Cloudberry Annual report 2022 Board of Directors report 26 Key events over the year: · In September Cloudberry raised in NOK 800 million through a private placement and published an updated Prospectus which was approved by the Financial Supervisory Authority of Norway in December. · The share capital has been changed over the year in connection primarily to the private placement and settlement of the acquisition of Bøen and Captiva. By year end the Company’s new share capital was NOK 72,824,976.25, comprising 291,299,905 shares, each with a par value of NOK 0.25. Each share carries one vote. · New board members. Stefanie Witte, Henrik Joelsson and Nicolai Nordstrand were elected into the Board of Directors. Morten Bergesen stepped out of the Board and will remain head of the election committee. Corporate The Corporate segments represents corporate centralised functions, operated out of the Oslo office. The corporate management aims to remain a cost-effective, agile and dynamic team that the other segments can build on. By year end, there were seven employees in the corporate segment. Key events over the year: · In September Cloudberry raised in NOK 800 million through a private placement and published an updated Prospectus which was approved by the Financial Supervisory Authority of Norway in December. · The share capital has been changed over the year in connection primarily to the private placement and settlement of the acquisition of Bøen and Captiva. By year end the Company’s new share capital was NOK 72,824,976.25, comprising 291,299,905 shares, each with a par value of NOK 0.25. Each share carries one vote. · New board members. Stefanie Witte, Henrik Joelsson and Nicolai Nordstrand were elected into the Board of Directors. Morten Bergesen stepped out of the Board and will remain head of the election committee. Cloudberry Corporate, segment 2022 2021 Total revenue NOK million - - EBITDA NOK million (63) (38) Risk Management The Group is exposed to various risks through its value chain, including strategic, operational, climate, financial and market/external risks. Cloudberry has extensive routines and policies in place to actively manage risks. In 2022, we updated our risk management policy and implemented a standardized process for risk assessment and risk mitigation in the Group. The process included conducting risk work shops in all segments, training the management team and key personnel in risk management, and aligning and calibrating risks across the Group. The key risks are discussed, and policies are reviewed and approved by the Audit committee and Board of Directors on a regular basis. Operational risk All processes throughout the value chain are exposed to operational risk. A key operational risk is related to the operating performance of the producing assets, another risk relates to the process of transitioning development projects from the backlog and pipeline stage to finalization. Even though the Group has a solid project pipeline, finalizing the projects depends on a number of factors such as project availability, local authority approvals, environmental impact, suppliers, financing, power prices and the regulatory framework in the relevant market. Operational risks also include health and safety hazards especially in our construction processes, and risks related to climate, nature and environment. Cloudberry manages the risk through close follow-up and monitoring of operating assets and developing projects. Procedures and guidelines for the segments are implemented and reviewed regularly and include the whole value chain we are part of. Market/External/Political risk The Group is engaged in the production and sale of renewable electrical power. The power industry is highly regulated, and regulations may change over time. Further, the Group`s activities are subject to the laws and regulations applied by the governmental authorities in connection with obtaining concessions and permits, government guarantees, and other obligations regulated by law in each country. The proposed changes to the taxation of Norwegian renewables in 2022 has further heightened the political risk in Norway.
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