115 Cloudberry Annual report 2021 Financial statements Key risks and financial instruments Through its business activities, Cloudberry is exposed to various risks, and has engaged in various financial instruments. The Group focuses on the following risk categories: Market and operational, Financial and ESG risks. The Group overall risk management programme seek to minimize the potential for adverse effects on the Groups performance. Market risks, including political and regulations risks, and price risks, see note 7, commercial and operational risks, see note 8, and financial risks, see note 9. Guidelines for risk management and strategy for handling and using financial instruments as a part of the business activities and handling risks have been approved by the Board of Directors. See note 10 Financial instruments and 11 Hedge accounting. Note 6 Covid 19 The risk and potential consequences of a global pandemic has been illustrated for the past two years. The Covid-19 pandemic has affected all businesses, more or less, in some way, and in general the market situation has been challenging. During the year, Cloudberry has seen some adverse impacts of the pandemic, mainly related to our supply chain and government approvals. At Odal Vind, entry restrictions for key personnel and logistical challenges in the global supply chain have created some challenges and delays. By year end, 13 of 34 SiemensGamesa turbines are fully installed and first power was delivered to the grid in December. Odal is expected to be in full operation before the end of June 2022. At Hån windfarm, it was a priority to secure precautionary routines and procedures together with the contractors, especially after the omicron was discovered in November. Nevertheless, in January 2022 there was an outbreak in one of the work teams, but it had minimal impact and the construction is progressing as planned. Cloudberry has grown significantly and despite many restrictions during 2021 due to Covid-19 the company has delivered more or less all projects on budget and time schedule. Cloudberry has not applied for, or received, any governmental economic support related to the pandemic. The economic consequences in 2021 is mostly related to indirect costs of delays on projects and related increased capital expenditures. Cloudberry continues to assess risks related to the Covid-19 situation. The pandemic will continue to influence the markets and potentially cause supply chain disruptions, nevertheless the company expects the pandemic to have limited overall impact on its projects.
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