Cloudberry Clean Energy Annual report 2020

101 Cloudberry Annual report 2020 Financial statements The table shows the deferred tax asset in the balance sheet. NOK 1 000 2020 2019 Deferred tax asset Inventory valuation 326 - Property, plant and equipment 2 508 - Other receivables 7 207 - Tax loss carried forward 177 235 5 Subtotal 187 277 5 Of which not recognised as tax asset -86 066 -5 Gross deferred tax asset 101 211 - Net deferred tax asset 23 423 - Deferred tax liabilities Property, plant and equipment -165 237 - Other -3 541 - Gross deferred tax liabilities -168 778 - Net deferred tax liabilities -37 091 - Reconsiliation to balance sheet Deferred tax asset 23 423 - Deferred tax liability -37 091 - Net deferred tax liabilities in the balanse sheet -13 668 - The recognised tax liability in the balance sheet is mainly related to excess value on property plant and equipment and project inventory. At year end 2020 the Group has recorded a valuation allowance of NOK 86m related to tax losses carried forward. Deferred tax asset and liabilities are offset to the extent that the deferred taxes relate to the same fiscal authority and there is a legally enforceable right to offset current tax asset against current tax liabilities. See note 2 Accounting principles and note 3 Key accounting estimates and judgement.