Cloudberry Clean Energy Annual report 2020

Cloudberry Annual report 2020 Financial statements 100 Note 15 Financial items NOK 1 000 2020 2019 Intrest income 924 4 Other financial income and exchange differences 60 2 Total financial income 984 5 NOK 1 000 2020 2019 Interest expense 2 580 1 Other financial expense and exchange differences 1 284 - Capitalized interest -1 739 - Total financial expense 2 125 1 The cash effect of interest payments was NOK 2.4 m and related to loans and borrowings. Please see note 25 Lease agreements, note 10 Financial instruments, note 11 Hedge accounting, note 21 Cash, cash equivalents and corporate funding, note 23 Long term debt, and note 24 Provisions, guarantees and other contractual obligations. Note 16 Income tax expense For 2020 the Group had a tax income of NOK 387 thousand. This was mainly related to changes in deferred tax on excess values and tax losses carried forward. NOK 1 000 2020 2019 Tax expense in the income statement Income tax payable - - Change in deferred income tax 387 - Tax expense in the income statement 387 - Reconsiliation of nominal tax rate and effective tax rate Profit before income tax -34 253 -2 609 Nominal tax rate 22 % 22 % Expected tax expense 7 536 574 Effect on taxes of: Permanent differences -96 - Not regognized tas asset related to tax losses carried forward -7 435 -574 Changes related to deferred tax on off-balance sheet items 107 - Changes related to other deferred tax 275 - Tax expense in the income statement 387 - The appropriate tax rate in Norway and Sweden is 22% and 21,8% respectively.