develop projects from phase 1, but will also consider purchasing projects in phase 1-3 to finalize the development process.

Figure 3. The Development process

CB Develop sources projects based on several parameters; however, local support, environment, governance, economics/industrial rational and grid capacity are generally the most important factors before moving into phase two. CB Develop seeks to minimize cost by cancelling projects as early as possible in the development process if the probability of a successful realization is low. An experienced development team is often crucial to ensure that time and cost are spent as optimally as possible.

CB Develop believes strong collaboration with all parties involved, with an environmental, social and governance focus, is a prerequisite for success. This is especially crucial in the early development phase. As a rule, all projects face challenges, but local knowledge, motivated employees, creativity, technical competence and execution has historically created several strong projects. CB Develop is aware of the possible short-term damage being caused to the nature by developing and constructing new projects. CB Develop has a strong policy to protect the environment from degradation, through sustainable developing and production, and sustainably managing the natural and renewable resources.

Going forward, CB Develop will selectively choose to either keep or divest own-developed projects. The decision to keep vs. divest will be an ongoing portfolio decision in order to secure a balanced and diversified portfolio, e.g. taking into account return targets/alternative cost of capital, asset type mix (hydro/wind), geographical mix (Norway/Sweden), asset risk concentration (small/large) and ensuring a balanced capital allocation between projects.

5.4.2. Production

The Company's production arm, CB Production, is a pure-play owner of hydro and wind assets in production or under construction in the Nordics. CB Production was established in 2017 with the goal of identifying and owning renewable energy projects in the Nordics with long-term cash flows expectations.

As of the date of this Admission Document, CB Production holds two producing assets. CB Production has also signed two share purchase agreements with Tinfos AS regarding the acquisition of two single purpose companies owning the Bjørgelva power plant and the Nessakraft power plant respectively. Both plants are still under construction and the ownership has thus not been transferred to CB Production yet. The agreements give CB Production the exclusive right and obligation to purchase two hydro power plants when completed and tested. Targeted production start is in fourth quarter 2020 and financial close in second quarter 2021 (please refer to Section 9.1 for more details on the share purchase agreements regarding the shares in Nessakraft AS and Bjørgelva Kraft AS). Figure 4 below shows the assets currently held by CB Production (Finnesetbekken power plant and Røyrmyra wind park) and the assets under construction to be transferred to CB Production (Bjørgelva and Nessakraft power plant).

Figure 4. CB Production, existing projects

CB Production has focused on building a scalable platform with relatively low overhead, outsourcing operations and construction. Operation and construction are outsourced to top local partners, securing access to superior technological solutions, local presence and sharing in their economies of scale. Tinfos AS is currently operating and constructing CB Production's three hydro power plants, while Norsk Vindenergi/Greenstat is operating the wind farm.

Operational tasks include inter alia continuous monitoring, 24h emergency central and local monitoring/servicing, planned servicing and optimisation of daily production (including daily weather monitoring). CB Production will seek to enter into risk-sharing contracts to ensure that the interests of the operating partner are aligned with that of CB Production.

CB Production and the Company's COO have long experience from managing operating plants and technical suppliers. The Company prefers to outsource construction in order to minimize overhead, secure high quality and minimised project risk. Hydro and wind power construction have few parallels. Hydro construction is a highly developed market in Norway over the last 100 years and construction of wind parks in Sweden has become more widespread over the last decade. CB Production's experience is that high quality operation and construction expertise is available, pricing is competitive, and benchmarking is relatively simple.

A power plant's revenue is sourced through the sale of power, Electricity Certificates and Guarantees of Origin. Revenue equals volume produced multiplied by the price of power, Electricity Certificates and Guarantees of Origin. Water volumes in the rivers over time and high consistent wind speeds are important input factors for volume produced, while the power price is the most sensitive price input (please refer to Section 5.6 below for further price details). We borrow water and wind resources from landowners, and act as a long-term owner and steward of land, wind and water resources. Access to the land is secured through long-term lease agreements with the landowners.

CB Production believes that climate change will give the Nordics a warmer and wetter climate, which will in certain cases provide more hydropower production, and less energy for heating in the winter. CB Production has simulation models available which models that just small changes in the climate system will have effect on production profiles in the different hydro power plants.

5.5. Material agreements

Neither the Company nor any other member of the Group has entered into any material contracts outside the ordinary course of business for the two years prior to the date of this Admission Document. Further, the Group has not entered into any other contract outside the ordinary course of business that contains any provision under which any member of the Group has any obligation or entitlement that is material to the Group as of the date of this Admission Document.

5.6. Market overview

The World Economic Forum's annual Global Risk Report for 2020 identified "failure of climate change action meditation and adaptation" as the biggest risk by impact and number two by likelihood. The business world is called upon to amend their business models to contribute to the United Nation's Sustainable Development Goals in general and the renewable energy transition in particular. The Company believes this effect will be further strengthened in the coming years, both in the Nordics and Europe. Figure 5 shows the estimated energy mix as of today, 2020, and the expected shift until 2050.

Figure 5: European power energy mix

Source: Bloomberg New Energy Finance

The Paris Agreement, and phasing out of nuclear power and coal in Europe are fuelling the development growth of alternative sources of energy (e.g. wind and hydro). To ensure steady supply and to even out power price imbalances, the EU's Projects of Common Interest (PCIs) intends to create an internal market for electricity for the EU countries. Nordic countries are producing low-cost power and have a high share of renewables (compared to southern Europe). As Figure 6 shows below, grid interconnections will play an important role for the European electricity market and possibly drive sustained long-term Nordic power prices.

Figure 6: European grid interconnections

In addition to the Figure 6 above, Statnett (Norway) and National Grid (UK) are currently building a high capacity cable of ~1.400 MW ("North Sea Link") from Norway to England. The cable is expected to be operational in 2021.

5.6.1. Power Prices in the Nordics

Norway, Sweden, Finland, Denmark, Estonia, Latvia and Lithuania make up the Nordic power market. The Nordic Power Exchange Nord Pool is considered Europe's leading power market (www.nordpoolgroup.com). As Norway, Sweden, Finland and Denmark make up the bulk of the market, as well as restrictions on capacity between the Nordic countries and the Baltic countries, our focus is on the Nordic countries.

The power price, or "system price" as it is called, is determined by the balance between supply and demand for power in the market, transmission capacity between countries and price levels in adjacent markets. Simplified, it can be said that the price is set (hour by hour) where the offer curve and demand curve intersect. Important factors that affect the power price are:

Hydrological balance and wind (rainfall and windspeeds)
Production costs for gas, coal and nuclear power
Power prices in nearby power markets (Germany, the Netherlands, Poland and the UK)
Short- and long-term demand for electricity

Typically, the power price in the short-term is volatile and will be affected by hydrology and wind. In February and March 2020 the power price in the Nordics has been low and fluctuated between NOK 0.07 to 0.15 per kWh and the forward contracts for the next 24 months are traded between NOK 0.2 and NOK 0.3 per kWh (www.nasdaqomx.com). On the other hand, fuel costs related to gas, coal and nuclear power affect the long-term price picture.

In November 2019 Pöyry Management Consulting wrote a report on behalf of the Norwegian ministry of Petroleum and Energy, giving an overview of the power market and the expected forward prices of electricity in Norway and Northern Europe. A summary of expected forward prices can be seen in the Figure 7 below. Given an exchange rate of 10:1 (10 NOK = 1 EUR), the real-price of energy is expected to be in the range NOK 0.43 – 0.53 per kWh in Norway and Sweden. In comparison, the Company is currently modelling its portfolio based on long-term real pricing of NOK 0.40 per kWh.

Source: Pöyry Management Consulting

Hydropower contributes more than half of Nordic power generation, and perhaps surprising to many is the large share of nuclear power produced in Sweden. In Sweden, the closure of several nuclear power plants is expected during this and the next decade. The same goes for Germany and Switzerland. Together with several new interconnector projects, we believe this will increase power prices in the Nordic region.

Since power prices is a sensitive parameter to local governments and several of the local communities in the Nordics as well as the Company, Figure 8 is another summary of a larger report published in the fourth quarter of 2019 from the Norwegian Water Resources and Energy Directorate ("NVE").

Figure 8. Long-term power prices, Norway

Both reports (Pöyry and NVE) have very similar conclusions. NVE projects long-term real power prices slightly above NOK 0.4 per kWh, while Pöyry is closer to NOK 0.5 per kWh. The Company will continuously evaluate entering into long-term power sales agreements (PPAs) and/or financial power sales/future contracts via the Nasdaq OMX in order to reduce risk.

As mentioned, Electricity Certificates and Guarantees of Origin are two other revenue sources for renewable power plants. Electricity Certificates are traded through the power broker Scandinavian Kraftmegling AS or bilaterally. An oversupply of electricity certificates has pushed down the prices in recent months. Even though there is significant volatility in the prices of electricity certificates, the Company has put low price expectations in the financial models (currently NOK 0.015 per kWh for electricity certificates and NOK 0.01 per kWh for Guarantees of Origin).

A renewable power producer also earns revenue from Guarantees of Origin. Guarantees of Origin is an instrument defined in European legislation that puts a label on electricity from renewable power generation in order to provide end customers with information about the source of power generation. Guarantees of Origin are instruments that prove the origin of electricity produced from renewable energy sources.

In the fixed price contract related to sale of electricity which the Group has entered into, which covers approximately 70% of the Group's expected production until the end of 2021, the agreed fixed price is approx. NOK 0.31 per kWh. The fixed price contract expires on 31 December 2021.

5.6.2. Wind power to play a dominant role in the Energy Transition

As Figure 9 shows, European wind production is projected to grow rapidly, from 330 TWh in 2018 to 976 TWh in 2040. Sweden has an attractive infrastructure for wind power generation and grid network connectivity, creating an opportunity to become a large exporter of low-cost, low-carbon electricity to continental Europe.

Figure 9. Wind production and the decreasing cost curve of wind energy

The cost of generating wind power has seen a dramatic decline over the last years, dropping 69% from 2009 to 2018. Prices are expected to drop another 48% by 2050. Machine efficiency is up, and the use of sensors and smart data helps optimise operational efficiency and reduce costs. The Company believes it is crucial to secure good projects and sites in order to benefit from the decreasing cost curve and the improved technology. Attractive projects and sites with local support, minimal environmental impact, strong economics/industrial rational and developed grid will be attractive long-term assets and possibly also be attractive for repowering. Repowering will not be discussed in detail in this Admission Document, but the Company will continuously monitor and economically evaluate the option to replace or improve old technology/turbines with newer and more efficient alternatives.

5.7. Dependency on contracts, patents, licences etc.

All renewable energy projects that the Group is involved in are subject to numerous concession and permit requirements from governmental bodies. The right to build and operate a renewable project is subject to public concessions and permits in addition to private ownership rights to land and waterfalls. This comprise all stages of a renewable project, from early development stage to construction, production, transmission and sale of power. The necessary concessions and permits will depend on size and type of project, classification, development stage of the projects and jurisdiction. In addition to the energy/production related concessions and permits, other permits, licenses and regulatory requirements are also applicable, such as licenses related to safety, pollution, noise, etc.

The Group is required to obtain various governmental concessions and approvals for each of its projects, including inter alia construction concessions and sales concessions. As of the date of this Admission Document, all permits and licences have been obtained for the assets that are in production and all relevant concessions and permits have been obtained for the projects under construction. However, completion permissions, concession for sale of power, etc. are not yet in place due to the stage of the construction work. The Company expects that all necessary concessions and permits will be obtained for the assets under construction in due course. The Group has an ongoing dialogue with all relevant and necessary governmental bodies.

For greenfield projects that are not under construction and/or in operation, the Group will normally need to obtain necessary concession, permits and contracts with landowners. It will be an ongoing process to obtain required concessions and permits to commence construction, production and operations on any of the Group's current or future greenfield sites.

The Group's existing business is not dependent on any patents, licenses or other intellectual property rights.

5.8. Related party transactions

Below is a summary of the Group's related party transactions for the periods covered by the historical financial information included in this Admission Document and up to the date of this Admission Document.

5.8.1. Option to purchase projects from CB Develop

CB Develop entered into an agreement with Captiva Energi AS (business reg. no. 913 496 442) ("Captiva Energi") granting the latter an option to purchase seven hydroelectric power projects (total annual production of 50 GWh) with a total book value of NOK 8,000,000. Further, the Company's chairperson Frank J. Berg and Tor Arne Pedersen (CDO) both hold an interest in Captiva Energi AS' parent company Captiva Capital Partners AS (indirectly through CCPartner AS (business reg. no. 988 383 775)) and Viva Investment AS (business reg. no 991 912 258)).

The agreement was terminated with effect from 1 March 2020.

5.8.2. Agreement regarding hiring-in of employees to CB Develop

CB Develop have had an agreement with Captiva Asset Management AS (business reg. no. 991 840 192) by which Tor Arne Pedersen and Frank J. Berg were hired in to CB Develop. Captiva Asset Management AS is a wholly owned subsidiary of Captiva Capital Partners AS where the Company's chairperson Frank J. Berg holds an interest through its wholly owned company CCPartner AS (business reg. no. which 988 383 775) ), as well as Tor Arne Pedersen (CDO of CB Develop) through its wholly owned company Viva Investment AS (business reg. no 991 912 258).

The agreement is terminated effectively from 1 March 2020 and has been replaced by an employment contract with Tor Arne Pedersen and a consultancy agreement with CCPartner AS (please refer to Section 5.8.10 below).

5.8.3. Shareholder loan to the Company

The Company entered into a loan agreement with its shareholder Cloudberry Partners AS (business reg. no. 919 362 367) in August 2018 regarding a NOK 500,000 loan. The loan was converted into equity on 5 February 2019.

5.8.4. Shareholder loan to CB Develop

CB Develop had a loan of NOK 27,000,000 from shareholder Joh Johannson Eiendom AS. The debt was due as of the date the Hån power plant in Sweden has been sold, 30 April 2020 at the latest.

The loan has been repaid in full, including interest of NOK 827,671, on 4 March 2020.

5.8.5. Agreement related to purchase of owns shares in CB Develop

On 12 April 2018, CB Develop entered into a purchase agreement of buying back own shares from three shareholders (none of the shareholders are closely linked to the Company). The buyback was financed with a loan from the three specific shareholders for a total amount of NOK 1,917,000. As of 1 March 2020, the total outstanding amount is NOK 1,150,000 and will be repaid linearly in 2020, 2021 and 2022.

5.8.6. Shareholder loan to Finnesetbekken Kraftverk AS

In November 2019, CB Production entered into a loan agreement with its subsidiary Finnesetbekken Kraftverk AS regarding a NOK 600,000 loan. The loan agreement was replaced by a new loan agreement dated 14 February 2020 regarding a loan of NOK 1,100,000. Interest on these loans is 3-months NIBOR plus 2.50%.

As of 1 March 2020, the total outstanding amount is NOK 1,105,443.

5.8.7. Shareholder loans to Røyrmyra Vindpark AS

CB Production has entered into two loan agreements with its subsidiary Røyrmyra Vindpark AS.

The subordinated loan agreement dated 18 August 2019 is a NOK 2,183,379 loan. Instalments are made quarterly and the loan has a duration of twenty years and an interest of 7% p.a. As of 1 March 2020, the total outstanding amount is NOK 2,208,496.

The other loan agreement is a credit facility agreement dated 28 August 2019 that regards a loan of NOK 20,000,000. Instalments are made quarterly and the loan has a duration of twenty years. Interest of this loan is set quarterly to 3-months NIBOR plus 2.50%. As of 1 March 2020, the total outstanding amount is NOK 16,640,746.

5.8.8. Lease agreement between the Company and Bergehus Holding AS

On 27 February 2020, the Company entered into a lease agreement with Bergehus Holding AS (business reg. no. 994 876 481) ("Bergehus"). Bergehus Holding AS is owned 100% by Havfonn AS (business reg. no. 889 867 442). Morten Bergesen (board member in the Company) is a 16.3% owner of Havfonn AS through his 100% owned holding company, Breifonn AS (business reg. no. 985 701 105).

The lease agreement regards the Company's registered business address at Frøyas gate 15, 0273 Oslo. The lease runs from 1 March 2020 until 28 February 2025 without option to terminate until the lease period expires. The consideration for the first year is NOK 892.153 for 341 m² furnished office space. The total cost for the five-year-period will be NOK 5.569.014. The Company plans to reduce cost by subleasing parts of the office space on short contracts in order to maintain flexibility for growth. The lease agreement is considered as entered into on market terms.

5.8.9. Accounting services from Captiva Financial Services AS

In October 2018, CB Develop entered into an agreement with Captiva Financial Services AS regarding accounting services for CB Develop and its Norwegian subsidiaries. Captiva Financial Services AS is a subsidiary of Captiva Energi AS, the subsidiary of Captiva Capital Partners AS where chairperson Frank J. Berg and Tor Arne Pedersen (CDO) hold an interest (please refer to Section 5.8.1 above for further details). The terms of the agreement are on arm's length basis.

5.8.10. Consultancy agreement with Frank J. Berg

CCPartner AS, the fully owned company by chairperson Frank J. Berg, will provide strategic resources and expertise to develop the Company in the desired direction. He will mainly work with business development and M&A opportunities. This includes i.a. the following tasks:

Continuous monitoring of sale and acquisition opportunities (projects and companies)
Negotiation and transaction support
Due diligence
Follow up on agreed projects

The agreement runs until 31 December 2020. CCPartner's fees for 2020 will amount to NOK 115 333 per month and minimum of 50% of Frank J. Berg's time shall be committed to the Company. This fee is not including any director fee. The remuneration is based on market terms. While working for the Company, Frank J. Berg will have access to the Company's office space in Frøyas gate 15.

5.8.11. Cooperation agreement with Skogvind

In November 2019, CB Production entered into a service agreement with Skogvind AS (business reg. no 921 965 141) regarding i.a. consulting, project identification and regulatory, commercial and financial due diligence. One of the Shareholders, Cloudberry Partners AS (business reg. no. 919 362 367) holds a majority interest in Skogvind AS. The prices for such services have been on arm's length basis.

The agreement was terminated in February 2020.

5.8.12. Cooperation agreement with Captiva Asset Management

CB Production is in advanced discussions with Captiva Asset Management AS (business reg. no. 991 840 192) regarding future operations of hydro power plants. Captiva Asset Management AS is a subsidiary of Captiva Capital Partners AS where chairperson Frank J. Berg and Tor Arne Pedersen (CDO) hold an interest (please refer to Section 5.8.1 above for further details).

As of the date of this Admission Document no agreement has been entered into.

5.8.13. Framework agreement with Cloudberry Corporate

In April 2019, CB Production entered into an agreement with Cloudberry Corporate AS (business reg. no 919 828 862) regarding investment advisory services. Both companies had at that time Cloudberry Partners AS as a common shareholder. Each assignment was in accordance with the agreement entered into based on arm's length basis.

Cloudberry Corporate AS (now Krafthuset AS) is as of the date of this Admission Document owned by Famlund Invest AS (business reg. no 913 581 210) and Cloudberry Partners AS.

The agreement has been terminated as of 26 February 2020.

5.8.14. Project Manager agreement with Proxima Scandinavia

On 25 April 2019, CB Develop entered into an agreement with Proxima Scandinavia AS (business reg. no 917 841 675) regarding project management of the Hån and Duvhällen projects in Sweden. The scope of the assignment is technical support, negotiations with suppliers and documentation. The total contract was at signing estimated to NOK 650,000. The total estimated cost as of 3 March 2020 is NOK 400,000.

Captiva Asset Management AS (please refer to Section 5.8.2 above for details on the relation to Captiva Asset Management) holds 40% of the shares in Proxima Scandinavia AS.

5.8.15. Loan from CB Production to CB Develop

In March 2020, CB Develop and CB Production entered into a loan agreement regarding NOK 28,000,000. The amount was lent to CB Develop in order to settle its shareholder loan as referred to in Section 5.8.4. The loan carries an interest of 3-months NIBOR plus 4.00% which are calculated quarterly. The loan shall be repaid within two years.

5.8.16. Promissory note from Duvhällen Vindpark AB

Duvhällen Vindpark AB has issued a promissory note of SEK 4,065,206 to its parent company Scanergy West AB on 1 July 2016. The note was issued in connection with the acquisition of the project Duvhällen and carries an interest of 3-months STIBOR PLUS 10%. The outstanding amount must be paid within one month on demand.

5.8.17. Conditional shareholders' contributions to Swedish subsidiaries

CB Develop has made conditional shareholder contributions to Scanergy Wind AB (SEK 7,900,000), Scanergy West AB (SEK 23,950,000) and Scanergy South AB (SEK 1,715,000). Such contributions are usually repaid if and when the non-restricted equity of these companies allows so (similar to subordinated loans).

5.8.18. Capital coverage guarantee towards Rewind Offshore AB

CB Develop has in February 2020 issued a capital coverage guarantee (Sw. kapitaltäckningsgaranti) of SEK 250,000 for the benefit of Rewind Offshore AB. The guarantee expires in March 2021.

5.9. Legal and arbitration proceedings

From time to time, the Group may become involved in litigation, disputes and other legal proceedings arising in the course of its business. Neither the Company nor any other member of the Group, is, nor has been, during the course of the preceding 12 months involved in any legal, governmental or arbitration proceedings which may have, or have had in the recent past, significant effects on the Company's and/or the Group's financial position or profitability, and neither the Company nor any member of the Group are, except as stated below, aware of any such proceedings which are pending or threatened.

5.9.1. Disputed construction grant

CB Develop is in discussion with Elvia AS (former Hafslund Nett) regarding CB Develop's contribution to the construction grant (No.: anleggsbidrag) related to the recently sold Marker wind park. Elvia AS has previously claimed CB Develop's contribution to be MNOK 20. CB Develop has disputed this amount and has, based on their best estimate, made a reserve of approx. MNOK 4.4 for the claim in the 2019 annual accounts. Based on recent discussions with Elvia AS, CB Develop expects that the final payment will be lower than the reserve, although no agreement has been reached.

5.9.2. Dispute with Bergquist Maskin og Transport AS

CB Develop has engaged Bergquist Maskin og Transport AS for the construction of infrastructure in recently sold Marker wind park. Subject to final settlement, CB Develop has disputed an invoice from Bergquist Maskin og Transport AS amounting to MNOK 8.7 and will put forward a counterclaim for liquidated damages due to delay of construction. No reserves have been made in CB Develop's accounts for the claim.

6. ORGANISATION AND MANAGEMENT OF THE COMPANY

The General Meeting exercises the supreme authority in the Company. Shareholders are entitled to attend and vote at the General Meeting and may propose resolutions to be included in the agenda for the General Meeting.

Management of the Company is vested in the Board of Directors and the Management. The general key obligations of the Board of Directors are set out in the Companies Act, being in general the (i) management of the Company and ensuring its business is properly organised by adopting plans and budgets for the activities, (ii) supervisory responsibility of the day-to-day management performed by ("CEO") by i.a. giving instructions and issue guidelines, (iii) financial management of the Company by organising the accounting and filing of annual accounts, filing of tax returns, trading statements and VAT returns and dealing with matters which concern investments that are significant compared to the Company's resources or matters which are unusual or of great importance for the Company.

The Company's CEO oversees the daily conduct of business, including the effectuation, implementation and follow-up of the objectives and strategies set by the Board of Directors. He supervises that the Company's accounts are in accordance with laws and regulations and provides the Board of Directors with the necessary information to carry out its administration and supervision tasks in a proper manner.

6.1. The Board of Directors

The Company's registered business address, Frøyas gate 15, 0273 Oslo, serves as business address for the members of the Board of Directors in relation to their directorship in the Company.

6.1.1. Composition of the Board of Directors

The names and positions of the members of the Board of Directors are set out in the table below.

Name	Function	Served since	Term expires	Shares1
Frank J. Berg	Chairperson	February 2020	February 2022	2,696,957
Petter W. Borg	Board member	May 2019	May 2021	375,764
Morten Bergesen	Board member	May 2019	May 2021	7,954,252

6.1.2. Brief biographies of the members of the Board of Directors

Set out below are brief biographies of the Board Members, including their managerial expertise and experience, in addition to an indication of any significant principal activities performed by them outside of the Company.

Frank J. Berg

Frank J. Berg has more than 30 years' experience from the energy and utility industry, whereof the last 15 years in Nordic renewables. Frank holds a Master in Accounting & Auditing from Norwegian School of Economics. He has previously been partner in Arthur Andersen and law firm Selmer.

¹ Petter W. Borg holds the shares via Caddie Invest AS, please refer to Section 7.2 for details regarding how the other Shares are held.

Frank is also a member of the board of directors of Salten Kraftsamband AS and Nordic Wind Power DA.

Petter W. Borg

Petter W. Borg has more than 35 years of experience within investment banking and asset management. He is the former CEO of Pareto Asset Management, a position he held for 18 years. Petter holds a degree in Economics from Handelsakademiet.

Petter is the chairperson of Attivo Eiendom, Pareto Forsikringsmegling and House of Maverix. In addition, he is a member of the board of directors of Grieg Investor, Krafthuset AS, Ferd Holding and Nordic Aquafarms.

Morten Bergesen

Morten Bergesen has been the CEO of Havfonn and Snefonn, the Bergesen family's investment companies, since they were founded in 2003. He holds a degree from BI Norwegian Business School.

Morten is the chairperson of Bergehus Holding, Klynge, IFM AG, Cogen Energia and Skogvind, and a member of the board of directors of Arendals Fossekompani ASA, Krafthuset AS and Thf AS.

6.2. Management

6.2.1. Composition of the Group's Management

As of the date of this Admission Document, Management consists of the following persons:

Name	Position	Employed since	Shares2	Options
Anders J. Lenborg	Chief Executive Officer	September 2017	993,070	250,000
Christian A. Helland	Chief Value Officer (CFO)	October 2019	444,758	150,000
Jon Gunnar Solli	Chief Operating Officer	August 2018	531,602	100,000
Suna F. Alkan	Chief Sustainability Officer	September 2019	204,000	75,000
Tor-Arne Pedersen	Chief Development Officer	March 2020	0	200,000

6.2.2. Brief biographies of the members of the Management

Set out below are brief biographies of the members of the Management, including their managerial expertise and experience, in addition to an indication of any significant principal activities performed by them outside of the Company.

Anders J. Lenborg

Anders is an experienced lawyer within infrastructure and renewable energy acquisitions in the Nordics. He holds a law degree from University of Oslo and a postgraduate diploma from King's College in London.

Anders has previously been the Head of the Energy Sector Group in DLA Piper Norway where he was a partner.

Christian A. Helland

Christian has worked as a lead investor for renewable projects in the Nordics and Germany since 2008. He has 13 years of experience from private equity and the finance industry. Christian holds a Master in Systems Engineering from Cornell University and a Master in Business Economics from University of California SB and a Bachelor of Science in Mechanical Engineering from University of California, SB.

He was previously Partner and Portfolio Manager at Pareto Asset Management.

² Suna F. Alkan holds the shares via Cappadocia Invest AS, please refer to Section 7.2 for details regarding how the other Shares are held.

Jon Gunnar Solli

Jon Gunnar is a former CFO and investment manager with more than 20 years of experience from the asset management industry. He holds a Master in Accounting & Auditing from Norwegian School of Economics and is a state authorised public accountant.

Jon Gunnar was previously a CFO/CIO at OVF, Nordea Asset Management, SpareBank 1 Livsforsikring and Storebrand.

Suna F. Alkan

Suna has more than 20 years of experience from positions in sales, human resources and asset management, from international companies such as Microsoft Norway, Adecco Norge, and the Norwegian leading financial institutions ODIN Fund Management and Pareto Asset Management.

Suna holds a degree from BI Norwegian Business School and from Oslo Metropolitan University.

Tor-Arne Pedersen

Tor-Arne has 30 years' experience from the renewable sector. He has been responsible for building twelve hydro power stations and three major wind projects (446 GWh) in Sweden and Norway. Tor Arne holds a Bachelor from Trondheim College of Engineering and a Master in Business Administration from Norwegian School of Economics (NHH).

6.3. Share incentive scheme

On 21 March 2020, the General Meeting of the Company adopted an equity incentive plan for the Group, inviting managers and key employees of the Group to participate. The equity incentive plan may cover up to 5% of the issued shares in the Company from time to time. Allocations are proposed by the Board and subject to shareholder approval. The exercise price for the warrants is determined by the Board of Directors in its reasonable discretion based on fair market value of the Shares on the date the Board of Directors propose allocation of warrants under the program. The determined exercise price is subject to approval by the General Meeting in relation to issuance of the warrants.

As of the same date, the General Meeting of the Company passed a resolution to grant the Company to issue up to 1,900,000 warrants each giving a right to subscribe for one new share at the nominal amount of NOK 0.25 in the Company. Currently only members of the Management are invited to subscribe for these warrants. As of the date of this Admission Document, 775,000 warrants (equal to 2% of the current issued shares in the Company), each giving the holder the right to subscribe for one new share in the Company at a subscription price of NOK 11.10, have been issued. Please refer to Section 6.2.1 above for details on the amount of warrants to each member of the Management.

6.4. Benefits upon termination

Except for the CEO, who has relinquished his right to employment protection against severance pay for 12 months after the termination period of 6 month, no employee, including other members of the Management, has entered into employment agreements which provide for any special benefits upon termination. Except for the chairperson of the Company, Frank J. Berg, who has a consultancy agreement (please refer to Section 5.8.10 above), none of the members of the Board of Directors have service contracts with the Company. In any case, no members of the Board of Directors will be entitled to any benefits upon termination of office.

6.5. Employees

As of the date of this Admission Document, the Group has 8 employees. The table below set out the development of full-time staff for the last two financial years ended 31 December (on a consolidated basis):

	2019	2018
Number of employees	8	6

6.6. Corporate governance requirements

The Company is not listed on a regulated market and thus not subject to mandatory corporate governance codes. Trading at the Merkur Market does not require implementation of a specific corporate governance code, such as NUES. Nonetheless, the Company intends to maintain a high level of corporate governance standard and will consider the implications of the NUES going forward.

6.7. Nomination committee

The Company has currently no nomination committee but will consider establishing one in the future.

6.8. Conflicts of interests, etc.

No Board Member or member of the Management has, or have had, as applicable, during the last five years preceding the date of the Admission Document:

any convictions in relation to fraudulent offences;
received any official public incrimination and/or sanctions by any statutory or regulatory authorities (including designated professional bodies) or was disqualified by a court from acting as a member of the administrative, management or supervisory bodies of a company or from acting in the management or conduct of the affairs of any company; or
been declared bankrupt or been associated with any bankruptcy, receivership or liquidation in his or her capacity as a founder, member of the administrative body or supervisory body, director or senior manager of a company.

To the Company's knowledge, there are currently no actual or potential conflicts of interest between the Company and the private interests or other duties of any of the members of the Board of Directors and the Management, including any family relationships between such persons.

7. SHARE CAPITAL AND SHAREHOLDER MATTERS

7.1. Share capital and share capital history

As of the date of this Admission Document, the share capital of the Company is NOK 9,620,124.50, divided among 38,480,498 shares each with a nominal value of NOK 0.25. All of the Shares have been created under the Companies Act, and are validly issued and fully paid.

The Company has one class of shares, and accordingly there are no differences in the voting rights among the Shares. The Shares are freely transferable, meaning that a transfer of Shares is not subject to the consent of the Board of Directors or rights of first refusal. Pursuant to the Articles, the Company's shares shall be registered in the VPS.

Other than set out below, there have not been any share capital changes in the Company, neither share capital increases by way of contribution in kind or cash nor share capital decrease, for the period covered by the Annual Financial Statements until the date of this Admission Document.

Date of registration	Type of change	Change in share capital	New share capital (NOK)	Nominal value (NOK)	New number of total issued shares	Subscription price per share (NOK)
24.11.2017	Incorporation	0	30,000	1	30,000	1
23.02.2018	Increase by contribution in cash	470,000	500,000	1	500,000	1
07.06.2018	Increase by contribution in cash	500,000	1,000,000	1	1,000,000	1
21.01.2019	Decrease for coverage of loss	-750,000	250,000	0.25	1,000,000	N/A

Date of registration	Type of change	Change in share capital	New share capital (NOK)	Nominal value (NOK)	New number of total issued shares	Subscription price per share (NOK)
21.01.2019	Increase by contribution in cash	500,000	750,000	0.25	3,000,000	0.25
04.03.2019	Increase by contribution in cash	86,375	836,375	0.25	3,345,500	10
04.03.2019	Increase by conversion of debt	13,625	850,000	0.25	3,400,000	10
30.09.2019	Increase by contribution in cash	100,000	950,000	0.25	3,800,000	10
24.02.2020	Increase by contribution in kind (share swap) Increase by	5,034,652.25	5,984,652.25	0.25	23,938,609	10.7419 11.10
21.03.2020	contribution in cash	3,564,189	9,548,841.25	0.25	38,195,365
21.03.2020	Increase by conversion of debt	71,283.25	9,620,124.50	0.25	38,480,498	11.10

7.2. Ownership structure

As of the date of this Admission Document, the Company has 101 Shareholders on record in VPS. The 20 largest Shareholders as of the same date are set out in the table below.

#	Shareholder	Number of shares	Per cent of
			share capital
1	Joh Johannson Eiendom AS	10,431,495	27.11%
2	Snefonn AS (Parents of board Member Morten Bergesen)	4,738,036	12.31%
3	Havfonn AS (Parents of board Member Morten Bergesen are	3,216,216	8.36%
	majority owners; Morten Bergesen owns 16.3% via Breifonn AS)
4	CCPartner AS (Chairperson, Frank J. Berg)	2,696,957	7.01%
5	Cloudberry Partners AS3	1,810,800	4.71%
6	Asheim Investments AS	1,097,561	2.85%
7	Artel AS	1,019,387	2.65%
8	Lenco AS (CEO, Anders J. Lenborg)	993,070	2.58%
9	NGH Invest AS	955,902	2.48%
10	Gluteus Medius AS	900,900	2.34%
11	Gullhauggrenda Invest AS	900,000	2.34%
12	HCA Melbye AS	835,223	2.17%
13	Kewa Invest AS (Board member Petter W. Borg owns 10%)	539,436	1.40%
14	Lotmar Invest AS (COO, Jon Gunnar Solli)	531,602	1.38%
15	Skogvind AS	528,378	1.37%
16	Lave AS	479,951	1.25%
17	Johan Vinje AS	479,951	1.25%
18	H A Skajems Planteskole AS	479,951	1.25%
19	Jaco Invest AS	479,951	1.25%
20	Amandus Invest AS (CFO, Christian Helland)	444,758	1.16%
Total top 20		33,559,525	87.21%
	Others	4,920,973	12.79%
Total		38,480,498	100%

As of the date of this Admission Document, no Shareholders other than Joh Johannson Eiendom AS, Snefonn AS, Havfonn AS, and CCPartner AS hold more than 5% of the issued Shares. As of the same date, the Company does not hold any treasury shares. However, CB Develop holds 167,335 shares in the Company, equal to 0.43% of the issued Shares.

There are no arrangements known to the Company that may lead to a change of control in the Company.

³ Caddie Invest AS (holding company of board member Petter W. Borg) and Snefonn AS (holding company of parents of the board member Morten Bergesen) each hold 25% of the shares in Cloudberry Partners AS.

7.3. Authorisation to issue additional shares

As of the date of this Admission Document, the General Meeting has granted the Board of Directors the following authorisations to increase the share capital:

Date granted	Date of	Potential share capital	Amount utilized	Purpose of the authorisation
2020-03-21	expiry 2022-03-21	increase (NOK) 2,886,029	(NOK) 0	General	working	capital
				requirements

The board authorisation allows for the Board of Directors to deviate from the Shareholders' right to subscribe for a proportionate share of any share issue (i.e. if the authorisation is utilised in a private placement).

7.4. Financial instruments

Except for the Share Options described in Section 6.3 "Share incentive scheme", neither the Company nor any member of the Group has issued any options, warrants, convertible loans or other instruments that would entitle a holder of any such instrument to subscribe for any shares in the Company or a member of the Group.

7.5. Shareholder rights

The Company has one class of shares in issue and all Shares provide equal rights in the Company, including the rights to any dividends. Each of the Company's shares carries one vote. The rights attached to the Shares are further described in Section 9.2 ("The Articles of Association") and Section 10 ("Important aspects of Norwegian corporate law").

7.6. Takeover bids and forced transfer of shares

The Company is not subject to the takeover regulations set out in the Securities Act, or otherwise.

The Shares are, however, subject to the provisions on compulsory transfer of shares as set out in the Companies Act. If a private limited liability company alone, or through subsidiaries, owns 9/10 or more of the shares in the subsidiary, and may exercise a corresponding part of the votes that may be cast in the general meeting, the board of directors of the parent company may resolve that the parent company shall take over the remaining shares in the company. Each of the other shareholders in the subsidiary have the right to require the parent company to take over the shares. The parent company shall give the shareholders a redemption offer pursuant to the provisions of the Companies Act. The redemption amount will in the absence of agreement or acceptance of the offer be fixed by a discretionary valuation.

7.7. Insider trading

In accordance with the Norwegian Securities Trading Act subscription for, purchase, sale or exchange of financial instruments that are admitted to trading, or subject to an application for admission to trading on a Norwegian regulated market or a Norwegian multilateral trading facility, or incitement to such dispositions, must not be undertaken by anyone who has inside information. The same applies in the case of financial instruments that are admitted to trading on a Norwegian multilateral trading facility.

"Inside information" refers in accordance with Section 3-2 of the Norwegian Securities Trading Act to precise information about financial instruments issued by the Company admitted to trading, about the Company admitted trading itself or about other circumstances which are likely to have a noticeable effect on the price of financial instruments issued by the Company admitted to trading or related to financial instruments issued by the Company admitted to trading, and which is not publicly available or commonly known in the market. Information that is likely to have a noticeable effect on the price shall be understood to mean information that a rational investor would probably make use of as part of the basis for his investment decision. The same applies to the entry into, purchase, sale or exchange of options or futures/forward contracts or equivalent rights whose value is connected to such financial instruments or incitement to such dispositions. Breach of insider trading obligations may be sanctioned and lead to criminal charges.

8. FINANCIAL INFORMATION

8.1. Basis for preparation

The audited Annual Financial Statements for the Company have been prepared in accordance with NGAAP, the Accounting Act and NRS no. 8. Please refer to Section 2.1 of this Admission Document. The Annual Financial Statements are included herein as Appendix B.

The selected financial information presented in Section 8.2 to Section 8.6 below has been derived from the Annual Financial Statements, and should be read in connection with, and is qualified in its entirety by reference to, the Annual Financial Statements included herein as Appendix B.

8.2. Summary of accounting policies and principles

For information regarding accounting policies and the use of estimates and judgments, please see note 1 in the Annual Financial Statements, incorporated herein as Appendix B.

The Board of Directors confirms that the management report of the Company for the financial year ended 31 December 2019 includes a fair review of the development and performance of the business and the position of the Company. For a description of the principal risks and uncertainties the Company faces, please refer to Section 3 ("Risk factors") above.

8.3. Selected statement of income

The table below sets out selected data from the Company's audited statement of income for the years ended 31 December 2018 and 2019:

	Year ended 2019	10.11.2017 – 31.12.2018
(NOK)
Sales revenue	279,419	250,000
Total revenue	279,419	250,000
Cost of goods	27,530	41,098
Payroll expenses	1,981,089	1,633,312
Depreciation/amortisation on fixed and intangible assets	7,000	3,564
Other operating expenses	877,143	621,663
Total operating expenses	2,892,761	2,299,638
Operating profit	(2,613,342)	(2,049,638)
Net financial income and expenses	4,182	(12,557)
Ordinary result before tax	(2,609,160)	(2,062,194)

8.4. Selected statement of financial position

The table below sets out selected data from the Company's audited statement of financial position for the years ended 31 December 2018 and 2019:

	Year ended 2019	10.11.2017 – 31.12.2018
(NOK)
Total intangible assets	0	0
Operating movable property, furniture, tools, etc.	10,700	17,700
Total tangible assets	10,700	17,700
Other short-term receivables	69,813	119,584
Group company receivables	-	6,883

	Year ended 2019	10.11.2017 – 31.12.2018
(NOK)
Total receivable	69,813	126,466
Bank deposits, cash, etc.	5,223,095	128,842 255,309
Total current assets	5,292,908
Total assets	5,303,608	273,009

Share capital	950,000	1,000,000
Non-registered share capital decrease	-	(750,000)
Non-registered share capital increase	-	500,000 - (1,312,194)
Premium reserve	7,800,000
Uncovered loss	(3,921,354)
Total equity	4,828,646	(562,194)

Trade creditors	57,710	-
Value added taxes	170,112	93,737
Group company debt	-	557,421
Other current debt	274,140	184,046
Total current liabilities	474,962	835,203
Total liabilities	474,962	835,203

Total equity and liabilities	5,303,608	273,009

8.5. Selected statement of cash flow

The table below sets out selected data from the Company's cash flow statement from the unaudited cash flow statement for the years ended 31 December 2019 and 2018:

	Year ended 2019	10.11.2017 – 31.12.2018
(NOK)
Cash flow from operating activities
Net income/loss (-) before tax	(2,609,160)	(2,062,194)
Depreciation and amortization	7,000	3,564
Adjustments to trade creditors	57,710	0
Changes in other accruals	(361,297)	(708,737)
Net cash flow from operating activities	(2,905,747)	(1,349,894)
Cash flow from investment activities
Disbursement from acquisition of tangible assets	-	(21,264)
Net cash flow from investment activities	0	(21,264)
Cash flow from financing activities
Capital placement	8,000,000	1,500,000
Net cash flow from financing activities	8,000,000	1,500,000
Effect of exchange rate changes
Net change in cash and cash equivalents	5,094,253	128,842
Cash and cash equivalents at beginning of period	128,842	0
Cash and cash equivalents at end of period	5,223,095	128,842

8.6. Selected statement of changes in equity

Changes in equity is presented in the equity note of the financial statements as of and for the year ending on 31 December 2019 and 2018. An overview for the Company is included below.

	Share capital	Share premium	Uncovered loss	Total equity
As of 1 January 2018	30,000	0	0	30,000
Share capital increase	1,470,000	-	-	1,470,000
Share capital decrease	(750,000)	750,000	0	0
Annual profit/loss	-	(750,000)	(1,312,194)	(2,062,194)

	Share capital	Share premium	Uncovered loss	Total equity
As of 31 December 2018	750,000	0	(1,312,194)	(562,194)
As of 1 January 2019	750,000	0	(1,312,194)	(562,194)
Share capital increase	200,000	7,800,000	-	7,800,000
Annual profit/loss	-	-	(2,609,160)	(2,609,160)
As of 31 December 2019	950,000	7,800,000	(3,921,354)	4,628,646

8.7. Significant changes in the Company's financial or trading position since 31 December 2019

Below is a summary of significant changes in the Company's financial and/or trading position since the date of the financial information provided above.

8.7.1. Swap of shares in CB Production and CB Develop against shares in the Company

On 24 February 2020, the Company acquired CB Develop and CB Production. The transactions were completed by way of share swap whereas the shareholders of CB Production and CB Develop swapped their shares in CB Production and CB Develop against shares in the Company by way of share capital increase in the Company with contribution in kind.

In the General Meeting of the Company dated 24 February 2020 a resolution was passed to increase the share capital by issuance of 20,138,609 new shares, each with a nominal value of NOK 0.25. The shareholders of CB Develop subscribed for 12,363,403 of the new shares at a subscription price of NOK 10.7419 and the shareholders of CB Production subscribed for the remaining 7,775,206 shares at the same subscription price. The total subscription amount was thus NOK 225,077,899, whereas the share capital of the Company was increased from NOK 950,000 to NOK 5,984,652.25 and registered with the Norwegian Register of Business Enterprises on 10 March 2020.

The rationale behind the combination was to unite the complementary characteristics of the businesses and highly experienced organisations under one roof to form a scalable platform for growth in the attractive Nordic renewable power market. CB Develop was a developer of power assets to the readyto-build phase and held a diversified development portfolio of Swedish wind power projects across maturity phases before the combination. CB Production held two producing assets (one wind farm and one hydro plant) and two assets under construction (two hydro plants) and a large and diversified M&A pipeline. The Company, an asset manager of Nordic renewables, has broad experience and network from the power and infrastructure sector, as well as M&A. For more details on the business of CB Develop and CB Production, please refer to Section 5.4.1 and 5.4.2 above.

The Company has developed industry knowledge and a network from operating in and around the Nordic renewable power sector for many years. The Group's team has on-the-ground operating experience from business origination and project management. In addition, it has vast experience from mergers, acquisitions and divestments, due diligence and negotiations, enabling the Company to pursue the right opportunities in the right way.

8.7.1.1. Management and board of directors

As of the date of this Admission Document, the management and board of directors of CB Develop consists of the following members:

Name	Position
Anders Lenborg	CEO
Frank J. Berg	Chairperson
Petter W. Borg	Board member
Morten Bergesen	Board member

As of the date of this Admission Document, the management and board of directors of CB Production consists of the following members:

Name	Position
Anders Lenborg	CEO
Frank J. Berg	Chairperson
Petter W. Borg	Board member
Morten Bergesen	Board member

8.7.1.2. Employees

CB Production has since its incorporation in 2017 not had any employees. CB Develop has through its Swedish subsidiary Scanergy Wind AB as of the date of this Admission Document a total of 3 employees.

8.7.1.3. Consequences and value of the transaction

The consequence of the share-transaction is a fully aligned Company with all shareholders invested on the Company level with 100% ownership of the daughter companies, CB Develop and CB Production.

The valuation of the share transaction has been based on recent and significant transactions in all three companies in 2018/2019 (last transaction price). Since the last transaction, 1.2% per month has been added to the transaction price. The value uptick of 1.2% per month has been low compared to the listed peer companies in the period (i.e. Arise AB (publ.), Eolus AB (publ.) and Scatec Solar ASA). Furthermore, there has been a desire for everyone shareholder involved to make this as simple and transparent as possible. We believe that the transaction has achieved this.

The rationale behind the transaction has been the desire to create a new, Nordic renewable company with shares tradable on a public marketplace with a diversified exposure of renewable assets within hydro/wind and Norway/Sweden. CB Develop and CB Production are highly complementary companies (one development company with an exclusive pipeline of projects and one production company).

8.7.1.4. Agreements related to the transaction

Except for the agreements listed below, no agreements in favor of board members or leading employees of the Company, CB Develop or CB Production are entered into or expected to be entered into in relation to the share swap.

In connection with the share swap, the Company has entered into new employment contracts with the Management. Tor Arne Pedersen and Frank J. Berg were prior to the share swap hired directly in to CB Develop through an agreement with Captiva Asset Management AS. Please refer to Section 5.8.2 above for more details. While Tor Arne Pedersen became employed directly by the Company in connection with the share swap, the Company entered into a consultancy agreement with Frank J. Berg's fully owned CCPartner AS regarding his services. Please refer to section 5.8.10 above.

8.7.1.5. Financial information

Below, we have included historic financial information for CB Production and CB Develop. The audited unconsolidated and unaudited consolidated annual financial statements for CB Production and CB Develop have been prepared in accordance with NGAAP, the Accounting Act and NRS no. 8. Please refer to Section 2.1 of this Admission Document. The annual financial statements are included herein as Appendix C and D.

The selected financial information presented below has been derived from the annual financial statements, and should be read in connection with, and is qualified in its entirety by reference to, the annual financial statements included herein as Appendix C and D.

Selected statement of income

The table below sets out selected data from CB Production's unaudited consolidated statement of income for the years ended 31 December 2018 and 2019, with comparable figures from the unconsolidated unaudited statement of income for the year ended 31 December 2018 and unconsolidated audited statement of income for the year ended 2019:

CB Production

	Year ended	26.09.2017 –	Year ended	Year ended
	2019	31.12.2018	2019	2018
	(audited) (unaudited)		(unaudited)
(NOK)	(unconsolidated)		(consolidated)
Total revenue	0	0	2,004,906	0
Cost of goods	-	-	16,789	-
Depreciation/amortisation on fixed and intangible assets	-	-	722,454	-
Other operating expenses	242,806	6,883	923,559	6,883
Total operating expenses	(242,806)	(6,883)	1,662,803	6,883
Operating profit	(242,806)	(6,883)	342,103	(6,883)
Net financial income and	25,185	18	(544,265)	18
expenses
Ordinary result before	(217,621)	(6,865)	(202,161)	(6,864)
tax Tax	-	-	(35,585)	-
Ordinary result after tax	(217,621)	(6,865)	(166,576)	(6,864)

The table below sets out selected data from CB Develop's unaudited consolidated statement of income for the years ended 31 December 2018 and 2019, with comparable figures from unconsolidated audited statement of income for the years ended 31 December 2018 and 2019:

CB Develop

	Year ended 2019	Year ended 2018	Year ended 2019	Year ended 2018
	(audited)		(unaudited)
(NOK)	(unconsolidated)			(consolidated)
Sales revenue	14,160,707	129,831,317	14,160,983	129,849,361
Other operating income	3,855,979	-	4,138,297	-
Total revenue	18,016,686	129,831,317	18,299,279	129,849,361
Cost of goods	13,733,055	137,322,634	13,733,055	137,322,634
Payroll expenses	244,842	189,100	2,916,500	2,752,753
Depreciation/amortisation on fixed and intangible assets	-	-	177,112	74,461
Other operating expenses	4,572,873	4,766,063	4,247,300	6,350,357
Total operating expenses	18,550,770	142,277,797	21,735,063	147,478,495
Operating profit	(534,084)	(12,446,480)	(3,435,783)	(17,629,135)
Net financial income and expenses	(8,678,655)	(6,427,254)	(481,618)	(16,700,993)
Ordinary result before tax	(9,212,739)	(18,873,734)	(2,954,166)	(928,142)

	Year ended	Year ended	Year ended	Year ended
	2019	2018	2019	2018
	(audited)		(unaudited)
(NOK)	(unconsolidated)		(consolidated)
Tax	-	-	-	-
Ordinary result after tax	(9,212,739)	(18,873,734)	(2,954,166)	(928,142)

Selected statement of financial position

The table below sets out selected data from CB Production's unaudited consolidated statement of financial position for the years ended 31 December 2018 and 2019, with comparable figures from the unconsolidated unaudited statement of financial position for the year ended 31 December 2018 and unconsolidated audited statement of financial position for the year ended 2019:

CB Production

	Year ended 2019	26.09.2017 – 31.12.2018	Year ended 2019	Year ended 2018
	(audited)	(unaudited)	(unaudited)
(NOK)	(unconsolidated)		(consolidated)
Licenses, patents, etc.	-	-	663,000	-
Total intangible assets	0	0	663,000	0
Machinery and equipment	-	-	43,030,191	-
Total tangible assets	0	0	43,030,191	0
Investments in subsidiaries	17,734,881	-	-	-
Loan to group companies	19,312,599	-	-	-
Equities and investments	-	-	275,210	-
Total fixed financial assets	37,047,480	0	275,210	0
Total fixed assets	37,047,480	0	43,968,401	0
Account receivables	216,104	-	496,945	-
Other short-term receivables	-	-	1,110,266	-
Total receivables	216,104	0	1,607,211	0
Bank deposits, cash, etc.	3,815,213	30,018	5,851,158	30,018
Total current assets	4,031,317	30,018	7,458,370	30,018
Total assets	41,078,798	30,018	51,426,770	30,018
Share capital	215,000	30,000	215,000	30,000
Premium reserve	21,285,000	-	21,285,000	-
Uncovered loss	(244,486)	(6,864)	(160,455)	(6,864)
Unappropriated	0	(1)
profit/loss Total equity	21,275,514	23,315	21,339,545	23,136

Deferred tax	-	-	973,735	-
Total allowances for liabilities	0	0	973,735	0
Debt to financial institutions	19,750,000	-	27,738,424	-
Total long-term liabilities	19,750,000	0	27,738,424	0

	Year ended	26.09.2017 –	Year ended	Year ended
	2019	31.12.2018	2019	2018
	(audited)	(unaudited)	(unaudited)
(NOK)	(unconsolidated)		(consolidated)
Trade creditors	(28,209)	-	1,162,968	-
Value added taxes	4,909	-	7,804	-
Group company debt	-	6,883	-	6,883
Other current debt	76,584	-	204,295	-
Total current liabilities	53,283	6,883	1,375,067	6,883
Total liabilities	19,803,283	6,883	30,087,226	6,883

Total equity and liabilities	41,078,798	30,018	51,426,770	30,018

The table below sets out selected data from CB Develop's unaudited consolidated statement of financial position for the years ended 31 December 2018 and 2019, with comparable figures from the unconsolidated audited statement of financial position for the years ended 31 December 2018 and 2019:

CB Develop

	Year ended	Year ended	Year ended	Year ended
	2019	2018	2019	2018
	(audited)			(unaudited)
(NOK)	(unconsolidated)		(consolidated)
Land, buildings and	8,940	8,940	8,940	8,940
other real estate
Operating movable	-	-	656,295	828,486
property, furniture, tools, other
Total tangible assets	8,940	8,940	665,235	837,426

Investments in	46,620,450	48,210,254	-	-
subsidiaries
Loan to group	27,681,388	27,218,199	-	-
companies
Equities and	-	-	4,721	4,851
investments
Other receivables	25,647,850	25,704,850	25,647,850	25,704,850
Total fixed financial	99,949,688	101,133,303	25,652,571	25,709,701
assets Total fixed assets	99,958,628	101,142,243	26,317,806	26,547,126


Inventories	4,834,793	4,744,792	-	-
Projects under	-	-	31,387,646	28,009,502
development
Account receivables	7,685,031	66,000	7,808,452	588,069
Other short-term	27,188,375	18,812,198	27,608,810	32,084,764
receivables
Total receivables	34,873,406	18,878,198	35,417,262	32,672,833
Bank deposits, cash, etc.	2,673,426	2,319,383	2,734,716	2,615,724
Total current assets	42,381,625	25,942,373	69,539,624	63,298,059
Total assets	142,340,253	127,084,616	95,857,430	89,845,186

Share capital	50,466,000	50,466,000	50,466,000	50,466,000
Treasury stock	(229,200)	(229,200)	(229,200)	(229,200)
Premium reserve Retained equity	122,713,524 (122,923,352)	122,713,524 (113,710,613)	122,713,524 (139,408,939)	122,713,524 (135,607,489)
Minority interest	-	-	4,939,086	4,931,012
Total equity	50,026,972	59,239,711	38,480,471	42,273,847

	Year ended	Year ended	Year ended	Year ended
	2019	2018	2019	2018
	(audited)		(unaudited)
(NOK)	(unconsolidated)		(consolidated)
Other long-term debt	73,311,466	32,330,959	37,166,818	10,202,446
Total long-term	73,311,466	32,330,959	37,166,818	10,202,446
liabilities
Trade creditors	18,542,187	24,553,141	18,700,980	25,278,498
Value added taxes	48,600	1,400,284	355,913	1,716,380
Other current debt	411,028	9,560,521	1,153,248	10,374,017
Total current liabilities	19,001,815	35,513,946	20,210,141	37,368,895
Total liabilities	92,313,281	67,844,905	57,376,959	47,571,340

Total equity and	142,340,253	127,084,616	95,857,429	89,845,186
liabilities

Selected statement of cash flow

CB Production has not included unconsolidated cash flow statements in the financial information as the preparation of cash flow statements is not a requirement under NRS no. 8. The table below sets out selected data from CB Production's cash flow statement from the unaudited consolidated cash flow statement for the years ended 31 December 2019 and 2018:

	Year ended 2019	Year ended 2018	Year ended 2019	Year ended 2018
(NOK)	(audited)		(unaudited)
	(unconsolidated)		(consolidated)
Cash flow from operating
activities
Net income/loss (-) before tax	N/A	N/A	(202,161)	(6,864)
Depreciation and amortization	N/A	N/A	722,454	-
Adjustments to accounts receivables	N/A	N/A	(496,945)	-
Adjustments to trade creditors	N/A	N/A	1,162,968	-
Changes in other accruals	N/A	N/A	(905,050)	(6,883)
Net cash flow from operating	N/A	N/A	281,265	19
activities
Cash flow from investment activities
Disbursement from acquisition of tangible assets	N/A	N/A	(43,393,339)	-
Disbursement from other investments	N/A	N/A	(275,210)	-
Net cash flow from investment activities	N/A	N/A	(43,668,549)	0
Cash flow from financing activities
Disbursement from new long term debt	N/A	N/A	27,738,424	-
Capital placement	N/A	N/A	21,500,000	30,000
Redemption of equity	N/A	N/A	(30,000)	-
Net cash flow from financing activities	N/A	N/A	49,208,424	30,000
Effect of exchange rate changes
Net change in cash and cash equivalents	N/A	N/A	5,821,140	30,019
Cash and cash equivalents at beginning of period	N/A	N/A	30,018	-
Cash and cash equivalents at end of period	N/A	N/A	5,851,158	30,019

CB Develop has neither included cash flow statements in the audited financial information as the preparation of cash flow statements is not a requirement under NRS no. 8. The table below sets out selected data from CB Develop's cash flow statement from the unaudited consolidated and unconsolidated cash flow statement for the year ended 31 December 2019:

	Year ended	Year ended	Year ended	Year ended
	2019	2018	2019	2018
	(unaudited)		(unaudited)
(NOK)	(unconsolidated)		(consolidated)
Cash flow from operating
activities
Net income/loss (-) before tax	(10,820,128)	N/A	(2,954,166)	N/A
Depreciation and amortization	-	N/A	177,112	N/A
Adjustments to inventories,	(13,603,390)	N/A	(17,176,045)	N/A
accounts receivables and trade
creditors
Changes in other accruals	(18,993,950)	N/A	(6,105,281)	N/A
Net cash flow from operating	(40,220,274)	N/A	(26,058,380)	N/A
activities

Cash flow from investment
activities
Net change	(406,189)	N/A	57,000	N/A
Net cash flow from investment activities	(406,189)	N/A	57,000	N/A

Cash flow from financing
activities
Net new/amortization interest	40,980,506	N/A	26,964,372	N/A
bearing debt
Merger difference	-	N/A	(844,000)	N/A
Net cash flow from financing	40,980,506	N/A	26,120,372	N/A
activities
Effect of exchange rate changes

Net change in cash and cash equivalents
Net change funds available	354,043	N/A	118,992	N/A
Cash and cash equivalents at	2,319,383	N/A	2,615,724	N/A
beginning of period
Cash and cash equivalents at	2,673,426	N/A	2,734,716	N/A
end of period

Selected statement of changes in equity

Changes in equity have not been prepared on a consolidated basis for the last two financial years and are therefore presented in the equity note of the unconsolidated financial statements as of and for the years ending on 31 December 2019 and 2018. An overview for CB Develop and CB Production is included below.

CB Production

	Share capital	Share premium	Uncovered loss	Total equity
As of 1 January 2018	30,000	0	0	30,000
Share capital increase	-	-	-	-
Annual profit/loss	-	-	(6,864)	(6,864)
As of 31 December 2018	30,000	0	(6,864)	23,136
As of 1 January 2019	30,000	-	(6,864)	23,136
Share capital increase	185,000	21,285,000	-	21,470,000
Annual profit/loss	-	-	(217,621)	(217,621)
As of 31 December 2019	215,000	21,285,000	(224,485)	21,275,515

CB Develop

	Share	Treasury	Share	Retained	Total
	capital	stock	premium	equity	equity
As of 1 January 2018	50,466,000	0	122,713,524	(102,261,076)	70,918,448
Share capital increase	-	-	-	9,111,997	9,111,997
Acquisition treasury	-	(229,200)	-	(1,687,800)	(1,917,000)
shares
Annual profit/loss	-	-	-	(18,873,734)	(18,873,734)
As of 31 December 2018	50,466,000	(229,200)	122,713,524	(113,710,613)	59,239,711
As of 1 January 2019	50,466,000	(229,200)	122,713,524	(113,710,613)	59,239,711
Share capital increase	-	-	-	-	-
Annual profit/loss	-	-	-	(9,212,739)	(9,212,739)
As of 31 December 2019	50,466,000	(229,200)	122,713,524	(122,923,352)	50,026,972

8.7.2. Share capital increase in CB Production

On 14 February 2020, the general meeting of CB Production passed a resolution to increase the share capital of CB Production by issuance of 595,000 shares, each with a nominal value of NOK 1. The subscription price was set to NOK 100, whereas the share capital of the CB Production was increased from NOK 215,000 to NOK 810,000. The change in share capital was registered with the Norwegian Register of Business Enterprises on 5 March 2020.

8.7.3. Repayment of shareholder loan

On 4 March 2020, CB Develop repaid Johan Johannson Eiendom AS the shareholder loan of NOK 27,000,000 including interest. Please refer to Section 5.8.4 for more details on the loan agreement.

8.7.4. Share capital increase in the Company

On 21 March 2020, the general meeting of the Company passed resolutions to increase the share capital of the Company by issuance of 14,256,756 shares, each with a nominal value of NOK 0.25. The subscription price was NOK 11.10 per share, whereas the share capital of the Company was increased from NOK 5,984,652.25 to NOK 9,548,841.25.

9,134,235 shares where subscribed for by existing shareholders and settled with cash payment. Further, 5,122,521 shares were subscribed for by new investors and settled with cash payment.

NOK 158,250,000 of the private placement was guaranteed by some of the Company's existing shareholders, who received an underwriting fee of 2% of the guaranteed amount, in aggregate NOK 3,165,000. The underwriting fee was settled by issuance of 285,133 shares in the Company at a subscription price of NOK 11.10 per share, whereas the share capital of the Company was increased from NOK 9,548,841.25 to NOK 9,620,124.50.

The change in share capital was registered with the Norwegian Register of Business Enterprises on 26 March 2020.

8.8. Working capital statement

The Company is of the opinion that the working capital available to the Company is sufficient for the Company's present requirements, for the period covering at least 12 months from the date of this Admission Document.

8.9. Borrowings and financial commitments

Except for the loans and liabilities listed below the Group has no interest-bearing debt with banks or credit institutions and no significant liabilities, and no debt financing is planned as of the date of this Admission Document.

8.9.1. SpareBank 1 SR-Bank ASA

CB Production has entered into two loan agreements with SpareBank 1 SR-Bank ASA. The first loan agreement was entered into in order to finance the Røyrmyra power plant and amounts to NOK 20,000,000 which was disbursed in September 2019. As of 2 March 2020, the outstanding amount is NOK 19,750,000. The following key terms are set out in the loan agreement:

Maturity date is ten years, the maturity date is 5 September 2029.
Interest rate is 3-months NIBOR plus (for the time being) a margin of 1.980% p.a. capitalised in arrears upon payment of scheduled repayments. Interest rate effectively as of the date of this Admission Document is 3.9% p.a.
The loan is subject to customary financial covenants, including consolidated book equity being at least 25% of total capital and a liquidity reserve of minimum 4% of the loan, limited to maximum NOK 10,000,000.

The second loan agreement was entered into by the previous owner of CB Production (Tinfos AS) in order to finance the Finnesetbekken power plant and amounts to NOK 8,500,000 which was disbursed in November 2018. CB Production purchased all outstanding shares in Finnesetbekken Kraftverk AS in September 2019 including the existing loan. As of 2 March 2020, the outstanding amount is NOK 7,909,720. There are no specific covenants in the loan agreement with SpareBank 1 SR-Bank ASA related to this loan.

8.9.2. One-time payment related to termination of fixed price agreement

Røyrmyra Vindpark AS has entered into a fixed price contract related to the sale of electricity, Electricity Certificates and Guarantees of Origin related to the production from the Røyrmyra power plant. The original term of the contracts was until 2030. The parties have agreed to terminate the contract with effect from 31 December 2021. Upon expiry of the contract, Røyrmyra Vindpark AS is liable to pay the counterparty a one-time compensation fee of EUR 464,024. The amount is guaranteed for by SpareBank 1 SR-Bank ASA with an underwriting commission of 1.850% p.a.

8.9.3. Liability for payment of purchase price of Nessakraft AS and Bjørgelva Kraft AS

CB Production has entered into share purchase agreements regarding the purchase of all outstanding shares in Nessakraft AS and Bjørgelva Kraft AS. Upon completion of these transactions, CB Production is liable for payment of the purchase price for the shares. The liability is further described in clause 9.1.1 below.

8.10. Grants

The Group has not received any grants during the latest two financial years. Neither has any member of the Group submitted, or are expecting to submit, any applications for governmental grants.

9. CORPORATE INFORMATION

The legal and commercial name of the Company is Cloudberry Clean Energy AS. The Company is a private limited liability company (Nw.: aksjeselskap) validly incorporated and existing under the laws of Norway and in accordance with the Companies Act. The Company is registered with the Norwegian Register of Business Enterprises with company registration number 919 967 072. The company was incorporated on 10 November 2017.

The Company's registered business address is Frøyas gate 15, 0273 Oslo, Norway, which is also its principal place of business. The website for the Company is cloudberry.no.

The Shares are registered in book-entry form with VPS under ISIN NO 001 0876642. The Company's register of Shareholders in VPS is administrated by the VPS Registrar, Sparebank 1 SR-Bank ASA, Christen Tranes gate 35, 4007 Stavanger, Norway. The Company's LEI-code is 549300VUALPJQLAH7B56.

9.1. Legal structure

The Company is the parent company of CB Develop and CB Production. Please refer to Section 5.3 "Group organisation" for further information regarding the organisational structure of the Group.

The following table sets out brief information about all members of the Group as of the date of this Admission Document:

Company name	Business reg. no.	Registered office	Activity	Ownership held by	Interest
Cloudberry Clean	919 967 072	Oslo, Norway	Holding	See section 7.2	N/A
Energy AS			company
Cloudberry Production	919 806 958	Oslo, Norway	Holding	Cloudberry Clean	100%
AS			company	Energy AS
Røyrmyra Vindpark AS	814 484 602	Oslo, Norway	SPV	Cloudberry Production	100%
				AS
Finnesetbekken	993 351 326	Oslo, Norway	SPV	Cloudberry Production	100%
Kraftverk AS				AS
Cloudberry Develop AS	992 889 713	Oslo, Norway	Holding	Cloudberry Clean	100%
			company	Energy AS
Finse Kraftverk AS	997 194 721	Finse, Norway	SPV	Cloudberry Develop AS	100%
Elgenes Kraftverk AS	988 440 140	Oslo, Norway	SPV	Cloudberry Develop AS	100%
Skiparvik Kraftverk AS	999 195 911	Nå, Norway	SPV	Cloudberry Develop AS	40%
Rewind Offshore AB	556784-5978	Karlstad, Sweden	SPV	Cloudberry Develop AS	66%
Scanergy Wind AB	556795-5074	Karlstad, Sweden	SPV	Cloudberry Develop AS	100%
Scanergy West AB	556710-7403	Karlstad, Sweden	SPV	Cloudberry Develop AS	100%
Hån Vindpark AB	556957-5797	Karlstad, Sweden	SPV	Scanergy West AB	100%
Hån 22 KV AS	923 096 035	Oslo, Norway	SPV	Hån Vindpark AB	100%
Duvhällen Vindpark AB	559045-9367	Karlstad, Sweden	SPV	Scanergy West AB	100%
Scanergy South AB	556758-6614	Karlstad, Sweden	SPV	Cloudberry Develop AS	85%
Scanergy South	556882-4600	Karlstad, Sweden	SPV	Scanergy South AB	100%
Prosjektbolag AB
Kånna Vindpark AB	556958-5689	Karlstad, Sweden	SPV	Scanergy South	100%
				Prosjektbolag AB
Ljunga Vindpark AB	556959-7114	Karlstad, Sweden	SPV	Scanergy South	100%
				Prosjektbolag AB

The following chart sets out the Group's legal structure as of the date of this Admission Document:

Nessakraft AS and Bjørgelva Kraft AS (both marked grey in the table above) are not legally transferred yet. Please refer to Section 9.1.1 below for more details.

9.1.1. Share purchase agreements

Further, CB Production has entered into share purchase agreements regarding all outstanding shares in the following companies:

Company name	Business	Registered office	Activity	Ownership will be held	Interest
	reg. no.			by
Nessakraft AS	914 720 222	Notodden, Norway	Asset under	Cloudberry Production	100%
			construction	AS
Bjørgelva Kraft AS	921 094 868	Notodden, Norway	Asset under	Cloudberry Production	100%
			construction	AS

Both agreements have been entered into on June 2019 with Tinfos AS, who is developing small scale power plants through the above-mentioned single purpose companies. The shares for both companies will not be legally transferred until the power plants are in operation. Contemplated closing date of the share purchase agreements is April 2021. Closing is subject to i.a. the companies holding (i) legal and valid title to all necessary rights and/or property relevant to the power plant and (ii) all permits, licenses and contracts necessary for the construction, ownership and operation and the power plant having (iii) been approved as qualified for i.a. el-certificates and (iv) undergone trial operations for at least three (3) months.

The purchase price for Bjørgelva Kraft AS and Nessakraft AS is based on their respective enterprise value less the companies' net debt and plus/minus the companies' working capital as of the closing date. The enterprise value is recalculated shortly prior to closing so that CB Production has the risk for any possible fluctuations in the 3M NIBOR element. Two years post-closing either party may demand a price adjustment based on the actual production level capability of the power plants.

9.1.2. Memorandum of understanding

CB Develop has entered into a memorandum of understanding ("MOU") with potential purchasers regarding the sale of the Duvhällen and Hån wind farms in Sweden. The sale and purchase of the wind farms is contemplated carried out by transferring 100% of all outstanding shares in Hån Vindpark AB and Duvhällen Vindpark AB. The share purchase agreements were contemplated to be signed June 2019 with closing of the transactions September 2019. As a number of material development issues have been identified during due diligence for both Hån and Duvhällen, this has required the transactions to be reshaped so that the transactions are not completed for both wind farms at the same time and also the overall transaction time plan and fundamentals have been revised. In an undated addendum to the MOU the parties have agreed to make certain amendments to the MOU, including extending the exclusivity date and to finalize the transaction for Hån "during the spring of 2020".

9.2. The articles of association

The Articles are enclosed in Appendix A to the Admission Document. Below is a summary of the provisions of the Articles last updated on 21 March 2020.

9.2.1. Purpose of the Company

Pursuant to section 2 of the Articles the purpose of the Company is as a parent company for the Group to conduct investments in the energy sector, i.e. develop and operate production of renewal energy and all conduct related business.

9.2.2. Share capital and nominal value

Pursuant to section 3 of the Articles the share capital of the Company is NOK 9,620,124.50, divided among 38,480,498 shares each with a nominal value of NOK 0.25. The Shares are registered with a central securities depository (VPS).

The Company's has no share classes and thus the shares carry equal rights.

9.2.3. Restrictions on transfer of shares

The Articles do not provide for any restrictions on the transfer of Shares.

9.2.4. Signatory right

The right to sign on behalf of the Company is pursuant to section 5 of the Articles held by two shareholder appointed members of the Board of Directors jointly and by the CEO acting alone.

9.2.5. General Meeting

Pursuant to section 6 of the Articles the Company, General Meetings are convened at latest 7 days before the contemplated General Meeting by way of written notice and publication at the Company's internet site. If documents regarding matters to be dealt with are made available on the internet site such documents are only sent to shareholders if so required by the shareholder.

Shareholders may give their vote ahead of the General Meeting, both in writing or by use of electronic device, if provided for in the notice with detailed instructions.

The General Meeting shall approve the annual accounts and decide on dividends, appoint members of the Board of Directors (except for those to be appointed by employees (if applicable)), appoint members and the chairperson of the nomination committee, appoint the auditor, decide on remuneration for the Board of Directors and the auditor og deal with all matters subject to proceedings by the General Meeting according to the Companies Act or the Articles.

9.3. Dividends and dividend policy

9.3.1. Dividend policy

The Company has not established any dividend policy to date, but will strive to follow a dividend policy favourable to the Shareholders. The Company's long-term objective is to pay shareholders consistent and growing cash dividends. The Company's dividend policy is to over time, pay its shareholders dividends representing 30 - 50% of free cash distributed from the producing power plant companies. However, there can be no assurance that in any given year a dividend will be proposed or declared, or if proposed or declared, that the dividend will be as contemplated by the policy.

The amount of any dividend to be distributed will be dependent on, inter alia, the Company's investment requirements and rate of growth. As of the date of this Admission Document, the Company is in a growth phase and is not in a position to pay any dividends.

In deciding whether to propose a dividend and in determining the dividend amount, the Board of Directors will take into account legal restrictions, as set out in Section 9.3.2 "Legal and contractual constraints on the distribution of dividends" below, as well as capital expenditure plans, financing requirements and maintaining the appropriate strategic flexibility.

The Company has not paid any dividends on its Shares since its incorporation.

9.3.2. Legal and contractual constraints on the distribution of dividends

In accordance with the Companies Act, when proposing and determining the dividend amount, the Board of Directors must take into account the (i) Company's capital requirements, including capital expenditure requirements, (ii) its financial condition, (iii) general business conditions and (iv) any restrictions that its contractual arrangements in force at the time of the dividend may place on its ability to pay dividends and the maintenance of appropriate financial flexibility. With a few statutory limited exceptions, the amount of dividends paid may not exceed the amount recommended by the Board of Directors.

Dividends may be paid in cash or in some instances in kind. The Companies Act provides the following constraints on the distribution of dividends applicable to the Company:

Section 8-1 of the Companies Act regulates what may be distributed as dividend, and provides that the Company may distribute dividends only to the extent that the Company after said distribution still has net assets to cover (i) the share capital and (ii) other restricted equity (i.e. the reserve for unrealized gains and the reserve for valuation of differences).
The calculation of the distributable equity shall be made on the basis of the balance sheet included in the approved annual accounts for the last financial year, provided, however, that the registered share capital as of the date of the resolution to distribute dividend shall be applied. Following the approval of the annual accounts for the last financial year, the General Meeting may also authorize the Board of Directors to declare dividends on the basis of the Company's annual accounts. Dividends may also be resolved by the General Meeting based on an interim balance sheet which has been prepared and audited in accordance with the provisions applying to the annual accounts and with a balance sheet date not further into the past than six months before the date of the General Meeting's resolution.
Dividends can only be distributed to the extent that the Company's equity and liquidity following the distribution is considered sound.

The time when an entitlement to dividend arises depends in accordance with the Companies Act on the resolution passed by the General Meeting regarding issuance of new shares. Normally, a subscriber of new shares in a Norwegian private limited company will be entitled to dividends from the time when the relevant share capital increase is registered with the Norwegian Register of Business Enterprises. There are no statutory limits in the Companies Act regarding lapse of dividend entitlement. However, subject to various exceptions, Norwegian law in general provides a limitation period of three years from the date an obligation is due. There are no dividend restrictions or specific procedures for non-Norwegian resident shareholders to claim dividends. For a description of withholding tax on dividends applicable to non-Norwegian residents, see Section 11 "Norwegian taxation".

9.3.3. Manner of dividend payment

Any future payments of dividends on the Shares will be denominated in the currency of the bank account of the relevant Shareholder and will be paid to the Shareholders through the VPS Registrar. Shareholders registered in the VPS who have not supplied the VPS Registrar with details of their bank account, will not receive payment of dividends unless they register their bank account details with the VPS Registrar. The exchange rate(s) that is applied when denominating any future payments of dividends to the relevant Shareholder's currency will be the VPS Registrar's exchange rate on the payment date. Dividends will be credited automatically to the VPS registered Shareholders' accounts, or in lieu of such registered account, at the time when the Shareholder has provided the VPS Registrar with their bank account details, without the need for Shareholders to present documentation proving their ownership of the Shares. Shareholders' right to payment of dividend will lapse three years following the resolved payment date for those Shareholders who have not registered their bank account details with the VPS Registrar within such date. Following the expiry of such date, the remaining, not distributed dividend will be returned from the VPS Registrar to the Company.

10. NORWEGIAN CORPORATE LAW

Certain aspects of Norwegian corporate law, which are considered important for potential investors are set out below. The following high-level introduction is not an exhausting list of corporate aspects to consider. Investors are thus advised to consult their own legal advisors concerning the overall consequences of their ownership of Shares.

10.1. General meetings

The supreme authority in a Norwegian private limited liability company is exercised by the shareholders through the general meeting. The annual general meeting must be held within six months from the end of each financial year, meaning at latest on 30 June for companies which have a financial year which follows the calendar year. Unless otherwise stated in the articles of association the deadline for convening the written notice to the shareholders including time, venue and agenda for the general meeting, is one week before the contemplated general meeting. The Articles do currently not provide for a longer period. Subject to the board of directors being notified in writing prior to the deadline for the written notice, any shareholder in the company may demand an item to be placed on the agenda for the general meeting. If the deadline has not expired yet, but the notice already has been issued the board of directors must issue a renewed notice.

A shareholder may vote at the general meeting either in person or, if the shareholder is prevented from meeting, by a proxy holder appointed by their own discretion. The Company may include templates for proxy forms with the written notice for general meeting, however this is not a requirement according to the Companies Act. No pre-registration is required, shareholders that are registered in the shareholders register, kept and preserved by VPS, or that otherwise have documented and reported ownership of any of the company's shares, are entitled to participate in the general meetings.

Further, if (a) deemed necessary by the Board of Directors, (b) statutory required for certain solutions or (c) demanded by the auditor or shareholders representing at least 10% of the share capital in order to discuss or resolve specific matters, an extraordinary general meeting will be held in the Company. Requirements with regard to written notice and admission are the same for extraordinary general meeting as for the annual general meeting.

10.1.1. Voting requirements for the general meeting to pass resolutions

The Companies Act does not provide for quorum requirements for general meetings.

Each share carries one vote. In general, simple majority of the votes cast ("Ordinary Majority Requirement") is sufficient in order for the general meeting to pass resolutions the shareholders are entitled to make under Norwegian law or the articles of association. In case of elections or appointments (e.g. to the board of directors), the person receiving the greatest number of votes cast is elected.

In accordance with the Companies Act certain decisions require at least two-thirds of the aggregate number of votes cast as well as at least two-thirds of the share capital represented at the general meeting in question ("Amendment Majority Requirement"). Such requirement applies for inter alia resolutions to (i) waive preferential rights to subscribe for shares in connection with any share issue in the company, (ii) approve a merger or demerger of the company, (iii) amend the articles of association, (iv) authorize an increase or reduction of the share capital, (v) authorize an issuance of convertible loans or warrants by the company or (vi) authorize the board of directors to purchase shares and hold them as treasury shares or (vii) dissolve the company.

Moreover, Norwegian law requires that certain decisions having effect of substantially altering the rights and preferences of any shares or class of shares, receive the approval by the holders of such shares or class of shares as well as being subject to the Amendment Majority Requirement. Further, the decision having either one of the following effect, require that at least 90% of the share capital represented at the general meeting in question vote in favour of such resolution, in addition to being subject to the Amendment Majority Requirement ("Qualified Majority Requirement"): (i) reducing the rights of some or all of the company's shareholders in respect of dividend payments or other rights to assets, or (ii) restrict the transferability of the shares.

In general, only a shareholder registered in VPS is entitled to vote for such shares. Under Norwegian law beneficial owners of the shares that are registered in the name of a nominee are not entitled to vote. Neither is any person who is designated in the VPS register as the holder of such shares as nominees.

10.1.2. Additional issuances of shares and preferential rights

As the shares and the share capital are stated in the Articles, any issuance of new shares, including bonus shares, requires amendment to the Articles. Such amendment is subject to the Amendment Majority Requirement. In addition, the Shareholders have in accordance with the Companies Act a preferential right to subscribe for new shares issued by the Company. In accordance with the Companies Act such preferential rights may be deviated from in the same resolution passed to issue new shares. If the deviation from Shareholders' preferential rights however regards bonus issues the approval of all outstanding shares is required.

Subject to Amendment Majority Requirement, the General Meeting may authorize the Board of Directors to issue new shares and deviate from the preferential rights of Shareholders in connection with such issuances. Such authorisation is only valid for a maximum of two years and limited to an amount equal to half of the company's registered share capital at that time.

Subject to approval by the Shareholders a share capital increases may also be made without payment of a subscription price by the Shareholders. This is made by a bonus share issue by transfer from the Company's distributable equity or from the Company's share premium reserve. Any bonus issues may be affected either by issuing new shares to existing Shareholders or by increasing the nominal value of the Company's outstanding Shares.

Issuance of new shares to shareholders who are citizens or residents of the United States and other jurisdictions upon the exercise of preferential rights may require the Company to file a registration statement or prospectus in the United States under United States securities laws or in such other jurisdictions under the laws of such jurisdictions. Should the Company in such a situation decide not to file a registration statement or prospectus, the Company's U.S. shareholders and shareholders in such other jurisdictions may not be able to exercise their preferential rights. To the extent that shareholders are not able to exercise their rights to subscribe for new shares, the value of their subscription rights will be lost and such shareholders' proportional ownership interests in the Company will be reduced.

10.1.3. Redemption of shares and repurchase of shares

The share capital of the Company may be reduced by reduction in the nominal amount of the Shares or by redemption of shares. Such decision is subject to the Amendment Majority Requirement. Redemption of individual shares requires the consent of the shareholder. Reduction of share capital is limited by the amount only being allowed to be used for (a) coverage of loss that cannot be covered otherwise, (b) distribution to the shareholders or redemption of the company's own shares and (c) allocation to a fund to be used as decided by the General Meeting. Further, the share capital cannot be reduced more than the Company after such reduction having sufficient funds to cover the minimum requirements for share capital (currently NOK 30,000) and the Company's fund for unrealized gains and fund for valuation differences.

The Company may purchase its own shares provided that the Board of Directors has been granted such authorisation by the General Meeting which decision is passed subject to the Amendment Majority Requirement. Such authorisation shall apply for a given period which shall not exceed two years. The acquisition of own shares must not lead to the share capital with deduction of the aggregate nominal of the holding of own shares being less than the minimum allowed share capital (currently NOK 30,000). Further, the contribution to be paid for shares must lie within the scope of funds the company may sue to distribute dividends, please see Section 9.3.2 above.

10.1.4. Reorganization by merger or demerger of the Company

As stated in Section 10.1.1 above a decision to approve a merger or demerger of the Company requires Amendment Majority Requirement in order to be passed. A merger (or demerger as applicable) plan is drafted and signed by the Board of Directors along with an expert statement of the merger plan. The plan including statutory required documentation is sent to the Shareholders at least two weeks prior to the contemplated General Meeting on which the merger or demerger shall be passed upon. Following the approval of the merger plan the resolutions must be registered with the Norwegian Register of Business Enterprises within one month in order to avoid for the resolution being deemed void.

10.1.5. Dissolution and liquidation of the Company

Shareholders may decide to dissolve the Company. Such decision is passed at the general meeting subject to the Amendment Majority Requirement. Creditors of the Company have six weeks from the registration of the notification of dissolution to put forward claims. As soon as the Company's obligations have been settled and the creditor notification period has lapsed distribution to shareholders may be affected. Please note such limitation does not apply for ordinary dividend distribution in accordance with Section 8-1 of the Companies Act, please refer to Section 9.3.2 above.

10.2. Minority rights

In addition to minority shareholders being protected as set out above, any Shareholder has the right according to the Companies Act to petition Norwegian courts to declare decisions made by the Board of Directors or the General Meeting invalid because it unreasonably favours certain Shareholders or third parties to the detriment of other Shareholders or the Company itself. To the extent particularly strong reasons are present to dissolve the company due to such unreasonably decision(s) a Shareholder may also petition the court to dissolve the Company.

10.3. Board members

The Board of Directors is responsible for the management of the Company and shall ensure that the business is properly organised. The board shall adopt plans and budgets for the activities of the Company. The directors must keep themselves informed about the Company's financial position and ensure that its activities, accounts and management of assets are subject to adequate control.

Further, the Board of Directors has a supervisory responsibility of the day-to-day management performed by the CEO. The Board of Directors may also give instructions and issue guidelines for the Company's business. This is not a compulsory obligation, but will often be necessary for supervising the CEO.

The Board of Directors is obliged to perform the management and supervisory responsibility in compliance with the general duty of care. This means that the Board of Directors shall act with due diligence and with the care of a good merchant towards the Company. The directors must exercise reasonable care, skill and diligence commensurate with the board members' knowledge and abilities. There is also a minimum standard of care and skills that would be expected by the board members. Thus, it is essential that the board members have professional knowledge on all aspects relevant to taking management decisions. It is also expected that the board members have basic knowledge of their duties stated in the Companies Act and other applicable laws.

10.3.1. Duty of action

An important obligation of the Board of Directors is the duty of action in case of loss of equity of the Company. If the equity is presumed to be less than adequate in terms of the risk and scope of the Company's business, the Board of Directors shall forthwith deal with the matter. In such case the Board of Directors must ensure that a General Meeting is convened within a reasonable period of time, and give the General Meeting an account of the Company's financial position and propose measures to provide the Company with sound equity. If the Board of Directors does not find grounds for proposing such measures, or if such measures cannot be implemented, the Board of Directors must move that the company be dissolved.

10.3.2. Liability of board members

The liability of board members is based on the generally rule of negligence. A board member who intentionally or negligently causes damage to the company, a shareholder or other third parties is liable for the loss created by such behaviour.

The board members should always act with the care of a good merchant. This standard is based on both a subjective and an objective evaluation of the behaviour. The subjective part relates to the general knowledge, skill and experience that the individual director has. It is always expected that a board member performs his or her obligations in accordance with such individual qualifications. The objective part relates to the general knowledge, skill and experience that may reasonably be expected of a person carrying out the functions of a board member.

The content of the basis for liability has been developed through Norwegian case law. The most common basis for liability is violation of applicable laws or the general standard applicable to the board members. The Companies Act sets out several concrete obligations of the board members. A breach of the concrete obligations would likely be considered as negligent behaviour.

The Companies Act also explicitly sets out direct strict liability in relation to settlement of claims for share capital contributions and increase of share capital. The board members (and the auditor) are jointly liable for any unpaid share capital which the notification to the Register of Business Enterprises states and confirms has been paid up or settled in some way. This liability applies even though no loss has occurred and is not based upon negligence of the directors.

The board members may be held both criminally liable and economically liable for loss created by negligent behaviour. Criminal liability may be imposed by intentionally or negligent contravention of the Companies Act and ancillary regulations. The Norwegian Criminal Code Chapter 31 also includes provisions which may apply towards the board members. These provisions are applicable towards directors of an insolvent company or a company in debt.

The general rule is that the board members are severally liable for the loss caused by their negligent behaviour. This means that only the board member who acted negligently in relation to the loss can be held liable. It is the claimant who has to prove that the board members acted negligently. The liability is however jointly if several board members are personally liable for the same loss. Reimbursement of loss paid by any of them may be sought through recourse to the other parties in accordance with what is reasonable under the circumstances.

10.3.3. Discharge of the board members liability

The General Meeting may discharge the Board Members from liability or decide not to pursue claims. Such decisions are subject to the ordinary majority voting requirement. However, Shareholders representing more than 10% of the share capital (or, if there are more than 100 Shareholders, representing more than 10% of the Shareholders) may continue to pursue such claim on behalf of the Company. Costs as a result of such action can be recovered from and if the Company receives proceeds as a result of such action.

If the decision to discharge Board Members however has been passed in accordance with the Amendment Majority Requirement minority Shareholders cannot pursue such claim as set out above.

10.3.4. Insurance and indemnification

The Company may provide for an insurance in order to secure the Board Members' liability. Such insurance would cover the liability of a Board Member on given terms. Depending on the size of the Company and the risk of its business, it is quite common for Norwegian companies to provide for such insurance. The insurance agreement would of course include exceptions and limitations.

Further, the Company may indemnify Board Members from liability by entering into an agreement regulating or limiting his or her liability for loss. Please note, such an agreement will need to be approved by the General Meeting and will not limit the Board Members' liability for loss caused by intent or gross negligence and may not reduce the liability towards third parties.

11. NORWEGIAN TAXATION

This section describes certain tax rules in Norway applicable to shareholders who are resident in Norway for tax purposes ("Norwegian Shareholders") and to shareholders who are not resident in Norway for tax purposes ("Foreign Shareholders"). The statements herein regarding taxation are based on the laws in force in Norway as of the date of this Admission Document and are subject to any changes in law occurring after such date. Such changes could possibly be made on a retrospective basis. The following summary does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase, own or dispose of the Shares. Investors are advised to consult their own tax advisors concerning the overall tax consequences of their ownership of Shares. The statements only apply to shareholders who are beneficial owners of Shares. Please note that for the purpose of the summary below, references to Norwegian Shareholders or Foreign Shareholders refers to the tax residency rather than the nationality of the shareholder.

11.1. Taxation of dividends

11.1.1. Norwegian Individual Shareholders

Dividends received by shareholders who are individuals resident in Norway for tax purposes ("Norwegian Individual Shareholders") are taxable as ordinary income for such shareholders at an effective rate of 31.68% (the nominal rate is 22% but the taxable income is multiplied with a factor of 1.44) to the extent the dividend exceeds a tax-free allowance.

The allowance is calculated on a share-by-share basis. The allowance for each share is equal to the cost price of the share multiplied by a determined risk-free interest rate based on the effective rate on treasury bills (Nw.: statskasseveksler) with three months' maturity plus 0.5 percentage points, after tax. The allowance is calculated for each calendar year, and it is allocated solely to Norwegian Individual Shareholders holding shares at the expiration of the relevant income year.

11.1.2. Norwegian Corporate Shareholders

Dividends received by shareholders that are limited liability companies (and certain similar entities) resident in Norway for tax purposes ("Norwegian Corporate Shareholders") are effectively taxed at a rate of 0.66% (3% of dividend income from such shares is included in the calculation of ordinary income for Norwegian Corporate Shareholders and subject to tax at a flat rate of currently 22%).

11.1.3. Foreign Shareholders

Dividends paid from a Norwegian limited liability company to Foreign Shareholders are subject to Norwegian withholding tax at a rate of 25% unless the recipient qualifies for a reduced rate according to an applicable tax treaty or other specific regulations. The shareholder's country of residence may give credit for the Norwegian withholding tax imposed on the dividend.

If a Foreign Shareholder is carrying on business activities in Norway and the Shares are effectively connected with such activities, the Foreign Shareholder will be subject to the same taxation of dividend as a Norwegian Shareholder, as described above.

Foreign Shareholders that are corporate shareholders (i.e. limited liability companies and similar entities) ("Foreign Corporate Shareholders") resident within the EEA are exempt from Norwegian withholding tax pursuant to the Norwegian tax exemption method provided that the Foreign Corporate Shareholder is genuinely established and carries out genuine economic activities within the EEA.

Dividends paid to Foreign Shareholders that are individual shareholders (i.e. other shareholders than Foreign Corporate Shareholders) ("Foreign Individual Shareholders") are as the main rule subject to Norwegian withholding tax at a rate of 25%, unless a lower rate has been agreed in an applicable tax treaty. If the individual shareholder is resident within the EEA, the shareholder may apply to the tax authorities for a refund of an amount corresponding to the calculated tax-free allowance on each individual share, see Section 11.1 ("Taxation of dividends"). However, the deduction for the tax-free allowance does not apply in the event that the withholding tax rate, pursuant to an applicable tax treaty, leads to a lower taxation on the dividends than the withholding tax rate of 25% less the tax-free allowance.

In accordance with the present administrative system in Norway, a distributing company will generally deduct withholding tax at the applicable rate when dividends are paid directly to an eligible Foreign Shareholder, based on information registered with the VPS. Foreign Corporate and Individual Shareholders must document their entitlement to a reduced withholding tax rate by (i) obtaining a certificate of residence issued by the tax authorities in the shareholder's country of residence, confirming that the shareholder is resident in that state and (ii) providing a confirmation from the shareholder that the shareholder is the beneficial owner of the dividend. In addition, Foreign Corporate Shareholders must also present either (i) an approved withholding tax refund application or (ii) an approval from the Norwegian tax authorities confirming that the recipient is entitled to a reduced withholding tax rate or a withholding tax exemption. Such documentation must be provided to either the nominee or the account operator (VPS). Dividends paid to Foreign Shareholders in respect of nominee registered shares are not eligible for reduced treaty withholding tax rate at the time of payment unless the nominee, by agreeing to provide certain information regarding beneficial owner, has obtained approval for reduced treaty withholding tax rate from the Norwegian tax authorities. The withholding obligation lies with the company distributing the dividends and the Company assumes this obligation.

Foreign Individual and Corporate Shareholders who have suffered a higher withholding tax than set out in an applicable tax treaty may apply to the Norwegian tax authorities for a refund of the excess withholding tax deducted. The same will apply to Foreign Corporate Shareholders that have suffered withholding tax although qualifying for the Norwegian tax exemption method.

Foreign Shareholders should consult their own advisers regarding the availability of treaty benefits in respect of dividend payments.

11.2. Taxation of capital gains on realization of shares

11.2.1. Norwegian Individual Shareholders

Sale, non-proportionate redemption, or other disposals of shares is considered as realization for Norwegian tax purposes. A capital gain or loss derived by a Norwegian Individual Shareholder through realization of shares is taxable or tax deductible in Norway. Such capital gain or loss is included in or deducted from the shareholder's ordinary income in the year of disposal and taxable at an effective rate of 31.68% (the nominal rate is 22% but the taxable income or deductible loss is multiplied with a factor of 1.44).

The gain is subject to tax and the loss is tax deductible irrespective of the duration of the ownership and the number of shares disposed of.

The taxable gain/deductible loss is calculated per share, as the difference between the consideration for the share and the Norwegian Individual Shareholder's cost price of the share, including any costs incurred in relation to the acquisition or realization of the share. From this capital gain, Norwegian Individual Shareholders are entitled to deduct any unused tax-free allowance, cf. above. Any unused tax-free allowance may only be deducted in order to reduce a taxable gain, and cannot increase or produce a deductible loss, i.e. any unused tax-free allowance exceeding the capital gain upon the realization of a share will be annulled.

If the Norwegian Individual Shareholder owns shares acquired at different points in time, the shares that were acquired first will be regarded as the first to be disposed of, on a first-in first-out basis.

11.2.2. Norwegian Corporate Shareholders

Norwegian Corporate Shareholders are exempt from tax on capital gains derived from the realization of shares qualifying for participation exemption, including shares in the Company. Losses upon the realization and costs incurred in connection with the purchase and realization of such shares are not deductible for tax purpose.

11.2.3. Foreign Shareholders

Gains from realization of Shares by Foreign Shareholders will not be subject to tax in Norway unless the Foreign Shareholders are holding the Shares in connection with business activities carried out or managed from Norway. Such taxation may be limited according to an applicable tax treaty or other specific regulations.

11.3. Net wealth tax

11.3.1. Norwegian shareholders

The value of Shares is taken into account for net wealth tax purposes in Norway. The marginal net wealth tax rate is currently 0.85% of the value assessed. The value for assessment purposes for the Shares is equal to 75% of the total tax value of the Company as of 1 January of the year before the tax assessment year. However, if the share capital in the Company has been increased or reduced by payment from or to shareholders in the year before the tax assessment year, the value for assessment purposes for the Shares is equal to 75% of the total tax value of the Company as of 1 January of the tax assessment year. The value of debt allocated to the Shares for Norwegian wealth tax purposes is reduced correspondingly (i.e. to 75%).

Norwegian limited liability companies and similar entities are exempted from net wealth tax.

11.3.2. Foreign Shareholders

Foreign Shareholders are not subject to Norwegian net wealth tax with respect to the Shares, unless the shareholder is an individual, and the shareholding is effectively connected with a business which the shareholder takes part in or carries out in Norway. Such taxation may be limited according to an applicable tax treaty.

11.4. VAT and transfer taxes

No VAT, stamp or similar duties are currently imposed in Norway on the transfer or issuance of shares.

12. SELLING AND TRANSFER RESTRICTIONS

As a consequence of the following restrictions, prospective investors are advised to consult legal counsel prior to making any offer, resale, pledge or other transfer of the Shares admitted to listing on Merkur Market.

The Company is not taking any action to permit a public offering of the Shares in any jurisdiction. Receipt of this Admission Document does not constitute an offer and this Admission Document is for information only and should not be copied or redistributed. If an investor receives a copy of this Admission Document, the investor may not treat this Admission Document as constituting an invitation or offer to it, nor should the investor in any event deal in the Shares, unless, in the relevant jurisdiction, the Shares could lawfully be dealt in without contravention of any unfulfilled registration or other legal requirements. Accordingly, if an investor receives a copy of this Admission Document, the investor should not distribute or send the same, or transfer Shares, to any person or in or into any jurisdiction where to do so would or might contravene local securities laws or regulations.

12.1. Selling restrictions

12.1.1. United States

The Shares have not been and will not be registered under the U.S. Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold except: (i) within the United States to QIBs in reliance on Rule 144A or pursuant to another available exemption from the registration requirements of the U.S. Securities Act; or (ii) outside the United States to certain persons in offshore transactions in compliance with Regulation S under the U.S. Securities Act, and, in accordance with any applicable securities laws of any state or territory of the United States or any other jurisdiction. Accordingly, the Merkur Advisor has represented and agreed that it has not offered or sold, and will not offer or sell, any of the Shares as part of its allocation at any time other than (i) within the United States to QIBs in accordance with Rule 144A or (ii) outside of the United States in compliance with Rule 903 of Regulation S. Transfer of the Shares will be restricted and each purchaser of the Shares in the United States will be required to make certain acknowledgements, representations and agreements, as described under Section 11.3.1 "United States".

12.1.2. United Kingdom

The Merkur Advisor has represented, warranted and agreed that:

a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 ("FSMA") in connection with the issue or sale of any Shares in circumstances in which Section 21(1) of the FSMA does not apply to the Company; and

b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Shares in, from or otherwise involving the United Kingdom.

12.1.3. European Economic Area

In no member state (each a "Relevant Member State") of the European Economic Area (the "EEA") have Shares been offered and in no Relevant Member State other than Norway will Shares be offered to the public pursuant to an offering, except that Shares may be offered to the public in that Relevant Member State at any time in reliance on the following exemptions under the EU Prospectus Regulation:

a) to persons who are "qualified investors" within the meaning of Article 2(e) in the EU Prospectus Regulation;

b) to fewer than 150 natural or legal persons (other than qualified investors as defined in the EU Prospectus Regulation) per Relevant Member State, with the prior written consent of the Merkur Advisor for any such offer; or

c) in any other circumstances falling under the scope of Article 3(2) of the EU Prospectus Regulation;

provided that no such offer of Shares shall result in a requirement for the Company or Merkur Advisor to publish a prospectus pursuant to Article 3 of the EU Prospectus Regulation or supplementary prospectus pursuant to Article 23 of the EU Prospectus Regulation.

For the purpose of this provision, the expression an "offer to the public" in relation to any Shares in any Relevant Member State means a communication to persons in any form and by any means presenting sufficient information on the terms of the an offering and the Shares to be offered, so as to enable an investor to decide to acquire any Shares.

This EEA selling restriction is in addition to any other selling restrictions set out in this Admission Document.

12.1.4. Other jurisdictions

The Shares may not be offered, sold, resold, transferred or delivered, directly or indirectly, in or into, Switzerland, Japan, Canada, Australia or any other jurisdiction in which it would not be permissible to offer the Shares.

In jurisdictions outside the United States and the EEA where an offering would be permissible, the Shares will only be offered pursuant to applicable exceptions from prospectus requirements in such jurisdictions.

12.2. Transfer restrictions

12.2.1. United States

The Shares have not been, and will not be, registered under the U.S. Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold except: (i) within the United States only to QIBs in reliance on Rule 144A or pursuant to another exemption from the registration requirements of the U.S. Securities Act; and (ii) outside the United States in compliance with Regulation S, and in each case in accordance with any applicable securities laws of any state or territory of the United States or any other jurisdiction. Terms defined in Rule 144A or Regulation S shall have the same meaning when used in this section.

Each purchaser of the Shares outside the United States pursuant to Regulation S will be deemed to have acknowledged, represented and agreed that it has received a copy of this Admission Document and such other information as it deems necessary to make an informed investment decision and that:

The purchaser is authorized to consummate the purchase of the Shares in compliance with all applicable laws and regulations.

The purchaser acknowledges that the Shares have not been and will not be registered under the U.S. Securities Act, or with any securities regulatory authority or any state of the United States, subject to certain exceptions, may not be offered or sold within the United States.
The purchaser is, and the person, if any, for whose account or benefit the purchaser is acquiring the Shares, was located outside the United States at the time the buy order for the Shares was originated and continues to be located outside the United States and has not purchased the Shares for the account or benefit of any person in the United States or entered into any arrangement for the transfer of the Shares or any economic interest therein to any person in the United States.
The purchaser is not an affiliate of the Company or a person acting on behalf of such affiliate, and is not in the business of buying and selling securities or, if it is in such business, it did not acquire the Shares from the Company or an affiliate thereof in the initial distribution of such Shares.
The purchaser is aware of the restrictions on the offer and sale of the Shares pursuant to Regulation S described in this Admission Document.
The Shares have not been offered to it by means of any "directed selling efforts" as defined in Regulation S.
The Company shall not recognize any offer, sale, pledge or other transfer of the Shares made other than in compliance with the above restrictions.
If the purchaser is acquiring any of the Shares as a fiduciary or agent for one or more accounts, the purchaser represents that it has sole investment discretion with respect to each such account and that it has full power to make the foregoing acknowledgements, representations and agreements in behalf of each such account.
The purchaser acknowledges that the Company, the Merkur Advisor and their respective advisers will rely upon the truth and accuracy of the foregoing acknowledgements, representations and agreements.

Each purchaser of the Shares within the United States purchasing pursuant to Rule 144A or another available exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act will be deemed to have acknowledged, represented and agreed that it has received a copy of this Admission Document and such other information as it deems necessary to make an informed investment decision and that:

The purchaser is authorized to consummate the purchase of the Shares in compliance with all applicable laws and regulations.
The purchaser acknowledges that the Shares have not been and will not be registered under the U.S. Securities Act or with any securities regulatory authority of any state of the United States and are subject to significant restrictions to transfer.
The purchaser (i) is a QIB (as defined in Rule 144A), (ii) is aware that the sale to it is being made in reliance on Rule 144A and (iii) is acquiring such Shares for its own account or for the account of a QIB, in each case for investment and not with a view to any resale or distribution to the Shares, as the case may be.
The purchaser is aware that the Shares are being offered in the United States in a transaction not involving any public offering in the United States within the meaning of the U.S. Securities Act.
If, in the future, the purchaser decides to offer, resell, pledge or otherwise transfer such Shares, or any economic interest therein, as the case may be, such Shares or any economic interest

therein may be offered, sold, pledged or otherwise transferred only (i) to a person whom the beneficial owner and/or any person acting on its behalf reasonably believes is a QIB in a transaction meeting the requirements of Rule 144A, (ii) outside the United States in a transaction meeting the requirements of Regulation S, (iii) in accordance with Rule 144 (if available), (iv) pursuant to any other exemption from the registration requirements of the U.S. Securities Act, subject to the receipt by the Company of an opinion of counsel or such other evidence that the Company may reasonably require that such sale or transfer is in compliance with the U.S. Securities Act or (v) pursuant to an effective registration statement under the U.S. Securities Act, in each case in accordance with any applicable securities laws of any state or territory of the United States or any other jurisdiction.

The purchaser is not an affiliate of the Company or a person acting on behalf of such affiliate, and is not in the business of buying and selling securities or, if it is in such business, it did not acquire the Shares from the Company or an affiliate thereof in the initial distribution of such Shares.
The purchaser will not deposit or cause to be deposited such Shares into any depositary receipt facility established or maintained by a depository bank other than a Rule 144A restricted depository receipt facility, so long as such Shares are "restricted securities" within the meaning of Rule 144(a) (3) under the U.S. Securities Act.
The purchaser acknowledges that the Shares are "restricted securities" within the meaning of Rule 144(a) (3) and no representation is made as to the availability of the exemption provided by Rule 144 for resales of any Shares, as the case may be.
The purchaser acknowledges that the Company shall not recognize any offer, sale pledge or other transfer of the Shares made other than in compliance with the above-stated restrictions.
If the purchaser is requiring any of the Shares as a fiduciary or agent for one or more accounts, the purchaser represents that it has sole investment discretion with respect to each such account and that it has full power to make the foregoing acknowledgements, representations and agreements on behalf of each such account.
The purchaser acknowledges that the these representations and undertakings are required in connection with the securities laws of the United States and that Company, the Merkur Market Merkur Advisor and their respective advisers will rely upon the truth and accuracy of the foregoing acknowledgements, representations and agreements.

12.2.2. European Economic Area

Each person in a Relevant Member State who receives any communication in respect of, or who acquires any Shares under, the offers contemplated in this Admission Document will be deemed to have represented, warranted and agreed to and with the Merkur Advisor and the Company that:

a) it is a qualified investor within the meaning of Articles 2(e) of the EU Prospectus Regulation; and

b) in the case of any Shares acquired by it as a financial intermediary, as that term is used in Article 1 of the EU Prospectus Regulation, (i) the Shares acquired by it in an offer have not been acquired on behalf of, nor have they been acquired with a view to their offer or resale to, persons in any Relevant Member State other than qualified investors, as that term is defined in the EU Prospectus Regulation, or in circumstances in which the prior consent of the Merkur Advisor has been given to the offer or resale; or (ii) where Shares have been acquired by it on behalf of persons in any Relevant Member State other than qualified investors, the offer of those Shares to it is not treated under the EU Prospectus Regulation as having been made to such persons.

For the purpose of this representation, the expression an "offer to the public" in relation to any Shares in any Relevant Member State means a communication to persons in any form and by any means presenting sufficient information on terms of an offering and the Shares to be offered, so as to enable an investor to decide to acquire any Shares.

13. ADDITIONAL INFORMATION

13.1. Admission to trading on Merkur Market

On 13 March 2020, the Company applied for admission to trading on Merkur Market. The first day of trading on Merkur Market is expected to be on or about 2 April 2020.

Neither the Company nor any member of the Group have securities listed on any stock exchange or other regulated marketplace.

13.2. Third-party information

For the purpose of this Admission Document, industry and market data obtained from independent industry publications, market research, internal surveys and other publicly available information, has been used. Such data has not been verified by us. Neither, have our internal surveys been verified by independent sources. Thus, we do not guarantee or assume any responsibility for the accuracy of the data, estimates, forecasts or other information taken from sources in the public domain.

The Company confirms that where information has been sourced from a third party, such information has been accurately reproduced and that as far as the Company is aware and is able to ascertain from information published by that third party, no facts have been omitted that would render the reproduced information inaccurate or misleading. Where information sourced from third parties has been presented, the source of such information has been identified.

The Company confirms that no statement or report attributed to a person as an expert is included in this Admission Document.

13.3. Independent auditor

The Company's independent auditor is BDO AS, with registered address at Munkedamsveien 45A, 0250 Oslo, Norway. BDO AS is a member of the Norwegian Institute of Public Accountants (Nw.: Den Norske Revisorforeningen). BDO AS has been the Company's independent auditor since February 2018. The Company did not have an auditor before that date.

BDO AS has not audited, reviewed or produced any report on any other information in this Admission Document.

13.4. Advisors

The Company has engaged Carnegie AS (business registration number 936 310 974, and registered business address at Aker Brygge, Fjordalléen 16, 0250 Oslo, Norway) as its Merkur Advisor.

Advokatfirma DLA Piper Norway DA (business registration number 982 216 060, and registered business address at Bryggegata 6, 0250 Oslo, Norway is acting as Norwegian legal counsel to the Company and the Merkur Advisor.

14. DEFINITIONS AND TERMS

Accounting Act	The Norwegian Accounting Act of 17 July 1998 no 56.
Admission	The admission to trading of the Company's shares on Merkur Market.
Admission Document	This Admission Document dated 27 March 2020.
Amendment Majority Requirement	Two-thirds of the aggregate number of votes cast as well as at least two thirds of the share capital represented at the General Meeting in question.
Annual Financial Statements	The unconsolidated financial statements for the year ended 31 December 2019 and for the year ended 31 December 2018 for the Company.
Articles	Articles of Association of the Company as of 21 March 2020.
Board Member(s)	Member(s) of the Board of Directors.
Board of Directors	The board of directors of the Company.
CB Develop	Cloudberry Develop AS, one of the Company's subsidiaries.
CB Production	Cloudberry Production AS, one of the Company's subsidiaries.
CEO	Chief Executive Officer (Nw.: daglig leder).
Companies Act	The Norwegian Private Limited Liability Companies Act of 13 June 1997 no. 44 (as amended).
Company	Cloudberry Clean Energy AS.
EEA	European Economic Area.
ESG	Environmental, social and governance.
Foreign Corporate Shareholders	Non-Resident Shareholders that are corporate shareholders (i.e. limited liability companies and similar entities).
Foreign Individual Shareholders	Non-Resident Shareholders that are individual shareholders (i.e. other shareholders than Foreign Corporate Shareholders).
Foreign Shareholders	Shareholders who are not resident in Norway for tax purposes.
General Meetings	The general meetings of the Company.
Group	The Company and its subsidiaries.
Large Hydro Power	Hydropower plants with installed power equal to or greater than 10,000 kVA.
Listing	The listing of the Shares on Merkur Market on 2 April 2020.
Management	The members of the Group's executive management, being Anders Lenborg, Suna Alkan, Jon Gunnar Solli, Tor Arne Pedersen and Christian Helland.
Merkur Advisor	Carnegie AS.

NGAAP	Norwegian Generally Accepted Accounting Principles
NIBOR	Norwegian Interbank Offered Rate
NOK	Norwegian Kroner, the lawful currency of Norway.
Norwegian Corporate Shareholders	Shareholders who are limited liability companies (and certain similar entities) domiciled in Norway for tax purposes.
Norwegian Individual Shareholders	Norwegian Shareholders other than Norwegian Corporate Shareholders.
Norwegian Shareholders	Shareholders who are resident in Norway for tax purposes.
NRS no. 8	Norwegian Accounting Standard Board (Nw.: Norsk Regnskapsstiftelse) standard no. 8 (good accounting practice for small businesses) (Nw.: Norsk Regnskaps Standard nr 8, God regnskapsskikk for små foretak)
NUES	Means the Norwegian Code of Practice for Corporate Governance adopted by the Norwegian Corporate Governance Board.
Ordinary Majority Requirement	Simple majority of the votes cast at the General Meeting.
Qualified Majority Requirement	At least 90% of the share capital represented at the General Meeting in question vote in favour of such resolution, in addition to being subject to the Amendment Majority Requirement.
Relevant Member State	Each Member State of the European Economic Area which has implemented the EU Prospectus Regulation.
Securities Act	The Norwegian Securities Trading Act of 28 June 2007 (Nw.: verdipapirhandelloven)
Securities Regulation	Norwegian Securities Trading Regulation of 29 June 2007 no 876 (Nw.: Verdipapirforskriften)
Share(s)	The shares of the Company, consisting as at the date of this Admission document of 23,938,609 ordinary shares each with a par value of NOK 0.25.
Shareholders	Holders of the Shares
STIBOR	Stockholm Interbank Offered Rate
U.S.	The United States of America
VPS	The Norwegian Central Securities Registry
VPS Registrar	Sparebank 1 SR-Bank ASA

***

Appendix A

Articles of Association of Cloudberry Clean Energy AS

VEDTEKTER

FOR

CLOUDBERRY CLEAN ENERGY AS

(Endret 21. mars 2020)

§ 1 Navn

Selskapets navn er Cloudberry Clean Energy AS

§ 2 Formål

Selskapets formål er som morselskap i konsern å drive investeringsvirksomhet i energisektoren, herunder utvikle og drive produksjon av fornybar energi og virksomhet som naturlig er forbundet med dette.

§ 3 Aksjekapital og aksjer

Selskapets aksjekapital er NOK 9.620.124,50 fullt innbetalt, fordelt på 38.480.498 aksjer, hver pålydende NOK 0,25. Aksjene skal være registrert i et verdipapirregister. Erververen av en aksje kan ikke utøve de rettigheter som tilkommer en aksjeeier med mindre vedkommende er innført i verdipapirregisteret eller har anmeldt og godtgjort sitt aksjeerverv. En aksjeeier har kun rett til å delta og stemme i generalforsamlingen når aksjeervervet er innført i verdipapirregisteret, senest den femte virkedagen før generalforsamlingsdagen.

§ 4 Aksjeoverdragelse

Selskapets aksjer skal være fritt omsettelige. Aksjelovens regler om forkjøpsrett og styresamtykke gjelder ikke.

§ 5 Signatur og prokura

Selskapet forpliktes ved underskrift av administrerende direktør. Selskapet forpliktes også ved underskrift av to av styrets aksjonærvalgte medlemmer i fellesskap. Styret kan meddele prokura.

§ 6 Ordinær generalforsamling

Ordinær generalforsamling avholdes hvert år innen utgangen av juni måned. Generalforsamlingen avholdes i den kommunen hvor selskapet har sitt forretningskontor. Generalforsamlingen innkalles av styret. Innkallingen skal være sendt til alle aksjeeiere med kjent adresse senest 7 dager før generalforsamlingsdagen. Innkallingen skal samtidig kunngjøres på selskapets hjemmeside.

Aksjeeiere som ønsker å delta i generalforsamlingen må melde dette til selskapet innen den frist som angis i innkallingen. Fristen må ikke utløpe tidligere enn 5 dager før generalforsamlingsdagen. Når dokumenter som gjelder saker som skal behandles i generalforsamlingen er gjort tilgjengelige for aksjonærene på selskapets internettsider, gjelder ikke aksjelovens eller vedtektenes krav om at dokumentene skal sendes til

aksjonærene. Dette gjelder også dokumenter som etter aksjeloven eller vedtektene skal inntas i eller vedlegges innkallingen til generalforsamlingen. En aksjonær kan likevel kreve å få tilsendt dokumenter som gjelder saker som skal behandles i generalforsamlingen.

Aksjeeiere kan avgi skriftlig forhåndsstemme i saker som skal behandles i generalforsamlingen. Slike stemmer kan også avgis ved bruk av elektronisk kommunikasjon. Adgangen til å avgi forhåndsstemme er betinget av at det foreligger en betryggende metode for autentisering av avsender. Styret avgjør om det foreligger en slik metode i forkant av den enkelte generalforsamling. Styret kan fastsette nærmere retningslinjer for avgivelse og håndtering av skriftlige forhåndsstemmer. Det skal fremgå av innkallingen til generalforsamlingen om det er gitt adgang til forhåndsstemming, og hvilke retningslinjer som eventuelt er fastsatt for slik stemmegivning.

Den ordinære generalforsamlingen skal:

1. godkjenne årsregnskapet og årsberetningen, herunder eventuell utdeling av utbytte
1. velge styrets medlemmer, og blant dem styrets leder, bortsett fra medlemmene som skal velges av og blant de ansatte
1. velge medlemmene av valgkomiteen, og blant dem valgkomiteens leder
1. velge revisor dersom revisor er på valg
1. fastsette godtgjørelsen til tillitsvalgte og revisor
1. behandle andre saker som etter lov eller vedtekter hører under generalforsamlingen

Appendix B

Cloudberry Clean Energy AS' (formerly known as Cloudberry Asset Management AS) audited Financial Statements for the year ended 31 December 2018 and 31 December 2019

Årsregnskap 2018 Cloudberry Capital AS

Resultatregnskap Balanse Noter til regnskapet

Org.nr .: 919 967 072

CLOUDBERRY CAPITAL AS
RESULTATREGNSKAP
	Note	10.11.17 - 31.12.18

DRIFTSINNTEKTER OG DRIFTSKOSTNADER
Salgsinntekt		250 000
Sum driftsinntekter		250 000

Varekostnad		41 098
Lønnskostnad	1	1633 312
Avskrivning av driftsmidler og immaterielle eiendeler	3	3 564
Annen driftskostnad	1	621 663
Sum driftskostnader		2 299 638
Driftsresultat		-2 049 638
FINANSINNTEKTER OG FINANSKOSTNADER
Annen renteinntekt		277
Annen finansinntekt		-753
Rentekostnad til foretak i samme konsern	7	10 479
Annen rentekostnad		231
Annen finanskostnad		1371
Resultat av finansposter		-12 557

Ordinært resultat før skattekostnad		-2 062 194 -2 062 194
Ordinært resultat
Arsresultat	6	-2 062 194
OVERFØRINGER
Overført til udekket tap	6	-1 312 194
Overført fra annen egenkapital		-750 000
Sum overføringer		-2 062 194

CLOUDBERRY CAPITAL AS
BALANSE
EIENDELER	Note	2018
ANLEGGSMIDLER IMMATERIELLE EIENDELER
VARIGE DRIFTSMIDLER
Driftsløsøre, inventar o.a. utstyr	3	17 700
Sum varige driftsmidler	3	17 700
Sum anleggsmidler		17 700
OMLØPSMIDLER
FORDRINGER
Andre kortsiktige fordringer		119 584
Konsernfordringer Sum fordringer		6 883 126 466

Bankinnskudd, kontanter o.l.	4	128 842
Sum omløpsmidler		255 309
Sum eiendeler		273 009

SIDE 3

	CLOUDBERRY CAPITAL AS
	BALANSE
EGENKAPITAL OG GJELD		Note	2018
EGENKAPITAL
INNSKUTT EGENKAPITAL
Aksjekapital		5	1 000 000
lkke registert kapitalnedsettelse		5	-750 000
lkke registert kapitalforhøyelse		5	500 000 750 000
Sum innskutt egenkapital
OPPTJENT EGENKAPITAL
Udekket tap			-1 312 194
Sum opptjent egenkapital			-1 312 194
Sum egenkapital		6,8	-562 194
GJELD
KORTSIKTIG GJELD
Skyldig offentlige avgifter			93 737
Konserngjeld		7	557 421
Annen kortsiktig gjeld			184 046
Sum kortsiktig gjeld			835 203
Sum gjeld			835 203
Sum egenkapital og gjeld			273 009
	03.04.2019 Styret i Cloudberry Capital AS
11

Jon Fredrik Baksaas	Petter Winther Borg		Anders Jørgen Lenborg
styreleder	styremedlem		styremedlem/daglig leder





Morten Bergesen	Jon Gunnar Solli
styremedlem	styremedlem


CLOUDBERRY CAPITAL AS			SIDE 4

NOTER TIL ÅRSREGNSKAP 2018 CLOUDBERRY CAPITAL AS

Regnskapsprinsipper

Årsregnskapet er satt opp i samsvar med regnskapsloven og NRS 8 - God regnskapsskikk for små foretak. Selskapet er stiftet 10.11.2017 og resultatregnskapet omfatter perioden 10.11.2017 til 31.12.2018.

DRIFTSINNTEKTER

Inntektsføring ved salg av varer skjer på leveringstidspunktet. Tjenester inntektsføres etter hvert som de leveres.

SKATT

Skattekostnaden i resultatregnskapet omfatter både periodens betalbare skatt og endring i utsatt skatt. Utsatt skatt er beregnet med 22 % på grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skattemessige verdier, samt ligningsmessig underskudd til fremføring ved utgangen av regnskapsåret. Skattedkende og skattereduserende midlertidige forskjeller som reverserer eller kan reverseres i samme periode er utlignet og nettoført.

KLASSIFISERING OG VURDERING AV ANLEGGSMIDLER

Anleggsmidler omfatter eiendeler bestemt til varig eie og bruk. Anleggsmidler er vurdert til anskaffelseskost. Varige driftsmidler balanseføres og avskrives over driftsmidlets økonomiske levetid. .

KLASSIFISERING OG VURDERING AV OMLØPSMIDLER

Omløpsmidler og kortsiktig gjeld omfatter normalt poster som forfaller til betaling innen ett år etter balansedagen, samt poster som knytter seg til varekretsløpet. Omløpsmidler vurderes til laveste verdi av anskaffelseskost og virkelig verdi.

FORDRINGER

Kundefordringer og andre fordringer oppføres til pålydende etter fradrag for avsetning til forventet tap. Avsetning til tap gjøres på grunnlag av en individuell vurdering av de enkelte fordringene.

Note 1 Lønnskostnader og ytelser, godtgjørelser til daglig leder, styret og revisor

Lønnskostnader	2018
Lønninger	1 346 196
Arbeidsgiveravgift	198 733
Pensjonskostnader	68 564
Andre ytelser	19819
Sum	1 633 312

Selskapet har i 2018 sysselsatt 2 årsverk.

PENSJONSFORPLIKTELSER

Selskapet er pliktig til å ha tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon. Selskapets pensjonsordninger tilfredsstiller kravene i denne lov.

Ytelser til ledende personer	Daglig leder	Styret
Lønn	555 396	0
Pensjonskostnader	39 695	0
Sum	595 091	0
CLOUDBERRY CAPITAL AS		SIDE 5

NOTER TIL ÅRSREGNSKAP 2018 CLOUDBERRY CAPITAL AS

REVISOR

Kostnadsført revisjonshonorar for 2018 utgjør kr 12 000. I tillegg kommer honorar for andre tjenester med kr 0.

Note 2 Skatt
Arets skattekostnad	2018
Resultatført skatt på ordinært resultat: Betalbar skatt Endring i utsatt skattefordel	0 0
Skattekostnad ordinært resultat	0
Skattepliktig inntekt: Ordinært resultat før skatt Permanente forskjeller Endring i midlertidige forskjeller Skattepliktig inntekt	-2 062 194 3 080 -2 815 -2 061 930
Betalbar skatt i balansen: Betalbar skatt på årets resultat Sum betalbar skatt i balansen	0 0

Skatteeffekten av midlertidige forskjeller og underskudd til fremføring som har gitt opphav til utsatt skatt og utsatte skattefordeler, spesifisert på typer av midlertidige forskjeller:

	2018
Varige driftsmidler	2 815
Sum	2 815
Akkumulert fremførbart underskudd	-2 061 930
Grunnlag for beregning av utsatt skatt	-2 059 114
Utsatt skattefordel (22 %)	-453 005

l henhold til God regnskapsskikk for små foretak balanseføres ikke utsatt skattefordel.

NOTER TIL ÅRSREGNSKAP 2018 CLOUDBERRY CAPITAL AS Note 3 Anleggsmidler

	Driftsløsøre, inventar ol.
Tilgang kjøpte anleggsmidler	21 264
Anskaffelseskost 31.12.2018	21 264
Arets ordinære avskrivninger	3 564
Av- og nedskrivninger pr. 31.12.2018	3 564
Arets avskrivning og nedskrivning	3 564
Bokført verdi 31.12.2018	17 700
Økonomisk levetid	0-5 år

Note 4 Bankinnskudd

Innestående midler på skattetrekkskonto (bundne midler) er på kr. 54 912.

Note 5 Aksjonærer

Aksjekapitalen i Cloudberry Capital AS pr. 31.12 består av:

	Antall	Pålydende	Bokført
Ordinære aksjer	1 000 000	1,00	1 000 000
Sum	1 000 000		1 000 000
Eierstruktur
De største aksjonærene i % pr. 31.12 var:
	Ordinære		Eierandel Stemmeandel
Lenco AS	642 350	64,2	64,2
Cloudberry Partners AS	225 200	22,5	22,5
Lotmar Invest AS	132 450	13,2	13,2
Totalt antall aksjer	1 000 000	100,0	100,0

l generalforsamling 14.09.18 ble antall aksjer økt til 3 000 000 ved endring av pålydene til kr. 0,25. Dette ble registrert i Foretaksregisteret 19.01.19

Note 6 Egenkapital

	Aksjekapital Annen Innskutt egenkapital			Sum egenkapital
Stiftelse. 10.11.2017	30 000	O	0	30 000
Emisjon 19.01.2018	470 000	0	O	470 000
Emisjon 30.04.2018	500 000	0	O	500 000
Nedsettelse 14.09.2018	-750 000	750 000	0	0
Emisjon 14.09.2018	500 000			500 000
CLOUDBERRY CAPITAL AS				SIDE 7

	NOTER TIL ÅRSREGNSKAP 2018
	CLOUDBERRY CAPITAL AS

Arets resultat	-750 000	-1 312 194	-2 062 194
Pr 31.12.2018	750 000 0	-1 312 194	-562 194
Kapitalnedsettelse 14.09.18 og emisjon 14.09.18 er registrert i Foretaksregisteret 19.01.19. Etter kapitaløkningen består aksjekapitalen av 3 000 000 aksjer pålydende kr. 0,25.
Note 7 Mellomværende med selskap i samme konsern			2018
Fordringer
Andre kortsiktige fordringer konsern			6 883
Sum			6 883
Gjeld
Annen kortsiktig gjeld konsern			557 421
Sum			557 421

Note 8 Fortsatt drift

Resultatet for 2018 viser et resultat på kr. -2 062 194 etter skatt. Selskapet har negativ egenkapital på kr. 562 194. Selskapet er tilført egenkapital på 4 millioner i ekstraordinær generalforsamling den 5. februar 2019. Styret vurderer at forutsetningene for fortsatt drift er til stede og legger det til grunn for sin virksomhet.

Uavhengig revisors beretning

Til generalforsamlingen i Cloudberry Capital AS

Uttalelse om revisjonen av årsregnskapet

Konklusjon

Vi har revidert Cloudberry Capital AS' årsregnskap.

Årsregnskapet består av:	Etter vår mening:
• Balanse per 31. desember 2018 • Resultatregnskap for 2018 • • Noter til årsregnskapet, herunder et sammendrag av viktige regnskapsprinsipper.	Er årsregnskapet avgitt i samsvar med lov og forskrifter og gir et rettvisende bilde av selskapets finansielle stilling per 31. desember 2018, og av dets resultater for regnskapsåret avsluttet per denne datoen i samsvar med regnskapslovens regler og god regnskapsskikk i Norge.

Grunnlag for konklusjonen

Vi har gjennomført revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder de internasjonale revisjonsstandardene International Standards on Auditing (ISA-ene). Våre oppgaver og plikter i henhold til disse standardene er beskrevet i Revisors oppgaver og plikter ved revisjon av årsregnskapet. Vi er uavhengige av selskapet slik det kreves i lov og forskrift, og har overholdt våre øvrige etiske forpliktelser i samsvar med disse kravene. Etter vår oppfatning er innhentet revisjonsbevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon.

Styret og daglig leders ansvar for årsregnskapet

Styret og daglig leder (ledelsen) er ansvarlig for å utarbeide årsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er også ansvarlig for slik internkontroll som den finner nødvendig for å kunne utarbeide et årsregnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil.

Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets evne til fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til grunn for årsregnskapet så lenge det ikke er sannsynlig at virksomheten vil bli avviklet.

Revisors oppgaver og plikter ved revisjonen av årsregnskapet

Vårt mål er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en revisjon utført i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, alltid vil avdekke vesentlig feilinformasjon som eksisterer. Feilinformasjon kan oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon blir vurdert som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke økonomiske beslutninger som brukerne foretar basert på årsregnskapet.

For videre beskrivelse av revisors oppgaver og plikter vises det til: https://revisorforeningen.no/revisjonsberetninger

Uttalelse om øvrige lovmessige krav

Konklusjon om registrering og dokumentasjon

Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi har funnet nødvendig i henhold til internasjonal standard for attestasjonsoppdrag (ISAE) 3000 «Attestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontroll av historisk finansiell informasjon», mener vi at ledelsen har oppfylt sin plikt til å sørge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokføringsskikk i Norge.

BDO AS

Knut Nyerrød Statsautorisert revisor (elektronisk signert)

OFFICES OFFICE OF THE OFFICE OF THE OFFICE OF THE OFFICE OF THE OFFICE OF THE OFFICE OF THE OFFICE OF THE OFFICE OF THE OFFICE OF THE FORMER OF FOR

Signaturene i dette dokumentet er juridisk bindent signert med "Penneo™ - sikker digital signatur". De signerende parter sin identitet er registrert, og er listet nedenfor.

"Med min signatur bekrefter jeg alle datoer og innholdet i dette dokument."

Knut Nyerrød Partner

På vegne av: BDO AS Serienummer: 9578-5999-4-1152926 IP: 188.95.xxx.xxx 2019-04-04 22:59:347

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Årsregnskap 2019 Cloudberry Asset Management AS

Resultatregnskap Balanse Noter til regnskapet

Org.nr .: 919 967 072

CLOUDBERRY ASSET MANAGEMENT AS
RESULTATREGNSKAP
DRIFTSINNTEKTER OG DRIFTSKOSTNADER	Note	2019	10.11.17 - 31.12.18
Salgsinntekt		279 419	250 000
Sum driftsinntekter		279 419	250 000
Varekostnad		27 530	41 098
Lønnskostnad	1	1981 089	1 633 312
Avskrivning av driftsmidler og immaterielle eier	3	7 000	3 564
Annen driftskostnad	1	877 143	621 663
Sum driftskostnader		2 892 761	2 299 638
Driftsresultat		-2 613 342	-2 049 638
FINANSINNTEKTER OG FINANSKOSTNADER
Annen renteinntekt		3 578	277
Annen finansinntekt		1 619	-753
Rentekostnad til foretak i samme konsern		0	10 479
Annen rentekostnad		726	231
Annen finanskostnad		289	1 371
Resultat av finansposter		4 182	-12 557
Ordinært resultat før skattekostnad		-2 609 160	-2 062 194
Ordinært resultat		-2 609 160	-2 062 194

Arsresultat	2	-2 609 160	-2 062 194
OVERFØRINGER
Overført til udekket tap	6	-2 609 160	-1 312 194
Overført fra annen egenkapital		0	-750 000
Sum overføringer		-2 609 160	-2 062 194

CLOUDBERRY ASSET MANAGEMENT AS
BALANSE
EIENDELER	Note	2019	2018
ANLEGGSMIDLER IMMATERIELLE EIENDELER
VARIGE DRIFTSMIDLER
Driftsløsøre, inventar o.a. utstyr	3	10 700	17 700
Sum varige driftsmidler	3	10 700	17 700

Sum anleggsmidler		10 700	17 700
OMLØPSMIDLER
FORDRINGER
Andre kortsiktige fordringer		69813	119 584
Konsernfordringer		0	6 883
Sum fordringer		69 813	126 466

Bankinnskudd, kontanter o.l.	4	5 223 095	128 842
Sum omløpsmidler		5 292 908	255 309
Sum eiendeler		5 303 608	273 009

CLOUDBERRY ASSET MANAGEMENT AS
	BALANSE
EGENKAPITAL OG GJELD	Note	2019	2018
EGENKAPITAL
INNSKUTT EGENKAPITAL
Aksjekapital	5,6	950 000	1 000 000
lkke registert kapitalnedsettelse	5	0	-750 000
lkke registert kapitalforhøyelse	5	0	500 000
Annen innskutt egenkapital	6	7 800 000	0
Sum innskutt egenkapital		8 750 000	750 000

OPPTJENT EGENKAPITAL
Udekket tap		-3 921 354	-1 312 194
Sum opptjent egenkapital		-3 921 354	-1 312 194

Sum egenkapital	6	4 828 646	-562 194

GIELD

KORTSIKTIG GJELD
Leverandørgjeld		57 710	0
Skyldig offentlige avgifter		170 112	93 737
Konserngjeld		0	557 421
Annen kortsiktig gjeld		247 140	184 046
Sum kortsiktig gjeld		474 962	835 203
Sum gjeld		474 962	835 203
Sum egenkapital og gjeld		5 303 608	273 009

28.01.2020 Styret i Cloudberry Asset Management AS

Petter Winther Borg styreleder

Yon Gunnar Solli styremedlem

Anders Jørgen Lenborg (

styremedlem/daglig leder

Morten Sigval Bergesen

styremedlem

NOTER TIL ÅRSREGNSKAP 2019 CLOUDBERRY ASSET MANAGEMENT AS

Regnskapsprinsipper

Årsregnskapet er satt opp i samsvar med regnskapsloven og NRS 8 - God regnskapsskikk for små foretak.

DRIFTSINNTEKTER

Inntektsføring ved salg av varer skjer på leveringstidspunktet. Tjenester inntektsføres etter hvert som de leveres.

SKATT

Skattekostnaden i resultatregnskapet omfatter både periodens betalbare skatt og endring i utsatt skatt. Utsatt skatt er beregnet med 22 % på grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skattemessige verdier, samt ligningsmessig underskudd til fremføring ved utgangen av regnskapsåret. Skatteøkende og skattereduserende midlertidige forskjeller som reverserer eller kan reverseres i samme periode er utlignet og nettoført.I henhold til god regnskapførerskikk for små foretak balanseføres ikke utsatt skattefordel.

KLASSIFISERING OG VURDERING AV ANLEGGSMIDLER

Anleggsmidler omfatter eiendeler bestemt til varig eie og bruk. Anleggsmidler er vurdert til anskaffelseskost. Varige driftsmidler balanseføres og avskrives over driftsmidlets økonomiske levetid. Avskrivningsperioden for fast eiendom anskaffet etter 2009 er dekomponert i en del som gjelder råbygget og en del som gjelder faste tekniske installasjoner. Varige driftsmidler nedskrives til gjenvinnbart beløp ved verdifall som forventes ikke å være forbigående. Gjenvinnbart beløp er det høyeste av netto salgsverdi og verdi i bruk. Verdi i bruk er nåverdi av fremtidige kontantstrømmer knyttet til eiendelen. Nedskrivingen reverseres når grunnlaget for nedskrivingen ikke lenger er til stede.

KLASSIFISERING OG VURDERING AV OMLØPSMIDLER

FORDRINGER

Note 1 Lønnskostnader og ytelser, godtgjørelser til daglig leder, styret og revisor

Lønnskostnader	2019	2018
Lønninger	1 604 150	1 346 196
Arbeidsgiveravgift	238 431	198 733
Pensjonskostnader	82 951	68 564
Andre ytelser	55 556	19819
Sum	1 981 089	1 633 312

Selskapet har i 2019 sysselsatt 3 årsverk.

PENSIONSFORPLIKTELSER

Selskapet er pliktig til å ha tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon. Selskapets pensjonsordninger tilfredsstiller kravene i denne lov.

CLOUDBERRY ASSET MANAGEMENT AS

NOTER TIL ÅRSREGNSKAP 2019 CLOUDBERRY ASSET MANAGEMENT AS

Ytelser til ledende personer	Daglig leder	Styret
Lønn	609 182
Pensjonskostnader	31 932
Sum	641 114	0

REVISOR

Kostnadsført revisjonshonorar for 2019 utgjør kr 65 910. l tillegg kommer honorar for andre tjenester med kr 37 685.

Note 2 Skatt

Arets skattekostnad	2019	2018
Resultatført skatt på ordinært resultat:
Betalbar skatt	0	0
Endring i utsatt skattefordel	0	0
Skattekostnad ordinært resultat	0	0
Skattepliktig inntekt:
Ordinært resultat før skatt	-2 609 160	-2 062 194
Permanente forskjeller	0	3 080
Endring i midlertidige forskjeller	-7 885	-2 815
Skattepliktig inntekt	-2 617 044	-2 061 930
Betalbar skatt i balansen:
Betalbar skatt på årets resultat		0
Sum betalbar skatt i balansen	0	0

Skatteeffekten av midlertidige forskjeller og underskudd til fremføring som har gitt opphav til utsatt skatt og utsatte skattefordeler, spesifisert på typer av midlertidige forskjeller:

	2019	2018	Endring
Varige driftsmidler	10 700	2 815	-7 885
Sum	10 700	2 815	-7 885
Akkumulert fremførbart underskudd	-4 678 974	-2 061 930	2 617 044
Grunnlag for utsatt skattefordel	-4 668 274	-2 059 114	2 609 160
Utsatt skattefordel (22 %)	-1 027 020	-453 005	574 015

l henhold til God regnskapsskikk for små foretak balanseføres ikke utsatt skattefordel.

NOTER TIL ÅRSREGNSKAP 2019 CLOUDBERRY ASSET MANAGEMENT AS

Note 3 Anleggsmidler

	Driftsløsøre, inventar ol.
Anskaffelseskost pr. 01.01.2019	17 700
Anskaffelseskost 31.12.2019	17 700
Arets ordinære avskrivninger	7 000
Av- og nedskrivninger pr. 31.12.2019	7 000
Bokført verdi 01.01.2019	17 700
Arets avskrivning og nedskrivning	7 000
Bokført verdi 31.12.2019	10 700
Økonomisk levetid	0-5 år

Note 4 Bankinnskudd

Innestående midler på skattetrekkskonto (bundne midler) er på kr. 110 051.

Note 5 Aksjonærer

AKSJEKAPITALEN I CLOUDBERRY ASSET MANAGEMENT AS PR. 31.12 BESTÅR AV:

	Antall	Pålydende	Bokført
Ordinære aksjer	3 800 000	0,25	950 000
Sum	3 800 000		950 000
EIERSTRUKTUR
De største aksjonærene i % pr. 31.12 var:
	Ordinære	Eierandel	Stemmeandel
Cloudberry Partners AS	1 891 640	49,8	49,8
Lenco AS	1 126 339	29,6	29,6
Lotmar Invest AS	782 021	20,6	20,6
Totalt antall aksjer	3 800 000	100,0	100,0

NOTER TIL ÅRSREGNSKAP 2019 cloudberry asset management as

Note 6 Egenkapital

	Aksjekapital	Annen innskutt egenkapital		Udekket tap Sum egenkapital
Pr. 31.12.2018	750 000	0	-1 312 194	-562 194
Pr. 01.01.2019	750 000	0	-1 3 2 194	-562 194
Kapitalforhøyelse	200 000	7 800 000		7 800 000
Arets resultat			-2 609 160	-2 609 160
Pr. 31.12.2019	950 000	7 800 000	-3 921 354	4 628 646

Uavhengig revisors beretning

Til generalforsamlingen i Cloudberry Asset Management AS

Uttalelse om revisjonen av årsregnskapet

Konklusjon

Vi har revidert årsregnskapet til Cloudberry Asset Management AS.

Årsregnskapet består av:	Etter vår mening:
· Balanse per 31. desember 2019 • Resultatregnskap for 2019 • • Noter til årsregnskapet, herunder et sammendrag av viktige regnskapsprinsipper.	Er årsregnskapet avgitt i samsvar med lov og forskrifter og gir et rettvisende bilde av selskapets finansielle stilling per 31. desember 2019 og av dets resultater for regnskapsåret avsluttet per denne datoen i samsvar med regnskapslovens regler og god regnskapsskikk i Norge.

Grunnlag for konklusjonen

Styret og daglig leders ansvar for årsregnskapet

Revisors oppgaver og plikter ved revisjonen av årsregnskapet

For videre beskrivelse av revisors oppgaver og plikter vises det til: https://revisorforeningen.no/revisjonsberetninger

Uttalelse om øvrige lovmessige krav

Konklusjon om registrering og dokumentasjon

BDO AS

Knut Nyerrød statsautorisert revisor (elektronisk signert)

OFFICES OFFICE OF THE OFFICE OF THE OFFICE OF THE OFFICE OF THE OFFICE OF THE OFFICE OF THE OFFICE OF THE OFFICE OF THE OFFICE OF THE FORMER OF FOR

Signaturene i dette dokumentet er juridisk bindent signert med "Penneo™ - sikker digital signatur". De signerende parter sin identitet er registrert, og er listet nedenfor.

"Med min signatur bekrefter jeg alle datoer og innholdet i dette dokument."

Knut Nyerrød Partner

På vegne av: BDO AS Serienummer: 9578-5999-4-1152926 IP: 188.95.xxx.xxx 2020-02-04 21:27:57Z

Hvordan bekrefter at dette dokumentet er orginalen?

Dokumentet er beskyttet av ett Adobe CDS sertifikat. Når du åpner dokumentet i

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Det er lett å kontrollere de kryptografiske beviser som er lokalisert inne i dokumentet, med Penneo validator - https://penneo.com/validate

Appendix C

Cloudberry Develop AS' (formerly known as Scanergy AS) audited Financial Statements for the year ended 31 December 2018 and 31 December 2019 (unconsolidated) and unaudited Financial Statements for the year ended 31 December 2018 and 31 December 2019 (consolidated)

Årsrapport for 2018

Årsregnskap

Resultatregnskap
Balanse
Noter

Revisjonsberetning

Scanergy AS Org.nr: 992 889 713

Resultatregnskap

	Note	2018	2017
Driftsinntekter
Salgsinntekt	13	129 831 317	13 287 023
Driftskostnader
Varekostnad	13	137 322 634	8 929 038
Lønnskostnad	2	189 100	175 000
Annen driftskostnad	2	4 766 063	4 946 400
Sum driftskostnader		142 277 797	14 050 438
Driftsresultat		-12 446 480	-763 415
Finansinntekter og finanskostnader
Renteinntekt fra foretak i samme konsern		2 099 420	3 180 940
Annen finansinntekt		349 454	723 478
Nedskrivning av finansielle eiendeler	6, 7	0	11 634 580
Rentekostnad til foretak i samme konsern		1 054 901	1 639 850
Annen finanskostnad		7 821 227	3 224 702
Netto finansposter		-6 427 254	-12 594 714
Ordinært resultat før skattekostnad		-18 873 734	-13 358 129
Årsresultat		-18 873 734	-13 358 129
Overføringer og disponeringer
Overføringer annen egenkapital	10	-18 873 734	-13 358 129

Balanse pr. 31. desember

	Note	2018	2017
Anleggsmidler
Varige driftsmidler
Tomter, bygninger og annen fast eiendom	3	8 940	0
Sum varige driftsmidler		8 940	0
Finansielle anleggsmidler
Investeringer i datterselskap	7	48 210 254	489 701
Lån til foretak i samme konsern	රි	27 218 199	83 763 100
Andre fordringer	4	25 704 850	25 704 850
Sum finansielle anleggsmidler		101 133 303	109 957 651
Sum anleggsmidler		101 142 243	109 957 651
Omløpsmidler
Varer	5	4 744 792	0
Fordringer
Kundefordringer		66 000	69 000
Andre fordringer	13	18 812 198	3 397 503
Sum fordringer		18 878 198	3 466 503
Bankinnskudd, kontanter og lignende		2 319 383	22 132 777
Sum omløpsmidler		25 942 373	25 599 280

Sum eiendeler		127 084 616	135 556 931

Scanergy AS Org.nr: 992 889 713

Balanse pr. 31. desember

2018 2017 Note


Innskutt egenkapital
50 466 000 50 466 000 10, 11
0 -229 200 10
122 713 524 122 713 524 10
173 179 524 172 950 324 Sum innskutt egenkapital
Opptjent egenkapital
-102 261 076 10 -113 710 613
-102 261 076 -113 710 613 Sum opptjent egenkapital
70 918 448 59 239 711

Annen langsiktig gjeld
30 139 015 32 330 959 6, 8 Øvrig langsiktig gjeld
32 330 959 30 139 015 Sum annen langsiktig gjeld

11 473 553 24 553 141
7 269 297 1 400 284 Skyldige offentlige avgifter
15 756 618 9 560 521 13 Annen kortsiktig gjeld
34 499 468 35 513 946
64 638 483 67 844 905
135 556 931 127 084 616 Sum egenkapital og gjeld

Frank Jarle Berg Styrets leder

( Espen Lien Styremedlem 31. desember 2018 Oslo, 12. juni 2019

Roy Malvin Slettvold Styremedlem

Tor Arne Pedersen Daglig leder

Dag Asheim

Styremedlem

Note 1 - Regnskapsprinsipper

Årsregnskapet er satt opp i samsvar med regnskapslovens bestemmelser og god regnskapsskikk for små foretak.

Datterselskap/tilknyttet selskap

Datterselskapet og tilknyttede selskaper vurderes etter kostmetoden i selskapsregnskapet. Investeringen er vurdert til anskaffelseskost for aksjene med mindre nedskrivning har vært nødvendig. Det er foretatt nedskrivning til virkelig verdi når verdifall skyldes årsaker som ikke kan antas å være forbigående og det må anses nødvendig etter god regnskapsskikk. Nedskrivninger er reversert når grunnlaget for nedskrivning ikke lenger er til stede.

Utbytte og andre utdelinger er inntektsført samme år som det er avsatt i datterselskapet. Overstiger utbytte andel av tilbakeholdt resultat etter kjøpet, representerer den overskytende del tilbakebetaling av investert kapital, og utdelingene er fratrukket investeringens verdi i balansen.

Salgsinntekter

Inntektsføring ved salg av varer skjer på leveringstidspunktet. Tjenester inntektsføres i takt med utførelsen. Gevinst ved salg av aksjer i datterselskaper eller prosjektselskap inntektsføres under annen driftsinntekt.

Klassifisering og vurdering av balanseposter

Omløpsmidler og kortsiktig gjeld omfatter poster som forfaller til betaling innen ett år etter balansedagen, samt poster som knytter seg til varekretsløpet. Øvrige poster er klassifisert som anleggsmiddel/langsiktig gjeld.

Omløpsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balanseføres til nominelt beløp på etableringstidspunktet.

Anleggsmidler vurderes til anskaffelseskost, men nedskrives til ved verdifall som ikke forventes å være forbigående. Anleggsmidler med begrenset økonomisk levetid avskrives planmessig. Langsiktig gjeld balanseføres til nominelt beløp på etableringstidspunktet.

Prosjekter i arbeid

Lager av innkjøpte varer er verdsatt til laveste av anskaffelseskost og virkelig verdi. Anskaffelseskost vurderes etter FIFO- prinsippet. Egentilvirkede ferdigvarer og varer undert til full tilvirkningskost. Det foretas nedskriving for påregnelig ukurans.

Anleggskontrakter

Anlegg under utførelse verdsettes til løpende avregning med fortjeneste. Risiko for tap reflekteres i verdsettelse. Grunnlag for ferdigstillelsesgrad er forholdet mellom påløpte kontraktskostnader og totale kontraktskostnader.

Kortsiktige plasseringer

Kortsiktige plasseringer (aksjer og andeler vurdert som omløpsmidler) vurderes til laveste av anskaffelseskost og virkelig verdi på balansedagen. Børsnoterte selskaper vurderes til børskurs 31. desember. Mottatt utbytte og andre utdelinger fra selskapene inntektsføres som annen finansinntekt.

Skatter

Skattekostnaden i resultatregnskapet omfatter både periodens betalbare skatt og endring i utsatt skatt. Utsatt skatt er beregnet med 22% på grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skattemessige verdier, samt ligningsmessig underskudd til fremføring ved utgangen av regnskapsåret. Skatteøkende og skattereduserende midlertidige forskjeller som reverserer eller kan reversere i samme periode er utlignet og nettoført. Netto utsatt skattefordel balanseføres i den grad det er sannsynlig at denne kan bli nyttegjort.

Bruk av estimater

Ledelsen har brukt estimater og forutsetninger som har påvirket resultatregnskapet og verdsettelsen av eiendeler og gjeld, samt usikre eiendeler og forpliktelser på balansedagen under utarbeidelsen av årsregnskapet i henhold til god regnskapsskikk.

Note 2 - Lønnskostnader, antall ansatte, lån til ansatte og godtgjørelse til revisor

Lønnskostnader	2018
Lønninger	175 000
Arbeidsgiveravgift	14 100
Sum	189 100

Selskapet har ingen ansatte. Selskapet har tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon.

Godtgjørelse til revisor er fordelt på følgende:	2018
Revision	60 000
Andre tjenester	116 445

Merverdiavgift er ikke inkludert i revisjonshonoraret.

Note 3 - Varige driftsmidler

Avskrivningsplan

	Besøkssenter Marker (anlegg under utførelse)	Driftsløsøre, inventar, verktøy mm.	Sum
Anskaffelseskost 01.01.	0	91 465	91 465
Tilgang kjøpte driftsmidler	8 940	O	8 940
Anskaffelseskost 31.12.	8 940	91 465	100 405
Akk.avskrivning 31.12.	0	-91 465	-91 465
Balanseført pr. 31.12.	8 940	0	8 940
Økonomisk levetid		5

Lineær

Note 4 - Andre fordringer

Etter salg av aksjer i 2014 ble det avgitt en rentefri selgerkreditt pålydende kr 50 000 000. Det gjenstår pr 31.12 2018 kr 25 000 000 som er klassifisert som langsiktig fordring.

Note 5 - Prosjekter i arbeid

	2018
Prosjekter i arbeid	5 071 046
Tapsavsetning prosjekter	-326 256
Sum	4 744 790

Prosjekter i arbeid vurderes til kostpris. Dersom ikke mottar konsesjon eller det er usikkerhet omkring gjennomføringen blir de kostnadsført.

Prosjektene ble overført fra Norges Småkraftverk AS og Kraftkarane AS gjennom fusjon pr 01.01. 2018.

Note 6 - Mellomværende med selskap i samme konsern

Fordringer	2018	2017
Lån til foretak i samme konsern	27 218 199	83 763 099
Lån til selskaper i samme konsern er nedskrevet med tilsammen kr 994 562.
Gjeld	2018	2017

2 909 319

13 524 662

Annen langsiktig gjeld

Note 7 - Datterselskap

	Anskaffelses-		Eier-	Resultat	Egenkapital	Bokført verdi
Selskap	år	Kontor	ande	2018	pr. 31.12	pr. 31.12
Rewind Offshore AB	2011	Karlstad	66 %	-64 600	681 400	449 700
Scanergy West AB	2012	Karlstad	100 %	-46 007	284 689	27 364 912
Scanergy South AB	2012	Strømstad	85 %	-476 814	1 689 193	16 642 678
Scanergy Wind AB	2012	Strømstad	100 %	535 236	694 327	1 280 104
Skiparvik Kraftverk AS	2018	Oslo	100 %	-106 510	-361 867	60 000
Finse Kraftverk AS	2018	Oslo	100 %	-72 854	-231 899	900 000
Elgenes Kraftverk AS	2018	Oslo	100 %	-147 216	-1 071 085	1 512 860
Sum				-378 765	1 684 758	48 210 254

Datterselskapet Scanergy Hydro Power AS med datterdatter selskapene Norges Småkraftverk AS, Kraftkarane AS og Scanergy Vannkraft AS, er innfusjonert pr 1/1-2018. Nye datterselskaper blir da Finse Kraftverk AS, Elgenes Kraftverk AS og Skiparvik Kraftverk AS.

Datterselskapet Scanergy Wind Power AS er innfusjonert pr 1/1-2018. Nye datterselskaper blir da Scanergy West AB, Scanergy South AB og Scanergy Wind AB.

Regnskapstall for svenske datterselskap er omregnet med kurs 0,9701.

Note 8 - Selgerkreditt

	2018	2017
Øvrig langsiktig gjeld	10 583 601	10 583 601

Det er ytet rentefri selgerkreditt ved salg av aksjer. Se nærmere informasjon under note 5.

Note 9 - Skatt

Beregning av årets skattegrunnlag:	2018	2017
Ordinært resultat før skattekostnad	-18 873 734	-13 358 129
Nedskrivning på aksjer og andre verdipapir kostnadsført i året Regnskapsmessig tap realisasjon av aksjer og andre finansielle	0	11 634 580
instrumenter	7 035 110	0
Endring i midlertidige forskjeller	6 940 000	-11 683
Arets skattegrunnlag	-4 898 624	-1 735 232
Oversikt over midlertidige forskjeller	2018	2017
Varebeholdning	-326 256	0
Avsetninger til tap på kontrakter, prosjekter mv	-6 940 000	0
Sum	-7 266 256	0
Akkumulert fremførbart underskudd tør konsernbidrag	-97 009 977	-10 801 469
Netto midlertidige forskjeller pr 31.12	-104 276 233	-10 801 469
Forskjeller som ikke inngår i utsatt skatt/-skattefordel	-97 009 977	-10 801 469
Sum	-7 266 256	0
22 % Utsatt skattefordel	-1 598 576	0

Innfusjonerte selskaper pr 1.1 2018 hadde fremførbart underskudd på kr 81 309 884 og midlertidig forskjell varer på kr 326 256.

Utsatt skattefordel er ikke balanseført i henhold til god regnskapsskikk.

Note 10 - Egenkapital

	Aksjekapital	Egne aksjer	Overkurs	Annen	Sum
				egenkapital
Egenkapital 01.01.	50 466 000	0	122 713 524	-102 261 076	70 918 448
Arsresultat	O	0	O	-18 873 734	-18 873 734
Kjøp av egne aksjer	O	-229 200	C	-1 687 800	-1 917 000
Fusjon	0	0		9 111 997	9 111 997
Egenkapital 31.12.	50 466 000		-229 200		59 239 711

Note 11 - Aksjekapital og aksjonærinformasjon

Aksjekapitalen består av:

	Antall	Pålydende	Balanseført
A-aksier	375 000	100	37 500 000
B-aksjer	129 660	100	12 966 000
Sum	504 660		50 466 000

Oversikt over aksjonærene i selskapet pr. 31.12:

				Eier-	Stemme-
	A-aksjer	B-aksjer	Sum	andel	andel
Joh Johanson Eiendom AS	161 396	46 595	207 991	41 %	41 %
Ccpartner AS	141 708	27 060	168 768	33 %	33 %
Sum	303 104	/3 655	376 759	75 %	75 %
Øvrige (eierandel < 5%)	71 896	56 005	127 901	25 %	25 %
Totalt antall aksjer	375 000	129 660	504 660	100 %	100 %

Aksjer representert i styret utgjør 38%.

Selskapet har 2 292 egne aksjer, 375 A-aksjer og 1917 B-aksjer.

Utdeling av utbytte

Utdelinger skal først skje på kr 1200 pr B-aksjer får utdeling. Deretter skal utdelinger skje likt. Forholdet reguleres av §4 i vedtektene.

Note 12 - Tvist

Selskapet har en pågående tvist som ikke er avgjort. Det er uenighet om en ikke bokført forpliktelse på MNOK 8,8.

Note 13 - Langsiktige tilvirkningskontrakter

Selskapets prosjekter behandles i samsvar med løpende avregningsmetode.

	2018
Regnskapsmessig opptjent inntekt	137 723 809
Kostnader opptjent inntekt	-139 311 672
Netto prosjektresultat pr 31.12	-1 587 863
Avsetning tapsprosjekt	-6 940 000
Tap på prosjekt	-8 527 863

Det er innarbeidet mottak av anleggsbidrag fra annet prosjekt på kr 18 681 227. Dette fremkommer som kostnadsreduksjon og andre kortsiktige fordringer.

Fullføringsgraden beregnes som forholdet mellom påløpte prosjektkostnader og estimerte totalkostnader for prosjektet.

Statsautoriserte revisorer Ernst & Young AS

Engene 22, NO-3015 Drammen Postboks 560 Brakerøya, NO-3002 Drammen Foretaksregisteret: NO 976 389 387 MVA TIf: +47 24 00 24 00 Fax: www.ev.no Medlemmer av Den norske revisorforening

UAVHENGIG REVISORS BERETNING

Til generalforsamlingen i Scanergy AS

Uttalelse om revisjonen av årsregnskapet

Konklusjon

Vi har revidert årsregnskapet for Scanergy AS som består av balanse per 31. desember 2018, resultatregnskap for regnskapsåret avsluttet per denne datoen og en beskrivelse av vesentlige anvendte regnskapsprinsipper og andre noteopplysninger.

Etter vår mening er årsregnskapet avgitt i samsvar med lov og forskrifter og gir et rettvisende bilde av selskapets finansielle stilling per 31. desember 2018 og av dets resultater for regnskapsåret avsluttet per denne datoen i samsvar med regnskapslovens regler og god regnskapsskikk i Norge.

Grunnlag for konklusjonen

Vi har gjennomført revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder de internasjonale revisjonsstandardene (ISA-ene). Våre oppgaver og plikter i henhold til disse standardene er beskrevet i avsnittet Revisors oppgaver og plikter ved revisjonen av årsregnskapet. Vi er uavhengige av selskapet i samsvar med de relevante etiske kravene i Norge knyttet til revisjon slik det kreves i lov og forskrift. Vi har også overholdt våre øvrige etiske forpliktelser i samsvar med disse kravene. Etter vår oppfatning er innhentet revisjonsbevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon.

Ledelsens ansvar for årsregnskapet

Styret og daglig leder (ledelsen) er ansvarlig for å utarbeide årsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er også ansvarlig for slik intern kontroll som den finner nødvendig for å kunne utarbeide et årsregnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller feil.

Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets evne til fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til grunn for årsregnskapet med mindre ledelsen enten har til hensikt å avvikle selskapet eller legge ned virksomheten, eller ikke har noe annet realistisk alternativ.

Revisors oppgaver og plikter ved revisjonen av årsregnskapet

Vårt mål er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller feil, og å avgi en revisjonsberetning som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en revisjon utført i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, alltid vil avdekke vesentlig feilinformasjon. Feilinformasjon kan skyldes misligheter eller feil og er å anse som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke de økonomiske beslutningene som brukerne foretar på grunnlag av årsregnskapet.

Som del av en revisjon i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, utøver vi profesjonelt skjønn og utviser profesjonell skepsis gjennom hele revisjonen. I tillegg

identifiserer og anslår vi risikoen for vesentlig feilinformasjon i årsregnskapet, enten det skyldes misligheter eller feil. Vi utformer og gjennomfører revisjonshandlinger for å håndtere slike risikoer, og innhenter revisjonsbevis som er tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon. Risikoen for at vesentlig feilinformasjon som følge av misligheter ikke blir avdekket, er høyere enn for feilinformasjon som skyldes feil, siden misligheter kan innebære samarbeid, forfalskning, bevisste utelatelser, uriktige fremstillinger eller overstyring av intern kontroll;
► opparbeider vi oss en forståelse av den interne kontrollen som er relevant for revisjonen, for å utforme revisjonshandlinger som er hensiktsmessige etter omstendighetene, men ikke for å gi uttrykk for en mening om effektiviteten av selskapets interne kontroll;

► vurderer vi om de anvendte regnskapsprinsippene er hensiktsmessige og om regnskapsestimatene og tilhørende noteopplysninger utarbeidet av ledelsen er rimelige;
konkluderer vi på om ledelsens bruk av fortsatt drift-forutsetningen er hensiktsmessig, og, basert på innhentede revisjonsbevis, hvorvidt det foreligger vesentlig usikkerhet knyttet til hendelser eller forhold som kan skape betydelig tvil om selskapets evne til fortsatt drift. Dersom vi konkluderer med at det foreligger vesentlig usikkerhet, kreves det at vi i revisjonsberetningen henleder oppmerksomheten på tilleggsopplysningene i årsregnskapet. Hvis slike tilleggsopplysninger ikke er tilstrekkelige, må vi modifisere vår konklusjoner er basert på revisjonsbevis innhentet frem til datoen for revisjonsberetningen. Etterfølgende hendelser eller forhold kan imidlertid medføre at selskapets evne til fortsatt drift ikke lenger er til stede;
vurderer vi den samlede presentasjonen, strukturen og innholdet i årsregnskapet, inkludert tilleggsopplysningene, og hvorvidt årsregnskapet gir uttrykk for de underliggende og hendelsene på en måte som gir et rettvisende bilde.

Vi kommuniserer med styret blant annet om det planlagte omfanget av revisjonen, tidspunktet for vårt revisionsarbeid og eventuelle vesentlige funn i vår revisjon, herunder vesentlige svakheter i den interne kontrollen som vi avdekker gjennom vårt arbeid.

Uttalelse om øvrige lovmessige krav

Konklusjon om registrering og dokumentasjon

Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi har funnet nødvendige i henhold til internasjonal standard for attestasjonsoppdrag (ISAE) 3000 «Attestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontroll av historisk finansiell informasjon», mener vi at ledelsen har oppfylt sin plikt til å sørge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokføringsskikk i Norge.

Drammen, 28. juni 2019 ERNST & YOUNG AS

Bjørn Baklid statsautorisert revisor

Årsrapport for 2019

Årsregnskap

Resultatregnskap
Balanse
Noter

Revisjonsberetning

Resultatregnskap

	Note	2019	2018
Driftsinntekter
Salgsinntekt	13	14 160 707	129 831 317
Annen driftsinntekt		3 855 979	0
Sum driftsinntekter		18 016 686	129 831 317
Driftskostnader
Varekostnad	13	13 733 055	137 322 634
Lønnskostnad	2	244 842	189 100
Annen driftskostnad	2	4 572 873	4 766 063
Sum driftskostnader		18 550 770	142 277 797
Driftsresultat		-534 084	-12 446 480
Finansinntekter og finanskostnader
Renteinntekt fra foretak i samme konsern		2 529 366	2 099 420
Annen finansinntekt		676 478	349 454
Nedskrivning av finansielle eiendeler	6,7	6 630 996	0
Rentekostnad til foretak i samme konsern		3 012 042	1 054 901
Annen finanskostnad		2 241 461	7 821 227
Netto finansposter		-8 678 655	-6 427 254
Ordinært resultat før skattekostnad		-9 212 739	-18 873 734
Årsresultat		-9 212 739	-18 873 734

Overføringer og disponeringer	10	-9 212 739	-18 873 734
Overføringer annen egenkapital

Balanse pr. 31. desember

	Note	2019	2018
Anleggsmidler
Varige driftsmidler
Tomter, bygninger og annen fast eiendom Sum varige driftsmidler	3	8 940 8 940	8 940 8 940
Finansielle anleggsmidler
Investeringer i datterselskap	7	46 620 450	48 210 254
Lån til foretak i samme konsern	6	27 681 388	27 218 199
Andre fordringer	4	25 647 850	25 704 850
Sum finansielle anleggsmidler		99 949 688	101 133 303
Sum anleggsmidler		99 958 628	101 142 243
Omløpsmidler
Varer	5	4 834 793	4 744 792
Fordringer
Kundefordringer		7 685 031	182 596
Andre fordringer	4, 13	27 188 375	18 695 602
Sum fordringer		34 873 406	18 878 198
Bankinnskudd, kontanter og lignende		2 673 426	2 319 383
Sum omløpsmidler		42 381 625	25 942 373

Sum eiendeler		142 340 253	127 084 616

Scanergy AS Org.nr: 992 889 713

Balanse pr. 31. desember

	Note	2019	2018

Egenkapital
Innskutt egenkapital
Aksjekapital	10, 11	50 466 000	50 466 000
Egne aksjer	10	-229 200	-229 200
Overkurs	10	122 713 524	122 713 524
Sum innskutt egenkapital		172 950 324	172 950 324
Opptjent egenkapital
Annen egenkapital	10	-122 923 352	-113 710 613
Sum opptjent egenkapital		-122 923 352	-113 710 613

Sum egenkapital		50 026 972	59 239 711
Gjeld

Annen langsiktig gjeld	6,8	73 311 466	32 330 959
Øvrig langsiktig gjeld		73 311 466	32 330 959
Sum annen langsiktig gjeld
Kortsiktig gjeld
Leverandørgjeld		18 542 187	24 553 141
Skyldige offentlige avgifter		48 600	1 400 284 9 560 521
Annen kortsiktig gjeld	13	411 028
Sum kortsiktig gjeld		19 001 815	35 513 946
		92 313 281	67 844 905
Sum gjeld

Sum egenkapital og gjeld		142 340 253	127 084 616

Frank Jarle Berg Styrets leder Espen Lien Styremedlem

desember 2019 oslo, 6. februar 2020

Roy Malvin Slettvold Styremedlem

Dag Asheim Styremedlem

Daglig leder

Tor Arne Pedersen

Note 13 - Langsiktige tilvirkningskontrakter

Selskapets prosjekter behandles i samsvar med løpende avregningsmetode.

	2019	2018
Opptjente, ikke fakturerte inntekter inkl. i kundefordringene	7 586 000	0
Gjenværende kostnader prosjekt, inkl. i annen kortsiktig gjeld	-3 223 000	0
Regnskapsmessig opptjent inntekt	151 724 000	137 723 809
Kostnader opptjent inntekt	159 706 000	-139 311 672
Netto prosjektresultat pr 31.12	-7 982 000	-1 587 863
Avsetning tapsprosjekt	0	-6 940 000
Tap på prosjekt	-7 982 000	-8 527 863

I prosjektresultatet er det innarbeidet mottak av anleggsbidrag fra annet prosjekt på kr 18 681 000. Dette fremkommer som reduksjon av prosjektkostnader. Anleggsbidraget på kr 18 681 000 er balanseført under andre kortsiktige fordringer.

Prosjektet er pr 31.12.2019 overlevert. Opptjent ikke fakturert inntekt er balanseført med kr 7 586 000. Gjenværende kostnader i prosjektet er avsatt med kr 3 223 000. Fullføringsgraden beregnes som forholdet mellom påløpte prosjektkostnader og estimerte totalkostnader for prosjektet.

Note 14 - Fortsatt drift

Selskapets kapital er bundet opp i langsiktige investeringer, aksjer, fordringer og prosjekter. Selskapets likviditet og raskt realiserbare fordringer er ikke tilstrekkelig til å dekke selskapets kortsiktige gjeld. Styret arbeider derfor med planer om en restrukturering av selskapet, herunder tilførsel av ny kapital som skal sikre selskapet tilfredsstillende likviditet, soliditet og egenkapital.

Note 1 - Regnskapsprinsipper

Årsregnskapet er satt opp i samsvar med regnskapslovens bestemmelser og god regnskapsskikk for små foretak.

Datterselskap/tilknyttet selskap

Salgsinntekter

Inntektsføring ved salg av varer skjer på leveringstidspunktet. Tjenester inntektsføres i takt med utførelsen. Gevinst ved salg av aksjer i datterselskap inntektsføres under annen driftsinntekt.

Klassifisering og vurdering av balanseposter

Omløpsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balanseføres til nominelt beløp på etableringstidspunktet.

Prosjekter i arbeid

Lager av innkjøpte varer er verdsatt til laveste av anskaffelseskost og virkelig verdi. Anskaffelseskost vurderes etter FIFO- prinsippet. Egentilvirkede ferdigvarer og varer under tilvirkning er vurdert til full tilvirkningskost. Det foretas nedskriving for påregnelig ukurans.

Anleggskontrakter

Kortsiktige plasseringer

Skatter

Skatter Utsatt skatt er beregnet med 22% på grunnlag av de midlertidige forskjeller som eksisterer mellom o er diere i bel grittermessige verdier, samt ligningsmessig underskudd til fremføring ved utgangen av regnskapsåret. Skattereduserende midlertidige forskjeller som reverserer eller kan regnskapsåret endter mende og nettoført. Netto utsatt skattefordel balanseføres i den grad det er sannsynlig at denne kan bli nyttegjort.

Bruk av estimater

Drak av estimater og forutsetninger som har påvirket resultatregnskapet og verdsettelsen av eiendeler og gjeld, samt usikre eiendeler og forpliktelser på balansedagen under utarbeidelsen av årsregnskapet i henhold til god regnskapsskikk.

Note 2 - Lønnskostnader, antall ansatte, lån til ansatte og godtgjørelse til revisor

Lønnskostnader	2019
Lønninger	230 742
Arbeidsgiveravgift	14 100
Sum	244 842

Selskapet har ingen ansatte. Selskapet har tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon. Selskapet har utbetalt styrehonorar med kr 230 742.

Godtgjørelse til revisor er fordelt på følgende:	2019
Revision	76 000
Andre tjenester	38 000

Merverdiavgift er ikke inkludert i revisjonshonoraret.

Note 3 - Varige driftsmidler

	Besøkssenter
	Marker
	(anlegg under utførelse)
Anskaffelseskost 01.01.	8 940
Anskaffelseskost 31.12.	8 940
Balanseført pr. 31.12.	8 940

Note 4 - Andre fordringer

Andre langisiktige fordringer inneholder en rentefri selgerkreditt etter salg av aksjer i 2014 på totalt kr 50 000 000. Det gjenstår pr 31.12 2019 kr 25 000 000 som er klassifisert som langsiktig fordring.

Andre kortsiktige fordringer inneholder forventet/til gode anleggsbidrag på kr 18 681 000. Se nærmere beskrivelse i note 13 - Langsiktige tilvirkningskontrakter.

Note 5 - Prosjekter i arbeid

	2019
Prosjekter i arbeid	5 161 049
Nedskrivning	-326 256
Sum	4 834 791

Prosjekter i arbeid vurderes til kostpris. Dersom ikke mottar konsesjon eller det er usikkerhet omkring gjennomføringen blir de kostnadsført. Prosjektene ble overført fra Norges Småkraftverk AS og Kraftkarane AS gjennom fusjon med Scanergy AS pr 01.01. 2018.

Note 6 - Mellomværende med selskap i samme konsern

Fordringer	2019	2018
Lån til foretak i samme konsern	27 681 387	27 218 199
Lån til selskaper i samme konsern er nedskrevet med tilsammen kr 1 038 042.
Gjeld	2019	2018
Annen langsiktig gjeld	36 380 698	22 071 039

Note 7 - Datterselskap

	Anskaffelses-		Eier-	Resultat	Egenkapital	Bokført verdi
Selskap	år	Kontor	andel	2019	pr. 31.12	pr. 31.12
Rewind Offshore AB	2011	Karlstad	66 %	-706 000	-175 000	0
Scanergy West AB	2012	Karistad	100 %	-84 000	193 000	27 364 912
Scanergy South AB	2012	Strømstad	85 %	2 457 000	4 172 000	16 642 678
Scanergy Wind AB	2012	Strømstad	100 %	-1 667 000	132 000	200 000
Skiparvik Kraftverk AS	2018	Oslo	100 %	-116 333	-478 199	60 000
Finse Kraftverk AS	2018	Oslo	100 %	-93 308	-325 207	800 000
Elgenes Kraftverk AS	2018	Oslo	100 %	-161 880	-1 232 964	1 512 860
Hån 22KV AS	2019	Oslo	100 %	-6 792	27 638	40 000
Sum				-378 313	2 313 268	46 620 450

Aksjer i datterselskap er i 2019 nedskrevet med kr 6 630 996. De norske datterselskapene er prosjektaksjeselskap. Dersom prosjektselskapene ikke oppnår konsesjon og av andre årsaker heller ikke blir realisert vil aksjene tapsføres. Selskapet forventer gevinst ved et fremtidig salg av prosjektselskapene. Det kan foreligge usikkerhet når aksjene vil kunne realiseres.

Tilsvarende gjelder investering i de svenske datterselskapene. Selskapet forventer gevinst ved et fremtidig salg av aksjene i disse selskapene og gevinst ved salg av de underliggende vann og vindkraftprosjektene i disse selskapene.

Regnskapstall for svenske datterselskap er omregnet med kurs 0,9442.

Note 8 - Selgerkreditt

	2019	2018
Øvrig langsiktig gjeld	10 583 601	10 583 601

Det er ytet rentefri selgerkreditt ved salg av aksjer i 2014. Se nærmere informasjon under note 5.

Note 9 - Skatt

Beregning av årets skattegrunnlag:	2019	2018
Ordinært resultat før skattekostnad	-9 212 739	-18 733 734
Nedskrivning på aksjer og andre verdipapir kostnadsført i året	6 630 996	7 035 110
Regnskapsmessig gev. realisasjon av aksjer og andre finansielle
instrumenter	-3 855 979	0
Endring i midlertidige forskjeller	369 756	-8 940
Arets skattegrunnlag	-6 067 966	-11 707 564
Oversikt over midlertidige forskjeller	2019	2018
Driftsmidler inkl goodwill	8 940	8 940
Varebeholdning	-326 256	0
Utestående fordringer	-43 500	0
Sum	-360 816	8 940
Akkumulert fremførbart underskudd før konsernbidrag	-28 576 999	-22 509 033
Netto midlertidige forskjeller pr 31.12	-28 937 815	-22 500 093
Forskjeller som ikke inngår i utsatt skatt/-skattefordel	-28 937 815	-22 500 093
Sum	0	0

Utsatt skattefordel er ikke balanseført i henhold til god regnskapsskikk.

Note 10 - Egenkapital

	Aksiekapital	Egne aksjer	Overkurs	Annen egenkapital	Sum
Egenkapital 01.01.	50 466 000	-229 200	122 713 524	-113 710 613	59 239 711
Arsresultat				-9 212 739	-9 212 739
Egenkapital 31.12.	50 466 000	-229 200		122 713 524	50 026 972

Note 11 - Aksjekapital og aksjonærinformasjon

Aksjekapitalen består av:

	Antall	Pålvdende	Balanseført
A-aksjer	375 000	100	37 500 000
B-aksjer	129 660	100	12 966 000
Sum	504 660		50 466 000

Oversikt over aksjonærene i selskapet pr. 31.12:

				Eier-	Stemme-
	A-aksjer	B-aksjer	Sum	andel	andel
Joh Johanson Eiendom AS	161 396	46 595	207 991	41 %	41 %
Ccpartner AS	141 708	27 060	168 768	33 %	33 %
Sum	303 104	73 655	376759	75 %	75 %
Øvrige (eierandel < 5%)	71 896	56 005	127 901	25 %	25 %
Totalt antall aksjer	375 000	129 660	504 660	100 %	100 %

Aksjer representert i styret utgjør 25%.

Selskapet har 2 292 egne aksjer, 375 A-aksjer og 1917 B-aksjer.

Utdeling av utbytte

Utdelinger skal først skje på kr 1200 pr B-aksjer får utdeling. Deretter skal utdelinger skje likt. Forholdet reguleres av §4 i vedtektene.

Note 12 - Tvist og usikre forpliktelser

l forbindelse med tilvirkningskontrakt og bygging av vindmøllepark har en pågående tvist med en leverandør. Det er uenighet om et beløp på kr 11 800 000. Tvisten er pr 31.12.2019 ikke avgjort.

Beløpet er ikke avsatt som gjeld i selskapets balanse.

Statsautoriserte revisorer Ernst & Young AS

Engene 22, NO-3015 Drammen Postboks 560 Brakerøya, NO-3002 Drammen Foretaksregisteret: NO 976 389 387 MVA TIf: +47 24 00 24 00 Fax: www.ev.no Medlemmer av Den norske revisorforening

UAVHENGIG REVISORS BERETNING

Til generalforsamlingen i Scanergy AS

Uttalelse om revisjonen av årsregnskapet

Konklusjon

Vi har revidert årsregnskapet for Scanergy AS som består av balanse per 31. desember 2019, resultatregnskap for regnskapsåret avsluttet per denne datoen og en beskrivelse av vesentlige anvendte regnskapsprinsipper og andre noteopplysninger.

Etter vår mening er årsregnskapet avgitt i samsvar med lov og forskrifter og gir et rettvisende bilde av selskapets finansielle stilling per 31. desember 2019 og av dets resultater for regnskapsåret avsluttet per denne datoen i samsvar med regnskapslovens regler og god regnskapsskikk i Norge.

Grunnlag for konklusjonen

Ledelsens ansvar for årsregnskapet

Styret og daglig leder (ledelsen) er ansvarlig for å utarbeide årsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er også ansvarlig for slik intern kontroll som den finner nødvendig for å kunne utarbeide et årsregnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller feil.

Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets evne til fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til grunn for årsregnskapet med mindre ledelsen enten har til hensikt å avvikle selskapet eller legge ned virksomheten, eller ikke har noe annet realistisk alternativ.

Revisors oppgaver og plikter ved revisjonen av årsregnskapet

Som del av en revisjon i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, utøver vi profesjonelt skjønn og utviser profesjonell skepsis gjennom hele revisjonen. I tillegg

identifiserer og anslår vi risikoen for vesentlig feilinformasjon i årsregnskapet, enten det skyldes misligheter eller feil. Vi utformer og gjennomfører revisjonshandlinger for å håndtere slike risikoer, og innhenter revisjonsbevis som er tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon. Risikoen for at vesentlig feilinformasjon som følge av misligheter ikke blir avdekket, er høyere enn for feilinformasjon som skyldes feil, siden misligheter kan innebære samarbeid, forfalskning, bevisste utelatelser, uriktige fremstillinger eller overstyring av intern kontroll;
opparbeider vi oss en forståelse av den interne kontrollen som er relevant for revisjonen, for å utforme revisjonshandlinger som er hensiktsmessige etter omstendighetene, men ikke for en mening om effektiviteten av selskapets interne kontroll;
vurderer vi om de anvendte regnskapsprinsippene er hensiktsmessige og om regnskapsestimatene og tilhørende noteopplysninger utarbeidet av ledelsen er rimelige;
konkluderer vi på om ledelsens bruk av fortsatt drift-forutsetningen er hensiktsmessig, og, basert på innhentede revisjonsbevis, hvorvidt det foreligger vesentlig usikkerhet knyttet til hendelser eller forhold som kan skape betydelig tvil om selskapets evne til fortsatt drift. Dersom vi konkluderer med at det foreligger vesentlig usikkerhet, kreves det at vi i revisionsberetningen hene er opmerksomheten på tilleggsopplysningene i årsregnskapet. Hvis slike tilleggsoplysninger ikke er tilstrekkelige, må vi modifisere vår konklusjoner er basert på revisjonsbevis innhentet frem til datoen for revisjonsberetningen. Etterfølgende hendelser eller forhold kan imidlertid medføre at selskapets evne til fortsatt drift ikke lenger er til stede;
vurderer vi den samlede presentasjonen, strukturen og innholdet i årsregnskapet, inkludert tilleggsopplysningene, og hvorvidt årsregnskapet gir uttrykk for de underliggende transaksjonene og hendelsene på en måte som gir et rettvisende bilde.

Vi kommuniserer med styret blant annet om det planlagte omfanget av revisjonen, tidspunktet for vårt revisjonsarbeid og eventuelle vesentlige funn i vår revisjon, herunder vesentlige svakheter i den interne kontrollen som vi avdekker gjennom vårt arbeid.

Uttalelse om øvrige lovmessige krav

Konklusjon om registrering og dokumentasjon

Drammen, 14. februar 2020 ERNST & Young AS

Biørn Baklid statsautorisert revisor

Konsernregnskap

Scanergy AS

2019

Årsrapport for 2019

Årsregnskap

Resultatregnskap
Balanse
Kontantstrøm
Noter

RESULTAT 01.01-31.12

Scanergy AS					Scanergy AS group
2018		2019 Beløp i NOK	Note	2019	2018
		DRIFTSINNTEKTER
129 831 317		14 160 707 Salgsinntekt	16	14 160 983	129 849 361
	3 855 979	Annen driftsinntekt		4 138 297
129 831 317		18 016 686 Sum driftsinntekter		18 299 279	129 849 361
		DRIFTSKOSTNADER
137 322 634		13 733 055 Varekostnad		13 733 055	137 322 634
189 100	244 842	Lønnskostnad	3.4	2 916 500	2 752 753
		Avskrivninger	5	177 112	74 461
4 766 062	4 572 874	Annen driftskostnad	3.9	4 247 300	6 350 357
142 77 796	18 550 771	Sum driftskostnader		21 785 063	147 478 495
-12 446 479	-534 085	DRIFTSRESULTAT		-3 435 783	-17 629 135
		FINANSINNTEKTER OG FINANSKOSTNADER
2 099 420		2 529 366 Renteinntekt	9, 15
349 453		676 478 Annen finansinntekt		728 917	23 090 408
2 448 873		3 205 844 Sum finansinntekter		728 917	23 090 408
		8 238 384 Verdiendring av finansielle instrumenter
1 054 901		1 511 434 Rentekostnad	9,15	1 501 200
7 821 227		3 742 069 Annen finanskostnad		-1 253 901	6 389 415
8 876 128	13 491 887	Sum finanskostnader		247 299	6 389 415
6 427 255		10 286 043 Netto finanskostnad		-481 618	-16 700 998
-18 873 734		-10 820 128 RESULTAT FØR SKATTEKOSTNAD		-2 954 166	-928 142
		Skattekostnad	12
				-2 954 166	-928 142
-18 873 734		-10 820 128 ARSRESULTAT
		Majoritetens andel av årsresultatet	11	-3 093 889 8-	-4 168 034
		Minoritetens andel av årsresultatet	11	139 723	3 239 892

EIENDELER 31.12

Scanergy AS					Scanergy AS group
2018		2019 Beløp i NOK	Note	2019	2018
		ANLEGGS MOLER
		Varige driftsmidler

8 940		8 940 Tomter, bygninger og annen fast eiendom	5	8 940	8 940
		Maskiner og anlegg
		Driftsløsøre, inventar, verktøy o.I	5	656 295	828 486
8 940		8 940 Sum varige driftsmidler		665 235	837 426
		Finansielle anleggsmidler
48 210 254		45 013 061 Investeringer i datterselskap	6
27 218 199	27 681 388	Lån til foretak i samme konsem	8
		Investering i aksjer og andeler		4 721	4 851
25 704 850		25 647 850 Andre langsiktige fordringer		25 647 850	25 704 850
101 133 303		98 342 299 Sum finansielle anleggsmidler		25 659 -77	25 709 701
101 142 243		98 351 239 Sum anleggsmidler		26 317 806	26 547 126
		OMLØPSMIDLER
4 744 792		4 834 793 Prosjekter i arbeid	7	31 387 646	28 009 502
		Fordringer
182 596		7 685 031 Kundefordringer		7 808 452	588 069
18 695 602		27 188 374 Andre fordringer	13	27 608 810	32 084 764
18 878 198		34 873 405 Sum fordringer		35 417 262	32 672 833
2 319 383		2 673 426 Bankinnskudd, kontanter og lignende		2 734 716	2 615 724
25 942 373		42 381 625 Sum omløpsmidler		69 539 624	63 298 059
127 084 617		140 732 864 SUM EIENDELER		95 857 430	89 845 186

EGENKAPITAL OG GJELD 31.12

Scanergy AS					Scanergy AS group
2018		2019 Beløp i NOK	Note .	2019	2018
		EGENKAPITAL
		Innskutt egenkapital
50 466 000		50 466 000 Aksjekapital	2. 11	50 466 000	50 466 000
122 713 524		122 713 524 Overkursfond	11	122 713 524	122 713 524
-229 200		-229 200 Egne aksjer	2	-229 200	-229 200
172 950 324		172 950 324 Sum innskutt egenkapital		172 950 324	172 950 324
		Opptjent egenkapital
-113 710 613		-124 530 741 Annen egenkapital	11	-139 408 939	-135 607 489
-113 710 613		-124 530 741 Sum opptjent egenkapital		-139 408 939	-135 607 489
		Minoritetsinteresser	11	4 939 086	4 931 012
59 239 711		48 419 583 Sum egenkapital		38 480 471	42 273 847
		GJELD
		Annen langsiktig gjeld
		Gjeld til kredittinstitusjoner
32 330 959		73 311 465 Øvrig langsiktig gjeld	10, 14, 16	37 166 818	10 202 446
32 330 959		73 311 465 Sum annen langsiktig gjeld		37 166 818	10 202 446
		Kortsiktig gjeld
24 553 141		18 542 187 Leverandørgjeld		18 700 980	25 278 498
1 400 284		48 600 Skyldig offentlige avgifter		355 913	1716 380
9 560 521		411 028 Annen kortsiktig gjeld		1 153 248	10 374 017
35 513 946		19 001 815 Sum kortsiktig gjeld		20 210 141	37 368 895
67 844 906	92 313 281 Sum gjeld			57 376 959	47 571 340
177 084 617		140 732 864 SUM FGENKAPITAL OG GJELD		05 857 420	80 845 486

Oslo 20. mars 2020

Frank J. Berg Styreleder

Petter Borg Styremedlem Morten Bergesen Styremedlem

KONTANTSTRØM 01.01-31.12

Scanergy AS		Scanergy AS group
	2019 Beløp i NOK	2019
	Kontantstrømmer fra operasjonelle aktiviteter
	-10 820 128 Resultat før skattekostnad	-2 954 166
	Avskrivninger	177 112
	-13 603 390 Endring i varer, kundefordringer og leverandørgjeld	-17 176 045
	-18 993 950 Endring i andre tidsavgrensningsposter	-6 105 281
	-40 220 274 Netto kontantstrøm fra operasjonelle aktiviteter	-26 058 380
	Kontantstrømmer fra investeringsaktiviteter
	-406 189 Netto endring utlan	57 000
	-406 189 Netto kontantstrøm fra investeringsaktiviteter	57 000
	Kontantstrømmer fra finansieringsaktiviteter
	40 980 506 Netto opptak/avdrag rentebærende gjeld	26 964 372
	Fusjonsdifferanse	-844 000
	40 980 506 Netto kontantstrøm fra finansieringsaktiviteter	26 120 372
	354 043 Netto endring i likvider i året	118 992
	2 319 383 Kontanter og bankinnskudd pr. 01.01	2 615 724
	2 673 426 Kontanter og bankinnskudd pr. 31.12	2 734 716

NOTER

Note 1 Regnskapsprinsipper

Årsregnskapet er satt opp i samsvar med regnskapslovens bestemmelser og god regnskapsskikk.

Konsolidering

Konsemregnskapet omfatter morselskapet Scanergy AS, datterselskaper som Scanergy AS har bestemmende innflytelse over. Bestemmende innflytelse oppnås normalt når konsernet eig mer enn 50% av aksjene i selskapet er når men er i stand til å utøve faktisk kontroll over selskapet. Minoritetsinteresser inngår i konsemets egenkapilal. Konsemregnskapet er utarbeidet som om konsemet var en økonomisk enhet. Transaksjoner og mellom selskapene i konsernet er elininert. Konsemregnskapet er utarbeide prinsipper, ved at datterselskapet følger de samme reonskanssport sipper som morselskapet. Datterselskap som inngår i konsemet fremgår av note 6.

Opkjøpsmetoden benyttes ved regnskapsføring av virksomhetssammenslutninger. Selskaper som er kjøpt eller solgt i løpet av året inkluderes i konsemregnskapet fra det tidspunktet kontroll oppnås og inntil kontroll opphører.

Tilkryttede selskaper er enheler hvor konsemet har betydelig (men ikke bestemmende) innflytelse, over den finansielle og operasjonelle styringen(normalt ved eierandel på mellom 20 % og 50 %). Konsemregnskapet inkluderer konsemets andel av resultat fra tilknyttede selskaper regnskapsført etter egenkapitalmetoden fra det tidspunktet betydelig innflytelse oppnås og inntil slik innflytelse opphører.

Når konsemets tapsandel overstiger investeringen i et tilknyttet selskap, reduseres konsemets balanseførte verdi bil null og ytterligere tap regnskapsføres ikke med mindre konsemet har en forpliktelse til å dekke dette tapet.

Datterselskap/tilknyttet selskap

Datterselskaper og tilknyttede selskaper vurderes etter kostnetoden i selskapsregnskapet. Investeringen er vurdert til anskaffelseskost for aksjene med mindre nedskrivning har vært nødvendig. Det er foretatt nedskrivning til virkelig verdifall skyldes årsaker som ikke kan antas å være forbigående og det må anses nødvendig etter god regnskapsskirk. Nye områr var ner er reversert når grunnlaget for nedskrivning ikke lenger er til stede.

Ulbytte og andre utdelinger er inntektsført samme år som det er avsatt i datterselskapet. Overstiger utbytte andel av tilbakeholdt resultat etter kjøpet, representerer den overskytende del tilbakebetaling av investert kapital, og utdelingene er fratukket investeringens verdi i balansen.

Salasinntekter

Innlektsføring ved salg av varer skjer på leveringstidspunktet. Tjenester inntektsføres i takt med utførelsen. Leieinntekter inntektsføres etter avtalemessig opptjening.

Klassifisering og vurdering av balanseposter

Omløpsmidler og kortsiktig gjeld omfatter poster som forfaller til betaling innen ett år etter balansedagen, samt poster som krytter seg til varekretsløpet. Øvrige poster er klassifisert som anleggsmiddellangsiktig gjeld.

Omløpsmidler vurderes til laveste av anskaffelseskost og virkelig gjeld balanseføres til nominelt beløp på etableringstidspunktet.

Anleggsmidler vurderes til anskaffelseskost, men nedskrives til virkelig verdifall som ikke forventes å være forbigående. Anleggsmidler med begrenset økonomisk levetid avskrives planmessig. Langsiktig gjeld balanseføres til nominelt beløp på etableringstidspunktet.

Fordringer

Kundefordinger og andre fordringer er oppført i balansen til pålydende etter fradrag for avsetning til forventet tap. Avselning til lap gjøres på grunnlag av individuelle vurderinger av de enkelte fordringene. I tillegg gjøres det for øvrige kundefordinger en uspesifisert avsetning for å dekke antatt tap.

Esimater

Ledelsen har benyttet esimaler og forutsetninger som har påvirket resultatregnskapet av eiendeler og gjeld, samt usikre eiendeler og forpliktelser på balansedagen under utarbeidelse av årsregnskapet i henhold til god regnskapsskikk.

Varige driftsmidler

Vange driftsmidler balanseføres og avskrives over driftsmidlets forventede økonomiske levelid. Direkle vedlikehold av driftsmidler kostnadsføres løpende under driftskoshader, mens påkostninger tillegges driftsmidlels kostpris og avskrives i lakt med driftsmidlet. Dersom gjenvinnbart beløp av driftsmiddelet er lavere enn balanseført verdi forelas nedskrivning til gjenvinnbart beløp. Gjenvinnbart belop er det høyeste av netto salgsverdi og verdi i bruk. Verdi I bruk er nåverdien av de fremtidige kontantstrømmene som elendelen vil generere.

Skatter

Skattekostnaden i resultatregnskapet omfatter både periodens betalbare skatt og endring I utsatt skatt. Utsatt skatt er beregnet med 22 % på grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige verdier, samt ligningsmessig underskudd til fremføring ved ulgangen av regnskapsåret. Skattedkende og skattereduserende midlertidige forskjeller som reverserer eller kan reversere i samme periode er utlignet og nettoført. Netto utsatt skattefordel balanseføres i den grad det er sannsynlig at denne kan bli nyttegjort. I svenske selskaper er en skattesats på 22 % benyttet.

Kontantstrømoppstilling

Kontantstrømoppstillingen er utarbeidet etter den indirekte melode. Kontanter og kontantekvivalenter omfatter, bankinnskudd og andre kortsiklige, likvide plasseringer. 2019 er første år med konsemregnskap. Sammenlignbare tall er derfor ikke medtatt i kontanstrømoppstillingen.

Konsemregnskap

Selskapet har valgt å avlegge konsemregnskap for 2019, selv om selskapet er et mindre foretak og ikke er pliktig til å avlegge konsemregnskap etter regnskapsloven.

Note 2 Aksjekapital og aksjonærinformasjon

Aksjonær	Antall aksjer	Palydende	Aksjekapital
Ordinære aksjer	504 660	100	50 466 000
Aksjonær	Antall aksjer	Eierande	Stemme-andel
JOH JOHANNSON EIENDOM AS	236 910	46.9 %	46.9 %
CCPARTNER AS	168 768	33.4 %	33,4 %
ASHEIM INVESTMENTS AS	। 3 ਸਿੰਟ 3	2.7 %	2,7 %
NY TAKTIKK AS	10 490	2.1 %	2.1 %
VOLL EIENDOM AS	4 484	0.9 %	0,9 %
CTF HOLDING AS	4 285	0.8 %	0.8 %
STINE OPSHAUG SKJEGGESTAD	4 000	0,8 %	0.8 %
EGNE AKSJER	2 292	0.5 %	0.5 %
ANDRE	59 778	12.3 %	12.3 %
Sum	504 660	100,0 %	100.0 %

Note

Lønnskostnader, antall ansatte, lån til ansatte og godtgjørelse til revisor

morseiskap			Konsem
2018	2019	Lønnskostnader	2019	2018
175 000 1		230 742 Lønninger	2 37 1 006 :	2 190 862
14 100 !		14 100 Arbeidsgiveravgift	545 495	561 890
	244 842 Sum		21916 500	2757 158

0,0 Gjennomsnittlig antall årsverk

3,0

Morselskap			Konsem
2018	2019	Godtgjørelse til revisor	2019	2018
60 000 !		76 000 Revisjon eks. mva.	148 137 !	124 027
116 445		38 000 Andre tjenester eks. mva.	38 000 !	116 445
26 300	114 000 Sum		186 137 :	240 472

Note A Pensjoner og styrehonorar

Selskapet og konsemet er ikke pliktig til å ha tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon. Selskapet og konsemet har i 2019 utbetalt honorar til styret på 230.742.

5 Varige driftsmidler Note

Driftsløsøre,
Maskiner og anlegg	Inventar. verktøy o.l.	Sum morselskap
8 940		8 940
8 940		8 940
8 940		8 940

NOISTEIN	Dritsløsøre,
Varige driftsmidler	Maskiner og anlegg	inventar, verktøy o.l.	Sum konsem
Anskaffelseskost pr. 01.01	8 940	1 726 603	1 735 543
Tilganger			-
Avganger		1
Anskaffelseskost pr. 31.12	8 940	1726 603	1 735 543
Akkumulerte avskrivninger pr. 31.12		1 070 307	1 070 307
Balanseført pr. 31.12	8 940	656 795	665 235
Arets avskrivninger		177 112	177 112
Avskrivningsplan		Lineær
Økonomisk levetid (år)		5-10

6 Note Datterselskap

			Eierandel og
Selskap	Anskaffet ar Kontor		stemmeandel	Bokført verdi	Arsresultat	Bokført egenkapital
Scanergy Wind AB	2016	Karistad	100.0 %	68 006	-1 667 037	131 768
Scanergy West AB	2016	Karistad	100,0 %	27 496 906	-84 169	192 920
Scanergy South AB	2018	Karistad	85.0 %	16 642 678	2 456 824	4 100 918
Scanergy South Projectbolag AB	2016	Karlstad	85.0 %	47 210	30 115	28 730 492
Rewind Offshore AB	2016	Karlstad	66.0 %	0	-706 179	-174 543
Duvhällen Vindpark AB	2016	Karlstad	100.0 %	141 630	-30 678	78 786
Han Vindpark AB	2016	Karistad	100.0 %	141 630	-44 710	55 622
Skiparvik Kraftverk AS	2016	Oslo	100.0 %	60,000	-116 333	-478 199
Elgenes Kraftverk AS	2016	Oslo	100.0 %	1 412 860	-161 880	-1 232 964
Finse Kraftverk AS	2016	Oslo	100.0 %	900 000	-93 308	-325 207
Han 22 KV AS	2016	Oslo	100.0 %	40 000	-6 792	27 638
Ljunga Vindpark AB	2016	Karistad	85,0 %	47 210	42514	442 265
Kanna Vindpark AB	2016	Karistad	85,0 %	47 210	2709	49 198
				47 045 240	37: 024	31 508 604

Aksjer i datterselskap er nedskrevet med kr 8 238 385 i Scanergy AS. De norske daterselskapene er prosjektselskapene Alskjer i dalletselskap er ned i o 200 sor ocanorgy AC. De nordie ogstøres. Konsemel forverer gevinst ved fremidig salg av ikke oppnel konsoon og av foreligge usikkerhet når aksjene vil kunne realiseres

Tilsvarende gjelder investering i de svenske datterselskapene. Selskapet forventer gevinst ved et fremtidig salg av aksjene i disse selskapene og filsvarende gjelder investening i de bronske battoraftprosjektene i disse selskapene.

Note 7 Prosjekter i arbeid

	Morselskap		Konsem
2018	2019	Balanseført verdi	2019	2018
5 074 046		5 074 046 Prosjekter i arbeid 01.01.	28 009 503 1	25 965 730
		87 003 Prosjektutvikling	3 704 399	3 348 320
-326 256 :		-326 256 Tapsavsetning prosjekter	-326 256	-326 256
		Nedskrivninger		-978 291
4 747 790 !		4 834 793 Prosjekter i arbeid 31.12.	31 387 646	28 009 503

Prosjekter i arbeid vurderes til kostpris. Dersesjon eller det er usikkemet omking gjennomføring, blir de kostnadsført Vannkraftprosjektene ble overført fra Norges Småkraftverk AS og Kraftkarane gjennom fusjon med Scanergy AS per 01.01.2018

Note

の

Mellomværender med selskap i samme konsem og tilknyttede selskap

	Morselskap
Mellomværender	2019	2018
Lån til foretak i samme konsem	27 681 388	27 218 199
Øvng langsiktig gjeld	-36 380 698	-22 371 039
Sum	-8 699 310	4 847 160
Mellomværender	Konsem 2019	2018

Lån tilknyttede selskap
Øvrig langsiktig gjeld morselskap
Leverandørgjeld morselskap
Annen kortsiktig gjeld morselskap

Sum Note

Arsresultat

Omregningsdifferanse

Egenkapital pr. 31.12

Andre endringer

Transaksjoner med selskap i samme konsem

		Morselskap
Transaksjoner	2019	2018
Finansinntekter	2 529 366	2 099 420
Finanskostnader	3 012 042	1 054 901
Sum	-482 676 !	1 044 519

. . I

10 Gjeld, pant og garantier Note

Morselskap			Konsem
2018	2019	Pant	2018 2019
		27 354 247 Lån fra aksjonær	27 354 247
	27 354 247 Sum		27 354 247

Gjeld til akjonær i morselskapet og konsemet er sikret med pant i aksjene i Hån Vindpark AB med bokført verdi på NOK 141.630

Note 11 Egenkapital

					Annen
Morselskap		Aksjekapital	Egne aksjer	Overkurs	egenkapital	Sum
Egenkapital pr. 01.01		50 466 000	22: 200	17276524	-13-210 613	59 2887 18
Arsresultat					-10 820 128	-10 820 128
Egenkapital pr. 31.12		50 466 000	-229 200	122 713 524	-124 580 741	48 419 583
				Annen	Minoritets.
Konsem	Aksjekapital	Egne aksjer	Overkurs	egenkapital	interesser	Sum
Egenkapital pr. 01.01	50 466 000	-229 200	122768524	-135 607 489	4 931 012	42 273 847
Kapitalforhøyelse			0
Arcrosultat				-3 093 889	139 723	-2 954 166

50 466 000

-877 860

38 649

5 070 736

-877 860

38 480 471

38 649

Note 12 Skatt

Morselskap			Konsem
2018	2019	Arets skattekostnad	2019	2018
		Betalbar skatt
		Endring utsatt skatt
		Sum
Morselskap			Konsem
2018	2019	Skattepliktig resultat	2019	2018
-18 733 734		-10 820 128 Ordinært resultat før skattekostnad
7 035 110		8 238 384 . Nedskvining på aksjer og andre verdipapirer kostnadsført i året
		-3 855 979 Regnskapsmessig gevinst realisasjon av aksjer og finansielle instrumenter
8 940		369 756 Endring i midlertidige forskjeller
-11 707 564		-6 067 967 Arets skattegrunnlag
		Betalbar skatt (22 %) av årets skattegrunnlag
Morselskap			Konsem
2018	2019	Midlertidige forskjeller	2019	2018
8 940		8 940 Driftsmidler inkl goodwill	8 940	8 940
		-326 256 Varebeholdning	-326 256	0
		-43 500 Utestaende fordringer	-43 500	0
8 940		-360 816 Netto midlertidige forskjeller pr 31.12	-360 816	8 940
-22 509 033		-28 576 999 Akkumulert fremførbørt underskudd før konsembidrag Norge	-30 967 263	-24 899 297
		Akkumulert fremførbørt underskudd før konsembidrag Sveige	-11 231 557	-10 859 135
-22 500 093	-28 937 815 Sum		-42 559 636	-35 749 492
22 500 093		28 937 815 Forskjeller som ikke inngår i utsatt skatti-skattefordel	42 559 636	35 749 492
		· Utsatt skatt/Utsatt skattefordel (22 % for AS, 21,4 % for AB)

Utsatt skattefordel er ikke balanseført i henhold til god regnskapsskikk. I svenske datterselskap er gjeldende skattesats på 21,4 %.

Note 13 Andre fordringer

Andre langsitkige fordringer inneholder en rentefri selgerkreditt etter salg av aksjer i 2014 på totalt kr 50 000 000. Andre fangslidge forunnigen innenbloer en rentem selgerkeutt som langsitkig fordinger i 2
Det gjenstår per 31.12.2019 kr 25 000 000, som er klassifisert som langsitkig fordn

Andre kortsitkige fordringer inneholder forventettil gode anleggsbidrag på kr 18 681 000. Se nærmere beskrivelse i note 16 - Langsiktige tilvirkningskontrakter.

Selgerkreditt 14 Note

Horselskap		Konsem
2018	2019	2019	2018
	10 583 601 10 583 601 Øvrig langsiktig gjeld	10 583 601	10 583 601

Det er ytet rentefri selgerkreditt ved salg av aksjer i 2014. Se nærmere beskrivelse i note 13

15 Transaksjoner med nærstående Note

Morselskap			Konsem
2018	2019		2019	2018
		Kjøp av tjenester fra morselskap
2 099 420		2 529 366 Renteinntekter datterselskap	C
1 054 901 1		3 012 042 Rentekostnader morselskap

Note 16 Langsitkige tilvirskningskontrakter

Selskapets langsiktige tilvirkningskontrakter behandles i samsvar med løpende avregningsmetode

Morselskap				Konsem
2018	2019		2019	2018
		7 586 000 Opptjente, ikke fakturerte inntekter inkl. I kundefordringene	7 586 000 !
		-3 223 000 Gjenværende kostnader prosjekt, inkl. i annen kortsiktig gjeld	-3 223 000
137 723 809 :		151 724 000 Regnskapsmessig opptjent inntekt	151 724 000 €	137 723 809
-139 311 672 !		-159 706 000 : Kostnader opptjent inntekt	-159 706 000	-139 311 672
-1 587 863		-7 982 000 Netto prosjektresultat per 31.12	-7 982 000	-1 587 863
-6 940 000		Avsetning tapsprosjekt		-6 940 000
-8 527 863		-7 982 000 Tap på prosjekt	-7 982 000 !	-8.527 863

l prosjektresultatet er det innarbeidet mottak av anleggsbidrag fra annet prosjekt på kl 18 681 000. Dette fremkommer som reduksjon av prosjeklkostnader. Anleggsbidraget på kr 18 681 000 er balanseført under andre kortsitkige fordringer.

Prosjektet er per 31.12.2019 overlevert. Opptjent ikke fakturert inntekt er balanseført med kl 7 586 000. Gjenværende kostnader i prosjektet er avsatt med kl 3 223 000. Fullføringsgraden beregnes som forholdet mellom påløpt prosjektkostnader og estimerte totalkostnader for prosjektet.

Note 17 Tvist og usikre forpliktelser

l forbindelse med tilvirkningskontrakt og bygging av vindmøllepark har selskapet en pågående tvist med en leverandør. Det er uenighet om et beløp på 11 800 000. Tvisten er per 31.12.2019 ikke avgjort

Beløpet er ikke avsatt som gjeld i selskapets balanse.

Note 18 Fortsatt drift

Selskapets og konsemels kapital er bundet opp i langsiktiger, aksjer, fordringer og prosjekter. Konsemels likvidilet og raskt realise bare fordinger er ikke tilstrekkelig til å dekke konsemels kortsitige gjeld. Styret arbeider derfor med planer om en restrukturering av konsernet, herunder tilførsel av ny kapital som skal sikre konsemet tilfredsstilende likviidtet, soliditet og egenkapital.

Appendix D

Cloudberry Production AS' (formerly known as CB Nordic Renewable & Infrastructure Fund I AS) unaudited Financial Statements for the year ended 31 December 2018 and audited Financial Statements for the year ended 31 December 2019 (unconsolidated) and unaudited Financial Statements for the year ended 31 December 2018 and 31 December 2019 (consolidated)

Årsregnskap 2018 CB Nordic Renewable And Infrastructure Fund I AS

Resultatregnskap Balanse Noter til regnskapet

Org.nr.: 919 806 958

RESULTATREGNSKAP
CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS
Note DRIFTSINNTEKTER OG DRIFTSKOSTNADER	26.09.17-31.12.18
Annen driftskostnad Sum driftskostnader Driftsresultat	6 883 6 883 -6 883
FINANSINNTEKTER OG FINANSKOSTNADER Annen renteinntekt Resultat av finansposter	18 18
Ordinært resultat før skattekostnad Ordinært resultat	-6 864 -6 864
Årsresultat 5 OVERFØRINGER	-6 864
Overført til udekket tap Sum overføringer	-6 864 -6 864

BALANSE
CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND	I AS
EIENDELER	Note	2018
ANLEGGSMIDLER
OMLØPSMIDLER
Bankinnskudd, kontanter o.l.		30 018
Sum omløpsmidler		30 018
Sum eiendeler		30 018

EGENKAPITAL OG GJELD
EGENKAPITAL INNSKUTT EGENKAPITAL
Aksjekapital Sum innskutt egenkapital	4	30 000 30 000
OPPTJENT EGENKAPITAL
Udekket tap Sum opptjent egenkapital		-6 864 -6 864
Sum egenkapital	5	23 136
GJELD
KORTSIKTIG GJELD Konserngjeld		6 883
Sum kortsiktig gjeld		6 883
Sum gjeld		6 883
Sum egenkapital og gjeld		30 018

Oslo, 21.02.2019 Styret i CB Nordic Renewable And Infrastructure Fund I AS

Jon Gunnar Solli styreleder

CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS SIDE 3

Regnskapsprinsipper

Årsregnskapet er satt opp i samsvar med regnskapsloven og NRS 8 - God regnskapsskikk for små foretak. Selskapet er stiftet 26.09.2017 og regnskapet omfatter perioden 26.09.17 til 31.12.18

SKATT

Skattekostnaden i resultatregnskapet omfatter både periodens betalbare skatt og endring i utsatt skatt. Utsatt skatt er beregnet med 22 % på grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skattemessige verdier, samt ligningsmessig underskudd til fremføring ved utgangen av regnskapsåret. Skatteøkende og skattereduserende midlertidige forskjeller som reverserer eller kan reverseres i samme periode er utlignet og nettoført.

KLASSIFISERING OG VURDERING AV OMLØPSMIDLER

Note 2 Lønnskostnader

CB Nordic Renewable And Infrastructure Fund I AS har ikke hatt lønns- eller personalkostnader i 2018og det foreligger heller ingen slike forpliktelser.

Note 3 Skatt

Årets skattekostnad	2018
Resultatført skatt på ordinært resultat:
Betalbar skatt	0
Endring i utsatt skattefordel	0
Skattekostnad ordinært resultat	0
Skattepliktig inntekt:
Ordinært resultat før skatt	-6 864
Permanente forskjeller	0
Endring i midlertidige forskjeller	0
Skattepliktig inntekt	-6 864
Betalbar skatt i balansen:
Betalbar skatt på årets resultat	0
Sum betalbar skatt i balansen	0

Skatteeffekten av midlertidige forskjeller og underskudd til fremføring som har gitt opphav til utsatt skatt og utsatte skattefordeler, spesifisert på typer av midlertidige forskjeller:

Akkumulert fremførbart underskudd	-6 864
Grunnlag for beregning av utsatt skatt	-6 864
Utsatt skattefordel (22 %)	-1 510

I henhold til God regnskapsskikk for små foretak balanseføres ikke utsatt skattefordel.

Note 4 Aksjonærer

Aksjekapitalen i CB Nordic Renewable And Infrastructure Fund I AS pr. 31.12 består av:

		Bokført
30 000	1,00	30 000
30 000		30 000
	Antall	Pålydende

Eierstruktur De største aksjonærene i % pr. 31.12 var:

	Ordinære	Eierandel
Cloudberry Partners AS	30 000	100,0
Totalt antall aksjer	30 000	100,0

Note 5 Egenkapital

	Aksjekapital	Udekket tap	Sum egenkapital
Pr. 26.09.2017	30 000	0	30 000
Årets resultat		-6 864	-6 864
Pr 31.12.2018	30 000	-6 864	23 136

Note 6 Mellomværende med selskap i samme konsern m.v.

	Kundefordringer	Andre fordringer
	2018	2017	2018	2017
Sum	0	0	0	0

	Leverandørgjeld	Annen kortsiktig gjeld
	2018	2017	2018	2017
Foretak i samme konsern	0	0	-6 883	0
Sum	0	0	-6 883	0

	CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS			SIDE 5

Årsregnskap 2019 CB Nordic Renewable And Infrastructure Fund I AS

Resultatregnskap Balanse Noter til regnskapet

Org.nr .: 919 806 958

RESULTATREGNSKAP

CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS

DRIFTSINNTEKTER OG DRIFTSKOSTNADER	Note	2019	26.09.17-31.12.18
Annen driftskostnad		242 806	6 883
Sum driftskostnader		242 806	6 883
Driftsresultat		-242 806	-6 883
FINANSINNTEKTER OG FINANSKOSTNADER
Annen renteinntekt		307 802	18
Annen rentekostnad		282 617	0
Resultat av finansposter		25 135	13
Ordinært resultat før skattekostnad		-217 621	-6 865
Ordinært resultat		-217 6721	-6 865

Arsresultat	3,5	-217 621	-6 865
OVERFØRINGER
Avsatt til dekning av tidligere udekket tap		0	-6 864
Overført til udekket tap		-217 621	O
Sum overføringer		-217 621	-6 864

BALANSE CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS

EIENDELER	Note	2019	2018
ANLEGGSMIDLER
Investeringer i datterselskap	8	17 734 881	0
Lån til foretak i samme konsern	6	19 312 599	0
Sum finansielle anleggsmidler		37 047 480	0
Sum anleggsmidler		37 047 480
OMLØPSMIDLER
Kundefordringer		216 104	0
Sum fordringer		216 104
Bankinnskudd, kontanter o.I.		3 815 213	30 018
Sum omløpsmidler		4 031 317	30 018
Sum eiendeler		41 078 798	30 018

BALANSE

CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS

EGENKAPITAL OG GJELD	Note	2019	2018
EGENKAPITAL
INNSKUTT EGENKAPITAL
Aksjekapital	4	215 000	30 000
Overkurs		21 285 000	0
Sum innskutt egenkapital		21 500 000	30 000
OPPTIENT EGENKAPITAL
Udekket tap		-224 486	-6 864
Udisponert resultat		0	-1
Sum opptjent egenkapital		-274 486	-6 865
Sum egenkapital	5	21 275 514	23 135
GIELD
Gjeld til kredittinstitusjoner	7	19 750 000	0
Sum annen langsiktig gjeld		19 750 000	0
KORTSIKTIG GJELD
Leverandørgjeld		-28 209	0
Skyldig offentlige avgifter		4 909	0
Konserngjeld		0	6 883
Annen kortsiktig gjeld		76 584	0
Sum kortsiktig gjeld		53 283	6 382
Sum gjeld		19 803 283	6 : 3
Sum egenkapital og gjeld		41 078 798	810 08 018

Oslo, 28.01.2020 Styret i CB Nordic Renewable And Infrastructure Fund I AS

Jon Gunnar Solli styreleder

Anders Jørgen Lenborg styremedlem

Gustaf Aspelin styremedlem

Nils Gunnar Hjellegjerde styremedlem

CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS

BALANSE CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS

EGENKAPITAL OG GJELD	Note	2019	2018
EGENKAPITAL INNSKUTT EGENKAPITAL
Aksjekapital	4	215 000	30 000
Overkurs		21 285 000	0
Sum innskutt egenkapital		21 500 000	30 000
OPPTJENT EGENKAPITAL
Udekket tap		-224 486	-6 864
Udisponert resultat		0	- 1
Sum opptjent egenkapital		-224 486	-6 865

Sum egenkapital	5	21 275 514	23 135
GIELD
Gjeld til kredittinstitusjoner	7	19 750 000	0
Sum annen langsiktig gjeld		19 750 000	0
KORTSIKTIG GJELD
Leverandørgjeld		-28 209	0
Skyldig offentlige avgifter		4 909	0
Konserngjeld		0	6 883
Annen kortsiktig gjeld		76 584	0
Sum kortsiktig gjeld		53 283	6 883
Sum gjeld		19 803 283	6833

Sum egenkapital og gjeld		41 078 798	30 018

Oslo, 28.01.2020 Styret i CB Nordic Renewable And Infrastructure Fund I AS

100 (Jon Gûnnar Solli

styreleder

Anders Jørgen Lenborg ( styremedlem

Gustaf Aspelin styremedlem

Nils Gunnar Hjellegjerde styremedlem

BALANSE

CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS

EGENKAPITAL OG GJELD	Note	2019	2018
EGENKAPITAL
INNSKUTT EGENKAPITAL
Aksjekapital	4	215 000	30 000
Overkurs		21 285 000	0
Sum innskutt egenkapital		21 500 000	30 000
OPPTJENT EGENKAPITAL
Udekket tap		-224 486	-6 864
Udisponert resultat		O	- J
Sum opptjent egenkapital		-274 486	-6 865
Sum egenkapital	5	21 275 514	23 135
GJELD
Gjeld til kredittinstitusjoner	7	19 750 000	0
Sum annen langsiktig gjeld		19 750 000	0
KORTSIKTIG GJELD
Leverandørgjeld		-28 209	0
Skyldig offentlige avgifter		4 909	0
Konserngjeld		0	6 883
Annen kortsiktig gjeld		76 584	0
Sum kortsiktig gjeld		53 233	6 333
Sum gjeld		19 803 283	6 333
Sum egenkapital og gjeld		41 078 798	18008 30 018

Oslo, 28.01.2020 Styret i CB Nordic Renewable And Infrastructure Fund I AS

Gustaf Aspelin

styremedlem

Nils Gunnar Hjellegjerde styremedlem

Anders Jørgen Lenborg styremedlem

Jon Gunnar Solli

styreleder

CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS

Regnskapsprinsipper

Årsregnskapet er satt opp i samsvar med regnskapsloven og NRS 8 - God regnskapsskikk for små foretak.

SKATT

Skattekostnaden i resultatregnskapet omfatter både periodens betalbare skatt og endring i utsatt skatt. Utsatt skatt er beregnet med 22 % på grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skattemessige verdier, samt ligningsmessig underskudd til fremføring ved utgangen av regnskapsåret. Skatteøkende og skattereduserende midlertidige forskjeller som reverserer eller kan reverseres i samme periode er utlignet og nettoført.

KLASSIFISERING OG VURDERING AV OMLØPSMIDLER

AKSJER I DATTERSELSKAP

Datterselskap vurderes etter kostmetoden i selskapsregnskapet. Investeringen er vurdert til anskaffelseskost for aksjene med mindre nedskrivning har vært nødvendig. Det er foretatt nedskrivning til virkelig verdi når verdifall skyldes årsaker som ikke kan forventes å være forbigående og det må anses nødvendig etter god regnskapsskikk. Nedskrivninger er reversert når grunnlaget for nedskrivning ikke lenger er til stede.

Utbytte, konsernbidrag og andre utdelinger fra datterselskap er inntektsført samme år som det er avsatt i givers regnskap. Overstiger utbytte / konsernbidraget andelen av opptjent resultat etter anskaffelsestidspunktet, representerer den overskytende del tilbakebetaling av investert kapital, og utdelingene er fratrukket investeringens verdi i balansen til morselskapet.

FORDRINGER

Note 2 Lønnskostnader

CB Nordic Renewable And Infrastructure Fund I AS har ikke hatt lønns- eller personalkostnader i 2019 og det foreligger heller ingen slike forpliktelser.

Note 3 Skatt

Arets skattekostnad	2019
Resultatført skatt på ordinært resultat:
Betalbar skatt	O
Endring i utsatt skattefordel	0
Skattekostnad ordinært resultat	0
Skattenliktig inntekt:

CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS

SIDE 5

Ordinært resultat før skatt	-217 621
Permanente forskjeller	0
Endring i midlertidige forskjeller	0
Skattepliktig inntekt	-217 621
Betalbar skatt i balansen:
Betalbar skatt på årets resultat
Sum betalbar skatt i balansen	0

Skatteeffekten av midlertidige forskjeller og underskudd til fremføring som har gitt opphav til utsatt skatt og utsatte skattefordeler, spesifisert på typer av midlertidige forskjeller:

	2019
Akkumulert fremførbart underskudd	-224 485
Grunnlag for utsatt skattefordel	-224 485
	-49 387
Utsatt skattefordel (22 %)

l henhold til God regnskapsskikk for små foretak balanseføres ikke utsatt skattefordel.

Note 4 Aksjonærer

AKSJEKAPITALEN I CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS PR. 31.12 BESTÅR AV:

	Antall	Pålvdende	Bokført
Ordinære aksjer	215 000	1.00	215 000
Sum	215 000		215 000

EIERSTRUKTUR

De største aksjonærene i % pr. 31.12 var:

	Ordinære	Eierandel
Snefonn AS	92 897	43,2
Artel AS	26 544	12,3
H A Skajems Planteskole AS	13 272	6,2
Jaco Invest AS	13 272	6,2
Johan Vinje AS	13 272	6,2
Kewa Invest AS	13 272	6,2
Lave AS	13 272	6,2
Ngh Invest AS	13 272	6,2
Caddie Invest AS	5 309	2,5
Ejf Invest AS	5 309	2,5
H C A Melbye Aksjeselskap	5 309	2,5
Totalt antall aksjer	215 000	100,0

Note 5 Egenkapital

	Aksjekapital	Overkurs	Udekket tap	Sum egenkapital
Pr. 31.12.2018	30 000	O	-6 864	23 136
Ãrets resultat			-217 621	-217 621
Emisjon	185 000	21 285 000	0	21 470 000
Pr 31,12,2019	215 000	21,285 000	-224 485	21 275 515

Note 6 Mellomværende med selskap i samme konsern m.v.

Kundefordring er			Andre fordringer
	2019	2018	2019	2018
Lån til Røyrmyra VIndpark AS	0	0	18 712 599	0
Lån til Finnesetbekken Kraftverk AS	0	0	600 000	0
Sum	0	0	19 312 599	0
Leverandørgjel	O		Annen kortsiktig gjeld
	2019	2018	2019	2018
Sum Note 7 Annen langsiktig gjeld	0	0	0	0
Gjeld som forfaller mer enn fem år etter regnskapsårets slutt:		2019		2018
Gjeld til kredittinstitusjoner		19 750 000		O
Sum annen langsiktig gjeld		19 750 000		0

SIDE 7 78)

Note 8 Datterselskap, TS og FKV

	Kontor- kommune	andel	Eier- Anskaffelses kost	Balanseført Egenkapital verdi		Resultat
DS/FKV/TS
Finnesetbekken Kraftverk AS	OSLO	100,0 %	4 919 041	4 919 041	0	0
Røyrmyra Vindpark AS	OSLO		100,0 % 12 540 631 12 540 631		9 680 717	44 112
Sum			17 459 672	17 459 672	9 680 717	44 112

Selskapet har inngått avtaler om kjøp av 100% av aksje i Nessakraft AS og Bjørgelva Kraft AS. Overtagelse er planlagt å skje 30.04.2021

ટીચે

Deloitte.

Deloitte AS Dronning Eufemias gate 14 Postboks 221 Sentrum NO-0103 Oslo Norway

Tel: +47 23 27 90 00 www.deloitte.no

Til generalforsamlingen i CB Nordic Renewable and Infrastructure Fund I AS

UAVHENGIG REVISORS BERETNING

Uttalelse om revisjonen av årsregnskapet

Konklusjon

Vi har revidert CB Nordic Renewable and Infrastructure Fund I AS årsregnskap som viser et underskudd på kr 217 621. Årsregnskapet består av balanse per 31. desember 2019, resultatregnskap for regnskapsåret avsluttet per denne datoen og noteopplysninger til årsregnskapet, herunder et sammendrag av viktige regnskapsprinsipper.

Etter vår mening er det medfølgende årsregnskapet avgitt i samsvar med lov og forskrifter og gir et rettvisende bilde av selskapets finansielle stilling per 31. desember 2019, og av dets resultater for regnskapsåret avsluttet per denne datoen i samsvar med regnskapslovens regler og god regnskapsskikk i Norge.

Grunnlag for konklusjonen

Styrets og daglig leders ansvar for årsregnskapet

Revisors oppgaver og plikter ved revisjonen av årsregnskapet

Vårt mål med revisjonen er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en revisjon utført i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, alltid vil avdekke vesentlig feilinformasjon som eksisterer. Feilinformasjon kan oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon blir vurdert som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke økonomiske beslutninger som brukerne foretar basert på årsregnskapet.

Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients.
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Registrert i Foretaksregisteret Medlemmer av Den norske Revisorforening Organisasjonsnummer: 980 211 282

Deloitte.

side 2 Uavhengig revisors beretning -CB Nordic Renewable and Infrastructure Fund I AS

Som del av en revisjon i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, utøver vi profesjonelt skjønn og utviser profesjonell skepsis gjennom hele revisjonen. I tillegg:

identifiserer og anslår vi risikoen for vesentlig feilinformasjon i regnskapet, enten det skyldes misligheter eller utilsiktede feil. Vi utformer og gjennomfører revisjonshandlinger for å håndtere slike risikoer, og innhenter revisjonsbevis som er tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon. Risikoen for at vesentlig feilinformasjon som følge av misligheter ikke blir avdekket, er høyere enn for feilinformasjon som skyldes utilsiktede feil, siden misligheter kan innebære samarbeid, forfalskning, bevisste utelatelser, uriktige fremstillinger eller overstyring av internkontroll.
opparbeider vi oss en forståelse av den interne kontroll som er relevant for revisjonen, for å utforme revisjonshandlinger som er hensiktsmessige etter omstendighetene, men ikke for å gi uttrykk for en mening om effektiviteten av selskapets interne kontroll.
evaluerer vi om de anvendte regnskapsprinsippene er hensiktsmessige og om regnskapsestimatene og tilhørende noteopplysninger utarbeidet av ledelsen er rimelige.
konkluderer vi på hensiktsmessigheten av ledelsens bruk av fortsatt drift-forutsetningen ved avleggelsen av regnskapet, basert på innhentede revisjonsbevis, og hvorvidt det foreligger vesentlig usikkerhet knyttet til hendelser eller forhold som kan skape tvil av betydning om selskapets evne til fortsatt drift. Dersom vi konkluderer med at det eksisterer vesentlig usikkerhet, kreves det at vi i revisjonsberetningen henleder oppmerksomheten på tilleggsopplysningene i regnskapet, eller, dersom slike tilleggsopplysninger ikke er tilstrekkelige, at vi modifiserer vår konklusjon om årsregnskapet. Våre konklusjoner er basert på revisjonsbevis innhentet inntil datoen for revisjonsberetningen. Etterfølgende hendelser eller forhold kan imidlertid medføre at selskapet ikke fortsetter driften.
evaluerer vi den samlede presentasjonen, strukturen og innholdet, inkludert tilleggsopplysningene, og hvorvidt årsregnskapet representerer de underliggende transaksjonene og hendelsene på en måte som gir et rettvisende bilde.

Vi kommuniserer med dem som har overordnet ansvar for styring og kontroll blant annet om det planlagte omfanget av revisjonen og til hvilken tid revisjonsarbeidet skal utføres. Vi utveksler også informasjon om forhold av betydning som vi har avdekket i løpet av revisjonen, herunder om eventuelle svakheter av betydning i den interne kontrollen.

Uttalelse om andre lovmessige krav

Konklusjon om registrering og dokumentasjon

Oslo, 30. januar 2020 Deloitte AS

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Årsregnskap 2019 CB Nordic Renewable And Infrastructure Fund I AS

Resultatregnskap Balanse Kontantstrøm Noter til regnskapet

RESULTATREGNSKAP
CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS
DRIFTSINNTEKTER OG DRIFTSKOSTNADER	Note	2019	2018
Salgsinntekt Sum driftsinntekter		2 004 906 2 004 906	0 0
Varekostnad Avskrivning av driftsmidler og immaterielle eiendeler Annen driftskostnad Sum driftskostnader	3	16 789 722 454 923 559 1 662 803	0 0 6 883 6 883
Driftsresultat		342 103	-6 883
FINANSINNTEKTER OG FINANSKOSTNADER Annen renteinntekt Annen rentekostnad Annen finanskostnad Resultat av finansposter		38 085 580 718 1 632 -544 265	18 0 0 18
Ordinært resultat før skattekostnad Skattekostnad på ordinært resultat Ordinært resultat EKSTRAORDINÆRE INNTEKTER OG KOSTNADER	2	-202 161 -35 585 -166 576	-6 864 0 -6 864
Årsresultat	6	-166 576	-6 864

BALANSE

CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS

EIENDELER	Note	2019	2018
ANLEGGSMIDLER IMMATERIELLE EIENDELER
Konsesjoner, patenter o.l.	3	663 000	0
Sum immaterielle eiendeler		663 000	0

VARIGE DRIFTSMIDLER
Maskiner og anlegg	3	43 030 191	0
Sum varige driftsmidler	3	43 030 191	0
FINANSIELLE ANLEGGSMIDLER
Investeringer i aksjer og andeler	7	275 210	0
Sum finansielle anleggsmidler		275 210	0

Sum anleggsmidler		43 968 401	0

OMLØPSMIDLER

FORDRINGER Kundefordringer		496 945	0
Andre kortsiktige fordringer		1 110 266	0
Sum fordringer	4	1 607 211	0

INVESTERINGER
Bankinnskudd, kontanter o.l.		5 851 158	30 018

Sum omløpsmidler		7 458 370	30 018

Sum eiendeler		51 426 770	30 018

BALANSE CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS EGENKAPITAL OG GJELD Note 2019 2018 INNSKUTT EGENKAPITAL Aksjekapital 5 215 000 30 000 Overkurs 21 285 000 0 Sum innskutt egenkapital 21 500 000 30 000 OPPTJENT EGENKAPITAL Udekket tap -160 455 -6 864 Sum opptjent egenkapital -160 455 -6 864 Sum egenkapital 6 21 339 545 23 136 AVSETNING FOR FORPLIKTELSER Utsatt skatt 2 973 735 0 Sum avsetning for forpliktelser 973 735 0

ANNEN LANGSIKTIG GJELD
Gjeld til kredittinstitusjoner	27 738 424	0
Sum annen langsiktig gjeld	27 738 424	0
KORTSIKTIG GJELD
Leverandørgjeld	1 162 968	0
Skyldig offentlige avgifter	7 804	0
Konserngjeld	0	6 883
Annen kortsiktig gjeld	204 295	0
Sum kortsiktig gjeld	1 375 067	6 883

Sum gjeld	30 087 226	6 883

Sum egenkapital og gjeld	51 426 770	30 018

Oslo, 28.01.2020 Styret i CB Nordic Renewable And Infrastructure Fund I AS

Jon Gunnar Solli styreleder

GJELD

Gustaf Aspelin styremedlem

Anders Jørgen Lenborg styremedlem

Nils Gunnar Hjellegjerde styremedlem

INDIREKTE KONTANTSTRØM

CB NORDIC RENEWABLE AND INFRASTRUCTURE FUND I AS

Kontantstrømoppstilling (NRS - Indirekte modell) NRS Indirekte metode

	2019	2018
KONTANTSTRØMMER FRA OPERASJONELLE AKTIVITETER
Resultat før skattekostnad	-202 161	-6 864
Ordinære avskrivninger	722 454	0
Endring i kundefordringer	-496 945	0
Endring i leverandørgjeld	1 162 968	0
Endring i andre tidsavgrensningsposter	-905 050	6 883
Netto kontantstrøm fra operasjonelle aktiviteter	281 265	19


KONTANTSTRØMMER FRA INVESTERINGSAKTIVITETER
Utbetalinger ved kjøp av varige driftsmidler	-43 393 339	0
Utbetalinger ved kjøp av andre investeringer	-275 210	0
Netto kontantstrøm fra investeringsaktiviteter	-43 668 549	0


KONTANTSTRØMMER FRA FINANSIERINGSAKTIVITETER
Innbetalinger ved opptak av ny langsiktig gjeld	27 738 424	0
Innbetalinger av egenkapital	21 500 000	30 000
Tilbakebetalinger av egenkapital	-30 000	0
Netto kontantstrøm fra finansieringsaktiviteter	49 208 424	30 000


Netto endring i kontanter og kontantekvivalenter	5 821 140	30 019
Beh. av kont. og kontantekvivalenter ved per. begynnelse	30 018	0
Beh. av kont. og kontantekvivalenter ved per. slutt	5 851 158	30 019

Noter til konsernregnskap 2019

Regnskapsprinsipper

Generelt

Regnskapet er utarbeidet i overensstemmelse med regnskapsloven og god regnskapsskikk. Regnskapet bygger på historisk kost prinsippet. Regnskapet er satt opp basert på fortsatt drift.

Konsolideringsprinsipper

Konsernregnskapet omfatter morselskapet CB Nordic Renewable And Infrastructure Fund 1 AS og følgende datterselskap:

Røyrmyra Vindpark AS
Finnesetbekken Kraftverk AS

Konsernregnskapet er utarbeidet som om konsernet var én økonomisk enhet. Transaksjoner og mellomværende mellom selskapene i konsernet er eliminert. Konsernregnskapet er utarbeidet etter ensartede prinsipper, ved at datterselskapet følger de samme regnskapsprinsipper som morselskapet.

Kjøpte datterselskaper regnskapsføres i konsernregnskapet basert på morselskapets anskaffelseskost. Anskaffelseskost tilordnes identifiserbare eiendeler og gjeld i datterselskapet, som oppføres i konsernregnskapet til virkelig verdi på oppkjøpstidspunktet. Eventuell merverdi eller mindreverdi ut over hva som kan henføres til identifiserbare eiendeler og gjeld balanseføres som goodwill. Merverdier i konsernregnskapet avskrives lineært over de oppkjøpte eiendelenes forventede levetid.

Klassifisering

Eiendeler knyttet til varekretsløpet klassifiseres som omløpsmidler. Samme regel gjelder for kortsiktig gjeld. Fordringer og gjeld som ikke knytter seg til varekretsløpet, klassifiseres som omløpsmidler/kortsiktig gjeld dersom de forfaller innen ett år. Øvrige eiendeler klassifiseres som anleggsmidler, og øvrig gjeld klassifiseres som langsiktig.

Datterselskap/tilknyttet selskap

Datterselskapet vurderes etter kostmetoden i selskapsregnskapet. Investeringen er vurdert til anskaffelseskost for aksjene med mindre nedskrivning har vært nødvendig. Det er foretatt nedskrivning til virkelig verdi når verdifall skyldes årsaker som ikke kan antas å være forbigående og det må anses nødvendig etter god regnskapsskikk. Nedskrivninger er reversert når grunnlaget for nedskrivning ikke lenger er til stede.

Det tilknyttede selskapet er vurdert etter kostmetoden i selskapsregnskapet. I konsernregnskapet brukes egenkapitalmetoden for tilknyttede selskaper. Andelen av resultatet er basert på resultatet etter skatt i det selskapet hvor man har investert med fradrag for interne gevinster og eventuelle avskrivninger på merverdi som skyldes at kostpris på aksjene var høyere enn den ervervede andelen av balanseført egenkapital. I resultatregnskapet er resultatandelen vist under finansposter.

Noter til konsernregnskap 2019

Salgsinntekter

Inntektsføring ved salg av strøm skjer på leveringstidspunktet. Strømmen inntektsføres i takt med utførelsen. Andelen av salgsinntekter som knytter seg til fremtidige serviceytelser balanseføres som uopptjent inntekt ved salget, og inntektsføres deretter i takt med levering av ytelsene.

Klassifisering og vurdering av balanseposter

Omløpsmidler og kortsiktig gjeld omfatter poster som forfaller til betaling innen ett år etter anskaffelsestidspunktet, samt poster som knytter seg til varekretsløpet. Øvrige poster er klassifisert som anleggsmiddel/langsiktig gjeld.

Omløpsmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig gjeld balanseføres til nominelt beløp på opptakstidspunktet

Anleggsmidler vurderes til anskaffelseskost, men nedskrives til virkelig verdi ved verdifall som ikke forventes å være forbigående. Langsiktig gjeld balanseføres til nominelt beløp på etableringstidspunktet.

Fordringer

Kundefordringer og andre fordringer er oppført i balansen til pålydende etter fradrag for avsetning til forventet tap. Avsetning til tap gjøres på grunnlag av individuelle vurderinger av de enkelte fordringene. I tillegg gjøres det for øvrige kundefordringer en uspesifisert avsetning for å dekke antatt tap.

Valuta

Pengeposter i utenlandsk valuta er vurdert til kursen ved regnskapsårets slutt.

Varige driftsmidler

Varige driftsmidler balanseføres og avskrives over driftsmidlets forventede levetid. Direkte vedlikehold av driftsmidler kostnadsføres løpende under driftskostnader, mens påkostninger eller forbedringer tillegges driftsmidlets kostpris og avskrives i takt med driftsmidlet.

Forskning og utvikling

Utgifter til forskning og utvikling balanseføres i den grad det kan identifiseres en fremtidig økonomisk fordel knyttet til utvikling av en identifiserbar immaterielle eiendeler. I motsatt fall kostnadsføres slike utgifter løpende. Balanseført forskning og utvikling avskrives lineært over 10 år.

Noter til konsernregnskap 2019

Skatt

Skattekostnaden i resultatregnskapet omfatter både periodens betalbare skatt og endring i utsatt skatt. Utsatt skatt er beregnet med 28% på grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skattemessige verdier, samt skattemessig underskudd til fremføring ved utgangen av regnskapsåret. Skatteøkende og skattereduserende midlertidige forskjeller som reverserer eller kan reversere i samme periode er utlignet. Netto utsatt skattefordel balanseføres i den grad det er sannsynlig at denne kan bli nytte gjort.

I den grad konsernbidrag ikke er resultatført er skatteeffekten av konsernbidraget ført direkte mot investering i balansen.

Immaterielle verdier

Goodwill er oppstått gjennom kjøp av virksomhet. Avskrivninger foretas etter forventet økonomisk levetid.

Utsatt skatt/Utsatt skattefordel føres opp i balansen på grunnlag av forskjeller mellom regnskapsmessige og skattemessige verdier i henhold til norsk regnskapsstandard for skatt.

Betalbar skatt beregnes på grunnlag av årets skattemessige resultat.

Det tilknyttede selskapet er vurdert etter egenkapitalmetoden i konsernregnskapet.

Note 1 Lønnskostnader og ytelser, godtgjørelser til daglig leder, styret og revisor

Selskapet har ikke ansatte. Selskapet er ikke pliktig til å ha tjenestepensjonsordning etter lov om obligatorisk tjenestepensjon.

Daglig leder og styre har ikke mottatt godtgjørelse for ditt arbeid.

Revisor Honorar til revisor er kostnadsført med kr. 70 900

Noter til konsernregnskap 2019

Note 2 Skattekostnad

Årets skattekostnad består av:
	2019	2018
Betalbar skatt	0	0
Endring utsatt skatt	-35 585	0
Sum skattekostnad	-35 585
Utsatt skattefordel
	31.12.19
Varige driftsmidler	26 748 587
Akkumulert fremførbart underskudd	-22 440 848
Reduskjon pga usikkerhet	224 485
Netto grunnlag	4 532 224
Utsatt skatt 22%	997 089
Balanseført utsatt skatt	997 089

Alle midlertidige forskjeller kan utlignes og dette er gjennomført i beregningen av utsatt skatt.

Note 3 Spesifikasjon av anleggsmidler

	Rettigheter	Kraftanlegg	Sum
Anskaffelseskost 01.01.19			0
Tilgang	674 000	43 741 644	44 415 644
Avgang	0		0
(=) Anskaffelsekost 31.12.19	674 000	43 741 644	44 415 644
Akkumulerte avskrivninger 31.12.19	-11 000	-711 454	-722 454
(=) Bokført verdi 31.12.19	663 000	43 030 190	43 693 190
Årets ordinære avskrivninger	11 000	711 454	722 454
Økonomisk levetid	25 år	25-40 år

Noter til konsernregnskap 2019

Note 4 Fordringer og gjeld

	2019	2018
Fordringer med forfall senere enn 1 år

Sum	0	0

Langsiktig gjeld med forfall senere enn 5	år

Gjeld til kredittinstitusjoner	25 377 304	0
Sum	25 377 304	0

Note 5 Aksjekapital

Konsernets aksjekapital på kr. 215 000 består av 215 aksjer pålydende kr. 1

Selskapets aksjonærer pr 31.12 var:	Ordinære	Eierandel
Snefonn AS	92 897	43,2
Arel AS	26 544	12,3
H A Skajems Planteskole AS	13 272	6,2
Jaco Invest AS	13 272	6,2
Johan Vinje AS	13 272	6,2
Kewa Invest AS	13 272	6,2
Lave AS	13 272	6,2
Ngh Invest AS	13 272	6,2
Caddie Invest AS	5 309	2,5
Ejf Invest AS	5 309	2,5
H C A Melbye Aksjeselskap	5 309	2,5
Totalt antall aksjer	215 000	100,0

Note 6 Egenkapital
	Aksjekapital	Overkurs	Udekket tap	Sum EK
Pr. 01.01.19	30 000			30 000
Emisjon	185 000	21 285 000		21 470 000
Årets resultat			-419 405	-582 335
Pr. 31.12.19	215 000	21 285 000	-419 405	20 917 665

Noter til konsernregnskap 2019

Note 7 Investering i datterselskaper

Konsernet har inngått avtale om kjøp av selskap med kraftverk under bygging. Aksjene i disse selskap vil først overtas etter at kraftverkene er ferdigstilt. Kostnader knyttet til anskaffelse er balanseført.

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Cloudberry Clean Energy ASA

3571_rns_2020-04-01_ad82ac73-4321-4863-ada4-de22729e9a05.pdf

ADMISSION TO TRADING OF SHARES ON MERKUR MARKET

IMPORTANT NOTICE

TABLE OF CONTENTS

1. STATEMENT OF RESPONSIBILITY AND ENFORCEMENT

ENFORCEMENT OF CIVIL LIABILITIES

2. GENERAL INFORMATION

2.1. Presentation of financial and other information

2.2. Cautionary note regarding forward-looking statements

3. RISK FACTORS

3.1. Market related risks

3.1.1. The power industry is a highly regulated sector and thus subject to political risk

3.1.2. The revenues from sale of electricity, Electricity Certificates and Guarantees of Origin are subject to price risk

3.1.3. The Electricity Certificate scheme is subject to political risk

3.1.4. The Guarantee of Origin scheme is subject to political risk

3.1.5. The renewable sector is still under development

3.2. Commercial and operational risks

3.2.1. The Group has a limited operating history

3.2.2. The Group is a result of a recent business combination

3.2.3. Laws and regulations may affect the Group's operations, increase the Group's operating costs and reduce demand for its services

3.2.4. 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

3.2.5. Power plants are highly technical and thus subject to operational risk

3.2.6. The revenues from the Group's power plants are dependent on the metrological conditions

3.2.7. The Group's revenues and costs are dependent on charges related to transmission and distribution

3.2.8. Future revenues and costs of the Group are dependent on costs related to agreements with landowners

3.2.9. Several of the Group's development projects may not be realized

3.2.10. The Group may be subject to litigation

3.3. Financial risks

3.3.1. Required return by investors may lower the equity value of the Company

3.3.2. Increase in interest rates may reduce the Group's profitability

3.3.3. Fluctuations in exchange rates could affect the Group's cash flow and financial condition

3.3.4. Failure by subcontractors may lead to additional costs for the Group

3.3.5. Profitability of projects is not given

3.3.6. The Group is dependent on external financing

3.4. Risk related to shares

3.4.1. The Company will incur increased costs as a result of being listed on Merkur Market

3.4.2. An active trading market for the Company's shares on Merkur Market may not develop

3.4.3. Future issuances of shares in the Company or other securities, including by use of board authorisations, may dilute the holdings of shareholders and could materially affect the trading price of the Company's share

3.4.4. The market price of the Shares may be volatile which could result in investors losing a significant part of their investment

3.4.5. The value of the Shares could for foreign investors be adversely affected by exchange rate fluctuations

3.4.6. Norwegian law imposes certain restrictions on shares and shareholders

3.4.7. Shareholders may not be able to exercise their voting rights for Shares registered in a nominee account

3.4.8. The Shares are subject to restrictions on dividend payments

3.4.9. The transfer of Shares is subject to restrictions under the securities laws of the United States and other jurisdictions

4. REASONS FOR THE LISTING

5. PRESENTATION OF THE COMPANY

5.1. History and important events

5.2. Perspectives on sustainable value creation and ESG

5.2.1. Our strategy and business model

Our business model

Our strategy

Responsible growth

Optimisation

Stakeholder value creation

5.3. Group organisation

5.4. Business segment

Figure 1. Cloudberry's business segments

5.4.1. Develop

Figure 2. Divested projects and projects for sale

Figure 3. The Development process

5.4.2. Production

Figure 4. CB Production, existing projects

5.5. Material agreements

5.6. Market overview

Figure 5: European power energy mix

Figure 6: European grid interconnections

5.6.1. Power Prices in the Nordics

5.6.2. Wind power to play a dominant role in the Energy Transition

Figure 9. Wind production and the decreasing cost curve of wind energy

5.7. Dependency on contracts, patents, licences etc.

5.8. Related party transactions

5.8.1. Option to purchase projects from CB Develop

5.8.2. Agreement regarding hiring-in of employees to CB Develop

5.8.3. Shareholder loan to the Company

5.8.4. Shareholder loan to CB Develop

5.8.5. Agreement related to purchase of owns shares in CB Develop

5.8.6. Shareholder loan to Finnesetbekken Kraftverk AS

5.8.7. Shareholder loans to Røyrmyra Vindpark AS