153 Cloudberry Annual report 2022 Financial statements For split of total lease liability between current and non-current in the statement of financial position, please see table below in this note. Lease liability in the beginning of the year was related to office lease at Bergehus, and some minor lease agreements related to the fixed lease amounts on land lease related to power plants. During 2022 the Group has recognised office lease agreements related to the acquisition of the Captiva Companies. The office lease at Bergehus was terminated and a new lease contract recognised. The discount rate used to calculate the present value of future lease payments is the lessees marginal loan rate, which consists of a base rate and a credit premium. The base rate is a market rate based on a combination of the lessee’s home country and the term of the lease. Credit premiums correspond to market credit premiums for companies with similar credit ratings as lessees. Credit rating is determined through individual credit assessment of the individual lessee. Interest expenses related to the lease obligations are recognized as a separate line in the income statement. The Group presents its lease liabilities as separate line items in the statement of financial position. Lease in the statement of financial position NOK million 2022 2021 Assets Right-to-use asset beginning of year 4 4 Right-to-use asset recognised in the year 43 1 Right-to-use asset terminated in the year (3) - Amortisation during the year (4) (1) Right to use asset end of year 40 4 Liabilities Non-current liabilities 36 3 Current lease liability 7 1 Total lease liability 43 4 Leases in the income statement NOK million 2022 2021 Operating expenses Variable fall lease payment expenses (23) (6) Short term lease expenses (2) - Low value lease expenses (3) (1) Depreciation expenses Depreciation of right to use asset (office lease) (5) (1) Financial expenses Interest expenses on lease liability (1) - Total lease expense in the income statement (33) (8) Included in variable lease is rent to landowner where the water right lease is variable.
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