Cloudberry Clean Energy Annual report 2020

Cloudberry Annual report 2020 Financial statements 70 Notes to the Consolidated financial statements Group General Note 1 General information Corporate information Cloudberry Clean Energy AS (“Cloudberry”), its sub- sidiaries and investments in associated companies (“the Group”) is a Nordic renewable power producer and developer. The Company has an integrated business model across the life cycle of hydro- and wind power plants including project development, financing, construction (normally outsourced), own- ership and lead manager of operations. Cloudberry Clean Energy AS 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. IFRS in Cloudberry’s consolidated financial state- ment was adopted for the first time in this reporting period, and the effects are presented in note 6 Explanation of transition to IFRS. The consolidated financial statement was approved by the Board of Directors at 23 March 2021. Note 2 General accounting policies and principles Basis for preparation Cloudberry’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations from International Financial Reporting Interpretations Committee (IFRIC) as adopted by the EU. The statement of profit or loss, statement of com- prehensive income, statement of financial position, statement of cash flow, statement of equity and notes provide comparable information in respect of the previous period. The Group was formed through the business combination that took place as of 15 February 2020, hence the comparable financial information for 2019and the IFRS opening balance as of 1 January 2019 are based on the parent com- pany’s financial information. See note 5 Business combination and note 6 Explanation of transition to IFRS for further details. Presentation and classification of items in the financial statements is consistent for the periods presented. Application of the accounting policies by the subsidiaries has been changed where neces- sary to ensure consistency with Group accounting policies. The functional currency of companies is Cloudberry Group is the Norwegian krone (NOK) and the Swedish krone (SEK). The Group accounts is presented in NOK. Cloudberry is granted an excep- tion from the Norwegian tax authorities from the requirement to report in Norwegian and will present the annual report in English. The Groups consolidated financial statement is prepared on a going concern basis. When assessing this assumption, management has assessed all available information about the future. This com- prises information about net cash flows from existing operations, debt service and obligations. After mak- ing this assessment, management has a reasonable