Cloudberry Annual report 2022 Financial statements 150 Note 24 Provisions, guarantees and other contractual obligations Accounting principle Asset retirement obligation Provision for asset retirement costs is recognized when the Group has an obligation to dismantle and remove a hydro or wind power plant and to restore the site where it is located after a concession period is over. Long term provisions The Group has NOK 36 m in long term provisions, of which NOK 15m is related to asset retirement obligations. Asset retirement obligation is established for Hån Vindpark and Sundby Vindpark in 2022, in addition to Røymyra Vindpark, payable between 15-30 years. Current liabilities and provisions NOK million 2022 2021 Trade creditors 131 37 Advance tax withholdings and taxes payable 4 1 Accounts payables and other liabilities 135 38 Accrued salary and bonus 14 7 Provision for project costs 5 7 Public duties payable 3 2 PPA contract termination 5 5 Accrued fall lease 48 6 Other 54 14 Provisions 128 41 Trade creditors and other provisions is related to Kraftanmelding, see also note 21 Cash, cash equivalents and corporate funding. Guarantees and other contractual obligations The Group has the following guarantees and bank deposits with duration: NOK million Balance sheet item Maturity date 2022 2021 Sundby wind farm Parent guarantee to supplier off-balance H1 2024 311 - Guarantee Odal Vind Bank guarantee/ bank deposit restricted off balance / other current asset H1 2022 - 317 Guarantee Hån wind farm Bank deposit restricted other current asset H2 2022 3 3 Bank guarantee to Axpo Bank guarantee off-balace February 2022 - 5 Bank guarantee Marker Vindpark Bank guarantee off-balace August 2022 - 8 Guarantees for office rent Escrow account non-current financial asset February 2029 2 1 Total guarantees and deposits 316 333 The Sundby guarantee is a Vesta’s guarantee securing nine wind turbines to be installed at Sundby during H2 2023.
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