Cloudberry Annual report 2021 Financial statements 146 The estimated cost for retirement is based on expected cost at the expiry of the concession, this is based on an estimate of today’s cost and adjusted for future inflation and discounted with estimated long-term cost of capital cost. The expected settlement date is at the end of the concession period, end of 2040. Short term debt and provisions NOK 1 000 2021 2020 Short term interest-bearing liabilities 10 105 236 767 Trade creditors 37 300 24 885 Accrued salary and bonus 6 843 5 363 Provision for project costs 6 984 6 225 Public duties payable 3 448 1 990 Settlement to buy out minority shareholders - 4 070 PPA contract termination 4 652 - Accrued fall lease 5 750 591 Other 14 349 1 883 Total short term liabilities and provisions 89 432 281 773 The short-term interest-bearing debt is per 31 December of NOK 10.1m is related to reclassification of principal payments of long-term interest bearing debt, see note 23 Long term debt. Per December 2020 the short-term interest-bearing debt of NOK 236.7m was related to the acquisitions of Forte Energy Norway AS, which was given a credit facility at the acquisition. The amount was repaid in March 2021. Trade creditors is mainly related to invoices from advisors and facilitators used in the equity emission in December 2021. Guarantees and other contractual obligations The Group has the following guarantees and bank deposits with duration: NOK 1 000 Balance sheet item Maturity date 2021 2020 Guarantee Odal Vind Bank guarantee/ bank deposit restricted 1 H1 2022 317 000 152 422 Guarantee Hån wind farm Bank deposit restricted Other current asset H2 2022 3 000 - Bank guarantee to Axpo Bank guarantee Off-balace February 2022 4 640 4 858 Bank guarantee Marker Vindpark Bank guarantee Off-balace August 2022 7 586 7 586 Guarantees for office rent Escrow account Non-current financial asset February 2025 651 651 Total guarantees and deposits 332 878 165 518 1 The guarantee related to Odal Vind is related to Cloudberry’s share (33.4%) of a guarantee to the turbine provider Siemens Gamesa. Cloudberry’s share of the guarantee amounts to total NOK 317m and consist of the NOK 300m revolving credit facility and a payment to a restricted account. The amount deposited to the restricted account, total NOK 82m (also includes restricted cash for use of credit facility) is presented as other current assets in the balance sheet. On 1 February the guarantee was reduced from EUR 31m to EUR 10m. The guarantee (escrow account) to Odal per end of 2020 of NOK 152.4 m was reclassified from other current assets to cash and cash equivalents in 2021. The amount paid to escrow accounts related to Odal guarantee of NOK 82m and Hån guarantee of NOK 3m, this is classified as other current assets. Total paid in 2021 is NOK 85m.
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