Cloudberry Annual report 2021 Financial statements 114 The table below show the pro forma gross Profit or loss statement before tax if the acquired companies had been consolidated from 1 January 2021. NOK 1 000 Cloudberry Group reported Not included from company accounts Pro-forma Group figures Total revenues 40 898 9 483 50 381 Cost of goods sold (5 447) - (5 447) Salary and personnel expenses (28 106) - (28 106) Other operating expenses (55 332) (4 371) (59 703) Share of income from associated companies 16 373 - 16 373 Depreciations and amortisations (9 746) (2 578) (12 325) Net finance (22 287) (2 616) (24 902) Profit before tax (63 648) (82) (63 730) Other acquisitions Skåråna Kraft AS On 24 February 2021 Cloudberry Production AS acquired 100% of the shares in Skåråna Kraft AS “Skåråna”. Skåråna is the owner of two hydropower plants under construction and the acquisition is classified as an asset acquisition in the consolidated accounts. The two hydropower plants are located in Lund, Rogaland county. They are expected to commence production during the first quarter of 2022 and are expected to have an annual production at a normalized level of 14 GWh. The total purchase price was originally NOK 23.7m, of NOK 17m was settled cash, while NOK 6m was held back because the purchase price is subject to adjustments in case of cost overruns related to the construction projects. As per end of December 2021 there has been cost overruns estimated to NOK 6m, and hence there will not be no final settlement with the seller. For Cloudberry the total cost is unchanged. Skåråna is estimated to be in full production during first half of 2022. Cloudberry acquired Åmotsfoss Kraft AS On 1 December 2021 Cloudberry Production acquired 100% of the shares of Åmotsfoss Kraft AS “Åmotsfoss”. Åmotsfoss is a finished, constructed and commissioned, hydro power plant located in Arendalsvassdraget, built by BN Vannkraft together with local contractors. Cloudberry has been invested in the project prior to construction start and contributed to the set up to fit the Cloudberry operational platform. The acquisition is classified as an asset acquisition in the consolidated accounts. The expected normalised annual production is 22.7 GWh (4.5 MW). The total purchase price of NOK 91.4m was paid in cash and was equity financed.
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