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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