123 Cloudberry Annual report 2021 Financial statements Statement of profit or loss and comprehensive income Note 12 Sales revenues and other operating income The consolidated revenues are presented in the table below. NOK 1 000 2021 2020 Revenue from electricety generation 29 379 2 580 El certificates and guarantees of origin 3 140 743 Management services 2 634 310 Sales revenues 35 152 3 633 Sale of power plant project - - Public grants - El certificates and guarantees of origin - 8 Other 5 746 (1) Other income 5 746 7 Total revenue 40 898 3 640 For information about the revenue split between business segments, see note 4. Sales revenue The Group has implemented the 5-step model for revenue recognition in accordance with IFRS 15 Revenue from contracts with customers. See accounting principles in note 2. For Cloudberry there will be mainly two types of revenue generating customer contracts. This is revenue from sale of power, including sale of el certificates and guarantees of origin from a producing power plant and revenue from management services. For Cloudberry’s power producing assets the customer contract is when connected to the grid, the production for spot sale to the grid or a purchase price agreement (PPA) with a contract customer. The performance obligation is to deliver power, and the consideration is the transaction price which can be spot or a predefined price. The performance obligation is delivered over time, and therefore the consideration will be accounted for when each unit is delivered, a practical approach is the consideration that Cloudberry has the right to invoice at the transaction date. The right to invoice is when the power is produced and delivered to the grid. In the cases that the power is sold at Nord pool, this is defined as the customer. In other cases, the customer is a specific partner. For a PPA, the customer contract is the contract to sell the production to a specific price to the contract party. From 2022 Cloudberry does not have any PPAs for its power generation and sales. Cloudberry Production has a contract for management services for the Forte portfolio of producing power plants. This is accounted for as revenue when the service is provided, and Cloudberry have a contractual right to the consideration. Cloudberry Develop can also in some cases have revenue from management services (project development services), in these cases it must be made an assessment of the timing of when the performance obligation is fulfilled. This will be determined from the nature of the assignment in each contract. Cloudberry Develop has not had any management service revenues in 2021. When the payment profile for the consideration deviates significantly from the transfer of the services, it is assessed if it is necessary to separate the finance element in the transaction consideration.
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