137 Cloudberry Annual report 2022 Financial statements FY 2021 NOK million Projects - with construction permit Projects - Backlog Total Project inventory 01.01.21 163 33 196 Acqusitions during the year - - - Capitalization (salary, borrowing cost, other expenses) 9 2 11 Realized - - - Transfer to PPE (47) - (47) Write down current year (3) - (3) Effects of movements in foreign exchange (3) - (3) Project inventory 31.12.21 118 35 154 Projects with construction permit comprise of the wind project Duvhällen and Munkhyttan (acquired in first quarter 2022). Both are located in SE3 Sweden. The development project Sundby Vindpark (Kafjärden, also acquired in first quarter 2022) was transferred from inventory to power plant under construction (PPE), when final investment decision was made in December 2022. Stenkalles, a shallow water project was in September disposed 50% with Hafslund joining as a new partner The project is now owned 50% and classified as a joint venture and equity accounted. Included in the carrying amount is capitalized external costs related to the projects, salary to the employees working with project development and borrowing costs. Capitalized costs in 2022 consists of NOK 4m (NOK 2m) in borrowing costs, NOK 5m (NOK 3m) in salaries and NOK 33m (NOK 7m) in external fees. The capitalisation rate applied for borrowing costs is 4%. Note 19 Impairment Accounting principle Property, plant and equipment and intangible assets with a definite useful life are tested for impairment to the extent that indicators of impairment exist. When there are indicators that future earnings cannot justify the carrying value, the recoverable amount is calculated to consider whether an allowance for impairment must be made. The recoverable amount is the higher of the asset’s fair value less costs of disposal and its value in use. Previously impaired non-financial assets, except goodwill, are reviewed for possible reversal of the impairment at each reporting date. For the purposes of assessing impairment losses, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash-generating units (CGUs)). The Group has identified the following CGUs: Property plant and equipment (power producing assets) · Hydropower: Power plants sharing the same water flow and/or being subject to the same infrastructure limitation are managed together to optimise power generation. · Wind farms: The individual wind farm. Inventory of projects · The individual project with construction permit · Groups of similar projects that are in concession process and are connected in progress
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