Cloudberry Annual report 2021 Financial statements 96 Consolidated statement of cash flows NOK 1 000 Note 1.1.-31.12.2021 1.1.-31.12.2020 Cash flow from operating activities Profit/(loss) before tax (63 648) (34 252) Depreciations and amortizations 17 9 746 3 289 Write down, project inventory 18 3 010 - Net income from associated companies 20 (16 373) 3 556 Share based payment - non cash to equity 4 388 1 251 Net interest paid/received 8 531 1 656 Unrealised foreign exchange (gain)/loss - (1 514) Change in inventories due to capitalized salaries and other expenses (9 245) (6 100) Change in accounts payable 12 369 6 128 Change in accounts receivabe (8 791) 5 477 Change in other short term assets and liabilities (10 710) 16 195 Net cash flow from operating activities (70 722) (4 314) Cash flow from investing activities Interest received 15 653 984 Investments in property, plant and equipment 17 (179 501) (2 842) Acquisition of shares in subsidiaries, net liquidity outflow 5 (318 262) (11 690) Investments in associated companies 20 (331 806) (340 637) Net cash flow from (used in) investing activities (828 916) (354 184) Cash flow from financing activities Payment to escrow account 24 (84 828) (152 422) Transfer from escrow account 24 152 422 - Proceeds from new term loans 23 226 348 - Repayment of term loan 23 (282 646) (28 621) Repayment of short-term interest-bearing liabilities 24 (236 767) 236 767 Interest paid other than lease 15 (9 029) (2 394) Payment on lease liabilities - interest 25 (155) (153) Repayment on lease liabilities 25 (974) (750) Share capital increase 1 646 945 905 928 Net cash flow from financing activities 1 411 316 958 355 Total change in cash and cash equivalents 511 679 599 856 Effect of exchange rate changes on cash and cash equivalents (1 872) 47 Cash and cash equivalents at start of period 605 126 5 223 Cash and cash equivalents at end of period 1 114 934 605 126 SIGNIFICANT ACCOUNTING POLICIES The cash flow statement has been prepared using the indirect method. Operating activities Changes in working capital comprise of inventory, short-term interest-free receivables and short-term interest-free liabilities. Effects related to capital expenditures, unrealised changes or reclassifications are not included in changes in working capital. Investing activities Acquisition/divestment of shares includes cash and cash equivalents in the investee that are recognised/ divested at the transaction date. Hence, this is presented net together with the cash consideration paid or received. Financing activities Interest payments from interest rate derivatives, which are used to manage the Group’s debt portfolio, are presented as a part of interest paid. Following the implementation of IFRS 16, both the principal portion and the interest portion of payments of lease liabilities are included in financing activities as repayment of debt and interest paid respectively.
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