147 Cloudberry Annual report 2021 Financial statements Other obligations not recognised in the balance sheet is related to financial close of secured portfolio. The Group has per 31. December 2021 signed Sale and Purchase agreement to the following power plants with financial close in 2022. The power plant is under construction and risk of the assets are not yet transferred to Cloudberry. Because the risk is not transferred and there are conditions precedent up until the takeover e.g. that the power plants shall function according to the agreement, the assets and the obligations are not recognised in the balance sheet. NOK 1 000 Expected settlement Equity financed Debt Financed Total Ramsliåna H1 2021 18 000 18 000 36 000 Total 18 000 18 000 36 000 SPA (and close for some) of Captiva, Tinnkraft, Øvre Kvemma, Munkhyttan and Kafjärden was signed in 2022, see note 29 Subsequent events. For information about Cloudberry’s share of debt in associated companies, please see note 20. Note 25 Lease agreements Cloudberry has recognised the lease agreement with lease liabilities and corresponding right to use assets for office lease and some minor land lease agreements related to power plants with fixed lease amount. The table shows the reconciliation of lease liability in the beginning of the year and per 31 December: NOK 1 000 2021 2020 Lease liability at 1.1. 4 401 - Lease agreements entered into during the year 1 156 5 149 Lease payments during the year (1 129) (903) Interest expense on lease liability 155 154 Lease liability at 31.12. 4 583 4 401 Lease payment of which: Payment on lease liabilities - interest (155) (154) Repayment on lease liabilities (974) (750) Lease payments during the year (1 129) (904) For split of total lease liability between current and non-current in the statement of financial position, please see table below in this note. Lease liability in the beginning of the year was related to office lease at Bergehus, during the year the Group has recognised some minor lease agreements related to the fixed lease amounts on land lease related to power plants. The discount rate used to calculate the present value of future lease payments is the lessees marginal loan rate, which consists of a base rate and a credit premium. The base rate is a market rate based on a combination of the lessee’s home country and the term of the lease. Credit premiums correspond to market credit premiums for companies with similar credit ratings as lessees. Credit rating is determined through individual credit assessment of the individual lessee. Interest expenses related to the lease obligations are recognized as a separate line in the income statement. The Group presents its lease liabilities as separate line items in the statement of financial position.
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