119 Cloudberry Annual report 2022 Financial statements they can be accounted for as a financial instrument or as a contract with customer, depending on the terms and conditions. “Own use” contracts: Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with Cloudberry’s expected purchase, sale or usage requirements are accounted for as own use contracts. These contracts do not qualify for recognition in the statement of financial position in accordance with IFRS 9 but are accounted for as contracts with customers after IFRS 15 and energy purchase. “Own use” contracts will typically have a stable customer base e.g. bilateral industry contracts, and are settled by physical delivery. As per 31 December the Group has two PPA contracts, one with applied hedge accounting, see note 10, and one recognised at fair value over the profit or loss statement. The Group has no PPA classified as “own use” contract. Financial instruments The table below shows the Groups financial instruments with their carrying amounts recognised in the consolidated financial position on 31 December 2022. The carrying amount for assets and liabilities measured at amortised cost is believed to be approximate to fair value. FY 2022 NOK million Financial assts at amortised cost Liabilities at amortised cost Financial assets - fair value Financial liabilities - fair value Total Financial investments 57 - - - 57 Derivative financial instrument - - 39 - 39 Other non-current asset 9 - - - 9 Total non-current financial assets 66 - 39 - 105 Trade and other receivables 137 - - - 137 Cash and cash equivalents 1 538 - - - 1 538 Total current Financial assets 1 676 - - - 1 676 Lease liability - (7) - - (7) Current borrowings - (12) - - (12) Total current financial liabilities - (19) - - (19) Lease liability - (36) - - (36) Financial liability for PPA termination - (5) - - (5) Long term borrowings - (327) - - (327) Derivatives - - - (25) (25) Total non current financial liabilities - (368) - (25) (393) Net financial assets (liabilities) 1 742 (387) 39 (25) 1 369
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