Cloudberry Annual report 2020 Financial statements 86 The table below show the proforma gross Profit or loss statement before tax if the acquired companies had been fully consolidated from 1 January 2020. NOK 1 000 Cloudberry Group reported Net income before acquisition not recognized in the Group accounts Pro-forma Group figures Total revenues 3 640 4 367 8 006 Cost of goods sold -143 - -143 Salary and personnel expenses -17 419 -547 -17 966 Other operating expenses -12 343 -1 465 -13 808 Share of income from associated companies -3 556 - -3 556 Depreciations and amortisations -3 289 - -3 289 Net finance -1 141 -34 -1 175 Profit before tax -34 253 2 321 -31 932 Other acquisitions Cloudberry acquired Scanvind2 AS On 22 September 2020, Cloudberry Develop AS acquired 100% of the shares in Scanvind2 AS, (today Cloudberry Offshore Wind AS) a company that develops the offshore wind power project “Rewind Vänern”. The project is in shallow water on the largest lake in Sweden in the vicinity of Cloudberry’s Karlstad office. The current development plan includes 16-17 turbines with an estimated annual power production around 350 GWh. The project will significantly strengthen the access to clean and renewable energy in the region. The project was originally initiated by Cloudberry Develop in 2010 and then developed together with local partners. In 2016 the project received a permit to construct a 100 MW shallow-water wind project in Stenkalles grund in Lake Vanern, Sweden. The pro- ject was in 2016 sold to the consortium Scanvind2 for further development and planning (seismic studies, net concession and initiation of technical solutions). In 2020 Cloudberry repurchased the project after a long technical review and capitalized the company in order to move the project closer to a final invest- ment decision. See further information in note 27 Related party transaction. The transaction cost was NOK 34,3 million, of which NOK 7 million was cash settlement, while NOK 27,3 million was settled with Cloudberry shares, this was 2,180 million shares of par value 0.25 and a fair value of NOK 12.50 per share (share capital increase with NOK 0.55 million). Net acquired assets was 34 million, including NOK 54 thousand in cash. Total acquired assets was NOK 59,8 million. The transaction was accounted for as an asset acquisition of a develop- ment project and classified as project inventory with construction permit. Note 6 Explanation of transition to IFRS This is the Group’s first time preparing and present- ing the consolidated financial statements in accord- ance with IFRS. The accounting principles described in note 2 have been used to prepare the company’s consolidated accounts for 2020, comparable figures for 2019 and an IFRS opening balance sheet as at 1 January 2019, which is the Group’s date of transition from Norwegian accounting principles (NGAAP) to IFRS. In connection with the preparation of the IFRS open- ing balance sheet, the Group has not detected any differences in the conversion from NGAAP previously reported figures to the IFRS converted figures. The equity according to converted IFRS is equal as reported previously according to NGAAP.