Cloudberry Clean Energy Annual report 2020

Cloudberry Annual report 2020 Board of Directors report 22 Cloudberry provides details of its sustainability work in its Annual Report and specifically in the sustainability and corporate governance sections. Cloudberry’s reporting requirements under section 3-3 a and c of the Norwegian Accounting Act are as such addressed in this section. Financial Performance Financial summary In 2020 Cloudberry built a listed growth platform for renewable projects in the Nordics. The production and development segments have grown signifi- cantly, while keeping costs at a low level with a lean management team. Cloudberry Production is currently ramping-up production. During 2020, only Finnesetbekken and Røyrmyra (3MW in total) contributed to operational revenue. No development projects were sold to third parties in 2020, however, a Sale and Purchase Agreement (SPA) with Downing LLP was signed in January 2021 for the sale of 80% of Project Vänern. In addition, Cloudberry Develop finalized the last milestone of the 54 MW Marker windfarm and handed the project over to the Swiss utility, BKW. Cloudberry is currently preparing the final investment decisions for the nearby100% Cloudberry-owned Hån project. By year-end 2020, the total equity of Cloudberry was NOK 1 055 million (compared to NOK 5 million at the end of 2019). The company has a strong balance sheet and is in a good financial position to execute its secured portfolio. Key Figures The below information describes the operations of the consolidated Group in 2020, with the corre- sponding figures for 2019 in brackets. Figures are presented in NOK million. Profit and loss Profit before tax was NOK -34m (NOK -3m). This compromise reported net revenues of NOK 4m (NOK 0m) from sale of power and management services. Operating expenses were NOK 30m (NOK 3m), share of profit from associated companies was NOK -4m, depreciations and amortization were NOK 3m (NOK 0m) and net finance items were NOK -1m (NOK 0m). EBITDA was NOK -30m (NOK -3m), and EBIT was NOK -33m (NOK -3m). The profit for the year was NOK -34m (NOK -3m). The corresponding figures from 2019 related to management services of the infra- structure fund. Other comprehensive income consists of items that may subsequently be reclassified to profit and loss and amounts to NOK -2m (NOK 0m). This relates to movements of cash flow hedges with tax effects Cloudberry Group, consolidated 2020 2019 Revenue NOK million 4 - EBITDA NOK million -30 -3 Profit for the year NOK million -34 -3 Total assets NOK million 1 397 5 Cash NOK million 605 5 Interrest bearing debt NOK million 263 - Total equity NOK million 1 055 5 Equity ratio % 76% 91% Production during 2020 1) GWh 21 - Secured portfolio (Producing & under construction) MW 109 15 Secured portfolio (Construction permit) MW 71 - Secured portfolio (Backlog) MW 380 - 1) Including proportionate share of 9 GWh from Forte Vannkraft AS (associated company)