Cloudberry Clean Energy Annual report 2020

Cloudberry Annual report 2020 Financial statements 114 Short term debt and provisions NOK 1 000 2020 2019 Short term interest-bearing debt 236 767 - Trade creditors 24 885 475 Accrued salary and bonus 5 363 - Provision for project costs 6 225 - Public duties payable 1 990 - Settlement to buy out minority shareholders 4 070 - Other 2 474 - Total short term debt provisions 281 773 475 The short-term interest-bearing debt is related to the acquisitions of Forte Energy Norway AS, which was given a credit facility at the acquisition, with an applied interest rate of 5% p.a. The amount consists of the principal of NOK 236.8m which is presented as cash inflow from financing activities in the cash flow state- ment. The shares in Forte Energy Norway are held as collateral for the debt. The debt has been repaid in March 2021. See note 20 Investments in associated companies and note 29 Subsequent events. Trade creditors is mainly related to invoices from advisors and facilitators used in the equity emission in December 2020. The minority shareholders position of 15% in Cloudberry Utväckling AB were acquired 31 December 2020, the transaction price NOK 4.1 million was settled in January 2020. The value of the shares at the acquisition date was NOK 4.9 million. The difference between the carrying amount and the transaction price was accounted as correction of equity in the parent company. Guarantees and other contractual obligations NOK 1 000 Balance sheet item Maturity date 2020 2019 Advance payment guarantee suppliers (Odalen) Escrow account Cash June 2021 152 422 - Bank guarantee Axpo Bank guarantee Off-balace February 2022 4 858 - Guarantees for office rent Bank deposit Non-current financial asset February 2025 651 - Total guarantees and deposits 157 932 - Other obligations not recognised in the balance sheet is related to financial close of secured portfolio. The Group has per 31. December 2020 signed Sale and Purchase agreement to the following power plants with financial close in 2021. The power plants are under construction and risk of the assets are not yet transferred to Cloudberry. Because the risk is not transferred and there are conditions precedent up until the takeover e.g. that the power plants shall function according to the agreement, the assets and the obligations are not recognised in the balance sheet.