Cloudberry Clean Energy Annual report 2020

23 Cloudberry Annual report 2020 Board of Directors report and foreign currency translation differences. Total comprehensive income was NOK -36m (NOK -3m), which was attributable to Cloudberry shareholders, while NOK 0m was attributable to non-controlling interests. The total loss of NOK 36m is suggested to be allo- cated to accumulated loss and retained earnings. Cashflow Cash flow from operating activities for the year was NOK -4m (NOK -3m). The difference between EBIT and cash flow from operating activities was mainly due to depreciations of NOK 3m, capitalisation of development costs to inventory of NOK -6m and change in other short-term items of total NOK 32m (NOK -0m). Cash flow from investment activities was NOK -354m, (NOK 0m) and was mainly related to invest- ments in associated companies of NOK -341m in hydro assets and Odal Wind and NOK -12m in subsidiaries. Cash flow from financing activities amounted to NOK 958m (NOK 8m) and consisted primarily of new equity capital of NOK 906m (NOK 8m), change in net debt of NOK 207m, payment to escrow account of NOK 152m and interest payment NOK -3m. At-year end, cash and cash equivalents were to NOK 605m (NOK 5m). Financial position Total assets at year-end were NOK 1 397m (NOK 5m). The increase from last year primarily reflects acqui- sitions, business combinations and capital raisings. Non-current assets totalled NOK 435m (NOK 0m) consisting of investment in producing assets and associated companies, while current assets were NOK 962m (NOK 5m), mainly project inventory, other current assets and cash, and cash equivalents. Total equity was NOK 1 055m (NOK 5m) at year end, corresponding to an equity ratio of 76%. Total liabilities were NOK 342m, with NOK 283m due within 12 months. Segments Cloudberry has two operating business segments: Cloudberry Production (“Production”) and Cloudberry Develop (“Develop”) as well as Cloudberry Clean Energy (“Corporate”). Cloudberry Production Cloudberry Production owns long-term yield hydro and wind assets in Norway and Sweden. Power production is sold on a continuous basis through bilateral agreements or through the spot market, Nordpool. Producing assets are entitled to electricity certificates and guarantees of origin. Producing assets are remotely controlled from operational centres and Cloudberry has operational agreements with local partners. Cloudberry Production, segment 2020 Revenue NOK million 4 EBITDA NOK million -5 Production (100% owned entities) GWh 12 Production (net to Cloudberry) GWh 21 Production capacity year-end MW 27 Secured portfolio (Producing & under construction) MW 109 Power production By year end Cloudberry Production had a production portfolio of 27 MW in operation from Finnesetbekken, Røyrmyra and a significant shareholding of Forte Energy Norway AS (“Forte”). The purchase of 34% of Forte was finalized in Q4 2020 and contributed a proportionate production of 9 GWh to Cloudberry during 2020. Hydro power production for the year from Finnesetbekken was 4 GWh, 28% above normal pro- duction level. Production was above the normal level both in the first and second half of the year. 2020 was a year with higher-than-normal precipitation and with the warmest temperatures ever recorded in Norway. This led to high production in 2020, and operation have been generally stable. Wind power production for the year from Røyrmyra was 4% below normal levels in 2020 with a total production of 8 GWh. The decrease was mainly due an outage in one of the turbines during the first half of the year, with repairs taking longer than normal due to challenges caused by Covid-19. Production in