Cloudberry Clean Energy Annual report 2020

129 Cloudberry Annual report 2020 Financial statements Notes to the parent company financial statements Note 1 General information Corporate information Cloudberry Clean Energy AS, “the Company” is incorporated and domiciled in Norway. The address of its registered office is Frøyas gate 15, NO-0273 Oslo, Norway. Cloudberry Clean Energy AS was established on 10 November 2017. The Company is listed on Euronext Growth with ticker CLOUD. Cloudberry Clean Energy AS , its subsidiaries and investments in associated companies (“the Group”) is a Nordic renewable power producer and devel- oper. The Group has an integrated business model across the life cycle of hydro- and wind power plants including project development, financing, construc- tion (normally outsourced), ownership and lead manager of operations. The financial statement of the Company and the consolidated statements of the Group, presented earlier in this report, was approved by the Board of Directors at 23 March 2021. The statements have been prepared under the assumption that the Cloudberry Group is a going concern, and that this assumption was appropriate at the date of approval of the Financial Statements. Note 2 General accounting policies and principles Statement of compliance The financial statements of Cloudberry Clean Energy AS are prepared in accordance with the Norwegian Accounting Act of 1998 and Norwegian Generally Accepted Accounting Principles (NGAAP). Basis for preparation The financial statements have been prepared on a historical cost basis. Accounting estimates and judgements In preparing the financial statements, assumptions and estimates that have had effect on the amounts and presentation of assets and liabilities, income and expenses and contingent liabilities must be made. Actual results could differ from these assump- tions and estimates. Foreign currency translation The functional currency and presentation cur- rency of the Company is Norwegian kroner (NOK). Transactions in foreign currency are translated at the rate applicable on the transaction date. Monetary items in a foreign currency are translated into NOK using the exchange rate applicable on the balance sheet date. Non-monetary items that are measured at their historical cost expressed in a foreign currency are translated into NOK using the exchange rate applicable on the transaction date. Non-monetary items that are measured at their fair value expressed in a foreign currency are translated using the exchange rate applicable on the balance sheet date. Employee benefits Wages, salaries, bonuses, pension and social security contributions, paid annual leave and sick leave are accrued in the period in which the asso- ciated services are rendered by employees of the Company. The Company has pension plans for employees that are classified as defined contri- bution plans. Contributions to defined contribution

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