7 Cloudberry Annual report 2022 Introduction 1 Compared to FY 2021. Main developments in 2022 Financials 1 (per 31.12.2022, consolidated figures unless otherwise stated) • Revenue increased by more than five times, from NOK 41m to NOK 217m • EBITDA improved from NOK -32m to NOK 151m • Proportionate EBITDA improved from NOK -25m to NOK 381m • Cash position increased from NOK 1 115m to NOK 1 538m • Interest bearing debt increased from NOK 304m to NOK 339m • Booked equity increased from 2 636m to 3 794m Operational • Proportionate production increased 129% from 117 GWh to 268 GWh 1 • Completed Hån wind-farm on time and budget, with strong ESG performance • Odal in full operation • Secured new projects in Sweden: Sundby (previously Kafjarden) and Munkhyttan • Farm-down of the shallow-water project Stenkalles, bringing in Hafslund as a 50% strategic partner • Updated climate risk assessment and scenario analysis. Implemented new ESG requirements as part of supply chain management • New hydro projects: Ramsliåna and Skåråna completed. Bøen I & II in operation, with an option for Bøen III • Purchased 60% of Captiva (Cloudberry’s operation segment). Option to purchase 100% Subsequent events February 2023. First step into Denmark increasing production capacity by up to 70%. • Cloudberry signed a sale and purchase agreement to acquire 80% of the Odin portfolio from Skovgaard Energy A/S (“Skovgaard”) • A step-change for Cloudberry establishing Denmark as the third Nordic area • A high-quality and primarily Danish portfolio of producing onshore wind assets • Primarily located in the attractive DK1 price area • Portfolio consists of 51 Vestas and Siemens turbines in total 106 MW (net to Cloudberry), all in production • Acquisition includes land, re-powering options and a well anchored partnership with Skovgaard (a local and highly successful development team) • Fully financed through existing cash & bank facility (approx. 50% equity / 50% debt) – Please see stock exchange notice 10.02.23.
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