Cloudberry Annual report 2022 Financial statements 124 gain or loss from sale of fixed assets (producing power plants) is classified and presented as other income. Government grants Government grants are conditional to own generation of power from certain technologies. This includes el-certificates and guarantees of origin (GoO). The right to receive the grants are obtained at the time of generation. When the el-certificates and GoO are granted, they are measured at cost and classified as other income and inventory. Cost of government grants is zero. Upon subsequent sales, the sales price is recognized within sales revenues. Total revenue The consolidated revenues are presented in the table below. NOK million 2022 2021 Power related products 152 33 Asset Management 28 3 Project development services 4 - Consultancy services 12 - Digital Services 2 - Agency fee power trade 11 - Other revenue 1 - Sales revenues 208 35 Net gain sale of PPE and project inventory 8 - Public grants - El certificates and guarantees of origin - - Other - 6 Other income 9 6 Total revenue 217 41 99% of all external revenue is generated in Norway, the remaining is generated in Sweden and Switzerland. For information about the revenue split between business segments, see note 4. Note 12 Employee benefits and share based payments Accounting principle Employee benefits are accrued in the period in which the associated services are rendered by the employees of the Company. Share-based compensation The Group has an equity incentive plan for top management and key employees. The programme includes the issue of warrants for shares in the Company. The Group applies the Black-Scholes model based on the market price to determine the fair value at the grant date. The grant date is determined by the Board of Directors. The fair value of the warrants is recognised as a personnel expense over the vesting period, at the same time a corresponding increase in paid in equity is recognised. The vesting period is the period over which all the specified vesting conditions are to be satisfied. On each balance date, the Group revises its estimates of the number of warrants that are expected to be exercisable. Any adjustments will be recognised in the income statement and corresponding adjustment to equity. Social security tax is recognised in the profit and loss statement and a provision is recognised in the balance sheet.
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