Cloudberry Annual report 2022 184 Alternative performance measures Proportionate Financials The Group’s segment financials are reported on a proportionate basis. The Group introduces Proportionate Financials, as the Group is of the opinion that this method improves transparency and earnings visibility, and also aligns with internal management reporting. The key differences between the proportionate and the consolidated IFRS financials are that all entities are included with the Group’s respective ownership share: · Associated companies (ownership between 20%- 49%) or joint ventures (ownership 50%) are included in the financial accounting lines, the profit or loss statement and share of assets and net debt, with the respective proportionate ownership share. In the consolidated financials associated companies and joint ventures are consolidated using the equity method. · Subsidiaries that have non-controlling interests (ownership between 50%-99%) are presented with only the Group controlled ownership share, while in the consolidated financials they are included with 100%. · Group internal revenues, expenses and profits are eliminated in the consolidated financial statements, while in the proportionate financials, internal revenue and expenses, are retained. · Proportionate interest-bearing debt and NIBD does not include shareholder loans From the consolidated IFRS reported figures, to arrive at the proportionate figures for the respective periods the Group has: A: Added back eliminated internal profit or loss items and internal debt and assets, column A. B: Replaced the equity accounted net profit from associated companies in the period with items in column C and D. Replaced the investment in shares in associated companies including historical share of profit or loss (asset value) with balance sheet items in column C and D. C: Reclassified excess value items included in the equity method to the respective line in the Profit or loss statement, and in the balance sheet. D: Included the proportionate share of the line in the profit or loss statement items (respectively: revenues, operating expenses, depreciations and amortizations and net finance items) and the balance sheet items (total assets, interest bearing debt and cash) for the respective associated company. E: Excluded residual ownership share related to non-controlling interest in the respective accounting lines.
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