23 Cloudberry Annual report 2022 Board of Directors report The year started with the completion of the acquisition of Captiva, establishing the fourth business segment Operations to support and develop the remaining Cloudberry segments. The acquisition enabled all Cloudberry assets to be manged inhouse. Further, Captiva strengthened Cloudberry’s capabilities within development of renewable assets, especially within hydro power. The Production portfolio grew during 2022 after closing several acquisitions. In addition, both power production and revenue were continuously ramped up as the wind assets Odal and Hån came into full operation. By year end the production portfolio, including assets under construction, consisted of 28 hydropower assets and 51 wind turbines (in four projects), wholly or partially owned. The Development segment achieved several milestones through the fiscal year. Most importantly Hån was finalized on time and on budgets and started in November to generate revenues through its commissioning period. Hån was the first wind farm in the portfolio that was overseen by Cloudberry from early-stage development through construction. The project was in Q3 2022 sold to the Production segment. Further, the Development segment secured two new projects: Sundby Vindpark (Kafjärden) and Munkhyttan, and in December Cloudberry took final investment decision on Sundby where Cloudberry plans to install 32.4 MW. The project is expected to have first power by the end of 2023. In addition, the development segment farmed-down the shallow-water project Stenkalles, bringing in Hafslund as a 50% strategic partner. Hafslund has an experienced organization, strong balance sheet and operational know-how which is expected to help improve the project economics and reduce risk. The corporate segment had an active year in 2022. Among other activities, In September Cloudberry raised NOK 800 million through a private placement, and published an updated Prospectus, which was approved by the Financial Supervisory Authority of Norway in December. By year-end 2022, the total equity of Cloudberry was NOK 3 794m (NOK 2 636m at the end of 2021). The Group has a robust balance sheet with low debt, strong cash position and is fully funded for a portfolio of ~1 TWh. Key figures The below information describes the operations of the consolidated Group in 2022, with the corresponding figures for 2021 in brackets. Figures are presented in NOK million. Profit and loss Profit before tax was NOK 122m (NOK -64m). This comprises reported total revenues of NOK 217m (NOK 41m) from sale of power related products, Financial summary 2022 2021 Operating revenues NOK million 217 41 EBITDA NOK million 151 (32) Profit for the year NOK million 122 (63) Total assets NOK million 4 603 3 118 Cash NOK million 1 538 1 115 Net interest bearing debt NOK million (1 200) (811) Total equity NOK million 3 794 2 636 Equity share % 82% 85% Producing during the year 1 GWh 268 117 Secured portfolio (Producing and under construction) MW 188 150 Secured portfolio (construction permit) MW 128 160 Secured portfolio (Backlog) MW 420 370 1 Includes proportionate share of production from associated companies.
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