Cloudberry Annual report 2022 Financial statements 148 Note 23 Long term debt In November 2021 the Group increased the NOK 700 million credit facility with a syndicate of Norwegian savings banks lead by SpareBank 1 SR-Bank ASA (established in March 2021) to NOK 1 400m, with a possibility to increase the facility with additional NOK 500m. The facility consists of a term loan facility of NOK 1 100m to finance investments in power plants (hydro and wind) in the Nordics. The facility covers current inhouse producing assets and growth opportunities both organically and in-organically. In addition to the term loan facility, the facility with SP Bank also consists of a related revolving credit facility of NOK 300m. The Group has the following long-term borrowings as per 31 December 2022: NOK million 31.12.2022 31.12.2021 Total bank loan related to power plants 338 302 Reclassified principal payment to current interest bearing loans and borrowings (12) (10) Derivative liability realted to hedge accounting 1 3 Total long term interest bearing loans and borrowings 327 294 Per year end 2022 all external debt in the consolidated group has been re-financed using the facility. There are no other long-term bank loans that are in any other bank. The total amount drawn from the term loan facility as per 31 December is NOK 328m. The table below shows a reconciliation of opening balance, movements and closing balance of the longterm debt for the year 2022: NOK million In cash flow statement Opening balance long term debt 01.01.22 294 Debt take over in acqusitions non-cash 84 Repaid existing debt in subsidiaries for refinancing cash outflow (151) Drawn from new facility with refinanced cash inflow 116 Drawn construction loan cash inflow - Downpayments cash outflow (13) Change in swap derivative non cash (1) Reclassified principal payments to short term non-cash (2) Closing balance long term debt 31.12.22 327 Of which: Drawn from new facility with refinanced 116 Drawn construction loan - Proceeds from new term loans 2022 116 Repaid existing debt in subsidiaries for refinancing (151) Downpayments (13) Total repayment of term loan 2022 (164)
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