Cloudberry Clean Energy Annual report 2020

109 Cloudberry Annual report 2020 Financial statements Revenue and balance based on share of ownership NOK 1 000 Forte Energy Norway AS Odal Vindkraft AS Total Revenue 2020 1 493 - 1 493 Operating profit -1 696 - -1 696 Profit for the year 2020 -2 966 - -2 966 Non current assets 31 December 2020 304 733 68 806 373 539 Total current assets 31 December 2020 20 784 7 109 27 892 Total cash and cash equivalents 10 905 32 667 43 571 Long term debt 31 December 2020 235 742 - 235 742 Short term debt 31 December 2020 7 879 12 679 20 558 Equity 31 December 2020 92 800 95 902 188 703 Pro-forma figures 2020 for the investments Forte Energy Norway AS was established just prior to the acquisition, and hence there is no historical figures for this company that is presented as pro forma. The investment of 15% in Odal Vindkraft AS was acquired 23 December 2020 and no share of profit and loss has been recognised for Cloudberry in 2020. The pro forma effect on the Group accounts for 2020 had been a loss of NOK 0.5m for the full year. Note 21 Cash, cash equivalents and corporate funding The Group has entered into a corporate account agreement with SpareBank 1 SR-Bank in June 2020 for the Norwegian companies. No credit facility is incorporated in this agreement as of 31 December 2020, but a larger facility with SpareBank 1 SR-Bank was completed in March 2021, see note 29 Subsequent Events. NOK 1 000 2020 2019 Bank deposits 554 556 5 223 KLP fund 50 570 0 Total cash and cash equivalents 605 126 5 223 The KLP fund is a short-term placement and is readily convertible to cash. Restricted cash related to escrow account for supplier payment to Odal Windfarm of NOK 152.4m and tax withholdings of NOK 0.6m is not included in cash and cash equivalents, this is classified as other current assets per 31 December. See note 24 Provisions, guarantees and other contractual obligations. A deposit for office rent of NOK 0.7m is classified as a non-current financial asset.

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