Cloudberry Clean Energy Annual report 2020

Content	2
Cloudberry in brief	3
Letter from the CEO	4
Overview and Key Highlights	6
Executive Management	16
Board of Directors	18
Board of Directors report	20
Sustainability	29
Corporate Governance	54
Consolidated financial statements Group	62
Consolidated statement of profit or loss	64
Statement of comprehensive income	65
Consolidated statement of financial position	66
Consolidated statement of cash flows	68
Consolidated statement of changes in equity	69
Notes to the Consolidated financial statements Group	70
General	70
Note 1 General information	70
Note 2 General accounting policies and principles	70
Note 3 Key accounting estimates and judgements	78
Note 4 Operating segments	80
Note 5 Business combinations and other transactions	82
Note 6 Explanation of transition to IFRS	86
Key risks and financial instruments	89
Note 7 Market related risks	89
Note 8 Commercial and operational risks	90
Note 9 Financial risks	91
Note 10 Financial instruments	92
Note 11 Hedge accounting	94
Statement of profit or loss and comprehensive income	95
Note 12 Sales revenues and other operating income	95
Note 13 Employee benefits and share based payments	96
Note 14 Other operating expenses	99
Note 15 Financial items	100
Note 16 Income tax expense	100
Statement of financial position	102
Note 17 Property, plant and equipment	102
Note 18 Inventory	104
Note 19 Impairment	105
Note 20 Investments in associated companies	107
Note 21 Cash, cash equivalents and corporate funding	109
Note 22 Share capital and shareholder information	110
Note 23 Long term debt	112
Note 24 Provisions, guarantees and other contractual obligations	113
Note 25 Lease agreements	115
Other information	117
Note 26 Earnings per share	117
Note 27 Transactions with related parties	117
Note 28 List of subsidiaries and equity accounted companies	119
Note 29 Subsequent events	120
Parent company financial statements	124
Statement of profit or loss	125
Statement of financial position	126
Statement of cash flows	128
Notes to the parent company financial statements	129
Note 1 General information	129
Note 2 General accounting policies and principles	129
Note 3 Sales revenues	131
Note 4 Employee benefits and share based payments	131
Note 5 Other operating expenses	134
Note 6 Financial items	134
Note 7 Income tax expense	135
Note 8 Property, plant and equipment	136
Note 9 Subsidiaries and investment in associated companies	136
Note 10 Cash, cash equivalents and corporate funding	137
Note 11 Equity capital, share capital and shareholder information	137
Note 12 Short term debt and provisions	139
Note 13 Earnings per share	139
Note 14 Intercompany items between companies in the same group	140
Note 15 Subsequent events	140
Note 16 Covid-19	140
Responsibility statement	141
Alternative performance measures	142
Auditor’s report	143

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