155 Cloudberry Annual report 2022 Financial statements Note 27 Transactions with related parties The Group’s related parties include the Company and its subsidiaries, as well as members of the Board of Directors, members of Management and their related parties. Related parties also include companies in which the individuals mentioned in this paragraph have significant influence. All transactions are on arm’s length basis and done in the ordinary course of business. The following related party transactions have been entered in 2022: · Acquisition of 60% of the shares of Captiva Digital Services AS. Cloudberry’s chairperson, Frank J. Berg, through CCPartner AS and related party Mothe Invest AS, held a minority interest of 33% in Captiva Capital Partner AS (now CCP AS), which was the seller of the shares of Captiva Digital Services AS. Mothe Invest now holds 23% of CCP AS. · Office lease contract for Frøyas Gate 15, Bergehus Holding AS: End of March 2022 the Company terminated the existing office lease contract and entered into a new lease contract for new office space at the same address and with the same lessor, Bergehus Holding AS. Bergehus Holding AS is owned by the Bergesen family who is an owner in Cloudberry through Havfonn AS and Snefonn AS. The new annual lease amount is initially NOK 1.7 million per year and will increase to NOK 3.4 million per year as Captiva is phasing out its existing rental agreements and moving more of its personnel to Cloudberry’s head-office. The contract is 7 years on regular business terms. · Short term office lease contract for Frøyas Gate 15, Bergehus Holding AS entered in September for 2-month lease, while main office was renovated. The contract was on regular business terms. The Board of Directors ensures that any material transaction between the Company and Shareholders, a Shareholder’s parent company, members of the Board of Directors, executive personnel, or close associates of any such parties will be entered into on arm’s length terms. The Board of Directors has adopted rules of procedures for the Board of Directors which inter alia includes guidelines for notification by members of the Board of Directors and executive management if they have any material direct or indirect interest in any transaction entered into by the Company. Balances and transactions between the Company and its subsidiaries have been eliminated on consolidation and are eliminated in the consolidated accounts. The Group has had transactions with the following related parties: NOK million Related party Relation for Cloudberry Nature of transaction 2022 2021 Bergehus Holding AS Board member and indirect shareholder Office lease 3 1 CCPartners AS Chairman of the Board Consultant agreement - 1 Forte Energy Norway AS Associated company Management fee revenue 3 3 CCPartners AS Chairman of the Board Acqusition of 60% of Captiva Group 33 - Capiva Asset Management AS Chairman of the Board & Indirect shareholder Project consultancy and operational platform asset management - 1 5 1 Captiva Asset Management AS part of Cloudbery Group from 07 January 2022. Intercompanmy transactions are eliminated in group accounts. See note 12 Employee benefits and share based payment for information about management remuneration. See note 20 Investments in associated companies and JV’s for information about management fee to Forte. See note 25 Lease agreements for information about the office lease agreement with Bergehus. As per 31 December there were no employee or shareholder loans.
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