129 Cloudberry Annual report 2021 Financial statements Note 15 Financial items NOK 1 000 2021 2020 Interest income 653 924 Other financial income and exchange differences 5 767 60 Total financial income 6 420 984 NOK 1 000 2021 2020 Interest expense (9 184) (2 580) Guarantees and commitment fees (6 058) - Other financial expense and exchange differences (17 445) (1 284) Capitalized interest 3 980 1 739 Total financial expense (28 707) (2 125) Other financial income comprises of income from placements in money market funds. The cash effect of interest payments in 2021 was NOK 6m (NOK 2.4m) related to loans and borrowings. Other interest expenses are related to short term borrowings, lease liabilities and asset retirement obligation. For further information about interest payments please see note 25 Lease agreements, note 10 Financial instruments, note 11 Hedge accounting, note 21 Cash, cash equivalents and corporate funding, note 23 Long term debt, and note 24 Provisions, guarantees and other contractual obligations. Fees for guarantees and commitment is related to the supplier guarantee at Odal Vind, see note 24, and commitment fee for undrawn facility related to the term loan facility and revolving credit facility to Sparebank 1 SR Bank of NOK 700m, expanded to NOK 1 400m per end of 2021, see note 23. Other financial expenses are mostly related to fees to Oslo Børs and exchange differences are related to internal Group loans and bank deposits.
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