Cloudberry Annual report 2022 Board of Directors report 24 asset management-, digital- and consultancy services and other income. Operating expenses were NOK -186m (NOK -89m), share of profit from associated companies was NOK 120m (NOK 16m), depreciations and amortization were NOK -35m (NOK -10m) and net finance items were NOK -6m (NOK -22m). EBITDA was NOK 151m (NOK -32m), and EBIT was NOK 116m (NOK -41m). Profit after tax for the year was NOK 122m (NOK -63m). Other comprehensive income consists mainly of items that may subsequently be reclassified to profit and loss and amounts to NOK 101m (NOK -7m). This relates to movements of cash flow hedges with tax effects and foreign currency translation differences. Total comprehensive income was NOK 223m (NOK -70m), of which NOK 219m was attributable to Cloudberry shareholders, while NOK 3m was attributable to non-controlling interests. The total income of NOK 223m is expected to be allocated to retained earnings. Cashflow Cash flow from operating activities for the year was NOK 43m (NOK -61m). Cash flow from investing activities was NOK -379m (NOK -838m). Cash flow from financing activities amounted to NOK 760m (NOK 1 411m). For details, please see the consolidated statement of cash flows in the Group consolidated financial statements. At year-end, cash and cash equivalents were NOK 1 538m (NOK 1 115m). Financial position Total assets at year-end were NOK 4 603m (NOK 3 118m). The increase from last year primarily reflects acquisitions, business combinations and capital raises. Non-current assets totalled NOK 2 821m (NOK 1 735m) consisting of investment in producing assets and associated companies, while current assets were NOK 1 782m (NOK 1 383m), mainly project inventory, other current assets and cash, and cash equivalents. Total equity was NOK 3 794m (NOK 2 636m) at year end, corresponding to an equity ratio of 82% (85%). Total liabilities were NOK 808m (NOK 482m), with NOK 283m (NOK 91m) due within 12 months. Segments Cloudberry reports its operations in four segments, Production, Development, Operations and Corporate. Operations was established with the acquisition of Captiva in January 2022. Production Cloudberry Production owns long-term yielding hydro and wind assets in Norway, Sweden and soon Denmark pending Governmental approval of the Odin acquisition. Electricity is primarily sold through the spot market Nordpool, but also through bilateral agreements. Producing assets are entitled to electricity certificates and guarantees of origin. Production, segment 2022 2021 Total revenue NOK million 402 77 EBITDA NOK million 262 43 Production (proportionate) GWh 268 117 Production capacity year-end MW 148 58 Secured portfolio (Producing & under construction) MW 188 150 Main activities The focus during 2022 has been on increasing production volumes and continuous streamlining and improving the operational platform. Key events over the year: · Hån reached commercial operating date and was in Q3 sold from the Development to the Production segment. By year end Hån was in full production. · Odal Vind reached full operation after having taken over all turbines through the year. All turbines are operational by year end, except for the one turbine that needs to change its gearbox and main bearing. Due to long lead time on spare parts the gear box and main bearing will be changed during summer 2023. This is covered by Siemens guarantees.
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