Cloudberry Annual report 2022 Financial statements 102 Notes to the Consolidated financial statements Group General Note 1 General information Corporate information Cloudberry Clean Energy ASA (“the Company”), its subsidiaries and investments in associated companies and joint ventures (“the Group” or “Cloudberry”) is a Nordic renewable power producer, operator and developer. The Company has an integrated business model across the life cycle of hydro- and wind power plants including project development, financing, construction (normally outsourced), ownership, management and operations. Cloudberry Clean Energy ASA is incorporated and domiciled in Norway. The address of its registered office is Frøyas gate 15, NO-0273 Oslo, Norway. Cloudberry Clean Energy ASA was established on 10 November 2017. The Company is listed on Oslo Stock Exchange main list (ticker: CLOUD). Note 2 General accounting policies and principles Basis for preparation The Group’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations from International Financial Reporting Interpretations Committee (IFRIC) as adopted by the EU. Presentation and classification of items in the financial statements is consistent for the periods presented. Application of the accounting policies by the subsidiaries has been changed where necessary to ensure consistency with Group accounting policies. The Group’s consolidated financial statement is prepared on a going concern basis. When assessing this assumption, management has assessed all available information about the future. This comprises information about net cash flows from existing operations, debt service and obligations. After making this assessment, management has a reasonable expectation that the Group has adequate resources to continue its operational existence for the foreseeable future. These consolidated financial statements for the full year 2022 have been approved for issuance by the Board of Directors on 23 March 2023 and are subject to approval by the Annual General Meeting on 27 April 2023. Basis for measurement The consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments and derivatives, that are recognised at fair value. Historical cost is generally based on the fair value of the consideration given when acquiring assets and services. Classification as current/non-current The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is: · Held primarily for the purpose of trading · Expected to be realised within twelve months after the reporting period, or
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