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"value": "Note 1 \u00a0
\n\n\t\t\t\t\tGeneral Information \u00a0
Corporate information \u00a0
\n\n\t\t\t\t\tCadeler A/S is incorporated and domiciled in Denmark. The address of its registered of-
\n\n\t\t\t\t\tfice is Arne Jacobsens All\u00e9 7, 7., DK-2300 Copenhagen S, Denmark. \u00a0
\n\n\t\t\t\t\tThe Group is a leading offshore wind farm T&I contractor headquartered in Copenhagen, \u00a0
\n\n\t\t\t\t\tDenmark. The Group owns and operates two offshore jack-up windfarm installation ves- \u00a0
\n\n\t\t\t\t\tsels, Wind Orca and Wind Osprey. In addition to wind farm installation, these vessels can \u00a0
\n\n\t\t\t\t\tperform maintenance, construction, decommissioning, and other tasks within the off- \u00a0
\n\n\t\t\t\t\tshore industry. \u00a0
\n\n\t\t\t\t\tThe consolidated financial statements of the Group is composed of the Financial State- \u00a0
\n\n\t\t\t\t\tments of the company Cadeler A/S and its subsidiaries (which are fully owned by the \u00a0
\n\n\t\t\t\t\tParent Company Cadeler A/S). The subsidiaries of Cadeler A/S are the two companies \u00a0
\n\n\t\t\t\t\towning the wind farm installation vessels, Wind Orca Ltd and Wind Osprey Ltd. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "Note 1 \u00a0
\n\n\t\t\t\t\tGeneral Information \u00a0
Corporate information \u00a0
\n\n\t\t\t\t\tCadeler A/S is incorporated and domiciled in Denmark. The address of its registered of-
\n\n\t\t\t\t\tfice is Arne Jacobsens All\u00e9 7, 7., DK-2300 Copenhagen S, Denmark. \u00a0
\n\n\t\t\t\t\tThe Group is a leading offshore wind farm T&I contractor headquartered in Copenhagen, \u00a0
\n\n\t\t\t\t\tDenmark. The Group owns and operates two offshore jack-up windfarm installation ves- \u00a0
\n\n\t\t\t\t\tsels, Wind Orca and Wind Osprey. In addition to wind farm installation, these vessels can \u00a0
\n\n\t\t\t\t\tperform maintenance, construction, decommissioning, and other tasks within the off- \u00a0
\n\n\t\t\t\t\tshore industry. \u00a0
\n\n\t\t\t\t\tThe consolidated financial statements of the Group is composed of the Financial State- \u00a0
\n\n\t\t\t\t\tments of the company Cadeler A/S and its subsidiaries (which are fully owned by the \u00a0
\n\n\t\t\t\t\tParent Company Cadeler A/S). The subsidiaries of Cadeler A/S are the two companies \u00a0
\n\n\t\t\t\t\towning the wind farm installation vessels, Wind Orca Ltd and Wind Osprey Ltd. \u00a0
Note 2 \u00a0
\n\n\t\t\t\t\tSignificant Accounting Policies \u00a0
2.1. Basis for preparation \u00a0
\n\n\t\t\t\t\tThese consolidated financial statements are prepared in accordance with International \u00a0
\n\n\t\t\t\t\tFinancial Reporting Standards (\"IFRS\") as adopted by the EU as well as additional Danish \u00a0
\n\n\t\t\t\t\tdisclosure requirements applying to listed companies. Further they are prepared in ac- \u00a0
\n\n\t\t\t\t\tcordance with IFRS as issued by the International Accounting Standards Board (\u201cIASB\u201d). \u00a0
\n\n\t\t\t\t\tThe preparation of these consolidated financial statements in conformity with IFRS re- \u00a0
\n\n\t\t\t\t\tquires management to exercise its judgement in the process of applying the Company\u2019s \u00a0
\n\n\t\t\t\t\taccounting policies. It also requires the use of certain critical accounting estimates and \u00a0
\n\n\t\t\t\t\tassumptions. Areas involving a higher degree of judgement or complexity, or areas \u00a0
\n\n\t\t\t\t\twhere estimates and assumptions are significant to the consolidated financial state- \u00a0
\n\n\t\t\t\t\tments are further described in note 2.24. \u00a0
\n\n\t\t\t\t\tThe accounting policies remain unchanged from the previous year. The consolidated fi- \u00a0
\n\n\t\t\t\t\tnancial statements are presented in euros and all values are rounded to the nearest \u00a0
\n\n\t\t\t\t\tthousand (\u20ac000), except when otherwise indicated. \u00a0
Comparative figures \u00a0
\n\n\t\t\t\t\tThe activities between the two years are unchanged, hence the numbers are compara- \u00a0
\n\n\t\t\t\t\tble. \u00a0
Going concern assessment \u00a0
\n\n\t\t\t\t\tIn connection with the preparation of the consolidated financial statements, the Board \u00a0
\n\n\t\t\t\t\tof Directors, the Audit Committee and the Executive Management have assessed \u00a0
\n\n\t\t\t\t\twhether it is well founded that the going concern assumption is used as a basis. The \u00a0
\n\n\t\t\t\t\tBoard of Directors, the Audit Committee and the Executive Management have \u00a0
concluded that at the time of the presentation of the accounts, there are no factors that \u00a0
\n\n\t\t\t\t\tgive rise to uncertainties as to whether the Group and the Company can and will con- \u00a0
\n\n\t\t\t\t\ttinue operations at least until the next balance sheet date. \u00a0
European Single Electronic Format (ESEF) \u00a0
\n\n\t\t\t\t\tAs a group with securities listed on a regulated market within the EEA, Cadeler A/S is re- \u00a0
\n\n\t\t\t\t\tquired to prepare its official Annual Report in the XHTML format and to tag the main con- \u00a0
\n\n\t\t\t\t\tsolidated financial statements using inline eXtensible Business Reporting Language \u00a0
\n\n\t\t\t\t\t(iXBRL) applying a specific ESEF taxonomy. \u00a0
\n\n\t\t\t\t\tAs such, the Annual Report is therefore both human- and machine-readable. \u00a0
\n\n\t\t\t\t\tA separate assurance report on the iXBRL tagging of the consolidated financial state- \u00a0
\n\n\t\t\t\t\tments is issued by Cadeler's independent auditors and included on page 144. For general \u00a0
\n\n\t\t\t\t\tuse, a PDF version of the Annual Report is published in line with previous years. \u00a0
2.2. Changes in accounting policies and disclosures \u00a0
\n\n\t\t\t\t\tThe Group has adopted standards and interpretations effective as of 1 January 2022. \u00a0
\n\n\t\t\t\t\tAdoption of new and amended standards and interpretations had no impact on the con- \u00a0
\n\n\t\t\t\t\tsolidated financial statements. \u00a0
\n\n\t\t\t\t\tThe Group has not early adopted any other standard, interpretation or amendments that \u00a0
\n\n\t\t\t\t\thave been issued but are not yet effective. \u00a0
The new and amended standards and interpretations that are issued, but not yet effec- \u00a0
\n\n\t\t\t\t\ttive, up to the date of issuance of the Group\u2019s financial statements are not expected to \u00a0
\n\n\t\t\t\t\thave a material impact on the Group. \u00a0
2.3. Revenue recognition \u00a0
\n\n\t\t\t\t\t2.3.1. Time charter \u00a0
\n\n\t\t\t\t\tRevenue from time charter revenue is generated from leasing of vessels and provision of \u00a0
\n\n\t\t\t\t\tservices within wind farming projects, catering and accommodation and mobilization. \u00a0
\n\n\t\t\t\t\tA time charter contract consists of a leasing component (the bareboat element) and a \u00a0
\n\n\t\t\t\t\tservice component. The service component is within the scope of IFRS 15, while the \u00a0
\n\n\t\t\t\t\tleasing component is within the scope of IFRS 16. Refer to Note 2.11 on accounting policy \u00a0
\n\n\t\t\t\t\tfor leases. Both the service component and the leasing component are recognized as \u00a0
\n\n\t\t\t\t\trevenue over time over the leasing period. \u00a0
\n\n\t\t\t\t\tPrepayments from customers for which the service component has yet to be provided \u00a0
\n\n\t\t\t\t\tare recognized as deferred charter hire income and recognized as revenue over the pe- \u00a0
\n\n\t\t\t\t\triod during which the services are performed. \u00a0
\n\n\t\t\t\t\tPayments from customers for the bareboat element are recognized over time in accord- \u00a0
\n\n\t\t\t\t\tance with the length of the customer contract. Prepayments from customers for the \u00a0
\n\n\t\t\t\t\tleasing component are recognized as deferred charter hire income. Refer to Note 2.16 \u00a0
\n\n\t\t\t\t\tfor accounting policy on deferred charter hire income. \u00a0
2.3.2. Catering and accommodation income \u00a0
\n\n\t\t\t\t\tCatering and accommodation income comprise income derived from catering services \u00a0
\n\n\t\t\t\t\tand the provision of accommodation. Revenue is recognized as the service is being pro- \u00a0
\n\n\t\t\t\t\tvided over time. \u00a0
2.3.3. Mobilization income \u00a0
\n\n\t\t\t\t\tMobilization income comprises income for vessel mobilization to support customer pro- \u00a0
\n\n\t\t\t\t\tjects. Revenue is recognized over time as the service is being provided. \u00a0
2.3.4. Sundry income \u00a0
\n\n\t\t\t\t\tSundry income comprises income derived from the mark up on cost recharged to clients \u00a0
\n\n\t\t\t\t\tfor example fuel, and specific charter equipment requests by the customer. Revenue is \u00a0
\n\n\t\t\t\t\trecognized on consumption or delivery of charter equipment. \u00a0
2.4. Cost of sales and administrative expenses \u00a0
\n\n\t\t\t\t\tCost of sales and administrative expenses include the year's expenses relating to the \u00a0
\n\n\t\t\t\t\tGroup's core activities, including depreciation, crew hire and expenses relating to opera- \u00a0
\n\n\t\t\t\t\ttion of vessels, maintenance, staff costs and administration costs. \u00a0
2.5. Employee compensation \u00a0
\n\n\t\t\t\t\tEmployee benefits are recognized as an expense, unless the cost qualifies to be capital- \u00a0
\n\n\t\t\t\t\tized as an asset. \u00a0
Employee compensations include wages and salaries, including compensated absence \u00a0
\n\n\t\t\t\t\tand pensions, as well as other social security contributions made to the entity\u2019s employ- \u00a0
\n\n\t\t\t\t\tees or public & government authorities. The item is net of support schemes made by \u00a0
\n\n\t\t\t\t\tpublic & government authorities. \u00a0
2.6. Interest income \u00a0
\n\n\t\t\t\t\tInterest income is recognized using the effective interest method. \u00a0
2.7. Borrowing costs \u00a0
\n\n\t\t\t\t\tBorrowing costs are capitalized in accordance with IAS 23, where borrowing costs di- \u00a0
\n\n\t\t\t\t\trectly attributable to the construction of assets are capitalised until such a time as the \u00a0
\n\n\t\t\t\t\tasset is substantially ready for its intended use. \u00a0
2.8. Income taxes \u00a0
\n\n\t\t\t\t\t2.8.1. Income tax \u00a0
\n\n\t\t\t\t\tCurrent income tax for current and prior periods is recognized at the amount expected to \u00a0
\n\n\t\t\t\t\tbe paid to or recovered from the tax authorities, using the tax rates and tax laws that \u00a0
\n\n\t\t\t\t\thave been enacted or substantively enacted by the balance sheet date. \u00a0
\n\n\t\t\t\t\tManagement periodically evaluates positions taken in tax returns with respect to situa- \u00a0
\n\n\t\t\t\t\ttions in which applicable tax regulation is subject to interpretation. It establishes provi- \u00a0
\n\n\t\t\t\t\tsions, where appropriate, on the basis of amounts expected to be paid to the tax author- \u00a0
\n\n\t\t\t\t\tities. \u00a0
Deferred income tax is recognized for all temporary differences arising between the tax \u00a0
\n\n\t\t\t\t\tbases of assets and liabilities and their carrying amounts in the financial statements ex- \u00a0
\n\n\t\t\t\t\tcept when the deferred income tax arises from the initial recognition of an asset or liabil- \u00a0
\n\n\t\t\t\t\tity that affects neither accounting nor taxable profit or loss at the time of the transac- \u00a0
\n\n\t\t\t\t\ttion. \u00a0
\n\n\t\t\t\t\tDeferred income tax is measured at the tax rates that are expected to apply when the \u00a0
\n\n\t\t\t\t\trelated deferred income tax asset is realized or the deferred income tax liability is set- \u00a0
\n\n\t\t\t\t\ttled, based on tax rates and tax laws that have been enacted or substantively enacted \u00a0
\n\n\t\t\t\t\tby the balance sheet date. \u00a0
\n\n\t\t\t\t\tCurrent and deferred income taxes are recognized as income or expenses in profit or \u00a0
\n\n\t\t\t\t\tloss, except to the extent that the tax arises from a transaction which is recognized di- \u00a0
\n\n\t\t\t\t\trectly in equity. \u00a0
2.8.2. Tonnage tax \u00a0
\n\n\t\t\t\t\tThe Danish tonnage tax scheme was extended to give vessels such as those operated \u00a0
\n\n\t\t\t\t\tby the Company. Under the scheme, ship-owners (or bareboat charterers) pay a fixed tax \u00a0
\n\n\t\t\t\t\tamount per net tonne at their disposal rather than paying taxes based on income, ex- \u00a0
\n\n\t\t\t\t\tpenses, and depreciation. The Company participates in the scheme from 27 November \u00a0
\n\n\t\t\t\t\t2020. \u00a0
\n\n\t\t\t\t\tAs the vessels are registered in Cyprus and owned by the subsidiaries in Cyprus, the \u00a0
\n\n\t\t\t\t\tGroup is also subject to tonnage taxation in Cyprus. This tonnage taxation income is cal- \u00a0
\n\n\t\t\t\t\tculated based on a fixed tax amount per tonne. \u00a0
As both of these tax schemes are on a notional income derived from tonnage capacity \u00a0
\n\n\t\t\t\t\tand not based on the entities' actual income and expenses, the Group does not consider \u00a0
\n\n\t\t\t\t\tthe schemes to fall under the rules of IAS 12. Consequently, the tonnage tax expenses \u00a0
\n\n\t\t\t\t\tare not presented as part of tax expense in the statement of profit and loss, but are rec- \u00a0
\n\n\t\t\t\t\tognized under costs of sales. \u00a0
2.9. Inventories \u00a0
\n\n\t\t\t\t\tInventories are carried at the lower of cost and net realizable value. Cost is determined \u00a0
\n\n\t\t\t\t\tusing the first-in, first-out basis. Net realizable value is the estimated selling price in the \u00a0
\n\n\t\t\t\t\tordinary course of business, less applicable variable selling expenses. Inventory mainly \u00a0
\n\n\t\t\t\t\tcovers fuel and lube. Major spare parts are recorded as fixed assets. \u00a0
2.10. Property, plant and equipment \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment are recognized at cost less accumulated depreciation \u00a0
\n\n\t\t\t\t\tand accumulated impairment losses. \u00a0
\n\n\t\t\t\t\tThe cost of an item of property, plant and equipment initially recognized includes its pur- \u00a0
\n\n\t\t\t\t\tchase price and any costs that are directly attributable to bringing the asset to the loca- \u00a0
\n\n\t\t\t\t\ttion and condition necessary for it to be capable of operating in the manner intended by \u00a0
\n\n\t\t\t\t\tmanagement. \u00a0
Subsequent expenditure relating to property, plant and equipment that has already been \u00a0
\n\n\t\t\t\t\trecognized is added to the carrying amount of the asset only when it is probable that fu- \u00a0
\n\n\t\t\t\t\tture economic benefits associated with the item will flow to the Group and the cost of \u00a0
\n\n\t\t\t\t\tthe item can be measured reliably. All other repair and maintenance expenses are recog- \u00a0
\n\n\t\t\t\t\tnized in profit or loss when incurred. \u00a0
To keep performing their operational activity, the vessels have an obligation to go \u00a0
\n\n\t\t\t\t\tthrough drydock procedures every five years. The costs of the drydock procedures are \u00a0
\n\n\t\t\t\t\tcapitalized per their purchase price and any costs that are directly attributable to bring- \u00a0
\n\n\t\t\t\t\ting the vessels to the location and condition necessary for the drydock procedures. \u00a0
\n\n\t\t\t\t\tDepreciation is calculated using the straight-line method to allocate their depreciable \u00a0
\n\n\t\t\t\t\tamounts over the assets\u2019 estimated useful life. The estimated useful life is as follows: \u00a0
Useful life \u00a0
\n\n\t\t\t\t\tVessels and furnished equipment \u00a0
\n\n\t\t\t\t\tUp to 25 years \u00a0
\n\n\t\t\t\t\tDrydock \u00a0
\n\n\t\t\t\t\t5 years \u00a0
\n\n\t\t\t\t\tCars \u00a0
\n\n\t\t\t\t\t5 years \u00a0
\n\n\t\t\t\t\tOther fixtures and fittings \u00a0
\n\n\t\t\t\t\t2 to 3 years \u00a0
The estimated useful life of the vessels of 25 years has been estimated by an external \u00a0
\n\n\t\t\t\t\tconsultant through a determined fatigue analysis based on the technical specification of \u00a0
\n\n\t\t\t\t\tthe vessels. Prior to their acquisition, the vessels had already been in use for 8 years, \u00a0
\n\n\t\t\t\t\ttherefore the remaining useful life of the vessels is estimated at 17 years for all compo- \u00a0
\n\n\t\t\t\t\tnents except jacking system and main crane with a remaining useful life of 3 years from \u00a0
\n\n\t\t\t\t\tthe acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per \u00a0
\n\n\t\t\t\t\tvessel by the end of their useful life. \u00a0
The residual value, useful life and methods of depreciation of property, plant and equip- \u00a0
\n\n\t\t\t\t\tment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
2.11. Leases \u00a0
\n\n\t\t\t\t\tWhen the Group is the lessor \u00a0
\n\n\t\t\t\t\tLessor \u2013 operating leases \u00a0
\n\n\t\t\t\t\tThe Group leases vessels (the bareboat element under time charter contracts) under op- \u00a0
\n\n\t\t\t\t\terating leases to non-related parties. This is classified as an operational lease, as such \u00a0
\n\n\t\t\t\t\tleases do not cover a significant part of the economic life of the vessels and the Group \u00a0
\n\n\t\t\t\t\tretains substantially all risks and rewards incidental to ownership of the vessels. Rental \u00a0
\n\n\t\t\t\t\tincome from operating leases is recognized in profit or loss on an over time basis over \u00a0
\n\n\t\t\t\t\tthe lease term and included in revenue. \u00a0
\n\n\t\t\t\t\tInitial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
\n\n\t\t\t\t\tare capitalized and recognized as an expense in profit or loss over the lease term on the \u00a0
\n\n\t\t\t\t\tsame basis as the lease income. \u00a0
When the Group is the lessee \u00a0
\n\n\t\t\t\t\tAt the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
\n\n\t\t\t\t\tcontract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
\n\n\t\t\t\t\tfied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
\n\n\t\t\t\t\tquired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
\n\n\t\t\t\t\tThe Group recognizes a right-of-use asset and lease liability at the date which the under- \u00a0
\n\n\t\t\t\t\tlying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
\n\n\t\t\t\t\tprises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
\n\n\t\t\t\t\tjusted for any lease payments made at or before the commencement date and lease \u00a0
incentive received. Any initial direct costs that would not have been incurred if the lease \u00a0
\n\n\t\t\t\t\thad not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
\n\n\t\t\t\t\tThe right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
\n\n\t\t\t\t\tation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
\n\n\t\t\t\t\tRight-of-use assets are depreciated on a straight-line basis lease term. \u00a0
b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
\n\n\t\t\t\t\ttion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
\n\n\t\t\t\t\tpayments resulting from a change in an index or rate used to determine such lease pay- \u00a0
\n\n\t\t\t\t\tments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
\n\n\t\t\t\t\tThe Group has elected to not recognize right-of-use assets and lease liabilities for short- \u00a0
\n\n\t\t\t\t\tterm leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
\n\n\t\t\t\t\tLease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
\n\n\t\t\t\t\tbasis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
\n\n\t\t\t\t\tchines, office premises and AV equipment. \u00a0
Derecognition of lease \u00a0
\n\n\t\t\t\t\tA financial liability is derecognized when the obligation under the liability is discharged, \u00a0
\n\n\t\t\t\t\tcancelled or expires. \u00a0
\n\n\t\t\t\t\tWhen an existing financial liability is replaced by another from the same lender on sub- \u00a0
\n\n\t\t\t\t\tstantially different terms, or the terms of an existing liability are substantially modified, \u00a0
\n\n\t\t\t\t\tsuch an exchange or modification is treated as the derecognition of the original liability \u00a0
\n\n\t\t\t\t\tand the recognition of a new liability. \u00a0
\n\n\t\t\t\t\tThe difference in the respective carrying amounts of the asset and the liability is recog- \u00a0
\n\n\t\t\t\t\tnized in the statement of profit and loss. \u00a0
2.12. Impairment of non\u2013financial assets \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment and right-of-use assets are tested for impairment when- \u00a0
\n\n\t\t\t\t\tever there is any objective evidence or indication that these assets may be impaired. \u00a0
\n\n\t\t\t\t\tFor the purpose of impairment testing of assets, recoverable amount (i.e. the higher of \u00a0
\n\n\t\t\t\t\tthe fair value less cost to sell and the value in use) is determined on an individual asset \u00a0
\n\n\t\t\t\t\tbasis unless the asset does not generate cash flows that are largely independent of \u00a0
\n\n\t\t\t\t\tthose from other assets. If this is the case, the recoverable amount is determined for the \u00a0
\n\n\t\t\t\t\tcash-generating unit (CGU) to which the asset belongs. \u00a0
\n\n\t\t\t\t\tIf the recoverable amount of the asset or CGU is estimated to be less than its carrying \u00a0
\n\n\t\t\t\t\tamount, the carrying amount of the asset or CGU is reduced to its recoverable amount. \u00a0
\n\n\t\t\t\t\tThe difference between the carrying amount and recoverable amount is recognized as \u00a0
\n\n\t\t\t\t\tan impairment loss in profit or loss. \u00a0
\n\n\t\t\t\t\tAn impairment loss for an asset is reversed if, and only if, there has been a change in the \u00a0
\n\n\t\t\t\t\testimates used to determine the asset\u2019s recoverable amount since the last impairment \u00a0
\n\n\t\t\t\t\tloss was recognized. \u00a0
\n\n\t\t\t\t\tThe carrying amount of this asset is increased to its revised recoverable amount, pro- \u00a0
\n\n\t\t\t\t\tvided that this amount does not exceed the carrying amount that would have been de- \u00a0
\n\n\t\t\t\t\ttermined (net of accumulated depreciation) had no impairment loss been recognized for \u00a0
\n\n\t\t\t\t\tthe asset in prior years. \u00a0
\n\n\t\t\t\t\tA reversal of impairment loss for an asset is recognized in profit or loss. \u00a0
2.13. Financial assets \u00a0
\n\n\t\t\t\t\tThe classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
\n\n\t\t\t\t\ting the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
\n\n\t\t\t\t\tassets. \u00a0
\n\n\t\t\t\t\tThe Group reclassifies financial assets when and only when its business model for man- \u00a0
\n\n\t\t\t\t\taging those assets changes. \u00a0
(i) At initial recognition \u00a0
\n\n\t\t\t\t\tAt initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
\n\n\t\t\t\t\tcase of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
\n\n\t\t\t\t\tdirectly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
\n\n\t\t\t\t\tcial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
\n\n\t\t\t\t\tFinancial assets \u00a0
\n\n\t\t\t\t\tFinancial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
\n\n\t\t\t\t\tbles and other current assets. \u00a0
\n\n\t\t\t\t\tInterest income from these financial assets are recognized using the effective interest \u00a0
\n\n\t\t\t\t\trate method. \u00a0
\n\n\t\t\t\t\tThe Group assesses on forward looking basis the expected credit losses associated with \u00a0
\n\n\t\t\t\t\tits financial assets carried at amortized cost. \u00a0
\n\n\t\t\t\t\tFor trade and other receivables, the Group applied the simplified approach permitted by \u00a0
\n\n\t\t\t\t\tIFRS 9, which requires expected lifetime losses to be recognized from initial recognition \u00a0
\n\n\t\t\t\t\tof the receivables. \u00a0
2.14. Cash and cash equivalents \u00a0
\n\n\t\t\t\t\tFor the purpose of presentation in the statement of cash flows, cash and cash equiva- \u00a0
\n\n\t\t\t\t\tlents include cash on hand and deposits with financial institutions which are subject to \u00a0
\n\n\t\t\t\t\tan insignificant risk of change in value. \u00a0
2.15. Trade and other payables \u00a0
\n\n\t\t\t\t\tTrade and other payables represent liabilities for goods and services provided to the \u00a0
\n\n\t\t\t\t\tGroup prior to the end of the financial year which are unpaid. They are classified as cur- \u00a0
\n\n\t\t\t\t\trent liabilities if payment is due within one year or less (or in the normal operating cycle \u00a0
\n\n\t\t\t\t\tof the business, if longer). Otherwise, they are presented as non-current liabilities. \u00a0
\n\n\t\t\t\t\tTrade and other payables are initially recognized at fair value, and subsequently carried \u00a0
\n\n\t\t\t\t\tat amortized cost, using the effective interest method. \u00a0
2.16. Deferred charter hire income \u00a0
\n\n\t\t\t\t\tTime charter revenue received in advance and reservation fees are deferred and recog- \u00a0
\n\n\t\t\t\t\tnized as current liabilities if the service is due within one year or less. Otherwise, they are \u00a0
\n\n\t\t\t\t\tpresented as non-current liabilities. Deferred charter hire income is recognized as reve- \u00a0
\n\n\t\t\t\t\tnue in profit or loss over time over the period during which the related service is per- \u00a0
\n\n\t\t\t\t\tformed. \u00a0
2.17. Financial liabilities \u00a0
\n\n\t\t\t\t\tDebt to credit institutions etc. is recognized at the time of borrowing at fair value after \u00a0
\n\n\t\t\t\t\tdeduction of transaction costs incurred. Subsequently, the financial liabilities are meas- \u00a0
\n\n\t\t\t\t\tured at amortized cost using the \"effective interest method\", so that the difference \u00a0
between the proceeds and the nominal value is recognized in the income statement un- \u00a0
\n\n\t\t\t\t\tder financial expenses over the loan period. \u00a0
2.18. Derivatives and hedge accounting \u00a0
\n\n\t\t\t\t\tDerivative financial instruments are initially recognized at fair value on the date on which \u00a0
\n\n\t\t\t\t\ta derivative contract is entered into and subsequently remeasured at fair value over \u00a0
\n\n\t\t\t\t\tprofit and loss. Derivatives are carried as financial assets, presented under derivatives \u00a0
\n\n\t\t\t\t\tassets, when the fair value is positive and as financial liabilities, presented under deriva- \u00a0
\n\n\t\t\t\t\ttives liabilities, when the fair value is negative. \u00a0
\n\n\t\t\t\t\tAt the inception of a hedge relationship, the Group formally designates and documents \u00a0
\n\n\t\t\t\t\tthe hedge relationship and the risk management objective and strategy for undertaking \u00a0
\n\n\t\t\t\t\tthe hedge. \u00a0
\n\n\t\t\t\t\tChanges in the fair value of derivative financial instruments designated as cash flow \u00a0
\n\n\t\t\t\t\thedges are recognized in other comprehensive income and presented under \u201cHedging \u00a0
\n\n\t\t\t\t\treserves\u201d (equity). Where the expected future transactions results in the acquisition of \u00a0
\n\n\t\t\t\t\tnon-financial assets, any amounts deferred under equity are transferred from equity to \u00a0
\n\n\t\t\t\t\tthe cost of the asset. Where expected future transaction results in income or expense, \u00a0
\n\n\t\t\t\t\tamount deferred under equity are transferred from equity to the income statement in the \u00a0
\n\n\t\t\t\t\tsame item as the hedged transaction as a reclassification adjustment. \u00a0
\n\n\t\t\t\t\tThe amount included in the hedging reserve is the lower of, in absolute amounts, of the \u00a0
\n\n\t\t\t\t\tcumulative fair value adjustment of the hedging instrument and the hedged item. Inef- \u00a0
\n\n\t\t\t\t\tfectiveness is recognised in the income statement. \u00a0
2.19. Share capital \u00a0
\n\n\t\t\t\t\tOrdinary shares are classified as equity. \u00a0
2.20. Share premium reserve and retained earnings \u00a0
\n\n\t\t\t\t\tCapital increase is classified as equity. Capital increase Incremental costs directly at- \u00a0
\n\n\t\t\t\t\ttributable to the issuance of new shares and share based payments are accounted for \u00a0
\n\n\t\t\t\t\tas a deduction from equity. \u00a0
2.21. Share based payments \u00a0
\n\n\t\t\t\t\tEmployees (including senior executives) of the Group receive remuneration in the form \u00a0
\n\n\t\t\t\t\tof share-based payments, whereby employees render services as consideration for eq- \u00a0
\n\n\t\t\t\t\tuity instruments (equity-settled transactions). \u00a0
Equity-settled transactions \u00a0
\n\n\t\t\t\t\tThe cost of equity-settled transactions is determined by the fair value at the date when \u00a0
\n\n\t\t\t\t\tthe grant is made using an appropriate valuation model. \u00a0
\n\n\t\t\t\t\tThat cost is recognized in employee benefits expenses, together with a corresponding \u00a0
\n\n\t\t\t\t\tincrease in equity (retained earnings), over the period in which the service and, where ap- \u00a0
\n\n\t\t\t\t\tplicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
\n\n\t\t\t\t\tpense recognized for equity-settled transactions at each reporting date until the vesting \u00a0
\n\n\t\t\t\t\tdate reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
\n\n\t\t\t\t\ttimate of the number of equity instruments that will ultimately vest. The expense or \u00a0
\n\n\t\t\t\t\tcredit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
\n\n\t\t\t\t\ttive expense recognized as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
\n\n\t\t\t\t\tmining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
\n\n\t\t\t\t\tis assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
\n\n\t\t\t\t\tthat will ultimately vest. Market performance conditions are reflected within the grant \u00a0
\n\n\t\t\t\t\tdate fair value. \u00a0
\n\n\t\t\t\t\tAny other conditions attached to an award, but without an associated service require- \u00a0
\n\n\t\t\t\t\tment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
\n\n\t\t\t\t\tin the fair value of an award and lead to an immediate expensing of an award unless \u00a0
\n\n\t\t\t\t\tthere are also service and/or performance conditions. \u00a0
\n\n\t\t\t\t\tNo expense is recognized for awards that do not ultimately vest because non-market \u00a0
\n\n\t\t\t\t\tperformance and/or service conditions have not been met. \u00a0
\n\n\t\t\t\t\tWhere awards include a market or non-vesting condition, the transactions are treated as \u00a0
\n\n\t\t\t\t\tvested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
\n\n\t\t\t\t\tthat all other performance and/or service conditions are satisfied. \u00a0
\n\n\t\t\t\t\tThe dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
\n\n\t\t\t\t\tcomputation of diluted earnings per share in a loss situation only if Loss per share in- \u00a0
\n\n\t\t\t\t\tcreases. \u00a0
2.22. Currency translation \u00a0
\n\n\t\t\t\t\tThe financial statements are presented in Euro (EUR), which is also the functional cur- \u00a0
\n\n\t\t\t\t\trency of the Parent Company. \u00a0
Transactions in a currency other than the EUR (\u201cforeign currency\u201d) are translated into \u00a0
\n\n\t\t\t\t\tEUR using the exchange rates at the dates of the transactions. Currency exchange dif- \u00a0
\n\n\t\t\t\t\tferences resulting from the settlement of such transactions and from the translation of \u00a0
\n\n\t\t\t\t\tmonetary assets and liabilities denominated in foreign currencies at the closing rates at \u00a0
\n\n\t\t\t\t\tthe balance sheet are recognized in profit or loss. Non-monetary items measured at fair \u00a0
\n\n\t\t\t\t\tvalues in foreign currencies are translated using the exchange rates at the date when the \u00a0
\n\n\t\t\t\t\tfair values are determined. \u00a0
\n\n\t\t\t\t\tForeign exchange gains and losses impacting profit or loss are presented in the income \u00a0
\n\n\t\t\t\t\tstatement within finance income or finance costs. \u00a0
2.23. Cash flow statement \u00a0
\n\n\t\t\t\t\tStatement of cash flows \u00a0
\n\n\t\t\t\t\tThe statement of cash flows shows the Group\u2019s cash flows for the year distributed on \u00a0
\n\n\t\t\t\t\toperating, investing and financing activities, net changes for the year in cash and cash \u00a0
\n\n\t\t\t\t\tequivalents as well as the Group\u2019s cash and cash equivalents at the beginning and end \u00a0
\n\n\t\t\t\t\tof the year. \u00a0
Positive amounts indicate cash inflows, whereas negative amounts indicate cash out- \u00a0
\n\n\t\t\t\t\tflows. \u00a0
Cash flows from operating activities \u00a0
\n\n\t\t\t\t\tCash flows from operating activities are stated as the profit/loss for the year adjusted \u00a0
\n\n\t\t\t\t\tfor non-cash operating items such as depreciation, changes in working capital and in- \u00a0
\n\n\t\t\t\t\tcome tax paid or received. Working capital includes current assets less current liabilities, \u00a0
\n\n\t\t\t\t\texcluding cash and cash equivalents. \u00a0
Cash flows from investing activities \u00a0
\n\n\t\t\t\t\tCash flows from investing activities comprise cash flows from the acquisition and sale of \u00a0
\n\n\t\t\t\t\tnon-current assets. \u00a0
Cash flows from financing activities \u00a0
\n\n\t\t\t\t\tCash flows from financing activities comprise cash flows from instalments on lease liabil- \u00a0
\n\n\t\t\t\t\tities, and interest paid/received. \u00a0
Cash and cash equivalents \u00a0
\n\n\t\t\t\t\tCash and cash equivalents are measured in the balance sheet nominal value, and mainly \u00a0
\n\n\t\t\t\t\tconsists of short-term deposits and cash and bank balances. \u00a0
2.24. Significant accounting judgements, estimates and assumptions \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment \u00a0
\n\n\t\t\t\t\tThe estimation made regarding the duration of the useful life of the vessels has been de- \u00a0
\n\n\t\t\t\t\ttermined through an analysis made by an external consultant. \u00a0
\n\n\t\t\t\t\tThe determined fatigue analysis is based on the technical specification of the wind tur- \u00a0
\n\n\t\t\t\t\tbine installation vessels, the useful life of the vessels is estimated at 25 years. Prior to \u00a0
\n\n\t\t\t\t\ttheir acquisition, the vessels had already been in use for 8 years, therefore all material \u00a0
\n\n\t\t\t\t\tcomponents on the vessel such as engines, jacking legs and hull have 17 years of useful \u00a0
\n\n\t\t\t\t\tlife. Management chooses to depreciate the jacking system and main crane through a 3 \u00a0
\n\n\t\t\t\t\tyear useful life and keep a EUR 10 million salvage value for the hull and steel compo- \u00a0
\n\n\t\t\t\t\tnents per vessel at the end of their 17 year useful life. \u00a0
\n\n\t\t\t\t\tThe residual value, useful life and methods of depreciation of property, plant and equip- \u00a0
\n\n\t\t\t\t\tment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
Impairment of non-financial assets \u00a0
\n\n\t\t\t\t\tManagement is responsible for the identification of indicators of impairment related to \u00a0
\n\n\t\t\t\t\tnon-financial assets. If indicators of impairment are identified, an impairment test must \u00a0
\n\n\t\t\t\t\tbe performed. \u00a0
\n\n\t\t\t\t\tImpairment exists when the carrying value of an asset including right-of-use assets or \u00a0
\n\n\t\t\t\t\tcash generating unit (CGU) exceeds its recoverable amount, which is the higher of fair \u00a0
\n\n\t\t\t\t\tvalue less costs of disposal and its value in use. The fair value less costs of disposal cal- \u00a0
\n\n\t\t\t\t\tculation is based on available sales transactions conducted at arm\u2019s length terms, if \u00a0
\n\n\t\t\t\t\tavailable. The value in use calculation is based on a DCF model. The cash flows are de- \u00a0
\n\n\t\t\t\t\trived from the budget and the most recent project pipeline. These cash flows do not in- \u00a0
\n\n\t\t\t\t\tclude restructuring activities or significant future investments which will enhance the \u00a0
\n\n\t\t\t\t\tperformance of the assets or CGU being tested. \u00a0
\n\n\t\t\t\t\tThe recoverable amount is sensitive to the discount rate used in the DCF model as well \u00a0
\n\n\t\t\t\t\tas future cash in-flows and growth rate assumptions, for further information please refer \u00a0
\n\n\t\t\t\t\tto Note 16. \u00a0
In preparing the financial statements, management has considered the impact of both \u00a0
\n\n\t\t\t\t\tmacroeconomic factors as well as climate change. Offshore wind will play a vital role in a \u00a0
\n\n\t\t\t\t\tclimate-neutral future and Cadeler has continued investing in new assets as part of its \u00a0
\n\n\t\t\t\t\tstrategy. As Cadeler continues to undergo expansion, we are also continuing to ensure \u00a0
\n\n\t\t\t\t\tthat our business operates responsibly. Macroeconomic uncertainties include, among \u00a0
\n\n\t\t\t\t\tother things, the rate of growth in the global economy, political conditions and levels of \u00a0
\n\n\t\t\t\t\tpublic/institutional spending within the energy sector, currency and interest rate fluctua- \u00a0
\n\n\t\t\t\t\ttions and inflation. Additionally, geopolitical tensions may have an impact on the future \u00a0
\n\n\t\t\t\t\tprospects of the Group\u2019s markets and may increase risk related to the Group\u2019s opera- \u00a0
\n\n\t\t\t\t\ttions. \u00a0
2.25. Financial ratios and operational metrics \u00a0
\n\n\t\t\t\t\tReturn on assets \u00a0
\n\n\t\t\t\t\tProfit/loss from operating activities \u00a0
\n\n\t\t\t\t\tAverage assets \u00a0
\n\n\t\t\t\t\tReturn on equity \u00a0
\n\n\t\t\t\t\tProfit/loss for the year \u00a0
\n\n\t\t\t\t\tAverage equity \u00a0
\n\n\t\t\t\t\tEquity ratio \u00a0
\n\n\t\t\t\t\tEquity, year-end \u00a0
\n\n\t\t\t\t\tTotal equity and liabilities, year-end \u00a0
\n\n\t\t\t\t\tContracted days \u00a0
\n\n\t\t\t\t\tNumber of on hire days in the fiscal year \u00a0
\n\n\t\t\t\t\t(in total for all vessels) \u00a0
\n\n\t\t\t\t\tUtilization \u00a0
\n\n\t\t\t\t\tContracted days \u00a0
\n\n\t\t\t\t\tDays in the year (365*all vessels) \u00a0
\n\n\t\t\t\t\tEarnings per Share \u00a0
\n\n\t\t\t\t\tResult for the year \u00a0
\n\n\t\t\t\t\tAverage number of shares during the year \u00a0
Diluted earnings per Share \u00a0
\n\n\t\t\t\t\tResult for the year \u00a0
\n\n\t\t\t\t\tAverage number of shares during the year + average \u00a0
\n\n\t\t\t\t\tnumber of shares that would be issued on conver- \u00a0
\n\n\t\t\t\t\tsion of all the dilutive potential ordinary shares into \u00a0
\n\n\t\t\t\t\tordinary shares \u00a0
\n\n\t\t\t\t\tEBITDA \u00a0
\n\n\t\t\t\t\tEarnings before interest, tax, depreciation, amortiza- \u00a0
\n\n\t\t\t\t\ttion and foreign exchange gains/losses. \u00a0
\n\n\t\t\t\t\tEBITDAR \u00a0
\n\n\t\t\t\t\tEarnings before interest, tax, depreciation, amortiza- \u00a0
\n\n\t\t\t\t\ttion, foreign exchange gains/losses and bareboat \u00a0
\n\n\t\t\t\t\trent in the form of variable lease fee and right-of-use \u00a0
\n\n\t\t\t\t\tasset amortisation. Applied between 2018 \u2013 2020. \u00a0
\n\n\t\t\t\t\tContract Backlog \u00a0
\n\n\t\t\t\t\tThe total value of all customer contracts, both firm \u00a0
\n\n\t\t\t\t\tand options, that are not yet recognized as revenue \u00a0
\n\n\t\t\t\t\tas of the reporting date, but includes all new con- \u00a0
\n\n\t\t\t\t\ttracts signed until the release date of the annual or \u00a0
\n\n\t\t\t\t\tinterim report. Firm days are counted at full commit- \u00a0
\n\n\t\t\t\t\tted amounts, while options are measured at 50%. \u00a0
\n\n\t\t\t\t\tThe definition also includes any contracts where rev- \u00a0
\n\n\t\t\t\t\tenue recognition has started but not yet completed \u00a0
\n\n\t\t\t\t\tas of the reporting date. \u00a0
Note 3 \u00a0
\n\n\t\t\t\t\tRevenue \u00a0
Disaggregation of revenue from contracts with customers \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRevenue from contracts with customers \u00a0
\n\n\t\t\t\t\tTime charter hire services \u00a0
\n\n\t\t\t\t\t99,368 \u00a0
\n\n\t\t\t\t\t49,538 \u00a0
\n\n\t\t\t\t\tCatering and accommodation \u00a0
\n\n\t\t\t\t\t352 \u00a0
\n\n\t\t\t\t\t1,888 \u00a0
\n\n\t\t\t\t\tMobilisation \u00a0
\n\n\t\t\t\t\t4,858 \u00a0
\n\n\t\t\t\t\t5,023 \u00a0
\n\n\t\t\t\t\tSundry income \u00a0
\n\n\t\t\t\t\t1,846 \u00a0
\n\n\t\t\t\t\t4,489 \u00a0
\n\n\t\t\t\t\tTotal revenue \u00a0
\n\n\t\t\t\t\t106,424 \u00a0
\n\n\t\t\t\t\t60,938 \u00a0
Revenue from time charter hire services are contracts with customers where the Group \u00a0
\n\n\t\t\t\t\tutilizes its vessels, equipment and crew to deliver a service to the customer based on ei- \u00a0
\n\n\t\t\t\t\tther a fixed day rate or milestone deliverables. Contracts may also include other services \u00a0
\n\n\t\t\t\t\tsuch as mobilization income, catering and accommodation as well as sundry income. \u00a0
\n\n\t\t\t\t\tRevenues are recognized over time, with the exception of a minor part of mobilization \u00a0
\n\n\t\t\t\t\tfees and sundry income, which might be recognised at a point in time depending on the \u00a0
\n\n\t\t\t\t\tcontract. \u00a0
\n\n\t\t\t\t\tMobilization are the fees earned for the movement of the vessel from one location to an- \u00a0
\n\n\t\t\t\t\tother in order to deliver a project. Sundry income is derived from nonrecurring items di- \u00a0
\n\n\t\t\t\t\trectly related to the execution of the projects.
The total amount of mobilization fees and \u00a0
\n\n\t\t\t\t\tsundry income recognized at a point in time amounted to EUR 7 million (EUR 10 million in \u00a0
\n\n\t\t\t\t\t2021). \u00a0
\n\n\t\t\t\t\tCatering and accommodation income are derived from the provision of food and accom- \u00a0
\n\n\t\t\t\t\tmodation on the vessels and is deemed service revenue. Payment terms with customers \u00a0
\n\n\t\t\t\t\tvary by contract and do not include a finance component. \u00a0
Operating segments \u00a0
\n\n\t\t\t\t\tThe Group\u2019s management are not operating or making decisions based on customer \u00a0
\n\n\t\t\t\t\ttypes, type of service or geographical segments. The Group operates two windfarm in- \u00a0
\n\n\t\t\t\t\tstallation vessels, which are viewed as one segment and can operate in all geographical \u00a0
\n\n\t\t\t\t\tareas required for the specification of a specific windfarm project. Accordingly, the \u00a0
\n\n\t\t\t\t\tGroup only has one operating segment. \u00a0
Contract assets and liabilities \u00a0
\n\n\t\t\t\t\tCustomers are typically invoiced on a monthly basis, when the vessels are on contract. \u00a0
\n\n\t\t\t\t\tSometimes contracts will accrue revenue for work performed and it will be reported as a \u00a0
\n\n\t\t\t\t\tcontract asset until it is invoiced. For more information about contract assets at the re- \u00a0
\n\n\t\t\t\t\tporting period, refer to Note 12. \u00a0
\n\n\t\t\t\t\tThe contract liabilities relate to consideration received from customers for the unsatis- \u00a0
\n\n\t\t\t\t\tfied performance obligation in the charter contracts. Revenue will be recognized when \u00a0
\n\n\t\t\t\t\tthe related services are provided to the customers. \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRevenue recognized in current period that was included in the \u00a0
\n\n\t\t\t\t\tcontract liabilities balance at the beginning of the period \u00a0
\n\n\t\t\t\t\tTime charter hire services \u00a0
\n\n\t\t\t\t\t15,856 \u00a0
\n\n\t\t\t\t\t1,751 \u00a0
\n\n\t\t\t\t\tTotal liabilities at the beginning of the period \u00a0
\n\n\t\t\t\t\t15,856 \u00a0
\n\n\t\t\t\t\t1,751 \u00a0
Major customers \u00a0
\n\n\t\t\t\t\tBy end of 2022, revenue with two customers each exceeded 10% of total revenue. The \u00a0
\n\n\t\t\t\t\trevenue derived from these two customers was EUR 52.4 million and EUR 53.2 million re- \u00a0
\n\n\t\t\t\t\tspectively. \u00a0
\n\n\t\t\t\t\tIn 2021, revenue with two customers also each exceeded 10% of total revenue. The reve- \u00a0
\n\n\t\t\t\t\tnue derived from these two customers was EUR 24.6 million and EUR 29.1 million respec- \u00a0
\n\n\t\t\t\t\ttively. \u00a0
Type of revenue \u00a0
\n\n\t\t\t\t\tRevenue from time-charter contracts include both a lease component (use of the ves- \u00a0
\n\n\t\t\t\t\tsels) and a service component (vessel operation). These components are not treated or \u00a0
\n\n\t\t\t\t\tpriced separately in the contracts, nor does the Group offer either of the services sepa- \u00a0
\n\n\t\t\t\t\trately. \u00a0
\n\n\t\t\t\t\tThe service component of time-charter contracts is primarily derived from crewing costs \u00a0
\n\n\t\t\t\t\twith a markup, where the residual is deemed to be the lease component. Milestone- \u00a0
\n\n\t\t\t\t\tbased time charters or contracts with a fixed price is deemed to be 100% service reve- \u00a0
\n\n\t\t\t\t\tnue. Mobilisation fee and Catering and accommodation income is allocated as a service \u00a0
\n\n\t\t\t\t\tcomponent. \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRevenue from contracts with customers \u00a0
\n\n\t\t\t\t\tService component \u00a0
\n\n\t\t\t\t\t13,939 \u00a0
\n\n\t\t\t\t\t13,437 \u00a0
\n\n\t\t\t\t\tLease component \u00a0
\n\n\t\t\t\t\t90,639 \u00a0
\n\n\t\t\t\t\t43,012 \u00a0
\n\n\t\t\t\t\tSundry income \u00a0
\n\n\t\t\t\t\t1,846 \u00a0
\n\n\t\t\t\t\t4,489 \u00a0
\n\n\t\t\t\t\tTotal revenue \u00a0
\n\n\t\t\t\t\t106,424 \u00a0
\n\n\t\t\t\t\t60,938 \u00a0
Contract backlog \u00a0
\n\n\t\t\t\t\tThe Group has an order backlog amounting to EUR 780 million (2021 total backlog was \u00a0
\n\n\t\t\t\t\tEUR 409 million) including contracts announced as of 28 March 2023 and represents the \u00a0
\n\n\t\t\t\t\tvalue of the outstanding performance obligations in current contracts and future con- \u00a0
\n\n\t\t\t\t\ttracts. This backlog includes lease payments relating to the bareboat of the vessels. Of \u00a0
\n\n\t\t\t\t\tthis total backlog, EUR 84 million relates to performance obligations of contracts for the \u00a0
\n\n\t\t\t\t\tremaining of the year 2023. \u00a0
2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tas of \u00a0
\n\n\t\t\t\t\tas of \u00a0
\n\n\t\t\t\t\tEUR million \u00a0
\n\n\t\t\t\t\t28 March 2023 \u00a0
\n\n\t\t\t\t\t29 March 2022 \u00a0
\n\n\t\t\t\t\tWithin one year \u00a0
\n\n\t\t\t\t\t84 \u00a0
\n\n\t\t\t\t\t110 \u00a0
\n\n\t\t\t\t\tAfter one year \u00a0
\n\n\t\t\t\t\t696 \u00a0
\n\n\t\t\t\t\t299 \u00a0
\n\n\t\t\t\t\tTotal\u00b9 \u00a0
\n\n\t\t\t\t\t780 \u00a0
\n\n\t\t\t\t\t409 \u00a0
\n\n\t\t\t\t\t1 Contract backlog for 2022 is split between, EUR 653 million firm and EUR 127 million options. For 2021 the split \u00a0
\n\n\t\t\t\t\twas EUR 351 million firm and EUR 58 million options. \u00a0
Note 4 \u00a0
\n\n\t\t\t\t\tExpenses by Nature \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCost of sales \u00a0
\n\n\t\t\t\t\tInsurance \u00a0
\n\n\t\t\t\t\t1,933 \u00a0
\n\n\t\t\t\t\t1,772 \u00a0
\n\n\t\t\t\t\tVessel depreciation \u00a0
\n\n\t\t\t\t\t16 \u00a0
\n\n\t\t\t\t\t21,664 \u00a0
\n\n\t\t\t\t\t16,077 \u00a0
\n\n\t\t\t\t\tCrewing costs paid to a related party and an external party \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\t61 \u00a0
\n\n\t\t\t\t\t11,517 \u00a0
\n\n\t\t\t\t\tSeafarer payroll \u00a0
\n\n\t\t\t\t\t5
\n\n\t\t\t\t\t13,089 \u00a0
\n\n\t\t\t\t\t1,159 \u00a0
\n\n\t\t\t\t\tFuel and oil \u00a0
\n\n\t\t\t\t\t1,113 \u00a0
\n\n\t\t\t\t\t892 \u00a0
\n\n\t\t\t\t\tMaintenance \u00a0
\n\n\t\t\t\t\t4,039 \u00a0
\n\n\t\t\t\t\t2,305 \u00a0
\n\n\t\t\t\t\tMessing costs \u00a0
\n\n\t\t\t\t\t1,428 \u00a0
\n\n\t\t\t\t\t1,224 \u00a0
\n\n\t\t\t\t\tSeafarer travel \u00a0
\n\n\t\t\t\t\t2,589 \u00a0
\n\n\t\t\t\t\t1,876 \u00a0
\n\n\t\t\t\t\tSpecific charter costs \u00a0
\n\n\t\t\t\t\t2,623 \u00a0
\n\n\t\t\t\t\t1,239 \u00a0
\n\n\t\t\t\t\tUtilities \u00a0
\n\n\t\t\t\t\t689 \u00a0
\n\n\t\t\t\t\t541 \u00a0
\n\n\t\t\t\t\tOther operating expenses \u00a0
\n\n\t\t\t\t\t309 \u00a0
\n\n\t\t\t\t\t260 \u00a0
\n\n\t\t\t\t\tTonnage tax \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t17 \u00a0
\n\n\t\t\t\t\tTotal cost of sales \u00a0
\n\n\t\t\t\t\t49,537 \u00a0
\n\n\t\t\t\t\t38,879 \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tAdministrative expenses \u00a0
\n\n\t\t\t\t\tDepreciation and amortisation \u00a0
\n\n\t\t\t\t\t15, 16, 17 \u00a0
\n\n\t\t\t\t\t1,020 \u00a0
\n\n\t\t\t\t\t414 \u00a0
\n\n\t\t\t\t\tEmployee compensation \u00a0
\n\n\t\t\t\t\t5
\n\n\t\t\t\t\t9,905 \u00a0
\n\n\t\t\t\t\t7,603 \u00a0
\n\n\t\t\t\t\tRepair and maintenance expenses \u00a0
\n\n\t\t\t\t\t796 \u00a0
\n\n\t\t\t\t\t161 \u00a0
\n\n\t\t\t\t\tLegal and professional fees \u00a0
\n\n\t\t\t\t\t1,047 \u00a0
\n\n\t\t\t\t\t564 \u00a0
\n\n\t\t\t\t\tRental expenses \u00a0
\n\n\t\t\t\t\t582 \u00a0
\n\n\t\t\t\t\t584 \u00a0
\n\n\t\t\t\t\tTravel expense \u00a0
\n\n\t\t\t\t\t612 \u00a0
\n\n\t\t\t\t\t305 \u00a0
\n\n\t\t\t\t\tManagement fees to related party \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t115 \u00a0
\n\n\t\t\t\t\tMarketing and entertainment expenses \u00a0
\n\n\t\t\t\t\t788 \u00a0
\n\n\t\t\t\t\t159 \u00a0
\n\n\t\t\t\t\tOther expenses \u00a0
\n\n\t\t\t\t\t946 \u00a0
\n\n\t\t\t\t\t1,020 \u00a0
\n\n\t\t\t\t\tTotal administrative expenses \u00a0
\n\n\t\t\t\t\t15,696 \u00a0
\n\n\t\t\t\t\t10,925 \u00a0
Auditor remuneration \u00a0
\n\n\t\t\t\t\tAdministrative expenses include fees to the auditors appointed by the shareholder at \u00a0
\n\n\t\t\t\t\tthe Annual General Meeting: \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tStatutory audit \u00a0
\n\n\t\t\t\t\t125 \u00a0
\n\n\t\t\t\t\t92 \u00a0
\n\n\t\t\t\t\tTax services \u00a0
\n\n\t\t\t\t\t105 \u00a0
\n\n\t\t\t\t\t50 \u00a0
\n\n\t\t\t\t\tOther assurance services \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t8
\n\n\t\t\t\t\tOther services \u00a0
\n\n\t\t\t\t\t51 \u00a0
\n\n\t\t\t\t\t14 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t281 \u00a0
\n\n\t\t\t\t\t164 \u00a0
\n\n\t\t\t\t\tOther services include advice regarding EU taxonomy and prospectus. \u00a0
Note 5 \u00a0
\n\n\t\t\t\t\tEmployee Compensation \u00a0
Onshore \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t8,873 \u00a0
\n\n\t\t\t\t\t6,637 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t502 \u00a0
\n\n\t\t\t\t\t350 \u00a0
\n\n\t\t\t\t\tShare based payment expense \u00a0
\n\n\t\t\t\t\t6
\n\n\t\t\t\t\t352 \u00a0
\n\n\t\t\t\t\t360 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t178 \u00a0
\n\n\t\t\t\t\t145 \u00a0
\n\n\t\t\t\t\t9,905 \u00a0
\n\n\t\t\t\t\t7,492 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t70 \u00a0
\n\n\t\t\t\t\t58 \u00a0
Offshore \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t11,693 \u00a0
\n\n\t\t\t\t\t1,097 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t1,082 \u00a0
\n\n\t\t\t\t\t60 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t314 \u00a0
\n\n\t\t\t\t\t2
\n\n\t\t\t\t\t13,089 \u00a0
\n\n\t\t\t\t\t1,159 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t162 \u00a0
\n\n\t\t\t\t\t12 \u00a0
Total \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t20,566 \u00a0
\n\n\t\t\t\t\t7,734 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t1,584 \u00a0
\n\n\t\t\t\t\t410 \u00a0
\n\n\t\t\t\t\tShare based payment expense \u00a0
\n\n\t\t\t\t\t6
\n\n\t\t\t\t\t352 \u00a0
\n\n\t\t\t\t\t360 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t492 \u00a0
\n\n\t\t\t\t\t147 \u00a0
\n\n\t\t\t\t\t22,994 \u00a0
\n\n\t\t\t\t\t8,651 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t232 \u00a0
\n\n\t\t\t\t\t70 \u00a0
\n\n\t\t\t\t\tOffshore crew was hired directly by the Company by the end of November 2021. Aver- \u00a0
\n\n\t\t\t\t\tage number of full-time employees as of 2021 reflect the number of seafarers divided by \u00a0
\n\n\t\t\t\t\t12 months. The Company had 148 seafarers by the end of 2021. \u00a0
Note 6 \u00a0
\n\n\t\t\t\t\tCash and Share Based Payments \u00a0
In December 2021, a new remuneration scheme was agreed starting in January 2022 and \u00a0
\n\n\t\t\t\t\treplacing the existing share-based incentive schemes for the majority of eligible employ- \u00a0
\n\n\t\t\t\t\tees. The terms of the programme initiated in December 2021 are: \u00a0
\n\n\t\t\t\t\t(i) with effect from 2021, an annual cash bonus up to 12 months of salary for the CEO, and \u00a0
\n\n\t\t\t\t\tup to 6 months for selected employees. This bonus is at the discretion of the board and \u00a0
\n\n\t\t\t\t\tpaid in cash the following January. Bonuses regarding selected employees is expensed \u00a0
\n\n\t\t\t\t\tin 2022. \u00a0
\n\n\t\t\t\t\t(ii) with effect from 2021, an annual cash bonus up to 3 months of salary for other em- \u00a0
\n\n\t\t\t\t\tployees. This bonus paid based on company, team and individual performance. The bo- \u00a0
\n\n\t\t\t\t\tnus is paid in cash at the end of the calendar year. \u00a0
\n\n\t\t\t\t\t(iii) in January 2022, the executive management and selected employees were granted \u00a0
\n\n\t\t\t\t\tfrom 10,393 to 55,430 Restricted Share Units (RSU) which will vest July 2024 and are con- \u00a0
\n\n\t\t\t\t\tditional upon continued employment within Cadeler. The total value of the RSU alloca- \u00a0
\n\n\t\t\t\t\ttion is calculated based on the Black-Scholes model and the value is EUR 394 thousand \u00a0
\n\n\t\t\t\t\t(EUR 3.3 per RSU). The expense recognized in profit and loss for the year amounts to \u00a0
\n\n\t\t\t\t\tEUR 157 thousand. The average remaining contractual life is 1.5 years. \u00a0
\n\n\t\t\t\t\t(iv) in January 2022, the executive management and selected employees were granted \u00a0
\n\n\t\t\t\t\tfrom 10,393 to 55,430 Options in Cadeler shares which will vest May 2024 and expire in \u00a0
\n\n\t\t\t\t\tApril 2027. The strike price will range from NOK 36,02 to NOK 38,42 depending on the ex- \u00a0
\n\n\t\t\t\t\tercise period and are conditional upon continued employment within Cadeler. The fair \u00a0
\n\n\t\t\t\t\tvalue of these granted options was determined using the Black-Scholes model and the \u00a0
\n\n\t\t\t\t\tvalue is EUR 160 thousand (EUR 1.3 per RSU). The expense recognized in profit and loss \u00a0
\n\n\t\t\t\t\tfor the year amounts to EUR 69 thousand. The average remaining contractual life for the \u00a0
\n\n\t\t\t\t\toptions as of 31 December 2022 is 4.3 years. \u00a0
For the programmes described in (iii) and (iv) the annualized volatility of the shares 48.1% \u00a0
\n\n\t\t\t\t\tis based on the historical volatility of the price of shares, annual risk free interest rate of \u00a0
\n\n\t\t\t\t\t1%, dividend yield of zero, expected life until expiration date and average share price of \u00a0
\n\n\t\t\t\t\tEUR 3.7. \u00a0
\n\n\t\t\t\t\t(v) in May 2022, the executive management and selected employees were granted from \u00a0
\n\n\t\t\t\t\t43,420 to 221,719 Options in Cadeler shares which will vest in May 2025 and expire in May \u00a0
\n\n\t\t\t\t\t2028. The strike price will be NOK 40,24 and is conditional upon continued employment \u00a0
\n\n\t\t\t\t\twithin Cadeler. The fair value of these granted options was determined using the Black- \u00a0
\n\n\t\t\t\t\tScholes model and the value is EUR 761 thousand (EUR 1.3 per RSU). The expense recog- \u00a0
\n\n\t\t\t\t\tnized in profit and loss for the year amounts to EUR 127 thousand. The average remaining \u00a0
\n\n\t\t\t\t\tcontractual life for the options as per 31 December 2022 is 5.3 years. The annualized vol- \u00a0
\n\n\t\t\t\t\tatility of the shares 42.5% is based on the historical volatility of the price of shares, an- \u00a0
\n\n\t\t\t\t\tnual risk free interest rate of 2.8%, dividend yield of zero, expected life until expiration \u00a0
\n\n\t\t\t\t\tdate and average share price of EUR 3.7. \u00a0
\n\n\t\t\t\t\t(vi) in January 2023, the executive management and selected employees will be granted \u00a0
\n\n\t\t\t\t\tfrom 19,760 to 130,416 Restricted Share Units which will vest in July 2025 and are condi- \u00a0
\n\n\t\t\t\t\ttional upon continued employment within Cadeler. The total value of the RSU allocation \u00a0
\n\n\t\t\t\t\tis calculated based on the Black-Scholes model and the value is EUR 1.2 million. The av- \u00a0
\n\n\t\t\t\t\terage remaining contractual life is 2.5 years. \u00a0
\n\n\t\t\t\t\tThe Group previously had a share-based incentive scheme for its key employees in con- \u00a0
\n\n\t\t\t\t\tnection with the IPO, with the following key terms: \u00a0
\n\n\t\t\t\t\t(vii) an incentive varying from 1 to 8 months of salary of the key employee paid in shares \u00a0
\n\n\t\t\t\t\tin the event the Offering is successful. The gross monthly salary and share price for the \u00a0
\n\n\t\t\t\t\tbasis of calculation of the shares to be issued is based on the gross monthly salary of \u00a0
\n\n\t\t\t\t\tthe employee and share price on the first day of trading of the shares. The initial share \u00a0
\n\n\t\t\t\t\tprice was set at observable input 27 November 2020 (146,626 shares) and was paid out in \u00a0
\n\n\t\t\t\t\tcash at the share price after the vesting period 27 November 2021. \u00a0
The initial cost was calculated to EUR 504 thousand but was paid out at EUR 734 thou- \u00a0
\n\n\t\t\t\t\tsand. The charge to equity amounts to EUR 230 thousand. \u00a0
\n\n\t\t\t\t\t(viii) an incentive varying from 2 to 4 months of salary of the key employee paid in shares \u00a0
\n\n\t\t\t\t\tfor the continuous employment of the employee for each full calendar year of 2020 and \u00a0
\n\n\t\t\t\t\t2021. The incentive will be paid with the employee\u2019s salary in June in the following year, \u00a0
\n\n\t\t\t\t\ti.e., in June 2021 and June 2022. The gross monthly salary and share price for the basis of \u00a0
\n\n\t\t\t\t\tcalculation of the shares to be issued is based on the gross monthly salary of the em- \u00a0
\n\n\t\t\t\t\tployee and share price on the date the incentive will be paid in June 2021 and June 2022. \u00a0
\n\n\t\t\t\t\tAs stated above this programme was terminated for most of employees and this part is \u00a0
\n\n\t\t\t\t\treversed in equity and in profit and loss as well. The amount reversed regarding 2020 is \u00a0
\n\n\t\t\t\t\tEUR 3 thousand and 2021 EUR 167 thousand. \u00a0
(ix) with effect from 2021, a tiered annual bonus scheme for the CEO of the Company \u00a0
\n\n\t\t\t\t\tlinked to KPIs and business profitability, which is capped at 8 months of gross monthly \u00a0
\n\n\t\t\t\t\tsalary of the CEO paid in shares. The gross monthly salary and share price for the basis \u00a0
\n\n\t\t\t\t\tof calculation of the shares to be issued is based on the gross monthly salary of the CEO \u00a0
\n\n\t\t\t\t\tand share price on the date falling 30 days from the date of filing of the audited ac- \u00a0
\n\n\t\t\t\t\tcounts of the Company for the financial year. \u00a0
\n\n\t\t\t\t\tAs stated above this programme is terminated and was replaced with a cash bonus. The \u00a0
\n\n\t\t\t\t\tprogramme was accounted for as a cash-based incentive programme for 2021 and the \u00a0
\n\n\t\t\t\t\tfull cash bonus was expensed for in 2021. \u00a0
2022 \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tOther \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\temployees \u00a0
\n\n\t\t\t\t\tOutstanding instruments - Options \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tOutstanding at 1 January \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tGranted during the year \u00a0
\n\n\t\t\t\t\t344,589 \u00a0
\n\n\t\t\t\t\t39.56 \u00a0
\n\n\t\t\t\t\t330,963 \u00a0
\n\n\t\t\t\t\t39.40 \u00a0
\n\n\t\t\t\t\tForfeited during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExercised during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExpired during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOutstanding at 31 December \u00a0
\n\n\t\t\t\t\t344,589 \u00a0
\n\n\t\t\t\t\t39.50 \u00a0
\n\n\t\t\t\t\t330,963 \u00a0
\n\n\t\t\t\t\t39.42 \u00a0
2022 \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tOther \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\temployees \u00a0
\n\n\t\t\t\t\tOutstanding instruments - RSU \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tOutstanding at 1 January \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tGranted during the year \u00a0
\n\n\t\t\t\t\t55,430 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t65,823 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tForfeited during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExercised during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExpired during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOutstanding at 31 December \u00a0
\n\n\t\t\t\t\t55,430 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t65,823 \u00a0
\n\n\t\t\t\t\t-
Note 7 \u00a0
\n\n\t\t\t\t\tManagement Compensation \u00a0
2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tBoard of \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tBoard of \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tKey \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tdirectors \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tdirectors \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tWages, salaries and board fees \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t683 \u00a0
\n\n\t\t\t\t\t863 \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t650 \u00a0
\n\n\t\t\t\t\t337 \u00a0
\n\n\t\t\t\t\t1,167 \u00a0
\n\n\t\t\t\t\tShare based payment \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t173 \u00a0
\n\n\t\t\t\t\t173 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t164 \u00a0
\n\n\t\t\t\t\t48 \u00a0
\n\n\t\t\t\t\t212 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t36 \u00a0
\n\n\t\t\t\t\t36 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t23 \u00a0
\n\n\t\t\t\t\t34 \u00a0
\n\n\t\t\t\t\t57 \u00a0
\n\n\t\t\t\t\tCash bonus \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t482 \u00a0
\n\n\t\t\t\t\t482 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t314 \u00a0
\n\n\t\t\t\t\t159 \u00a0
\n\n\t\t\t\t\t473 \u00a0
\n\n\t\t\t\t\tTotal management compensation \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t1,374 \u00a0
\n\n\t\t\t\t\t1,554 \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t1,151 \u00a0
\n\n\t\t\t\t\t578 \u00a0
\n\n\t\t\t\t\t1,909 \u00a0
Executive management means the members of the executive management which were \u00a0
\n\n\t\t\t\t\tregistered with the Danish business authority and who have the authority and responsi- \u00a0
\n\n\t\t\t\t\tbility for the planning, directing and controlling activities of the Company as defined by \u00a0
\n\n\t\t\t\t\tIAS24. \u00a0
\n\n\t\t\t\t\tIn 2021, Key management included personnel who supported executive management, for \u00a0
\n\n\t\t\t\t\tthe planning, directing and controlling activities of the Company. \u00a0
David Peter Cogman is employed by the Swire Group and Andreas Sohmen-Pao and \u00a0
\n\n\t\t\t\t\tAndreas Beroutsos are employed by the BW Group. These board members have not re- \u00a0
\n\n\t\t\t\t\tceived remuneration from Cadeler in 2021 and 2022. \u00a0
\n\n\t\t\t\t\tFurther details of management and board compensation can be found in the 2022 \u00a0
\n\n\t\t\t\t\tCadeler Remuneration Report. \u00a0
Note 8 \u00a0
\n\n\t\t\t\t\tFinance Income and Expenses \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tForeign currency gain \u00a0
\n\n\t\t\t\t\t3,424 \u00a0
\n\n\t\t\t\t\t1,795 \u00a0
\n\n\t\t\t\t\tFair value change of derivative \u00a0
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tInterest gained \u00a0
\n\n\t\t\t\t\t244 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFinance income \u00a0
\n\n\t\t\t\t\t4,031 \u00a0
\n\n\t\t\t\t\t1,795 \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense \u00a0
\n\n\t\t\t\t\t- Interest linked to debt liabilities \u00a0
\n\n\t\t\t\t\t1,351 \u00a0
\n\n\t\t\t\t\t2,727 \u00a0
\n\n\t\t\t\t\t- Interest with related parties \u00a0
\n\n\t\t\t\t\t157 \u00a0
\n\n\t\t\t\t\t684 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tForeign currency loss \u00a0
\n\n\t\t\t\t\t7,834 \u00a0
\n\n\t\t\t\t\t1,692 \u00a0
\n\n\t\t\t\t\tBank fees \u00a0
\n\n\t\t\t\t\t318 \u00a0
\n\n\t\t\t\t\t358 \u00a0
\n\n\t\t\t\t\tFinance expenses \u00a0
\n\n\t\t\t\t\t9,681 \u00a0
\n\n\t\t\t\t\t5,491 \u00a0
\n\n\t\t\t\t\tTotal interest paid in 2022 as per Consolidated Statement of Cash Flows amounts to \u00a0
\n\n\t\t\t\t\tEUR 5.8 million (2021: EUR 3.9 million) out of which EUR 4.2 million (2021: EUR 0 million) \u00a0
\n\n\t\t\t\t\thave been capitalized to Property, Plant and Equipment (refer to Note 16) and EUR 1.6 \u00a0
\n\n\t\t\t\t\tmillion have been expensed. \u00a0
Note 9 \u00a0
\n\n\t\t\t\t\tIncome Taxes \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tIncome tax expense \u00a0
\n\n\t\t\t\t\tTax expense attributable to profit is made up of: \u00a0
\n\n\t\t\t\t\tUtilization of non recognized tax losses offset against Danish Ton- \u00a0
\n\n\t\t\t\t\tnage Tax expense \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(13) \u00a0
\n\n\t\t\t\t\tTotal Income tax expense \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(13) \u00a0
An expansion of the Danish tonnage tax regime to cover wind farm installation vessels \u00a0
\n\n\t\t\t\t\twas passed in January 2020 with retroactive effect from 2017, 2017 inclusive. \u00a0
\n\n\t\t\t\t\tOn 15 December 2020, Cadeler A/S received a binding ruling from the Danish Tax Au- \u00a0
\n\n\t\t\t\t\tthorities. According to this, Cadeler A/S was able to apply the Danish Tonnage Taxation \u00a0
\n\n\t\t\t\t\tafter the listing of the shares 27 November 2020. Management applied the Danish Ton- \u00a0
\n\n\t\t\t\t\tnage Taxation during 2021. The recorded tonnage tax expense for 2022 in Denmark and \u00a0
\n\n\t\t\t\t\tCyprus amount to EUR 0 thousand and EUR 5 thousand respectively. \u00a0
\n\n\t\t\t\t\tCadeler A/S also has material tax losses from previous periods available for carry for- \u00a0
\n\n\t\t\t\t\tward. Such tax losses can be utilized against future tonnage taxation income and other \u00a0
\n\n\t\t\t\t\tincome, which does not qualify for tonnage taxation. The tax value of tax losses to be \u00a0
\n\n\t\t\t\t\tcarried forward as of 31 December 2022 are in the region of EUR 13 million and has not \u00a0
\n\n\t\t\t\t\tbeen recognised as it is not considered probable that the tax loss will be utilised. The tax \u00a0
\n\n\t\t\t\t\tlosses are not subject to expiration. \u00a0
Effective Tax Rate \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t%
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t%
\n\n\t\t\t\t\tTax expense attributable to profit is made up of: \u00a0
\n\n\t\t\t\t\tAccounting profit before income tax \u00a0
\n\n\t\t\t\t\t35,541 \u00a0
\n\n\t\t\t\t\t7,450 \u00a0
\n\n\t\t\t\t\tAdjustment regarding tonnage taxed income \u00a0
\n\n\t\t\t\t\t(35,541) \u00a0
\n\n\t\t\t\t\t(7,450) \u00a0
\n\n\t\t\t\t\tAccounting profit before income tax relating to Corporation Tax \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCalculated tax at statutory tax rate in Denmark, 22 % \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t22 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t22 \u00a0
\n\n\t\t\t\t\tTax impact from: \u00a0
\n\n\t\t\t\t\tChange in impairment of deferred tax assets in the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t22 \u00a0
\n\n\t\t\t\t\t(13) \u00a0
\n\n\t\t\t\t\t22 \u00a0
\n\n\t\t\t\t\tIncome tax expense, reported \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(13) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tEffective tax rate (%) \u00a0
\n\n\t\t\t\t\t0.0% \u00a0
\n\n\t\t\t\t\t0.0% \u00a0
Note 10 \u00a0
\n\n\t\t\t\t\tEarnings Per Share (EPS) \u00a0
Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity \u00a0
\n\n\t\t\t\t\tholders of the parent by the weighted average number of ordinary shares outstanding \u00a0
\n\n\t\t\t\t\tduring the year. \u00a0
\n\n\t\t\t\t\tDiluted EPS is calculated by dividing the profit attributable to ordinary holders of the par- \u00a0
\n\n\t\t\t\t\tent by the weighted average number of ordinary shares outstanding during the year plus \u00a0
\n\n\t\t\t\t\tthe weighted average number of ordinary shares that would be issued on conversion of \u00a0
\n\n\t\t\t\t\tall the dilutive potential ordinary shares into ordinary shares. \u00a0
\n\n\t\t\t\t\tThe following table reflects the income and share data used in the basic and diluted EPS \u00a0
\n\n\t\t\t\t\tcalculations: \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tResult attributable to ordinary equity holders of the parent for \u00a0
\n\n\t\t\t\t\tbasic earnings \u00a0
\n\n\t\t\t\t\t35,541 \u00a0
\n\n\t\t\t\t\t7,451 \u00a0
\n\n\t\t\t\t\tResult attributable to ordinary equity holders of the parent ad- \u00a0
\n\n\t\t\t\t\tjusted for the effect of dilution \u00a0
\n\n\t\t\t\t\t35,541 \u00a0
\n\n\t\t\t\t\t7,451 \u00a0
Thousands \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWeighted average number of ordinary shares for basic EPS\u00b9 \u00a0
\n\n\t\t\t\t\t163,219 \u00a0
\n\n\t\t\t\t\t131,161 \u00a0
\n\n\t\t\t\t\tEffect of dilution from shared based payments programme \u00a0
\n\n\t\t\t\t\t676 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tWeighted average number of ordinary shares adjusted for the ef- \u00a0
\n\n\t\t\t\t\tfect of dilution\u00b9 \u00a0
\n\n\t\t\t\t\t163,895 \u00a0
\n\n\t\t\t\t\t131,161 \u00a0
There have been no other transactions involving ordinary shares or potential ordinary shares between \u00a0
\n\n\t\t\t\t\tthe reporting date and the date of authorization of these Financial Statements. \u00a0
\n\n\t\t\t\t\t1The weighted average number of shares takes into account the weighted average effect of share \u00a0
\n\n\t\t\t\t\tbased payments during the year. \u00a0
Note 11 \u00a0
\n\n\t\t\t\t\tCash and Bank Balances \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCash at bank and on hand \u00a0
\n\n\t\t\t\t\t19,012 \u00a0
\n\n\t\t\t\t\t2,308 \u00a0
Note 12 \u00a0
\n\n\t\t\t\t\tTrade and Other Receivables \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tTrade receivables from non-related parties \u00a0
\n\n\t\t\t\t\t17,635 \u00a0
\n\n\t\t\t\t\t18,424 \u00a0
\n\n\t\t\t\t\tContract assets \u00a0
\n\n\t\t\t\t\t19,999 \u00a0
\n\n\t\t\t\t\t843 \u00a0
\n\n\t\t\t\t\tOther receivables \u00a0
\n\n\t\t\t\t\t600 \u00a0
\n\n\t\t\t\t\t1,106 \u00a0
\n\n\t\t\t\t\t38,234 \u00a0
\n\n\t\t\t\t\t20,373 \u00a0
As of 31 December 2022, the Company's other receivables include contract assets total- \u00a0
\n\n\t\t\t\t\tling EUR 20 million, a significant increase from EUR 0.8 million in 2021. These contract as- \u00a0
\n\n\t\t\t\t\tsets represent the Company's entitlement to proportional consideration for ongoing pro- \u00a0
\n\n\t\t\t\t\tjects as of the balance sheet date. Typically, these contract assets are reclassified to \u00a0
\n\n\t\t\t\t\ttrade receivables when the Company fulfils its obligations and the right to consideration \u00a0
\n\n\t\t\t\t\tbecomes unconditional, usually upon completion of the project. \u00a0
Expected credit loss on trade receivables \u00a0
\n\n\t\t\t\t\tThe Group has historically only experienced immaterial losses on trade receivables, if \u00a0
\n\n\t\t\t\t\tany. Further, a material part of the cash flows in the contracts are prepayments received \u00a0
\n\n\t\t\t\t\tup front. \u00a0
The Group\u2019s expected credit losses are immaterial. This is based on historical data, a few \u00a0
\n\n\t\t\t\t\thigh-quality debtors and expectations to the future. \u00a0
Trade \u00a0
\n\n\t\t\t\t\tExpected \u00a0
\n\n\t\t\t\t\tContract \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\treceivables \u00a0
\n\n\t\t\t\t\tloss \u00a0
\n\n\t\t\t\t\tassets \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t31 December 2022 \u00a0
\n\n\t\t\t\t\tNot due \u00a0
\n\n\t\t\t\t\t17,197 \u00a0
\n\n\t\t\t\t\t19,999 \u00a0
\n\n\t\t\t\t\t37,196 \u00a0
\n\n\t\t\t\t\tOverdue 1-30 days \u00a0
\n\n\t\t\t\t\t438 \u00a0
\n\n\t\t\t\t\t438 \u00a0
\n\n\t\t\t\t\tOverdue 31 to 60 days \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOverdue +61 days \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t17,635 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t19,999 \u00a0
\n\n\t\t\t\t\t37,634 \u00a0
\n\n\t\t\t\t\t31 December 2021 \u00a0
\n\n\t\t\t\t\tNot due \u00a0
\n\n\t\t\t\t\t7,850 \u00a0
\n\n\t\t\t\t\t843 \u00a0
\n\n\t\t\t\t\t8,693 \u00a0
\n\n\t\t\t\t\tOverdue 1-30 days \u00a0
\n\n\t\t\t\t\t8,962 \u00a0
\n\n\t\t\t\t\t8,962 \u00a0
\n\n\t\t\t\t\tOverdue 31 to 60 days \u00a0
\n\n\t\t\t\t\t316 \u00a0
\n\n\t\t\t\t\t316 \u00a0
\n\n\t\t\t\t\tOverdue +61 days \u00a0
\n\n\t\t\t\t\t1,296 \u00a0
\n\n\t\t\t\t\t1,296 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t18,424 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t843 \u00a0
\n\n\t\t\t\t\t19,267 \u00a0
Note 13 \u00a0
\n\n\t\t\t\t\tInventories \u00a0
31 December \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tFuel and lube oil \u00a0
\n\n\t\t\t\t\t549 \u00a0
\n\n\t\t\t\t\t440 \u00a0
Note 14 \u00a0
\n\n\t\t\t\t\tPrepayments \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tPrepayments \u00a0
\n\n\t\t\t\t\t1,699 \u00a0
\n\n\t\t\t\t\t1,496 \u00a0
\n\n\t\t\t\t\tPrepayments include deferred costs like insurance annual premiums and software an- \u00a0
\n\n\t\t\t\t\tnual subscriptions. \u00a0
Note 15 \u00a0
\n\n\t\t\t\t\tIntangible Assets \u00a0
EUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tSoftware \u00a0
\n\n\t\t\t\t\tCost \u00a0
\n\n\t\t\t\t\tBeginning of period \u00a0
\n\n\t\t\t\t\t434 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t228 \u00a0
\n\n\t\t\t\t\tEnd of period \u00a0
\n\n\t\t\t\t\t662 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of period \u00a0
\n\n\t\t\t\t\t32 \u00a0
\n\n\t\t\t\t\tDepreciation charge \u00a0
\n\n\t\t\t\t\t211 \u00a0
\n\n\t\t\t\t\tEnd of period \u00a0
\n\n\t\t\t\t\t243 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t419 \u00a0
While 2021 additions were mainly implementation costs for Enterprise Resource and \u00a0
\n\n\t\t\t\t\tPlanning (ERP), Vessel and Crew Management software, 2022 additions are mainly fur- \u00a0
\n\n\t\t\t\t\tther developments of these initially implemented solutions. \u00a0
EUR'000 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tSoftware \u00a0
\n\n\t\t\t\t\tCost \u00a0
\n\n\t\t\t\t\tBeginning of period \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t434 \u00a0
\n\n\t\t\t\t\tEnd of period \u00a0
\n\n\t\t\t\t\t434 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of period \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDepreciation charge \u00a0
\n\n\t\t\t\t\t32 \u00a0
\n\n\t\t\t\t\tEnd of period \u00a0
\n\n\t\t\t\t\t32 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t402 \u00a0
Note 16 \u00a0
\n\n\t\t\t\t\tProperty Plant and Equipment \u00a0
Other fixtures \u00a0
\n\n\t\t\t\t\tAssets under \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\tDry Dock \u00a0
\n\n\t\t\t\t\tand fittings \u00a0
\n\n\t\t\t\t\tConstruction \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2022 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t258,148 \u00a0
\n\n\t\t\t\t\t1,983 \u00a0
\n\n\t\t\t\t\t536 \u00a0
\n\n\t\t\t\t\t158,734 \u00a0
\n\n\t\t\t\t\t419,401 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t15,105 \u00a0
\n\n\t\t\t\t\t5,281 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t208,455 \u00a0
\n\n\t\t\t\t\t228,841 \u00a0
\n\n\t\t\t\t\tTransfer from assets under construction \u00a0
\n\n\t\t\t\t\t9,029 \u00a0
\n\n\t\t\t\t\t1,997 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(11,026) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t282,282 \u00a0
\n\n\t\t\t\t\t9,261 \u00a0
\n\n\t\t\t\t\t536 \u00a0
\n\n\t\t\t\t\t356,163 \u00a0
\n\n\t\t\t\t\t648,242 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t19,629 \u00a0
\n\n\t\t\t\t\t300 \u00a0
\n\n\t\t\t\t\t386 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t20,315 \u00a0
\n\n\t\t\t\t\tDepreciation charge \u00a0
\n\n\t\t\t\t\t19,941 \u00a0
\n\n\t\t\t\t\t1,723 \u00a0
\n\n\t\t\t\t\t59 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t21,723 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t39,570 \u00a0
\n\n\t\t\t\t\t2,023 \u00a0
\n\n\t\t\t\t\t445 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t42,038 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t242,712 \u00a0
\n\n\t\t\t\t\t7,238 \u00a0
\n\n\t\t\t\t\t91 \u00a0
\n\n\t\t\t\t\t356,163 \u00a0
\n\n\t\t\t\t\t606,204 \u00a0
Additions during 2022 are mainly driven by down payments for EUR 167 million of the two \u00a0
\n\n\t\t\t\t\tnew F-class foundation installation vessels and instalments for the main cranes for both \u00a0
\n\n\t\t\t\t\tWind Orca (EUR 10.7 million) and Wind Osprey (EUR 16.3 million), represented above on \u00a0
\n\n\t\t\t\t\tAssets under Construction. There was also a transfer from assets under construction to \u00a0
\n\n\t\t\t\t\tadditions for EUR 11 million, of which EUR 9 million due to the activation of vessel equip- \u00a0
\n\n\t\t\t\t\tment. \u00a0
Borrowing costs for 2022 has been capitalized for a total of EUR 4.2 million. The capitali- \u00a0
\n\n\t\t\t\t\tzation rate used to determine the amount of borrowing costs to be capitalized is the \u00a0
\n\n\t\t\t\t\tweighted average interest rate applicable to the Company\u2019s general borrowings during \u00a0
\n\n\t\t\t\t\tthe reported period, in this case 5.7%. \u00a0
Other fixtures \u00a0
\n\n\t\t\t\t\tAssets under \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\tDry Dock \u00a0
\n\n\t\t\t\t\tand fittings \u00a0
\n\n\t\t\t\t\tConstruction \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2021 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t255,030 \u00a0
\n\n\t\t\t\t\t1,050 \u00a0
\n\n\t\t\t\t\t379 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t256,459 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t3,118 \u00a0
\n\n\t\t\t\t\t933 \u00a0
\n\n\t\t\t\t\t157 \u00a0
\n\n\t\t\t\t\t158,734 \u00a0
\n\n\t\t\t\t\t162,942 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t258,148 \u00a0
\n\n\t\t\t\t\t1,983 \u00a0
\n\n\t\t\t\t\t536 \u00a0
\n\n\t\t\t\t\t158,734 \u00a0
\n\n\t\t\t\t\t419,401 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t3,853 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t280 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t4,133 \u00a0
\n\n\t\t\t\t\tDepreciation charge \u00a0
\n\n\t\t\t\t\t15,776 \u00a0
\n\n\t\t\t\t\t300 \u00a0
\n\n\t\t\t\t\t106 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t16,181 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t19,629 \u00a0
\n\n\t\t\t\t\t300 \u00a0
\n\n\t\t\t\t\t386 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t20,315 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t238,520 \u00a0
\n\n\t\t\t\t\t1,683 \u00a0
\n\n\t\t\t\t\t150 \u00a0
\n\n\t\t\t\t\t158,734 \u00a0
\n\n\t\t\t\t\t399,087 \u00a0
Additions during 2021 are mainly driven by down payments for EUR 137 million of the two \u00a0
\n\n\t\t\t\t\tnew X-class wind turbine installation vessels and new crane for Wind Orca (EUR 7 million), \u00a0
\n\n\t\t\t\t\trepresented above on Assets under Construction. \u00a0
Impairment Test \u00a0
\n\n\t\t\t\t\tThe Company has not identified an impairment triggering event but on a voluntary basis \u00a0
\n\n\t\t\t\t\tmanagement performs an impairment test every year. \u00a0
\n\n\t\t\t\t\tAs of 31 December 2022, Management tested the carrying amount of its two vessels for \u00a0
\n\n\t\t\t\t\timpairment. Management considers the vessels as one CGU as they will generate reve- \u00a0
\n\n\t\t\t\t\tnues from similar contracts, have similar operating environment and functionality. \u00a0
\n\n\t\t\t\t\tTwo independent evaluations of the market value of the two vessels were received in the \u00a0
\n\n\t\t\t\t\tsecond half of 2022. The first evaluation was made by Fearnleys Asia (Singapore) Pte Ltd \u00a0
\n\n\t\t\t\t\tthe 7
November 2022 for an estimation of USD 360 million (corresponding to EUR 334 \u00a0
\n\n\t\t\t\t\tmillion), which is 37% higher than the carrying amount. The second vessel evaluation was \u00a0
\n\n\t\t\t\t\tmade the 14 November 2022 by Clarksons Valuations Limited for an estimation of USD \u00a0
\n\n\t\t\t\t\t400-440 million (corresponding to EUR 371-408 million), which is 53-68% higher than the \u00a0
\n\n\t\t\t\t\tcarrying amount. \u00a0
\n\n\t\t\t\t\tThe Company also performed a value-in-use calculation in accordance to assess the risk \u00a0
\n\n\t\t\t\t\tof impairment. The discounted cash flow period has been calculated from the remaining \u00a0
\n\n\t\t\t\t\tuseful life of the vessel as this is deemed most representative for the actual value of the \u00a0
\n\n\t\t\t\t\tvessels. \u00a0
\n\n\t\t\t\t\tThe value in use is calculated based on cash flow projections in financial budgets and \u00a0
\n\n\t\t\t\t\tbusiness plans as follows: \u00a0
\u2013
\n\n\t\t\t\t\t2023-2026 is based on signed customer contracts. \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tFrom 2027 revenue is based on estimated day rates, based on the average day \u00a0
\n\n\t\t\t\t\trate of current contract backlog for O-class vessels and a yearly increase of 2%. \u00a0
The discount rate used in the calculation is based on a Weighted Average Cost of Capi- \u00a0
\n\n\t\t\t\t\ttal (WACC) of 8% after tax, (8.5% after tax in 2021). As the Company is subject to the ton- \u00a0
\n\n\t\t\t\t\tnage tax regime, the tax consideration in the WACC calculation for impairment of a ves- \u00a0
\n\n\t\t\t\t\tsel is immaterial. Therefore, the before and after tax WACC remain the same for impair- \u00a0
\n\n\t\t\t\t\tment testing purposes. \u00a0
\n\n\t\t\t\t\tWACC is calculated by using a standard WACC model in which cost of equity, cost of \u00a0
\n\n\t\t\t\t\tdebt and capital structure are the key parameters. \u00a0
\n\n\t\t\t\t\tThe calculation showed no need for impairment as the future value of cashflows were \u00a0
\n\n\t\t\t\t\thigher than the Net Book Value of the vessels. \u00a0
\n\n\t\t\t\t\tA sensitivity analysis was also undertaken assuming an increase or decrease in the \u00a0
\n\n\t\t\t\t\tWACC by 1.5% as well as an increase or decrease in the revenue by EUR 15 thousand per \u00a0
\n\n\t\t\t\t\tday. Within this sensitivity analysis the calculations also showed no need for impairment \u00a0
\n\n\t\t\t\t\tas the future value of cashflows were higher than the Net Book Value of the vessels. \u00a0
\n\n\t\t\t\t\tSufficient headroom is calculated with respect to the investment in new cranes. \u00a0
\n\n\t\t\t\t\tAs for the new X and F class vessels it is management opinion that current signed con- \u00a0
\n\n\t\t\t\t\ttracts and the expected day rates in the future support the agreed purchase prices of \u00a0
\n\n\t\t\t\t\tthe vessels. \u00a0
Note 17 \u00a0
\n\n\t\t\t\t\tRight of Use Assets \u00a0
Nature of the Group leasing activities \u00a0
\n\n\t\t\t\t\tLeasehold equipment \u00a0
\n\n\t\t\t\t\tIn 2022 the Group started an agreement for the use of vessel equipment for a total con- \u00a0
\n\n\t\t\t\t\ttract value of EUR 464 thousand during the initial term, plus additional repair and installa- \u00a0
\n\n\t\t\t\t\ttion costs. The amount is amortized over the initial term which is 13 months. \u00a0
\n\n\t\t\t\t\tOffice space \u00a0
\n\n\t\t\t\t\tThe Group leases office space for the purpose of office operations. The lease term of \u00a0
\n\n\t\t\t\t\tthe office is based on the first date at which the Group can exit without penalty (31 Au- \u00a0
\n\n\t\t\t\t\tgust 2023). \u00a0
Leasehold \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tequipment \u00a0
\n\n\t\t\t\t\tOffice space \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2022 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tMovement during the year \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t109 \u00a0
\n\n\t\t\t\t\t573 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t1,681 \u00a0
\n\n\t\t\t\t\t2,145 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\tAmortisation charge \u00a0
\n\n\t\t\t\t\t381 \u00a0
\n\n\t\t\t\t\t369 \u00a0
\n\n\t\t\t\t\t750 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t381 \u00a0
\n\n\t\t\t\t\t1,477 \u00a0
\n\n\t\t\t\t\t1,858 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t83 \u00a0
\n\n\t\t\t\t\t204 \u00a0
\n\n\t\t\t\t\t287 \u00a0
Office \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tspace \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2021 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t832 \u00a0
\n\n\t\t\t\t\t832 \u00a0
\n\n\t\t\t\t\tAmortisation charge \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\tPlease refer to Note 22 for disclosure on the lease liabilities and to Note 21 for disclosure \u00a0
\n\n\t\t\t\t\ton the low-value and short-term lease commitments. \u00a0
Lease interest expenses recognized in profit and loss \u00a0
\n\n\t\t\t\t\ta. Interest expense \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense on lease liabilities (vessels and office) \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tb. Lease expense not capitalized in lease liabilities \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tShort-term lease expense \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
c. Total cash outflow for all leases in 2022 and 2021 were EUR 728 thousand and EUR 315 \u00a0
\n\n\t\t\t\t\tthousand respectively, excluding variable lease fee (refer to Note 22). \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRepayment of lease liability \u00a0
\n\n\t\t\t\t\t728 \u00a0
\n\n\t\t\t\t\t315 \u00a0
\n\n\t\t\t\t\tRental above standby rate \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t196 \u00a0
\n\n\t\t\t\t\tCash outflow for leases that are not capitalised \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
\n\n\t\t\t\t\t781 \u00a0
\n\n\t\t\t\t\t545 \u00a0
Note 18 \u00a0
\n\n\t\t\t\t\tTrade and Other Payables \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tTrade and other payables: \u00a0
\n\n\t\t\t\t\tTrade payables \u00a0
\n\n\t\t\t\t\t3,979 \u00a0
\n\n\t\t\t\t\t2,795 \u00a0
\n\n\t\t\t\t\tOther payables \u00a0
\n\n\t\t\t\t\t4,843 \u00a0
\n\n\t\t\t\t\t6,908 \u00a0
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\t9,703 \u00a0
Note 19 \u00a0
\n\n\t\t\t\t\tDeferred Income Taxes \u00a0
Cadeler A/S has material tax losses from previous periods available to carry forward. \u00a0
\n\n\t\t\t\t\tSuch tax losses can be utilized against future tonnage taxation income and other in- \u00a0
\n\n\t\t\t\t\tcome, which does not quality for tonnage taxation. The tax value of tax losses to be car- \u00a0
\n\n\t\t\t\t\tried forward as of 31 December 2022 are in the region of EUR 13 million. \u00a0
\n\n\t\t\t\t\tThe tax losses are not subject to expiration. \u00a0
\n\n\t\t\t\t\tNo deferred tax asset in relation to the tax losses has been recognized as of 31 Decem- \u00a0
\n\n\t\t\t\t\tber 2022 as they are not expected to be utilized within the foreseeable future (3-5 years). \u00a0
Note 20 \u00a0
\n\n\t\t\t\t\tIssued Share Capital \u00a0
No. of \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tshares \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOrdinary shares \u00a0
\n\n\t\t\t\t\tBeginning and end of financial year 2021 \u00a0
\n\n\t\t\t\t\t138,574 \u00a0
\n\n\t\t\t\t\t18,641 \u00a0
\n\n\t\t\t\t\t18,641 \u00a0
\n\n\t\t\t\t\tIssued on May 2022 for capital increase \u00a0
\n\n\t\t\t\t\t26,176 \u00a0
\n\n\t\t\t\t\t3,518 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tIssued on October 2022 for capital increase \u00a0
\n\n\t\t\t\t\t32,850 \u00a0
\n\n\t\t\t\t\t4,416 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tEnd of financial year 2022 \u00a0
\n\n\t\t\t\t\t197,600 \u00a0
\n\n\t\t\t\t\t26,575 \u00a0
\n\n\t\t\t\t\t18,641 \u00a0
As of 1 January 2022, the Group\u2019s issued and paid in share capital amounted to DKK \u00a0
\n\n\t\t\t\t\t138,574 thousand, equal to EUR 18,641 thousand, consisting of 138,574,468 shares of \u00a0
\n\n\t\t\t\t\tDKK 1. \u00a0
\n\n\t\t\t\t\tIn May 2022, the authorized share capital was increased by DKK 26,176 thousand, equal \u00a0
\n\n\t\t\t\t\tto EUR 3,518 thousand, consisting of 26,175,532 shares of DKK 1. \u00a0
\n\n\t\t\t\t\tIn October 2022, the authorized share capital was increased by DKK 32,850 thousand, \u00a0
\n\n\t\t\t\t\tequal to EUR 4,416 thousand, consisting of 32,850,000 shares of DKK 1. \u00a0
\n\n\t\t\t\t\tAt the end of 2022 the Group had share capital amounted to DKK 197,600 thousand, \u00a0
\n\n\t\t\t\t\tequal to EUR 26,575 thousand, consisting of 197,600,000 shares of DKK 1. \u00a0
\n\n\t\t\t\t\tAll shares have equal rights. \u00a0
Note 21 \u00a0
\n\n\t\t\t\t\tCommitments and Pledges \u00a0
Low value and short-term lease commitments \u00a0
\n\n\t\t\t\t\tThe future minimum lease payables under non-cancellable low value and short-term \u00a0
\n\n\t\t\t\t\tleases contracted for at the balance sheet date but not recognized as liabilities, are as \u00a0
\n\n\t\t\t\t\tfollows: \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tNot later than one year \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t18 \u00a0
\n\n\t\t\t\t\tBetween one and five years \u00a0
\n\n\t\t\t\t\t9
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t62 \u00a0
\n\n\t\t\t\t\t18 \u00a0
Pledge of Fixed Assets \u00a0
\n\n\t\t\t\t\tThe Debt Facility detailed in Note 24 is secured by, inter alia, a first priority mortgage \u00a0
\n\n\t\t\t\t\tover the Wind Orca and Wind Osprey Vessels (EUR 243 million carrying value, see Note \u00a0
\n\n\t\t\t\t\t16) and a first priority assignment of the insurances and earnings of the Wind Orca and \u00a0
\n\n\t\t\t\t\tWind Osprey vessels. \u00a0
F-class vessels \u00a0
\n\n\t\t\t\t\tOn 9 May 2022 and 22 November 2022 the Company signed additional contracts with \u00a0
\n\n\t\t\t\t\tCOSCO SHIPPING Heavy Industry to build a total of two new F-class foundation installa- \u00a0
\n\n\t\t\t\t\ttion vessel. \u00a0
\n\n\t\t\t\t\tThe total sum of the contracts for the new vessel is approximately EUR 661 million, of \u00a0
\n\n\t\t\t\t\twhich approximately a total of EUR 167 million was paid in June and December 2022, \u00a0
\n\n\t\t\t\t\twhile the remaining amounts will be due over the years from 2025 to 2026. Of the total \u00a0
\n\n\t\t\t\t\tcontract, USD 495 million will be paid in USD and EUR 205 million will be paid in EUR. \u00a0
X-class vessels \u00a0
\n\n\t\t\t\t\tSince 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry \u00a0
\n\n\t\t\t\t\tto build two new X-class wind turbine installation vessels. \u00a0
\n\n\t\t\t\t\tThe total sum of the contract for the new vessels is approximately EUR 584 million, of \u00a0
\n\n\t\t\t\t\twhich EUR 137 million was paid in 2021. The remaining scheduled payments will be due \u00a0
\n\n\t\t\t\t\tbetween 2023 and 2025. Of the total contract, USD 390 million will be paid in USD and \u00a0
\n\n\t\t\t\t\tEUR 220 million will be paid in EUR. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
\n\n\t\t\t\t\tThe Company signed a contract with NOV on 18 December 2020 to replace the main \u00a0
\n\n\t\t\t\t\tcrane of Wind Orca and then executed the option to replace the main crane for Wind Os- \u00a0
\n\n\t\t\t\t\tprey on 17 June 2021. \u00a0
\n\n\t\t\t\t\tThe total sum of the contract for the replacement of both cranes is EUR 83 million, of \u00a0
\n\n\t\t\t\t\twhich EUR 7 million was paid in 2021, and EUR 27 million was paid in 2022. The remaining \u00a0
\n\n\t\t\t\t\tscheduled payments will be due between 2023 and 2024. \u00a0
Note 22 \u00a0
\n\n\t\t\t\t\tFinancial Risk Management \u00a0
Financial risk factors \u00a0
\n\n\t\t\t\t\tThe Group\u2019s activities expose it to market risk (including currency risk and interest rate \u00a0
\n\n\t\t\t\t\trisk), credit risk and liquidity risk. \u00a0
\n\n\t\t\t\t\tThe financial risk management of the Group is managed by the management of Cadeler \u00a0
\n\n\t\t\t\t\tand overseen by the Board of Directors and Audit Committee. The fair value of the \u00a0
\n\n\t\t\t\t\tGroup's financial assets and liabilities as of 31 December 2022 does not deviate materi- \u00a0
\n\n\t\t\t\t\tally to the carrying amounts as of 31 December 2022. \u00a0
Market risk \u00a0
\n\n\t\t\t\t\tCurrency risk \u00a0
\n\n\t\t\t\t\tThe Group\u2019s business is exposed to the Danish Kroner (\u201cDKK\u201d), Norwegian Kroner (\u201cNOK\u201d) \u00a0
\n\n\t\t\t\t\tand United States Dollar (\u201cUSD\u201d) as certain operating expenses are denominated in \u00a0
\n\n\t\t\t\t\tthese currencies. The Company will look to use financial instruments to reduce currency \u00a0
\n\n\t\t\t\t\trisk when there is significant liability or income in a non-EUR or DKK denominated cur- \u00a0
\n\n\t\t\t\t\trency and there is a cost-effective solution. \u00a0
\n\n\t\t\t\t\tThe largest currency exposure of the group is the future instalments for the new X and F \u00a0
\n\n\t\t\t\t\tclass vessels in USD (USD 816 million), more details can be found in Note 23 with regards \u00a0
\n\n\t\t\t\t\tof the current instruments used to mitigate this currency risk. Management and Board of \u00a0
\n\n\t\t\t\t\tDirectors will evaluate the potential cost and benefits of currency exposure on an ongo- \u00a0
\n\n\t\t\t\t\ting basis. \u00a0
\n\n\t\t\t\t\tThe Group holds cash balances in USD. If the USD:EUR exchange rate deteriorated by \u00a0
\n\n\t\t\t\t\t1% the result before tax would have decreased by EUR 3 thousand (EUR 8 thousand in \u00a0
\n\n\t\t\t\t\t2021) based on the USD cash holdings as at 31 December 2022. \u00a0
\n\n\t\t\t\t\tAs the EUR is pegged to DKK, no material currency risk has been identified against the \u00a0
\n\n\t\t\t\t\tDKK even though the Company has costs denominated in DKK. \u00a0
Interest rate risk \u00a0
\n\n\t\t\t\t\tInterest rate risk is the risk that the fair value or future cash flows of a financial instru- \u00a0
\n\n\t\t\t\t\tment will fluctuate because of changes in market interest rates. The Group\u2019s current ex- \u00a0
\n\n\t\t\t\t\tposure to the risk of changes in market interest rates relates primarily to the Revolving \u00a0
\n\n\t\t\t\t\tCredit Facility (RCF) which was taken out on the 1 July 2022, more details can be found in \u00a0
\n\n\t\t\t\t\tNote 23 with regards of the current instruments used to mitigate this risk. \u00a0
\n\n\t\t\t\t\tThe term loan in the RCF is based on a EURIBOR interest rate plus a margin. The EURI- \u00a0
\n\n\t\t\t\t\tBOR interest rate has a floor of 0bps and was 2.2% at the end of 2022. \u00a0
\n\n\t\t\t\t\tIf the EURIBOR interest rate increased 100bps over the floor of 0bps, and the loan had \u00a0
\n\n\t\t\t\t\tbeen provided throughout the entire period of 2022, the cost would have increased by \u00a0
\n\n\t\t\t\t\tEUR 1.5 million (EUR 715 thousand in 2021). This variation could potentially qualify as capi- \u00a0
\n\n\t\t\t\t\ttalizable borrowing costs and minimize the impact on the result before tax. \u00a0
\n\n\t\t\t\t\tIf the EURIBOR interest rate decreases the result before tax would not change due to \u00a0
\n\n\t\t\t\t\tcapitalisation of borrowing costs. \u00a0
\n\n\t\t\t\t\tManagement and Board of Directors will evaluate the potential cost and benefits of fixed \u00a0
\n\n\t\t\t\t\tinterested rate borrowings on an ongoing basis \u00a0
Credit risk \u00a0
\n\n\t\t\t\t\tRisk management \u00a0
\n\n\t\t\t\t\tCredit risk refers to the risk that counterparty will default on its contractual obligations \u00a0
\n\n\t\t\t\t\tresulting in financial loss to the Group. \u00a0
\n\n\t\t\t\t\tThe Group adopts the following policy to mitigate credit risk. \u00a0
For banks and financial institutions, the Group mitigates its credit risks by transacting \u00a0
\n\n\t\t\t\t\tonly with counterparties who are rated \u201cA\u201d and above by independent rating agencies. \u00a0
\n\n\t\t\t\t\tThe Group adopts the policy of dealing only with customers of appropriate history and \u00a0
\n\n\t\t\t\t\tobtaining sufficient security where appropriate to mitigate credit risk. The Group adopts \u00a0
\n\n\t\t\t\t\tstringent procedures on extending credit terms to customers and on the monitoring of \u00a0
\n\n\t\t\t\t\tcredit risk. \u00a0
\n\n\t\t\t\t\tThese credit terms are normally contractual and credit policies spell out clearly the \u00a0
\n\n\t\t\t\t\tguidelines on extending credit to customers, including monitoring the process and using \u00a0
\n\n\t\t\t\t\trelated industry\u2019s practices as reference. This includes assessment and valuation of cus- \u00a0
\n\n\t\t\t\t\ttomers\u2019 credit reliability and periodic review of their financial status to determine the \u00a0
\n\n\t\t\t\t\tcredit limits to be granted. Customers are also assessed based on their historical pay- \u00a0
\n\n\t\t\t\t\tment records. Where necessary, customers may also be requested to provide security or \u00a0
\n\n\t\t\t\t\tadvance payment before services are rendered. \u00a0
\n\n\t\t\t\t\tRelated party credit risk is managed by the management of Cadeler and overseen by the \u00a0
\n\n\t\t\t\t\tBoard of Directors and Audit Committee. \u00a0
\n\n\t\t\t\t\tThe maximum exposure to credit risk is the carrying amount of trade receivables and \u00a0
\n\n\t\t\t\t\tother receivables, receivables from group entities and cash and bank balances pre- \u00a0
\n\n\t\t\t\t\tsented on the balance sheet. \u00a0
Impairment of financial assets \u00a0
\n\n\t\t\t\t\tThe Group assesses on a forward-looking basis the expected credit losses (\u201cECLs\u201d) as- \u00a0
\n\n\t\t\t\t\tsociated with its financial assets which are trade and other receivables, cash and bank \u00a0
\n\n\t\t\t\t\tbalances and contract assets. Financial assets are written-off when there is no \u00a0
reasonable expectation of recovery, such as a non-related debtor failing to engage in a \u00a0
\n\n\t\t\t\t\trepayment plan with the Group. \u00a0
\n\n\t\t\t\t\tWhere receivables have been written-off, the Group continues to engage in enforcement \u00a0
\n\n\t\t\t\t\tactivity to attempt to recover the receivables due. Where recoveries are made, these are \u00a0
\n\n\t\t\t\t\trecognized in profit or loss. \u00a0
\n\n\t\t\t\t\tThe Group has applied the simplified credit loss approach by using the provision matrix \u00a0
\n\n\t\t\t\t\tto measure the lifetime expected credit losses for trade receivables from customers. To \u00a0
\n\n\t\t\t\t\tmeasure the expected credit losses, the Group grouped receivables based on shared \u00a0
\n\n\t\t\t\t\tcredit characteristics and days past due. \u00a0
\n\n\t\t\t\t\tTrade receivables from external customers that are neither past due nor impaired are \u00a0
\n\n\t\t\t\t\twith creditworthy companies. Based on the provision matrix, the trade receivables from \u00a0
\n\n\t\t\t\t\texternal customers are subject to immaterial credit loss. \u00a0
\n\n\t\t\t\t\tFor cash and bank balances and other receivables that are measured at amortized cost, \u00a0
\n\n\t\t\t\t\tthe Group has considered these financial assets as low credit risk. Cash and bank bal- \u00a0
\n\n\t\t\t\t\tances are mainly deposits with banks who have high credit-ratings as determined by in- \u00a0
\n\n\t\t\t\t\tternational credit-rating agencies. As at 31 December 2022, cash and bank balances and \u00a0
\n\n\t\t\t\t\tother receivables are subject to immaterial credit loss. \u00a0
\n\n\t\t\t\t\tThere is no credit loss allowance for other financial asset at amortized cost as at 31 De- \u00a0
\n\n\t\t\t\t\tcember 2022 and 31 December 2021. \u00a0
Liquidity risk \u00a0
\n\n\t\t\t\t\tThe Group manages liquidity risk by maintaining sufficient cash and available funding \u00a0
\n\n\t\t\t\t\tthrough committed credit facilities to enable it to meet its operational requirements and \u00a0
\n\n\t\t\t\t\tinstalments for the new X and F class vessels recently signed. \u00a0
\n\n\t\t\t\t\tFurther financing will be required from 2024 in connection to milestone payments for the \u00a0
\n\n\t\t\t\t\tnew X and F class vessels. The Company is currently exploring numerous options for se- \u00a0
\n\n\t\t\t\t\tcuring funds to fulfil the contract, including export credit agencies support. Further, the \u00a0
\n\n\t\t\t\t\tCompany obtained an indicative term sheet for the financing of the X-class vessels ac- \u00a0
\n\n\t\t\t\t\tquired from COSCO SHIPPING Heavy Industry and planned to be delivered in the period \u00a0
\n\n\t\t\t\t\tof 2024 to 2025. \u00a0
Less than 1 \u00a0
\n\n\t\t\t\t\tBetween 1 \u00a0
\n\n\t\t\t\t\tBetween 2 \u00a0
\n\n\t\t\t\t\tMillions \u00a0
\n\n\t\t\t\t\tyear \u00a0
\n\n\t\t\t\t\tand 2 years \u00a0
\n\n\t\t\t\t\tand 5 years \u00a0
\n\n\t\t\t\t\tObligation in USD \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t197 \u00a0
\n\n\t\t\t\t\t619 \u00a0
\n\n\t\t\t\t\tObligation in EUR \u00a0
\n\n\t\t\t\t\t41 \u00a0
\n\n\t\t\t\t\t41 \u00a0
\n\n\t\t\t\t\t105 \u00a0
The BW Group, provided COSCO SHIPPING Heavy Industry with a guarantee in respect \u00a0
\n\n\t\t\t\t\tof the sums owed by Cadeler pursuant to the two X-class vessels and the two F-class \u00a0
\n\n\t\t\t\t\tvessels. \u00a0
\n\n\t\t\t\t\tThe following maturity table shows the contract obligation for the construction of the X \u00a0
\n\n\t\t\t\t\tand F class vessels: \u00a0
For further information regarding Interest-bearing loans and borrowings please refer to \u00a0
\n\n\t\t\t\t\tNote 24. \u00a0
The table below analyses the maturity profile of the financial liabilities of the Company \u00a0
\n\n\t\t\t\t\tbased on contractual undiscounted cash flows. \u00a0
\n\n\t\t\t\t\tLess than 1 \u00a0
\n\n\t\t\t\t\tBetween 1 \u00a0
\n\n\t\t\t\t\tBetween 2 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tyear \u00a0
\n\n\t\t\t\t\tand 2 years \u00a0
\n\n\t\t\t\t\tand 5 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\tPayables to Related parties \u00a0
\n\n\t\t\t\t\t89 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t89 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\tDebt to credit institutions \u00a0
\n\n\t\t\t\t\t772 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t114,230 \u00a0
\n\n\t\t\t\t\t115,002 \u00a0
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,821 \u00a0
\n\n\t\t\t\t\t287 \u00a0
\n\n\t\t\t\t\t2,108 \u00a0
\n\n\t\t\t\t\t9,962 \u00a0
\n\n\t\t\t\t\t1,821 \u00a0
\n\n\t\t\t\t\t114,517 \u00a0
\n\n\t\t\t\t\t126,300 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t9,703 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t9,703 \u00a0
\n\n\t\t\t\t\tPayables to Related parties \u00a0
\n\n\t\t\t\t\t63 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t63 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t298 \u00a0
\n\n\t\t\t\t\t209 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t507 \u00a0
\n\n\t\t\t\t\tDebt to credit institutions \u00a0
\n\n\t\t\t\t\t28,599 \u00a0
\n\n\t\t\t\t\t14,476 \u00a0
\n\n\t\t\t\t\t30,000 \u00a0
\n\n\t\t\t\t\t73,075 \u00a0
\n\n\t\t\t\t\t38,663 \u00a0
\n\n\t\t\t\t\t14,685 \u00a0
\n\n\t\t\t\t\t30,000 \u00a0
\n\n\t\t\t\t\t83,348 \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tLease liabilities at 1st of January (current and non-current \u00a0
\n\n\t\t\t\t\tlease) \u00a0
\n\n\t\t\t\t\t507 \u00a0
\n\n\t\t\t\t\t792 \u00a0
\n\n\t\t\t\t\tCash flows \u00a0
\n\n\t\t\t\t\t(228) \u00a0
\n\n\t\t\t\t\t(285) \u00a0
\n\n\t\t\t\t\tLease liabilities at 31st of December (current and non-cur- \u00a0
\n\n\t\t\t\t\trent lease) \u00a0
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\t507 \u00a0
Change in the debts to credit institutes during the year \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tDebt to credit institutes at 1st of January (current and non- \u00a0
\n\n\t\t\t\t\tcurrent lease) \u00a0
\n\n\t\t\t\t\t(73,075) \u00a0
\n\n\t\t\t\t\t(73,500) \u00a0
\n\n\t\t\t\t\tOverdraft facility drawn \u00a0
\n\n\t\t\t\t\t(16,067) \u00a0
\n\n\t\t\t\t\t(8,998) \u00a0
\n\n\t\t\t\t\tLoans repayment \u00a0
\n\n\t\t\t\t\t65,000 \u00a0
\n\n\t\t\t\t\t10,000 \u00a0
\n\n\t\t\t\t\tOverdraft repayment \u00a0
\n\n\t\t\t\t\t25,065 \u00a0
\n\n\t\t\t\t\tNew loan \u00a0
\n\n\t\t\t\t\t(115,000) \u00a0
\n\n\t\t\t\t\tNew loan fees \u00a0
\n\n\t\t\t\t\t1,541 \u00a0
\n\n\t\t\t\t\tNon-Cash flow of interest \u00a0
\n\n\t\t\t\t\t(2,466) \u00a0
\n\n\t\t\t\t\t(577) \u00a0
\n\n\t\t\t\t\tDebt to credit institutes at 31st of December (current and \u00a0
\n\n\t\t\t\t\tnon-current lease) \u00a0
\n\n\t\t\t\t\t(115,002) \u00a0
\n\n\t\t\t\t\t(73,075) \u00a0
Less than \u00a0
\n\n\t\t\t\t\tBetween 1 \u00a0
\n\n\t\t\t\t\tAfter 2 \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t1 year \u00a0
\n\n\t\t\t\t\tand 2 years \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tDerivative financial in- \u00a0
\n\n\t\t\t\t\tstruments \u00a0
\n\n\t\t\t\t\tInterest rate swaps with a \u00a0
\n\n\t\t\t\t\tpositive fair value \u00a0
\n\n\t\t\t\t\t(305) \u00a0
\n\n\t\t\t\t\t1,158 \u00a0
\n\n\t\t\t\t\t4,231 \u00a0
\n\n\t\t\t\t\t5,084 \u00a0
\n\n\t\t\t\t\t3,376 \u00a0
\n\n\t\t\t\t\tInterest rate swaps with a \u00a0
\n\n\t\t\t\t\tnegative fair value \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(370) \u00a0
\n\n\t\t\t\t\t(370) \u00a0
\n\n\t\t\t\t\t(287) \u00a0
\n\n\t\t\t\t\tGross settled foreign cur- \u00a0
\n\n\t\t\t\t\trency contracts, pay leg \u00a0
\n\n\t\t\t\t\t(EUR) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(183,741) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(183,741) \u00a0
\n\n\t\t\t\t\tGross settled foreign cur- \u00a0
\n\n\t\t\t\t\trency contracts, receive \u00a0
\n\n\t\t\t\t\tleg (USD) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t181,921 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t181,921 \u00a0
\n\n\t\t\t\t\t(1,821) \u00a0
\n\n\t\t\t\t\t(305) \u00a0
\n\n\t\t\t\t\t(662) \u00a0
\n\n\t\t\t\t\t3,861 \u00a0
\n\n\t\t\t\t\t2,894 \u00a0
\n\n\t\t\t\t\t1,268 \u00a0
Capital management \u00a0
\n\n\t\t\t\t\tThe Company\u2019s objectives when managing capital are to ensure the Company\u2019s ability to \u00a0
\n\n\t\t\t\t\tcontinue as a going concern and to maintain an optimal capital structure. \u00a0
In order to achieve this overall objective, the Company\u2019s capital management, among \u00a0
\n\n\t\t\t\t\tother things, aims to ensure that it meets financial covenants attached to the interest- \u00a0
\n\n\t\t\t\t\tbearing loans and borrowings that define capital structure requirements. Breaches in \u00a0
\n\n\t\t\t\t\tmeeting the financial covenants would permit the bank to immediately call loans and \u00a0
\n\n\t\t\t\t\tborrowings. There have been no breaches of the financial covenants of any interest- \u00a0
\n\n\t\t\t\t\tbearing loans and borrowing in the current period. \u00a0
\n\n\t\t\t\t\tIn order to maintain or adjust the capital structure in the future, the Group may adjust the \u00a0
\n\n\t\t\t\t\tamount of dividends paid to shareholders, issue new shares and/or sell assets to reduce \u00a0
\n\n\t\t\t\t\tdebt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other \u00a0
\n\n\t\t\t\t\tdistributions without DNB Bank ASA\u2019s written consent. \u00a0
Fair value measurement \u00a0
\n\n\t\t\t\t\tThe Group measures financial instruments such as derivatives at fair value at each bal- \u00a0
\n\n\t\t\t\t\tance sheet date. Fair value is the price that would be received to sell an asset or paid to \u00a0
\n\n\t\t\t\t\ttransfer a liability in an orderly transaction between market participants at the balance \u00a0
\n\n\t\t\t\t\tsheet date. \u00a0
\n\n\t\t\t\t\tThe principal or the most advantageous market must be accessible by the Group. The \u00a0
\n\n\t\t\t\t\tfair value of an asset or a liability is measured using the assumptions that market partici- \u00a0
\n\n\t\t\t\t\tpants would use when pricing the asset or liability, assuming that market participants act \u00a0
\n\n\t\t\t\t\tin their economic best interest. \u00a0
\n\n\t\t\t\t\tIn measuring the fair value of unlisted derivative financial instruments and other financial \u00a0
\n\n\t\t\t\t\tinstruments for which there is no active market, fair value is determined using generally \u00a0
\n\n\t\t\t\t\taccepted valuation techniques. \u00a0
\u2013
\n\n\t\t\t\t\tMarket-based parameters such as market-based yield curves and forward ex- \u00a0
\n\n\t\t\t\t\tchange prices are used for the valuation. \u00a0
\n\n\t\t\t\t\tThe Group uses valuation techniques that are appropriate in the circumstances and for \u00a0
\n\n\t\t\t\t\twhich sufficient data is available to measure fair value, maximizing the use of relevant \u00a0
\n\n\t\t\t\t\tobservable inputs and minimizing the use of unobservable inputs. \u00a0
\n\n\t\t\t\t\tFinancial instruments for which fair value is measured or disclosed in the financial state- \u00a0
\n\n\t\t\t\t\tments are categorized within the fair value hierarchy, described as following accounting \u00a0
\n\n\t\t\t\t\thierarchy: \u00a0
\n\n\t\t\t\t\tLevel 1: The fair value of financial instruments traded in active markets (such as publicly \u00a0
\n\n\t\t\t\t\ttraded derivatives, and equity securities) is based on quoted market prices at the end of \u00a0
\n\n\t\t\t\t\tthe reporting period. The quoted market price used for financial assets held by the group \u00a0
\n\n\t\t\t\t\tis the current bid price. These instruments are included in level 1. \u00a0
\n\n\t\t\t\t\tLevel 2: The fair value of financial instruments that are not traded in an active market (e.g. \u00a0
\n\n\t\t\t\t\tover-the counter derivatives) is determined using valuation techniques that maximize the \u00a0
\n\n\t\t\t\t\tuse of observable market data and rely as little as possible on entity-specific estimates. \u00a0
\n\n\t\t\t\t\tIf all significant inputs required to fair value an instrument are observable, the instrument \u00a0
\n\n\t\t\t\t\tis included in level 2. \u00a0
\n\n\t\t\t\t\tLevel 3: If one or more of the significant inputs is not based on observable market data, \u00a0
\n\n\t\t\t\t\tthe instrument is included in level 3. \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\tLevel 1 \u00a0
\n\n\t\t\t\t\tLevel 2 \u00a0
\n\n\t\t\t\t\tLevel 3 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tThrough income statement \u00a0
\n\n\t\t\t\t\tDerivative assets \u00a0
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\tTotal financial assets at fair value through the income statement \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\tDerivative liabilities \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value through the income statement \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCash flow hedges \u00a0
\n\n\t\t\t\t\tDerivative assets \u00a0
\n\n\t\t\t\t\t3,013 \u00a0
\n\n\t\t\t\t\t3,013 \u00a0
\n\n\t\t\t\t\tCash flow hedges \u00a0
\n\n\t\t\t\t\tDerivative liabilities \u00a0
\n\n\t\t\t\t\t(2,108) \u00a0
\n\n\t\t\t\t\t(2,108) \u00a0
\n\n\t\t\t\t\tThe table below shows the fair value measurement hierarchy of the Group\u2019s assets and \u00a0
\n\n\t\t\t\t\tliabilities: \u00a0
Note 23 \u00a0
\n\n\t\t\t\t\tDerivative Financial Instruments \u00a0
Hedge accounting \u00a0
\n\n\t\t\t\t\tThe Group uses forward exchange contracts and interest rate swap contracts to hedge \u00a0
\n\n\t\t\t\t\tcurrency risks and interest risk regarding highly probable future cash flows and desig- \u00a0
\n\n\t\t\t\t\tnates them as cash flow hedges subject to meeting the criteria for application of cash \u00a0
\n\n\t\t\t\t\tflow hedging. \u00a0
\n\n\t\t\t\t\tThe hedging ratios are determined as the notional value of the instrument divided by the \u00a0
\n\n\t\t\t\t\tnotional value of the hedge item. The group seeks to establish hedge relationships with \u00a0
\n\n\t\t\t\t\ta hedging ratio of 1:1. Due to the nature of the hedge items risk, this will be possible by \u00a0
\n\n\t\t\t\t\teither designating a proportion of the hedge instrument or the hedge notional value be- \u00a0
\n\n\t\t\t\t\ting equal or lower of the hedge items notional value. The main score of ineffectiveness \u00a0
\n\n\t\t\t\t\tarises from the timing of the delivery of the vessels. The delivery of the vessels will ex- \u00a0
\n\n\t\t\t\t\tpose the group to several market risks, related to foreign currency risks and interest rate \u00a0
\n\n\t\t\t\t\trisk. The fair value reserve of the derivatives is recognized in other comprehensive in- \u00a0
\n\n\t\t\t\t\tcome until the hedged items are realized. \u00a0
The table below shows the movement in the reserve for cash flow for hedging, listed by \u00a0
\n\n\t\t\t\t\tthe hedged risk. \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tFair Value change of Cash flow hedges \u00a0
\n\n\t\t\t\t\tCumulative fair value change at 1 January \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFair value adjustment at year-end, net \u00a0
\n\n\t\t\t\t\t1,343 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCumulative fair value change at 31 December \u00a0
\n\n\t\t\t\t\t1,343 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tThe fair value of cash flow hedges at 31 December can be speci- \u00a0
\n\n\t\t\t\t\tfied as follows: \u00a0
\n\n\t\t\t\t\tInterest rate risk hedging \u00a0
\n\n\t\t\t\t\t3,163 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tForeign currency risk hedging \u00a0
\n\n\t\t\t\t\t(1,820) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCumulative fair value change at 31 December \u00a0
\n\n\t\t\t\t\t1,343 \u00a0
\n\n\t\t\t\t\t-
Interest rate risk \u00a0
\n\n\t\t\t\t\tIn 2022 the group entered into a Senior Secured Green EURIBOR based revolving credit \u00a0
\n\n\t\t\t\t\tfacility (RCF) with a 0 bps floor which led the group to be exposed to changes in the 3M \u00a0
\n\n\t\t\t\t\tEURIBOR rate on their current funding. Further the group obtained an indicative term \u00a0
\n\n\t\t\t\t\tsheet for the financing of the X-class vessels acquired from COSCO SHIPPING Heavy In- \u00a0
\n\n\t\t\t\t\tdustry and planned to be delivered in the period of 2024 to 2025. The group intends to \u00a0
\n\n\t\t\t\t\tenter these loans as the main source of future funding and considered the risk of \u00a0
\n\n\t\t\t\t\tchanges to EURIBOR based interest payments in 2022 and coming years. \u00a0
\n\n\t\t\t\t\tThe group entered into interest rate swap contracts with the group\u2019s main bank and re- \u00a0
\n\n\t\t\t\t\tlated these to the RCF and the future loans. The interest rate risk arising from the loans \u00a0
\n\n\t\t\t\t\thave been swapped from 3M EURIBOR to a fixed rate. The average fixed rate of the \u00a0
\n\n\t\t\t\t\tswaps is 2.82%. \u00a0
\n\n\t\t\t\t\tThe economic relationship is established as a match of critical terms between the hedge \u00a0
\n\n\t\t\t\t\titem and hedge instrument. The group has assessed the following terms when entered \u00a0
\n\n\t\t\t\t\tinto the hedge relationship: \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tInstalments on the facilities. \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tPayment date of interest and instalment. \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tTiming difference in the maturity of the hedge item and hedge instrument. \u00a0
\n\n\t\t\t\t\tThe expected causes of hedging ineffectiveness relate to: \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tChanges to the expected date of delivery of the vessels. \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\t3M EURIBOR rate falling below 0%. \u00a0
The below table shows the profile of the nominal amount of the interest rate swaps and \u00a0
\n\n\t\t\t\t\tthe fair values. \u00a0
\n\n\t\t\t\t\tFair value \u00a0
\n\n\t\t\t\t\tBetween \u00a0
\n\n\t\t\t\t\tBetween \u00a0
\n\n\t\t\t\t\tLess than \u00a0
\n\n\t\t\t\t\t1 and 2 \u00a0
\n\n\t\t\t\t\t2 and 5 \u00a0
\n\n\t\t\t\t\tNotional amount EUR\u2019000 \u00a0
\n\n\t\t\t\t\t1 year \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tAsset \u00a0
\n\n\t\t\t\t\tLiability \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tInterest rate Swap \u2013 EURI- \u00a0
\n\n\t\t\t\t\tBOR 3M \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t469,375 \u00a0
\n\n\t\t\t\t\t3,451 \u00a0
\n\n\t\t\t\t\t(288) \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tMovements in the hedging reserve \u00a0
\n\n\t\t\t\t\tBeginning of year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFair value adjustment for the year \u00a0
\n\n\t\t\t\t\t2,726 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTransferred to Financial expenses \u00a0
\n\n\t\t\t\t\t437 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tEnd of year \u00a0
\n\n\t\t\t\t\t3,163 \u00a0
\n\n\t\t\t\t\t-
Foreign currency risk hedging \u00a0
\n\n\t\t\t\t\tIn 2021, the group entered into a binding contract for the construction of two X-class \u00a0
\n\n\t\t\t\t\tvessels from COSCO SHIPPING Heavy Industry. The contracts are partly settled in USD. \u00a0
\n\n\t\t\t\t\tUSD payments will be due in 2024 and 2025. The currency exposure arising from the \u00a0
\n\n\t\t\t\t\tcontracts has been swapped to EUR at the company\u2019s banks at an average USD:EUR \u00a0
\n\n\t\t\t\t\trate of 0.9187. \u00a0
\n\n\t\t\t\t\tThe economic relationship is established as a match of critical terms between the hedge \u00a0
\n\n\t\t\t\t\titem and hedge instrument. The group has assessed the following terms when entered \u00a0
\n\n\t\t\t\t\tthe hedge relationship: \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tPayment date of instalment in foreign currency. \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tMaturity of the hedged item and forward contract. \u00a0
\n\n\t\t\t\t\tThe expected causes of hedging ineffectiveness relate to: \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tChanges to the expected date of delivery of the vessel. \u00a0
The below table shows the profile of the nominal amount of the interest rate swaps and \u00a0
\n\n\t\t\t\t\tthe fair values. \u00a0
\n\n\t\t\t\t\tFair value EUR\u2019000 \u00a0
\n\n\t\t\t\t\tBetween \u00a0
\n\n\t\t\t\t\tBetween \u00a0
\n\n\t\t\t\t\tLess than \u00a0
\n\n\t\t\t\t\t1 and 2 \u00a0
\n\n\t\t\t\t\t2 and 5 \u00a0
\n\n\t\t\t\t\tNotional amount USD\u2019000 \u00a0
\n\n\t\t\t\t\t1 year \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tAsset \u00a0
\n\n\t\t\t\t\tLiability \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tUS dollar \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t200,000 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(1,820) \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tMovements in the hedging reserve \u00a0
\n\n\t\t\t\t\tBeginning of year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFair value adjustment for the year \u00a0
\n\n\t\t\t\t\t(1,820) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tEnd of year \u00a0
\n\n\t\t\t\t\t(1,820) \u00a0
\n\n\t\t\t\t\t-
Note 24 \u00a0
\n\n\t\t\t\t\tFinancial Liabilities: Interest-bearing Loans and Borrowings \u00a0
On 1 July 2022 the Company entered into a Senior Secured Green Revolving Credit Facil- \u00a0
\n\n\t\t\t\t\tity (\u201cRCF\u201d) of a 3-year term loan of EUR 185 million with DNB Bank ASA. \u00a0
\n\n\t\t\t\t\tThe RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi- \u00a0
\n\n\t\t\t\t\ttion to voluntary prepayments in whole or any part of the loan, at any time, the loan will \u00a0
\n\n\t\t\t\t\tbe repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to \u00a0
\n\n\t\t\t\t\tEUR 35 million. \u00a0
\n\n\t\t\t\t\tOn 4 July 2022 the Company utilized EUR 115 million from the total EUR 150 million availa- \u00a0
\n\n\t\t\t\t\tble from the RCF. With these funds the Group repaid in full the outstanding amounts, re- \u00a0
\n\n\t\t\t\t\tlated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank \u00a0
\n\n\t\t\t\t\tASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF \u00a0
\n\n\t\t\t\t\tadded about EUR 70 million in liquidity. By the end of the reporting period, EUR 35 million \u00a0
\n\n\t\t\t\t\tremains unutilized from the RCF. \u00a0
\n\n\t\t\t\t\tThe RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and \u00a0
\n\n\t\t\t\t\tsubject to a green loan margin discount as long as the Company is in compliance with \u00a0
\n\n\t\t\t\t\tcertain green asset criteria such as earmarked investments in green assets. The Group is \u00a0
\n\n\t\t\t\t\tcurrently in compliance with this green criteria and are expected to remain compliant for \u00a0
\n\n\t\t\t\t\tthe duration of the facility. Due to a confidentiality agreement, the applicable margin \u00a0
\n\n\t\t\t\t\tcannot be disclosed. \u00a0
\n\n\t\t\t\t\tThe full repayment of the senior debt facility generated a finance cost for the write off of \u00a0
\n\n\t\t\t\t\tborrowing costs of approximately EUR 810 thousand in July 2022. \u00a0
Covenants \u00a0
\n\n\t\t\t\t\tThe Group is in compliance with all covenants in the RCF: \u00a0
\n\n\t\t\t\t\tMinimum Free Liquidity: Freely available cash and cash equivalents at all times to be \u00a0
\n\n\t\t\t\t\tthe higher of EUR 10,000,000 or an amount equal to 7.5% of the gross interest bearing \u00a0
\n\n\t\t\t\t\tdebt. \u00a0
\n\n\t\t\t\t\tEquity Ratio: The ratio of book equity to total assets at all times to be minimum 40%. \u00a0
\n\n\t\t\t\t\tContracted cash flows: If at any reported quarter the aggregated loans exceed the for- \u00a0
\n\n\t\t\t\t\tward-looking expected cash revenues from legally binding contracts, the Contracted \u00a0
\n\n\t\t\t\t\tCash Flows, the Borrower shall prepay the exceeding part of the Loans within five (5) \u00a0
\n\n\t\t\t\t\tBusiness Days. \u00a0
\n\n\t\t\t\t\tFair market value of vessels: The fair market value of the vessels shall at all times cover \u00a0
\n\n\t\t\t\t\tat least 170% of the aggregate outstanding utilisations. \u00a0
\n\n\t\t\t\t\tRestriction on dividends: The Company is not permitted to pay any dividends or other \u00a0
\n\n\t\t\t\t\tdistributions without DNB Bank ASA\u2019s written consent. \u00a0
\n\n\t\t\t\t\tChange of control: If any person or group of persons (other than Swire Pacific or the BW \u00a0
\n\n\t\t\t\t\tGroup) acting in concert directly or indirectly gains control of 25% or more of the voting \u00a0
\n\n\t\t\t\t\tand/or ordinary shares of the Borrower, the Agent (acting on instructions from the major- \u00a0
\n\n\t\t\t\t\tity lenders) may by written notice of ten (10) business days cancel the total commitments \u00a0
\n\n\t\t\t\t\tand demand prepayment of all amounts outstanding under the facilities. \u00a0
Note 25 \u00a0
\n\n\t\t\t\t\tRelated Party Transactions \u00a0
The following significant transactions took place between the Company and related par- \u00a0
\n\n\t\t\t\t\tties within the BW Group and Swire Pacific Offshore Holdings Group at terms agreed be- \u00a0
\n\n\t\t\t\t\ttween the parties: \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCosts related to guarantees fees to BW Group Limited \u00a0
\n\n\t\t\t\t\t(5,307) \u00a0
\n\n\t\t\t\t\t(1,853) \u00a0
\n\n\t\t\t\t\tCosts related to bunker supply to Hafnia Pools Pte Ltd (Member of \u00a0
\n\n\t\t\t\t\tBW Group) \u00a0
\n\n\t\t\t\t\t(2,537) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCost related to share lending fees to BW Altor Pte. Ltd. \u00a0
\n\n\t\t\t\t\t(85) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCost related to travel expenses for board meetings to BW Maritime \u00a0
\n\n\t\t\t\t\tPte. Ltd \u00a0
\n\n\t\t\t\t\t(3) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCosts related to performance guarantees to Swire Pacific Offshore \u00a0
\n\n\t\t\t\t\tHoldings Group \u00a0
\n\n\t\t\t\t\t(157) \u00a0
\n\n\t\t\t\t\t(684) \u00a0
\n\n\t\t\t\t\tCrew hire expenses paid to the Swire Pacific Offshore Holdings \u00a0
\n\n\t\t\t\t\tGroup \u00a0
\n\n\t\t\t\t\t(115) \u00a0
\n\n\t\t\t\t\t(11,461) \u00a0
\n\n\t\t\t\t\tPayables to BW Altor Pte. Ltd. at reported period \u00a0
\n\n\t\t\t\t\t85 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tPayables to BW Maritime Pte. Ltd
at reported period \u00a0
\n\n\t\t\t\t\t3
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tPayables to Hafnia Pools Pte Ltd
at reported period \u00a0
\n\n\t\t\t\t\t1
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tManagement fees paid to the Swire Pacific Offshore Holdings Group \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(197) \u00a0
\n\n\t\t\t\t\tPayables to Swire Pacific Offshore Holdings Group at reported pe- \u00a0
\n\n\t\t\t\t\triod \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t63 \u00a0
Related party transactions over the reported period are primarily linked to guarantee fees \u00a0
\n\n\t\t\t\t\tissued by the BW Group Limited, bunker supply by Hafnia Pools (member of the BW \u00a0
\n\n\t\t\t\t\tGroup), share lending fees by BW Altor in connection with the private placement in Octo- \u00a0
\n\n\t\t\t\t\tber 2022 and costs related to performance guarantee fees and crew hire expenses to \u00a0
\n\n\t\t\t\t\tthe Swire Pacific Offshore Holdings Group. \u00a0
Note 26 \u00a0
\n\n\t\t\t\t\tOperating Profit/(Loss) \u00a0
As a performance measure, the Company uses EBITDA: Earnings before interest, tax, de- \u00a0
\n\n\t\t\t\t\tpreciation, amortization and foreign exchange gains/losses. \u00a0
\n\n\t\t\t\t\tEBITDA is calculated as shown below: \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOperating profit or loss as reported in the statement of \u00a0
\n\n\t\t\t\t\tprofit \u00a0
\n\n\t\t\t\t\t41,191 \u00a0
\n\n\t\t\t\t\t11,134 \u00a0
\n\n\t\t\t\t\tRight-of-use asset amortization \u00a0
\n\n\t\t\t\t\t17 \u00a0
\n\n\t\t\t\t\t750 \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\tDepreciation and amortization \u00a0
\n\n\t\t\t\t\t15, 16 \u00a0
\n\n\t\t\t\t\t21,934 \u00a0
\n\n\t\t\t\t\t16,216 \u00a0
\n\n\t\t\t\t\tEBITDA \u00a0
\n\n\t\t\t\t\t63,875 \u00a0
\n\n\t\t\t\t\t27,626 \u00a0
Note 27 \u00a0
\n\n\t\t\t\t\tEvents After Reporting Period \u00a0
New Headquarters from 2024 \u00a0
\n\n\t\t\t\t\tThe Company signed a contract with Castellum Denmark, in the first days of 2023, for a \u00a0
\n\n\t\t\t\t\tnew headquarters location from 2024. The Company will have access to almost 5,000 \u00a0
\n\n\t\t\t\t\tm2 of office space in central Copenhagen. \u00a0
\n\n\t\t\t\t\tThe Company has terminated the existing agreement on current premises until the first \u00a0
\n\n\t\t\t\t\thalf of 2024. No material costs are expected from this termination. \u00a0
Note 28 \u00a0
\n\n\t\t\t\t\tAuthorization of Financial State- \u00a0
\n\n\t\t\t\t\tments \u00a0
These financial statements were authorized for issue in accordance with a resolution of \u00a0
\n\n\t\t\t\t\tthe Board of Directors of Cadeler A/S on 28 March 2023 and recommend for approval of \u00a0
\n\n\t\t\t\t\tthe shareholder of the Company at the annual general meeting to be held on 25 April \u00a0
\n\n\t\t\t\t\t2022. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1056": {
"value": "A/S",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1722": {
"value": "Note 2 \u00a0
\n\n\t\t\t\t\tSignificant Accounting Policies \u00a0
2.1. Basis for preparation \u00a0
\n\n\t\t\t\t\tThese consolidated financial statements are prepared in accordance with International \u00a0
\n\n\t\t\t\t\tFinancial Reporting Standards (\"IFRS\") as adopted by the EU as well as additional Danish \u00a0
\n\n\t\t\t\t\tdisclosure requirements applying to listed companies. Further they are prepared in ac- \u00a0
\n\n\t\t\t\t\tcordance with IFRS as issued by the International Accounting Standards Board (\u201cIASB\u201d). \u00a0
\n\n\t\t\t\t\tThe preparation of these consolidated financial statements in conformity with IFRS re- \u00a0
\n\n\t\t\t\t\tquires management to exercise its judgement in the process of applying the Company\u2019s \u00a0
\n\n\t\t\t\t\taccounting policies. It also requires the use of certain critical accounting estimates and \u00a0
\n\n\t\t\t\t\tassumptions. Areas involving a higher degree of judgement or complexity, or areas \u00a0
\n\n\t\t\t\t\twhere estimates and assumptions are significant to the consolidated financial state- \u00a0
\n\n\t\t\t\t\tments are further described in note 2.24. \u00a0
\n\n\t\t\t\t\tThe accounting policies remain unchanged from the previous year. The consolidated fi- \u00a0
\n\n\t\t\t\t\tnancial statements are presented in euros and all values are rounded to the nearest \u00a0
\n\n\t\t\t\t\tthousand (\u20ac000), except when otherwise indicated. \u00a0
Comparative figures \u00a0
\n\n\t\t\t\t\tThe activities between the two years are unchanged, hence the numbers are compara- \u00a0
\n\n\t\t\t\t\tble. \u00a0
Going concern assessment \u00a0
\n\n\t\t\t\t\tIn connection with the preparation of the consolidated financial statements, the Board \u00a0
\n\n\t\t\t\t\tof Directors, the Audit Committee and the Executive Management have assessed \u00a0
\n\n\t\t\t\t\twhether it is well founded that the going concern assumption is used as a basis. The \u00a0
\n\n\t\t\t\t\tBoard of Directors, the Audit Committee and the Executive Management have \u00a0
concluded that at the time of the presentation of the accounts, there are no factors that \u00a0
\n\n\t\t\t\t\tgive rise to uncertainties as to whether the Group and the Company can and will con- \u00a0
\n\n\t\t\t\t\ttinue operations at least until the next balance sheet date. \u00a0
European Single Electronic Format (ESEF) \u00a0
\n\n\t\t\t\t\tAs a group with securities listed on a regulated market within the EEA, Cadeler A/S is re- \u00a0
\n\n\t\t\t\t\tquired to prepare its official Annual Report in the XHTML format and to tag the main con- \u00a0
\n\n\t\t\t\t\tsolidated financial statements using inline eXtensible Business Reporting Language \u00a0
\n\n\t\t\t\t\t(iXBRL) applying a specific ESEF taxonomy. \u00a0
\n\n\t\t\t\t\tAs such, the Annual Report is therefore both human- and machine-readable. \u00a0
\n\n\t\t\t\t\tA separate assurance report on the iXBRL tagging of the consolidated financial state- \u00a0
\n\n\t\t\t\t\tments is issued by Cadeler's independent auditors and included on page 144. For general \u00a0
\n\n\t\t\t\t\tuse, a PDF version of the Annual Report is published in line with previous years. \u00a0
2.2. Changes in accounting policies and disclosures \u00a0
\n\n\t\t\t\t\tThe Group has adopted standards and interpretations effective as of 1 January 2022. \u00a0
\n\n\t\t\t\t\tAdoption of new and amended standards and interpretations had no impact on the con- \u00a0
\n\n\t\t\t\t\tsolidated financial statements. \u00a0
\n\n\t\t\t\t\tThe Group has not early adopted any other standard, interpretation or amendments that \u00a0
\n\n\t\t\t\t\thave been issued but are not yet effective. \u00a0
The new and amended standards and interpretations that are issued, but not yet effec- \u00a0
\n\n\t\t\t\t\ttive, up to the date of issuance of the Group\u2019s financial statements are not expected to \u00a0
\n\n\t\t\t\t\thave a material impact on the Group. \u00a0
2.3. Revenue recognition \u00a0
\n\n\t\t\t\t\t2.3.1. Time charter \u00a0
\n\n\t\t\t\t\tRevenue from time charter revenue is generated from leasing of vessels and provision of \u00a0
\n\n\t\t\t\t\tservices within wind farming projects, catering and accommodation and mobilization. \u00a0
\n\n\t\t\t\t\tA time charter contract consists of a leasing component (the bareboat element) and a \u00a0
\n\n\t\t\t\t\tservice component. The service component is within the scope of IFRS 15, while the \u00a0
\n\n\t\t\t\t\tleasing component is within the scope of IFRS 16. Refer to Note 2.11 on accounting policy \u00a0
\n\n\t\t\t\t\tfor leases. Both the service component and the leasing component are recognized as \u00a0
\n\n\t\t\t\t\trevenue over time over the leasing period. \u00a0
\n\n\t\t\t\t\tPrepayments from customers for which the service component has yet to be provided \u00a0
\n\n\t\t\t\t\tare recognized as deferred charter hire income and recognized as revenue over the pe- \u00a0
\n\n\t\t\t\t\triod during which the services are performed. \u00a0
\n\n\t\t\t\t\tPayments from customers for the bareboat element are recognized over time in accord- \u00a0
\n\n\t\t\t\t\tance with the length of the customer contract. Prepayments from customers for the \u00a0
\n\n\t\t\t\t\tleasing component are recognized as deferred charter hire income. Refer to Note 2.16 \u00a0
\n\n\t\t\t\t\tfor accounting policy on deferred charter hire income. \u00a0
2.3.2. Catering and accommodation income \u00a0
\n\n\t\t\t\t\tCatering and accommodation income comprise income derived from catering services \u00a0
\n\n\t\t\t\t\tand the provision of accommodation. Revenue is recognized as the service is being pro- \u00a0
\n\n\t\t\t\t\tvided over time. \u00a0
2.3.3. Mobilization income \u00a0
\n\n\t\t\t\t\tMobilization income comprises income for vessel mobilization to support customer pro- \u00a0
\n\n\t\t\t\t\tjects. Revenue is recognized over time as the service is being provided. \u00a0
2.3.4. Sundry income \u00a0
\n\n\t\t\t\t\tSundry income comprises income derived from the mark up on cost recharged to clients \u00a0
\n\n\t\t\t\t\tfor example fuel, and specific charter equipment requests by the customer. Revenue is \u00a0
\n\n\t\t\t\t\trecognized on consumption or delivery of charter equipment. \u00a0
2.4. Cost of sales and administrative expenses \u00a0
\n\n\t\t\t\t\tCost of sales and administrative expenses include the year's expenses relating to the \u00a0
\n\n\t\t\t\t\tGroup's core activities, including depreciation, crew hire and expenses relating to opera- \u00a0
\n\n\t\t\t\t\ttion of vessels, maintenance, staff costs and administration costs. \u00a0
2.5. Employee compensation \u00a0
\n\n\t\t\t\t\tEmployee benefits are recognized as an expense, unless the cost qualifies to be capital- \u00a0
\n\n\t\t\t\t\tized as an asset. \u00a0
Employee compensations include wages and salaries, including compensated absence \u00a0
\n\n\t\t\t\t\tand pensions, as well as other social security contributions made to the entity\u2019s employ- \u00a0
\n\n\t\t\t\t\tees or public & government authorities. The item is net of support schemes made by \u00a0
\n\n\t\t\t\t\tpublic & government authorities. \u00a0
2.6. Interest income \u00a0
\n\n\t\t\t\t\tInterest income is recognized using the effective interest method. \u00a0
2.7. Borrowing costs \u00a0
\n\n\t\t\t\t\tBorrowing costs are capitalized in accordance with IAS 23, where borrowing costs di- \u00a0
\n\n\t\t\t\t\trectly attributable to the construction of assets are capitalised until such a time as the \u00a0
\n\n\t\t\t\t\tasset is substantially ready for its intended use. \u00a0
2.8. Income taxes \u00a0
\n\n\t\t\t\t\t2.8.1. Income tax \u00a0
\n\n\t\t\t\t\tCurrent income tax for current and prior periods is recognized at the amount expected to \u00a0
\n\n\t\t\t\t\tbe paid to or recovered from the tax authorities, using the tax rates and tax laws that \u00a0
\n\n\t\t\t\t\thave been enacted or substantively enacted by the balance sheet date. \u00a0
\n\n\t\t\t\t\tManagement periodically evaluates positions taken in tax returns with respect to situa- \u00a0
\n\n\t\t\t\t\ttions in which applicable tax regulation is subject to interpretation. It establishes provi- \u00a0
\n\n\t\t\t\t\tsions, where appropriate, on the basis of amounts expected to be paid to the tax author- \u00a0
\n\n\t\t\t\t\tities. \u00a0
Deferred income tax is recognized for all temporary differences arising between the tax \u00a0
\n\n\t\t\t\t\tbases of assets and liabilities and their carrying amounts in the financial statements ex- \u00a0
\n\n\t\t\t\t\tcept when the deferred income tax arises from the initial recognition of an asset or liabil- \u00a0
\n\n\t\t\t\t\tity that affects neither accounting nor taxable profit or loss at the time of the transac- \u00a0
\n\n\t\t\t\t\ttion. \u00a0
\n\n\t\t\t\t\tDeferred income tax is measured at the tax rates that are expected to apply when the \u00a0
\n\n\t\t\t\t\trelated deferred income tax asset is realized or the deferred income tax liability is set- \u00a0
\n\n\t\t\t\t\ttled, based on tax rates and tax laws that have been enacted or substantively enacted \u00a0
\n\n\t\t\t\t\tby the balance sheet date. \u00a0
\n\n\t\t\t\t\tCurrent and deferred income taxes are recognized as income or expenses in profit or \u00a0
\n\n\t\t\t\t\tloss, except to the extent that the tax arises from a transaction which is recognized di- \u00a0
\n\n\t\t\t\t\trectly in equity. \u00a0
2.8.2. Tonnage tax \u00a0
\n\n\t\t\t\t\tThe Danish tonnage tax scheme was extended to give vessels such as those operated \u00a0
\n\n\t\t\t\t\tby the Company. Under the scheme, ship-owners (or bareboat charterers) pay a fixed tax \u00a0
\n\n\t\t\t\t\tamount per net tonne at their disposal rather than paying taxes based on income, ex- \u00a0
\n\n\t\t\t\t\tpenses, and depreciation. The Company participates in the scheme from 27 November \u00a0
\n\n\t\t\t\t\t2020. \u00a0
\n\n\t\t\t\t\tAs the vessels are registered in Cyprus and owned by the subsidiaries in Cyprus, the \u00a0
\n\n\t\t\t\t\tGroup is also subject to tonnage taxation in Cyprus. This tonnage taxation income is cal- \u00a0
\n\n\t\t\t\t\tculated based on a fixed tax amount per tonne. \u00a0
As both of these tax schemes are on a notional income derived from tonnage capacity \u00a0
\n\n\t\t\t\t\tand not based on the entities' actual income and expenses, the Group does not consider \u00a0
\n\n\t\t\t\t\tthe schemes to fall under the rules of IAS 12. Consequently, the tonnage tax expenses \u00a0
\n\n\t\t\t\t\tare not presented as part of tax expense in the statement of profit and loss, but are rec- \u00a0
\n\n\t\t\t\t\tognized under costs of sales. \u00a0
2.9. Inventories \u00a0
\n\n\t\t\t\t\tInventories are carried at the lower of cost and net realizable value. Cost is determined \u00a0
\n\n\t\t\t\t\tusing the first-in, first-out basis. Net realizable value is the estimated selling price in the \u00a0
\n\n\t\t\t\t\tordinary course of business, less applicable variable selling expenses. Inventory mainly \u00a0
\n\n\t\t\t\t\tcovers fuel and lube. Major spare parts are recorded as fixed assets. \u00a0
2.10. Property, plant and equipment \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment are recognized at cost less accumulated depreciation \u00a0
\n\n\t\t\t\t\tand accumulated impairment losses. \u00a0
\n\n\t\t\t\t\tThe cost of an item of property, plant and equipment initially recognized includes its pur- \u00a0
\n\n\t\t\t\t\tchase price and any costs that are directly attributable to bringing the asset to the loca- \u00a0
\n\n\t\t\t\t\ttion and condition necessary for it to be capable of operating in the manner intended by \u00a0
\n\n\t\t\t\t\tmanagement. \u00a0
Subsequent expenditure relating to property, plant and equipment that has already been \u00a0
\n\n\t\t\t\t\trecognized is added to the carrying amount of the asset only when it is probable that fu- \u00a0
\n\n\t\t\t\t\tture economic benefits associated with the item will flow to the Group and the cost of \u00a0
\n\n\t\t\t\t\tthe item can be measured reliably. All other repair and maintenance expenses are recog- \u00a0
\n\n\t\t\t\t\tnized in profit or loss when incurred. \u00a0
To keep performing their operational activity, the vessels have an obligation to go \u00a0
\n\n\t\t\t\t\tthrough drydock procedures every five years. The costs of the drydock procedures are \u00a0
\n\n\t\t\t\t\tcapitalized per their purchase price and any costs that are directly attributable to bring- \u00a0
\n\n\t\t\t\t\ting the vessels to the location and condition necessary for the drydock procedures. \u00a0
\n\n\t\t\t\t\tDepreciation is calculated using the straight-line method to allocate their depreciable \u00a0
\n\n\t\t\t\t\tamounts over the assets\u2019 estimated useful life. The estimated useful life is as follows: \u00a0
Useful life \u00a0
\n\n\t\t\t\t\tVessels and furnished equipment \u00a0
\n\n\t\t\t\t\tUp to 25 years \u00a0
\n\n\t\t\t\t\tDrydock \u00a0
\n\n\t\t\t\t\t5 years \u00a0
\n\n\t\t\t\t\tCars \u00a0
\n\n\t\t\t\t\t5 years \u00a0
\n\n\t\t\t\t\tOther fixtures and fittings \u00a0
\n\n\t\t\t\t\t2 to 3 years \u00a0
The estimated useful life of the vessels of 25 years has been estimated by an external \u00a0
\n\n\t\t\t\t\tconsultant through a determined fatigue analysis based on the technical specification of \u00a0
\n\n\t\t\t\t\tthe vessels. Prior to their acquisition, the vessels had already been in use for 8 years, \u00a0
\n\n\t\t\t\t\ttherefore the remaining useful life of the vessels is estimated at 17 years for all compo- \u00a0
\n\n\t\t\t\t\tnents except jacking system and main crane with a remaining useful life of 3 years from \u00a0
\n\n\t\t\t\t\tthe acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per \u00a0
\n\n\t\t\t\t\tvessel by the end of their useful life. \u00a0
The residual value, useful life and methods of depreciation of property, plant and equip- \u00a0
\n\n\t\t\t\t\tment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
2.11. Leases \u00a0
\n\n\t\t\t\t\tWhen the Group is the lessor \u00a0
\n\n\t\t\t\t\tLessor \u2013 operating leases \u00a0
\n\n\t\t\t\t\tThe Group leases vessels (the bareboat element under time charter contracts) under op- \u00a0
\n\n\t\t\t\t\terating leases to non-related parties. This is classified as an operational lease, as such \u00a0
\n\n\t\t\t\t\tleases do not cover a significant part of the economic life of the vessels and the Group \u00a0
\n\n\t\t\t\t\tretains substantially all risks and rewards incidental to ownership of the vessels. Rental \u00a0
\n\n\t\t\t\t\tincome from operating leases is recognized in profit or loss on an over time basis over \u00a0
\n\n\t\t\t\t\tthe lease term and included in revenue. \u00a0
\n\n\t\t\t\t\tInitial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
\n\n\t\t\t\t\tare capitalized and recognized as an expense in profit or loss over the lease term on the \u00a0
\n\n\t\t\t\t\tsame basis as the lease income. \u00a0
When the Group is the lessee \u00a0
\n\n\t\t\t\t\tAt the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
\n\n\t\t\t\t\tcontract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
\n\n\t\t\t\t\tfied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
\n\n\t\t\t\t\tquired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
\n\n\t\t\t\t\tThe Group recognizes a right-of-use asset and lease liability at the date which the under- \u00a0
\n\n\t\t\t\t\tlying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
\n\n\t\t\t\t\tprises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
\n\n\t\t\t\t\tjusted for any lease payments made at or before the commencement date and lease \u00a0
incentive received. Any initial direct costs that would not have been incurred if the lease \u00a0
\n\n\t\t\t\t\thad not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
\n\n\t\t\t\t\tThe right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
\n\n\t\t\t\t\tation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
\n\n\t\t\t\t\tRight-of-use assets are depreciated on a straight-line basis lease term. \u00a0
b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
\n\n\t\t\t\t\ttion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
\n\n\t\t\t\t\tpayments resulting from a change in an index or rate used to determine such lease pay- \u00a0
\n\n\t\t\t\t\tments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
\n\n\t\t\t\t\tThe Group has elected to not recognize right-of-use assets and lease liabilities for short- \u00a0
\n\n\t\t\t\t\tterm leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
\n\n\t\t\t\t\tLease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
\n\n\t\t\t\t\tbasis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
\n\n\t\t\t\t\tchines, office premises and AV equipment. \u00a0
Derecognition of lease \u00a0
\n\n\t\t\t\t\tA financial liability is derecognized when the obligation under the liability is discharged, \u00a0
\n\n\t\t\t\t\tcancelled or expires. \u00a0
\n\n\t\t\t\t\tWhen an existing financial liability is replaced by another from the same lender on sub- \u00a0
\n\n\t\t\t\t\tstantially different terms, or the terms of an existing liability are substantially modified, \u00a0
\n\n\t\t\t\t\tsuch an exchange or modification is treated as the derecognition of the original liability \u00a0
\n\n\t\t\t\t\tand the recognition of a new liability. \u00a0
\n\n\t\t\t\t\tThe difference in the respective carrying amounts of the asset and the liability is recog- \u00a0
\n\n\t\t\t\t\tnized in the statement of profit and loss. \u00a0
2.12. Impairment of non\u2013financial assets \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment and right-of-use assets are tested for impairment when- \u00a0
\n\n\t\t\t\t\tever there is any objective evidence or indication that these assets may be impaired. \u00a0
\n\n\t\t\t\t\tFor the purpose of impairment testing of assets, recoverable amount (i.e. the higher of \u00a0
\n\n\t\t\t\t\tthe fair value less cost to sell and the value in use) is determined on an individual asset \u00a0
\n\n\t\t\t\t\tbasis unless the asset does not generate cash flows that are largely independent of \u00a0
\n\n\t\t\t\t\tthose from other assets. If this is the case, the recoverable amount is determined for the \u00a0
\n\n\t\t\t\t\tcash-generating unit (CGU) to which the asset belongs. \u00a0
\n\n\t\t\t\t\tIf the recoverable amount of the asset or CGU is estimated to be less than its carrying \u00a0
\n\n\t\t\t\t\tamount, the carrying amount of the asset or CGU is reduced to its recoverable amount. \u00a0
\n\n\t\t\t\t\tThe difference between the carrying amount and recoverable amount is recognized as \u00a0
\n\n\t\t\t\t\tan impairment loss in profit or loss. \u00a0
\n\n\t\t\t\t\tAn impairment loss for an asset is reversed if, and only if, there has been a change in the \u00a0
\n\n\t\t\t\t\testimates used to determine the asset\u2019s recoverable amount since the last impairment \u00a0
\n\n\t\t\t\t\tloss was recognized. \u00a0
\n\n\t\t\t\t\tThe carrying amount of this asset is increased to its revised recoverable amount, pro- \u00a0
\n\n\t\t\t\t\tvided that this amount does not exceed the carrying amount that would have been de- \u00a0
\n\n\t\t\t\t\ttermined (net of accumulated depreciation) had no impairment loss been recognized for \u00a0
\n\n\t\t\t\t\tthe asset in prior years. \u00a0
\n\n\t\t\t\t\tA reversal of impairment loss for an asset is recognized in profit or loss. \u00a0
2.13. Financial assets \u00a0
\n\n\t\t\t\t\tThe classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
\n\n\t\t\t\t\ting the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
\n\n\t\t\t\t\tassets. \u00a0
\n\n\t\t\t\t\tThe Group reclassifies financial assets when and only when its business model for man- \u00a0
\n\n\t\t\t\t\taging those assets changes. \u00a0
(i) At initial recognition \u00a0
\n\n\t\t\t\t\tAt initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
\n\n\t\t\t\t\tcase of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
\n\n\t\t\t\t\tdirectly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
\n\n\t\t\t\t\tcial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
\n\n\t\t\t\t\tFinancial assets \u00a0
\n\n\t\t\t\t\tFinancial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
\n\n\t\t\t\t\tbles and other current assets. \u00a0
\n\n\t\t\t\t\tInterest income from these financial assets are recognized using the effective interest \u00a0
\n\n\t\t\t\t\trate method. \u00a0
\n\n\t\t\t\t\tThe Group assesses on forward looking basis the expected credit losses associated with \u00a0
\n\n\t\t\t\t\tits financial assets carried at amortized cost. \u00a0
\n\n\t\t\t\t\tFor trade and other receivables, the Group applied the simplified approach permitted by \u00a0
\n\n\t\t\t\t\tIFRS 9, which requires expected lifetime losses to be recognized from initial recognition \u00a0
\n\n\t\t\t\t\tof the receivables. \u00a0
2.14. Cash and cash equivalents \u00a0
\n\n\t\t\t\t\tFor the purpose of presentation in the statement of cash flows, cash and cash equiva- \u00a0
\n\n\t\t\t\t\tlents include cash on hand and deposits with financial institutions which are subject to \u00a0
\n\n\t\t\t\t\tan insignificant risk of change in value. \u00a0
2.15. Trade and other payables \u00a0
\n\n\t\t\t\t\tTrade and other payables represent liabilities for goods and services provided to the \u00a0
\n\n\t\t\t\t\tGroup prior to the end of the financial year which are unpaid. They are classified as cur- \u00a0
\n\n\t\t\t\t\trent liabilities if payment is due within one year or less (or in the normal operating cycle \u00a0
\n\n\t\t\t\t\tof the business, if longer). Otherwise, they are presented as non-current liabilities. \u00a0
\n\n\t\t\t\t\tTrade and other payables are initially recognized at fair value, and subsequently carried \u00a0
\n\n\t\t\t\t\tat amortized cost, using the effective interest method. \u00a0
2.16. Deferred charter hire income \u00a0
\n\n\t\t\t\t\tTime charter revenue received in advance and reservation fees are deferred and recog- \u00a0
\n\n\t\t\t\t\tnized as current liabilities if the service is due within one year or less. Otherwise, they are \u00a0
\n\n\t\t\t\t\tpresented as non-current liabilities. Deferred charter hire income is recognized as reve- \u00a0
\n\n\t\t\t\t\tnue in profit or loss over time over the period during which the related service is per- \u00a0
\n\n\t\t\t\t\tformed. \u00a0
2.17. Financial liabilities \u00a0
\n\n\t\t\t\t\tDebt to credit institutions etc. is recognized at the time of borrowing at fair value after \u00a0
\n\n\t\t\t\t\tdeduction of transaction costs incurred. Subsequently, the financial liabilities are meas- \u00a0
\n\n\t\t\t\t\tured at amortized cost using the \"effective interest method\", so that the difference \u00a0
between the proceeds and the nominal value is recognized in the income statement un- \u00a0
\n\n\t\t\t\t\tder financial expenses over the loan period. \u00a0
2.18. Derivatives and hedge accounting \u00a0
\n\n\t\t\t\t\tDerivative financial instruments are initially recognized at fair value on the date on which \u00a0
\n\n\t\t\t\t\ta derivative contract is entered into and subsequently remeasured at fair value over \u00a0
\n\n\t\t\t\t\tprofit and loss. Derivatives are carried as financial assets, presented under derivatives \u00a0
\n\n\t\t\t\t\tassets, when the fair value is positive and as financial liabilities, presented under deriva- \u00a0
\n\n\t\t\t\t\ttives liabilities, when the fair value is negative. \u00a0
\n\n\t\t\t\t\tAt the inception of a hedge relationship, the Group formally designates and documents \u00a0
\n\n\t\t\t\t\tthe hedge relationship and the risk management objective and strategy for undertaking \u00a0
\n\n\t\t\t\t\tthe hedge. \u00a0
\n\n\t\t\t\t\tChanges in the fair value of derivative financial instruments designated as cash flow \u00a0
\n\n\t\t\t\t\thedges are recognized in other comprehensive income and presented under \u201cHedging \u00a0
\n\n\t\t\t\t\treserves\u201d (equity). Where the expected future transactions results in the acquisition of \u00a0
\n\n\t\t\t\t\tnon-financial assets, any amounts deferred under equity are transferred from equity to \u00a0
\n\n\t\t\t\t\tthe cost of the asset. Where expected future transaction results in income or expense, \u00a0
\n\n\t\t\t\t\tamount deferred under equity are transferred from equity to the income statement in the \u00a0
\n\n\t\t\t\t\tsame item as the hedged transaction as a reclassification adjustment. \u00a0
\n\n\t\t\t\t\tThe amount included in the hedging reserve is the lower of, in absolute amounts, of the \u00a0
\n\n\t\t\t\t\tcumulative fair value adjustment of the hedging instrument and the hedged item. Inef- \u00a0
\n\n\t\t\t\t\tfectiveness is recognised in the income statement. \u00a0
2.19. Share capital \u00a0
\n\n\t\t\t\t\tOrdinary shares are classified as equity. \u00a0
2.20. Share premium reserve and retained earnings \u00a0
\n\n\t\t\t\t\tCapital increase is classified as equity. Capital increase Incremental costs directly at- \u00a0
\n\n\t\t\t\t\ttributable to the issuance of new shares and share based payments are accounted for \u00a0
\n\n\t\t\t\t\tas a deduction from equity. \u00a0
2.21. Share based payments \u00a0
\n\n\t\t\t\t\tEmployees (including senior executives) of the Group receive remuneration in the form \u00a0
\n\n\t\t\t\t\tof share-based payments, whereby employees render services as consideration for eq- \u00a0
\n\n\t\t\t\t\tuity instruments (equity-settled transactions). \u00a0
Equity-settled transactions \u00a0
\n\n\t\t\t\t\tThe cost of equity-settled transactions is determined by the fair value at the date when \u00a0
\n\n\t\t\t\t\tthe grant is made using an appropriate valuation model. \u00a0
\n\n\t\t\t\t\tThat cost is recognized in employee benefits expenses, together with a corresponding \u00a0
\n\n\t\t\t\t\tincrease in equity (retained earnings), over the period in which the service and, where ap- \u00a0
\n\n\t\t\t\t\tplicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
\n\n\t\t\t\t\tpense recognized for equity-settled transactions at each reporting date until the vesting \u00a0
\n\n\t\t\t\t\tdate reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
\n\n\t\t\t\t\ttimate of the number of equity instruments that will ultimately vest. The expense or \u00a0
\n\n\t\t\t\t\tcredit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
\n\n\t\t\t\t\ttive expense recognized as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
\n\n\t\t\t\t\tmining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
\n\n\t\t\t\t\tis assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
\n\n\t\t\t\t\tthat will ultimately vest. Market performance conditions are reflected within the grant \u00a0
\n\n\t\t\t\t\tdate fair value. \u00a0
\n\n\t\t\t\t\tAny other conditions attached to an award, but without an associated service require- \u00a0
\n\n\t\t\t\t\tment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
\n\n\t\t\t\t\tin the fair value of an award and lead to an immediate expensing of an award unless \u00a0
\n\n\t\t\t\t\tthere are also service and/or performance conditions. \u00a0
\n\n\t\t\t\t\tNo expense is recognized for awards that do not ultimately vest because non-market \u00a0
\n\n\t\t\t\t\tperformance and/or service conditions have not been met. \u00a0
\n\n\t\t\t\t\tWhere awards include a market or non-vesting condition, the transactions are treated as \u00a0
\n\n\t\t\t\t\tvested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
\n\n\t\t\t\t\tthat all other performance and/or service conditions are satisfied. \u00a0
\n\n\t\t\t\t\tThe dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
\n\n\t\t\t\t\tcomputation of diluted earnings per share in a loss situation only if Loss per share in- \u00a0
\n\n\t\t\t\t\tcreases. \u00a0
2.22. Currency translation \u00a0
\n\n\t\t\t\t\tThe financial statements are presented in Euro (EUR), which is also the functional cur- \u00a0
\n\n\t\t\t\t\trency of the Parent Company. \u00a0
Transactions in a currency other than the EUR (\u201cforeign currency\u201d) are translated into \u00a0
\n\n\t\t\t\t\tEUR using the exchange rates at the dates of the transactions. Currency exchange dif- \u00a0
\n\n\t\t\t\t\tferences resulting from the settlement of such transactions and from the translation of \u00a0
\n\n\t\t\t\t\tmonetary assets and liabilities denominated in foreign currencies at the closing rates at \u00a0
\n\n\t\t\t\t\tthe balance sheet are recognized in profit or loss. Non-monetary items measured at fair \u00a0
\n\n\t\t\t\t\tvalues in foreign currencies are translated using the exchange rates at the date when the \u00a0
\n\n\t\t\t\t\tfair values are determined. \u00a0
\n\n\t\t\t\t\tForeign exchange gains and losses impacting profit or loss are presented in the income \u00a0
\n\n\t\t\t\t\tstatement within finance income or finance costs. \u00a0
2.23. Cash flow statement \u00a0
\n\n\t\t\t\t\tStatement of cash flows \u00a0
\n\n\t\t\t\t\tThe statement of cash flows shows the Group\u2019s cash flows for the year distributed on \u00a0
\n\n\t\t\t\t\toperating, investing and financing activities, net changes for the year in cash and cash \u00a0
\n\n\t\t\t\t\tequivalents as well as the Group\u2019s cash and cash equivalents at the beginning and end \u00a0
\n\n\t\t\t\t\tof the year. \u00a0
Positive amounts indicate cash inflows, whereas negative amounts indicate cash out- \u00a0
\n\n\t\t\t\t\tflows. \u00a0
Cash flows from operating activities \u00a0
\n\n\t\t\t\t\tCash flows from operating activities are stated as the profit/loss for the year adjusted \u00a0
\n\n\t\t\t\t\tfor non-cash operating items such as depreciation, changes in working capital and in- \u00a0
\n\n\t\t\t\t\tcome tax paid or received. Working capital includes current assets less current liabilities, \u00a0
\n\n\t\t\t\t\texcluding cash and cash equivalents. \u00a0
Cash flows from investing activities \u00a0
\n\n\t\t\t\t\tCash flows from investing activities comprise cash flows from the acquisition and sale of \u00a0
\n\n\t\t\t\t\tnon-current assets. \u00a0
Cash flows from financing activities \u00a0
\n\n\t\t\t\t\tCash flows from financing activities comprise cash flows from instalments on lease liabil- \u00a0
\n\n\t\t\t\t\tities, and interest paid/received. \u00a0
Cash and cash equivalents \u00a0
\n\n\t\t\t\t\tCash and cash equivalents are measured in the balance sheet nominal value, and mainly \u00a0
\n\n\t\t\t\t\tconsists of short-term deposits and cash and bank balances. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1781": {
"value": "2.1. Basis for preparation \u00a0
\n\n\t\t\t\t\tThese consolidated financial statements are prepared in accordance with International \u00a0
\n\n\t\t\t\t\tFinancial Reporting Standards (\"IFRS\") as adopted by the EU as well as additional Danish \u00a0
\n\n\t\t\t\t\tdisclosure requirements applying to listed companies. Further they are prepared in ac- \u00a0
\n\n\t\t\t\t\tcordance with IFRS as issued by the International Accounting Standards Board (\u201cIASB\u201d). \u00a0
\n\n\t\t\t\t\tThe preparation of these consolidated financial statements in conformity with IFRS re- \u00a0
\n\n\t\t\t\t\tquires management to exercise its judgement in the process of applying the Company\u2019s \u00a0
\n\n\t\t\t\t\taccounting policies. It also requires the use of certain critical accounting estimates and \u00a0
\n\n\t\t\t\t\tassumptions. Areas involving a higher degree of judgement or complexity, or areas \u00a0
\n\n\t\t\t\t\twhere estimates and assumptions are significant to the consolidated financial state- \u00a0
\n\n\t\t\t\t\tments are further described in note 2.24. \u00a0
\n\n\t\t\t\t\tThe accounting policies remain unchanged from the previous year. The consolidated fi- \u00a0
\n\n\t\t\t\t\tnancial statements are presented in euros and all values are rounded to the nearest \u00a0
\n\n\t\t\t\t\tthousand (\u20ac000), except when otherwise indicated. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1782": {
"value": "2.1. Basis for preparation \u00a0
\n\n\t\t\t\t\tThese consolidated financial statements are prepared in accordance with International \u00a0
\n\n\t\t\t\t\tFinancial Reporting Standards (\"IFRS\") as adopted by the EU as well as additional Danish \u00a0
\n\n\t\t\t\t\tdisclosure requirements applying to listed companies. Further they are prepared in ac- \u00a0
\n\n\t\t\t\t\tcordance with IFRS as issued by the International Accounting Standards Board (\u201cIASB\u201d). \u00a0
\n\n\t\t\t\t\tThe preparation of these consolidated financial statements in conformity with IFRS re- \u00a0
\n\n\t\t\t\t\tquires management to exercise its judgement in the process of applying the Company\u2019s \u00a0
\n\n\t\t\t\t\taccounting policies. It also requires the use of certain critical accounting estimates and \u00a0
\n\n\t\t\t\t\tassumptions. Areas involving a higher degree of judgement or complexity, or areas \u00a0
\n\n\t\t\t\t\twhere estimates and assumptions are significant to the consolidated financial state- \u00a0
\n\n\t\t\t\t\tments are further described in note 2.24. \u00a0
\n\n\t\t\t\t\tThe accounting policies remain unchanged from the previous year. The consolidated fi- \u00a0
\n\n\t\t\t\t\tnancial statements are presented in euros and all values are rounded to the nearest \u00a0
\n\n\t\t\t\t\tthousand (\u20ac000), except when otherwise indicated. \u00a0
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1785": {
"value": "2.2. Changes in accounting policies and disclosures \u00a0
\n\n\t\t\t\t\tThe Group has adopted standards and interpretations effective as of 1 January 2022. \u00a0
\n\n\t\t\t\t\tAdoption of new and amended standards and interpretations had no impact on the con- \u00a0
\n\n\t\t\t\t\tsolidated financial statements. \u00a0
\n\n\t\t\t\t\tThe Group has not early adopted any other standard, interpretation or amendments that \u00a0
\n\n\t\t\t\t\thave been issued but are not yet effective. \u00a0
The new and amended standards and interpretations that are issued, but not yet effec- \u00a0
\n\n\t\t\t\t\ttive, up to the date of issuance of the Group\u2019s financial statements are not expected to \u00a0
\n\n\t\t\t\t\thave a material impact on the Group. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1783": {
"value": "Going concern assessment \u00a0
\n\n\t\t\t\t\tIn connection with the preparation of the consolidated financial statements, the Board \u00a0
\n\n\t\t\t\t\tof Directors, the Audit Committee and the Executive Management have assessed \u00a0
\n\n\t\t\t\t\twhether it is well founded that the going concern assumption is used as a basis. The \u00a0
\n\n\t\t\t\t\tBoard of Directors, the Audit Committee and the Executive Management have \u00a0
concluded that at the time of the presentation of the accounts, there are no factors that \u00a0
\n\n\t\t\t\t\tgive rise to uncertainties as to whether the Group and the Company can and will con- \u00a0
\n\n\t\t\t\t\ttinue operations at least until the next balance sheet date. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1787": {
"value": "2.3. Revenue recognition \u00a0
\n\n\t\t\t\t\t2.3.1. Time charter \u00a0
\n\n\t\t\t\t\tRevenue from time charter revenue is generated from leasing of vessels and provision of \u00a0
\n\n\t\t\t\t\tservices within wind farming projects, catering and accommodation and mobilization. \u00a0
\n\n\t\t\t\t\tA time charter contract consists of a leasing component (the bareboat element) and a \u00a0
\n\n\t\t\t\t\tservice component. The service component is within the scope of IFRS 15, while the \u00a0
\n\n\t\t\t\t\tleasing component is within the scope of IFRS 16. Refer to Note 2.11 on accounting policy \u00a0
\n\n\t\t\t\t\tfor leases. Both the service component and the leasing component are recognized as \u00a0
\n\n\t\t\t\t\trevenue over time over the leasing period. \u00a0
\n\n\t\t\t\t\tPrepayments from customers for which the service component has yet to be provided \u00a0
\n\n\t\t\t\t\tare recognized as deferred charter hire income and recognized as revenue over the pe- \u00a0
\n\n\t\t\t\t\triod during which the services are performed. \u00a0
\n\n\t\t\t\t\tPayments from customers for the bareboat element are recognized over time in accord- \u00a0
\n\n\t\t\t\t\tance with the length of the customer contract. Prepayments from customers for the \u00a0
\n\n\t\t\t\t\tleasing component are recognized as deferred charter hire income. Refer to Note 2.16 \u00a0
\n\n\t\t\t\t\tfor accounting policy on deferred charter hire income. \u00a0
2.3.2. Catering and accommodation income \u00a0
\n\n\t\t\t\t\tCatering and accommodation income comprise income derived from catering services \u00a0
\n\n\t\t\t\t\tand the provision of accommodation. Revenue is recognized as the service is being pro- \u00a0
\n\n\t\t\t\t\tvided over time. \u00a0
2.3.3. Mobilization income \u00a0
\n\n\t\t\t\t\tMobilization income comprises income for vessel mobilization to support customer pro- \u00a0
\n\n\t\t\t\t\tjects. Revenue is recognized over time as the service is being provided. \u00a0
2.3.4. Sundry income \u00a0
\n\n\t\t\t\t\tSundry income comprises income derived from the mark up on cost recharged to clients \u00a0
\n\n\t\t\t\t\tfor example fuel, and specific charter equipment requests by the customer. Revenue is \u00a0
\n\n\t\t\t\t\trecognized on consumption or delivery of charter equipment. \u00a0
2.16. Deferred charter hire income \u00a0
\n\n\t\t\t\t\tTime charter revenue received in advance and reservation fees are deferred and recog- \u00a0
\n\n\t\t\t\t\tnized as current liabilities if the service is due within one year or less. Otherwise, they are \u00a0
\n\n\t\t\t\t\tpresented as non-current liabilities. Deferred charter hire income is recognized as reve- \u00a0
\n\n\t\t\t\t\tnue in profit or loss over time over the period during which the related service is per- \u00a0
\n\n\t\t\t\t\tformed. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1792": {
"value": "2.3. Revenue recognition \u00a0
\n\n\t\t\t\t\t2.3.1. Time charter \u00a0
\n\n\t\t\t\t\tRevenue from time charter revenue is generated from leasing of vessels and provision of \u00a0
\n\n\t\t\t\t\tservices within wind farming projects, catering and accommodation and mobilization. \u00a0
\n\n\t\t\t\t\tA time charter contract consists of a leasing component (the bareboat element) and a \u00a0
\n\n\t\t\t\t\tservice component. The service component is within the scope of IFRS 15, while the \u00a0
\n\n\t\t\t\t\tleasing component is within the scope of IFRS 16. Refer to Note 2.11 on accounting policy \u00a0
\n\n\t\t\t\t\tfor leases. Both the service component and the leasing component are recognized as \u00a0
\n\n\t\t\t\t\trevenue over time over the leasing period. \u00a0
\n\n\t\t\t\t\tPrepayments from customers for which the service component has yet to be provided \u00a0
\n\n\t\t\t\t\tare recognized as deferred charter hire income and recognized as revenue over the pe- \u00a0
\n\n\t\t\t\t\triod during which the services are performed. \u00a0
\n\n\t\t\t\t\tPayments from customers for the bareboat element are recognized over time in accord- \u00a0
\n\n\t\t\t\t\tance with the length of the customer contract. Prepayments from customers for the \u00a0
\n\n\t\t\t\t\tleasing component are recognized as deferred charter hire income. Refer to Note 2.16 \u00a0
\n\n\t\t\t\t\tfor accounting policy on deferred charter hire income. \u00a0
2.3.2. Catering and accommodation income \u00a0
\n\n\t\t\t\t\tCatering and accommodation income comprise income derived from catering services \u00a0
\n\n\t\t\t\t\tand the provision of accommodation. Revenue is recognized as the service is being pro- \u00a0
\n\n\t\t\t\t\tvided over time. \u00a0
2.3.3. Mobilization income \u00a0
\n\n\t\t\t\t\tMobilization income comprises income for vessel mobilization to support customer pro- \u00a0
\n\n\t\t\t\t\tjects. Revenue is recognized over time as the service is being provided. \u00a0
2.3.4. Sundry income \u00a0
\n\n\t\t\t\t\tSundry income comprises income derived from the mark up on cost recharged to clients \u00a0
\n\n\t\t\t\t\tfor example fuel, and specific charter equipment requests by the customer. Revenue is \u00a0
\n\n\t\t\t\t\trecognized on consumption or delivery of charter equipment. \u00a0
Note 3 \u00a0
\n\n\t\t\t\t\tRevenue \u00a0
Disaggregation of revenue from contracts with customers \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRevenue from contracts with customers \u00a0
\n\n\t\t\t\t\tTime charter hire services \u00a0
\n\n\t\t\t\t\t99,368 \u00a0
\n\n\t\t\t\t\t49,538 \u00a0
\n\n\t\t\t\t\tCatering and accommodation \u00a0
\n\n\t\t\t\t\t352 \u00a0
\n\n\t\t\t\t\t1,888 \u00a0
\n\n\t\t\t\t\tMobilisation \u00a0
\n\n\t\t\t\t\t4,858 \u00a0
\n\n\t\t\t\t\t5,023 \u00a0
\n\n\t\t\t\t\tSundry income \u00a0
\n\n\t\t\t\t\t1,846 \u00a0
\n\n\t\t\t\t\t4,489 \u00a0
\n\n\t\t\t\t\tTotal revenue \u00a0
\n\n\t\t\t\t\t106,424 \u00a0
\n\n\t\t\t\t\t60,938 \u00a0
Revenue from time charter hire services are contracts with customers where the Group \u00a0
\n\n\t\t\t\t\tutilizes its vessels, equipment and crew to deliver a service to the customer based on ei- \u00a0
\n\n\t\t\t\t\tther a fixed day rate or milestone deliverables. Contracts may also include other services \u00a0
\n\n\t\t\t\t\tsuch as mobilization income, catering and accommodation as well as sundry income. \u00a0
\n\n\t\t\t\t\tRevenues are recognized over time, with the exception of a minor part of mobilization \u00a0
\n\n\t\t\t\t\tfees and sundry income, which might be recognised at a point in time depending on the \u00a0
\n\n\t\t\t\t\tcontract. \u00a0
\n\n\t\t\t\t\tMobilization are the fees earned for the movement of the vessel from one location to an- \u00a0
\n\n\t\t\t\t\tother in order to deliver a project. Sundry income is derived from nonrecurring items di- \u00a0
\n\n\t\t\t\t\trectly related to the execution of the projects.
The total amount of mobilization fees and \u00a0
\n\n\t\t\t\t\tsundry income recognized at a point in time amounted to EUR 7 million (EUR 10 million in \u00a0
\n\n\t\t\t\t\t2021). \u00a0
\n\n\t\t\t\t\tCatering and accommodation income are derived from the provision of food and accom- \u00a0
\n\n\t\t\t\t\tmodation on the vessels and is deemed service revenue. Payment terms with customers \u00a0
\n\n\t\t\t\t\tvary by contract and do not include a finance component. \u00a0
Operating segments \u00a0
\n\n\t\t\t\t\tThe Group\u2019s management are not operating or making decisions based on customer \u00a0
\n\n\t\t\t\t\ttypes, type of service or geographical segments. The Group operates two windfarm in- \u00a0
\n\n\t\t\t\t\tstallation vessels, which are viewed as one segment and can operate in all geographical \u00a0
\n\n\t\t\t\t\tareas required for the specification of a specific windfarm project. Accordingly, the \u00a0
\n\n\t\t\t\t\tGroup only has one operating segment. \u00a0
Contract assets and liabilities \u00a0
\n\n\t\t\t\t\tCustomers are typically invoiced on a monthly basis, when the vessels are on contract. \u00a0
\n\n\t\t\t\t\tSometimes contracts will accrue revenue for work performed and it will be reported as a \u00a0
\n\n\t\t\t\t\tcontract asset until it is invoiced. For more information about contract assets at the re- \u00a0
\n\n\t\t\t\t\tporting period, refer to Note 12. \u00a0
\n\n\t\t\t\t\tThe contract liabilities relate to consideration received from customers for the unsatis- \u00a0
\n\n\t\t\t\t\tfied performance obligation in the charter contracts. Revenue will be recognized when \u00a0
\n\n\t\t\t\t\tthe related services are provided to the customers. \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRevenue recognized in current period that was included in the \u00a0
\n\n\t\t\t\t\tcontract liabilities balance at the beginning of the period \u00a0
\n\n\t\t\t\t\tTime charter hire services \u00a0
\n\n\t\t\t\t\t15,856 \u00a0
\n\n\t\t\t\t\t1,751 \u00a0
\n\n\t\t\t\t\tTotal liabilities at the beginning of the period \u00a0
\n\n\t\t\t\t\t15,856 \u00a0
\n\n\t\t\t\t\t1,751 \u00a0
Contract backlog \u00a0
\n\n\t\t\t\t\tThe Group has an order backlog amounting to EUR 780 million (2021 total backlog was \u00a0
\n\n\t\t\t\t\tEUR 409 million) including contracts announced as of 28 March 2023 and represents the \u00a0
\n\n\t\t\t\t\tvalue of the outstanding performance obligations in current contracts and future con- \u00a0
\n\n\t\t\t\t\ttracts. This backlog includes lease payments relating to the bareboat of the vessels. Of \u00a0
\n\n\t\t\t\t\tthis total backlog, EUR 84 million relates to performance obligations of contracts for the \u00a0
\n\n\t\t\t\t\tremaining of the year 2023. \u00a0
2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tas of \u00a0
\n\n\t\t\t\t\tas of \u00a0
\n\n\t\t\t\t\tEUR million \u00a0
\n\n\t\t\t\t\t28 March 2023 \u00a0
\n\n\t\t\t\t\t29 March 2022 \u00a0
\n\n\t\t\t\t\tWithin one year \u00a0
\n\n\t\t\t\t\t84 \u00a0
\n\n\t\t\t\t\t110 \u00a0
\n\n\t\t\t\t\tAfter one year \u00a0
\n\n\t\t\t\t\t696 \u00a0
\n\n\t\t\t\t\t299 \u00a0
\n\n\t\t\t\t\tTotal\u00b9 \u00a0
\n\n\t\t\t\t\t780 \u00a0
\n\n\t\t\t\t\t409 \u00a0
\n\n\t\t\t\t\t1 Contract backlog for 2022 is split between, EUR 653 million firm and EUR 127 million options. For 2021 the split \u00a0
\n\n\t\t\t\t\twas EUR 351 million firm and EUR 58 million options. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1804": {
"value": "2.4. Cost of sales and administrative expenses \u00a0
\n\n\t\t\t\t\tCost of sales and administrative expenses include the year's expenses relating to the \u00a0
\n\n\t\t\t\t\tGroup's core activities, including depreciation, crew hire and expenses relating to opera- \u00a0
\n\n\t\t\t\t\ttion of vessels, maintenance, staff costs and administration costs. \u00a0
b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
\n\n\t\t\t\t\ttion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
\n\n\t\t\t\t\tpayments resulting from a change in an index or rate used to determine such lease pay- \u00a0
\n\n\t\t\t\t\tments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
\n\n\t\t\t\t\tThe Group has elected to not recognize right-of-use assets and lease liabilities for short- \u00a0
\n\n\t\t\t\t\tterm leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
\n\n\t\t\t\t\tLease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
\n\n\t\t\t\t\tbasis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
\n\n\t\t\t\t\tchines, office premises and AV equipment. \u00a0
2.13. Financial assets \u00a0
\n\n\t\t\t\t\tThe classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
\n\n\t\t\t\t\ting the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
\n\n\t\t\t\t\tassets. \u00a0
\n\n\t\t\t\t\tThe Group reclassifies financial assets when and only when its business model for man- \u00a0
\n\n\t\t\t\t\taging those assets changes. \u00a0
(i) At initial recognition \u00a0
\n\n\t\t\t\t\tAt initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
\n\n\t\t\t\t\tcase of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
\n\n\t\t\t\t\tdirectly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
\n\n\t\t\t\t\tcial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
Equity-settled transactions \u00a0
\n\n\t\t\t\t\tThe cost of equity-settled transactions is determined by the fair value at the date when \u00a0
\n\n\t\t\t\t\tthe grant is made using an appropriate valuation model. \u00a0
\n\n\t\t\t\t\tThat cost is recognized in employee benefits expenses, together with a corresponding \u00a0
\n\n\t\t\t\t\tincrease in equity (retained earnings), over the period in which the service and, where ap- \u00a0
\n\n\t\t\t\t\tplicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
\n\n\t\t\t\t\tpense recognized for equity-settled transactions at each reporting date until the vesting \u00a0
\n\n\t\t\t\t\tdate reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
\n\n\t\t\t\t\ttimate of the number of equity instruments that will ultimately vest. The expense or \u00a0
\n\n\t\t\t\t\tcredit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
\n\n\t\t\t\t\ttive expense recognized as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
\n\n\t\t\t\t\tmining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
\n\n\t\t\t\t\tis assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
\n\n\t\t\t\t\tthat will ultimately vest. Market performance conditions are reflected within the grant \u00a0
\n\n\t\t\t\t\tdate fair value. \u00a0
\n\n\t\t\t\t\tAny other conditions attached to an award, but without an associated service require- \u00a0
\n\n\t\t\t\t\tment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
\n\n\t\t\t\t\tin the fair value of an award and lead to an immediate expensing of an award unless \u00a0
\n\n\t\t\t\t\tthere are also service and/or performance conditions. \u00a0
\n\n\t\t\t\t\tNo expense is recognized for awards that do not ultimately vest because non-market \u00a0
\n\n\t\t\t\t\tperformance and/or service conditions have not been met. \u00a0
\n\n\t\t\t\t\tWhere awards include a market or non-vesting condition, the transactions are treated as \u00a0
\n\n\t\t\t\t\tvested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
\n\n\t\t\t\t\tthat all other performance and/or service conditions are satisfied. \u00a0
\n\n\t\t\t\t\tThe dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
\n\n\t\t\t\t\tcomputation of diluted earnings per share in a loss situation only if Loss per share in- \u00a0
\n\n\t\t\t\t\tcreases. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1812": {
"value": "2.4. Cost of sales and administrative expenses \u00a0
\n\n\t\t\t\t\tCost of sales and administrative expenses include the year's expenses relating to the \u00a0
\n\n\t\t\t\t\tGroup's core activities, including depreciation, crew hire and expenses relating to opera- \u00a0
\n\n\t\t\t\t\ttion of vessels, maintenance, staff costs and administration costs. \u00a0
b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
\n\n\t\t\t\t\ttion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
\n\n\t\t\t\t\tpayments resulting from a change in an index or rate used to determine such lease pay- \u00a0
\n\n\t\t\t\t\tments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
\n\n\t\t\t\t\tThe Group has elected to not recognize right-of-use assets and lease liabilities for short- \u00a0
\n\n\t\t\t\t\tterm leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
\n\n\t\t\t\t\tLease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
\n\n\t\t\t\t\tbasis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
\n\n\t\t\t\t\tchines, office premises and AV equipment. \u00a0
2.13. Financial assets \u00a0
\n\n\t\t\t\t\tThe classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
\n\n\t\t\t\t\ting the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
\n\n\t\t\t\t\tassets. \u00a0
\n\n\t\t\t\t\tThe Group reclassifies financial assets when and only when its business model for man- \u00a0
\n\n\t\t\t\t\taging those assets changes. \u00a0
(i) At initial recognition \u00a0
\n\n\t\t\t\t\tAt initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
\n\n\t\t\t\t\tcase of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
\n\n\t\t\t\t\tdirectly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
\n\n\t\t\t\t\tcial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
\n\n\t\t\t\t\tFinancial assets \u00a0
\n\n\t\t\t\t\tFinancial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
\n\n\t\t\t\t\tbles and other current assets. \u00a0
\n\n\t\t\t\t\tInterest income from these financial assets are recognized using the effective interest \u00a0
\n\n\t\t\t\t\trate method. \u00a0
\n\n\t\t\t\t\tThe Group assesses on forward looking basis the expected credit losses associated with \u00a0
\n\n\t\t\t\t\tits financial assets carried at amortized cost. \u00a0
\n\n\t\t\t\t\tFor trade and other receivables, the Group applied the simplified approach permitted by \u00a0
\n\n\t\t\t\t\tIFRS 9, which requires expected lifetime losses to be recognized from initial recognition \u00a0
\n\n\t\t\t\t\tof the receivables. \u00a0
Equity-settled transactions \u00a0
\n\n\t\t\t\t\tThe cost of equity-settled transactions is determined by the fair value at the date when \u00a0
\n\n\t\t\t\t\tthe grant is made using an appropriate valuation model. \u00a0
\n\n\t\t\t\t\tThat cost is recognized in employee benefits expenses, together with a corresponding \u00a0
\n\n\t\t\t\t\tincrease in equity (retained earnings), over the period in which the service and, where ap- \u00a0
\n\n\t\t\t\t\tplicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
\n\n\t\t\t\t\tpense recognized for equity-settled transactions at each reporting date until the vesting \u00a0
\n\n\t\t\t\t\tdate reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
\n\n\t\t\t\t\ttimate of the number of equity instruments that will ultimately vest. The expense or \u00a0
\n\n\t\t\t\t\tcredit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
\n\n\t\t\t\t\ttive expense recognized as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
\n\n\t\t\t\t\tmining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
\n\n\t\t\t\t\tis assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
\n\n\t\t\t\t\tthat will ultimately vest. Market performance conditions are reflected within the grant \u00a0
\n\n\t\t\t\t\tdate fair value. \u00a0
\n\n\t\t\t\t\tAny other conditions attached to an award, but without an associated service require- \u00a0
\n\n\t\t\t\t\tment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
\n\n\t\t\t\t\tin the fair value of an award and lead to an immediate expensing of an award unless \u00a0
\n\n\t\t\t\t\tthere are also service and/or performance conditions. \u00a0
\n\n\t\t\t\t\tNo expense is recognized for awards that do not ultimately vest because non-market \u00a0
\n\n\t\t\t\t\tperformance and/or service conditions have not been met. \u00a0
\n\n\t\t\t\t\tWhere awards include a market or non-vesting condition, the transactions are treated as \u00a0
\n\n\t\t\t\t\tvested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
\n\n\t\t\t\t\tthat all other performance and/or service conditions are satisfied. \u00a0
\n\n\t\t\t\t\tThe dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
\n\n\t\t\t\t\tcomputation of diluted earnings per share in a loss situation only if Loss per share in- \u00a0
\n\n\t\t\t\t\tcreases. \u00a0
Lease interest expenses recognized in profit and loss \u00a0
\n\n\t\t\t\t\ta. Interest expense \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense on lease liabilities (vessels and office) \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tb. Lease expense not capitalized in lease liabilities \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tShort-term lease expense \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
c. Total cash outflow for all leases in 2022 and 2021 were EUR 728 thousand and EUR 315 \u00a0
\n\n\t\t\t\t\tthousand respectively, excluding variable lease fee (refer to Note 22). \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRepayment of lease liability \u00a0
\n\n\t\t\t\t\t728 \u00a0
\n\n\t\t\t\t\t315 \u00a0
\n\n\t\t\t\t\tRental above standby rate \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t196 \u00a0
\n\n\t\t\t\t\tCash outflow for leases that are not capitalised \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
\n\n\t\t\t\t\t781 \u00a0
\n\n\t\t\t\t\t545 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1823": {
"value": "2.5. Employee compensation \u00a0
\n\n\t\t\t\t\tEmployee benefits are recognized as an expense, unless the cost qualifies to be capital- \u00a0
\n\n\t\t\t\t\tized as an asset. \u00a0
Employee compensations include wages and salaries, including compensated absence \u00a0
\n\n\t\t\t\t\tand pensions, as well as other social security contributions made to the entity\u2019s employ- \u00a0
\n\n\t\t\t\t\tees or public & government authorities. The item is net of support schemes made by \u00a0
\n\n\t\t\t\t\tpublic & government authorities. \u00a0
2.21. Share based payments \u00a0
\n\n\t\t\t\t\tEmployees (including senior executives) of the Group receive remuneration in the form \u00a0
\n\n\t\t\t\t\tof share-based payments, whereby employees render services as consideration for eq- \u00a0
\n\n\t\t\t\t\tuity instruments (equity-settled transactions). \u00a0
Equity-settled transactions \u00a0
\n\n\t\t\t\t\tThe cost of equity-settled transactions is determined by the fair value at the date when \u00a0
\n\n\t\t\t\t\tthe grant is made using an appropriate valuation model. \u00a0
\n\n\t\t\t\t\tThat cost is recognized in employee benefits expenses, together with a corresponding \u00a0
\n\n\t\t\t\t\tincrease in equity (retained earnings), over the period in which the service and, where ap- \u00a0
\n\n\t\t\t\t\tplicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
\n\n\t\t\t\t\tpense recognized for equity-settled transactions at each reporting date until the vesting \u00a0
\n\n\t\t\t\t\tdate reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
\n\n\t\t\t\t\ttimate of the number of equity instruments that will ultimately vest. The expense or \u00a0
\n\n\t\t\t\t\tcredit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
\n\n\t\t\t\t\ttive expense recognized as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
\n\n\t\t\t\t\tmining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
\n\n\t\t\t\t\tis assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
\n\n\t\t\t\t\tthat will ultimately vest. Market performance conditions are reflected within the grant \u00a0
\n\n\t\t\t\t\tdate fair value. \u00a0
\n\n\t\t\t\t\tAny other conditions attached to an award, but without an associated service require- \u00a0
\n\n\t\t\t\t\tment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
\n\n\t\t\t\t\tin the fair value of an award and lead to an immediate expensing of an award unless \u00a0
\n\n\t\t\t\t\tthere are also service and/or performance conditions. \u00a0
\n\n\t\t\t\t\tNo expense is recognized for awards that do not ultimately vest because non-market \u00a0
\n\n\t\t\t\t\tperformance and/or service conditions have not been met. \u00a0
\n\n\t\t\t\t\tWhere awards include a market or non-vesting condition, the transactions are treated as \u00a0
\n\n\t\t\t\t\tvested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
\n\n\t\t\t\t\tthat all other performance and/or service conditions are satisfied. \u00a0
\n\n\t\t\t\t\tThe dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
\n\n\t\t\t\t\tcomputation of diluted earnings per share in a loss situation only if Loss per share in- \u00a0
\n\n\t\t\t\t\tcreases. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1828": {
"value": "2.5. Employee compensation \u00a0
\n\n\t\t\t\t\tEmployee benefits are recognized as an expense, unless the cost qualifies to be capital- \u00a0
\n\n\t\t\t\t\tized as an asset. \u00a0
Employee compensations include wages and salaries, including compensated absence \u00a0
\n\n\t\t\t\t\tand pensions, as well as other social security contributions made to the entity\u2019s employ- \u00a0
\n\n\t\t\t\t\tees or public & government authorities. The item is net of support schemes made by \u00a0
\n\n\t\t\t\t\tpublic & government authorities. \u00a0
2.21. Share based payments \u00a0
\n\n\t\t\t\t\tEmployees (including senior executives) of the Group receive remuneration in the form \u00a0
\n\n\t\t\t\t\tof share-based payments, whereby employees render services as consideration for eq- \u00a0
\n\n\t\t\t\t\tuity instruments (equity-settled transactions). \u00a0
Equity-settled transactions \u00a0
\n\n\t\t\t\t\tThe cost of equity-settled transactions is determined by the fair value at the date when \u00a0
\n\n\t\t\t\t\tthe grant is made using an appropriate valuation model. \u00a0
\n\n\t\t\t\t\tThat cost is recognized in employee benefits expenses, together with a corresponding \u00a0
\n\n\t\t\t\t\tincrease in equity (retained earnings), over the period in which the service and, where ap- \u00a0
\n\n\t\t\t\t\tplicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
\n\n\t\t\t\t\tpense recognized for equity-settled transactions at each reporting date until the vesting \u00a0
\n\n\t\t\t\t\tdate reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
\n\n\t\t\t\t\ttimate of the number of equity instruments that will ultimately vest. The expense or \u00a0
\n\n\t\t\t\t\tcredit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
\n\n\t\t\t\t\ttive expense recognized as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
\n\n\t\t\t\t\tmining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
\n\n\t\t\t\t\tis assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
\n\n\t\t\t\t\tthat will ultimately vest. Market performance conditions are reflected within the grant \u00a0
\n\n\t\t\t\t\tdate fair value. \u00a0
\n\n\t\t\t\t\tAny other conditions attached to an award, but without an associated service require- \u00a0
\n\n\t\t\t\t\tment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
\n\n\t\t\t\t\tin the fair value of an award and lead to an immediate expensing of an award unless \u00a0
\n\n\t\t\t\t\tthere are also service and/or performance conditions. \u00a0
\n\n\t\t\t\t\tNo expense is recognized for awards that do not ultimately vest because non-market \u00a0
\n\n\t\t\t\t\tperformance and/or service conditions have not been met. \u00a0
\n\n\t\t\t\t\tWhere awards include a market or non-vesting condition, the transactions are treated as \u00a0
\n\n\t\t\t\t\tvested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
\n\n\t\t\t\t\tthat all other performance and/or service conditions are satisfied. \u00a0
\n\n\t\t\t\t\tThe dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
\n\n\t\t\t\t\tcomputation of diluted earnings per share in a loss situation only if Loss per share in- \u00a0
\n\n\t\t\t\t\tcreases. \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tAdministrative expenses \u00a0
\n\n\t\t\t\t\tDepreciation and amortisation \u00a0
\n\n\t\t\t\t\t15, 16, 17 \u00a0
\n\n\t\t\t\t\t1,020 \u00a0
\n\n\t\t\t\t\t414 \u00a0
\n\n\t\t\t\t\tEmployee compensation \u00a0
\n\n\t\t\t\t\t5
\n\n\t\t\t\t\t9,905 \u00a0
\n\n\t\t\t\t\t7,603 \u00a0
\n\n\t\t\t\t\tRepair and maintenance expenses \u00a0
\n\n\t\t\t\t\t796 \u00a0
\n\n\t\t\t\t\t161 \u00a0
\n\n\t\t\t\t\tLegal and professional fees \u00a0
\n\n\t\t\t\t\t1,047 \u00a0
\n\n\t\t\t\t\t564 \u00a0
\n\n\t\t\t\t\tRental expenses \u00a0
\n\n\t\t\t\t\t582 \u00a0
\n\n\t\t\t\t\t584 \u00a0
\n\n\t\t\t\t\tTravel expense \u00a0
\n\n\t\t\t\t\t612 \u00a0
\n\n\t\t\t\t\t305 \u00a0
\n\n\t\t\t\t\tManagement fees to related party \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t115 \u00a0
\n\n\t\t\t\t\tMarketing and entertainment expenses \u00a0
\n\n\t\t\t\t\t788 \u00a0
\n\n\t\t\t\t\t159 \u00a0
\n\n\t\t\t\t\tOther expenses \u00a0
\n\n\t\t\t\t\t946 \u00a0
\n\n\t\t\t\t\t1,020 \u00a0
\n\n\t\t\t\t\tTotal administrative expenses \u00a0
\n\n\t\t\t\t\t15,696 \u00a0
\n\n\t\t\t\t\t10,925 \u00a0
Note 5 \u00a0
\n\n\t\t\t\t\tEmployee Compensation \u00a0
Onshore \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t8,873 \u00a0
\n\n\t\t\t\t\t6,637 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t502 \u00a0
\n\n\t\t\t\t\t350 \u00a0
\n\n\t\t\t\t\tShare based payment expense \u00a0
\n\n\t\t\t\t\t6
\n\n\t\t\t\t\t352 \u00a0
\n\n\t\t\t\t\t360 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t178 \u00a0
\n\n\t\t\t\t\t145 \u00a0
\n\n\t\t\t\t\t9,905 \u00a0
\n\n\t\t\t\t\t7,492 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t70 \u00a0
\n\n\t\t\t\t\t58 \u00a0
Offshore \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t11,693 \u00a0
\n\n\t\t\t\t\t1,097 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t1,082 \u00a0
\n\n\t\t\t\t\t60 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t314 \u00a0
\n\n\t\t\t\t\t2
\n\n\t\t\t\t\t13,089 \u00a0
\n\n\t\t\t\t\t1,159 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t162 \u00a0
\n\n\t\t\t\t\t12 \u00a0
Total \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t20,566 \u00a0
\n\n\t\t\t\t\t7,734 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t1,584 \u00a0
\n\n\t\t\t\t\t410 \u00a0
\n\n\t\t\t\t\tShare based payment expense \u00a0
\n\n\t\t\t\t\t6
\n\n\t\t\t\t\t352 \u00a0
\n\n\t\t\t\t\t360 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t492 \u00a0
\n\n\t\t\t\t\t147 \u00a0
\n\n\t\t\t\t\t22,994 \u00a0
\n\n\t\t\t\t\t8,651 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t232 \u00a0
\n\n\t\t\t\t\t70 \u00a0
\n\n\t\t\t\t\tOffshore crew was hired directly by the Company by the end of November 2021. Aver- \u00a0
\n\n\t\t\t\t\tage number of full-time employees as of 2021 reflect the number of seafarers divided by \u00a0
\n\n\t\t\t\t\t12 months. The Company had 148 seafarers by the end of 2021. \u00a0
Note 6 \u00a0
\n\n\t\t\t\t\tCash and Share Based Payments \u00a0
In December 2021, a new remuneration scheme was agreed starting in January 2022 and \u00a0
\n\n\t\t\t\t\treplacing the existing share-based incentive schemes for the majority of eligible employ- \u00a0
\n\n\t\t\t\t\tees. The terms of the programme initiated in December 2021 are: \u00a0
\n\n\t\t\t\t\t(i) with effect from 2021, an annual cash bonus up to 12 months of salary for the CEO, and \u00a0
\n\n\t\t\t\t\tup to 6 months for selected employees. This bonus is at the discretion of the board and \u00a0
\n\n\t\t\t\t\tpaid in cash the following January. Bonuses regarding selected employees is expensed \u00a0
\n\n\t\t\t\t\tin 2022. \u00a0
\n\n\t\t\t\t\t(ii) with effect from 2021, an annual cash bonus up to 3 months of salary for other em- \u00a0
\n\n\t\t\t\t\tployees. This bonus paid based on company, team and individual performance. The bo- \u00a0
\n\n\t\t\t\t\tnus is paid in cash at the end of the calendar year. \u00a0
\n\n\t\t\t\t\t(iii) in January 2022, the executive management and selected employees were granted \u00a0
\n\n\t\t\t\t\tfrom 10,393 to 55,430 Restricted Share Units (RSU) which will vest July 2024 and are con- \u00a0
\n\n\t\t\t\t\tditional upon continued employment within Cadeler. The total value of the RSU alloca- \u00a0
\n\n\t\t\t\t\ttion is calculated based on the Black-Scholes model and the value is EUR 394 thousand \u00a0
\n\n\t\t\t\t\t(EUR 3.3 per RSU). The expense recognized in profit and loss for the year amounts to \u00a0
\n\n\t\t\t\t\tEUR 157 thousand. The average remaining contractual life is 1.5 years. \u00a0
\n\n\t\t\t\t\t(iv) in January 2022, the executive management and selected employees were granted \u00a0
\n\n\t\t\t\t\tfrom 10,393 to 55,430 Options in Cadeler shares which will vest May 2024 and expire in \u00a0
\n\n\t\t\t\t\tApril 2027. The strike price will range from NOK 36,02 to NOK 38,42 depending on the ex- \u00a0
\n\n\t\t\t\t\tercise period and are conditional upon continued employment within Cadeler. The fair \u00a0
\n\n\t\t\t\t\tvalue of these granted options was determined using the Black-Scholes model and the \u00a0
\n\n\t\t\t\t\tvalue is EUR 160 thousand (EUR 1.3 per RSU). The expense recognized in profit and loss \u00a0
\n\n\t\t\t\t\tfor the year amounts to EUR 69 thousand. The average remaining contractual life for the \u00a0
\n\n\t\t\t\t\toptions as of 31 December 2022 is 4.3 years. \u00a0
For the programmes described in (iii) and (iv) the annualized volatility of the shares 48.1% \u00a0
\n\n\t\t\t\t\tis based on the historical volatility of the price of shares, annual risk free interest rate of \u00a0
\n\n\t\t\t\t\t1%, dividend yield of zero, expected life until expiration date and average share price of \u00a0
\n\n\t\t\t\t\tEUR 3.7. \u00a0
\n\n\t\t\t\t\t(v) in May 2022, the executive management and selected employees were granted from \u00a0
\n\n\t\t\t\t\t43,420 to 221,719 Options in Cadeler shares which will vest in May 2025 and expire in May \u00a0
\n\n\t\t\t\t\t2028. The strike price will be NOK 40,24 and is conditional upon continued employment \u00a0
\n\n\t\t\t\t\twithin Cadeler. The fair value of these granted options was determined using the Black- \u00a0
\n\n\t\t\t\t\tScholes model and the value is EUR 761 thousand (EUR 1.3 per RSU). The expense recog- \u00a0
\n\n\t\t\t\t\tnized in profit and loss for the year amounts to EUR 127 thousand. The average remaining \u00a0
\n\n\t\t\t\t\tcontractual life for the options as per 31 December 2022 is 5.3 years. The annualized vol- \u00a0
\n\n\t\t\t\t\tatility of the shares 42.5% is based on the historical volatility of the price of shares, an- \u00a0
\n\n\t\t\t\t\tnual risk free interest rate of 2.8%, dividend yield of zero, expected life until expiration \u00a0
\n\n\t\t\t\t\tdate and average share price of EUR 3.7. \u00a0
\n\n\t\t\t\t\t(vi) in January 2023, the executive management and selected employees will be granted \u00a0
\n\n\t\t\t\t\tfrom 19,760 to 130,416 Restricted Share Units which will vest in July 2025 and are condi- \u00a0
\n\n\t\t\t\t\ttional upon continued employment within Cadeler. The total value of the RSU allocation \u00a0
\n\n\t\t\t\t\tis calculated based on the Black-Scholes model and the value is EUR 1.2 million. The av- \u00a0
\n\n\t\t\t\t\terage remaining contractual life is 2.5 years. \u00a0
\n\n\t\t\t\t\tThe Group previously had a share-based incentive scheme for its key employees in con- \u00a0
\n\n\t\t\t\t\tnection with the IPO, with the following key terms: \u00a0
\n\n\t\t\t\t\t(vii) an incentive varying from 1 to 8 months of salary of the key employee paid in shares \u00a0
\n\n\t\t\t\t\tin the event the Offering is successful. The gross monthly salary and share price for the \u00a0
\n\n\t\t\t\t\tbasis of calculation of the shares to be issued is based on the gross monthly salary of \u00a0
\n\n\t\t\t\t\tthe employee and share price on the first day of trading of the shares. The initial share \u00a0
\n\n\t\t\t\t\tprice was set at observable input 27 November 2020 (146,626 shares) and was paid out in \u00a0
\n\n\t\t\t\t\tcash at the share price after the vesting period 27 November 2021. \u00a0
The initial cost was calculated to EUR 504 thousand but was paid out at EUR 734 thou- \u00a0
\n\n\t\t\t\t\tsand. The charge to equity amounts to EUR 230 thousand. \u00a0
\n\n\t\t\t\t\t(viii) an incentive varying from 2 to 4 months of salary of the key employee paid in shares \u00a0
\n\n\t\t\t\t\tfor the continuous employment of the employee for each full calendar year of 2020 and \u00a0
\n\n\t\t\t\t\t2021. The incentive will be paid with the employee\u2019s salary in June in the following year, \u00a0
\n\n\t\t\t\t\ti.e., in June 2021 and June 2022. The gross monthly salary and share price for the basis of \u00a0
\n\n\t\t\t\t\tcalculation of the shares to be issued is based on the gross monthly salary of the em- \u00a0
\n\n\t\t\t\t\tployee and share price on the date the incentive will be paid in June 2021 and June 2022. \u00a0
\n\n\t\t\t\t\tAs stated above this programme was terminated for most of employees and this part is \u00a0
\n\n\t\t\t\t\treversed in equity and in profit and loss as well. The amount reversed regarding 2020 is \u00a0
\n\n\t\t\t\t\tEUR 3 thousand and 2021 EUR 167 thousand. \u00a0
(ix) with effect from 2021, a tiered annual bonus scheme for the CEO of the Company \u00a0
\n\n\t\t\t\t\tlinked to KPIs and business profitability, which is capped at 8 months of gross monthly \u00a0
\n\n\t\t\t\t\tsalary of the CEO paid in shares. The gross monthly salary and share price for the basis \u00a0
\n\n\t\t\t\t\tof calculation of the shares to be issued is based on the gross monthly salary of the CEO \u00a0
\n\n\t\t\t\t\tand share price on the date falling 30 days from the date of filing of the audited ac- \u00a0
\n\n\t\t\t\t\tcounts of the Company for the financial year. \u00a0
\n\n\t\t\t\t\tAs stated above this programme is terminated and was replaced with a cash bonus. The \u00a0
\n\n\t\t\t\t\tprogramme was accounted for as a cash-based incentive programme for 2021 and the \u00a0
\n\n\t\t\t\t\tfull cash bonus was expensed for in 2021. \u00a0
2022 \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tOther \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\temployees \u00a0
\n\n\t\t\t\t\tOutstanding instruments - Options \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tOutstanding at 1 January \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tGranted during the year \u00a0
\n\n\t\t\t\t\t344,589 \u00a0
\n\n\t\t\t\t\t39.56 \u00a0
\n\n\t\t\t\t\t330,963 \u00a0
\n\n\t\t\t\t\t39.40 \u00a0
\n\n\t\t\t\t\tForfeited during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExercised during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExpired during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOutstanding at 31 December \u00a0
\n\n\t\t\t\t\t344,589 \u00a0
\n\n\t\t\t\t\t39.50 \u00a0
\n\n\t\t\t\t\t330,963 \u00a0
\n\n\t\t\t\t\t39.42 \u00a0
2022 \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tOther \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\temployees \u00a0
\n\n\t\t\t\t\tOutstanding instruments - RSU \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tOutstanding at 1 January \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tGranted during the year \u00a0
\n\n\t\t\t\t\t55,430 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t65,823 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tForfeited during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExercised during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExpired during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOutstanding at 31 December \u00a0
\n\n\t\t\t\t\t55,430 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t65,823 \u00a0
\n\n\t\t\t\t\t-
Note 7 \u00a0
\n\n\t\t\t\t\tManagement Compensation \u00a0
2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tBoard of \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tBoard of \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tKey \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tdirectors \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tdirectors \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tWages, salaries and board fees \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t683 \u00a0
\n\n\t\t\t\t\t863 \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t650 \u00a0
\n\n\t\t\t\t\t337 \u00a0
\n\n\t\t\t\t\t1,167 \u00a0
\n\n\t\t\t\t\tShare based payment \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t173 \u00a0
\n\n\t\t\t\t\t173 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t164 \u00a0
\n\n\t\t\t\t\t48 \u00a0
\n\n\t\t\t\t\t212 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t36 \u00a0
\n\n\t\t\t\t\t36 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t23 \u00a0
\n\n\t\t\t\t\t34 \u00a0
\n\n\t\t\t\t\t57 \u00a0
\n\n\t\t\t\t\tCash bonus \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t482 \u00a0
\n\n\t\t\t\t\t482 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t314 \u00a0
\n\n\t\t\t\t\t159 \u00a0
\n\n\t\t\t\t\t473 \u00a0
\n\n\t\t\t\t\tTotal management compensation \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t1,374 \u00a0
\n\n\t\t\t\t\t1,554 \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t1,151 \u00a0
\n\n\t\t\t\t\t578 \u00a0
\n\n\t\t\t\t\t1,909 \u00a0
Executive management means the members of the executive management which were \u00a0
\n\n\t\t\t\t\tregistered with the Danish business authority and who have the authority and responsi- \u00a0
\n\n\t\t\t\t\tbility for the planning, directing and controlling activities of the Company as defined by \u00a0
\n\n\t\t\t\t\tIAS24. \u00a0
\n\n\t\t\t\t\tIn 2021, Key management included personnel who supported executive management, for \u00a0
\n\n\t\t\t\t\tthe planning, directing and controlling activities of the Company. \u00a0
David Peter Cogman is employed by the Swire Group and Andreas Sohmen-Pao and \u00a0
\n\n\t\t\t\t\tAndreas Beroutsos are employed by the BW Group. These board members have not re- \u00a0
\n\n\t\t\t\t\tceived remuneration from Cadeler in 2021 and 2022. \u00a0
\n\n\t\t\t\t\tFurther details of management and board compensation can be found in the 2022 \u00a0
\n\n\t\t\t\t\tCadeler Remuneration Report. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1849": {
"value": "2.6. Interest income \u00a0
\n\n\t\t\t\t\tInterest income is recognized using the effective interest method. \u00a0
(ii) At subsequent measurement \u00a0
\n\n\t\t\t\t\tFinancial assets \u00a0
\n\n\t\t\t\t\tFinancial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
\n\n\t\t\t\t\tbles and other current assets. \u00a0
\n\n\t\t\t\t\tInterest income from these financial assets are recognized using the effective interest \u00a0
\n\n\t\t\t\t\trate method. \u00a0
\n\n\t\t\t\t\tThe Group assesses on forward looking basis the expected credit losses associated with \u00a0
\n\n\t\t\t\t\tits financial assets carried at amortized cost. \u00a0
\n\n\t\t\t\t\tFor trade and other receivables, the Group applied the simplified approach permitted by \u00a0
\n\n\t\t\t\t\tIFRS 9, which requires expected lifetime losses to be recognized from initial recognition \u00a0
\n\n\t\t\t\t\tof the receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1851": {
"value": "2.7. Borrowing costs \u00a0
\n\n\t\t\t\t\tBorrowing costs are capitalized in accordance with IAS 23, where borrowing costs di- \u00a0
\n\n\t\t\t\t\trectly attributable to the construction of assets are capitalised until such a time as the \u00a0
\n\n\t\t\t\t\tasset is substantially ready for its intended use. \u00a0
b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
\n\n\t\t\t\t\ttion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
\n\n\t\t\t\t\tpayments resulting from a change in an index or rate used to determine such lease pay- \u00a0
\n\n\t\t\t\t\tments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
\n\n\t\t\t\t\tThe Group has elected to not recognize right-of-use assets and lease liabilities for short- \u00a0
\n\n\t\t\t\t\tterm leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
\n\n\t\t\t\t\tLease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
\n\n\t\t\t\t\tbasis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
\n\n\t\t\t\t\tchines, office premises and AV equipment. \u00a0
Derecognition of lease \u00a0
\n\n\t\t\t\t\tA financial liability is derecognized when the obligation under the liability is discharged, \u00a0
\n\n\t\t\t\t\tcancelled or expires. \u00a0
\n\n\t\t\t\t\tWhen an existing financial liability is replaced by another from the same lender on sub- \u00a0
\n\n\t\t\t\t\tstantially different terms, or the terms of an existing liability are substantially modified, \u00a0
\n\n\t\t\t\t\tsuch an exchange or modification is treated as the derecognition of the original liability \u00a0
\n\n\t\t\t\t\tand the recognition of a new liability. \u00a0
\n\n\t\t\t\t\tThe difference in the respective carrying amounts of the asset and the liability is recog- \u00a0
\n\n\t\t\t\t\tnized in the statement of profit and loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1856": {
"value": "2.7. Borrowing costs \u00a0
\n\n\t\t\t\t\tBorrowing costs are capitalized in accordance with IAS 23, where borrowing costs di- \u00a0
\n\n\t\t\t\t\trectly attributable to the construction of assets are capitalised until such a time as the \u00a0
\n\n\t\t\t\t\tasset is substantially ready for its intended use. \u00a0
b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
\n\n\t\t\t\t\ttion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
\n\n\t\t\t\t\tpayments resulting from a change in an index or rate used to determine such lease pay- \u00a0
\n\n\t\t\t\t\tments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
\n\n\t\t\t\t\tThe Group has elected to not recognize right-of-use assets and lease liabilities for short- \u00a0
\n\n\t\t\t\t\tterm leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
\n\n\t\t\t\t\tLease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
\n\n\t\t\t\t\tbasis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
\n\n\t\t\t\t\tchines, office premises and AV equipment. \u00a0
Derecognition of lease \u00a0
\n\n\t\t\t\t\tA financial liability is derecognized when the obligation under the liability is discharged, \u00a0
\n\n\t\t\t\t\tcancelled or expires. \u00a0
\n\n\t\t\t\t\tWhen an existing financial liability is replaced by another from the same lender on sub- \u00a0
\n\n\t\t\t\t\tstantially different terms, or the terms of an existing liability are substantially modified, \u00a0
\n\n\t\t\t\t\tsuch an exchange or modification is treated as the derecognition of the original liability \u00a0
\n\n\t\t\t\t\tand the recognition of a new liability. \u00a0
\n\n\t\t\t\t\tThe difference in the respective carrying amounts of the asset and the liability is recog- \u00a0
\n\n\t\t\t\t\tnized in the statement of profit and loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1861": {
"value": "2.8. Income taxes \u00a0
\n\n\t\t\t\t\t2.8.1. Income tax \u00a0
\n\n\t\t\t\t\tCurrent income tax for current and prior periods is recognized at the amount expected to \u00a0
\n\n\t\t\t\t\tbe paid to or recovered from the tax authorities, using the tax rates and tax laws that \u00a0
\n\n\t\t\t\t\thave been enacted or substantively enacted by the balance sheet date. \u00a0
\n\n\t\t\t\t\tManagement periodically evaluates positions taken in tax returns with respect to situa- \u00a0
\n\n\t\t\t\t\ttions in which applicable tax regulation is subject to interpretation. It establishes provi- \u00a0
\n\n\t\t\t\t\tsions, where appropriate, on the basis of amounts expected to be paid to the tax author- \u00a0
\n\n\t\t\t\t\tities. \u00a0
Deferred income tax is recognized for all temporary differences arising between the tax \u00a0
\n\n\t\t\t\t\tbases of assets and liabilities and their carrying amounts in the financial statements ex- \u00a0
\n\n\t\t\t\t\tcept when the deferred income tax arises from the initial recognition of an asset or liabil- \u00a0
\n\n\t\t\t\t\tity that affects neither accounting nor taxable profit or loss at the time of the transac- \u00a0
\n\n\t\t\t\t\ttion. \u00a0
\n\n\t\t\t\t\tDeferred income tax is measured at the tax rates that are expected to apply when the \u00a0
\n\n\t\t\t\t\trelated deferred income tax asset is realized or the deferred income tax liability is set- \u00a0
\n\n\t\t\t\t\ttled, based on tax rates and tax laws that have been enacted or substantively enacted \u00a0
\n\n\t\t\t\t\tby the balance sheet date. \u00a0
\n\n\t\t\t\t\tCurrent and deferred income taxes are recognized as income or expenses in profit or \u00a0
\n\n\t\t\t\t\tloss, except to the extent that the tax arises from a transaction which is recognized di- \u00a0
\n\n\t\t\t\t\trectly in equity. \u00a0
2.8.2. Tonnage tax \u00a0
\n\n\t\t\t\t\tThe Danish tonnage tax scheme was extended to give vessels such as those operated \u00a0
\n\n\t\t\t\t\tby the Company. Under the scheme, ship-owners (or bareboat charterers) pay a fixed tax \u00a0
\n\n\t\t\t\t\tamount per net tonne at their disposal rather than paying taxes based on income, ex- \u00a0
\n\n\t\t\t\t\tpenses, and depreciation. The Company participates in the scheme from 27 November \u00a0
\n\n\t\t\t\t\t2020. \u00a0
\n\n\t\t\t\t\tAs the vessels are registered in Cyprus and owned by the subsidiaries in Cyprus, the \u00a0
\n\n\t\t\t\t\tGroup is also subject to tonnage taxation in Cyprus. This tonnage taxation income is cal- \u00a0
\n\n\t\t\t\t\tculated based on a fixed tax amount per tonne. \u00a0
As both of these tax schemes are on a notional income derived from tonnage capacity \u00a0
\n\n\t\t\t\t\tand not based on the entities' actual income and expenses, the Group does not consider \u00a0
\n\n\t\t\t\t\tthe schemes to fall under the rules of IAS 12. Consequently, the tonnage tax expenses \u00a0
\n\n\t\t\t\t\tare not presented as part of tax expense in the statement of profit and loss, but are rec- \u00a0
\n\n\t\t\t\t\tognized under costs of sales. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1865": {
"value": "2.8. Income taxes \u00a0
\n\n\t\t\t\t\t2.8.1. Income tax \u00a0
\n\n\t\t\t\t\tCurrent income tax for current and prior periods is recognized at the amount expected to \u00a0
\n\n\t\t\t\t\tbe paid to or recovered from the tax authorities, using the tax rates and tax laws that \u00a0
\n\n\t\t\t\t\thave been enacted or substantively enacted by the balance sheet date. \u00a0
\n\n\t\t\t\t\tManagement periodically evaluates positions taken in tax returns with respect to situa- \u00a0
\n\n\t\t\t\t\ttions in which applicable tax regulation is subject to interpretation. It establishes provi- \u00a0
\n\n\t\t\t\t\tsions, where appropriate, on the basis of amounts expected to be paid to the tax author- \u00a0
\n\n\t\t\t\t\tities. \u00a0
Deferred income tax is recognized for all temporary differences arising between the tax \u00a0
\n\n\t\t\t\t\tbases of assets and liabilities and their carrying amounts in the financial statements ex- \u00a0
\n\n\t\t\t\t\tcept when the deferred income tax arises from the initial recognition of an asset or liabil- \u00a0
\n\n\t\t\t\t\tity that affects neither accounting nor taxable profit or loss at the time of the transac- \u00a0
\n\n\t\t\t\t\ttion. \u00a0
\n\n\t\t\t\t\tDeferred income tax is measured at the tax rates that are expected to apply when the \u00a0
\n\n\t\t\t\t\trelated deferred income tax asset is realized or the deferred income tax liability is set- \u00a0
\n\n\t\t\t\t\ttled, based on tax rates and tax laws that have been enacted or substantively enacted \u00a0
\n\n\t\t\t\t\tby the balance sheet date. \u00a0
\n\n\t\t\t\t\tCurrent and deferred income taxes are recognized as income or expenses in profit or \u00a0
\n\n\t\t\t\t\tloss, except to the extent that the tax arises from a transaction which is recognized di- \u00a0
\n\n\t\t\t\t\trectly in equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1867": {
"value": "2.8. Income taxes \u00a0
\n\n\t\t\t\t\t2.8.1. Income tax \u00a0
\n\n\t\t\t\t\tCurrent income tax for current and prior periods is recognized at the amount expected to \u00a0
\n\n\t\t\t\t\tbe paid to or recovered from the tax authorities, using the tax rates and tax laws that \u00a0
\n\n\t\t\t\t\thave been enacted or substantively enacted by the balance sheet date. \u00a0
\n\n\t\t\t\t\tManagement periodically evaluates positions taken in tax returns with respect to situa- \u00a0
\n\n\t\t\t\t\ttions in which applicable tax regulation is subject to interpretation. It establishes provi- \u00a0
\n\n\t\t\t\t\tsions, where appropriate, on the basis of amounts expected to be paid to the tax author- \u00a0
\n\n\t\t\t\t\tities. \u00a0
Deferred income tax is recognized for all temporary differences arising between the tax \u00a0
\n\n\t\t\t\t\tbases of assets and liabilities and their carrying amounts in the financial statements ex- \u00a0
\n\n\t\t\t\t\tcept when the deferred income tax arises from the initial recognition of an asset or liabil- \u00a0
\n\n\t\t\t\t\tity that affects neither accounting nor taxable profit or loss at the time of the transac- \u00a0
\n\n\t\t\t\t\ttion. \u00a0
\n\n\t\t\t\t\tDeferred income tax is measured at the tax rates that are expected to apply when the \u00a0
\n\n\t\t\t\t\trelated deferred income tax asset is realized or the deferred income tax liability is set- \u00a0
\n\n\t\t\t\t\ttled, based on tax rates and tax laws that have been enacted or substantively enacted \u00a0
\n\n\t\t\t\t\tby the balance sheet date. \u00a0
\n\n\t\t\t\t\tCurrent and deferred income taxes are recognized as income or expenses in profit or \u00a0
\n\n\t\t\t\t\tloss, except to the extent that the tax arises from a transaction which is recognized di- \u00a0
\n\n\t\t\t\t\trectly in equity. \u00a0
Note 19 \u00a0
\n\n\t\t\t\t\tDeferred Income Taxes \u00a0
Cadeler A/S has material tax losses from previous periods available to carry forward. \u00a0
\n\n\t\t\t\t\tSuch tax losses can be utilized against future tonnage taxation income and other in- \u00a0
\n\n\t\t\t\t\tcome, which does not quality for tonnage taxation. The tax value of tax losses to be car- \u00a0
\n\n\t\t\t\t\tried forward as of 31 December 2022 are in the region of EUR 13 million. \u00a0
\n\n\t\t\t\t\tThe tax losses are not subject to expiration. \u00a0
\n\n\t\t\t\t\tNo deferred tax asset in relation to the tax losses has been recognized as of 31 Decem- \u00a0
\n\n\t\t\t\t\tber 2022 as they are not expected to be utilized within the foreseeable future (3-5 years). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1871": {
"value": "2.8. Income taxes \u00a0
\n\n\t\t\t\t\t2.8.1. Income tax \u00a0
\n\n\t\t\t\t\tCurrent income tax for current and prior periods is recognized at the amount expected to \u00a0
\n\n\t\t\t\t\tbe paid to or recovered from the tax authorities, using the tax rates and tax laws that \u00a0
\n\n\t\t\t\t\thave been enacted or substantively enacted by the balance sheet date. \u00a0
\n\n\t\t\t\t\tManagement periodically evaluates positions taken in tax returns with respect to situa- \u00a0
\n\n\t\t\t\t\ttions in which applicable tax regulation is subject to interpretation. It establishes provi- \u00a0
\n\n\t\t\t\t\tsions, where appropriate, on the basis of amounts expected to be paid to the tax author- \u00a0
\n\n\t\t\t\t\tities. \u00a0
Deferred income tax is recognized for all temporary differences arising between the tax \u00a0
\n\n\t\t\t\t\tbases of assets and liabilities and their carrying amounts in the financial statements ex- \u00a0
\n\n\t\t\t\t\tcept when the deferred income tax arises from the initial recognition of an asset or liabil- \u00a0
\n\n\t\t\t\t\tity that affects neither accounting nor taxable profit or loss at the time of the transac- \u00a0
\n\n\t\t\t\t\ttion. \u00a0
\n\n\t\t\t\t\tDeferred income tax is measured at the tax rates that are expected to apply when the \u00a0
\n\n\t\t\t\t\trelated deferred income tax asset is realized or the deferred income tax liability is set- \u00a0
\n\n\t\t\t\t\ttled, based on tax rates and tax laws that have been enacted or substantively enacted \u00a0
\n\n\t\t\t\t\tby the balance sheet date. \u00a0
\n\n\t\t\t\t\tCurrent and deferred income taxes are recognized as income or expenses in profit or \u00a0
\n\n\t\t\t\t\tloss, except to the extent that the tax arises from a transaction which is recognized di- \u00a0
\n\n\t\t\t\t\trectly in equity. \u00a0
2.8.2. Tonnage tax \u00a0
\n\n\t\t\t\t\tThe Danish tonnage tax scheme was extended to give vessels such as those operated \u00a0
\n\n\t\t\t\t\tby the Company. Under the scheme, ship-owners (or bareboat charterers) pay a fixed tax \u00a0
\n\n\t\t\t\t\tamount per net tonne at their disposal rather than paying taxes based on income, ex- \u00a0
\n\n\t\t\t\t\tpenses, and depreciation. The Company participates in the scheme from 27 November \u00a0
\n\n\t\t\t\t\t2020. \u00a0
\n\n\t\t\t\t\tAs the vessels are registered in Cyprus and owned by the subsidiaries in Cyprus, the \u00a0
\n\n\t\t\t\t\tGroup is also subject to tonnage taxation in Cyprus. This tonnage taxation income is cal- \u00a0
\n\n\t\t\t\t\tculated based on a fixed tax amount per tonne. \u00a0
As both of these tax schemes are on a notional income derived from tonnage capacity \u00a0
\n\n\t\t\t\t\tand not based on the entities' actual income and expenses, the Group does not consider \u00a0
\n\n\t\t\t\t\tthe schemes to fall under the rules of IAS 12. Consequently, the tonnage tax expenses \u00a0
\n\n\t\t\t\t\tare not presented as part of tax expense in the statement of profit and loss, but are rec- \u00a0
\n\n\t\t\t\t\tognized under costs of sales. \u00a0
Note 9 \u00a0
\n\n\t\t\t\t\tIncome Taxes \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tIncome tax expense \u00a0
\n\n\t\t\t\t\tTax expense attributable to profit is made up of: \u00a0
\n\n\t\t\t\t\tUtilization of non recognized tax losses offset against Danish Ton- \u00a0
\n\n\t\t\t\t\tnage Tax expense \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(13) \u00a0
\n\n\t\t\t\t\tTotal Income tax expense \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(13) \u00a0
An expansion of the Danish tonnage tax regime to cover wind farm installation vessels \u00a0
\n\n\t\t\t\t\twas passed in January 2020 with retroactive effect from 2017, 2017 inclusive. \u00a0
\n\n\t\t\t\t\tOn 15 December 2020, Cadeler A/S received a binding ruling from the Danish Tax Au- \u00a0
\n\n\t\t\t\t\tthorities. According to this, Cadeler A/S was able to apply the Danish Tonnage Taxation \u00a0
\n\n\t\t\t\t\tafter the listing of the shares 27 November 2020. Management applied the Danish Ton- \u00a0
\n\n\t\t\t\t\tnage Taxation during 2021. The recorded tonnage tax expense for 2022 in Denmark and \u00a0
\n\n\t\t\t\t\tCyprus amount to EUR 0 thousand and EUR 5 thousand respectively. \u00a0
\n\n\t\t\t\t\tCadeler A/S also has material tax losses from previous periods available for carry for- \u00a0
\n\n\t\t\t\t\tward. Such tax losses can be utilized against future tonnage taxation income and other \u00a0
\n\n\t\t\t\t\tincome, which does not qualify for tonnage taxation. The tax value of tax losses to be \u00a0
\n\n\t\t\t\t\tcarried forward as of 31 December 2022 are in the region of EUR 13 million and has not \u00a0
\n\n\t\t\t\t\tbeen recognised as it is not considered probable that the tax loss will be utilised. The tax \u00a0
\n\n\t\t\t\t\tlosses are not subject to expiration. \u00a0
Effective Tax Rate \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t%
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t%
\n\n\t\t\t\t\tTax expense attributable to profit is made up of: \u00a0
\n\n\t\t\t\t\tAccounting profit before income tax \u00a0
\n\n\t\t\t\t\t35,541 \u00a0
\n\n\t\t\t\t\t7,450 \u00a0
\n\n\t\t\t\t\tAdjustment regarding tonnage taxed income \u00a0
\n\n\t\t\t\t\t(35,541) \u00a0
\n\n\t\t\t\t\t(7,450) \u00a0
\n\n\t\t\t\t\tAccounting profit before income tax relating to Corporation Tax \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCalculated tax at statutory tax rate in Denmark, 22 % \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t22 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t22 \u00a0
\n\n\t\t\t\t\tTax impact from: \u00a0
\n\n\t\t\t\t\tChange in impairment of deferred tax assets in the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t22 \u00a0
\n\n\t\t\t\t\t(13) \u00a0
\n\n\t\t\t\t\t22 \u00a0
\n\n\t\t\t\t\tIncome tax expense, reported \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(13) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tEffective tax rate (%) \u00a0
\n\n\t\t\t\t\t0.0% \u00a0
\n\n\t\t\t\t\t0.0% \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1879": {
"value": "2.9. Inventories \u00a0
\n\n\t\t\t\t\tInventories are carried at the lower of cost and net realizable value. Cost is determined \u00a0
\n\n\t\t\t\t\tusing the first-in, first-out basis. Net realizable value is the estimated selling price in the \u00a0
\n\n\t\t\t\t\tordinary course of business, less applicable variable selling expenses. Inventory mainly \u00a0
\n\n\t\t\t\t\tcovers fuel and lube. Major spare parts are recorded as fixed assets. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1880": {
"value": "2.9. Inventories \u00a0
\n\n\t\t\t\t\tInventories are carried at the lower of cost and net realizable value. Cost is determined \u00a0
\n\n\t\t\t\t\tusing the first-in, first-out basis. Net realizable value is the estimated selling price in the \u00a0
\n\n\t\t\t\t\tordinary course of business, less applicable variable selling expenses. Inventory mainly \u00a0
\n\n\t\t\t\t\tcovers fuel and lube. Major spare parts are recorded as fixed assets. \u00a0
Note 13 \u00a0
\n\n\t\t\t\t\tInventories \u00a0
31 December \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tFuel and lube oil \u00a0
\n\n\t\t\t\t\t549 \u00a0
\n\n\t\t\t\t\t440 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1883": {
"value": "2.10. Property, plant and equipment \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment are recognized at cost less accumulated depreciation \u00a0
\n\n\t\t\t\t\tand accumulated impairment losses. \u00a0
\n\n\t\t\t\t\tThe cost of an item of property, plant and equipment initially recognized includes its pur- \u00a0
\n\n\t\t\t\t\tchase price and any costs that are directly attributable to bringing the asset to the loca- \u00a0
\n\n\t\t\t\t\ttion and condition necessary for it to be capable of operating in the manner intended by \u00a0
\n\n\t\t\t\t\tmanagement. \u00a0
Subsequent expenditure relating to property, plant and equipment that has already been \u00a0
\n\n\t\t\t\t\trecognized is added to the carrying amount of the asset only when it is probable that fu- \u00a0
\n\n\t\t\t\t\tture economic benefits associated with the item will flow to the Group and the cost of \u00a0
\n\n\t\t\t\t\tthe item can be measured reliably. All other repair and maintenance expenses are recog- \u00a0
\n\n\t\t\t\t\tnized in profit or loss when incurred. \u00a0
To keep performing their operational activity, the vessels have an obligation to go \u00a0
\n\n\t\t\t\t\tthrough drydock procedures every five years. The costs of the drydock procedures are \u00a0
\n\n\t\t\t\t\tcapitalized per their purchase price and any costs that are directly attributable to bring- \u00a0
\n\n\t\t\t\t\ting the vessels to the location and condition necessary for the drydock procedures. \u00a0
\n\n\t\t\t\t\tDepreciation is calculated using the straight-line method to allocate their depreciable \u00a0
\n\n\t\t\t\t\tamounts over the assets\u2019 estimated useful life. The estimated useful life is as follows: \u00a0
Useful life \u00a0
\n\n\t\t\t\t\tVessels and furnished equipment \u00a0
\n\n\t\t\t\t\tUp to 25 years \u00a0
\n\n\t\t\t\t\tDrydock \u00a0
\n\n\t\t\t\t\t5 years \u00a0
\n\n\t\t\t\t\tCars \u00a0
\n\n\t\t\t\t\t5 years \u00a0
\n\n\t\t\t\t\tOther fixtures and fittings \u00a0
\n\n\t\t\t\t\t2 to 3 years \u00a0
The estimated useful life of the vessels of 25 years has been estimated by an external \u00a0
\n\n\t\t\t\t\tconsultant through a determined fatigue analysis based on the technical specification of \u00a0
\n\n\t\t\t\t\tthe vessels. Prior to their acquisition, the vessels had already been in use for 8 years, \u00a0
\n\n\t\t\t\t\ttherefore the remaining useful life of the vessels is estimated at 17 years for all compo- \u00a0
\n\n\t\t\t\t\tnents except jacking system and main crane with a remaining useful life of 3 years from \u00a0
\n\n\t\t\t\t\tthe acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per \u00a0
\n\n\t\t\t\t\tvessel by the end of their useful life. \u00a0
The residual value, useful life and methods of depreciation of property, plant and equip- \u00a0
\n\n\t\t\t\t\tment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
2.11. Leases \u00a0
\n\n\t\t\t\t\tWhen the Group is the lessor \u00a0
\n\n\t\t\t\t\tLessor \u2013 operating leases \u00a0
\n\n\t\t\t\t\tThe Group leases vessels (the bareboat element under time charter contracts) under op- \u00a0
\n\n\t\t\t\t\terating leases to non-related parties. This is classified as an operational lease, as such \u00a0
\n\n\t\t\t\t\tleases do not cover a significant part of the economic life of the vessels and the Group \u00a0
\n\n\t\t\t\t\tretains substantially all risks and rewards incidental to ownership of the vessels. Rental \u00a0
\n\n\t\t\t\t\tincome from operating leases is recognized in profit or loss on an over time basis over \u00a0
\n\n\t\t\t\t\tthe lease term and included in revenue. \u00a0
\n\n\t\t\t\t\tInitial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
\n\n\t\t\t\t\tare capitalized and recognized as an expense in profit or loss over the lease term on the \u00a0
\n\n\t\t\t\t\tsame basis as the lease income. \u00a0
When the Group is the lessee \u00a0
\n\n\t\t\t\t\tAt the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
\n\n\t\t\t\t\tcontract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
\n\n\t\t\t\t\tfied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
\n\n\t\t\t\t\tquired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
\n\n\t\t\t\t\tThe Group recognizes a right-of-use asset and lease liability at the date which the under- \u00a0
\n\n\t\t\t\t\tlying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
\n\n\t\t\t\t\tprises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
\n\n\t\t\t\t\tjusted for any lease payments made at or before the commencement date and lease \u00a0
incentive received. Any initial direct costs that would not have been incurred if the lease \u00a0
\n\n\t\t\t\t\thad not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
\n\n\t\t\t\t\tThe right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
\n\n\t\t\t\t\tation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
\n\n\t\t\t\t\tRight-of-use assets are depreciated on a straight-line basis lease term. \u00a0
2.12. Impairment of non\u2013financial assets \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment and right-of-use assets are tested for impairment when- \u00a0
\n\n\t\t\t\t\tever there is any objective evidence or indication that these assets may be impaired. \u00a0
\n\n\t\t\t\t\tFor the purpose of impairment testing of assets, recoverable amount (i.e. the higher of \u00a0
\n\n\t\t\t\t\tthe fair value less cost to sell and the value in use) is determined on an individual asset \u00a0
\n\n\t\t\t\t\tbasis unless the asset does not generate cash flows that are largely independent of \u00a0
\n\n\t\t\t\t\tthose from other assets. If this is the case, the recoverable amount is determined for the \u00a0
\n\n\t\t\t\t\tcash-generating unit (CGU) to which the asset belongs. \u00a0
\n\n\t\t\t\t\tIf the recoverable amount of the asset or CGU is estimated to be less than its carrying \u00a0
\n\n\t\t\t\t\tamount, the carrying amount of the asset or CGU is reduced to its recoverable amount. \u00a0
\n\n\t\t\t\t\tThe difference between the carrying amount and recoverable amount is recognized as \u00a0
\n\n\t\t\t\t\tan impairment loss in profit or loss. \u00a0
\n\n\t\t\t\t\tAn impairment loss for an asset is reversed if, and only if, there has been a change in the \u00a0
\n\n\t\t\t\t\testimates used to determine the asset\u2019s recoverable amount since the last impairment \u00a0
\n\n\t\t\t\t\tloss was recognized. \u00a0
\n\n\t\t\t\t\tThe carrying amount of this asset is increased to its revised recoverable amount, pro- \u00a0
\n\n\t\t\t\t\tvided that this amount does not exceed the carrying amount that would have been de- \u00a0
\n\n\t\t\t\t\ttermined (net of accumulated depreciation) had no impairment loss been recognized for \u00a0
\n\n\t\t\t\t\tthe asset in prior years. \u00a0
\n\n\t\t\t\t\tA reversal of impairment loss for an asset is recognized in profit or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1894": {
"value": "2.10. Property, plant and equipment \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment are recognized at cost less accumulated depreciation \u00a0
\n\n\t\t\t\t\tand accumulated impairment losses. \u00a0
\n\n\t\t\t\t\tThe cost of an item of property, plant and equipment initially recognized includes its pur- \u00a0
\n\n\t\t\t\t\tchase price and any costs that are directly attributable to bringing the asset to the loca- \u00a0
\n\n\t\t\t\t\ttion and condition necessary for it to be capable of operating in the manner intended by \u00a0
\n\n\t\t\t\t\tmanagement. \u00a0
Subsequent expenditure relating to property, plant and equipment that has already been \u00a0
\n\n\t\t\t\t\trecognized is added to the carrying amount of the asset only when it is probable that fu- \u00a0
\n\n\t\t\t\t\tture economic benefits associated with the item will flow to the Group and the cost of \u00a0
\n\n\t\t\t\t\tthe item can be measured reliably. All other repair and maintenance expenses are recog- \u00a0
\n\n\t\t\t\t\tnized in profit or loss when incurred. \u00a0
To keep performing their operational activity, the vessels have an obligation to go \u00a0
\n\n\t\t\t\t\tthrough drydock procedures every five years. The costs of the drydock procedures are \u00a0
\n\n\t\t\t\t\tcapitalized per their purchase price and any costs that are directly attributable to bring- \u00a0
\n\n\t\t\t\t\ting the vessels to the location and condition necessary for the drydock procedures. \u00a0
\n\n\t\t\t\t\tDepreciation is calculated using the straight-line method to allocate their depreciable \u00a0
\n\n\t\t\t\t\tamounts over the assets\u2019 estimated useful life. The estimated useful life is as follows: \u00a0
Useful life \u00a0
\n\n\t\t\t\t\tVessels and furnished equipment \u00a0
\n\n\t\t\t\t\tUp to 25 years \u00a0
\n\n\t\t\t\t\tDrydock \u00a0
\n\n\t\t\t\t\t5 years \u00a0
\n\n\t\t\t\t\tCars \u00a0
\n\n\t\t\t\t\t5 years \u00a0
\n\n\t\t\t\t\tOther fixtures and fittings \u00a0
\n\n\t\t\t\t\t2 to 3 years \u00a0
The estimated useful life of the vessels of 25 years has been estimated by an external \u00a0
\n\n\t\t\t\t\tconsultant through a determined fatigue analysis based on the technical specification of \u00a0
\n\n\t\t\t\t\tthe vessels. Prior to their acquisition, the vessels had already been in use for 8 years, \u00a0
\n\n\t\t\t\t\ttherefore the remaining useful life of the vessels is estimated at 17 years for all compo- \u00a0
\n\n\t\t\t\t\tnents except jacking system and main crane with a remaining useful life of 3 years from \u00a0
\n\n\t\t\t\t\tthe acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per \u00a0
\n\n\t\t\t\t\tvessel by the end of their useful life. \u00a0
The residual value, useful life and methods of depreciation of property, plant and equip- \u00a0
\n\n\t\t\t\t\tment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
2.11. Leases \u00a0
\n\n\t\t\t\t\tWhen the Group is the lessor \u00a0
\n\n\t\t\t\t\tLessor \u2013 operating leases \u00a0
\n\n\t\t\t\t\tThe Group leases vessels (the bareboat element under time charter contracts) under op- \u00a0
\n\n\t\t\t\t\terating leases to non-related parties. This is classified as an operational lease, as such \u00a0
\n\n\t\t\t\t\tleases do not cover a significant part of the economic life of the vessels and the Group \u00a0
\n\n\t\t\t\t\tretains substantially all risks and rewards incidental to ownership of the vessels. Rental \u00a0
\n\n\t\t\t\t\tincome from operating leases is recognized in profit or loss on an over time basis over \u00a0
\n\n\t\t\t\t\tthe lease term and included in revenue. \u00a0
\n\n\t\t\t\t\tInitial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
\n\n\t\t\t\t\tare capitalized and recognized as an expense in profit or loss over the lease term on the \u00a0
\n\n\t\t\t\t\tsame basis as the lease income. \u00a0
When the Group is the lessee \u00a0
\n\n\t\t\t\t\tAt the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
\n\n\t\t\t\t\tcontract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
\n\n\t\t\t\t\tfied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
\n\n\t\t\t\t\tquired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
\n\n\t\t\t\t\tThe Group recognizes a right-of-use asset and lease liability at the date which the under- \u00a0
\n\n\t\t\t\t\tlying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
\n\n\t\t\t\t\tprises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
\n\n\t\t\t\t\tjusted for any lease payments made at or before the commencement date and lease \u00a0
incentive received. Any initial direct costs that would not have been incurred if the lease \u00a0
\n\n\t\t\t\t\thad not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
\n\n\t\t\t\t\tThe right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
\n\n\t\t\t\t\tation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
\n\n\t\t\t\t\tRight-of-use assets are depreciated on a straight-line basis lease term. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1904": {
"value": "2.10. Property, plant and equipment \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment are recognized at cost less accumulated depreciation \u00a0
\n\n\t\t\t\t\tand accumulated impairment losses. \u00a0
\n\n\t\t\t\t\tThe cost of an item of property, plant and equipment initially recognized includes its pur- \u00a0
\n\n\t\t\t\t\tchase price and any costs that are directly attributable to bringing the asset to the loca- \u00a0
\n\n\t\t\t\t\ttion and condition necessary for it to be capable of operating in the manner intended by \u00a0
\n\n\t\t\t\t\tmanagement. \u00a0
Subsequent expenditure relating to property, plant and equipment that has already been \u00a0
\n\n\t\t\t\t\trecognized is added to the carrying amount of the asset only when it is probable that fu- \u00a0
\n\n\t\t\t\t\tture economic benefits associated with the item will flow to the Group and the cost of \u00a0
\n\n\t\t\t\t\tthe item can be measured reliably. All other repair and maintenance expenses are recog- \u00a0
\n\n\t\t\t\t\tnized in profit or loss when incurred. \u00a0
To keep performing their operational activity, the vessels have an obligation to go \u00a0
\n\n\t\t\t\t\tthrough drydock procedures every five years. The costs of the drydock procedures are \u00a0
\n\n\t\t\t\t\tcapitalized per their purchase price and any costs that are directly attributable to bring- \u00a0
\n\n\t\t\t\t\ting the vessels to the location and condition necessary for the drydock procedures. \u00a0
\n\n\t\t\t\t\tDepreciation is calculated using the straight-line method to allocate their depreciable \u00a0
\n\n\t\t\t\t\tamounts over the assets\u2019 estimated useful life. The estimated useful life is as follows: \u00a0
Useful life \u00a0
\n\n\t\t\t\t\tVessels and furnished equipment \u00a0
\n\n\t\t\t\t\tUp to 25 years \u00a0
\n\n\t\t\t\t\tDrydock \u00a0
\n\n\t\t\t\t\t5 years \u00a0
\n\n\t\t\t\t\tCars \u00a0
\n\n\t\t\t\t\t5 years \u00a0
\n\n\t\t\t\t\tOther fixtures and fittings \u00a0
\n\n\t\t\t\t\t2 to 3 years \u00a0
The estimated useful life of the vessels of 25 years has been estimated by an external \u00a0
\n\n\t\t\t\t\tconsultant through a determined fatigue analysis based on the technical specification of \u00a0
\n\n\t\t\t\t\tthe vessels. Prior to their acquisition, the vessels had already been in use for 8 years, \u00a0
\n\n\t\t\t\t\ttherefore the remaining useful life of the vessels is estimated at 17 years for all compo- \u00a0
\n\n\t\t\t\t\tnents except jacking system and main crane with a remaining useful life of 3 years from \u00a0
\n\n\t\t\t\t\tthe acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per \u00a0
\n\n\t\t\t\t\tvessel by the end of their useful life. \u00a0
The residual value, useful life and methods of depreciation of property, plant and equip- \u00a0
\n\n\t\t\t\t\tment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
2.11. Leases \u00a0
\n\n\t\t\t\t\tWhen the Group is the lessor \u00a0
\n\n\t\t\t\t\tLessor \u2013 operating leases \u00a0
\n\n\t\t\t\t\tThe Group leases vessels (the bareboat element under time charter contracts) under op- \u00a0
\n\n\t\t\t\t\terating leases to non-related parties. This is classified as an operational lease, as such \u00a0
\n\n\t\t\t\t\tleases do not cover a significant part of the economic life of the vessels and the Group \u00a0
\n\n\t\t\t\t\tretains substantially all risks and rewards incidental to ownership of the vessels. Rental \u00a0
\n\n\t\t\t\t\tincome from operating leases is recognized in profit or loss on an over time basis over \u00a0
\n\n\t\t\t\t\tthe lease term and included in revenue. \u00a0
\n\n\t\t\t\t\tInitial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
\n\n\t\t\t\t\tare capitalized and recognized as an expense in profit or loss over the lease term on the \u00a0
\n\n\t\t\t\t\tsame basis as the lease income. \u00a0
When the Group is the lessee \u00a0
\n\n\t\t\t\t\tAt the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
\n\n\t\t\t\t\tcontract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
\n\n\t\t\t\t\tfied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
\n\n\t\t\t\t\tquired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
\n\n\t\t\t\t\tThe Group recognizes a right-of-use asset and lease liability at the date which the under- \u00a0
\n\n\t\t\t\t\tlying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
\n\n\t\t\t\t\tprises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
\n\n\t\t\t\t\tjusted for any lease payments made at or before the commencement date and lease \u00a0
incentive received. Any initial direct costs that would not have been incurred if the lease \u00a0
\n\n\t\t\t\t\thad not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
\n\n\t\t\t\t\tThe right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
\n\n\t\t\t\t\tation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
\n\n\t\t\t\t\tRight-of-use assets are depreciated on a straight-line basis lease term. \u00a0
2.12. Impairment of non\u2013financial assets \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment and right-of-use assets are tested for impairment when- \u00a0
\n\n\t\t\t\t\tever there is any objective evidence or indication that these assets may be impaired. \u00a0
\n\n\t\t\t\t\tFor the purpose of impairment testing of assets, recoverable amount (i.e. the higher of \u00a0
\n\n\t\t\t\t\tthe fair value less cost to sell and the value in use) is determined on an individual asset \u00a0
\n\n\t\t\t\t\tbasis unless the asset does not generate cash flows that are largely independent of \u00a0
\n\n\t\t\t\t\tthose from other assets. If this is the case, the recoverable amount is determined for the \u00a0
\n\n\t\t\t\t\tcash-generating unit (CGU) to which the asset belongs. \u00a0
\n\n\t\t\t\t\tIf the recoverable amount of the asset or CGU is estimated to be less than its carrying \u00a0
\n\n\t\t\t\t\tamount, the carrying amount of the asset or CGU is reduced to its recoverable amount. \u00a0
\n\n\t\t\t\t\tThe difference between the carrying amount and recoverable amount is recognized as \u00a0
\n\n\t\t\t\t\tan impairment loss in profit or loss. \u00a0
\n\n\t\t\t\t\tAn impairment loss for an asset is reversed if, and only if, there has been a change in the \u00a0
\n\n\t\t\t\t\testimates used to determine the asset\u2019s recoverable amount since the last impairment \u00a0
\n\n\t\t\t\t\tloss was recognized. \u00a0
\n\n\t\t\t\t\tThe carrying amount of this asset is increased to its revised recoverable amount, pro- \u00a0
\n\n\t\t\t\t\tvided that this amount does not exceed the carrying amount that would have been de- \u00a0
\n\n\t\t\t\t\ttermined (net of accumulated depreciation) had no impairment loss been recognized for \u00a0
\n\n\t\t\t\t\tthe asset in prior years. \u00a0
\n\n\t\t\t\t\tA reversal of impairment loss for an asset is recognized in profit or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1915": {
"value": "2.10. Property, plant and equipment \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment are recognized at cost less accumulated depreciation \u00a0
\n\n\t\t\t\t\tand accumulated impairment losses. \u00a0
\n\n\t\t\t\t\tThe cost of an item of property, plant and equipment initially recognized includes its pur- \u00a0
\n\n\t\t\t\t\tchase price and any costs that are directly attributable to bringing the asset to the loca- \u00a0
\n\n\t\t\t\t\ttion and condition necessary for it to be capable of operating in the manner intended by \u00a0
\n\n\t\t\t\t\tmanagement. \u00a0
Subsequent expenditure relating to property, plant and equipment that has already been \u00a0
\n\n\t\t\t\t\trecognized is added to the carrying amount of the asset only when it is probable that fu- \u00a0
\n\n\t\t\t\t\tture economic benefits associated with the item will flow to the Group and the cost of \u00a0
\n\n\t\t\t\t\tthe item can be measured reliably. All other repair and maintenance expenses are recog- \u00a0
\n\n\t\t\t\t\tnized in profit or loss when incurred. \u00a0
To keep performing their operational activity, the vessels have an obligation to go \u00a0
\n\n\t\t\t\t\tthrough drydock procedures every five years. The costs of the drydock procedures are \u00a0
\n\n\t\t\t\t\tcapitalized per their purchase price and any costs that are directly attributable to bring- \u00a0
\n\n\t\t\t\t\ting the vessels to the location and condition necessary for the drydock procedures. \u00a0
\n\n\t\t\t\t\tDepreciation is calculated using the straight-line method to allocate their depreciable \u00a0
\n\n\t\t\t\t\tamounts over the assets\u2019 estimated useful life. The estimated useful life is as follows: \u00a0
Useful life \u00a0
\n\n\t\t\t\t\tVessels and furnished equipment \u00a0
\n\n\t\t\t\t\tUp to 25 years \u00a0
\n\n\t\t\t\t\tDrydock \u00a0
\n\n\t\t\t\t\t5 years \u00a0
\n\n\t\t\t\t\tCars \u00a0
\n\n\t\t\t\t\t5 years \u00a0
\n\n\t\t\t\t\tOther fixtures and fittings \u00a0
\n\n\t\t\t\t\t2 to 3 years \u00a0
The estimated useful life of the vessels of 25 years has been estimated by an external \u00a0
\n\n\t\t\t\t\tconsultant through a determined fatigue analysis based on the technical specification of \u00a0
\n\n\t\t\t\t\tthe vessels. Prior to their acquisition, the vessels had already been in use for 8 years, \u00a0
\n\n\t\t\t\t\ttherefore the remaining useful life of the vessels is estimated at 17 years for all compo- \u00a0
\n\n\t\t\t\t\tnents except jacking system and main crane with a remaining useful life of 3 years from \u00a0
\n\n\t\t\t\t\tthe acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per \u00a0
\n\n\t\t\t\t\tvessel by the end of their useful life. \u00a0
The residual value, useful life and methods of depreciation of property, plant and equip- \u00a0
\n\n\t\t\t\t\tment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
2.11. Leases \u00a0
\n\n\t\t\t\t\tWhen the Group is the lessor \u00a0
\n\n\t\t\t\t\tLessor \u2013 operating leases \u00a0
\n\n\t\t\t\t\tThe Group leases vessels (the bareboat element under time charter contracts) under op- \u00a0
\n\n\t\t\t\t\terating leases to non-related parties. This is classified as an operational lease, as such \u00a0
\n\n\t\t\t\t\tleases do not cover a significant part of the economic life of the vessels and the Group \u00a0
\n\n\t\t\t\t\tretains substantially all risks and rewards incidental to ownership of the vessels. Rental \u00a0
\n\n\t\t\t\t\tincome from operating leases is recognized in profit or loss on an over time basis over \u00a0
\n\n\t\t\t\t\tthe lease term and included in revenue. \u00a0
\n\n\t\t\t\t\tInitial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
\n\n\t\t\t\t\tare capitalized and recognized as an expense in profit or loss over the lease term on the \u00a0
\n\n\t\t\t\t\tsame basis as the lease income. \u00a0
When the Group is the lessee \u00a0
\n\n\t\t\t\t\tAt the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
\n\n\t\t\t\t\tcontract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
\n\n\t\t\t\t\tfied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
\n\n\t\t\t\t\tquired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
\n\n\t\t\t\t\tThe Group recognizes a right-of-use asset and lease liability at the date which the under- \u00a0
\n\n\t\t\t\t\tlying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
\n\n\t\t\t\t\tprises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
\n\n\t\t\t\t\tjusted for any lease payments made at or before the commencement date and lease \u00a0
incentive received. Any initial direct costs that would not have been incurred if the lease \u00a0
\n\n\t\t\t\t\thad not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
\n\n\t\t\t\t\tThe right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
\n\n\t\t\t\t\tation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
\n\n\t\t\t\t\tRight-of-use assets are depreciated on a straight-line basis lease term. \u00a0
2.12. Impairment of non\u2013financial assets \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment and right-of-use assets are tested for impairment when- \u00a0
\n\n\t\t\t\t\tever there is any objective evidence or indication that these assets may be impaired. \u00a0
\n\n\t\t\t\t\tFor the purpose of impairment testing of assets, recoverable amount (i.e. the higher of \u00a0
\n\n\t\t\t\t\tthe fair value less cost to sell and the value in use) is determined on an individual asset \u00a0
\n\n\t\t\t\t\tbasis unless the asset does not generate cash flows that are largely independent of \u00a0
\n\n\t\t\t\t\tthose from other assets. If this is the case, the recoverable amount is determined for the \u00a0
\n\n\t\t\t\t\tcash-generating unit (CGU) to which the asset belongs. \u00a0
\n\n\t\t\t\t\tIf the recoverable amount of the asset or CGU is estimated to be less than its carrying \u00a0
\n\n\t\t\t\t\tamount, the carrying amount of the asset or CGU is reduced to its recoverable amount. \u00a0
\n\n\t\t\t\t\tThe difference between the carrying amount and recoverable amount is recognized as \u00a0
\n\n\t\t\t\t\tan impairment loss in profit or loss. \u00a0
\n\n\t\t\t\t\tAn impairment loss for an asset is reversed if, and only if, there has been a change in the \u00a0
\n\n\t\t\t\t\testimates used to determine the asset\u2019s recoverable amount since the last impairment \u00a0
\n\n\t\t\t\t\tloss was recognized. \u00a0
\n\n\t\t\t\t\tThe carrying amount of this asset is increased to its revised recoverable amount, pro- \u00a0
\n\n\t\t\t\t\tvided that this amount does not exceed the carrying amount that would have been de- \u00a0
\n\n\t\t\t\t\ttermined (net of accumulated depreciation) had no impairment loss been recognized for \u00a0
\n\n\t\t\t\t\tthe asset in prior years. \u00a0
\n\n\t\t\t\t\tA reversal of impairment loss for an asset is recognized in profit or loss. \u00a0
2.24. Significant accounting judgements, estimates and assumptions \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment \u00a0
\n\n\t\t\t\t\tThe estimation made regarding the duration of the useful life of the vessels has been de- \u00a0
\n\n\t\t\t\t\ttermined through an analysis made by an external consultant. \u00a0
\n\n\t\t\t\t\tThe determined fatigue analysis is based on the technical specification of the wind tur- \u00a0
\n\n\t\t\t\t\tbine installation vessels, the useful life of the vessels is estimated at 25 years. Prior to \u00a0
\n\n\t\t\t\t\ttheir acquisition, the vessels had already been in use for 8 years, therefore all material \u00a0
\n\n\t\t\t\t\tcomponents on the vessel such as engines, jacking legs and hull have 17 years of useful \u00a0
\n\n\t\t\t\t\tlife. Management chooses to depreciate the jacking system and main crane through a 3 \u00a0
\n\n\t\t\t\t\tyear useful life and keep a EUR 10 million salvage value for the hull and steel compo- \u00a0
\n\n\t\t\t\t\tnents per vessel at the end of their 17 year useful life. \u00a0
\n\n\t\t\t\t\tThe residual value, useful life and methods of depreciation of property, plant and equip- \u00a0
\n\n\t\t\t\t\tment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
Note 16 \u00a0
\n\n\t\t\t\t\tProperty Plant and Equipment \u00a0
Other fixtures \u00a0
\n\n\t\t\t\t\tAssets under \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\tDry Dock \u00a0
\n\n\t\t\t\t\tand fittings \u00a0
\n\n\t\t\t\t\tConstruction \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2022 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t258,148 \u00a0
\n\n\t\t\t\t\t1,983 \u00a0
\n\n\t\t\t\t\t536 \u00a0
\n\n\t\t\t\t\t158,734 \u00a0
\n\n\t\t\t\t\t419,401 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t15,105 \u00a0
\n\n\t\t\t\t\t5,281 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t208,455 \u00a0
\n\n\t\t\t\t\t228,841 \u00a0
\n\n\t\t\t\t\tTransfer from assets under construction \u00a0
\n\n\t\t\t\t\t9,029 \u00a0
\n\n\t\t\t\t\t1,997 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(11,026) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t282,282 \u00a0
\n\n\t\t\t\t\t9,261 \u00a0
\n\n\t\t\t\t\t536 \u00a0
\n\n\t\t\t\t\t356,163 \u00a0
\n\n\t\t\t\t\t648,242 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t19,629 \u00a0
\n\n\t\t\t\t\t300 \u00a0
\n\n\t\t\t\t\t386 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t20,315 \u00a0
\n\n\t\t\t\t\tDepreciation charge \u00a0
\n\n\t\t\t\t\t19,941 \u00a0
\n\n\t\t\t\t\t1,723 \u00a0
\n\n\t\t\t\t\t59 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t21,723 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t39,570 \u00a0
\n\n\t\t\t\t\t2,023 \u00a0
\n\n\t\t\t\t\t445 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t42,038 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t242,712 \u00a0
\n\n\t\t\t\t\t7,238 \u00a0
\n\n\t\t\t\t\t91 \u00a0
\n\n\t\t\t\t\t356,163 \u00a0
\n\n\t\t\t\t\t606,204 \u00a0
Additions during 2022 are mainly driven by down payments for EUR 167 million of the two \u00a0
\n\n\t\t\t\t\tnew F-class foundation installation vessels and instalments for the main cranes for both \u00a0
\n\n\t\t\t\t\tWind Orca (EUR 10.7 million) and Wind Osprey (EUR 16.3 million), represented above on \u00a0
\n\n\t\t\t\t\tAssets under Construction. There was also a transfer from assets under construction to \u00a0
\n\n\t\t\t\t\tadditions for EUR 11 million, of which EUR 9 million due to the activation of vessel equip- \u00a0
\n\n\t\t\t\t\tment. \u00a0
Borrowing costs for 2022 has been capitalized for a total of EUR 4.2 million. The capitali- \u00a0
\n\n\t\t\t\t\tzation rate used to determine the amount of borrowing costs to be capitalized is the \u00a0
\n\n\t\t\t\t\tweighted average interest rate applicable to the Company\u2019s general borrowings during \u00a0
\n\n\t\t\t\t\tthe reported period, in this case 5.7%. \u00a0
Other fixtures \u00a0
\n\n\t\t\t\t\tAssets under \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\tDry Dock \u00a0
\n\n\t\t\t\t\tand fittings \u00a0
\n\n\t\t\t\t\tConstruction \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2021 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t255,030 \u00a0
\n\n\t\t\t\t\t1,050 \u00a0
\n\n\t\t\t\t\t379 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t256,459 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t3,118 \u00a0
\n\n\t\t\t\t\t933 \u00a0
\n\n\t\t\t\t\t157 \u00a0
\n\n\t\t\t\t\t158,734 \u00a0
\n\n\t\t\t\t\t162,942 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t258,148 \u00a0
\n\n\t\t\t\t\t1,983 \u00a0
\n\n\t\t\t\t\t536 \u00a0
\n\n\t\t\t\t\t158,734 \u00a0
\n\n\t\t\t\t\t419,401 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t3,853 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t280 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t4,133 \u00a0
\n\n\t\t\t\t\tDepreciation charge \u00a0
\n\n\t\t\t\t\t15,776 \u00a0
\n\n\t\t\t\t\t300 \u00a0
\n\n\t\t\t\t\t106 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t16,181 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t19,629 \u00a0
\n\n\t\t\t\t\t300 \u00a0
\n\n\t\t\t\t\t386 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t20,315 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t238,520 \u00a0
\n\n\t\t\t\t\t1,683 \u00a0
\n\n\t\t\t\t\t150 \u00a0
\n\n\t\t\t\t\t158,734 \u00a0
\n\n\t\t\t\t\t399,087 \u00a0
Additions during 2021 are mainly driven by down payments for EUR 137 million of the two \u00a0
\n\n\t\t\t\t\tnew X-class wind turbine installation vessels and new crane for Wind Orca (EUR 7 million), \u00a0
\n\n\t\t\t\t\trepresented above on Assets under Construction. \u00a0
Impairment Test \u00a0
\n\n\t\t\t\t\tThe Company has not identified an impairment triggering event but on a voluntary basis \u00a0
\n\n\t\t\t\t\tmanagement performs an impairment test every year. \u00a0
\n\n\t\t\t\t\tAs of 31 December 2022, Management tested the carrying amount of its two vessels for \u00a0
\n\n\t\t\t\t\timpairment. Management considers the vessels as one CGU as they will generate reve- \u00a0
\n\n\t\t\t\t\tnues from similar contracts, have similar operating environment and functionality. \u00a0
\n\n\t\t\t\t\tTwo independent evaluations of the market value of the two vessels were received in the \u00a0
\n\n\t\t\t\t\tsecond half of 2022. The first evaluation was made by Fearnleys Asia (Singapore) Pte Ltd \u00a0
\n\n\t\t\t\t\tthe 7
November 2022 for an estimation of USD 360 million (corresponding to EUR 334 \u00a0
\n\n\t\t\t\t\tmillion), which is 37% higher than the carrying amount. The second vessel evaluation was \u00a0
\n\n\t\t\t\t\tmade the 14 November 2022 by Clarksons Valuations Limited for an estimation of USD \u00a0
\n\n\t\t\t\t\t400-440 million (corresponding to EUR 371-408 million), which is 53-68% higher than the \u00a0
\n\n\t\t\t\t\tcarrying amount. \u00a0
\n\n\t\t\t\t\tThe Company also performed a value-in-use calculation in accordance to assess the risk \u00a0
\n\n\t\t\t\t\tof impairment. The discounted cash flow period has been calculated from the remaining \u00a0
\n\n\t\t\t\t\tuseful life of the vessel as this is deemed most representative for the actual value of the \u00a0
\n\n\t\t\t\t\tvessels. \u00a0
\n\n\t\t\t\t\tThe value in use is calculated based on cash flow projections in financial budgets and \u00a0
\n\n\t\t\t\t\tbusiness plans as follows: \u00a0
\u2013
\n\n\t\t\t\t\t2023-2026 is based on signed customer contracts. \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tFrom 2027 revenue is based on estimated day rates, based on the average day \u00a0
\n\n\t\t\t\t\trate of current contract backlog for O-class vessels and a yearly increase of 2%. \u00a0
The discount rate used in the calculation is based on a Weighted Average Cost of Capi- \u00a0
\n\n\t\t\t\t\ttal (WACC) of 8% after tax, (8.5% after tax in 2021). As the Company is subject to the ton- \u00a0
\n\n\t\t\t\t\tnage tax regime, the tax consideration in the WACC calculation for impairment of a ves- \u00a0
\n\n\t\t\t\t\tsel is immaterial. Therefore, the before and after tax WACC remain the same for impair- \u00a0
\n\n\t\t\t\t\tment testing purposes. \u00a0
\n\n\t\t\t\t\tWACC is calculated by using a standard WACC model in which cost of equity, cost of \u00a0
\n\n\t\t\t\t\tdebt and capital structure are the key parameters. \u00a0
\n\n\t\t\t\t\tThe calculation showed no need for impairment as the future value of cashflows were \u00a0
\n\n\t\t\t\t\thigher than the Net Book Value of the vessels. \u00a0
\n\n\t\t\t\t\tA sensitivity analysis was also undertaken assuming an increase or decrease in the \u00a0
\n\n\t\t\t\t\tWACC by 1.5% as well as an increase or decrease in the revenue by EUR 15 thousand per \u00a0
\n\n\t\t\t\t\tday. Within this sensitivity analysis the calculations also showed no need for impairment \u00a0
\n\n\t\t\t\t\tas the future value of cashflows were higher than the Net Book Value of the vessels. \u00a0
\n\n\t\t\t\t\tSufficient headroom is calculated with respect to the investment in new cranes. \u00a0
\n\n\t\t\t\t\tAs for the new X and F class vessels it is management opinion that current signed con- \u00a0
\n\n\t\t\t\t\ttracts and the expected day rates in the future support the agreed purchase prices of \u00a0
\n\n\t\t\t\t\tthe vessels. \u00a0
Note 17 \u00a0
\n\n\t\t\t\t\tRight of Use Assets \u00a0
Nature of the Group leasing activities \u00a0
\n\n\t\t\t\t\tLeasehold equipment \u00a0
\n\n\t\t\t\t\tIn 2022 the Group started an agreement for the use of vessel equipment for a total con- \u00a0
\n\n\t\t\t\t\ttract value of EUR 464 thousand during the initial term, plus additional repair and installa- \u00a0
\n\n\t\t\t\t\ttion costs. The amount is amortized over the initial term which is 13 months. \u00a0
\n\n\t\t\t\t\tOffice space \u00a0
\n\n\t\t\t\t\tThe Group leases office space for the purpose of office operations. The lease term of \u00a0
\n\n\t\t\t\t\tthe office is based on the first date at which the Group can exit without penalty (31 Au- \u00a0
\n\n\t\t\t\t\tgust 2023). \u00a0
Leasehold \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tequipment \u00a0
\n\n\t\t\t\t\tOffice space \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2022 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tMovement during the year \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t109 \u00a0
\n\n\t\t\t\t\t573 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t1,681 \u00a0
\n\n\t\t\t\t\t2,145 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\tAmortisation charge \u00a0
\n\n\t\t\t\t\t381 \u00a0
\n\n\t\t\t\t\t369 \u00a0
\n\n\t\t\t\t\t750 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t381 \u00a0
\n\n\t\t\t\t\t1,477 \u00a0
\n\n\t\t\t\t\t1,858 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t83 \u00a0
\n\n\t\t\t\t\t204 \u00a0
\n\n\t\t\t\t\t287 \u00a0
Office \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tspace \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2021 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t832 \u00a0
\n\n\t\t\t\t\t832 \u00a0
\n\n\t\t\t\t\tAmortisation charge \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\tPlease refer to Note 22 for disclosure on the lease liabilities and to Note 21 for disclosure \u00a0
\n\n\t\t\t\t\ton the low-value and short-term lease commitments. \u00a0
Lease interest expenses recognized in profit and loss \u00a0
\n\n\t\t\t\t\ta. Interest expense \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense on lease liabilities (vessels and office) \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tb. Lease expense not capitalized in lease liabilities \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tShort-term lease expense \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
c. Total cash outflow for all leases in 2022 and 2021 were EUR 728 thousand and EUR 315 \u00a0
\n\n\t\t\t\t\tthousand respectively, excluding variable lease fee (refer to Note 22). \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRepayment of lease liability \u00a0
\n\n\t\t\t\t\t728 \u00a0
\n\n\t\t\t\t\t315 \u00a0
\n\n\t\t\t\t\tRental above standby rate \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t196 \u00a0
\n\n\t\t\t\t\tCash outflow for leases that are not capitalised \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
\n\n\t\t\t\t\t781 \u00a0
\n\n\t\t\t\t\t545 \u00a0
Note 26 \u00a0
\n\n\t\t\t\t\tOperating Profit/(Loss) \u00a0
As a performance measure, the Company uses EBITDA: Earnings before interest, tax, de- \u00a0
\n\n\t\t\t\t\tpreciation, amortization and foreign exchange gains/losses. \u00a0
\n\n\t\t\t\t\tEBITDA is calculated as shown below: \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOperating profit or loss as reported in the statement of \u00a0
\n\n\t\t\t\t\tprofit \u00a0
\n\n\t\t\t\t\t41,191 \u00a0
\n\n\t\t\t\t\t11,134 \u00a0
\n\n\t\t\t\t\tRight-of-use asset amortization \u00a0
\n\n\t\t\t\t\t17 \u00a0
\n\n\t\t\t\t\t750 \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\tDepreciation and amortization \u00a0
\n\n\t\t\t\t\t15, 16 \u00a0
\n\n\t\t\t\t\t21,934 \u00a0
\n\n\t\t\t\t\t16,216 \u00a0
\n\n\t\t\t\t\tEBITDA \u00a0
\n\n\t\t\t\t\t63,875 \u00a0
\n\n\t\t\t\t\t27,626 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1944": {
"value": "2.10. Property, plant and equipment \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment are recognized at cost less accumulated depreciation \u00a0
\n\n\t\t\t\t\tand accumulated impairment losses. \u00a0
\n\n\t\t\t\t\tThe cost of an item of property, plant and equipment initially recognized includes its pur- \u00a0
\n\n\t\t\t\t\tchase price and any costs that are directly attributable to bringing the asset to the loca- \u00a0
\n\n\t\t\t\t\ttion and condition necessary for it to be capable of operating in the manner intended by \u00a0
\n\n\t\t\t\t\tmanagement. \u00a0
Subsequent expenditure relating to property, plant and equipment that has already been \u00a0
\n\n\t\t\t\t\trecognized is added to the carrying amount of the asset only when it is probable that fu- \u00a0
\n\n\t\t\t\t\tture economic benefits associated with the item will flow to the Group and the cost of \u00a0
\n\n\t\t\t\t\tthe item can be measured reliably. All other repair and maintenance expenses are recog- \u00a0
\n\n\t\t\t\t\tnized in profit or loss when incurred. \u00a0
To keep performing their operational activity, the vessels have an obligation to go \u00a0
\n\n\t\t\t\t\tthrough drydock procedures every five years. The costs of the drydock procedures are \u00a0
\n\n\t\t\t\t\tcapitalized per their purchase price and any costs that are directly attributable to bring- \u00a0
\n\n\t\t\t\t\ting the vessels to the location and condition necessary for the drydock procedures. \u00a0
\n\n\t\t\t\t\tDepreciation is calculated using the straight-line method to allocate their depreciable \u00a0
\n\n\t\t\t\t\tamounts over the assets\u2019 estimated useful life. The estimated useful life is as follows: \u00a0
Useful life \u00a0
\n\n\t\t\t\t\tVessels and furnished equipment \u00a0
\n\n\t\t\t\t\tUp to 25 years \u00a0
\n\n\t\t\t\t\tDrydock \u00a0
\n\n\t\t\t\t\t5 years \u00a0
\n\n\t\t\t\t\tCars \u00a0
\n\n\t\t\t\t\t5 years \u00a0
\n\n\t\t\t\t\tOther fixtures and fittings \u00a0
\n\n\t\t\t\t\t2 to 3 years \u00a0
The estimated useful life of the vessels of 25 years has been estimated by an external \u00a0
\n\n\t\t\t\t\tconsultant through a determined fatigue analysis based on the technical specification of \u00a0
\n\n\t\t\t\t\tthe vessels. Prior to their acquisition, the vessels had already been in use for 8 years, \u00a0
\n\n\t\t\t\t\ttherefore the remaining useful life of the vessels is estimated at 17 years for all compo- \u00a0
\n\n\t\t\t\t\tnents except jacking system and main crane with a remaining useful life of 3 years from \u00a0
\n\n\t\t\t\t\tthe acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per \u00a0
\n\n\t\t\t\t\tvessel by the end of their useful life. \u00a0
The residual value, useful life and methods of depreciation of property, plant and equip- \u00a0
\n\n\t\t\t\t\tment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
2.11. Leases \u00a0
\n\n\t\t\t\t\tWhen the Group is the lessor \u00a0
\n\n\t\t\t\t\tLessor \u2013 operating leases \u00a0
\n\n\t\t\t\t\tThe Group leases vessels (the bareboat element under time charter contracts) under op- \u00a0
\n\n\t\t\t\t\terating leases to non-related parties. This is classified as an operational lease, as such \u00a0
\n\n\t\t\t\t\tleases do not cover a significant part of the economic life of the vessels and the Group \u00a0
\n\n\t\t\t\t\tretains substantially all risks and rewards incidental to ownership of the vessels. Rental \u00a0
\n\n\t\t\t\t\tincome from operating leases is recognized in profit or loss on an over time basis over \u00a0
\n\n\t\t\t\t\tthe lease term and included in revenue. \u00a0
\n\n\t\t\t\t\tInitial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
\n\n\t\t\t\t\tare capitalized and recognized as an expense in profit or loss over the lease term on the \u00a0
\n\n\t\t\t\t\tsame basis as the lease income. \u00a0
When the Group is the lessee \u00a0
\n\n\t\t\t\t\tAt the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
\n\n\t\t\t\t\tcontract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
\n\n\t\t\t\t\tfied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
\n\n\t\t\t\t\tquired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
\n\n\t\t\t\t\tThe Group recognizes a right-of-use asset and lease liability at the date which the under- \u00a0
\n\n\t\t\t\t\tlying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
\n\n\t\t\t\t\tprises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
\n\n\t\t\t\t\tjusted for any lease payments made at or before the commencement date and lease \u00a0
incentive received. Any initial direct costs that would not have been incurred if the lease \u00a0
\n\n\t\t\t\t\thad not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
\n\n\t\t\t\t\tThe right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
\n\n\t\t\t\t\tation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
\n\n\t\t\t\t\tRight-of-use assets are depreciated on a straight-line basis lease term. \u00a0
2.24. Significant accounting judgements, estimates and assumptions \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment \u00a0
\n\n\t\t\t\t\tThe estimation made regarding the duration of the useful life of the vessels has been de- \u00a0
\n\n\t\t\t\t\ttermined through an analysis made by an external consultant. \u00a0
\n\n\t\t\t\t\tThe determined fatigue analysis is based on the technical specification of the wind tur- \u00a0
\n\n\t\t\t\t\tbine installation vessels, the useful life of the vessels is estimated at 25 years. Prior to \u00a0
\n\n\t\t\t\t\ttheir acquisition, the vessels had already been in use for 8 years, therefore all material \u00a0
\n\n\t\t\t\t\tcomponents on the vessel such as engines, jacking legs and hull have 17 years of useful \u00a0
\n\n\t\t\t\t\tlife. Management chooses to depreciate the jacking system and main crane through a 3 \u00a0
\n\n\t\t\t\t\tyear useful life and keep a EUR 10 million salvage value for the hull and steel compo- \u00a0
\n\n\t\t\t\t\tnents per vessel at the end of their 17 year useful life. \u00a0
\n\n\t\t\t\t\tThe residual value, useful life and methods of depreciation of property, plant and equip- \u00a0
\n\n\t\t\t\t\tment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCost of sales \u00a0
\n\n\t\t\t\t\tInsurance \u00a0
\n\n\t\t\t\t\t1,933 \u00a0
\n\n\t\t\t\t\t1,772 \u00a0
\n\n\t\t\t\t\tVessel depreciation \u00a0
\n\n\t\t\t\t\t16 \u00a0
\n\n\t\t\t\t\t21,664 \u00a0
\n\n\t\t\t\t\t16,077 \u00a0
\n\n\t\t\t\t\tCrewing costs paid to a related party and an external party \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\t61 \u00a0
\n\n\t\t\t\t\t11,517 \u00a0
\n\n\t\t\t\t\tSeafarer payroll \u00a0
\n\n\t\t\t\t\t5
\n\n\t\t\t\t\t13,089 \u00a0
\n\n\t\t\t\t\t1,159 \u00a0
\n\n\t\t\t\t\tFuel and oil \u00a0
\n\n\t\t\t\t\t1,113 \u00a0
\n\n\t\t\t\t\t892 \u00a0
\n\n\t\t\t\t\tMaintenance \u00a0
\n\n\t\t\t\t\t4,039 \u00a0
\n\n\t\t\t\t\t2,305 \u00a0
\n\n\t\t\t\t\tMessing costs \u00a0
\n\n\t\t\t\t\t1,428 \u00a0
\n\n\t\t\t\t\t1,224 \u00a0
\n\n\t\t\t\t\tSeafarer travel \u00a0
\n\n\t\t\t\t\t2,589 \u00a0
\n\n\t\t\t\t\t1,876 \u00a0
\n\n\t\t\t\t\tSpecific charter costs \u00a0
\n\n\t\t\t\t\t2,623 \u00a0
\n\n\t\t\t\t\t1,239 \u00a0
\n\n\t\t\t\t\tUtilities \u00a0
\n\n\t\t\t\t\t689 \u00a0
\n\n\t\t\t\t\t541 \u00a0
\n\n\t\t\t\t\tOther operating expenses \u00a0
\n\n\t\t\t\t\t309 \u00a0
\n\n\t\t\t\t\t260 \u00a0
\n\n\t\t\t\t\tTonnage tax \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t17 \u00a0
\n\n\t\t\t\t\tTotal cost of sales \u00a0
\n\n\t\t\t\t\t49,537 \u00a0
\n\n\t\t\t\t\t38,879 \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tAdministrative expenses \u00a0
\n\n\t\t\t\t\tDepreciation and amortisation \u00a0
\n\n\t\t\t\t\t15, 16, 17 \u00a0
\n\n\t\t\t\t\t1,020 \u00a0
\n\n\t\t\t\t\t414 \u00a0
\n\n\t\t\t\t\tEmployee compensation \u00a0
\n\n\t\t\t\t\t5
\n\n\t\t\t\t\t9,905 \u00a0
\n\n\t\t\t\t\t7,603 \u00a0
\n\n\t\t\t\t\tRepair and maintenance expenses \u00a0
\n\n\t\t\t\t\t796 \u00a0
\n\n\t\t\t\t\t161 \u00a0
\n\n\t\t\t\t\tLegal and professional fees \u00a0
\n\n\t\t\t\t\t1,047 \u00a0
\n\n\t\t\t\t\t564 \u00a0
\n\n\t\t\t\t\tRental expenses \u00a0
\n\n\t\t\t\t\t582 \u00a0
\n\n\t\t\t\t\t584 \u00a0
\n\n\t\t\t\t\tTravel expense \u00a0
\n\n\t\t\t\t\t612 \u00a0
\n\n\t\t\t\t\t305 \u00a0
\n\n\t\t\t\t\tManagement fees to related party \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t115 \u00a0
\n\n\t\t\t\t\tMarketing and entertainment expenses \u00a0
\n\n\t\t\t\t\t788 \u00a0
\n\n\t\t\t\t\t159 \u00a0
\n\n\t\t\t\t\tOther expenses \u00a0
\n\n\t\t\t\t\t946 \u00a0
\n\n\t\t\t\t\t1,020 \u00a0
\n\n\t\t\t\t\tTotal administrative expenses \u00a0
\n\n\t\t\t\t\t15,696 \u00a0
\n\n\t\t\t\t\t10,925 \u00a0
Note 15 \u00a0
\n\n\t\t\t\t\tIntangible Assets \u00a0
EUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tSoftware \u00a0
\n\n\t\t\t\t\tCost \u00a0
\n\n\t\t\t\t\tBeginning of period \u00a0
\n\n\t\t\t\t\t434 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t228 \u00a0
\n\n\t\t\t\t\tEnd of period \u00a0
\n\n\t\t\t\t\t662 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of period \u00a0
\n\n\t\t\t\t\t32 \u00a0
\n\n\t\t\t\t\tDepreciation charge \u00a0
\n\n\t\t\t\t\t211 \u00a0
\n\n\t\t\t\t\tEnd of period \u00a0
\n\n\t\t\t\t\t243 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t419 \u00a0
While 2021 additions were mainly implementation costs for Enterprise Resource and \u00a0
\n\n\t\t\t\t\tPlanning (ERP), Vessel and Crew Management software, 2022 additions are mainly fur- \u00a0
\n\n\t\t\t\t\tther developments of these initially implemented solutions. \u00a0
EUR'000 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tSoftware \u00a0
\n\n\t\t\t\t\tCost \u00a0
\n\n\t\t\t\t\tBeginning of period \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t434 \u00a0
\n\n\t\t\t\t\tEnd of period \u00a0
\n\n\t\t\t\t\t434 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of period \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDepreciation charge \u00a0
\n\n\t\t\t\t\t32 \u00a0
\n\n\t\t\t\t\tEnd of period \u00a0
\n\n\t\t\t\t\t32 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t402 \u00a0
Note 16 \u00a0
\n\n\t\t\t\t\tProperty Plant and Equipment \u00a0
Other fixtures \u00a0
\n\n\t\t\t\t\tAssets under \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\tDry Dock \u00a0
\n\n\t\t\t\t\tand fittings \u00a0
\n\n\t\t\t\t\tConstruction \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2022 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t258,148 \u00a0
\n\n\t\t\t\t\t1,983 \u00a0
\n\n\t\t\t\t\t536 \u00a0
\n\n\t\t\t\t\t158,734 \u00a0
\n\n\t\t\t\t\t419,401 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t15,105 \u00a0
\n\n\t\t\t\t\t5,281 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t208,455 \u00a0
\n\n\t\t\t\t\t228,841 \u00a0
\n\n\t\t\t\t\tTransfer from assets under construction \u00a0
\n\n\t\t\t\t\t9,029 \u00a0
\n\n\t\t\t\t\t1,997 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(11,026) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t282,282 \u00a0
\n\n\t\t\t\t\t9,261 \u00a0
\n\n\t\t\t\t\t536 \u00a0
\n\n\t\t\t\t\t356,163 \u00a0
\n\n\t\t\t\t\t648,242 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t19,629 \u00a0
\n\n\t\t\t\t\t300 \u00a0
\n\n\t\t\t\t\t386 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t20,315 \u00a0
\n\n\t\t\t\t\tDepreciation charge \u00a0
\n\n\t\t\t\t\t19,941 \u00a0
\n\n\t\t\t\t\t1,723 \u00a0
\n\n\t\t\t\t\t59 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t21,723 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t39,570 \u00a0
\n\n\t\t\t\t\t2,023 \u00a0
\n\n\t\t\t\t\t445 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t42,038 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t242,712 \u00a0
\n\n\t\t\t\t\t7,238 \u00a0
\n\n\t\t\t\t\t91 \u00a0
\n\n\t\t\t\t\t356,163 \u00a0
\n\n\t\t\t\t\t606,204 \u00a0
Other fixtures \u00a0
\n\n\t\t\t\t\tAssets under \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\tDry Dock \u00a0
\n\n\t\t\t\t\tand fittings \u00a0
\n\n\t\t\t\t\tConstruction \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2021 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t255,030 \u00a0
\n\n\t\t\t\t\t1,050 \u00a0
\n\n\t\t\t\t\t379 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t256,459 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t3,118 \u00a0
\n\n\t\t\t\t\t933 \u00a0
\n\n\t\t\t\t\t157 \u00a0
\n\n\t\t\t\t\t158,734 \u00a0
\n\n\t\t\t\t\t162,942 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t258,148 \u00a0
\n\n\t\t\t\t\t1,983 \u00a0
\n\n\t\t\t\t\t536 \u00a0
\n\n\t\t\t\t\t158,734 \u00a0
\n\n\t\t\t\t\t419,401 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t3,853 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t280 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t4,133 \u00a0
\n\n\t\t\t\t\tDepreciation charge \u00a0
\n\n\t\t\t\t\t15,776 \u00a0
\n\n\t\t\t\t\t300 \u00a0
\n\n\t\t\t\t\t106 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t16,181 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t19,629 \u00a0
\n\n\t\t\t\t\t300 \u00a0
\n\n\t\t\t\t\t386 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t20,315 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t238,520 \u00a0
\n\n\t\t\t\t\t1,683 \u00a0
\n\n\t\t\t\t\t150 \u00a0
\n\n\t\t\t\t\t158,734 \u00a0
\n\n\t\t\t\t\t399,087 \u00a0
Leasehold \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tequipment \u00a0
\n\n\t\t\t\t\tOffice space \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2022 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tMovement during the year \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t109 \u00a0
\n\n\t\t\t\t\t573 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t1,681 \u00a0
\n\n\t\t\t\t\t2,145 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\tAmortisation charge \u00a0
\n\n\t\t\t\t\t381 \u00a0
\n\n\t\t\t\t\t369 \u00a0
\n\n\t\t\t\t\t750 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t381 \u00a0
\n\n\t\t\t\t\t1,477 \u00a0
\n\n\t\t\t\t\t1,858 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t83 \u00a0
\n\n\t\t\t\t\t204 \u00a0
\n\n\t\t\t\t\t287 \u00a0
Office \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tspace \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2021 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t832 \u00a0
\n\n\t\t\t\t\t832 \u00a0
\n\n\t\t\t\t\tAmortisation charge \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\tPlease refer to Note 22 for disclosure on the lease liabilities and to Note 21 for disclosure \u00a0
\n\n\t\t\t\t\ton the low-value and short-term lease commitments. \u00a0
Note 26 \u00a0
\n\n\t\t\t\t\tOperating Profit/(Loss) \u00a0
As a performance measure, the Company uses EBITDA: Earnings before interest, tax, de- \u00a0
\n\n\t\t\t\t\tpreciation, amortization and foreign exchange gains/losses. \u00a0
\n\n\t\t\t\t\tEBITDA is calculated as shown below: \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOperating profit or loss as reported in the statement of \u00a0
\n\n\t\t\t\t\tprofit \u00a0
\n\n\t\t\t\t\t41,191 \u00a0
\n\n\t\t\t\t\t11,134 \u00a0
\n\n\t\t\t\t\tRight-of-use asset amortization \u00a0
\n\n\t\t\t\t\t17 \u00a0
\n\n\t\t\t\t\t750 \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\tDepreciation and amortization \u00a0
\n\n\t\t\t\t\t15, 16 \u00a0
\n\n\t\t\t\t\t21,934 \u00a0
\n\n\t\t\t\t\t16,216 \u00a0
\n\n\t\t\t\t\tEBITDA \u00a0
\n\n\t\t\t\t\t63,875 \u00a0
\n\n\t\t\t\t\t27,626 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1968": {
"value": "2.11. Leases \u00a0
\n\n\t\t\t\t\tWhen the Group is the lessor \u00a0
\n\n\t\t\t\t\tLessor \u2013 operating leases \u00a0
\n\n\t\t\t\t\tThe Group leases vessels (the bareboat element under time charter contracts) under op- \u00a0
\n\n\t\t\t\t\terating leases to non-related parties. This is classified as an operational lease, as such \u00a0
\n\n\t\t\t\t\tleases do not cover a significant part of the economic life of the vessels and the Group \u00a0
\n\n\t\t\t\t\tretains substantially all risks and rewards incidental to ownership of the vessels. Rental \u00a0
\n\n\t\t\t\t\tincome from operating leases is recognized in profit or loss on an over time basis over \u00a0
\n\n\t\t\t\t\tthe lease term and included in revenue. \u00a0
\n\n\t\t\t\t\tInitial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
\n\n\t\t\t\t\tare capitalized and recognized as an expense in profit or loss over the lease term on the \u00a0
\n\n\t\t\t\t\tsame basis as the lease income. \u00a0
When the Group is the lessee \u00a0
\n\n\t\t\t\t\tAt the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
\n\n\t\t\t\t\tcontract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
\n\n\t\t\t\t\tfied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
\n\n\t\t\t\t\tquired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
\n\n\t\t\t\t\tThe Group recognizes a right-of-use asset and lease liability at the date which the under- \u00a0
\n\n\t\t\t\t\tlying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
\n\n\t\t\t\t\tprises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
\n\n\t\t\t\t\tjusted for any lease payments made at or before the commencement date and lease \u00a0
incentive received. Any initial direct costs that would not have been incurred if the lease \u00a0
\n\n\t\t\t\t\thad not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
\n\n\t\t\t\t\tThe right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
\n\n\t\t\t\t\tation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
\n\n\t\t\t\t\tRight-of-use assets are depreciated on a straight-line basis lease term. \u00a0
b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
\n\n\t\t\t\t\ttion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
\n\n\t\t\t\t\tpayments resulting from a change in an index or rate used to determine such lease pay- \u00a0
\n\n\t\t\t\t\tments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
\n\n\t\t\t\t\tThe Group has elected to not recognize right-of-use assets and lease liabilities for short- \u00a0
\n\n\t\t\t\t\tterm leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
\n\n\t\t\t\t\tLease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
\n\n\t\t\t\t\tbasis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
\n\n\t\t\t\t\tchines, office premises and AV equipment. \u00a0
Derecognition of lease \u00a0
\n\n\t\t\t\t\tA financial liability is derecognized when the obligation under the liability is discharged, \u00a0
\n\n\t\t\t\t\tcancelled or expires. \u00a0
\n\n\t\t\t\t\tWhen an existing financial liability is replaced by another from the same lender on sub- \u00a0
\n\n\t\t\t\t\tstantially different terms, or the terms of an existing liability are substantially modified, \u00a0
\n\n\t\t\t\t\tsuch an exchange or modification is treated as the derecognition of the original liability \u00a0
\n\n\t\t\t\t\tand the recognition of a new liability. \u00a0
\n\n\t\t\t\t\tThe difference in the respective carrying amounts of the asset and the liability is recog- \u00a0
\n\n\t\t\t\t\tnized in the statement of profit and loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1976": {
"value": "2.11. Leases \u00a0
\n\n\t\t\t\t\tWhen the Group is the lessor \u00a0
\n\n\t\t\t\t\tLessor \u2013 operating leases \u00a0
\n\n\t\t\t\t\tThe Group leases vessels (the bareboat element under time charter contracts) under op- \u00a0
\n\n\t\t\t\t\terating leases to non-related parties. This is classified as an operational lease, as such \u00a0
\n\n\t\t\t\t\tleases do not cover a significant part of the economic life of the vessels and the Group \u00a0
\n\n\t\t\t\t\tretains substantially all risks and rewards incidental to ownership of the vessels. Rental \u00a0
\n\n\t\t\t\t\tincome from operating leases is recognized in profit or loss on an over time basis over \u00a0
\n\n\t\t\t\t\tthe lease term and included in revenue. \u00a0
\n\n\t\t\t\t\tInitial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
\n\n\t\t\t\t\tare capitalized and recognized as an expense in profit or loss over the lease term on the \u00a0
\n\n\t\t\t\t\tsame basis as the lease income. \u00a0
When the Group is the lessee \u00a0
\n\n\t\t\t\t\tAt the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
\n\n\t\t\t\t\tcontract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
\n\n\t\t\t\t\tfied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
\n\n\t\t\t\t\tquired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
\n\n\t\t\t\t\tThe Group recognizes a right-of-use asset and lease liability at the date which the under- \u00a0
\n\n\t\t\t\t\tlying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
\n\n\t\t\t\t\tprises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
\n\n\t\t\t\t\tjusted for any lease payments made at or before the commencement date and lease \u00a0
incentive received. Any initial direct costs that would not have been incurred if the lease \u00a0
\n\n\t\t\t\t\thad not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
\n\n\t\t\t\t\tThe right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
\n\n\t\t\t\t\tation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
\n\n\t\t\t\t\tRight-of-use assets are depreciated on a straight-line basis lease term. \u00a0
b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
\n\n\t\t\t\t\ttion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
\n\n\t\t\t\t\tpayments resulting from a change in an index or rate used to determine such lease pay- \u00a0
\n\n\t\t\t\t\tments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
\n\n\t\t\t\t\tThe Group has elected to not recognize right-of-use assets and lease liabilities for short- \u00a0
\n\n\t\t\t\t\tterm leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
\n\n\t\t\t\t\tLease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
\n\n\t\t\t\t\tbasis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
\n\n\t\t\t\t\tchines, office premises and AV equipment. \u00a0
Derecognition of lease \u00a0
\n\n\t\t\t\t\tA financial liability is derecognized when the obligation under the liability is discharged, \u00a0
\n\n\t\t\t\t\tcancelled or expires. \u00a0
\n\n\t\t\t\t\tWhen an existing financial liability is replaced by another from the same lender on sub- \u00a0
\n\n\t\t\t\t\tstantially different terms, or the terms of an existing liability are substantially modified, \u00a0
\n\n\t\t\t\t\tsuch an exchange or modification is treated as the derecognition of the original liability \u00a0
\n\n\t\t\t\t\tand the recognition of a new liability. \u00a0
\n\n\t\t\t\t\tThe difference in the respective carrying amounts of the asset and the liability is recog- \u00a0
\n\n\t\t\t\t\tnized in the statement of profit and loss. \u00a0
Disaggregation of revenue from contracts with customers \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRevenue from contracts with customers \u00a0
\n\n\t\t\t\t\tTime charter hire services \u00a0
\n\n\t\t\t\t\t99,368 \u00a0
\n\n\t\t\t\t\t49,538 \u00a0
\n\n\t\t\t\t\tCatering and accommodation \u00a0
\n\n\t\t\t\t\t352 \u00a0
\n\n\t\t\t\t\t1,888 \u00a0
\n\n\t\t\t\t\tMobilisation \u00a0
\n\n\t\t\t\t\t4,858 \u00a0
\n\n\t\t\t\t\t5,023 \u00a0
\n\n\t\t\t\t\tSundry income \u00a0
\n\n\t\t\t\t\t1,846 \u00a0
\n\n\t\t\t\t\t4,489 \u00a0
\n\n\t\t\t\t\tTotal revenue \u00a0
\n\n\t\t\t\t\t106,424 \u00a0
\n\n\t\t\t\t\t60,938 \u00a0
Revenue from time charter hire services are contracts with customers where the Group \u00a0
\n\n\t\t\t\t\tutilizes its vessels, equipment and crew to deliver a service to the customer based on ei- \u00a0
\n\n\t\t\t\t\tther a fixed day rate or milestone deliverables. Contracts may also include other services \u00a0
\n\n\t\t\t\t\tsuch as mobilization income, catering and accommodation as well as sundry income. \u00a0
\n\n\t\t\t\t\tRevenues are recognized over time, with the exception of a minor part of mobilization \u00a0
\n\n\t\t\t\t\tfees and sundry income, which might be recognised at a point in time depending on the \u00a0
\n\n\t\t\t\t\tcontract. \u00a0
\n\n\t\t\t\t\tMobilization are the fees earned for the movement of the vessel from one location to an- \u00a0
\n\n\t\t\t\t\tother in order to deliver a project. Sundry income is derived from nonrecurring items di- \u00a0
\n\n\t\t\t\t\trectly related to the execution of the projects.
The total amount of mobilization fees and \u00a0
\n\n\t\t\t\t\tsundry income recognized at a point in time amounted to EUR 7 million (EUR 10 million in \u00a0
\n\n\t\t\t\t\t2021). \u00a0
\n\n\t\t\t\t\tCatering and accommodation income are derived from the provision of food and accom- \u00a0
\n\n\t\t\t\t\tmodation on the vessels and is deemed service revenue. Payment terms with customers \u00a0
\n\n\t\t\t\t\tvary by contract and do not include a finance component. \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRevenue recognized in current period that was included in the \u00a0
\n\n\t\t\t\t\tcontract liabilities balance at the beginning of the period \u00a0
\n\n\t\t\t\t\tTime charter hire services \u00a0
\n\n\t\t\t\t\t15,856 \u00a0
\n\n\t\t\t\t\t1,751 \u00a0
\n\n\t\t\t\t\tTotal liabilities at the beginning of the period \u00a0
\n\n\t\t\t\t\t15,856 \u00a0
\n\n\t\t\t\t\t1,751 \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense \u00a0
\n\n\t\t\t\t\t- Interest linked to debt liabilities \u00a0
\n\n\t\t\t\t\t1,351 \u00a0
\n\n\t\t\t\t\t2,727 \u00a0
\n\n\t\t\t\t\t- Interest with related parties \u00a0
\n\n\t\t\t\t\t157 \u00a0
\n\n\t\t\t\t\t684 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tForeign currency loss \u00a0
\n\n\t\t\t\t\t7,834 \u00a0
\n\n\t\t\t\t\t1,692 \u00a0
\n\n\t\t\t\t\tBank fees \u00a0
\n\n\t\t\t\t\t318 \u00a0
\n\n\t\t\t\t\t358 \u00a0
\n\n\t\t\t\t\tFinance expenses \u00a0
\n\n\t\t\t\t\t9,681 \u00a0
\n\n\t\t\t\t\t5,491 \u00a0
\n\n\t\t\t\t\tTotal interest paid in 2022 as per Consolidated Statement of Cash Flows amounts to \u00a0
\n\n\t\t\t\t\tEUR 5.8 million (2021: EUR 3.9 million) out of which EUR 4.2 million (2021: EUR 0 million) \u00a0
\n\n\t\t\t\t\thave been capitalized to Property, Plant and Equipment (refer to Note 16) and EUR 1.6 \u00a0
\n\n\t\t\t\t\tmillion have been expensed. \u00a0
Note 17 \u00a0
\n\n\t\t\t\t\tRight of Use Assets \u00a0
Nature of the Group leasing activities \u00a0
\n\n\t\t\t\t\tLeasehold equipment \u00a0
\n\n\t\t\t\t\tIn 2022 the Group started an agreement for the use of vessel equipment for a total con- \u00a0
\n\n\t\t\t\t\ttract value of EUR 464 thousand during the initial term, plus additional repair and installa- \u00a0
\n\n\t\t\t\t\ttion costs. The amount is amortized over the initial term which is 13 months. \u00a0
\n\n\t\t\t\t\tOffice space \u00a0
\n\n\t\t\t\t\tThe Group leases office space for the purpose of office operations. The lease term of \u00a0
\n\n\t\t\t\t\tthe office is based on the first date at which the Group can exit without penalty (31 Au- \u00a0
\n\n\t\t\t\t\tgust 2023). \u00a0
Leasehold \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tequipment \u00a0
\n\n\t\t\t\t\tOffice space \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2022 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tMovement during the year \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t109 \u00a0
\n\n\t\t\t\t\t573 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t1,681 \u00a0
\n\n\t\t\t\t\t2,145 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\tAmortisation charge \u00a0
\n\n\t\t\t\t\t381 \u00a0
\n\n\t\t\t\t\t369 \u00a0
\n\n\t\t\t\t\t750 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t381 \u00a0
\n\n\t\t\t\t\t1,477 \u00a0
\n\n\t\t\t\t\t1,858 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t83 \u00a0
\n\n\t\t\t\t\t204 \u00a0
\n\n\t\t\t\t\t287 \u00a0
Office \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tspace \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2021 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t832 \u00a0
\n\n\t\t\t\t\t832 \u00a0
\n\n\t\t\t\t\tAmortisation charge \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\tPlease refer to Note 22 for disclosure on the lease liabilities and to Note 21 for disclosure \u00a0
\n\n\t\t\t\t\ton the low-value and short-term lease commitments. \u00a0
Lease interest expenses recognized in profit and loss \u00a0
\n\n\t\t\t\t\ta. Interest expense \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense on lease liabilities (vessels and office) \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tb. Lease expense not capitalized in lease liabilities \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tShort-term lease expense \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
Note 21 \u00a0
\n\n\t\t\t\t\tCommitments and Pledges \u00a0
Low value and short-term lease commitments \u00a0
\n\n\t\t\t\t\tThe future minimum lease payables under non-cancellable low value and short-term \u00a0
\n\n\t\t\t\t\tleases contracted for at the balance sheet date but not recognized as liabilities, are as \u00a0
\n\n\t\t\t\t\tfollows: \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tNot later than one year \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t18 \u00a0
\n\n\t\t\t\t\tBetween one and five years \u00a0
\n\n\t\t\t\t\t9
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t62 \u00a0
\n\n\t\t\t\t\t18 \u00a0
Pledge of Fixed Assets \u00a0
\n\n\t\t\t\t\tThe Debt Facility detailed in Note 24 is secured by, inter alia, a first priority mortgage \u00a0
\n\n\t\t\t\t\tover the Wind Orca and Wind Osprey Vessels (EUR 243 million carrying value, see Note \u00a0
\n\n\t\t\t\t\t16) and a first priority assignment of the insurances and earnings of the Wind Orca and \u00a0
\n\n\t\t\t\t\tWind Osprey vessels. \u00a0
F-class vessels \u00a0
\n\n\t\t\t\t\tOn 9 May 2022 and 22 November 2022 the Company signed additional contracts with \u00a0
\n\n\t\t\t\t\tCOSCO SHIPPING Heavy Industry to build a total of two new F-class foundation installa- \u00a0
\n\n\t\t\t\t\ttion vessel. \u00a0
\n\n\t\t\t\t\tThe total sum of the contracts for the new vessel is approximately EUR 661 million, of \u00a0
\n\n\t\t\t\t\twhich approximately a total of EUR 167 million was paid in June and December 2022, \u00a0
\n\n\t\t\t\t\twhile the remaining amounts will be due over the years from 2025 to 2026. Of the total \u00a0
\n\n\t\t\t\t\tcontract, USD 495 million will be paid in USD and EUR 205 million will be paid in EUR. \u00a0
X-class vessels \u00a0
\n\n\t\t\t\t\tSince 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry \u00a0
\n\n\t\t\t\t\tto build two new X-class wind turbine installation vessels. \u00a0
\n\n\t\t\t\t\tThe total sum of the contract for the new vessels is approximately EUR 584 million, of \u00a0
\n\n\t\t\t\t\twhich EUR 137 million was paid in 2021. The remaining scheduled payments will be due \u00a0
\n\n\t\t\t\t\tbetween 2023 and 2025. Of the total contract, USD 390 million will be paid in USD and \u00a0
\n\n\t\t\t\t\tEUR 220 million will be paid in EUR. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
\n\n\t\t\t\t\tThe Company signed a contract with NOV on 18 December 2020 to replace the main \u00a0
\n\n\t\t\t\t\tcrane of Wind Orca and then executed the option to replace the main crane for Wind Os- \u00a0
\n\n\t\t\t\t\tprey on 17 June 2021. \u00a0
\n\n\t\t\t\t\tThe total sum of the contract for the replacement of both cranes is EUR 83 million, of \u00a0
\n\n\t\t\t\t\twhich EUR 7 million was paid in 2021, and EUR 27 million was paid in 2022. The remaining \u00a0
\n\n\t\t\t\t\tscheduled payments will be due between 2023 and 2024. \u00a0
The table below analyses the maturity profile of the financial liabilities of the Company \u00a0
\n\n\t\t\t\t\tbased on contractual undiscounted cash flows. \u00a0
\n\n\t\t\t\t\tLess than 1 \u00a0
\n\n\t\t\t\t\tBetween 1 \u00a0
\n\n\t\t\t\t\tBetween 2 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tyear \u00a0
\n\n\t\t\t\t\tand 2 years \u00a0
\n\n\t\t\t\t\tand 5 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\tPayables to Related parties \u00a0
\n\n\t\t\t\t\t89 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t89 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\tDebt to credit institutions \u00a0
\n\n\t\t\t\t\t772 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t114,230 \u00a0
\n\n\t\t\t\t\t115,002 \u00a0
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,821 \u00a0
\n\n\t\t\t\t\t287 \u00a0
\n\n\t\t\t\t\t2,108 \u00a0
\n\n\t\t\t\t\t9,962 \u00a0
\n\n\t\t\t\t\t1,821 \u00a0
\n\n\t\t\t\t\t114,517 \u00a0
\n\n\t\t\t\t\t126,300 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t9,703 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t9,703 \u00a0
\n\n\t\t\t\t\tPayables to Related parties \u00a0
\n\n\t\t\t\t\t63 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t63 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t298 \u00a0
\n\n\t\t\t\t\t209 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t507 \u00a0
\n\n\t\t\t\t\tDebt to credit institutions \u00a0
\n\n\t\t\t\t\t28,599 \u00a0
\n\n\t\t\t\t\t14,476 \u00a0
\n\n\t\t\t\t\t30,000 \u00a0
\n\n\t\t\t\t\t73,075 \u00a0
\n\n\t\t\t\t\t38,663 \u00a0
\n\n\t\t\t\t\t14,685 \u00a0
\n\n\t\t\t\t\t30,000 \u00a0
\n\n\t\t\t\t\t83,348 \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tLease liabilities at 1st of January (current and non-current \u00a0
\n\n\t\t\t\t\tlease) \u00a0
\n\n\t\t\t\t\t507 \u00a0
\n\n\t\t\t\t\t792 \u00a0
\n\n\t\t\t\t\tCash flows \u00a0
\n\n\t\t\t\t\t(228) \u00a0
\n\n\t\t\t\t\t(285) \u00a0
\n\n\t\t\t\t\tLease liabilities at 31st of December (current and non-cur- \u00a0
\n\n\t\t\t\t\trent lease) \u00a0
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\t507 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2001": {
"value": "b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
\n\n\t\t\t\t\ttion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
\n\n\t\t\t\t\tpayments resulting from a change in an index or rate used to determine such lease pay- \u00a0
\n\n\t\t\t\t\tments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
\n\n\t\t\t\t\tThe Group has elected to not recognize right-of-use assets and lease liabilities for short- \u00a0
\n\n\t\t\t\t\tterm leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
\n\n\t\t\t\t\tLease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
\n\n\t\t\t\t\tbasis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
\n\n\t\t\t\t\tchines, office premises and AV equipment. \u00a0
2.13. Financial assets \u00a0
\n\n\t\t\t\t\tThe classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
\n\n\t\t\t\t\ting the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
\n\n\t\t\t\t\tassets. \u00a0
\n\n\t\t\t\t\tThe Group reclassifies financial assets when and only when its business model for man- \u00a0
\n\n\t\t\t\t\taging those assets changes. \u00a0
(i) At initial recognition \u00a0
\n\n\t\t\t\t\tAt initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
\n\n\t\t\t\t\tcase of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
\n\n\t\t\t\t\tdirectly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
\n\n\t\t\t\t\tcial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
\n\n\t\t\t\t\tFinancial assets \u00a0
\n\n\t\t\t\t\tFinancial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
\n\n\t\t\t\t\tbles and other current assets. \u00a0
\n\n\t\t\t\t\tInterest income from these financial assets are recognized using the effective interest \u00a0
\n\n\t\t\t\t\trate method. \u00a0
\n\n\t\t\t\t\tThe Group assesses on forward looking basis the expected credit losses associated with \u00a0
\n\n\t\t\t\t\tits financial assets carried at amortized cost. \u00a0
\n\n\t\t\t\t\tFor trade and other receivables, the Group applied the simplified approach permitted by \u00a0
\n\n\t\t\t\t\tIFRS 9, which requires expected lifetime losses to be recognized from initial recognition \u00a0
\n\n\t\t\t\t\tof the receivables. \u00a0
2.17. Financial liabilities \u00a0
\n\n\t\t\t\t\tDebt to credit institutions etc. is recognized at the time of borrowing at fair value after \u00a0
\n\n\t\t\t\t\tdeduction of transaction costs incurred. Subsequently, the financial liabilities are meas- \u00a0
\n\n\t\t\t\t\tured at amortized cost using the \"effective interest method\", so that the difference \u00a0
between the proceeds and the nominal value is recognized in the income statement un- \u00a0
\n\n\t\t\t\t\tder financial expenses over the loan period. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2009": {
"value": "b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
\n\n\t\t\t\t\ttion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
\n\n\t\t\t\t\tpayments resulting from a change in an index or rate used to determine such lease pay- \u00a0
\n\n\t\t\t\t\tments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
\n\n\t\t\t\t\tThe Group has elected to not recognize right-of-use assets and lease liabilities for short- \u00a0
\n\n\t\t\t\t\tterm leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
\n\n\t\t\t\t\tLease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
\n\n\t\t\t\t\tbasis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
\n\n\t\t\t\t\tchines, office premises and AV equipment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2012": {
"value": "b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
\n\n\t\t\t\t\ttion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
\n\n\t\t\t\t\tpayments resulting from a change in an index or rate used to determine such lease pay- \u00a0
\n\n\t\t\t\t\tments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
\n\n\t\t\t\t\tThe Group has elected to not recognize right-of-use assets and lease liabilities for short- \u00a0
\n\n\t\t\t\t\tterm leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
\n\n\t\t\t\t\tLease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
\n\n\t\t\t\t\tbasis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
\n\n\t\t\t\t\tchines, office premises and AV equipment. \u00a0
Derecognition of lease \u00a0
\n\n\t\t\t\t\tA financial liability is derecognized when the obligation under the liability is discharged, \u00a0
\n\n\t\t\t\t\tcancelled or expires. \u00a0
\n\n\t\t\t\t\tWhen an existing financial liability is replaced by another from the same lender on sub- \u00a0
\n\n\t\t\t\t\tstantially different terms, or the terms of an existing liability are substantially modified, \u00a0
\n\n\t\t\t\t\tsuch an exchange or modification is treated as the derecognition of the original liability \u00a0
\n\n\t\t\t\t\tand the recognition of a new liability. \u00a0
\n\n\t\t\t\t\tThe difference in the respective carrying amounts of the asset and the liability is recog- \u00a0
\n\n\t\t\t\t\tnized in the statement of profit and loss. \u00a0
2.15. Trade and other payables \u00a0
\n\n\t\t\t\t\tTrade and other payables represent liabilities for goods and services provided to the \u00a0
\n\n\t\t\t\t\tGroup prior to the end of the financial year which are unpaid. They are classified as cur- \u00a0
\n\n\t\t\t\t\trent liabilities if payment is due within one year or less (or in the normal operating cycle \u00a0
\n\n\t\t\t\t\tof the business, if longer). Otherwise, they are presented as non-current liabilities. \u00a0
\n\n\t\t\t\t\tTrade and other payables are initially recognized at fair value, and subsequently carried \u00a0
\n\n\t\t\t\t\tat amortized cost, using the effective interest method. \u00a0
2.17. Financial liabilities \u00a0
\n\n\t\t\t\t\tDebt to credit institutions etc. is recognized at the time of borrowing at fair value after \u00a0
\n\n\t\t\t\t\tdeduction of transaction costs incurred. Subsequently, the financial liabilities are meas- \u00a0
\n\n\t\t\t\t\tured at amortized cost using the \"effective interest method\", so that the difference \u00a0
between the proceeds and the nominal value is recognized in the income statement un- \u00a0
\n\n\t\t\t\t\tder financial expenses over the loan period. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2019": {
"value": "b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
\n\n\t\t\t\t\ttion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
\n\n\t\t\t\t\tpayments resulting from a change in an index or rate used to determine such lease pay- \u00a0
\n\n\t\t\t\t\tments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
\n\n\t\t\t\t\tThe Group has elected to not recognize right-of-use assets and lease liabilities for short- \u00a0
\n\n\t\t\t\t\tterm leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
\n\n\t\t\t\t\tLease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
\n\n\t\t\t\t\tbasis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
\n\n\t\t\t\t\tchines, office premises and AV equipment. \u00a0
Derecognition of lease \u00a0
\n\n\t\t\t\t\tA financial liability is derecognized when the obligation under the liability is discharged, \u00a0
\n\n\t\t\t\t\tcancelled or expires. \u00a0
\n\n\t\t\t\t\tWhen an existing financial liability is replaced by another from the same lender on sub- \u00a0
\n\n\t\t\t\t\tstantially different terms, or the terms of an existing liability are substantially modified, \u00a0
\n\n\t\t\t\t\tsuch an exchange or modification is treated as the derecognition of the original liability \u00a0
\n\n\t\t\t\t\tand the recognition of a new liability. \u00a0
\n\n\t\t\t\t\tThe difference in the respective carrying amounts of the asset and the liability is recog- \u00a0
\n\n\t\t\t\t\tnized in the statement of profit and loss. \u00a0
2.13. Financial assets \u00a0
\n\n\t\t\t\t\tThe classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
\n\n\t\t\t\t\ting the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
\n\n\t\t\t\t\tassets. \u00a0
\n\n\t\t\t\t\tThe Group reclassifies financial assets when and only when its business model for man- \u00a0
\n\n\t\t\t\t\taging those assets changes. \u00a0
(i) At initial recognition \u00a0
\n\n\t\t\t\t\tAt initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
\n\n\t\t\t\t\tcase of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
\n\n\t\t\t\t\tdirectly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
\n\n\t\t\t\t\tcial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
\n\n\t\t\t\t\tFinancial assets \u00a0
\n\n\t\t\t\t\tFinancial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
\n\n\t\t\t\t\tbles and other current assets. \u00a0
\n\n\t\t\t\t\tInterest income from these financial assets are recognized using the effective interest \u00a0
\n\n\t\t\t\t\trate method. \u00a0
\n\n\t\t\t\t\tThe Group assesses on forward looking basis the expected credit losses associated with \u00a0
\n\n\t\t\t\t\tits financial assets carried at amortized cost. \u00a0
\n\n\t\t\t\t\tFor trade and other receivables, the Group applied the simplified approach permitted by \u00a0
\n\n\t\t\t\t\tIFRS 9, which requires expected lifetime losses to be recognized from initial recognition \u00a0
\n\n\t\t\t\t\tof the receivables. \u00a0
2.15. Trade and other payables \u00a0
\n\n\t\t\t\t\tTrade and other payables represent liabilities for goods and services provided to the \u00a0
\n\n\t\t\t\t\tGroup prior to the end of the financial year which are unpaid. They are classified as cur- \u00a0
\n\n\t\t\t\t\trent liabilities if payment is due within one year or less (or in the normal operating cycle \u00a0
\n\n\t\t\t\t\tof the business, if longer). Otherwise, they are presented as non-current liabilities. \u00a0
\n\n\t\t\t\t\tTrade and other payables are initially recognized at fair value, and subsequently carried \u00a0
\n\n\t\t\t\t\tat amortized cost, using the effective interest method. \u00a0
2.17. Financial liabilities \u00a0
\n\n\t\t\t\t\tDebt to credit institutions etc. is recognized at the time of borrowing at fair value after \u00a0
\n\n\t\t\t\t\tdeduction of transaction costs incurred. Subsequently, the financial liabilities are meas- \u00a0
\n\n\t\t\t\t\tured at amortized cost using the \"effective interest method\", so that the difference \u00a0
between the proceeds and the nominal value is recognized in the income statement un- \u00a0
\n\n\t\t\t\t\tder financial expenses over the loan period. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2029": {
"value": "b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
\n\n\t\t\t\t\ttion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
\n\n\t\t\t\t\tpayments resulting from a change in an index or rate used to determine such lease pay- \u00a0
\n\n\t\t\t\t\tments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
\n\n\t\t\t\t\tThe Group has elected to not recognize right-of-use assets and lease liabilities for short- \u00a0
\n\n\t\t\t\t\tterm leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
\n\n\t\t\t\t\tLease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
\n\n\t\t\t\t\tbasis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
\n\n\t\t\t\t\tchines, office premises and AV equipment. \u00a0
2.13. Financial assets \u00a0
\n\n\t\t\t\t\tThe classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
\n\n\t\t\t\t\ting the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
\n\n\t\t\t\t\tassets. \u00a0
\n\n\t\t\t\t\tThe Group reclassifies financial assets when and only when its business model for man- \u00a0
\n\n\t\t\t\t\taging those assets changes. \u00a0
(i) At initial recognition \u00a0
\n\n\t\t\t\t\tAt initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
\n\n\t\t\t\t\tcase of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
\n\n\t\t\t\t\tdirectly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
\n\n\t\t\t\t\tcial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
\n\n\t\t\t\t\tFinancial assets \u00a0
\n\n\t\t\t\t\tFinancial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
\n\n\t\t\t\t\tbles and other current assets. \u00a0
\n\n\t\t\t\t\tInterest income from these financial assets are recognized using the effective interest \u00a0
\n\n\t\t\t\t\trate method. \u00a0
\n\n\t\t\t\t\tThe Group assesses on forward looking basis the expected credit losses associated with \u00a0
\n\n\t\t\t\t\tits financial assets carried at amortized cost. \u00a0
\n\n\t\t\t\t\tFor trade and other receivables, the Group applied the simplified approach permitted by \u00a0
\n\n\t\t\t\t\tIFRS 9, which requires expected lifetime losses to be recognized from initial recognition \u00a0
\n\n\t\t\t\t\tof the receivables. \u00a0
2.17. Financial liabilities \u00a0
\n\n\t\t\t\t\tDebt to credit institutions etc. is recognized at the time of borrowing at fair value after \u00a0
\n\n\t\t\t\t\tdeduction of transaction costs incurred. Subsequently, the financial liabilities are meas- \u00a0
\n\n\t\t\t\t\tured at amortized cost using the \"effective interest method\", so that the difference \u00a0
between the proceeds and the nominal value is recognized in the income statement un- \u00a0
\n\n\t\t\t\t\tder financial expenses over the loan period. \u00a0
Change in the debts to credit institutes during the year \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tDebt to credit institutes at 1st of January (current and non- \u00a0
\n\n\t\t\t\t\tcurrent lease) \u00a0
\n\n\t\t\t\t\t(73,075) \u00a0
\n\n\t\t\t\t\t(73,500) \u00a0
\n\n\t\t\t\t\tOverdraft facility drawn \u00a0
\n\n\t\t\t\t\t(16,067) \u00a0
\n\n\t\t\t\t\t(8,998) \u00a0
\n\n\t\t\t\t\tLoans repayment \u00a0
\n\n\t\t\t\t\t65,000 \u00a0
\n\n\t\t\t\t\t10,000 \u00a0
\n\n\t\t\t\t\tOverdraft repayment \u00a0
\n\n\t\t\t\t\t25,065 \u00a0
\n\n\t\t\t\t\tNew loan \u00a0
\n\n\t\t\t\t\t(115,000) \u00a0
\n\n\t\t\t\t\tNew loan fees \u00a0
\n\n\t\t\t\t\t1,541 \u00a0
\n\n\t\t\t\t\tNon-Cash flow of interest \u00a0
\n\n\t\t\t\t\t(2,466) \u00a0
\n\n\t\t\t\t\t(577) \u00a0
\n\n\t\t\t\t\tDebt to credit institutes at 31st of December (current and \u00a0
\n\n\t\t\t\t\tnon-current lease) \u00a0
\n\n\t\t\t\t\t(115,002) \u00a0
\n\n\t\t\t\t\t(73,075) \u00a0
Capital management \u00a0
\n\n\t\t\t\t\tThe Company\u2019s objectives when managing capital are to ensure the Company\u2019s ability to \u00a0
\n\n\t\t\t\t\tcontinue as a going concern and to maintain an optimal capital structure. \u00a0
In order to achieve this overall objective, the Company\u2019s capital management, among \u00a0
\n\n\t\t\t\t\tother things, aims to ensure that it meets financial covenants attached to the interest- \u00a0
\n\n\t\t\t\t\tbearing loans and borrowings that define capital structure requirements. Breaches in \u00a0
\n\n\t\t\t\t\tmeeting the financial covenants would permit the bank to immediately call loans and \u00a0
\n\n\t\t\t\t\tborrowings. There have been no breaches of the financial covenants of any interest- \u00a0
\n\n\t\t\t\t\tbearing loans and borrowing in the current period. \u00a0
\n\n\t\t\t\t\tIn order to maintain or adjust the capital structure in the future, the Group may adjust the \u00a0
\n\n\t\t\t\t\tamount of dividends paid to shareholders, issue new shares and/or sell assets to reduce \u00a0
\n\n\t\t\t\t\tdebt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other \u00a0
\n\n\t\t\t\t\tdistributions without DNB Bank ASA\u2019s written consent. \u00a0
Note 24 \u00a0
\n\n\t\t\t\t\tFinancial Liabilities: Interest-bearing Loans and Borrowings \u00a0
On 1 July 2022 the Company entered into a Senior Secured Green Revolving Credit Facil- \u00a0
\n\n\t\t\t\t\tity (\u201cRCF\u201d) of a 3-year term loan of EUR 185 million with DNB Bank ASA. \u00a0
\n\n\t\t\t\t\tThe RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi- \u00a0
\n\n\t\t\t\t\ttion to voluntary prepayments in whole or any part of the loan, at any time, the loan will \u00a0
\n\n\t\t\t\t\tbe repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to \u00a0
\n\n\t\t\t\t\tEUR 35 million. \u00a0
\n\n\t\t\t\t\tOn 4 July 2022 the Company utilized EUR 115 million from the total EUR 150 million availa- \u00a0
\n\n\t\t\t\t\tble from the RCF. With these funds the Group repaid in full the outstanding amounts, re- \u00a0
\n\n\t\t\t\t\tlated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank \u00a0
\n\n\t\t\t\t\tASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF \u00a0
\n\n\t\t\t\t\tadded about EUR 70 million in liquidity. By the end of the reporting period, EUR 35 million \u00a0
\n\n\t\t\t\t\tremains unutilized from the RCF. \u00a0
\n\n\t\t\t\t\tThe RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and \u00a0
\n\n\t\t\t\t\tsubject to a green loan margin discount as long as the Company is in compliance with \u00a0
\n\n\t\t\t\t\tcertain green asset criteria such as earmarked investments in green assets. The Group is \u00a0
\n\n\t\t\t\t\tcurrently in compliance with this green criteria and are expected to remain compliant for \u00a0
\n\n\t\t\t\t\tthe duration of the facility. Due to a confidentiality agreement, the applicable margin \u00a0
\n\n\t\t\t\t\tcannot be disclosed. \u00a0
\n\n\t\t\t\t\tThe full repayment of the senior debt facility generated a finance cost for the write off of \u00a0
\n\n\t\t\t\t\tborrowing costs of approximately EUR 810 thousand in July 2022. \u00a0
Covenants \u00a0
\n\n\t\t\t\t\tThe Group is in compliance with all covenants in the RCF: \u00a0
\n\n\t\t\t\t\tMinimum Free Liquidity: Freely available cash and cash equivalents at all times to be \u00a0
\n\n\t\t\t\t\tthe higher of EUR 10,000,000 or an amount equal to 7.5% of the gross interest bearing \u00a0
\n\n\t\t\t\t\tdebt. \u00a0
\n\n\t\t\t\t\tEquity Ratio: The ratio of book equity to total assets at all times to be minimum 40%. \u00a0
\n\n\t\t\t\t\tContracted cash flows: If at any reported quarter the aggregated loans exceed the for- \u00a0
\n\n\t\t\t\t\tward-looking expected cash revenues from legally binding contracts, the Contracted \u00a0
\n\n\t\t\t\t\tCash Flows, the Borrower shall prepay the exceeding part of the Loans within five (5) \u00a0
\n\n\t\t\t\t\tBusiness Days. \u00a0
\n\n\t\t\t\t\tFair market value of vessels: The fair market value of the vessels shall at all times cover \u00a0
\n\n\t\t\t\t\tat least 170% of the aggregate outstanding utilisations. \u00a0
\n\n\t\t\t\t\tRestriction on dividends: The Company is not permitted to pay any dividends or other \u00a0
\n\n\t\t\t\t\tdistributions without DNB Bank ASA\u2019s written consent. \u00a0
\n\n\t\t\t\t\tChange of control: If any person or group of persons (other than Swire Pacific or the BW \u00a0
\n\n\t\t\t\t\tGroup) acting in concert directly or indirectly gains control of 25% or more of the voting \u00a0
\n\n\t\t\t\t\tand/or ordinary shares of the Borrower, the Agent (acting on instructions from the major- \u00a0
\n\n\t\t\t\t\tity lenders) may by written notice of ten (10) business days cancel the total commitments \u00a0
\n\n\t\t\t\t\tand demand prepayment of all amounts outstanding under the facilities. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2043": {
"value": "b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
\n\n\t\t\t\t\ttion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
\n\n\t\t\t\t\tpayments resulting from a change in an index or rate used to determine such lease pay- \u00a0
\n\n\t\t\t\t\tments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
\n\n\t\t\t\t\tThe Group has elected to not recognize right-of-use assets and lease liabilities for short- \u00a0
\n\n\t\t\t\t\tterm leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
\n\n\t\t\t\t\tLease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
\n\n\t\t\t\t\tbasis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
\n\n\t\t\t\t\tchines, office premises and AV equipment. \u00a0
2.13. Financial assets \u00a0
\n\n\t\t\t\t\tThe classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
\n\n\t\t\t\t\ting the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
\n\n\t\t\t\t\tassets. \u00a0
\n\n\t\t\t\t\tThe Group reclassifies financial assets when and only when its business model for man- \u00a0
\n\n\t\t\t\t\taging those assets changes. \u00a0
(i) At initial recognition \u00a0
\n\n\t\t\t\t\tAt initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
\n\n\t\t\t\t\tcase of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
\n\n\t\t\t\t\tdirectly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
\n\n\t\t\t\t\tcial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
\n\n\t\t\t\t\tFinancial assets \u00a0
\n\n\t\t\t\t\tFinancial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
\n\n\t\t\t\t\tbles and other current assets. \u00a0
\n\n\t\t\t\t\tInterest income from these financial assets are recognized using the effective interest \u00a0
\n\n\t\t\t\t\trate method. \u00a0
\n\n\t\t\t\t\tThe Group assesses on forward looking basis the expected credit losses associated with \u00a0
\n\n\t\t\t\t\tits financial assets carried at amortized cost. \u00a0
\n\n\t\t\t\t\tFor trade and other receivables, the Group applied the simplified approach permitted by \u00a0
\n\n\t\t\t\t\tIFRS 9, which requires expected lifetime losses to be recognized from initial recognition \u00a0
\n\n\t\t\t\t\tof the receivables. \u00a0
2.17. Financial liabilities \u00a0
\n\n\t\t\t\t\tDebt to credit institutions etc. is recognized at the time of borrowing at fair value after \u00a0
\n\n\t\t\t\t\tdeduction of transaction costs incurred. Subsequently, the financial liabilities are meas- \u00a0
\n\n\t\t\t\t\tured at amortized cost using the \"effective interest method\", so that the difference \u00a0
between the proceeds and the nominal value is recognized in the income statement un- \u00a0
\n\n\t\t\t\t\tder financial expenses over the loan period. \u00a0
Lease interest expenses recognized in profit and loss \u00a0
\n\n\t\t\t\t\ta. Interest expense \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense on lease liabilities (vessels and office) \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tb. Lease expense not capitalized in lease liabilities \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tShort-term lease expense \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
c. Total cash outflow for all leases in 2022 and 2021 were EUR 728 thousand and EUR 315 \u00a0
\n\n\t\t\t\t\tthousand respectively, excluding variable lease fee (refer to Note 22). \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRepayment of lease liability \u00a0
\n\n\t\t\t\t\t728 \u00a0
\n\n\t\t\t\t\t315 \u00a0
\n\n\t\t\t\t\tRental above standby rate \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t196 \u00a0
\n\n\t\t\t\t\tCash outflow for leases that are not capitalised \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
\n\n\t\t\t\t\t781 \u00a0
\n\n\t\t\t\t\t545 \u00a0
Note 21 \u00a0
\n\n\t\t\t\t\tCommitments and Pledges \u00a0
Low value and short-term lease commitments \u00a0
\n\n\t\t\t\t\tThe future minimum lease payables under non-cancellable low value and short-term \u00a0
\n\n\t\t\t\t\tleases contracted for at the balance sheet date but not recognized as liabilities, are as \u00a0
\n\n\t\t\t\t\tfollows: \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tNot later than one year \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t18 \u00a0
\n\n\t\t\t\t\tBetween one and five years \u00a0
\n\n\t\t\t\t\t9
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t62 \u00a0
\n\n\t\t\t\t\t18 \u00a0
Pledge of Fixed Assets \u00a0
\n\n\t\t\t\t\tThe Debt Facility detailed in Note 24 is secured by, inter alia, a first priority mortgage \u00a0
\n\n\t\t\t\t\tover the Wind Orca and Wind Osprey Vessels (EUR 243 million carrying value, see Note \u00a0
\n\n\t\t\t\t\t16) and a first priority assignment of the insurances and earnings of the Wind Orca and \u00a0
\n\n\t\t\t\t\tWind Osprey vessels. \u00a0
F-class vessels \u00a0
\n\n\t\t\t\t\tOn 9 May 2022 and 22 November 2022 the Company signed additional contracts with \u00a0
\n\n\t\t\t\t\tCOSCO SHIPPING Heavy Industry to build a total of two new F-class foundation installa- \u00a0
\n\n\t\t\t\t\ttion vessel. \u00a0
\n\n\t\t\t\t\tThe total sum of the contracts for the new vessel is approximately EUR 661 million, of \u00a0
\n\n\t\t\t\t\twhich approximately a total of EUR 167 million was paid in June and December 2022, \u00a0
\n\n\t\t\t\t\twhile the remaining amounts will be due over the years from 2025 to 2026. Of the total \u00a0
\n\n\t\t\t\t\tcontract, USD 495 million will be paid in USD and EUR 205 million will be paid in EUR. \u00a0
X-class vessels \u00a0
\n\n\t\t\t\t\tSince 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry \u00a0
\n\n\t\t\t\t\tto build two new X-class wind turbine installation vessels. \u00a0
\n\n\t\t\t\t\tThe total sum of the contract for the new vessels is approximately EUR 584 million, of \u00a0
\n\n\t\t\t\t\twhich EUR 137 million was paid in 2021. The remaining scheduled payments will be due \u00a0
\n\n\t\t\t\t\tbetween 2023 and 2025. Of the total contract, USD 390 million will be paid in USD and \u00a0
\n\n\t\t\t\t\tEUR 220 million will be paid in EUR. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
\n\n\t\t\t\t\tThe Company signed a contract with NOV on 18 December 2020 to replace the main \u00a0
\n\n\t\t\t\t\tcrane of Wind Orca and then executed the option to replace the main crane for Wind Os- \u00a0
\n\n\t\t\t\t\tprey on 17 June 2021. \u00a0
\n\n\t\t\t\t\tThe total sum of the contract for the replacement of both cranes is EUR 83 million, of \u00a0
\n\n\t\t\t\t\twhich EUR 7 million was paid in 2021, and EUR 27 million was paid in 2022. The remaining \u00a0
\n\n\t\t\t\t\tscheduled payments will be due between 2023 and 2024. \u00a0
Change in the debts to credit institutes during the year \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tDebt to credit institutes at 1st of January (current and non- \u00a0
\n\n\t\t\t\t\tcurrent lease) \u00a0
\n\n\t\t\t\t\t(73,075) \u00a0
\n\n\t\t\t\t\t(73,500) \u00a0
\n\n\t\t\t\t\tOverdraft facility drawn \u00a0
\n\n\t\t\t\t\t(16,067) \u00a0
\n\n\t\t\t\t\t(8,998) \u00a0
\n\n\t\t\t\t\tLoans repayment \u00a0
\n\n\t\t\t\t\t65,000 \u00a0
\n\n\t\t\t\t\t10,000 \u00a0
\n\n\t\t\t\t\tOverdraft repayment \u00a0
\n\n\t\t\t\t\t25,065 \u00a0
\n\n\t\t\t\t\tNew loan \u00a0
\n\n\t\t\t\t\t(115,000) \u00a0
\n\n\t\t\t\t\tNew loan fees \u00a0
\n\n\t\t\t\t\t1,541 \u00a0
\n\n\t\t\t\t\tNon-Cash flow of interest \u00a0
\n\n\t\t\t\t\t(2,466) \u00a0
\n\n\t\t\t\t\t(577) \u00a0
\n\n\t\t\t\t\tDebt to credit institutes at 31st of December (current and \u00a0
\n\n\t\t\t\t\tnon-current lease) \u00a0
\n\n\t\t\t\t\t(115,002) \u00a0
\n\n\t\t\t\t\t(73,075) \u00a0
Capital management \u00a0
\n\n\t\t\t\t\tThe Company\u2019s objectives when managing capital are to ensure the Company\u2019s ability to \u00a0
\n\n\t\t\t\t\tcontinue as a going concern and to maintain an optimal capital structure. \u00a0
In order to achieve this overall objective, the Company\u2019s capital management, among \u00a0
\n\n\t\t\t\t\tother things, aims to ensure that it meets financial covenants attached to the interest- \u00a0
\n\n\t\t\t\t\tbearing loans and borrowings that define capital structure requirements. Breaches in \u00a0
\n\n\t\t\t\t\tmeeting the financial covenants would permit the bank to immediately call loans and \u00a0
\n\n\t\t\t\t\tborrowings. There have been no breaches of the financial covenants of any interest- \u00a0
\n\n\t\t\t\t\tbearing loans and borrowing in the current period. \u00a0
\n\n\t\t\t\t\tIn order to maintain or adjust the capital structure in the future, the Group may adjust the \u00a0
\n\n\t\t\t\t\tamount of dividends paid to shareholders, issue new shares and/or sell assets to reduce \u00a0
\n\n\t\t\t\t\tdebt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other \u00a0
\n\n\t\t\t\t\tdistributions without DNB Bank ASA\u2019s written consent. \u00a0
Note 24 \u00a0
\n\n\t\t\t\t\tFinancial Liabilities: Interest-bearing Loans and Borrowings \u00a0
On 1 July 2022 the Company entered into a Senior Secured Green Revolving Credit Facil- \u00a0
\n\n\t\t\t\t\tity (\u201cRCF\u201d) of a 3-year term loan of EUR 185 million with DNB Bank ASA. \u00a0
\n\n\t\t\t\t\tThe RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi- \u00a0
\n\n\t\t\t\t\ttion to voluntary prepayments in whole or any part of the loan, at any time, the loan will \u00a0
\n\n\t\t\t\t\tbe repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to \u00a0
\n\n\t\t\t\t\tEUR 35 million. \u00a0
\n\n\t\t\t\t\tOn 4 July 2022 the Company utilized EUR 115 million from the total EUR 150 million availa- \u00a0
\n\n\t\t\t\t\tble from the RCF. With these funds the Group repaid in full the outstanding amounts, re- \u00a0
\n\n\t\t\t\t\tlated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank \u00a0
\n\n\t\t\t\t\tASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF \u00a0
\n\n\t\t\t\t\tadded about EUR 70 million in liquidity. By the end of the reporting period, EUR 35 million \u00a0
\n\n\t\t\t\t\tremains unutilized from the RCF. \u00a0
\n\n\t\t\t\t\tThe RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and \u00a0
\n\n\t\t\t\t\tsubject to a green loan margin discount as long as the Company is in compliance with \u00a0
\n\n\t\t\t\t\tcertain green asset criteria such as earmarked investments in green assets. The Group is \u00a0
\n\n\t\t\t\t\tcurrently in compliance with this green criteria and are expected to remain compliant for \u00a0
\n\n\t\t\t\t\tthe duration of the facility. Due to a confidentiality agreement, the applicable margin \u00a0
\n\n\t\t\t\t\tcannot be disclosed. \u00a0
\n\n\t\t\t\t\tThe full repayment of the senior debt facility generated a finance cost for the write off of \u00a0
\n\n\t\t\t\t\tborrowing costs of approximately EUR 810 thousand in July 2022. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2064": {
"value": "b. Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of the lease, the Group recognizes lease liabilities meas- \u00a0
\n\n\t\t\t\t\tured at the present value of lease payments to be made over the lease term. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments (including in-substance fixed payments) less any lease \u00a0
\n\n\t\t\t\t\tincentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
\n\n\t\t\t\t\tamounts expected to be paid under residual value guarantees. \u00a0
\n\n\t\t\t\t\tVariable lease payments that do not depend on an index or a rate are recognized as ex- \u00a0
\n\n\t\t\t\t\tpenses in the period in which the event or condition that triggers the payment occurs. \u00a0
\n\n\t\t\t\t\tUtilization lease fees can be classified as a variable fee. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
\n\n\t\t\t\t\trowing rate at the lease commencement date because the interest rate implicit in the \u00a0
\n\n\t\t\t\t\tlease is not readily determinable. After the commencement date, the amount of lease \u00a0
\n\n\t\t\t\t\tliabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
\n\n\t\t\t\t\tments made. \u00a0
Note 8 \u00a0
\n\n\t\t\t\t\tFinance Income and Expenses \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2066": {
"value": "2.13. Financial assets \u00a0
\n\n\t\t\t\t\tThe classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
\n\n\t\t\t\t\ting the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
\n\n\t\t\t\t\tassets. \u00a0
\n\n\t\t\t\t\tThe Group reclassifies financial assets when and only when its business model for man- \u00a0
\n\n\t\t\t\t\taging those assets changes. \u00a0
(i) At initial recognition \u00a0
\n\n\t\t\t\t\tAt initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
\n\n\t\t\t\t\tcase of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
\n\n\t\t\t\t\tdirectly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
\n\n\t\t\t\t\tcial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
\n\n\t\t\t\t\tFinancial assets \u00a0
\n\n\t\t\t\t\tFinancial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
\n\n\t\t\t\t\tbles and other current assets. \u00a0
\n\n\t\t\t\t\tInterest income from these financial assets are recognized using the effective interest \u00a0
\n\n\t\t\t\t\trate method. \u00a0
\n\n\t\t\t\t\tThe Group assesses on forward looking basis the expected credit losses associated with \u00a0
\n\n\t\t\t\t\tits financial assets carried at amortized cost. \u00a0
\n\n\t\t\t\t\tFor trade and other receivables, the Group applied the simplified approach permitted by \u00a0
\n\n\t\t\t\t\tIFRS 9, which requires expected lifetime losses to be recognized from initial recognition \u00a0
\n\n\t\t\t\t\tof the receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2069": {
"value": "2.13. Financial assets \u00a0
\n\n\t\t\t\t\tThe classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
\n\n\t\t\t\t\ting the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
\n\n\t\t\t\t\tassets. \u00a0
\n\n\t\t\t\t\tThe Group reclassifies financial assets when and only when its business model for man- \u00a0
\n\n\t\t\t\t\taging those assets changes. \u00a0
(i) At initial recognition \u00a0
\n\n\t\t\t\t\tAt initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
\n\n\t\t\t\t\tcase of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
\n\n\t\t\t\t\tdirectly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
\n\n\t\t\t\t\tcial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
\n\n\t\t\t\t\tFinancial assets \u00a0
\n\n\t\t\t\t\tFinancial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
\n\n\t\t\t\t\tbles and other current assets. \u00a0
\n\n\t\t\t\t\tInterest income from these financial assets are recognized using the effective interest \u00a0
\n\n\t\t\t\t\trate method. \u00a0
\n\n\t\t\t\t\tThe Group assesses on forward looking basis the expected credit losses associated with \u00a0
\n\n\t\t\t\t\tits financial assets carried at amortized cost. \u00a0
\n\n\t\t\t\t\tFor trade and other receivables, the Group applied the simplified approach permitted by \u00a0
\n\n\t\t\t\t\tIFRS 9, which requires expected lifetime losses to be recognized from initial recognition \u00a0
\n\n\t\t\t\t\tof the receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2072": {
"value": "2.13. Financial assets \u00a0
\n\n\t\t\t\t\tThe classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
\n\n\t\t\t\t\ting the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
\n\n\t\t\t\t\tassets. \u00a0
\n\n\t\t\t\t\tThe Group reclassifies financial assets when and only when its business model for man- \u00a0
\n\n\t\t\t\t\taging those assets changes. \u00a0
(i) At initial recognition \u00a0
\n\n\t\t\t\t\tAt initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
\n\n\t\t\t\t\tcase of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
\n\n\t\t\t\t\tdirectly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
\n\n\t\t\t\t\tcial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
\n\n\t\t\t\t\tFinancial assets \u00a0
\n\n\t\t\t\t\tFinancial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
\n\n\t\t\t\t\tbles and other current assets. \u00a0
\n\n\t\t\t\t\tInterest income from these financial assets are recognized using the effective interest \u00a0
\n\n\t\t\t\t\trate method. \u00a0
\n\n\t\t\t\t\tThe Group assesses on forward looking basis the expected credit losses associated with \u00a0
\n\n\t\t\t\t\tits financial assets carried at amortized cost. \u00a0
\n\n\t\t\t\t\tFor trade and other receivables, the Group applied the simplified approach permitted by \u00a0
\n\n\t\t\t\t\tIFRS 9, which requires expected lifetime losses to be recognized from initial recognition \u00a0
\n\n\t\t\t\t\tof the receivables. \u00a0
Impairment of non-financial assets \u00a0
\n\n\t\t\t\t\tManagement is responsible for the identification of indicators of impairment related to \u00a0
\n\n\t\t\t\t\tnon-financial assets. If indicators of impairment are identified, an impairment test must \u00a0
\n\n\t\t\t\t\tbe performed. \u00a0
\n\n\t\t\t\t\tImpairment exists when the carrying value of an asset including right-of-use assets or \u00a0
\n\n\t\t\t\t\tcash generating unit (CGU) exceeds its recoverable amount, which is the higher of fair \u00a0
\n\n\t\t\t\t\tvalue less costs of disposal and its value in use. The fair value less costs of disposal cal- \u00a0
\n\n\t\t\t\t\tculation is based on available sales transactions conducted at arm\u2019s length terms, if \u00a0
\n\n\t\t\t\t\tavailable. The value in use calculation is based on a DCF model. The cash flows are de- \u00a0
\n\n\t\t\t\t\trived from the budget and the most recent project pipeline. These cash flows do not in- \u00a0
\n\n\t\t\t\t\tclude restructuring activities or significant future investments which will enhance the \u00a0
\n\n\t\t\t\t\tperformance of the assets or CGU being tested. \u00a0
\n\n\t\t\t\t\tThe recoverable amount is sensitive to the discount rate used in the DCF model as well \u00a0
\n\n\t\t\t\t\tas future cash in-flows and growth rate assumptions, for further information please refer \u00a0
\n\n\t\t\t\t\tto Note 16. \u00a0
In preparing the financial statements, management has considered the impact of both \u00a0
\n\n\t\t\t\t\tmacroeconomic factors as well as climate change. Offshore wind will play a vital role in a \u00a0
\n\n\t\t\t\t\tclimate-neutral future and Cadeler has continued investing in new assets as part of its \u00a0
\n\n\t\t\t\t\tstrategy. As Cadeler continues to undergo expansion, we are also continuing to ensure \u00a0
\n\n\t\t\t\t\tthat our business operates responsibly. Macroeconomic uncertainties include, among \u00a0
\n\n\t\t\t\t\tother things, the rate of growth in the global economy, political conditions and levels of \u00a0
\n\n\t\t\t\t\tpublic/institutional spending within the energy sector, currency and interest rate fluctua- \u00a0
\n\n\t\t\t\t\ttions and inflation. Additionally, geopolitical tensions may have an impact on the future \u00a0
\n\n\t\t\t\t\tprospects of the Group\u2019s markets and may increase risk related to the Group\u2019s opera- \u00a0
\n\n\t\t\t\t\ttions. \u00a0
Expected credit loss on trade receivables \u00a0
\n\n\t\t\t\t\tThe Group has historically only experienced immaterial losses on trade receivables, if \u00a0
\n\n\t\t\t\t\tany. Further, a material part of the cash flows in the contracts are prepayments received \u00a0
\n\n\t\t\t\t\tup front. \u00a0
The Group\u2019s expected credit losses are immaterial. This is based on historical data, a few \u00a0
\n\n\t\t\t\t\thigh-quality debtors and expectations to the future. \u00a0
Trade \u00a0
\n\n\t\t\t\t\tExpected \u00a0
\n\n\t\t\t\t\tContract \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\treceivables \u00a0
\n\n\t\t\t\t\tloss \u00a0
\n\n\t\t\t\t\tassets \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t31 December 2022 \u00a0
\n\n\t\t\t\t\tNot due \u00a0
\n\n\t\t\t\t\t17,197 \u00a0
\n\n\t\t\t\t\t19,999 \u00a0
\n\n\t\t\t\t\t37,196 \u00a0
\n\n\t\t\t\t\tOverdue 1-30 days \u00a0
\n\n\t\t\t\t\t438 \u00a0
\n\n\t\t\t\t\t438 \u00a0
\n\n\t\t\t\t\tOverdue 31 to 60 days \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOverdue +61 days \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t17,635 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t19,999 \u00a0
\n\n\t\t\t\t\t37,634 \u00a0
\n\n\t\t\t\t\t31 December 2021 \u00a0
\n\n\t\t\t\t\tNot due \u00a0
\n\n\t\t\t\t\t7,850 \u00a0
\n\n\t\t\t\t\t843 \u00a0
\n\n\t\t\t\t\t8,693 \u00a0
\n\n\t\t\t\t\tOverdue 1-30 days \u00a0
\n\n\t\t\t\t\t8,962 \u00a0
\n\n\t\t\t\t\t8,962 \u00a0
\n\n\t\t\t\t\tOverdue 31 to 60 days \u00a0
\n\n\t\t\t\t\t316 \u00a0
\n\n\t\t\t\t\t316 \u00a0
\n\n\t\t\t\t\tOverdue +61 days \u00a0
\n\n\t\t\t\t\t1,296 \u00a0
\n\n\t\t\t\t\t1,296 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t18,424 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t843 \u00a0
\n\n\t\t\t\t\t19,267 \u00a0
Impairment Test \u00a0
\n\n\t\t\t\t\tThe Company has not identified an impairment triggering event but on a voluntary basis \u00a0
\n\n\t\t\t\t\tmanagement performs an impairment test every year. \u00a0
\n\n\t\t\t\t\tAs of 31 December 2022, Management tested the carrying amount of its two vessels for \u00a0
\n\n\t\t\t\t\timpairment. Management considers the vessels as one CGU as they will generate reve- \u00a0
\n\n\t\t\t\t\tnues from similar contracts, have similar operating environment and functionality. \u00a0
\n\n\t\t\t\t\tTwo independent evaluations of the market value of the two vessels were received in the \u00a0
\n\n\t\t\t\t\tsecond half of 2022. The first evaluation was made by Fearnleys Asia (Singapore) Pte Ltd \u00a0
\n\n\t\t\t\t\tthe 7
November 2022 for an estimation of USD 360 million (corresponding to EUR 334 \u00a0
\n\n\t\t\t\t\tmillion), which is 37% higher than the carrying amount. The second vessel evaluation was \u00a0
\n\n\t\t\t\t\tmade the 14 November 2022 by Clarksons Valuations Limited for an estimation of USD \u00a0
\n\n\t\t\t\t\t400-440 million (corresponding to EUR 371-408 million), which is 53-68% higher than the \u00a0
\n\n\t\t\t\t\tcarrying amount. \u00a0
\n\n\t\t\t\t\tThe Company also performed a value-in-use calculation in accordance to assess the risk \u00a0
\n\n\t\t\t\t\tof impairment. The discounted cash flow period has been calculated from the remaining \u00a0
\n\n\t\t\t\t\tuseful life of the vessel as this is deemed most representative for the actual value of the \u00a0
\n\n\t\t\t\t\tvessels. \u00a0
\n\n\t\t\t\t\tThe value in use is calculated based on cash flow projections in financial budgets and \u00a0
\n\n\t\t\t\t\tbusiness plans as follows: \u00a0
\u2013
\n\n\t\t\t\t\t2023-2026 is based on signed customer contracts. \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tFrom 2027 revenue is based on estimated day rates, based on the average day \u00a0
\n\n\t\t\t\t\trate of current contract backlog for O-class vessels and a yearly increase of 2%. \u00a0
The discount rate used in the calculation is based on a Weighted Average Cost of Capi- \u00a0
\n\n\t\t\t\t\ttal (WACC) of 8% after tax, (8.5% after tax in 2021). As the Company is subject to the ton- \u00a0
\n\n\t\t\t\t\tnage tax regime, the tax consideration in the WACC calculation for impairment of a ves- \u00a0
\n\n\t\t\t\t\tsel is immaterial. Therefore, the before and after tax WACC remain the same for impair- \u00a0
\n\n\t\t\t\t\tment testing purposes. \u00a0
\n\n\t\t\t\t\tWACC is calculated by using a standard WACC model in which cost of equity, cost of \u00a0
\n\n\t\t\t\t\tdebt and capital structure are the key parameters. \u00a0
\n\n\t\t\t\t\tThe calculation showed no need for impairment as the future value of cashflows were \u00a0
\n\n\t\t\t\t\thigher than the Net Book Value of the vessels. \u00a0
\n\n\t\t\t\t\tA sensitivity analysis was also undertaken assuming an increase or decrease in the \u00a0
\n\n\t\t\t\t\tWACC by 1.5% as well as an increase or decrease in the revenue by EUR 15 thousand per \u00a0
\n\n\t\t\t\t\tday. Within this sensitivity analysis the calculations also showed no need for impairment \u00a0
\n\n\t\t\t\t\tas the future value of cashflows were higher than the Net Book Value of the vessels. \u00a0
\n\n\t\t\t\t\tSufficient headroom is calculated with respect to the investment in new cranes. \u00a0
\n\n\t\t\t\t\tAs for the new X and F class vessels it is management opinion that current signed con- \u00a0
\n\n\t\t\t\t\ttracts and the expected day rates in the future support the agreed purchase prices of \u00a0
\n\n\t\t\t\t\tthe vessels. \u00a0
Impairment of financial assets \u00a0
\n\n\t\t\t\t\tThe Group assesses on a forward-looking basis the expected credit losses (\u201cECLs\u201d) as- \u00a0
\n\n\t\t\t\t\tsociated with its financial assets which are trade and other receivables, cash and bank \u00a0
\n\n\t\t\t\t\tbalances and contract assets. Financial assets are written-off when there is no \u00a0
reasonable expectation of recovery, such as a non-related debtor failing to engage in a \u00a0
\n\n\t\t\t\t\trepayment plan with the Group. \u00a0
\n\n\t\t\t\t\tWhere receivables have been written-off, the Group continues to engage in enforcement \u00a0
\n\n\t\t\t\t\tactivity to attempt to recover the receivables due. Where recoveries are made, these are \u00a0
\n\n\t\t\t\t\trecognized in profit or loss. \u00a0
\n\n\t\t\t\t\tThe Group has applied the simplified credit loss approach by using the provision matrix \u00a0
\n\n\t\t\t\t\tto measure the lifetime expected credit losses for trade receivables from customers. To \u00a0
\n\n\t\t\t\t\tmeasure the expected credit losses, the Group grouped receivables based on shared \u00a0
\n\n\t\t\t\t\tcredit characteristics and days past due. \u00a0
\n\n\t\t\t\t\tTrade receivables from external customers that are neither past due nor impaired are \u00a0
\n\n\t\t\t\t\twith creditworthy companies. Based on the provision matrix, the trade receivables from \u00a0
\n\n\t\t\t\t\texternal customers are subject to immaterial credit loss. \u00a0
\n\n\t\t\t\t\tFor cash and bank balances and other receivables that are measured at amortized cost, \u00a0
\n\n\t\t\t\t\tthe Group has considered these financial assets as low credit risk. Cash and bank bal- \u00a0
\n\n\t\t\t\t\tances are mainly deposits with banks who have high credit-ratings as determined by in- \u00a0
\n\n\t\t\t\t\tternational credit-rating agencies. As at 31 December 2022, cash and bank balances and \u00a0
\n\n\t\t\t\t\tother receivables are subject to immaterial credit loss. \u00a0
\n\n\t\t\t\t\tThere is no credit loss allowance for other financial asset at amortized cost as at 31 De- \u00a0
\n\n\t\t\t\t\tcember 2022 and 31 December 2021. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2094": {
"value": "2.14. Cash and cash equivalents \u00a0
\n\n\t\t\t\t\tFor the purpose of presentation in the statement of cash flows, cash and cash equiva- \u00a0
\n\n\t\t\t\t\tlents include cash on hand and deposits with financial institutions which are subject to \u00a0
\n\n\t\t\t\t\tan insignificant risk of change in value. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2095": {
"value": "2.14. Cash and cash equivalents \u00a0
\n\n\t\t\t\t\tFor the purpose of presentation in the statement of cash flows, cash and cash equiva- \u00a0
\n\n\t\t\t\t\tlents include cash on hand and deposits with financial institutions which are subject to \u00a0
\n\n\t\t\t\t\tan insignificant risk of change in value. \u00a0
2.23. Cash flow statement \u00a0
\n\n\t\t\t\t\tStatement of cash flows \u00a0
\n\n\t\t\t\t\tThe statement of cash flows shows the Group\u2019s cash flows for the year distributed on \u00a0
\n\n\t\t\t\t\toperating, investing and financing activities, net changes for the year in cash and cash \u00a0
\n\n\t\t\t\t\tequivalents as well as the Group\u2019s cash and cash equivalents at the beginning and end \u00a0
\n\n\t\t\t\t\tof the year. \u00a0
Positive amounts indicate cash inflows, whereas negative amounts indicate cash out- \u00a0
\n\n\t\t\t\t\tflows. \u00a0
Cash flows from operating activities \u00a0
\n\n\t\t\t\t\tCash flows from operating activities are stated as the profit/loss for the year adjusted \u00a0
\n\n\t\t\t\t\tfor non-cash operating items such as depreciation, changes in working capital and in- \u00a0
\n\n\t\t\t\t\tcome tax paid or received. Working capital includes current assets less current liabilities, \u00a0
\n\n\t\t\t\t\texcluding cash and cash equivalents. \u00a0
Cash flows from investing activities \u00a0
\n\n\t\t\t\t\tCash flows from investing activities comprise cash flows from the acquisition and sale of \u00a0
\n\n\t\t\t\t\tnon-current assets. \u00a0
Cash flows from financing activities \u00a0
\n\n\t\t\t\t\tCash flows from financing activities comprise cash flows from instalments on lease liabil- \u00a0
\n\n\t\t\t\t\tities, and interest paid/received. \u00a0
Cash and cash equivalents \u00a0
\n\n\t\t\t\t\tCash and cash equivalents are measured in the balance sheet nominal value, and mainly \u00a0
\n\n\t\t\t\t\tconsists of short-term deposits and cash and bank balances. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2102": {
"value": "2.15. Trade and other payables \u00a0
\n\n\t\t\t\t\tTrade and other payables represent liabilities for goods and services provided to the \u00a0
\n\n\t\t\t\t\tGroup prior to the end of the financial year which are unpaid. They are classified as cur- \u00a0
\n\n\t\t\t\t\trent liabilities if payment is due within one year or less (or in the normal operating cycle \u00a0
\n\n\t\t\t\t\tof the business, if longer). Otherwise, they are presented as non-current liabilities. \u00a0
\n\n\t\t\t\t\tTrade and other payables are initially recognized at fair value, and subsequently carried \u00a0
\n\n\t\t\t\t\tat amortized cost, using the effective interest method. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2103": {
"value": "2.15. Trade and other payables \u00a0
\n\n\t\t\t\t\tTrade and other payables represent liabilities for goods and services provided to the \u00a0
\n\n\t\t\t\t\tGroup prior to the end of the financial year which are unpaid. They are classified as cur- \u00a0
\n\n\t\t\t\t\trent liabilities if payment is due within one year or less (or in the normal operating cycle \u00a0
\n\n\t\t\t\t\tof the business, if longer). Otherwise, they are presented as non-current liabilities. \u00a0
\n\n\t\t\t\t\tTrade and other payables are initially recognized at fair value, and subsequently carried \u00a0
\n\n\t\t\t\t\tat amortized cost, using the effective interest method. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2085": {
"value": "(ii) At subsequent measurement \u00a0
\n\n\t\t\t\t\tFinancial assets \u00a0
\n\n\t\t\t\t\tFinancial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
\n\n\t\t\t\t\tbles and other current assets. \u00a0
\n\n\t\t\t\t\tInterest income from these financial assets are recognized using the effective interest \u00a0
\n\n\t\t\t\t\trate method. \u00a0
\n\n\t\t\t\t\tThe Group assesses on forward looking basis the expected credit losses associated with \u00a0
\n\n\t\t\t\t\tits financial assets carried at amortized cost. \u00a0
\n\n\t\t\t\t\tFor trade and other receivables, the Group applied the simplified approach permitted by \u00a0
\n\n\t\t\t\t\tIFRS 9, which requires expected lifetime losses to be recognized from initial recognition \u00a0
\n\n\t\t\t\t\tof the receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2086": {
"value": "(ii) At subsequent measurement \u00a0
\n\n\t\t\t\t\tFinancial assets \u00a0
\n\n\t\t\t\t\tFinancial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
\n\n\t\t\t\t\tbles and other current assets. \u00a0
\n\n\t\t\t\t\tInterest income from these financial assets are recognized using the effective interest \u00a0
\n\n\t\t\t\t\trate method. \u00a0
\n\n\t\t\t\t\tThe Group assesses on forward looking basis the expected credit losses associated with \u00a0
\n\n\t\t\t\t\tits financial assets carried at amortized cost. \u00a0
\n\n\t\t\t\t\tFor trade and other receivables, the Group applied the simplified approach permitted by \u00a0
\n\n\t\t\t\t\tIFRS 9, which requires expected lifetime losses to be recognized from initial recognition \u00a0
\n\n\t\t\t\t\tof the receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2087": {
"value": "(ii) At subsequent measurement \u00a0
\n\n\t\t\t\t\tFinancial assets \u00a0
\n\n\t\t\t\t\tFinancial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
\n\n\t\t\t\t\tbles and other current assets. \u00a0
\n\n\t\t\t\t\tInterest income from these financial assets are recognized using the effective interest \u00a0
\n\n\t\t\t\t\trate method. \u00a0
\n\n\t\t\t\t\tThe Group assesses on forward looking basis the expected credit losses associated with \u00a0
\n\n\t\t\t\t\tits financial assets carried at amortized cost. \u00a0
\n\n\t\t\t\t\tFor trade and other receivables, the Group applied the simplified approach permitted by \u00a0
\n\n\t\t\t\t\tIFRS 9, which requires expected lifetime losses to be recognized from initial recognition \u00a0
\n\n\t\t\t\t\tof the receivables. \u00a0
Note 12 \u00a0
\n\n\t\t\t\t\tTrade and Other Receivables \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tTrade receivables from non-related parties \u00a0
\n\n\t\t\t\t\t17,635 \u00a0
\n\n\t\t\t\t\t18,424 \u00a0
\n\n\t\t\t\t\tContract assets \u00a0
\n\n\t\t\t\t\t19,999 \u00a0
\n\n\t\t\t\t\t843 \u00a0
\n\n\t\t\t\t\tOther receivables \u00a0
\n\n\t\t\t\t\t600 \u00a0
\n\n\t\t\t\t\t1,106 \u00a0
\n\n\t\t\t\t\t38,234 \u00a0
\n\n\t\t\t\t\t20,373 \u00a0
As of 31 December 2022, the Company's other receivables include contract assets total- \u00a0
\n\n\t\t\t\t\tling EUR 20 million, a significant increase from EUR 0.8 million in 2021. These contract as- \u00a0
\n\n\t\t\t\t\tsets represent the Company's entitlement to proportional consideration for ongoing pro- \u00a0
\n\n\t\t\t\t\tjects as of the balance sheet date. Typically, these contract assets are reclassified to \u00a0
\n\n\t\t\t\t\ttrade receivables when the Company fulfils its obligations and the right to consideration \u00a0
\n\n\t\t\t\t\tbecomes unconditional, usually upon completion of the project. \u00a0
Expected credit loss on trade receivables \u00a0
\n\n\t\t\t\t\tThe Group has historically only experienced immaterial losses on trade receivables, if \u00a0
\n\n\t\t\t\t\tany. Further, a material part of the cash flows in the contracts are prepayments received \u00a0
\n\n\t\t\t\t\tup front. \u00a0
The Group\u2019s expected credit losses are immaterial. This is based on historical data, a few \u00a0
\n\n\t\t\t\t\thigh-quality debtors and expectations to the future. \u00a0
Trade \u00a0
\n\n\t\t\t\t\tExpected \u00a0
\n\n\t\t\t\t\tContract \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\treceivables \u00a0
\n\n\t\t\t\t\tloss \u00a0
\n\n\t\t\t\t\tassets \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t31 December 2022 \u00a0
\n\n\t\t\t\t\tNot due \u00a0
\n\n\t\t\t\t\t17,197 \u00a0
\n\n\t\t\t\t\t19,999 \u00a0
\n\n\t\t\t\t\t37,196 \u00a0
\n\n\t\t\t\t\tOverdue 1-30 days \u00a0
\n\n\t\t\t\t\t438 \u00a0
\n\n\t\t\t\t\t438 \u00a0
\n\n\t\t\t\t\tOverdue 31 to 60 days \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOverdue +61 days \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t17,635 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t19,999 \u00a0
\n\n\t\t\t\t\t37,634 \u00a0
\n\n\t\t\t\t\t31 December 2021 \u00a0
\n\n\t\t\t\t\tNot due \u00a0
\n\n\t\t\t\t\t7,850 \u00a0
\n\n\t\t\t\t\t843 \u00a0
\n\n\t\t\t\t\t8,693 \u00a0
\n\n\t\t\t\t\tOverdue 1-30 days \u00a0
\n\n\t\t\t\t\t8,962 \u00a0
\n\n\t\t\t\t\t8,962 \u00a0
\n\n\t\t\t\t\tOverdue 31 to 60 days \u00a0
\n\n\t\t\t\t\t316 \u00a0
\n\n\t\t\t\t\t316 \u00a0
\n\n\t\t\t\t\tOverdue +61 days \u00a0
\n\n\t\t\t\t\t1,296 \u00a0
\n\n\t\t\t\t\t1,296 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t18,424 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t843 \u00a0
\n\n\t\t\t\t\t19,267 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2117": {
"value": "2.19. Share capital \u00a0
\n\n\t\t\t\t\tOrdinary shares are classified as equity. \u00a0
2.20. Share premium reserve and retained earnings \u00a0
\n\n\t\t\t\t\tCapital increase is classified as equity. Capital increase Incremental costs directly at- \u00a0
\n\n\t\t\t\t\ttributable to the issuance of new shares and share based payments are accounted for \u00a0
\n\n\t\t\t\t\tas a deduction from equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2119": {
"value": "2.19. Share capital \u00a0
\n\n\t\t\t\t\tOrdinary shares are classified as equity. \u00a0
2.20. Share premium reserve and retained earnings \u00a0
\n\n\t\t\t\t\tCapital increase is classified as equity. Capital increase Incremental costs directly at- \u00a0
\n\n\t\t\t\t\ttributable to the issuance of new shares and share based payments are accounted for \u00a0
\n\n\t\t\t\t\tas a deduction from equity. \u00a0
Note 20 \u00a0
\n\n\t\t\t\t\tIssued Share Capital \u00a0
No. of \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tshares \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOrdinary shares \u00a0
\n\n\t\t\t\t\tBeginning and end of financial year 2021 \u00a0
\n\n\t\t\t\t\t138,574 \u00a0
\n\n\t\t\t\t\t18,641 \u00a0
\n\n\t\t\t\t\t18,641 \u00a0
\n\n\t\t\t\t\tIssued on May 2022 for capital increase \u00a0
\n\n\t\t\t\t\t26,176 \u00a0
\n\n\t\t\t\t\t3,518 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tIssued on October 2022 for capital increase \u00a0
\n\n\t\t\t\t\t32,850 \u00a0
\n\n\t\t\t\t\t4,416 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tEnd of financial year 2022 \u00a0
\n\n\t\t\t\t\t197,600 \u00a0
\n\n\t\t\t\t\t26,575 \u00a0
\n\n\t\t\t\t\t18,641 \u00a0
As of 1 January 2022, the Group\u2019s issued and paid in share capital amounted to DKK \u00a0
\n\n\t\t\t\t\t138,574 thousand, equal to EUR 18,641 thousand, consisting of 138,574,468 shares of \u00a0
\n\n\t\t\t\t\tDKK 1. \u00a0
\n\n\t\t\t\t\tIn May 2022, the authorized share capital was increased by DKK 26,176 thousand, equal \u00a0
\n\n\t\t\t\t\tto EUR 3,518 thousand, consisting of 26,175,532 shares of DKK 1. \u00a0
\n\n\t\t\t\t\tIn October 2022, the authorized share capital was increased by DKK 32,850 thousand, \u00a0
\n\n\t\t\t\t\tequal to EUR 4,416 thousand, consisting of 32,850,000 shares of DKK 1. \u00a0
\n\n\t\t\t\t\tAt the end of 2022 the Group had share capital amounted to DKK 197,600 thousand, \u00a0
\n\n\t\t\t\t\tequal to EUR 26,575 thousand, consisting of 197,600,000 shares of DKK 1. \u00a0
\n\n\t\t\t\t\tAll shares have equal rights. \u00a0
Capital management \u00a0
\n\n\t\t\t\t\tThe Company\u2019s objectives when managing capital are to ensure the Company\u2019s ability to \u00a0
\n\n\t\t\t\t\tcontinue as a going concern and to maintain an optimal capital structure. \u00a0
In order to achieve this overall objective, the Company\u2019s capital management, among \u00a0
\n\n\t\t\t\t\tother things, aims to ensure that it meets financial covenants attached to the interest- \u00a0
\n\n\t\t\t\t\tbearing loans and borrowings that define capital structure requirements. Breaches in \u00a0
\n\n\t\t\t\t\tmeeting the financial covenants would permit the bank to immediately call loans and \u00a0
\n\n\t\t\t\t\tborrowings. There have been no breaches of the financial covenants of any interest- \u00a0
\n\n\t\t\t\t\tbearing loans and borrowing in the current period. \u00a0
\n\n\t\t\t\t\tIn order to maintain or adjust the capital structure in the future, the Group may adjust the \u00a0
\n\n\t\t\t\t\tamount of dividends paid to shareholders, issue new shares and/or sell assets to reduce \u00a0
\n\n\t\t\t\t\tdebt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other \u00a0
\n\n\t\t\t\t\tdistributions without DNB Bank ASA\u2019s written consent. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2104": {
"value": "2.18. Derivatives and hedge accounting \u00a0
\n\n\t\t\t\t\tDerivative financial instruments are initially recognized at fair value on the date on which \u00a0
\n\n\t\t\t\t\ta derivative contract is entered into and subsequently remeasured at fair value over \u00a0
\n\n\t\t\t\t\tprofit and loss. Derivatives are carried as financial assets, presented under derivatives \u00a0
\n\n\t\t\t\t\tassets, when the fair value is positive and as financial liabilities, presented under deriva- \u00a0
\n\n\t\t\t\t\ttives liabilities, when the fair value is negative. \u00a0
\n\n\t\t\t\t\tAt the inception of a hedge relationship, the Group formally designates and documents \u00a0
\n\n\t\t\t\t\tthe hedge relationship and the risk management objective and strategy for undertaking \u00a0
\n\n\t\t\t\t\tthe hedge. \u00a0
\n\n\t\t\t\t\tChanges in the fair value of derivative financial instruments designated as cash flow \u00a0
\n\n\t\t\t\t\thedges are recognized in other comprehensive income and presented under \u201cHedging \u00a0
\n\n\t\t\t\t\treserves\u201d (equity). Where the expected future transactions results in the acquisition of \u00a0
\n\n\t\t\t\t\tnon-financial assets, any amounts deferred under equity are transferred from equity to \u00a0
\n\n\t\t\t\t\tthe cost of the asset. Where expected future transaction results in income or expense, \u00a0
\n\n\t\t\t\t\tamount deferred under equity are transferred from equity to the income statement in the \u00a0
\n\n\t\t\t\t\tsame item as the hedged transaction as a reclassification adjustment. \u00a0
\n\n\t\t\t\t\tThe amount included in the hedging reserve is the lower of, in absolute amounts, of the \u00a0
\n\n\t\t\t\t\tcumulative fair value adjustment of the hedging instrument and the hedged item. Inef- \u00a0
\n\n\t\t\t\t\tfectiveness is recognised in the income statement. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2105": {
"value": "2.18. Derivatives and hedge accounting \u00a0
\n\n\t\t\t\t\tDerivative financial instruments are initially recognized at fair value on the date on which \u00a0
\n\n\t\t\t\t\ta derivative contract is entered into and subsequently remeasured at fair value over \u00a0
\n\n\t\t\t\t\tprofit and loss. Derivatives are carried as financial assets, presented under derivatives \u00a0
\n\n\t\t\t\t\tassets, when the fair value is positive and as financial liabilities, presented under deriva- \u00a0
\n\n\t\t\t\t\ttives liabilities, when the fair value is negative. \u00a0
\n\n\t\t\t\t\tAt the inception of a hedge relationship, the Group formally designates and documents \u00a0
\n\n\t\t\t\t\tthe hedge relationship and the risk management objective and strategy for undertaking \u00a0
\n\n\t\t\t\t\tthe hedge. \u00a0
\n\n\t\t\t\t\tChanges in the fair value of derivative financial instruments designated as cash flow \u00a0
\n\n\t\t\t\t\thedges are recognized in other comprehensive income and presented under \u201cHedging \u00a0
\n\n\t\t\t\t\treserves\u201d (equity). Where the expected future transactions results in the acquisition of \u00a0
\n\n\t\t\t\t\tnon-financial assets, any amounts deferred under equity are transferred from equity to \u00a0
\n\n\t\t\t\t\tthe cost of the asset. Where expected future transaction results in income or expense, \u00a0
\n\n\t\t\t\t\tamount deferred under equity are transferred from equity to the income statement in the \u00a0
\n\n\t\t\t\t\tsame item as the hedged transaction as a reclassification adjustment. \u00a0
\n\n\t\t\t\t\tThe amount included in the hedging reserve is the lower of, in absolute amounts, of the \u00a0
\n\n\t\t\t\t\tcumulative fair value adjustment of the hedging instrument and the hedged item. Inef- \u00a0
\n\n\t\t\t\t\tfectiveness is recognised in the income statement. \u00a0
Equity-settled transactions \u00a0
\n\n\t\t\t\t\tThe cost of equity-settled transactions is determined by the fair value at the date when \u00a0
\n\n\t\t\t\t\tthe grant is made using an appropriate valuation model. \u00a0
\n\n\t\t\t\t\tThat cost is recognized in employee benefits expenses, together with a corresponding \u00a0
\n\n\t\t\t\t\tincrease in equity (retained earnings), over the period in which the service and, where ap- \u00a0
\n\n\t\t\t\t\tplicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
\n\n\t\t\t\t\tpense recognized for equity-settled transactions at each reporting date until the vesting \u00a0
\n\n\t\t\t\t\tdate reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
\n\n\t\t\t\t\ttimate of the number of equity instruments that will ultimately vest. The expense or \u00a0
\n\n\t\t\t\t\tcredit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
\n\n\t\t\t\t\ttive expense recognized as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
\n\n\t\t\t\t\tmining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
\n\n\t\t\t\t\tis assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
\n\n\t\t\t\t\tthat will ultimately vest. Market performance conditions are reflected within the grant \u00a0
\n\n\t\t\t\t\tdate fair value. \u00a0
\n\n\t\t\t\t\tAny other conditions attached to an award, but without an associated service require- \u00a0
\n\n\t\t\t\t\tment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
\n\n\t\t\t\t\tin the fair value of an award and lead to an immediate expensing of an award unless \u00a0
\n\n\t\t\t\t\tthere are also service and/or performance conditions. \u00a0
\n\n\t\t\t\t\tNo expense is recognized for awards that do not ultimately vest because non-market \u00a0
\n\n\t\t\t\t\tperformance and/or service conditions have not been met. \u00a0
\n\n\t\t\t\t\tWhere awards include a market or non-vesting condition, the transactions are treated as \u00a0
\n\n\t\t\t\t\tvested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
\n\n\t\t\t\t\tthat all other performance and/or service conditions are satisfied. \u00a0
\n\n\t\t\t\t\tThe dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
\n\n\t\t\t\t\tcomputation of diluted earnings per share in a loss situation only if Loss per share in- \u00a0
\n\n\t\t\t\t\tcreases. \u00a0
Less than \u00a0
\n\n\t\t\t\t\tBetween 1 \u00a0
\n\n\t\t\t\t\tAfter 2 \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t1 year \u00a0
\n\n\t\t\t\t\tand 2 years \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tDerivative financial in- \u00a0
\n\n\t\t\t\t\tstruments \u00a0
\n\n\t\t\t\t\tInterest rate swaps with a \u00a0
\n\n\t\t\t\t\tpositive fair value \u00a0
\n\n\t\t\t\t\t(305) \u00a0
\n\n\t\t\t\t\t1,158 \u00a0
\n\n\t\t\t\t\t4,231 \u00a0
\n\n\t\t\t\t\t5,084 \u00a0
\n\n\t\t\t\t\t3,376 \u00a0
\n\n\t\t\t\t\tInterest rate swaps with a \u00a0
\n\n\t\t\t\t\tnegative fair value \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(370) \u00a0
\n\n\t\t\t\t\t(370) \u00a0
\n\n\t\t\t\t\t(287) \u00a0
\n\n\t\t\t\t\tGross settled foreign cur- \u00a0
\n\n\t\t\t\t\trency contracts, pay leg \u00a0
\n\n\t\t\t\t\t(EUR) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(183,741) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(183,741) \u00a0
\n\n\t\t\t\t\tGross settled foreign cur- \u00a0
\n\n\t\t\t\t\trency contracts, receive \u00a0
\n\n\t\t\t\t\tleg (USD) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t181,921 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t181,921 \u00a0
\n\n\t\t\t\t\t(1,821) \u00a0
\n\n\t\t\t\t\t(305) \u00a0
\n\n\t\t\t\t\t(662) \u00a0
\n\n\t\t\t\t\t3,861 \u00a0
\n\n\t\t\t\t\t2,894 \u00a0
\n\n\t\t\t\t\t1,268 \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\tLevel 1 \u00a0
\n\n\t\t\t\t\tLevel 2 \u00a0
\n\n\t\t\t\t\tLevel 3 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tThrough income statement \u00a0
\n\n\t\t\t\t\tDerivative assets \u00a0
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\tTotal financial assets at fair value through the income statement \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\tDerivative liabilities \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value through the income statement \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCash flow hedges \u00a0
\n\n\t\t\t\t\tDerivative assets \u00a0
\n\n\t\t\t\t\t3,013 \u00a0
\n\n\t\t\t\t\t3,013 \u00a0
\n\n\t\t\t\t\tCash flow hedges \u00a0
\n\n\t\t\t\t\tDerivative liabilities \u00a0
\n\n\t\t\t\t\t(2,108) \u00a0
\n\n\t\t\t\t\t(2,108) \u00a0
\n\n\t\t\t\t\tThe table below shows the fair value measurement hierarchy of the Group\u2019s assets and \u00a0
\n\n\t\t\t\t\tliabilities: \u00a0
Note 23 \u00a0
\n\n\t\t\t\t\tDerivative Financial Instruments \u00a0
Hedge accounting \u00a0
\n\n\t\t\t\t\tThe Group uses forward exchange contracts and interest rate swap contracts to hedge \u00a0
\n\n\t\t\t\t\tcurrency risks and interest risk regarding highly probable future cash flows and desig- \u00a0
\n\n\t\t\t\t\tnates them as cash flow hedges subject to meeting the criteria for application of cash \u00a0
\n\n\t\t\t\t\tflow hedging. \u00a0
\n\n\t\t\t\t\tThe hedging ratios are determined as the notional value of the instrument divided by the \u00a0
\n\n\t\t\t\t\tnotional value of the hedge item. The group seeks to establish hedge relationships with \u00a0
\n\n\t\t\t\t\ta hedging ratio of 1:1. Due to the nature of the hedge items risk, this will be possible by \u00a0
\n\n\t\t\t\t\teither designating a proportion of the hedge instrument or the hedge notional value be- \u00a0
\n\n\t\t\t\t\ting equal or lower of the hedge items notional value. The main score of ineffectiveness \u00a0
\n\n\t\t\t\t\tarises from the timing of the delivery of the vessels. The delivery of the vessels will ex- \u00a0
\n\n\t\t\t\t\tpose the group to several market risks, related to foreign currency risks and interest rate \u00a0
\n\n\t\t\t\t\trisk. The fair value reserve of the derivatives is recognized in other comprehensive in- \u00a0
\n\n\t\t\t\t\tcome until the hedged items are realized. \u00a0
The table below shows the movement in the reserve for cash flow for hedging, listed by \u00a0
\n\n\t\t\t\t\tthe hedged risk. \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tFair Value change of Cash flow hedges \u00a0
\n\n\t\t\t\t\tCumulative fair value change at 1 January \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFair value adjustment at year-end, net \u00a0
\n\n\t\t\t\t\t1,343 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCumulative fair value change at 31 December \u00a0
\n\n\t\t\t\t\t1,343 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tThe fair value of cash flow hedges at 31 December can be speci- \u00a0
\n\n\t\t\t\t\tfied as follows: \u00a0
\n\n\t\t\t\t\tInterest rate risk hedging \u00a0
\n\n\t\t\t\t\t3,163 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tForeign currency risk hedging \u00a0
\n\n\t\t\t\t\t(1,820) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCumulative fair value change at 31 December \u00a0
\n\n\t\t\t\t\t1,343 \u00a0
\n\n\t\t\t\t\t-
Interest rate risk \u00a0
\n\n\t\t\t\t\tIn 2022 the group entered into a Senior Secured Green EURIBOR based revolving credit \u00a0
\n\n\t\t\t\t\tfacility (RCF) with a 0 bps floor which led the group to be exposed to changes in the 3M \u00a0
\n\n\t\t\t\t\tEURIBOR rate on their current funding. Further the group obtained an indicative term \u00a0
\n\n\t\t\t\t\tsheet for the financing of the X-class vessels acquired from COSCO SHIPPING Heavy In- \u00a0
\n\n\t\t\t\t\tdustry and planned to be delivered in the period of 2024 to 2025. The group intends to \u00a0
\n\n\t\t\t\t\tenter these loans as the main source of future funding and considered the risk of \u00a0
\n\n\t\t\t\t\tchanges to EURIBOR based interest payments in 2022 and coming years. \u00a0
\n\n\t\t\t\t\tThe group entered into interest rate swap contracts with the group\u2019s main bank and re- \u00a0
\n\n\t\t\t\t\tlated these to the RCF and the future loans. The interest rate risk arising from the loans \u00a0
\n\n\t\t\t\t\thave been swapped from 3M EURIBOR to a fixed rate. The average fixed rate of the \u00a0
\n\n\t\t\t\t\tswaps is 2.82%. \u00a0
\n\n\t\t\t\t\tThe economic relationship is established as a match of critical terms between the hedge \u00a0
\n\n\t\t\t\t\titem and hedge instrument. The group has assessed the following terms when entered \u00a0
\n\n\t\t\t\t\tinto the hedge relationship: \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tInstalments on the facilities. \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tPayment date of interest and instalment. \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tTiming difference in the maturity of the hedge item and hedge instrument. \u00a0
\n\n\t\t\t\t\tThe expected causes of hedging ineffectiveness relate to: \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tChanges to the expected date of delivery of the vessels. \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\t3M EURIBOR rate falling below 0%. \u00a0
The below table shows the profile of the nominal amount of the interest rate swaps and \u00a0
\n\n\t\t\t\t\tthe fair values. \u00a0
\n\n\t\t\t\t\tFair value \u00a0
\n\n\t\t\t\t\tBetween \u00a0
\n\n\t\t\t\t\tBetween \u00a0
\n\n\t\t\t\t\tLess than \u00a0
\n\n\t\t\t\t\t1 and 2 \u00a0
\n\n\t\t\t\t\t2 and 5 \u00a0
\n\n\t\t\t\t\tNotional amount EUR\u2019000 \u00a0
\n\n\t\t\t\t\t1 year \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tAsset \u00a0
\n\n\t\t\t\t\tLiability \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tInterest rate Swap \u2013 EURI- \u00a0
\n\n\t\t\t\t\tBOR 3M \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t469,375 \u00a0
\n\n\t\t\t\t\t3,451 \u00a0
\n\n\t\t\t\t\t(288) \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tMovements in the hedging reserve \u00a0
\n\n\t\t\t\t\tBeginning of year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFair value adjustment for the year \u00a0
\n\n\t\t\t\t\t2,726 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTransferred to Financial expenses \u00a0
\n\n\t\t\t\t\t437 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tEnd of year \u00a0
\n\n\t\t\t\t\t3,163 \u00a0
\n\n\t\t\t\t\t-
Foreign currency risk hedging \u00a0
\n\n\t\t\t\t\tIn 2021, the group entered into a binding contract for the construction of two X-class \u00a0
\n\n\t\t\t\t\tvessels from COSCO SHIPPING Heavy Industry. The contracts are partly settled in USD. \u00a0
\n\n\t\t\t\t\tUSD payments will be due in 2024 and 2025. The currency exposure arising from the \u00a0
\n\n\t\t\t\t\tcontracts has been swapped to EUR at the company\u2019s banks at an average USD:EUR \u00a0
\n\n\t\t\t\t\trate of 0.9187. \u00a0
\n\n\t\t\t\t\tThe economic relationship is established as a match of critical terms between the hedge \u00a0
\n\n\t\t\t\t\titem and hedge instrument. The group has assessed the following terms when entered \u00a0
\n\n\t\t\t\t\tthe hedge relationship: \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tPayment date of instalment in foreign currency. \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tMaturity of the hedged item and forward contract. \u00a0
\n\n\t\t\t\t\tThe expected causes of hedging ineffectiveness relate to: \u00a0
\n\n\t\t\t\t\t\u2013
\n\n\t\t\t\t\tChanges to the expected date of delivery of the vessel. \u00a0
The below table shows the profile of the nominal amount of the interest rate swaps and \u00a0
\n\n\t\t\t\t\tthe fair values. \u00a0
\n\n\t\t\t\t\tFair value EUR\u2019000 \u00a0
\n\n\t\t\t\t\tBetween \u00a0
\n\n\t\t\t\t\tBetween \u00a0
\n\n\t\t\t\t\tLess than \u00a0
\n\n\t\t\t\t\t1 and 2 \u00a0
\n\n\t\t\t\t\t2 and 5 \u00a0
\n\n\t\t\t\t\tNotional amount USD\u2019000 \u00a0
\n\n\t\t\t\t\t1 year \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tAsset \u00a0
\n\n\t\t\t\t\tLiability \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tUS dollar \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t200,000 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(1,820) \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tMovements in the hedging reserve \u00a0
\n\n\t\t\t\t\tBeginning of year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFair value adjustment for the year \u00a0
\n\n\t\t\t\t\t(1,820) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tEnd of year \u00a0
\n\n\t\t\t\t\t(1,820) \u00a0
\n\n\t\t\t\t\t-
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2126": {
"value": "2.20. Share premium reserve and retained earnings \u00a0
\n\n\t\t\t\t\tCapital increase is classified as equity. Capital increase Incremental costs directly at- \u00a0
\n\n\t\t\t\t\ttributable to the issuance of new shares and share based payments are accounted for \u00a0
\n\n\t\t\t\t\tas a deduction from equity. \u00a0
2.21. Share based payments \u00a0
\n\n\t\t\t\t\tEmployees (including senior executives) of the Group receive remuneration in the form \u00a0
\n\n\t\t\t\t\tof share-based payments, whereby employees render services as consideration for eq- \u00a0
\n\n\t\t\t\t\tuity instruments (equity-settled transactions). \u00a0
Equity-settled transactions \u00a0
\n\n\t\t\t\t\tThe cost of equity-settled transactions is determined by the fair value at the date when \u00a0
\n\n\t\t\t\t\tthe grant is made using an appropriate valuation model. \u00a0
\n\n\t\t\t\t\tThat cost is recognized in employee benefits expenses, together with a corresponding \u00a0
\n\n\t\t\t\t\tincrease in equity (retained earnings), over the period in which the service and, where ap- \u00a0
\n\n\t\t\t\t\tplicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
\n\n\t\t\t\t\tpense recognized for equity-settled transactions at each reporting date until the vesting \u00a0
\n\n\t\t\t\t\tdate reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
\n\n\t\t\t\t\ttimate of the number of equity instruments that will ultimately vest. The expense or \u00a0
\n\n\t\t\t\t\tcredit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
\n\n\t\t\t\t\ttive expense recognized as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
\n\n\t\t\t\t\tmining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
\n\n\t\t\t\t\tis assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
\n\n\t\t\t\t\tthat will ultimately vest. Market performance conditions are reflected within the grant \u00a0
\n\n\t\t\t\t\tdate fair value. \u00a0
\n\n\t\t\t\t\tAny other conditions attached to an award, but without an associated service require- \u00a0
\n\n\t\t\t\t\tment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
\n\n\t\t\t\t\tin the fair value of an award and lead to an immediate expensing of an award unless \u00a0
\n\n\t\t\t\t\tthere are also service and/or performance conditions. \u00a0
\n\n\t\t\t\t\tNo expense is recognized for awards that do not ultimately vest because non-market \u00a0
\n\n\t\t\t\t\tperformance and/or service conditions have not been met. \u00a0
\n\n\t\t\t\t\tWhere awards include a market or non-vesting condition, the transactions are treated as \u00a0
\n\n\t\t\t\t\tvested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
\n\n\t\t\t\t\tthat all other performance and/or service conditions are satisfied. \u00a0
\n\n\t\t\t\t\tThe dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
\n\n\t\t\t\t\tcomputation of diluted earnings per share in a loss situation only if Loss per share in- \u00a0
\n\n\t\t\t\t\tcreases. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2130": {
"value": "2.20. Share premium reserve and retained earnings \u00a0
\n\n\t\t\t\t\tCapital increase is classified as equity. Capital increase Incremental costs directly at- \u00a0
\n\n\t\t\t\t\ttributable to the issuance of new shares and share based payments are accounted for \u00a0
\n\n\t\t\t\t\tas a deduction from equity. \u00a0
2.21. Share based payments \u00a0
\n\n\t\t\t\t\tEmployees (including senior executives) of the Group receive remuneration in the form \u00a0
\n\n\t\t\t\t\tof share-based payments, whereby employees render services as consideration for eq- \u00a0
\n\n\t\t\t\t\tuity instruments (equity-settled transactions). \u00a0
Equity-settled transactions \u00a0
\n\n\t\t\t\t\tThe cost of equity-settled transactions is determined by the fair value at the date when \u00a0
\n\n\t\t\t\t\tthe grant is made using an appropriate valuation model. \u00a0
\n\n\t\t\t\t\tThat cost is recognized in employee benefits expenses, together with a corresponding \u00a0
\n\n\t\t\t\t\tincrease in equity (retained earnings), over the period in which the service and, where ap- \u00a0
\n\n\t\t\t\t\tplicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
\n\n\t\t\t\t\tpense recognized for equity-settled transactions at each reporting date until the vesting \u00a0
\n\n\t\t\t\t\tdate reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
\n\n\t\t\t\t\ttimate of the number of equity instruments that will ultimately vest. The expense or \u00a0
\n\n\t\t\t\t\tcredit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
\n\n\t\t\t\t\ttive expense recognized as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
\n\n\t\t\t\t\tmining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
\n\n\t\t\t\t\tis assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
\n\n\t\t\t\t\tthat will ultimately vest. Market performance conditions are reflected within the grant \u00a0
\n\n\t\t\t\t\tdate fair value. \u00a0
\n\n\t\t\t\t\tAny other conditions attached to an award, but without an associated service require- \u00a0
\n\n\t\t\t\t\tment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
\n\n\t\t\t\t\tin the fair value of an award and lead to an immediate expensing of an award unless \u00a0
\n\n\t\t\t\t\tthere are also service and/or performance conditions. \u00a0
\n\n\t\t\t\t\tNo expense is recognized for awards that do not ultimately vest because non-market \u00a0
\n\n\t\t\t\t\tperformance and/or service conditions have not been met. \u00a0
\n\n\t\t\t\t\tWhere awards include a market or non-vesting condition, the transactions are treated as \u00a0
\n\n\t\t\t\t\tvested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
\n\n\t\t\t\t\tthat all other performance and/or service conditions are satisfied. \u00a0
\n\n\t\t\t\t\tThe dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
\n\n\t\t\t\t\tcomputation of diluted earnings per share in a loss situation only if Loss per share in- \u00a0
\n\n\t\t\t\t\tcreases. \u00a0
Note 5 \u00a0
\n\n\t\t\t\t\tEmployee Compensation \u00a0
Onshore \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t8,873 \u00a0
\n\n\t\t\t\t\t6,637 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t502 \u00a0
\n\n\t\t\t\t\t350 \u00a0
\n\n\t\t\t\t\tShare based payment expense \u00a0
\n\n\t\t\t\t\t6
\n\n\t\t\t\t\t352 \u00a0
\n\n\t\t\t\t\t360 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t178 \u00a0
\n\n\t\t\t\t\t145 \u00a0
\n\n\t\t\t\t\t9,905 \u00a0
\n\n\t\t\t\t\t7,492 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t70 \u00a0
\n\n\t\t\t\t\t58 \u00a0
Offshore \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t11,693 \u00a0
\n\n\t\t\t\t\t1,097 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t1,082 \u00a0
\n\n\t\t\t\t\t60 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t314 \u00a0
\n\n\t\t\t\t\t2
\n\n\t\t\t\t\t13,089 \u00a0
\n\n\t\t\t\t\t1,159 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t162 \u00a0
\n\n\t\t\t\t\t12 \u00a0
Total \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t20,566 \u00a0
\n\n\t\t\t\t\t7,734 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t1,584 \u00a0
\n\n\t\t\t\t\t410 \u00a0
\n\n\t\t\t\t\tShare based payment expense \u00a0
\n\n\t\t\t\t\t6
\n\n\t\t\t\t\t352 \u00a0
\n\n\t\t\t\t\t360 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t492 \u00a0
\n\n\t\t\t\t\t147 \u00a0
\n\n\t\t\t\t\t22,994 \u00a0
\n\n\t\t\t\t\t8,651 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t232 \u00a0
\n\n\t\t\t\t\t70 \u00a0
\n\n\t\t\t\t\tOffshore crew was hired directly by the Company by the end of November 2021. Aver- \u00a0
\n\n\t\t\t\t\tage number of full-time employees as of 2021 reflect the number of seafarers divided by \u00a0
\n\n\t\t\t\t\t12 months. The Company had 148 seafarers by the end of 2021. \u00a0
Note 6 \u00a0
\n\n\t\t\t\t\tCash and Share Based Payments \u00a0
In December 2021, a new remuneration scheme was agreed starting in January 2022 and \u00a0
\n\n\t\t\t\t\treplacing the existing share-based incentive schemes for the majority of eligible employ- \u00a0
\n\n\t\t\t\t\tees. The terms of the programme initiated in December 2021 are: \u00a0
\n\n\t\t\t\t\t(i) with effect from 2021, an annual cash bonus up to 12 months of salary for the CEO, and \u00a0
\n\n\t\t\t\t\tup to 6 months for selected employees. This bonus is at the discretion of the board and \u00a0
\n\n\t\t\t\t\tpaid in cash the following January. Bonuses regarding selected employees is expensed \u00a0
\n\n\t\t\t\t\tin 2022. \u00a0
\n\n\t\t\t\t\t(ii) with effect from 2021, an annual cash bonus up to 3 months of salary for other em- \u00a0
\n\n\t\t\t\t\tployees. This bonus paid based on company, team and individual performance. The bo- \u00a0
\n\n\t\t\t\t\tnus is paid in cash at the end of the calendar year. \u00a0
\n\n\t\t\t\t\t(iii) in January 2022, the executive management and selected employees were granted \u00a0
\n\n\t\t\t\t\tfrom 10,393 to 55,430 Restricted Share Units (RSU) which will vest July 2024 and are con- \u00a0
\n\n\t\t\t\t\tditional upon continued employment within Cadeler. The total value of the RSU alloca- \u00a0
\n\n\t\t\t\t\ttion is calculated based on the Black-Scholes model and the value is EUR 394 thousand \u00a0
\n\n\t\t\t\t\t(EUR 3.3 per RSU). The expense recognized in profit and loss for the year amounts to \u00a0
\n\n\t\t\t\t\tEUR 157 thousand. The average remaining contractual life is 1.5 years. \u00a0
\n\n\t\t\t\t\t(iv) in January 2022, the executive management and selected employees were granted \u00a0
\n\n\t\t\t\t\tfrom 10,393 to 55,430 Options in Cadeler shares which will vest May 2024 and expire in \u00a0
\n\n\t\t\t\t\tApril 2027. The strike price will range from NOK 36,02 to NOK 38,42 depending on the ex- \u00a0
\n\n\t\t\t\t\tercise period and are conditional upon continued employment within Cadeler. The fair \u00a0
\n\n\t\t\t\t\tvalue of these granted options was determined using the Black-Scholes model and the \u00a0
\n\n\t\t\t\t\tvalue is EUR 160 thousand (EUR 1.3 per RSU). The expense recognized in profit and loss \u00a0
\n\n\t\t\t\t\tfor the year amounts to EUR 69 thousand. The average remaining contractual life for the \u00a0
\n\n\t\t\t\t\toptions as of 31 December 2022 is 4.3 years. \u00a0
For the programmes described in (iii) and (iv) the annualized volatility of the shares 48.1% \u00a0
\n\n\t\t\t\t\tis based on the historical volatility of the price of shares, annual risk free interest rate of \u00a0
\n\n\t\t\t\t\t1%, dividend yield of zero, expected life until expiration date and average share price of \u00a0
\n\n\t\t\t\t\tEUR 3.7. \u00a0
\n\n\t\t\t\t\t(v) in May 2022, the executive management and selected employees were granted from \u00a0
\n\n\t\t\t\t\t43,420 to 221,719 Options in Cadeler shares which will vest in May 2025 and expire in May \u00a0
\n\n\t\t\t\t\t2028. The strike price will be NOK 40,24 and is conditional upon continued employment \u00a0
\n\n\t\t\t\t\twithin Cadeler. The fair value of these granted options was determined using the Black- \u00a0
\n\n\t\t\t\t\tScholes model and the value is EUR 761 thousand (EUR 1.3 per RSU). The expense recog- \u00a0
\n\n\t\t\t\t\tnized in profit and loss for the year amounts to EUR 127 thousand. The average remaining \u00a0
\n\n\t\t\t\t\tcontractual life for the options as per 31 December 2022 is 5.3 years. The annualized vol- \u00a0
\n\n\t\t\t\t\tatility of the shares 42.5% is based on the historical volatility of the price of shares, an- \u00a0
\n\n\t\t\t\t\tnual risk free interest rate of 2.8%, dividend yield of zero, expected life until expiration \u00a0
\n\n\t\t\t\t\tdate and average share price of EUR 3.7. \u00a0
\n\n\t\t\t\t\t(vi) in January 2023, the executive management and selected employees will be granted \u00a0
\n\n\t\t\t\t\tfrom 19,760 to 130,416 Restricted Share Units which will vest in July 2025 and are condi- \u00a0
\n\n\t\t\t\t\ttional upon continued employment within Cadeler. The total value of the RSU allocation \u00a0
\n\n\t\t\t\t\tis calculated based on the Black-Scholes model and the value is EUR 1.2 million. The av- \u00a0
\n\n\t\t\t\t\terage remaining contractual life is 2.5 years. \u00a0
\n\n\t\t\t\t\tThe Group previously had a share-based incentive scheme for its key employees in con- \u00a0
\n\n\t\t\t\t\tnection with the IPO, with the following key terms: \u00a0
\n\n\t\t\t\t\t(vii) an incentive varying from 1 to 8 months of salary of the key employee paid in shares \u00a0
\n\n\t\t\t\t\tin the event the Offering is successful. The gross monthly salary and share price for the \u00a0
\n\n\t\t\t\t\tbasis of calculation of the shares to be issued is based on the gross monthly salary of \u00a0
\n\n\t\t\t\t\tthe employee and share price on the first day of trading of the shares. The initial share \u00a0
\n\n\t\t\t\t\tprice was set at observable input 27 November 2020 (146,626 shares) and was paid out in \u00a0
\n\n\t\t\t\t\tcash at the share price after the vesting period 27 November 2021. \u00a0
The initial cost was calculated to EUR 504 thousand but was paid out at EUR 734 thou- \u00a0
\n\n\t\t\t\t\tsand. The charge to equity amounts to EUR 230 thousand. \u00a0
\n\n\t\t\t\t\t(viii) an incentive varying from 2 to 4 months of salary of the key employee paid in shares \u00a0
\n\n\t\t\t\t\tfor the continuous employment of the employee for each full calendar year of 2020 and \u00a0
\n\n\t\t\t\t\t2021. The incentive will be paid with the employee\u2019s salary in June in the following year, \u00a0
\n\n\t\t\t\t\ti.e., in June 2021 and June 2022. The gross monthly salary and share price for the basis of \u00a0
\n\n\t\t\t\t\tcalculation of the shares to be issued is based on the gross monthly salary of the em- \u00a0
\n\n\t\t\t\t\tployee and share price on the date the incentive will be paid in June 2021 and June 2022. \u00a0
\n\n\t\t\t\t\tAs stated above this programme was terminated for most of employees and this part is \u00a0
\n\n\t\t\t\t\treversed in equity and in profit and loss as well. The amount reversed regarding 2020 is \u00a0
\n\n\t\t\t\t\tEUR 3 thousand and 2021 EUR 167 thousand. \u00a0
(ix) with effect from 2021, a tiered annual bonus scheme for the CEO of the Company \u00a0
\n\n\t\t\t\t\tlinked to KPIs and business profitability, which is capped at 8 months of gross monthly \u00a0
\n\n\t\t\t\t\tsalary of the CEO paid in shares. The gross monthly salary and share price for the basis \u00a0
\n\n\t\t\t\t\tof calculation of the shares to be issued is based on the gross monthly salary of the CEO \u00a0
\n\n\t\t\t\t\tand share price on the date falling 30 days from the date of filing of the audited ac- \u00a0
\n\n\t\t\t\t\tcounts of the Company for the financial year. \u00a0
\n\n\t\t\t\t\tAs stated above this programme is terminated and was replaced with a cash bonus. The \u00a0
\n\n\t\t\t\t\tprogramme was accounted for as a cash-based incentive programme for 2021 and the \u00a0
\n\n\t\t\t\t\tfull cash bonus was expensed for in 2021. \u00a0
2022 \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tOther \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\temployees \u00a0
\n\n\t\t\t\t\tOutstanding instruments - Options \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tOutstanding at 1 January \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tGranted during the year \u00a0
\n\n\t\t\t\t\t344,589 \u00a0
\n\n\t\t\t\t\t39.56 \u00a0
\n\n\t\t\t\t\t330,963 \u00a0
\n\n\t\t\t\t\t39.40 \u00a0
\n\n\t\t\t\t\tForfeited during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExercised during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExpired during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOutstanding at 31 December \u00a0
\n\n\t\t\t\t\t344,589 \u00a0
\n\n\t\t\t\t\t39.50 \u00a0
\n\n\t\t\t\t\t330,963 \u00a0
\n\n\t\t\t\t\t39.42 \u00a0
2022 \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tOther \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\temployees \u00a0
\n\n\t\t\t\t\tOutstanding instruments - RSU \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tOutstanding at 1 January \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tGranted during the year \u00a0
\n\n\t\t\t\t\t55,430 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t65,823 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tForfeited during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExercised during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExpired during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOutstanding at 31 December \u00a0
\n\n\t\t\t\t\t55,430 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t65,823 \u00a0
\n\n\t\t\t\t\t-
2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tBoard of \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tBoard of \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tKey \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tdirectors \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tdirectors \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tWages, salaries and board fees \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t683 \u00a0
\n\n\t\t\t\t\t863 \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t650 \u00a0
\n\n\t\t\t\t\t337 \u00a0
\n\n\t\t\t\t\t1,167 \u00a0
\n\n\t\t\t\t\tShare based payment \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t173 \u00a0
\n\n\t\t\t\t\t173 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t164 \u00a0
\n\n\t\t\t\t\t48 \u00a0
\n\n\t\t\t\t\t212 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t36 \u00a0
\n\n\t\t\t\t\t36 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t23 \u00a0
\n\n\t\t\t\t\t34 \u00a0
\n\n\t\t\t\t\t57 \u00a0
\n\n\t\t\t\t\tCash bonus \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t482 \u00a0
\n\n\t\t\t\t\t482 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t314 \u00a0
\n\n\t\t\t\t\t159 \u00a0
\n\n\t\t\t\t\t473 \u00a0
\n\n\t\t\t\t\tTotal management compensation \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t1,374 \u00a0
\n\n\t\t\t\t\t1,554 \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t1,151 \u00a0
\n\n\t\t\t\t\t578 \u00a0
\n\n\t\t\t\t\t1,909 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2146": {
"value": "Equity-settled transactions \u00a0
\n\n\t\t\t\t\tThe cost of equity-settled transactions is determined by the fair value at the date when \u00a0
\n\n\t\t\t\t\tthe grant is made using an appropriate valuation model. \u00a0
\n\n\t\t\t\t\tThat cost is recognized in employee benefits expenses, together with a corresponding \u00a0
\n\n\t\t\t\t\tincrease in equity (retained earnings), over the period in which the service and, where ap- \u00a0
\n\n\t\t\t\t\tplicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
\n\n\t\t\t\t\tpense recognized for equity-settled transactions at each reporting date until the vesting \u00a0
\n\n\t\t\t\t\tdate reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
\n\n\t\t\t\t\ttimate of the number of equity instruments that will ultimately vest. The expense or \u00a0
\n\n\t\t\t\t\tcredit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
\n\n\t\t\t\t\ttive expense recognized as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
\n\n\t\t\t\t\tmining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
\n\n\t\t\t\t\tis assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
\n\n\t\t\t\t\tthat will ultimately vest. Market performance conditions are reflected within the grant \u00a0
\n\n\t\t\t\t\tdate fair value. \u00a0
\n\n\t\t\t\t\tAny other conditions attached to an award, but without an associated service require- \u00a0
\n\n\t\t\t\t\tment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
\n\n\t\t\t\t\tin the fair value of an award and lead to an immediate expensing of an award unless \u00a0
\n\n\t\t\t\t\tthere are also service and/or performance conditions. \u00a0
\n\n\t\t\t\t\tNo expense is recognized for awards that do not ultimately vest because non-market \u00a0
\n\n\t\t\t\t\tperformance and/or service conditions have not been met. \u00a0
\n\n\t\t\t\t\tWhere awards include a market or non-vesting condition, the transactions are treated as \u00a0
\n\n\t\t\t\t\tvested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
\n\n\t\t\t\t\tthat all other performance and/or service conditions are satisfied. \u00a0
\n\n\t\t\t\t\tThe dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
\n\n\t\t\t\t\tcomputation of diluted earnings per share in a loss situation only if Loss per share in- \u00a0
\n\n\t\t\t\t\tcreases. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2152": {
"value": "2.23. Cash flow statement \u00a0
\n\n\t\t\t\t\tStatement of cash flows \u00a0
\n\n\t\t\t\t\tThe statement of cash flows shows the Group\u2019s cash flows for the year distributed on \u00a0
\n\n\t\t\t\t\toperating, investing and financing activities, net changes for the year in cash and cash \u00a0
\n\n\t\t\t\t\tequivalents as well as the Group\u2019s cash and cash equivalents at the beginning and end \u00a0
\n\n\t\t\t\t\tof the year. \u00a0
Positive amounts indicate cash inflows, whereas negative amounts indicate cash out- \u00a0
\n\n\t\t\t\t\tflows. \u00a0
Cash flows from operating activities \u00a0
\n\n\t\t\t\t\tCash flows from operating activities are stated as the profit/loss for the year adjusted \u00a0
\n\n\t\t\t\t\tfor non-cash operating items such as depreciation, changes in working capital and in- \u00a0
\n\n\t\t\t\t\tcome tax paid or received. Working capital includes current assets less current liabilities, \u00a0
\n\n\t\t\t\t\texcluding cash and cash equivalents. \u00a0
Cash flows from investing activities \u00a0
\n\n\t\t\t\t\tCash flows from investing activities comprise cash flows from the acquisition and sale of \u00a0
\n\n\t\t\t\t\tnon-current assets. \u00a0
Cash flows from financing activities \u00a0
\n\n\t\t\t\t\tCash flows from financing activities comprise cash flows from instalments on lease liabil- \u00a0
\n\n\t\t\t\t\tities, and interest paid/received. \u00a0
Cash and cash equivalents \u00a0
\n\n\t\t\t\t\tCash and cash equivalents are measured in the balance sheet nominal value, and mainly \u00a0
\n\n\t\t\t\t\tconsists of short-term deposits and cash and bank balances. \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\tLevel 1 \u00a0
\n\n\t\t\t\t\tLevel 2 \u00a0
\n\n\t\t\t\t\tLevel 3 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tThrough income statement \u00a0
\n\n\t\t\t\t\tDerivative assets \u00a0
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\tTotal financial assets at fair value through the income statement \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\tDerivative liabilities \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value through the income statement \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCash flow hedges \u00a0
\n\n\t\t\t\t\tDerivative assets \u00a0
\n\n\t\t\t\t\t3,013 \u00a0
\n\n\t\t\t\t\t3,013 \u00a0
\n\n\t\t\t\t\tCash flow hedges \u00a0
\n\n\t\t\t\t\tDerivative liabilities \u00a0
\n\n\t\t\t\t\t(2,108) \u00a0
\n\n\t\t\t\t\t(2,108) \u00a0
\n\n\t\t\t\t\tThe table below shows the fair value measurement hierarchy of the Group\u2019s assets and \u00a0
\n\n\t\t\t\t\tliabilities: \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2148": {
"value": "2.22. Currency translation \u00a0
\n\n\t\t\t\t\tThe financial statements are presented in Euro (EUR), which is also the functional cur- \u00a0
\n\n\t\t\t\t\trency of the Parent Company. \u00a0
Transactions in a currency other than the EUR (\u201cforeign currency\u201d) are translated into \u00a0
\n\n\t\t\t\t\tEUR using the exchange rates at the dates of the transactions. Currency exchange dif- \u00a0
\n\n\t\t\t\t\tferences resulting from the settlement of such transactions and from the translation of \u00a0
\n\n\t\t\t\t\tmonetary assets and liabilities denominated in foreign currencies at the closing rates at \u00a0
\n\n\t\t\t\t\tthe balance sheet are recognized in profit or loss. Non-monetary items measured at fair \u00a0
\n\n\t\t\t\t\tvalues in foreign currencies are translated using the exchange rates at the date when the \u00a0
\n\n\t\t\t\t\tfair values are determined. \u00a0
\n\n\t\t\t\t\tForeign exchange gains and losses impacting profit or loss are presented in the income \u00a0
\n\n\t\t\t\t\tstatement within finance income or finance costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2150": {
"value": "2.22. Currency translation \u00a0
\n\n\t\t\t\t\tThe financial statements are presented in Euro (EUR), which is also the functional cur- \u00a0
\n\n\t\t\t\t\trency of the Parent Company. \u00a0
Transactions in a currency other than the EUR (\u201cforeign currency\u201d) are translated into \u00a0
\n\n\t\t\t\t\tEUR using the exchange rates at the dates of the transactions. Currency exchange dif- \u00a0
\n\n\t\t\t\t\tferences resulting from the settlement of such transactions and from the translation of \u00a0
\n\n\t\t\t\t\tmonetary assets and liabilities denominated in foreign currencies at the closing rates at \u00a0
\n\n\t\t\t\t\tthe balance sheet are recognized in profit or loss. Non-monetary items measured at fair \u00a0
\n\n\t\t\t\t\tvalues in foreign currencies are translated using the exchange rates at the date when the \u00a0
\n\n\t\t\t\t\tfair values are determined. \u00a0
\n\n\t\t\t\t\tForeign exchange gains and losses impacting profit or loss are presented in the income \u00a0
\n\n\t\t\t\t\tstatement within finance income or finance costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2159": {
"value": "2.24. Significant accounting judgements, estimates and assumptions \u00a0
\n\n\t\t\t\t\tProperty, plant and equipment \u00a0
\n\n\t\t\t\t\tThe estimation made regarding the duration of the useful life of the vessels has been de- \u00a0
\n\n\t\t\t\t\ttermined through an analysis made by an external consultant. \u00a0
\n\n\t\t\t\t\tThe determined fatigue analysis is based on the technical specification of the wind tur- \u00a0
\n\n\t\t\t\t\tbine installation vessels, the useful life of the vessels is estimated at 25 years. Prior to \u00a0
\n\n\t\t\t\t\ttheir acquisition, the vessels had already been in use for 8 years, therefore all material \u00a0
\n\n\t\t\t\t\tcomponents on the vessel such as engines, jacking legs and hull have 17 years of useful \u00a0
\n\n\t\t\t\t\tlife. Management chooses to depreciate the jacking system and main crane through a 3 \u00a0
\n\n\t\t\t\t\tyear useful life and keep a EUR 10 million salvage value for the hull and steel compo- \u00a0
\n\n\t\t\t\t\tnents per vessel at the end of their 17 year useful life. \u00a0
\n\n\t\t\t\t\tThe residual value, useful life and methods of depreciation of property, plant and equip- \u00a0
\n\n\t\t\t\t\tment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
Impairment of non-financial assets \u00a0
\n\n\t\t\t\t\tManagement is responsible for the identification of indicators of impairment related to \u00a0
\n\n\t\t\t\t\tnon-financial assets. If indicators of impairment are identified, an impairment test must \u00a0
\n\n\t\t\t\t\tbe performed. \u00a0
\n\n\t\t\t\t\tImpairment exists when the carrying value of an asset including right-of-use assets or \u00a0
\n\n\t\t\t\t\tcash generating unit (CGU) exceeds its recoverable amount, which is the higher of fair \u00a0
\n\n\t\t\t\t\tvalue less costs of disposal and its value in use. The fair value less costs of disposal cal- \u00a0
\n\n\t\t\t\t\tculation is based on available sales transactions conducted at arm\u2019s length terms, if \u00a0
\n\n\t\t\t\t\tavailable. The value in use calculation is based on a DCF model. The cash flows are de- \u00a0
\n\n\t\t\t\t\trived from the budget and the most recent project pipeline. These cash flows do not in- \u00a0
\n\n\t\t\t\t\tclude restructuring activities or significant future investments which will enhance the \u00a0
\n\n\t\t\t\t\tperformance of the assets or CGU being tested. \u00a0
\n\n\t\t\t\t\tThe recoverable amount is sensitive to the discount rate used in the DCF model as well \u00a0
\n\n\t\t\t\t\tas future cash in-flows and growth rate assumptions, for further information please refer \u00a0
\n\n\t\t\t\t\tto Note 16. \u00a0
In preparing the financial statements, management has considered the impact of both \u00a0
\n\n\t\t\t\t\tmacroeconomic factors as well as climate change. Offshore wind will play a vital role in a \u00a0
\n\n\t\t\t\t\tclimate-neutral future and Cadeler has continued investing in new assets as part of its \u00a0
\n\n\t\t\t\t\tstrategy. As Cadeler continues to undergo expansion, we are also continuing to ensure \u00a0
\n\n\t\t\t\t\tthat our business operates responsibly. Macroeconomic uncertainties include, among \u00a0
\n\n\t\t\t\t\tother things, the rate of growth in the global economy, political conditions and levels of \u00a0
\n\n\t\t\t\t\tpublic/institutional spending within the energy sector, currency and interest rate fluctua- \u00a0
\n\n\t\t\t\t\ttions and inflation. Additionally, geopolitical tensions may have an impact on the future \u00a0
\n\n\t\t\t\t\tprospects of the Group\u2019s markets and may increase risk related to the Group\u2019s opera- \u00a0
\n\n\t\t\t\t\ttions. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2162": {
"value": "2.25. Financial ratios and operational metrics \u00a0
\n\n\t\t\t\t\tReturn on assets \u00a0
\n\n\t\t\t\t\tProfit/loss from operating activities \u00a0
\n\n\t\t\t\t\tAverage assets \u00a0
\n\n\t\t\t\t\tReturn on equity \u00a0
\n\n\t\t\t\t\tProfit/loss for the year \u00a0
\n\n\t\t\t\t\tAverage equity \u00a0
\n\n\t\t\t\t\tEquity ratio \u00a0
\n\n\t\t\t\t\tEquity, year-end \u00a0
\n\n\t\t\t\t\tTotal equity and liabilities, year-end \u00a0
\n\n\t\t\t\t\tContracted days \u00a0
\n\n\t\t\t\t\tNumber of on hire days in the fiscal year \u00a0
\n\n\t\t\t\t\t(in total for all vessels) \u00a0
\n\n\t\t\t\t\tUtilization \u00a0
\n\n\t\t\t\t\tContracted days \u00a0
\n\n\t\t\t\t\tDays in the year (365*all vessels) \u00a0
\n\n\t\t\t\t\tEarnings per Share \u00a0
\n\n\t\t\t\t\tResult for the year \u00a0
\n\n\t\t\t\t\tAverage number of shares during the year \u00a0
Diluted earnings per Share \u00a0
\n\n\t\t\t\t\tResult for the year \u00a0
\n\n\t\t\t\t\tAverage number of shares during the year + average \u00a0
\n\n\t\t\t\t\tnumber of shares that would be issued on conver- \u00a0
\n\n\t\t\t\t\tsion of all the dilutive potential ordinary shares into \u00a0
\n\n\t\t\t\t\tordinary shares \u00a0
\n\n\t\t\t\t\tEBITDA \u00a0
\n\n\t\t\t\t\tEarnings before interest, tax, depreciation, amortiza- \u00a0
\n\n\t\t\t\t\ttion and foreign exchange gains/losses. \u00a0
\n\n\t\t\t\t\tEBITDAR \u00a0
\n\n\t\t\t\t\tEarnings before interest, tax, depreciation, amortiza- \u00a0
\n\n\t\t\t\t\ttion, foreign exchange gains/losses and bareboat \u00a0
\n\n\t\t\t\t\trent in the form of variable lease fee and right-of-use \u00a0
\n\n\t\t\t\t\tasset amortisation. Applied between 2018 \u2013 2020. \u00a0
\n\n\t\t\t\t\tContract Backlog \u00a0
\n\n\t\t\t\t\tThe total value of all customer contracts, both firm \u00a0
\n\n\t\t\t\t\tand options, that are not yet recognized as revenue \u00a0
\n\n\t\t\t\t\tas of the reporting date, but includes all new con- \u00a0
\n\n\t\t\t\t\ttracts signed until the release date of the annual or \u00a0
\n\n\t\t\t\t\tinterim report. Firm days are counted at full commit- \u00a0
\n\n\t\t\t\t\tted amounts, while options are measured at 50%. \u00a0
\n\n\t\t\t\t\tThe definition also includes any contracts where rev- \u00a0
\n\n\t\t\t\t\tenue recognition has started but not yet completed \u00a0
\n\n\t\t\t\t\tas of the reporting date. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2164": {
"value": "Operating segments \u00a0
\n\n\t\t\t\t\tThe Group\u2019s management are not operating or making decisions based on customer \u00a0
\n\n\t\t\t\t\ttypes, type of service or geographical segments. The Group operates two windfarm in- \u00a0
\n\n\t\t\t\t\tstallation vessels, which are viewed as one segment and can operate in all geographical \u00a0
\n\n\t\t\t\t\tareas required for the specification of a specific windfarm project. Accordingly, the \u00a0
\n\n\t\t\t\t\tGroup only has one operating segment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2165": {
"value": "Major customers \u00a0
\n\n\t\t\t\t\tBy end of 2022, revenue with two customers each exceeded 10% of total revenue. The \u00a0
\n\n\t\t\t\t\trevenue derived from these two customers was EUR 52.4 million and EUR 53.2 million re- \u00a0
\n\n\t\t\t\t\tspectively. \u00a0
\n\n\t\t\t\t\tIn 2021, revenue with two customers also each exceeded 10% of total revenue. The reve- \u00a0
\n\n\t\t\t\t\tnue derived from these two customers was EUR 24.6 million and EUR 29.1 million respec- \u00a0
\n\n\t\t\t\t\ttively. \u00a0
Type of revenue \u00a0
\n\n\t\t\t\t\tRevenue from time-charter contracts include both a lease component (use of the ves- \u00a0
\n\n\t\t\t\t\tsels) and a service component (vessel operation). These components are not treated or \u00a0
\n\n\t\t\t\t\tpriced separately in the contracts, nor does the Group offer either of the services sepa- \u00a0
\n\n\t\t\t\t\trately. \u00a0
\n\n\t\t\t\t\tThe service component of time-charter contracts is primarily derived from crewing costs \u00a0
\n\n\t\t\t\t\twith a markup, where the residual is deemed to be the lease component. Milestone- \u00a0
\n\n\t\t\t\t\tbased time charters or contracts with a fixed price is deemed to be 100% service reve- \u00a0
\n\n\t\t\t\t\tnue. Mobilisation fee and Catering and accommodation income is allocated as a service \u00a0
\n\n\t\t\t\t\tcomponent. \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRevenue from contracts with customers \u00a0
\n\n\t\t\t\t\tService component \u00a0
\n\n\t\t\t\t\t13,939 \u00a0
\n\n\t\t\t\t\t13,437 \u00a0
\n\n\t\t\t\t\tLease component \u00a0
\n\n\t\t\t\t\t90,639 \u00a0
\n\n\t\t\t\t\t43,012 \u00a0
\n\n\t\t\t\t\tSundry income \u00a0
\n\n\t\t\t\t\t1,846 \u00a0
\n\n\t\t\t\t\t4,489 \u00a0
\n\n\t\t\t\t\tTotal revenue \u00a0
\n\n\t\t\t\t\t106,424 \u00a0
\n\n\t\t\t\t\t60,938 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2168": {
"value": "Note 4 \u00a0
\n\n\t\t\t\t\tExpenses by Nature \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCost of sales \u00a0
\n\n\t\t\t\t\tInsurance \u00a0
\n\n\t\t\t\t\t1,933 \u00a0
\n\n\t\t\t\t\t1,772 \u00a0
\n\n\t\t\t\t\tVessel depreciation \u00a0
\n\n\t\t\t\t\t16 \u00a0
\n\n\t\t\t\t\t21,664 \u00a0
\n\n\t\t\t\t\t16,077 \u00a0
\n\n\t\t\t\t\tCrewing costs paid to a related party and an external party \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\t61 \u00a0
\n\n\t\t\t\t\t11,517 \u00a0
\n\n\t\t\t\t\tSeafarer payroll \u00a0
\n\n\t\t\t\t\t5
\n\n\t\t\t\t\t13,089 \u00a0
\n\n\t\t\t\t\t1,159 \u00a0
\n\n\t\t\t\t\tFuel and oil \u00a0
\n\n\t\t\t\t\t1,113 \u00a0
\n\n\t\t\t\t\t892 \u00a0
\n\n\t\t\t\t\tMaintenance \u00a0
\n\n\t\t\t\t\t4,039 \u00a0
\n\n\t\t\t\t\t2,305 \u00a0
\n\n\t\t\t\t\tMessing costs \u00a0
\n\n\t\t\t\t\t1,428 \u00a0
\n\n\t\t\t\t\t1,224 \u00a0
\n\n\t\t\t\t\tSeafarer travel \u00a0
\n\n\t\t\t\t\t2,589 \u00a0
\n\n\t\t\t\t\t1,876 \u00a0
\n\n\t\t\t\t\tSpecific charter costs \u00a0
\n\n\t\t\t\t\t2,623 \u00a0
\n\n\t\t\t\t\t1,239 \u00a0
\n\n\t\t\t\t\tUtilities \u00a0
\n\n\t\t\t\t\t689 \u00a0
\n\n\t\t\t\t\t541 \u00a0
\n\n\t\t\t\t\tOther operating expenses \u00a0
\n\n\t\t\t\t\t309 \u00a0
\n\n\t\t\t\t\t260 \u00a0
\n\n\t\t\t\t\tTonnage tax \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t17 \u00a0
\n\n\t\t\t\t\tTotal cost of sales \u00a0
\n\n\t\t\t\t\t49,537 \u00a0
\n\n\t\t\t\t\t38,879 \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tAdministrative expenses \u00a0
\n\n\t\t\t\t\tDepreciation and amortisation \u00a0
\n\n\t\t\t\t\t15, 16, 17 \u00a0
\n\n\t\t\t\t\t1,020 \u00a0
\n\n\t\t\t\t\t414 \u00a0
\n\n\t\t\t\t\tEmployee compensation \u00a0
\n\n\t\t\t\t\t5
\n\n\t\t\t\t\t9,905 \u00a0
\n\n\t\t\t\t\t7,603 \u00a0
\n\n\t\t\t\t\tRepair and maintenance expenses \u00a0
\n\n\t\t\t\t\t796 \u00a0
\n\n\t\t\t\t\t161 \u00a0
\n\n\t\t\t\t\tLegal and professional fees \u00a0
\n\n\t\t\t\t\t1,047 \u00a0
\n\n\t\t\t\t\t564 \u00a0
\n\n\t\t\t\t\tRental expenses \u00a0
\n\n\t\t\t\t\t582 \u00a0
\n\n\t\t\t\t\t584 \u00a0
\n\n\t\t\t\t\tTravel expense \u00a0
\n\n\t\t\t\t\t612 \u00a0
\n\n\t\t\t\t\t305 \u00a0
\n\n\t\t\t\t\tManagement fees to related party \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t115 \u00a0
\n\n\t\t\t\t\tMarketing and entertainment expenses \u00a0
\n\n\t\t\t\t\t788 \u00a0
\n\n\t\t\t\t\t159 \u00a0
\n\n\t\t\t\t\tOther expenses \u00a0
\n\n\t\t\t\t\t946 \u00a0
\n\n\t\t\t\t\t1,020 \u00a0
\n\n\t\t\t\t\tTotal administrative expenses \u00a0
\n\n\t\t\t\t\t15,696 \u00a0
\n\n\t\t\t\t\t10,925 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2171": {
"value": "EUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCost of sales \u00a0
\n\n\t\t\t\t\tInsurance \u00a0
\n\n\t\t\t\t\t1,933 \u00a0
\n\n\t\t\t\t\t1,772 \u00a0
\n\n\t\t\t\t\tVessel depreciation \u00a0
\n\n\t\t\t\t\t16 \u00a0
\n\n\t\t\t\t\t21,664 \u00a0
\n\n\t\t\t\t\t16,077 \u00a0
\n\n\t\t\t\t\tCrewing costs paid to a related party and an external party \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\t61 \u00a0
\n\n\t\t\t\t\t11,517 \u00a0
\n\n\t\t\t\t\tSeafarer payroll \u00a0
\n\n\t\t\t\t\t5
\n\n\t\t\t\t\t13,089 \u00a0
\n\n\t\t\t\t\t1,159 \u00a0
\n\n\t\t\t\t\tFuel and oil \u00a0
\n\n\t\t\t\t\t1,113 \u00a0
\n\n\t\t\t\t\t892 \u00a0
\n\n\t\t\t\t\tMaintenance \u00a0
\n\n\t\t\t\t\t4,039 \u00a0
\n\n\t\t\t\t\t2,305 \u00a0
\n\n\t\t\t\t\tMessing costs \u00a0
\n\n\t\t\t\t\t1,428 \u00a0
\n\n\t\t\t\t\t1,224 \u00a0
\n\n\t\t\t\t\tSeafarer travel \u00a0
\n\n\t\t\t\t\t2,589 \u00a0
\n\n\t\t\t\t\t1,876 \u00a0
\n\n\t\t\t\t\tSpecific charter costs \u00a0
\n\n\t\t\t\t\t2,623 \u00a0
\n\n\t\t\t\t\t1,239 \u00a0
\n\n\t\t\t\t\tUtilities \u00a0
\n\n\t\t\t\t\t689 \u00a0
\n\n\t\t\t\t\t541 \u00a0
\n\n\t\t\t\t\tOther operating expenses \u00a0
\n\n\t\t\t\t\t309 \u00a0
\n\n\t\t\t\t\t260 \u00a0
\n\n\t\t\t\t\tTonnage tax \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t17 \u00a0
\n\n\t\t\t\t\tTotal cost of sales \u00a0
\n\n\t\t\t\t\t49,537 \u00a0
\n\n\t\t\t\t\t38,879 \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tAdministrative expenses \u00a0
\n\n\t\t\t\t\tDepreciation and amortisation \u00a0
\n\n\t\t\t\t\t15, 16, 17 \u00a0
\n\n\t\t\t\t\t1,020 \u00a0
\n\n\t\t\t\t\t414 \u00a0
\n\n\t\t\t\t\tEmployee compensation \u00a0
\n\n\t\t\t\t\t5
\n\n\t\t\t\t\t9,905 \u00a0
\n\n\t\t\t\t\t7,603 \u00a0
\n\n\t\t\t\t\tRepair and maintenance expenses \u00a0
\n\n\t\t\t\t\t796 \u00a0
\n\n\t\t\t\t\t161 \u00a0
\n\n\t\t\t\t\tLegal and professional fees \u00a0
\n\n\t\t\t\t\t1,047 \u00a0
\n\n\t\t\t\t\t564 \u00a0
\n\n\t\t\t\t\tRental expenses \u00a0
\n\n\t\t\t\t\t582 \u00a0
\n\n\t\t\t\t\t584 \u00a0
\n\n\t\t\t\t\tTravel expense \u00a0
\n\n\t\t\t\t\t612 \u00a0
\n\n\t\t\t\t\t305 \u00a0
\n\n\t\t\t\t\tManagement fees to related party \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t115 \u00a0
\n\n\t\t\t\t\tMarketing and entertainment expenses \u00a0
\n\n\t\t\t\t\t788 \u00a0
\n\n\t\t\t\t\t159 \u00a0
\n\n\t\t\t\t\tOther expenses \u00a0
\n\n\t\t\t\t\t946 \u00a0
\n\n\t\t\t\t\t1,020 \u00a0
\n\n\t\t\t\t\tTotal administrative expenses \u00a0
\n\n\t\t\t\t\t15,696 \u00a0
\n\n\t\t\t\t\t10,925 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2173": {
"value": "EUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCost of sales \u00a0
\n\n\t\t\t\t\tInsurance \u00a0
\n\n\t\t\t\t\t1,933 \u00a0
\n\n\t\t\t\t\t1,772 \u00a0
\n\n\t\t\t\t\tVessel depreciation \u00a0
\n\n\t\t\t\t\t16 \u00a0
\n\n\t\t\t\t\t21,664 \u00a0
\n\n\t\t\t\t\t16,077 \u00a0
\n\n\t\t\t\t\tCrewing costs paid to a related party and an external party \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\t61 \u00a0
\n\n\t\t\t\t\t11,517 \u00a0
\n\n\t\t\t\t\tSeafarer payroll \u00a0
\n\n\t\t\t\t\t5
\n\n\t\t\t\t\t13,089 \u00a0
\n\n\t\t\t\t\t1,159 \u00a0
\n\n\t\t\t\t\tFuel and oil \u00a0
\n\n\t\t\t\t\t1,113 \u00a0
\n\n\t\t\t\t\t892 \u00a0
\n\n\t\t\t\t\tMaintenance \u00a0
\n\n\t\t\t\t\t4,039 \u00a0
\n\n\t\t\t\t\t2,305 \u00a0
\n\n\t\t\t\t\tMessing costs \u00a0
\n\n\t\t\t\t\t1,428 \u00a0
\n\n\t\t\t\t\t1,224 \u00a0
\n\n\t\t\t\t\tSeafarer travel \u00a0
\n\n\t\t\t\t\t2,589 \u00a0
\n\n\t\t\t\t\t1,876 \u00a0
\n\n\t\t\t\t\tSpecific charter costs \u00a0
\n\n\t\t\t\t\t2,623 \u00a0
\n\n\t\t\t\t\t1,239 \u00a0
\n\n\t\t\t\t\tUtilities \u00a0
\n\n\t\t\t\t\t689 \u00a0
\n\n\t\t\t\t\t541 \u00a0
\n\n\t\t\t\t\tOther operating expenses \u00a0
\n\n\t\t\t\t\t309 \u00a0
\n\n\t\t\t\t\t260 \u00a0
\n\n\t\t\t\t\tTonnage tax \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t17 \u00a0
\n\n\t\t\t\t\tTotal cost of sales \u00a0
\n\n\t\t\t\t\t49,537 \u00a0
\n\n\t\t\t\t\t38,879 \u00a0
Note 21 \u00a0
\n\n\t\t\t\t\tCommitments and Pledges \u00a0
Low value and short-term lease commitments \u00a0
\n\n\t\t\t\t\tThe future minimum lease payables under non-cancellable low value and short-term \u00a0
\n\n\t\t\t\t\tleases contracted for at the balance sheet date but not recognized as liabilities, are as \u00a0
\n\n\t\t\t\t\tfollows: \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tNot later than one year \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t18 \u00a0
\n\n\t\t\t\t\tBetween one and five years \u00a0
\n\n\t\t\t\t\t9
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t62 \u00a0
\n\n\t\t\t\t\t18 \u00a0
Pledge of Fixed Assets \u00a0
\n\n\t\t\t\t\tThe Debt Facility detailed in Note 24 is secured by, inter alia, a first priority mortgage \u00a0
\n\n\t\t\t\t\tover the Wind Orca and Wind Osprey Vessels (EUR 243 million carrying value, see Note \u00a0
\n\n\t\t\t\t\t16) and a first priority assignment of the insurances and earnings of the Wind Orca and \u00a0
\n\n\t\t\t\t\tWind Osprey vessels. \u00a0
F-class vessels \u00a0
\n\n\t\t\t\t\tOn 9 May 2022 and 22 November 2022 the Company signed additional contracts with \u00a0
\n\n\t\t\t\t\tCOSCO SHIPPING Heavy Industry to build a total of two new F-class foundation installa- \u00a0
\n\n\t\t\t\t\ttion vessel. \u00a0
\n\n\t\t\t\t\tThe total sum of the contracts for the new vessel is approximately EUR 661 million, of \u00a0
\n\n\t\t\t\t\twhich approximately a total of EUR 167 million was paid in June and December 2022, \u00a0
\n\n\t\t\t\t\twhile the remaining amounts will be due over the years from 2025 to 2026. Of the total \u00a0
\n\n\t\t\t\t\tcontract, USD 495 million will be paid in USD and EUR 205 million will be paid in EUR. \u00a0
X-class vessels \u00a0
\n\n\t\t\t\t\tSince 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry \u00a0
\n\n\t\t\t\t\tto build two new X-class wind turbine installation vessels. \u00a0
\n\n\t\t\t\t\tThe total sum of the contract for the new vessels is approximately EUR 584 million, of \u00a0
\n\n\t\t\t\t\twhich EUR 137 million was paid in 2021. The remaining scheduled payments will be due \u00a0
\n\n\t\t\t\t\tbetween 2023 and 2025. Of the total contract, USD 390 million will be paid in USD and \u00a0
\n\n\t\t\t\t\tEUR 220 million will be paid in EUR. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
\n\n\t\t\t\t\tThe Company signed a contract with NOV on 18 December 2020 to replace the main \u00a0
\n\n\t\t\t\t\tcrane of Wind Orca and then executed the option to replace the main crane for Wind Os- \u00a0
\n\n\t\t\t\t\tprey on 17 June 2021. \u00a0
\n\n\t\t\t\t\tThe total sum of the contract for the replacement of both cranes is EUR 83 million, of \u00a0
\n\n\t\t\t\t\twhich EUR 7 million was paid in 2021, and EUR 27 million was paid in 2022. The remaining \u00a0
\n\n\t\t\t\t\tscheduled payments will be due between 2023 and 2024. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2180": {
"value": "EUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tAdministrative expenses \u00a0
\n\n\t\t\t\t\tDepreciation and amortisation \u00a0
\n\n\t\t\t\t\t15, 16, 17 \u00a0
\n\n\t\t\t\t\t1,020 \u00a0
\n\n\t\t\t\t\t414 \u00a0
\n\n\t\t\t\t\tEmployee compensation \u00a0
\n\n\t\t\t\t\t5
\n\n\t\t\t\t\t9,905 \u00a0
\n\n\t\t\t\t\t7,603 \u00a0
\n\n\t\t\t\t\tRepair and maintenance expenses \u00a0
\n\n\t\t\t\t\t796 \u00a0
\n\n\t\t\t\t\t161 \u00a0
\n\n\t\t\t\t\tLegal and professional fees \u00a0
\n\n\t\t\t\t\t1,047 \u00a0
\n\n\t\t\t\t\t564 \u00a0
\n\n\t\t\t\t\tRental expenses \u00a0
\n\n\t\t\t\t\t582 \u00a0
\n\n\t\t\t\t\t584 \u00a0
\n\n\t\t\t\t\tTravel expense \u00a0
\n\n\t\t\t\t\t612 \u00a0
\n\n\t\t\t\t\t305 \u00a0
\n\n\t\t\t\t\tManagement fees to related party \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t115 \u00a0
\n\n\t\t\t\t\tMarketing and entertainment expenses \u00a0
\n\n\t\t\t\t\t788 \u00a0
\n\n\t\t\t\t\t159 \u00a0
\n\n\t\t\t\t\tOther expenses \u00a0
\n\n\t\t\t\t\t946 \u00a0
\n\n\t\t\t\t\t1,020 \u00a0
\n\n\t\t\t\t\tTotal administrative expenses \u00a0
\n\n\t\t\t\t\t15,696 \u00a0
\n\n\t\t\t\t\t10,925 \u00a0
The table below analyses the maturity profile of the financial liabilities of the Company \u00a0
\n\n\t\t\t\t\tbased on contractual undiscounted cash flows. \u00a0
\n\n\t\t\t\t\tLess than 1 \u00a0
\n\n\t\t\t\t\tBetween 1 \u00a0
\n\n\t\t\t\t\tBetween 2 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tyear \u00a0
\n\n\t\t\t\t\tand 2 years \u00a0
\n\n\t\t\t\t\tand 5 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\tPayables to Related parties \u00a0
\n\n\t\t\t\t\t89 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t89 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\tDebt to credit institutions \u00a0
\n\n\t\t\t\t\t772 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t114,230 \u00a0
\n\n\t\t\t\t\t115,002 \u00a0
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,821 \u00a0
\n\n\t\t\t\t\t287 \u00a0
\n\n\t\t\t\t\t2,108 \u00a0
\n\n\t\t\t\t\t9,962 \u00a0
\n\n\t\t\t\t\t1,821 \u00a0
\n\n\t\t\t\t\t114,517 \u00a0
\n\n\t\t\t\t\t126,300 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t9,703 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t9,703 \u00a0
\n\n\t\t\t\t\tPayables to Related parties \u00a0
\n\n\t\t\t\t\t63 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t63 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t298 \u00a0
\n\n\t\t\t\t\t209 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t507 \u00a0
\n\n\t\t\t\t\tDebt to credit institutions \u00a0
\n\n\t\t\t\t\t28,599 \u00a0
\n\n\t\t\t\t\t14,476 \u00a0
\n\n\t\t\t\t\t30,000 \u00a0
\n\n\t\t\t\t\t73,075 \u00a0
\n\n\t\t\t\t\t38,663 \u00a0
\n\n\t\t\t\t\t14,685 \u00a0
\n\n\t\t\t\t\t30,000 \u00a0
\n\n\t\t\t\t\t83,348 \u00a0
Note 25 \u00a0
\n\n\t\t\t\t\tRelated Party Transactions \u00a0
The following significant transactions took place between the Company and related par- \u00a0
\n\n\t\t\t\t\tties within the BW Group and Swire Pacific Offshore Holdings Group at terms agreed be- \u00a0
\n\n\t\t\t\t\ttween the parties: \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCosts related to guarantees fees to BW Group Limited \u00a0
\n\n\t\t\t\t\t(5,307) \u00a0
\n\n\t\t\t\t\t(1,853) \u00a0
\n\n\t\t\t\t\tCosts related to bunker supply to Hafnia Pools Pte Ltd (Member of \u00a0
\n\n\t\t\t\t\tBW Group) \u00a0
\n\n\t\t\t\t\t(2,537) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCost related to share lending fees to BW Altor Pte. Ltd. \u00a0
\n\n\t\t\t\t\t(85) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCost related to travel expenses for board meetings to BW Maritime \u00a0
\n\n\t\t\t\t\tPte. Ltd \u00a0
\n\n\t\t\t\t\t(3) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCosts related to performance guarantees to Swire Pacific Offshore \u00a0
\n\n\t\t\t\t\tHoldings Group \u00a0
\n\n\t\t\t\t\t(157) \u00a0
\n\n\t\t\t\t\t(684) \u00a0
\n\n\t\t\t\t\tCrew hire expenses paid to the Swire Pacific Offshore Holdings \u00a0
\n\n\t\t\t\t\tGroup \u00a0
\n\n\t\t\t\t\t(115) \u00a0
\n\n\t\t\t\t\t(11,461) \u00a0
\n\n\t\t\t\t\tPayables to BW Altor Pte. Ltd. at reported period \u00a0
\n\n\t\t\t\t\t85 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tPayables to BW Maritime Pte. Ltd
at reported period \u00a0
\n\n\t\t\t\t\t3
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tPayables to Hafnia Pools Pte Ltd
at reported period \u00a0
\n\n\t\t\t\t\t1
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tManagement fees paid to the Swire Pacific Offshore Holdings Group \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(197) \u00a0
\n\n\t\t\t\t\tPayables to Swire Pacific Offshore Holdings Group at reported pe- \u00a0
\n\n\t\t\t\t\triod \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t63 \u00a0
Related party transactions over the reported period are primarily linked to guarantee fees \u00a0
\n\n\t\t\t\t\tissued by the BW Group Limited, bunker supply by Hafnia Pools (member of the BW \u00a0
\n\n\t\t\t\t\tGroup), share lending fees by BW Altor in connection with the private placement in Octo- \u00a0
\n\n\t\t\t\t\tber 2022 and costs related to performance guarantee fees and crew hire expenses to \u00a0
\n\n\t\t\t\t\tthe Swire Pacific Offshore Holdings Group. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2185": {
"value": "Auditor remuneration \u00a0
\n\n\t\t\t\t\tAdministrative expenses include fees to the auditors appointed by the shareholder at \u00a0
\n\n\t\t\t\t\tthe Annual General Meeting: \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tStatutory audit \u00a0
\n\n\t\t\t\t\t125 \u00a0
\n\n\t\t\t\t\t92 \u00a0
\n\n\t\t\t\t\tTax services \u00a0
\n\n\t\t\t\t\t105 \u00a0
\n\n\t\t\t\t\t50 \u00a0
\n\n\t\t\t\t\tOther assurance services \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t8
\n\n\t\t\t\t\tOther services \u00a0
\n\n\t\t\t\t\t51 \u00a0
\n\n\t\t\t\t\t14 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t281 \u00a0
\n\n\t\t\t\t\t164 \u00a0
\n\n\t\t\t\t\tOther services include advice regarding EU taxonomy and prospectus. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2186": {
"value": "Note 5 \u00a0
\n\n\t\t\t\t\tEmployee Compensation \u00a0
Onshore \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t8,873 \u00a0
\n\n\t\t\t\t\t6,637 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t502 \u00a0
\n\n\t\t\t\t\t350 \u00a0
\n\n\t\t\t\t\tShare based payment expense \u00a0
\n\n\t\t\t\t\t6
\n\n\t\t\t\t\t352 \u00a0
\n\n\t\t\t\t\t360 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t178 \u00a0
\n\n\t\t\t\t\t145 \u00a0
\n\n\t\t\t\t\t9,905 \u00a0
\n\n\t\t\t\t\t7,492 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t70 \u00a0
\n\n\t\t\t\t\t58 \u00a0
Offshore \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t11,693 \u00a0
\n\n\t\t\t\t\t1,097 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t1,082 \u00a0
\n\n\t\t\t\t\t60 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t314 \u00a0
\n\n\t\t\t\t\t2
\n\n\t\t\t\t\t13,089 \u00a0
\n\n\t\t\t\t\t1,159 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t162 \u00a0
\n\n\t\t\t\t\t12 \u00a0
Total \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t20,566 \u00a0
\n\n\t\t\t\t\t7,734 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t1,584 \u00a0
\n\n\t\t\t\t\t410 \u00a0
\n\n\t\t\t\t\tShare based payment expense \u00a0
\n\n\t\t\t\t\t6
\n\n\t\t\t\t\t352 \u00a0
\n\n\t\t\t\t\t360 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t492 \u00a0
\n\n\t\t\t\t\t147 \u00a0
\n\n\t\t\t\t\t22,994 \u00a0
\n\n\t\t\t\t\t8,651 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t232 \u00a0
\n\n\t\t\t\t\t70 \u00a0
\n\n\t\t\t\t\tOffshore crew was hired directly by the Company by the end of November 2021. Aver- \u00a0
\n\n\t\t\t\t\tage number of full-time employees as of 2021 reflect the number of seafarers divided by \u00a0
\n\n\t\t\t\t\t12 months. The Company had 148 seafarers by the end of 2021. \u00a0
Executive management means the members of the executive management which were \u00a0
\n\n\t\t\t\t\tregistered with the Danish business authority and who have the authority and responsi- \u00a0
\n\n\t\t\t\t\tbility for the planning, directing and controlling activities of the Company as defined by \u00a0
\n\n\t\t\t\t\tIAS24. \u00a0
\n\n\t\t\t\t\tIn 2021, Key management included personnel who supported executive management, for \u00a0
\n\n\t\t\t\t\tthe planning, directing and controlling activities of the Company. \u00a0
David Peter Cogman is employed by the Swire Group and Andreas Sohmen-Pao and \u00a0
\n\n\t\t\t\t\tAndreas Beroutsos are employed by the BW Group. These board members have not re- \u00a0
\n\n\t\t\t\t\tceived remuneration from Cadeler in 2021 and 2022. \u00a0
\n\n\t\t\t\t\tFurther details of management and board compensation can be found in the 2022 \u00a0
\n\n\t\t\t\t\tCadeler Remuneration Report. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2192": {
"value": "Note 5 \u00a0
\n\n\t\t\t\t\tEmployee Compensation \u00a0
Onshore \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t8,873 \u00a0
\n\n\t\t\t\t\t6,637 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t502 \u00a0
\n\n\t\t\t\t\t350 \u00a0
\n\n\t\t\t\t\tShare based payment expense \u00a0
\n\n\t\t\t\t\t6
\n\n\t\t\t\t\t352 \u00a0
\n\n\t\t\t\t\t360 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t178 \u00a0
\n\n\t\t\t\t\t145 \u00a0
\n\n\t\t\t\t\t9,905 \u00a0
\n\n\t\t\t\t\t7,492 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t70 \u00a0
\n\n\t\t\t\t\t58 \u00a0
Offshore \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t11,693 \u00a0
\n\n\t\t\t\t\t1,097 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t1,082 \u00a0
\n\n\t\t\t\t\t60 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t314 \u00a0
\n\n\t\t\t\t\t2
\n\n\t\t\t\t\t13,089 \u00a0
\n\n\t\t\t\t\t1,159 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t162 \u00a0
\n\n\t\t\t\t\t12 \u00a0
Total \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t20,566 \u00a0
\n\n\t\t\t\t\t7,734 \u00a0
\n\n\t\t\t\t\tEmployer's contribution to defined contribution plans \u00a0
\n\n\t\t\t\t\t1,584 \u00a0
\n\n\t\t\t\t\t410 \u00a0
\n\n\t\t\t\t\tShare based payment expense \u00a0
\n\n\t\t\t\t\t6
\n\n\t\t\t\t\t352 \u00a0
\n\n\t\t\t\t\t360 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t492 \u00a0
\n\n\t\t\t\t\t147 \u00a0
\n\n\t\t\t\t\t22,994 \u00a0
\n\n\t\t\t\t\t8,651 \u00a0
\n\n\t\t\t\t\tAverage number of full time employees \u00a0
\n\n\t\t\t\t\t232 \u00a0
\n\n\t\t\t\t\t70 \u00a0
\n\n\t\t\t\t\tOffshore crew was hired directly by the Company by the end of November 2021. Aver- \u00a0
\n\n\t\t\t\t\tage number of full-time employees as of 2021 reflect the number of seafarers divided by \u00a0
\n\n\t\t\t\t\t12 months. The Company had 148 seafarers by the end of 2021. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2196": {
"value": "Note 6 \u00a0
\n\n\t\t\t\t\tCash and Share Based Payments \u00a0
In December 2021, a new remuneration scheme was agreed starting in January 2022 and \u00a0
\n\n\t\t\t\t\treplacing the existing share-based incentive schemes for the majority of eligible employ- \u00a0
\n\n\t\t\t\t\tees. The terms of the programme initiated in December 2021 are: \u00a0
\n\n\t\t\t\t\t(i) with effect from 2021, an annual cash bonus up to 12 months of salary for the CEO, and \u00a0
\n\n\t\t\t\t\tup to 6 months for selected employees. This bonus is at the discretion of the board and \u00a0
\n\n\t\t\t\t\tpaid in cash the following January. Bonuses regarding selected employees is expensed \u00a0
\n\n\t\t\t\t\tin 2022. \u00a0
\n\n\t\t\t\t\t(ii) with effect from 2021, an annual cash bonus up to 3 months of salary for other em- \u00a0
\n\n\t\t\t\t\tployees. This bonus paid based on company, team and individual performance. The bo- \u00a0
\n\n\t\t\t\t\tnus is paid in cash at the end of the calendar year. \u00a0
\n\n\t\t\t\t\t(iii) in January 2022, the executive management and selected employees were granted \u00a0
\n\n\t\t\t\t\tfrom 10,393 to 55,430 Restricted Share Units (RSU) which will vest July 2024 and are con- \u00a0
\n\n\t\t\t\t\tditional upon continued employment within Cadeler. The total value of the RSU alloca- \u00a0
\n\n\t\t\t\t\ttion is calculated based on the Black-Scholes model and the value is EUR 394 thousand \u00a0
\n\n\t\t\t\t\t(EUR 3.3 per RSU). The expense recognized in profit and loss for the year amounts to \u00a0
\n\n\t\t\t\t\tEUR 157 thousand. The average remaining contractual life is 1.5 years. \u00a0
\n\n\t\t\t\t\t(iv) in January 2022, the executive management and selected employees were granted \u00a0
\n\n\t\t\t\t\tfrom 10,393 to 55,430 Options in Cadeler shares which will vest May 2024 and expire in \u00a0
\n\n\t\t\t\t\tApril 2027. The strike price will range from NOK 36,02 to NOK 38,42 depending on the ex- \u00a0
\n\n\t\t\t\t\tercise period and are conditional upon continued employment within Cadeler. The fair \u00a0
\n\n\t\t\t\t\tvalue of these granted options was determined using the Black-Scholes model and the \u00a0
\n\n\t\t\t\t\tvalue is EUR 160 thousand (EUR 1.3 per RSU). The expense recognized in profit and loss \u00a0
\n\n\t\t\t\t\tfor the year amounts to EUR 69 thousand. The average remaining contractual life for the \u00a0
\n\n\t\t\t\t\toptions as of 31 December 2022 is 4.3 years. \u00a0
For the programmes described in (iii) and (iv) the annualized volatility of the shares 48.1% \u00a0
\n\n\t\t\t\t\tis based on the historical volatility of the price of shares, annual risk free interest rate of \u00a0
\n\n\t\t\t\t\t1%, dividend yield of zero, expected life until expiration date and average share price of \u00a0
\n\n\t\t\t\t\tEUR 3.7. \u00a0
\n\n\t\t\t\t\t(v) in May 2022, the executive management and selected employees were granted from \u00a0
\n\n\t\t\t\t\t43,420 to 221,719 Options in Cadeler shares which will vest in May 2025 and expire in May \u00a0
\n\n\t\t\t\t\t2028. The strike price will be NOK 40,24 and is conditional upon continued employment \u00a0
\n\n\t\t\t\t\twithin Cadeler. The fair value of these granted options was determined using the Black- \u00a0
\n\n\t\t\t\t\tScholes model and the value is EUR 761 thousand (EUR 1.3 per RSU). The expense recog- \u00a0
\n\n\t\t\t\t\tnized in profit and loss for the year amounts to EUR 127 thousand. The average remaining \u00a0
\n\n\t\t\t\t\tcontractual life for the options as per 31 December 2022 is 5.3 years. The annualized vol- \u00a0
\n\n\t\t\t\t\tatility of the shares 42.5% is based on the historical volatility of the price of shares, an- \u00a0
\n\n\t\t\t\t\tnual risk free interest rate of 2.8%, dividend yield of zero, expected life until expiration \u00a0
\n\n\t\t\t\t\tdate and average share price of EUR 3.7. \u00a0
\n\n\t\t\t\t\t(vi) in January 2023, the executive management and selected employees will be granted \u00a0
\n\n\t\t\t\t\tfrom 19,760 to 130,416 Restricted Share Units which will vest in July 2025 and are condi- \u00a0
\n\n\t\t\t\t\ttional upon continued employment within Cadeler. The total value of the RSU allocation \u00a0
\n\n\t\t\t\t\tis calculated based on the Black-Scholes model and the value is EUR 1.2 million. The av- \u00a0
\n\n\t\t\t\t\terage remaining contractual life is 2.5 years. \u00a0
\n\n\t\t\t\t\tThe Group previously had a share-based incentive scheme for its key employees in con- \u00a0
\n\n\t\t\t\t\tnection with the IPO, with the following key terms: \u00a0
\n\n\t\t\t\t\t(vii) an incentive varying from 1 to 8 months of salary of the key employee paid in shares \u00a0
\n\n\t\t\t\t\tin the event the Offering is successful. The gross monthly salary and share price for the \u00a0
\n\n\t\t\t\t\tbasis of calculation of the shares to be issued is based on the gross monthly salary of \u00a0
\n\n\t\t\t\t\tthe employee and share price on the first day of trading of the shares. The initial share \u00a0
\n\n\t\t\t\t\tprice was set at observable input 27 November 2020 (146,626 shares) and was paid out in \u00a0
\n\n\t\t\t\t\tcash at the share price after the vesting period 27 November 2021. \u00a0
The initial cost was calculated to EUR 504 thousand but was paid out at EUR 734 thou- \u00a0
\n\n\t\t\t\t\tsand. The charge to equity amounts to EUR 230 thousand. \u00a0
\n\n\t\t\t\t\t(viii) an incentive varying from 2 to 4 months of salary of the key employee paid in shares \u00a0
\n\n\t\t\t\t\tfor the continuous employment of the employee for each full calendar year of 2020 and \u00a0
\n\n\t\t\t\t\t2021. The incentive will be paid with the employee\u2019s salary in June in the following year, \u00a0
\n\n\t\t\t\t\ti.e., in June 2021 and June 2022. The gross monthly salary and share price for the basis of \u00a0
\n\n\t\t\t\t\tcalculation of the shares to be issued is based on the gross monthly salary of the em- \u00a0
\n\n\t\t\t\t\tployee and share price on the date the incentive will be paid in June 2021 and June 2022. \u00a0
\n\n\t\t\t\t\tAs stated above this programme was terminated for most of employees and this part is \u00a0
\n\n\t\t\t\t\treversed in equity and in profit and loss as well. The amount reversed regarding 2020 is \u00a0
\n\n\t\t\t\t\tEUR 3 thousand and 2021 EUR 167 thousand. \u00a0
(ix) with effect from 2021, a tiered annual bonus scheme for the CEO of the Company \u00a0
\n\n\t\t\t\t\tlinked to KPIs and business profitability, which is capped at 8 months of gross monthly \u00a0
\n\n\t\t\t\t\tsalary of the CEO paid in shares. The gross monthly salary and share price for the basis \u00a0
\n\n\t\t\t\t\tof calculation of the shares to be issued is based on the gross monthly salary of the CEO \u00a0
\n\n\t\t\t\t\tand share price on the date falling 30 days from the date of filing of the audited ac- \u00a0
\n\n\t\t\t\t\tcounts of the Company for the financial year. \u00a0
\n\n\t\t\t\t\tAs stated above this programme is terminated and was replaced with a cash bonus. The \u00a0
\n\n\t\t\t\t\tprogramme was accounted for as a cash-based incentive programme for 2021 and the \u00a0
\n\n\t\t\t\t\tfull cash bonus was expensed for in 2021. \u00a0
2022 \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tOther \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\temployees \u00a0
\n\n\t\t\t\t\tOutstanding instruments - Options \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tOutstanding at 1 January \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tGranted during the year \u00a0
\n\n\t\t\t\t\t344,589 \u00a0
\n\n\t\t\t\t\t39.56 \u00a0
\n\n\t\t\t\t\t330,963 \u00a0
\n\n\t\t\t\t\t39.40 \u00a0
\n\n\t\t\t\t\tForfeited during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExercised during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExpired during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOutstanding at 31 December \u00a0
\n\n\t\t\t\t\t344,589 \u00a0
\n\n\t\t\t\t\t39.50 \u00a0
\n\n\t\t\t\t\t330,963 \u00a0
\n\n\t\t\t\t\t39.42 \u00a0
2022 \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tOther \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\temployees \u00a0
\n\n\t\t\t\t\tOutstanding instruments - RSU \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tNumber \u00a0
\n\n\t\t\t\t\tWAEP\u00b9 \u00a0
\n\n\t\t\t\t\tOutstanding at 1 January \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tGranted during the year \u00a0
\n\n\t\t\t\t\t55,430 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t65,823 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tForfeited during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExercised during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tExpired during the year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOutstanding at 31 December \u00a0
\n\n\t\t\t\t\t55,430 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t65,823 \u00a0
\n\n\t\t\t\t\t-
Note 7 \u00a0
\n\n\t\t\t\t\tManagement Compensation \u00a0
2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tBoard of \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tBoard of \u00a0
\n\n\t\t\t\t\tExecutive \u00a0
\n\n\t\t\t\t\tKey \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tdirectors \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tdirectors \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\tmanagement \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tWages, salaries and board fees \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t683 \u00a0
\n\n\t\t\t\t\t863 \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t650 \u00a0
\n\n\t\t\t\t\t337 \u00a0
\n\n\t\t\t\t\t1,167 \u00a0
\n\n\t\t\t\t\tShare based payment \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t173 \u00a0
\n\n\t\t\t\t\t173 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t164 \u00a0
\n\n\t\t\t\t\t48 \u00a0
\n\n\t\t\t\t\t212 \u00a0
\n\n\t\t\t\t\tOther short-term benefits \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t36 \u00a0
\n\n\t\t\t\t\t36 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t23 \u00a0
\n\n\t\t\t\t\t34 \u00a0
\n\n\t\t\t\t\t57 \u00a0
\n\n\t\t\t\t\tCash bonus \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t482 \u00a0
\n\n\t\t\t\t\t482 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t314 \u00a0
\n\n\t\t\t\t\t159 \u00a0
\n\n\t\t\t\t\t473 \u00a0
\n\n\t\t\t\t\tTotal management compensation \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t1,374 \u00a0
\n\n\t\t\t\t\t1,554 \u00a0
\n\n\t\t\t\t\t180 \u00a0
\n\n\t\t\t\t\t1,151 \u00a0
\n\n\t\t\t\t\t578 \u00a0
\n\n\t\t\t\t\t1,909 \u00a0
Executive management means the members of the executive management which were \u00a0
\n\n\t\t\t\t\tregistered with the Danish business authority and who have the authority and responsi- \u00a0
\n\n\t\t\t\t\tbility for the planning, directing and controlling activities of the Company as defined by \u00a0
\n\n\t\t\t\t\tIAS24. \u00a0
\n\n\t\t\t\t\tIn 2021, Key management included personnel who supported executive management, for \u00a0
\n\n\t\t\t\t\tthe planning, directing and controlling activities of the Company. \u00a0
David Peter Cogman is employed by the Swire Group and Andreas Sohmen-Pao and \u00a0
\n\n\t\t\t\t\tAndreas Beroutsos are employed by the BW Group. These board members have not re- \u00a0
\n\n\t\t\t\t\tceived remuneration from Cadeler in 2021 and 2022. \u00a0
\n\n\t\t\t\t\tFurther details of management and board compensation can be found in the 2022 \u00a0
\n\n\t\t\t\t\tCadeler Remuneration Report. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2207": {
"value": "Note 8 \u00a0
\n\n\t\t\t\t\tFinance Income and Expenses \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tForeign currency gain \u00a0
\n\n\t\t\t\t\t3,424 \u00a0
\n\n\t\t\t\t\t1,795 \u00a0
\n\n\t\t\t\t\tFair value change of derivative \u00a0
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tInterest gained \u00a0
\n\n\t\t\t\t\t244 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFinance income \u00a0
\n\n\t\t\t\t\t4,031 \u00a0
\n\n\t\t\t\t\t1,795 \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense \u00a0
\n\n\t\t\t\t\t- Interest linked to debt liabilities \u00a0
\n\n\t\t\t\t\t1,351 \u00a0
\n\n\t\t\t\t\t2,727 \u00a0
\n\n\t\t\t\t\t- Interest with related parties \u00a0
\n\n\t\t\t\t\t157 \u00a0
\n\n\t\t\t\t\t684 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tForeign currency loss \u00a0
\n\n\t\t\t\t\t7,834 \u00a0
\n\n\t\t\t\t\t1,692 \u00a0
\n\n\t\t\t\t\tBank fees \u00a0
\n\n\t\t\t\t\t318 \u00a0
\n\n\t\t\t\t\t358 \u00a0
\n\n\t\t\t\t\tFinance expenses \u00a0
\n\n\t\t\t\t\t9,681 \u00a0
\n\n\t\t\t\t\t5,491 \u00a0
\n\n\t\t\t\t\tTotal interest paid in 2022 as per Consolidated Statement of Cash Flows amounts to \u00a0
\n\n\t\t\t\t\tEUR 5.8 million (2021: EUR 3.9 million) out of which EUR 4.2 million (2021: EUR 0 million) \u00a0
\n\n\t\t\t\t\thave been capitalized to Property, Plant and Equipment (refer to Note 16) and EUR 1.6 \u00a0
\n\n\t\t\t\t\tmillion have been expensed. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2210": {
"value": "Note 8 \u00a0
\n\n\t\t\t\t\tFinance Income and Expenses \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tForeign currency gain \u00a0
\n\n\t\t\t\t\t3,424 \u00a0
\n\n\t\t\t\t\t1,795 \u00a0
\n\n\t\t\t\t\tFair value change of derivative \u00a0
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tInterest gained \u00a0
\n\n\t\t\t\t\t244 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFinance income \u00a0
\n\n\t\t\t\t\t4,031 \u00a0
\n\n\t\t\t\t\t1,795 \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense \u00a0
\n\n\t\t\t\t\t- Interest linked to debt liabilities \u00a0
\n\n\t\t\t\t\t1,351 \u00a0
\n\n\t\t\t\t\t2,727 \u00a0
\n\n\t\t\t\t\t- Interest with related parties \u00a0
\n\n\t\t\t\t\t157 \u00a0
\n\n\t\t\t\t\t684 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tForeign currency loss \u00a0
\n\n\t\t\t\t\t7,834 \u00a0
\n\n\t\t\t\t\t1,692 \u00a0
\n\n\t\t\t\t\tBank fees \u00a0
\n\n\t\t\t\t\t318 \u00a0
\n\n\t\t\t\t\t358 \u00a0
\n\n\t\t\t\t\tFinance expenses \u00a0
\n\n\t\t\t\t\t9,681 \u00a0
\n\n\t\t\t\t\t5,491 \u00a0
\n\n\t\t\t\t\tTotal interest paid in 2022 as per Consolidated Statement of Cash Flows amounts to \u00a0
\n\n\t\t\t\t\tEUR 5.8 million (2021: EUR 3.9 million) out of which EUR 4.2 million (2021: EUR 0 million) \u00a0
\n\n\t\t\t\t\thave been capitalized to Property, Plant and Equipment (refer to Note 16) and EUR 1.6 \u00a0
\n\n\t\t\t\t\tmillion have been expensed. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2213": {
"value": "EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tForeign currency gain \u00a0
\n\n\t\t\t\t\t3,424 \u00a0
\n\n\t\t\t\t\t1,795 \u00a0
\n\n\t\t\t\t\tFair value change of derivative \u00a0
\n\n\t\t\t\t\t363 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tInterest gained \u00a0
\n\n\t\t\t\t\t244 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFinance income \u00a0
\n\n\t\t\t\t\t4,031 \u00a0
\n\n\t\t\t\t\t1,795 \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tLease liabilities at 1st of January (current and non-current \u00a0
\n\n\t\t\t\t\tlease) \u00a0
\n\n\t\t\t\t\t507 \u00a0
\n\n\t\t\t\t\t792 \u00a0
\n\n\t\t\t\t\tCash flows \u00a0
\n\n\t\t\t\t\t(228) \u00a0
\n\n\t\t\t\t\t(285) \u00a0
\n\n\t\t\t\t\tLease liabilities at 31st of December (current and non-cur- \u00a0
\n\n\t\t\t\t\trent lease) \u00a0
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\t507 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2215": {
"value": "EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense \u00a0
\n\n\t\t\t\t\t- Interest linked to debt liabilities \u00a0
\n\n\t\t\t\t\t1,351 \u00a0
\n\n\t\t\t\t\t2,727 \u00a0
\n\n\t\t\t\t\t- Interest with related parties \u00a0
\n\n\t\t\t\t\t157 \u00a0
\n\n\t\t\t\t\t684 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tForeign currency loss \u00a0
\n\n\t\t\t\t\t7,834 \u00a0
\n\n\t\t\t\t\t1,692 \u00a0
\n\n\t\t\t\t\tBank fees \u00a0
\n\n\t\t\t\t\t318 \u00a0
\n\n\t\t\t\t\t358 \u00a0
\n\n\t\t\t\t\tFinance expenses \u00a0
\n\n\t\t\t\t\t9,681 \u00a0
\n\n\t\t\t\t\t5,491 \u00a0
\n\n\t\t\t\t\tTotal interest paid in 2022 as per Consolidated Statement of Cash Flows amounts to \u00a0
\n\n\t\t\t\t\tEUR 5.8 million (2021: EUR 3.9 million) out of which EUR 4.2 million (2021: EUR 0 million) \u00a0
\n\n\t\t\t\t\thave been capitalized to Property, Plant and Equipment (refer to Note 16) and EUR 1.6 \u00a0
\n\n\t\t\t\t\tmillion have been expensed. \u00a0
Lease interest expenses recognized in profit and loss \u00a0
\n\n\t\t\t\t\ta. Interest expense \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense on lease liabilities (vessels and office) \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tb. Lease expense not capitalized in lease liabilities \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tShort-term lease expense \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
c. Total cash outflow for all leases in 2022 and 2021 were EUR 728 thousand and EUR 315 \u00a0
\n\n\t\t\t\t\tthousand respectively, excluding variable lease fee (refer to Note 22). \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRepayment of lease liability \u00a0
\n\n\t\t\t\t\t728 \u00a0
\n\n\t\t\t\t\t315 \u00a0
\n\n\t\t\t\t\tRental above standby rate \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t196 \u00a0
\n\n\t\t\t\t\tCash outflow for leases that are not capitalised \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
\n\n\t\t\t\t\t781 \u00a0
\n\n\t\t\t\t\t545 \u00a0
Note 24 \u00a0
\n\n\t\t\t\t\tFinancial Liabilities: Interest-bearing Loans and Borrowings \u00a0
On 1 July 2022 the Company entered into a Senior Secured Green Revolving Credit Facil- \u00a0
\n\n\t\t\t\t\tity (\u201cRCF\u201d) of a 3-year term loan of EUR 185 million with DNB Bank ASA. \u00a0
\n\n\t\t\t\t\tThe RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi- \u00a0
\n\n\t\t\t\t\ttion to voluntary prepayments in whole or any part of the loan, at any time, the loan will \u00a0
\n\n\t\t\t\t\tbe repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to \u00a0
\n\n\t\t\t\t\tEUR 35 million. \u00a0
\n\n\t\t\t\t\tOn 4 July 2022 the Company utilized EUR 115 million from the total EUR 150 million availa- \u00a0
\n\n\t\t\t\t\tble from the RCF. With these funds the Group repaid in full the outstanding amounts, re- \u00a0
\n\n\t\t\t\t\tlated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank \u00a0
\n\n\t\t\t\t\tASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF \u00a0
\n\n\t\t\t\t\tadded about EUR 70 million in liquidity. By the end of the reporting period, EUR 35 million \u00a0
\n\n\t\t\t\t\tremains unutilized from the RCF. \u00a0
\n\n\t\t\t\t\tThe RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and \u00a0
\n\n\t\t\t\t\tsubject to a green loan margin discount as long as the Company is in compliance with \u00a0
\n\n\t\t\t\t\tcertain green asset criteria such as earmarked investments in green assets. The Group is \u00a0
\n\n\t\t\t\t\tcurrently in compliance with this green criteria and are expected to remain compliant for \u00a0
\n\n\t\t\t\t\tthe duration of the facility. Due to a confidentiality agreement, the applicable margin \u00a0
\n\n\t\t\t\t\tcannot be disclosed. \u00a0
\n\n\t\t\t\t\tThe full repayment of the senior debt facility generated a finance cost for the write off of \u00a0
\n\n\t\t\t\t\tborrowing costs of approximately EUR 810 thousand in July 2022. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2220": {
"value": "EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense \u00a0
\n\n\t\t\t\t\t- Interest linked to debt liabilities \u00a0
\n\n\t\t\t\t\t1,351 \u00a0
\n\n\t\t\t\t\t2,727 \u00a0
\n\n\t\t\t\t\t- Interest with related parties \u00a0
\n\n\t\t\t\t\t157 \u00a0
\n\n\t\t\t\t\t684 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tForeign currency loss \u00a0
\n\n\t\t\t\t\t7,834 \u00a0
\n\n\t\t\t\t\t1,692 \u00a0
\n\n\t\t\t\t\tBank fees \u00a0
\n\n\t\t\t\t\t318 \u00a0
\n\n\t\t\t\t\t358 \u00a0
\n\n\t\t\t\t\tFinance expenses \u00a0
\n\n\t\t\t\t\t9,681 \u00a0
\n\n\t\t\t\t\t5,491 \u00a0
\n\n\t\t\t\t\tTotal interest paid in 2022 as per Consolidated Statement of Cash Flows amounts to \u00a0
\n\n\t\t\t\t\tEUR 5.8 million (2021: EUR 3.9 million) out of which EUR 4.2 million (2021: EUR 0 million) \u00a0
\n\n\t\t\t\t\thave been capitalized to Property, Plant and Equipment (refer to Note 16) and EUR 1.6 \u00a0
\n\n\t\t\t\t\tmillion have been expensed. \u00a0
Lease interest expenses recognized in profit and loss \u00a0
\n\n\t\t\t\t\ta. Interest expense \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense on lease liabilities (vessels and office) \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tb. Lease expense not capitalized in lease liabilities \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tShort-term lease expense \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
c. Total cash outflow for all leases in 2022 and 2021 were EUR 728 thousand and EUR 315 \u00a0
\n\n\t\t\t\t\tthousand respectively, excluding variable lease fee (refer to Note 22). \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRepayment of lease liability \u00a0
\n\n\t\t\t\t\t728 \u00a0
\n\n\t\t\t\t\t315 \u00a0
\n\n\t\t\t\t\tRental above standby rate \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t196 \u00a0
\n\n\t\t\t\t\tCash outflow for leases that are not capitalised \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
\n\n\t\t\t\t\t781 \u00a0
\n\n\t\t\t\t\t545 \u00a0
Note 21 \u00a0
\n\n\t\t\t\t\tCommitments and Pledges \u00a0
Low value and short-term lease commitments \u00a0
\n\n\t\t\t\t\tThe future minimum lease payables under non-cancellable low value and short-term \u00a0
\n\n\t\t\t\t\tleases contracted for at the balance sheet date but not recognized as liabilities, are as \u00a0
\n\n\t\t\t\t\tfollows: \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tNot later than one year \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t18 \u00a0
\n\n\t\t\t\t\tBetween one and five years \u00a0
\n\n\t\t\t\t\t9
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t62 \u00a0
\n\n\t\t\t\t\t18 \u00a0
Pledge of Fixed Assets \u00a0
\n\n\t\t\t\t\tThe Debt Facility detailed in Note 24 is secured by, inter alia, a first priority mortgage \u00a0
\n\n\t\t\t\t\tover the Wind Orca and Wind Osprey Vessels (EUR 243 million carrying value, see Note \u00a0
\n\n\t\t\t\t\t16) and a first priority assignment of the insurances and earnings of the Wind Orca and \u00a0
\n\n\t\t\t\t\tWind Osprey vessels. \u00a0
F-class vessels \u00a0
\n\n\t\t\t\t\tOn 9 May 2022 and 22 November 2022 the Company signed additional contracts with \u00a0
\n\n\t\t\t\t\tCOSCO SHIPPING Heavy Industry to build a total of two new F-class foundation installa- \u00a0
\n\n\t\t\t\t\ttion vessel. \u00a0
\n\n\t\t\t\t\tThe total sum of the contracts for the new vessel is approximately EUR 661 million, of \u00a0
\n\n\t\t\t\t\twhich approximately a total of EUR 167 million was paid in June and December 2022, \u00a0
\n\n\t\t\t\t\twhile the remaining amounts will be due over the years from 2025 to 2026. Of the total \u00a0
\n\n\t\t\t\t\tcontract, USD 495 million will be paid in USD and EUR 205 million will be paid in EUR. \u00a0
X-class vessels \u00a0
\n\n\t\t\t\t\tSince 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry \u00a0
\n\n\t\t\t\t\tto build two new X-class wind turbine installation vessels. \u00a0
\n\n\t\t\t\t\tThe total sum of the contract for the new vessels is approximately EUR 584 million, of \u00a0
\n\n\t\t\t\t\twhich EUR 137 million was paid in 2021. The remaining scheduled payments will be due \u00a0
\n\n\t\t\t\t\tbetween 2023 and 2025. Of the total contract, USD 390 million will be paid in USD and \u00a0
\n\n\t\t\t\t\tEUR 220 million will be paid in EUR. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
\n\n\t\t\t\t\tThe Company signed a contract with NOV on 18 December 2020 to replace the main \u00a0
\n\n\t\t\t\t\tcrane of Wind Orca and then executed the option to replace the main crane for Wind Os- \u00a0
\n\n\t\t\t\t\tprey on 17 June 2021. \u00a0
\n\n\t\t\t\t\tThe total sum of the contract for the replacement of both cranes is EUR 83 million, of \u00a0
\n\n\t\t\t\t\twhich EUR 7 million was paid in 2021, and EUR 27 million was paid in 2022. The remaining \u00a0
\n\n\t\t\t\t\tscheduled payments will be due between 2023 and 2024. \u00a0
The table below analyses the maturity profile of the financial liabilities of the Company \u00a0
\n\n\t\t\t\t\tbased on contractual undiscounted cash flows. \u00a0
\n\n\t\t\t\t\tLess than 1 \u00a0
\n\n\t\t\t\t\tBetween 1 \u00a0
\n\n\t\t\t\t\tBetween 2 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tyear \u00a0
\n\n\t\t\t\t\tand 2 years \u00a0
\n\n\t\t\t\t\tand 5 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\tPayables to Related parties \u00a0
\n\n\t\t\t\t\t89 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t89 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\tDebt to credit institutions \u00a0
\n\n\t\t\t\t\t772 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t114,230 \u00a0
\n\n\t\t\t\t\t115,002 \u00a0
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,821 \u00a0
\n\n\t\t\t\t\t287 \u00a0
\n\n\t\t\t\t\t2,108 \u00a0
\n\n\t\t\t\t\t9,962 \u00a0
\n\n\t\t\t\t\t1,821 \u00a0
\n\n\t\t\t\t\t114,517 \u00a0
\n\n\t\t\t\t\t126,300 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t9,703 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t9,703 \u00a0
\n\n\t\t\t\t\tPayables to Related parties \u00a0
\n\n\t\t\t\t\t63 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t63 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t298 \u00a0
\n\n\t\t\t\t\t209 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t507 \u00a0
\n\n\t\t\t\t\tDebt to credit institutions \u00a0
\n\n\t\t\t\t\t28,599 \u00a0
\n\n\t\t\t\t\t14,476 \u00a0
\n\n\t\t\t\t\t30,000 \u00a0
\n\n\t\t\t\t\t73,075 \u00a0
\n\n\t\t\t\t\t38,663 \u00a0
\n\n\t\t\t\t\t14,685 \u00a0
\n\n\t\t\t\t\t30,000 \u00a0
\n\n\t\t\t\t\t83,348 \u00a0
Change in the debts to credit institutes during the year \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tDebt to credit institutes at 1st of January (current and non- \u00a0
\n\n\t\t\t\t\tcurrent lease) \u00a0
\n\n\t\t\t\t\t(73,075) \u00a0
\n\n\t\t\t\t\t(73,500) \u00a0
\n\n\t\t\t\t\tOverdraft facility drawn \u00a0
\n\n\t\t\t\t\t(16,067) \u00a0
\n\n\t\t\t\t\t(8,998) \u00a0
\n\n\t\t\t\t\tLoans repayment \u00a0
\n\n\t\t\t\t\t65,000 \u00a0
\n\n\t\t\t\t\t10,000 \u00a0
\n\n\t\t\t\t\tOverdraft repayment \u00a0
\n\n\t\t\t\t\t25,065 \u00a0
\n\n\t\t\t\t\tNew loan \u00a0
\n\n\t\t\t\t\t(115,000) \u00a0
\n\n\t\t\t\t\tNew loan fees \u00a0
\n\n\t\t\t\t\t1,541 \u00a0
\n\n\t\t\t\t\tNon-Cash flow of interest \u00a0
\n\n\t\t\t\t\t(2,466) \u00a0
\n\n\t\t\t\t\t(577) \u00a0
\n\n\t\t\t\t\tDebt to credit institutes at 31st of December (current and \u00a0
\n\n\t\t\t\t\tnon-current lease) \u00a0
\n\n\t\t\t\t\t(115,002) \u00a0
\n\n\t\t\t\t\t(73,075) \u00a0
Capital management \u00a0
\n\n\t\t\t\t\tThe Company\u2019s objectives when managing capital are to ensure the Company\u2019s ability to \u00a0
\n\n\t\t\t\t\tcontinue as a going concern and to maintain an optimal capital structure. \u00a0
In order to achieve this overall objective, the Company\u2019s capital management, among \u00a0
\n\n\t\t\t\t\tother things, aims to ensure that it meets financial covenants attached to the interest- \u00a0
\n\n\t\t\t\t\tbearing loans and borrowings that define capital structure requirements. Breaches in \u00a0
\n\n\t\t\t\t\tmeeting the financial covenants would permit the bank to immediately call loans and \u00a0
\n\n\t\t\t\t\tborrowings. There have been no breaches of the financial covenants of any interest- \u00a0
\n\n\t\t\t\t\tbearing loans and borrowing in the current period. \u00a0
\n\n\t\t\t\t\tIn order to maintain or adjust the capital structure in the future, the Group may adjust the \u00a0
\n\n\t\t\t\t\tamount of dividends paid to shareholders, issue new shares and/or sell assets to reduce \u00a0
\n\n\t\t\t\t\tdebt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other \u00a0
\n\n\t\t\t\t\tdistributions without DNB Bank ASA\u2019s written consent. \u00a0
Note 24 \u00a0
\n\n\t\t\t\t\tFinancial Liabilities: Interest-bearing Loans and Borrowings \u00a0
On 1 July 2022 the Company entered into a Senior Secured Green Revolving Credit Facil- \u00a0
\n\n\t\t\t\t\tity (\u201cRCF\u201d) of a 3-year term loan of EUR 185 million with DNB Bank ASA. \u00a0
\n\n\t\t\t\t\tThe RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi- \u00a0
\n\n\t\t\t\t\ttion to voluntary prepayments in whole or any part of the loan, at any time, the loan will \u00a0
\n\n\t\t\t\t\tbe repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to \u00a0
\n\n\t\t\t\t\tEUR 35 million. \u00a0
\n\n\t\t\t\t\tOn 4 July 2022 the Company utilized EUR 115 million from the total EUR 150 million availa- \u00a0
\n\n\t\t\t\t\tble from the RCF. With these funds the Group repaid in full the outstanding amounts, re- \u00a0
\n\n\t\t\t\t\tlated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank \u00a0
\n\n\t\t\t\t\tASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF \u00a0
\n\n\t\t\t\t\tadded about EUR 70 million in liquidity. By the end of the reporting period, EUR 35 million \u00a0
\n\n\t\t\t\t\tremains unutilized from the RCF. \u00a0
\n\n\t\t\t\t\tThe RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and \u00a0
\n\n\t\t\t\t\tsubject to a green loan margin discount as long as the Company is in compliance with \u00a0
\n\n\t\t\t\t\tcertain green asset criteria such as earmarked investments in green assets. The Group is \u00a0
\n\n\t\t\t\t\tcurrently in compliance with this green criteria and are expected to remain compliant for \u00a0
\n\n\t\t\t\t\tthe duration of the facility. Due to a confidentiality agreement, the applicable margin \u00a0
\n\n\t\t\t\t\tcannot be disclosed. \u00a0
\n\n\t\t\t\t\tThe full repayment of the senior debt facility generated a finance cost for the write off of \u00a0
\n\n\t\t\t\t\tborrowing costs of approximately EUR 810 thousand in July 2022. \u00a0
Covenants \u00a0
\n\n\t\t\t\t\tThe Group is in compliance with all covenants in the RCF: \u00a0
\n\n\t\t\t\t\tMinimum Free Liquidity: Freely available cash and cash equivalents at all times to be \u00a0
\n\n\t\t\t\t\tthe higher of EUR 10,000,000 or an amount equal to 7.5% of the gross interest bearing \u00a0
\n\n\t\t\t\t\tdebt. \u00a0
\n\n\t\t\t\t\tEquity Ratio: The ratio of book equity to total assets at all times to be minimum 40%. \u00a0
\n\n\t\t\t\t\tContracted cash flows: If at any reported quarter the aggregated loans exceed the for- \u00a0
\n\n\t\t\t\t\tward-looking expected cash revenues from legally binding contracts, the Contracted \u00a0
\n\n\t\t\t\t\tCash Flows, the Borrower shall prepay the exceeding part of the Loans within five (5) \u00a0
\n\n\t\t\t\t\tBusiness Days. \u00a0
\n\n\t\t\t\t\tFair market value of vessels: The fair market value of the vessels shall at all times cover \u00a0
\n\n\t\t\t\t\tat least 170% of the aggregate outstanding utilisations. \u00a0
\n\n\t\t\t\t\tRestriction on dividends: The Company is not permitted to pay any dividends or other \u00a0
\n\n\t\t\t\t\tdistributions without DNB Bank ASA\u2019s written consent. \u00a0
\n\n\t\t\t\t\tChange of control: If any person or group of persons (other than Swire Pacific or the BW \u00a0
\n\n\t\t\t\t\tGroup) acting in concert directly or indirectly gains control of 25% or more of the voting \u00a0
\n\n\t\t\t\t\tand/or ordinary shares of the Borrower, the Agent (acting on instructions from the major- \u00a0
\n\n\t\t\t\t\tity lenders) may by written notice of ten (10) business days cancel the total commitments \u00a0
\n\n\t\t\t\t\tand demand prepayment of all amounts outstanding under the facilities. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2236": {
"value": "Note 10 \u00a0
\n\n\t\t\t\t\tEarnings Per Share (EPS) \u00a0
Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity \u00a0
\n\n\t\t\t\t\tholders of the parent by the weighted average number of ordinary shares outstanding \u00a0
\n\n\t\t\t\t\tduring the year. \u00a0
\n\n\t\t\t\t\tDiluted EPS is calculated by dividing the profit attributable to ordinary holders of the par- \u00a0
\n\n\t\t\t\t\tent by the weighted average number of ordinary shares outstanding during the year plus \u00a0
\n\n\t\t\t\t\tthe weighted average number of ordinary shares that would be issued on conversion of \u00a0
\n\n\t\t\t\t\tall the dilutive potential ordinary shares into ordinary shares. \u00a0
\n\n\t\t\t\t\tThe following table reflects the income and share data used in the basic and diluted EPS \u00a0
\n\n\t\t\t\t\tcalculations: \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tResult attributable to ordinary equity holders of the parent for \u00a0
\n\n\t\t\t\t\tbasic earnings \u00a0
\n\n\t\t\t\t\t35,541 \u00a0
\n\n\t\t\t\t\t7,451 \u00a0
\n\n\t\t\t\t\tResult attributable to ordinary equity holders of the parent ad- \u00a0
\n\n\t\t\t\t\tjusted for the effect of dilution \u00a0
\n\n\t\t\t\t\t35,541 \u00a0
\n\n\t\t\t\t\t7,451 \u00a0
Thousands \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWeighted average number of ordinary shares for basic EPS\u00b9 \u00a0
\n\n\t\t\t\t\t163,219 \u00a0
\n\n\t\t\t\t\t131,161 \u00a0
\n\n\t\t\t\t\tEffect of dilution from shared based payments programme \u00a0
\n\n\t\t\t\t\t676 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tWeighted average number of ordinary shares adjusted for the ef- \u00a0
\n\n\t\t\t\t\tfect of dilution\u00b9 \u00a0
\n\n\t\t\t\t\t163,895 \u00a0
\n\n\t\t\t\t\t131,161 \u00a0
There have been no other transactions involving ordinary shares or potential ordinary shares between \u00a0
\n\n\t\t\t\t\tthe reporting date and the date of authorization of these Financial Statements. \u00a0
\n\n\t\t\t\t\t1The weighted average number of shares takes into account the weighted average effect of share \u00a0
\n\n\t\t\t\t\tbased payments during the year. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2241": {
"value": "Note 11 \u00a0
\n\n\t\t\t\t\tCash and Bank Balances \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCash at bank and on hand \u00a0
\n\n\t\t\t\t\t19,012 \u00a0
\n\n\t\t\t\t\t2,308 \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tLease liabilities at 1st of January (current and non-current \u00a0
\n\n\t\t\t\t\tlease) \u00a0
\n\n\t\t\t\t\t507 \u00a0
\n\n\t\t\t\t\t792 \u00a0
\n\n\t\t\t\t\tCash flows \u00a0
\n\n\t\t\t\t\t(228) \u00a0
\n\n\t\t\t\t\t(285) \u00a0
\n\n\t\t\t\t\tLease liabilities at 31st of December (current and non-cur- \u00a0
\n\n\t\t\t\t\trent lease) \u00a0
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\t507 \u00a0
Covenants \u00a0
\n\n\t\t\t\t\tThe Group is in compliance with all covenants in the RCF: \u00a0
\n\n\t\t\t\t\tMinimum Free Liquidity: Freely available cash and cash equivalents at all times to be \u00a0
\n\n\t\t\t\t\tthe higher of EUR 10,000,000 or an amount equal to 7.5% of the gross interest bearing \u00a0
\n\n\t\t\t\t\tdebt. \u00a0
\n\n\t\t\t\t\tEquity Ratio: The ratio of book equity to total assets at all times to be minimum 40%. \u00a0
\n\n\t\t\t\t\tContracted cash flows: If at any reported quarter the aggregated loans exceed the for- \u00a0
\n\n\t\t\t\t\tward-looking expected cash revenues from legally binding contracts, the Contracted \u00a0
\n\n\t\t\t\t\tCash Flows, the Borrower shall prepay the exceeding part of the Loans within five (5) \u00a0
\n\n\t\t\t\t\tBusiness Days. \u00a0
\n\n\t\t\t\t\tFair market value of vessels: The fair market value of the vessels shall at all times cover \u00a0
\n\n\t\t\t\t\tat least 170% of the aggregate outstanding utilisations. \u00a0
\n\n\t\t\t\t\tRestriction on dividends: The Company is not permitted to pay any dividends or other \u00a0
\n\n\t\t\t\t\tdistributions without DNB Bank ASA\u2019s written consent. \u00a0
\n\n\t\t\t\t\tChange of control: If any person or group of persons (other than Swire Pacific or the BW \u00a0
\n\n\t\t\t\t\tGroup) acting in concert directly or indirectly gains control of 25% or more of the voting \u00a0
\n\n\t\t\t\t\tand/or ordinary shares of the Borrower, the Agent (acting on instructions from the major- \u00a0
\n\n\t\t\t\t\tity lenders) may by written notice of ten (10) business days cancel the total commitments \u00a0
\n\n\t\t\t\t\tand demand prepayment of all amounts outstanding under the facilities. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2245": {
"value": "Expected credit loss on trade receivables \u00a0
\n\n\t\t\t\t\tThe Group has historically only experienced immaterial losses on trade receivables, if \u00a0
\n\n\t\t\t\t\tany. Further, a material part of the cash flows in the contracts are prepayments received \u00a0
\n\n\t\t\t\t\tup front. \u00a0
The Group\u2019s expected credit losses are immaterial. This is based on historical data, a few \u00a0
\n\n\t\t\t\t\thigh-quality debtors and expectations to the future. \u00a0
Trade \u00a0
\n\n\t\t\t\t\tExpected \u00a0
\n\n\t\t\t\t\tContract \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\treceivables \u00a0
\n\n\t\t\t\t\tloss \u00a0
\n\n\t\t\t\t\tassets \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t31 December 2022 \u00a0
\n\n\t\t\t\t\tNot due \u00a0
\n\n\t\t\t\t\t17,197 \u00a0
\n\n\t\t\t\t\t19,999 \u00a0
\n\n\t\t\t\t\t37,196 \u00a0
\n\n\t\t\t\t\tOverdue 1-30 days \u00a0
\n\n\t\t\t\t\t438 \u00a0
\n\n\t\t\t\t\t438 \u00a0
\n\n\t\t\t\t\tOverdue 31 to 60 days \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOverdue +61 days \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t17,635 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t19,999 \u00a0
\n\n\t\t\t\t\t37,634 \u00a0
\n\n\t\t\t\t\t31 December 2021 \u00a0
\n\n\t\t\t\t\tNot due \u00a0
\n\n\t\t\t\t\t7,850 \u00a0
\n\n\t\t\t\t\t843 \u00a0
\n\n\t\t\t\t\t8,693 \u00a0
\n\n\t\t\t\t\tOverdue 1-30 days \u00a0
\n\n\t\t\t\t\t8,962 \u00a0
\n\n\t\t\t\t\t8,962 \u00a0
\n\n\t\t\t\t\tOverdue 31 to 60 days \u00a0
\n\n\t\t\t\t\t316 \u00a0
\n\n\t\t\t\t\t316 \u00a0
\n\n\t\t\t\t\tOverdue +61 days \u00a0
\n\n\t\t\t\t\t1,296 \u00a0
\n\n\t\t\t\t\t1,296 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t18,424 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t843 \u00a0
\n\n\t\t\t\t\t19,267 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2248": {
"value": "Note 14 \u00a0
\n\n\t\t\t\t\tPrepayments \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tPrepayments \u00a0
\n\n\t\t\t\t\t1,699 \u00a0
\n\n\t\t\t\t\t1,496 \u00a0
\n\n\t\t\t\t\tPrepayments include deferred costs like insurance annual premiums and software an- \u00a0
\n\n\t\t\t\t\tnual subscriptions. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2250": {
"value": "Note 15 \u00a0
\n\n\t\t\t\t\tIntangible Assets \u00a0
EUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tSoftware \u00a0
\n\n\t\t\t\t\tCost \u00a0
\n\n\t\t\t\t\tBeginning of period \u00a0
\n\n\t\t\t\t\t434 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t228 \u00a0
\n\n\t\t\t\t\tEnd of period \u00a0
\n\n\t\t\t\t\t662 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of period \u00a0
\n\n\t\t\t\t\t32 \u00a0
\n\n\t\t\t\t\tDepreciation charge \u00a0
\n\n\t\t\t\t\t211 \u00a0
\n\n\t\t\t\t\tEnd of period \u00a0
\n\n\t\t\t\t\t243 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t419 \u00a0
While 2021 additions were mainly implementation costs for Enterprise Resource and \u00a0
\n\n\t\t\t\t\tPlanning (ERP), Vessel and Crew Management software, 2022 additions are mainly fur- \u00a0
\n\n\t\t\t\t\tther developments of these initially implemented solutions. \u00a0
EUR'000 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tSoftware \u00a0
\n\n\t\t\t\t\tCost \u00a0
\n\n\t\t\t\t\tBeginning of period \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t434 \u00a0
\n\n\t\t\t\t\tEnd of period \u00a0
\n\n\t\t\t\t\t434 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of period \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDepreciation charge \u00a0
\n\n\t\t\t\t\t32 \u00a0
\n\n\t\t\t\t\tEnd of period \u00a0
\n\n\t\t\t\t\t32 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t402 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2254": {
"value": "Leasehold \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tequipment \u00a0
\n\n\t\t\t\t\tOffice space \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2022 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tMovement during the year \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t109 \u00a0
\n\n\t\t\t\t\t573 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t1,681 \u00a0
\n\n\t\t\t\t\t2,145 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\tAmortisation charge \u00a0
\n\n\t\t\t\t\t381 \u00a0
\n\n\t\t\t\t\t369 \u00a0
\n\n\t\t\t\t\t750 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t381 \u00a0
\n\n\t\t\t\t\t1,477 \u00a0
\n\n\t\t\t\t\t1,858 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t83 \u00a0
\n\n\t\t\t\t\t204 \u00a0
\n\n\t\t\t\t\t287 \u00a0
Office \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\tspace \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tCost 2021 \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\t1,572 \u00a0
\n\n\t\t\t\t\tAccumulated depreciation \u00a0
\n\n\t\t\t\t\tBeginning of financial year \u00a0
\n\n\t\t\t\t\t832 \u00a0
\n\n\t\t\t\t\t832 \u00a0
\n\n\t\t\t\t\tAmortisation charge \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\tEnd of financial year \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\t1,108 \u00a0
\n\n\t\t\t\t\tNet book value \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\t464 \u00a0
\n\n\t\t\t\t\tPlease refer to Note 22 for disclosure on the lease liabilities and to Note 21 for disclosure \u00a0
\n\n\t\t\t\t\ton the low-value and short-term lease commitments. \u00a0
Lease interest expenses recognized in profit and loss \u00a0
\n\n\t\t\t\t\ta. Interest expense \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense on lease liabilities (vessels and office) \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tb. Lease expense not capitalized in lease liabilities \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tShort-term lease expense \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
c. Total cash outflow for all leases in 2022 and 2021 were EUR 728 thousand and EUR 315 \u00a0
\n\n\t\t\t\t\tthousand respectively, excluding variable lease fee (refer to Note 22). \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRepayment of lease liability \u00a0
\n\n\t\t\t\t\t728 \u00a0
\n\n\t\t\t\t\t315 \u00a0
\n\n\t\t\t\t\tRental above standby rate \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t196 \u00a0
\n\n\t\t\t\t\tCash outflow for leases that are not capitalised \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
\n\n\t\t\t\t\t781 \u00a0
\n\n\t\t\t\t\t545 \u00a0
Note 26 \u00a0
\n\n\t\t\t\t\tOperating Profit/(Loss) \u00a0
As a performance measure, the Company uses EBITDA: Earnings before interest, tax, de- \u00a0
\n\n\t\t\t\t\tpreciation, amortization and foreign exchange gains/losses. \u00a0
\n\n\t\t\t\t\tEBITDA is calculated as shown below: \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOperating profit or loss as reported in the statement of \u00a0
\n\n\t\t\t\t\tprofit \u00a0
\n\n\t\t\t\t\t41,191 \u00a0
\n\n\t\t\t\t\t11,134 \u00a0
\n\n\t\t\t\t\tRight-of-use asset amortization \u00a0
\n\n\t\t\t\t\t17 \u00a0
\n\n\t\t\t\t\t750 \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\tDepreciation and amortization \u00a0
\n\n\t\t\t\t\t15, 16 \u00a0
\n\n\t\t\t\t\t21,934 \u00a0
\n\n\t\t\t\t\t16,216 \u00a0
\n\n\t\t\t\t\tEBITDA \u00a0
\n\n\t\t\t\t\t63,875 \u00a0
\n\n\t\t\t\t\t27,626 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2261": {
"value": "Note 18 \u00a0
\n\n\t\t\t\t\tTrade and Other Payables \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tTrade and other payables: \u00a0
\n\n\t\t\t\t\tTrade payables \u00a0
\n\n\t\t\t\t\t3,979 \u00a0
\n\n\t\t\t\t\t2,795 \u00a0
\n\n\t\t\t\t\tOther payables \u00a0
\n\n\t\t\t\t\t4,843 \u00a0
\n\n\t\t\t\t\t6,908 \u00a0
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\t9,703 \u00a0
The table below analyses the maturity profile of the financial liabilities of the Company \u00a0
\n\n\t\t\t\t\tbased on contractual undiscounted cash flows. \u00a0
\n\n\t\t\t\t\tLess than 1 \u00a0
\n\n\t\t\t\t\tBetween 1 \u00a0
\n\n\t\t\t\t\tBetween 2 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tyear \u00a0
\n\n\t\t\t\t\tand 2 years \u00a0
\n\n\t\t\t\t\tand 5 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\tPayables to Related parties \u00a0
\n\n\t\t\t\t\t89 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t89 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\tDebt to credit institutions \u00a0
\n\n\t\t\t\t\t772 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t114,230 \u00a0
\n\n\t\t\t\t\t115,002 \u00a0
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,821 \u00a0
\n\n\t\t\t\t\t287 \u00a0
\n\n\t\t\t\t\t2,108 \u00a0
\n\n\t\t\t\t\t9,962 \u00a0
\n\n\t\t\t\t\t1,821 \u00a0
\n\n\t\t\t\t\t114,517 \u00a0
\n\n\t\t\t\t\t126,300 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t9,703 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t9,703 \u00a0
\n\n\t\t\t\t\tPayables to Related parties \u00a0
\n\n\t\t\t\t\t63 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t63 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t298 \u00a0
\n\n\t\t\t\t\t209 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t507 \u00a0
\n\n\t\t\t\t\tDebt to credit institutions \u00a0
\n\n\t\t\t\t\t28,599 \u00a0
\n\n\t\t\t\t\t14,476 \u00a0
\n\n\t\t\t\t\t30,000 \u00a0
\n\n\t\t\t\t\t73,075 \u00a0
\n\n\t\t\t\t\t38,663 \u00a0
\n\n\t\t\t\t\t14,685 \u00a0
\n\n\t\t\t\t\t30,000 \u00a0
\n\n\t\t\t\t\t83,348 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2260": {
"value": "Lease interest expenses recognized in profit and loss \u00a0
\n\n\t\t\t\t\ta. Interest expense \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest expense on lease liabilities (vessels and office) \u00a0
\n\n\t\t\t\t\t21 \u00a0
\n\n\t\t\t\t\t30 \u00a0
\n\n\t\t\t\t\tb. Lease expense not capitalized in lease liabilities \u00a0
\n\n\t\t\t\t\tEUR'000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tShort-term lease expense \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t34 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2264": {
"value": "Note 20 \u00a0
\n\n\t\t\t\t\tIssued Share Capital \u00a0
No. of \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tshares \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOrdinary shares \u00a0
\n\n\t\t\t\t\tBeginning and end of financial year 2021 \u00a0
\n\n\t\t\t\t\t138,574 \u00a0
\n\n\t\t\t\t\t18,641 \u00a0
\n\n\t\t\t\t\t18,641 \u00a0
\n\n\t\t\t\t\tIssued on May 2022 for capital increase \u00a0
\n\n\t\t\t\t\t26,176 \u00a0
\n\n\t\t\t\t\t3,518 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tIssued on October 2022 for capital increase \u00a0
\n\n\t\t\t\t\t32,850 \u00a0
\n\n\t\t\t\t\t4,416 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tEnd of financial year 2022 \u00a0
\n\n\t\t\t\t\t197,600 \u00a0
\n\n\t\t\t\t\t26,575 \u00a0
\n\n\t\t\t\t\t18,641 \u00a0
As of 1 January 2022, the Group\u2019s issued and paid in share capital amounted to DKK \u00a0
\n\n\t\t\t\t\t138,574 thousand, equal to EUR 18,641 thousand, consisting of 138,574,468 shares of \u00a0
\n\n\t\t\t\t\tDKK 1. \u00a0
\n\n\t\t\t\t\tIn May 2022, the authorized share capital was increased by DKK 26,176 thousand, equal \u00a0
\n\n\t\t\t\t\tto EUR 3,518 thousand, consisting of 26,175,532 shares of DKK 1. \u00a0
\n\n\t\t\t\t\tIn October 2022, the authorized share capital was increased by DKK 32,850 thousand, \u00a0
\n\n\t\t\t\t\tequal to EUR 4,416 thousand, consisting of 32,850,000 shares of DKK 1. \u00a0
\n\n\t\t\t\t\tAt the end of 2022 the Group had share capital amounted to DKK 197,600 thousand, \u00a0
\n\n\t\t\t\t\tequal to EUR 26,575 thousand, consisting of 197,600,000 shares of DKK 1. \u00a0
\n\n\t\t\t\t\tAll shares have equal rights. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2267": {
"value": "Note 21 \u00a0
\n\n\t\t\t\t\tCommitments and Pledges \u00a0
Low value and short-term lease commitments \u00a0
\n\n\t\t\t\t\tThe future minimum lease payables under non-cancellable low value and short-term \u00a0
\n\n\t\t\t\t\tleases contracted for at the balance sheet date but not recognized as liabilities, are as \u00a0
\n\n\t\t\t\t\tfollows: \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tNot later than one year \u00a0
\n\n\t\t\t\t\t53 \u00a0
\n\n\t\t\t\t\t18 \u00a0
\n\n\t\t\t\t\tBetween one and five years \u00a0
\n\n\t\t\t\t\t9
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t62 \u00a0
\n\n\t\t\t\t\t18 \u00a0
Pledge of Fixed Assets \u00a0
\n\n\t\t\t\t\tThe Debt Facility detailed in Note 24 is secured by, inter alia, a first priority mortgage \u00a0
\n\n\t\t\t\t\tover the Wind Orca and Wind Osprey Vessels (EUR 243 million carrying value, see Note \u00a0
\n\n\t\t\t\t\t16) and a first priority assignment of the insurances and earnings of the Wind Orca and \u00a0
\n\n\t\t\t\t\tWind Osprey vessels. \u00a0
F-class vessels \u00a0
\n\n\t\t\t\t\tOn 9 May 2022 and 22 November 2022 the Company signed additional contracts with \u00a0
\n\n\t\t\t\t\tCOSCO SHIPPING Heavy Industry to build a total of two new F-class foundation installa- \u00a0
\n\n\t\t\t\t\ttion vessel. \u00a0
\n\n\t\t\t\t\tThe total sum of the contracts for the new vessel is approximately EUR 661 million, of \u00a0
\n\n\t\t\t\t\twhich approximately a total of EUR 167 million was paid in June and December 2022, \u00a0
\n\n\t\t\t\t\twhile the remaining amounts will be due over the years from 2025 to 2026. Of the total \u00a0
\n\n\t\t\t\t\tcontract, USD 495 million will be paid in USD and EUR 205 million will be paid in EUR. \u00a0
X-class vessels \u00a0
\n\n\t\t\t\t\tSince 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry \u00a0
\n\n\t\t\t\t\tto build two new X-class wind turbine installation vessels. \u00a0
\n\n\t\t\t\t\tThe total sum of the contract for the new vessels is approximately EUR 584 million, of \u00a0
\n\n\t\t\t\t\twhich EUR 137 million was paid in 2021. The remaining scheduled payments will be due \u00a0
\n\n\t\t\t\t\tbetween 2023 and 2025. Of the total contract, USD 390 million will be paid in USD and \u00a0
\n\n\t\t\t\t\tEUR 220 million will be paid in EUR. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
\n\n\t\t\t\t\tThe Company signed a contract with NOV on 18 December 2020 to replace the main \u00a0
\n\n\t\t\t\t\tcrane of Wind Orca and then executed the option to replace the main crane for Wind Os- \u00a0
\n\n\t\t\t\t\tprey on 17 June 2021. \u00a0
\n\n\t\t\t\t\tThe total sum of the contract for the replacement of both cranes is EUR 83 million, of \u00a0
\n\n\t\t\t\t\twhich EUR 7 million was paid in 2021, and EUR 27 million was paid in 2022. The remaining \u00a0
\n\n\t\t\t\t\tscheduled payments will be due between 2023 and 2024. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2273": {
"value": "Note 22 \u00a0
\n\n\t\t\t\t\tFinancial Risk Management \u00a0
Market risk \u00a0
\n\n\t\t\t\t\tCurrency risk \u00a0
\n\n\t\t\t\t\tThe Group\u2019s business is exposed to the Danish Kroner (\u201cDKK\u201d), Norwegian Kroner (\u201cNOK\u201d) \u00a0
\n\n\t\t\t\t\tand United States Dollar (\u201cUSD\u201d) as certain operating expenses are denominated in \u00a0
\n\n\t\t\t\t\tthese currencies. The Company will look to use financial instruments to reduce currency \u00a0
\n\n\t\t\t\t\trisk when there is significant liability or income in a non-EUR or DKK denominated cur- \u00a0
\n\n\t\t\t\t\trency and there is a cost-effective solution. \u00a0
\n\n\t\t\t\t\tThe largest currency exposure of the group is the future instalments for the new X and F \u00a0
\n\n\t\t\t\t\tclass vessels in USD (USD 816 million), more details can be found in Note 23 with regards \u00a0
\n\n\t\t\t\t\tof the current instruments used to mitigate this currency risk. Management and Board of \u00a0
\n\n\t\t\t\t\tDirectors will evaluate the potential cost and benefits of currency exposure on an ongo- \u00a0
\n\n\t\t\t\t\ting basis. \u00a0
\n\n\t\t\t\t\tThe Group holds cash balances in USD. If the USD:EUR exchange rate deteriorated by \u00a0
\n\n\t\t\t\t\t1% the result before tax would have decreased by EUR 3 thousand (EUR 8 thousand in \u00a0
\n\n\t\t\t\t\t2021) based on the USD cash holdings as at 31 December 2022. \u00a0
\n\n\t\t\t\t\tAs the EUR is pegged to DKK, no material currency risk has been identified against the \u00a0
\n\n\t\t\t\t\tDKK even though the Company has costs denominated in DKK. \u00a0
For banks and financial institutions, the Group mitigates its credit risks by transacting \u00a0
\n\n\t\t\t\t\tonly with counterparties who are rated \u201cA\u201d and above by independent rating agencies. \u00a0
\n\n\t\t\t\t\tThe Group adopts the policy of dealing only with customers of appropriate history and \u00a0
\n\n\t\t\t\t\tobtaining sufficient security where appropriate to mitigate credit risk. The Group adopts \u00a0
\n\n\t\t\t\t\tstringent procedures on extending credit terms to customers and on the monitoring of \u00a0
\n\n\t\t\t\t\tcredit risk. \u00a0
\n\n\t\t\t\t\tThese credit terms are normally contractual and credit policies spell out clearly the \u00a0
\n\n\t\t\t\t\tguidelines on extending credit to customers, including monitoring the process and using \u00a0
\n\n\t\t\t\t\trelated industry\u2019s practices as reference. This includes assessment and valuation of cus- \u00a0
\n\n\t\t\t\t\ttomers\u2019 credit reliability and periodic review of their financial status to determine the \u00a0
\n\n\t\t\t\t\tcredit limits to be granted. Customers are also assessed based on their historical pay- \u00a0
\n\n\t\t\t\t\tment records. Where necessary, customers may also be requested to provide security or \u00a0
\n\n\t\t\t\t\tadvance payment before services are rendered. \u00a0
\n\n\t\t\t\t\tRelated party credit risk is managed by the management of Cadeler and overseen by the \u00a0
\n\n\t\t\t\t\tBoard of Directors and Audit Committee. \u00a0
\n\n\t\t\t\t\tThe maximum exposure to credit risk is the carrying amount of trade receivables and \u00a0
\n\n\t\t\t\t\tother receivables, receivables from group entities and cash and bank balances pre- \u00a0
\n\n\t\t\t\t\tsented on the balance sheet. \u00a0
Impairment of financial assets \u00a0
\n\n\t\t\t\t\tThe Group assesses on a forward-looking basis the expected credit losses (\u201cECLs\u201d) as- \u00a0
\n\n\t\t\t\t\tsociated with its financial assets which are trade and other receivables, cash and bank \u00a0
\n\n\t\t\t\t\tbalances and contract assets. Financial assets are written-off when there is no \u00a0
reasonable expectation of recovery, such as a non-related debtor failing to engage in a \u00a0
\n\n\t\t\t\t\trepayment plan with the Group. \u00a0
\n\n\t\t\t\t\tWhere receivables have been written-off, the Group continues to engage in enforcement \u00a0
\n\n\t\t\t\t\tactivity to attempt to recover the receivables due. Where recoveries are made, these are \u00a0
\n\n\t\t\t\t\trecognized in profit or loss. \u00a0
\n\n\t\t\t\t\tThe Group has applied the simplified credit loss approach by using the provision matrix \u00a0
\n\n\t\t\t\t\tto measure the lifetime expected credit losses for trade receivables from customers. To \u00a0
\n\n\t\t\t\t\tmeasure the expected credit losses, the Group grouped receivables based on shared \u00a0
\n\n\t\t\t\t\tcredit characteristics and days past due. \u00a0
\n\n\t\t\t\t\tTrade receivables from external customers that are neither past due nor impaired are \u00a0
\n\n\t\t\t\t\twith creditworthy companies. Based on the provision matrix, the trade receivables from \u00a0
\n\n\t\t\t\t\texternal customers are subject to immaterial credit loss. \u00a0
\n\n\t\t\t\t\tFor cash and bank balances and other receivables that are measured at amortized cost, \u00a0
\n\n\t\t\t\t\tthe Group has considered these financial assets as low credit risk. Cash and bank bal- \u00a0
\n\n\t\t\t\t\tances are mainly deposits with banks who have high credit-ratings as determined by in- \u00a0
\n\n\t\t\t\t\tternational credit-rating agencies. As at 31 December 2022, cash and bank balances and \u00a0
\n\n\t\t\t\t\tother receivables are subject to immaterial credit loss. \u00a0
\n\n\t\t\t\t\tThere is no credit loss allowance for other financial asset at amortized cost as at 31 De- \u00a0
\n\n\t\t\t\t\tcember 2022 and 31 December 2021. \u00a0
Liquidity risk \u00a0
\n\n\t\t\t\t\tThe Group manages liquidity risk by maintaining sufficient cash and available funding \u00a0
\n\n\t\t\t\t\tthrough committed credit facilities to enable it to meet its operational requirements and \u00a0
\n\n\t\t\t\t\tinstalments for the new X and F class vessels recently signed. \u00a0
\n\n\t\t\t\t\tFurther financing will be required from 2024 in connection to milestone payments for the \u00a0
\n\n\t\t\t\t\tnew X and F class vessels. The Company is currently exploring numerous options for se- \u00a0
\n\n\t\t\t\t\tcuring funds to fulfil the contract, including export credit agencies support. Further, the \u00a0
\n\n\t\t\t\t\tCompany obtained an indicative term sheet for the financing of the X-class vessels ac- \u00a0
\n\n\t\t\t\t\tquired from COSCO SHIPPING Heavy Industry and planned to be delivered in the period \u00a0
\n\n\t\t\t\t\tof 2024 to 2025. \u00a0
Less than 1 \u00a0
\n\n\t\t\t\t\tBetween 1 \u00a0
\n\n\t\t\t\t\tBetween 2 \u00a0
\n\n\t\t\t\t\tMillions \u00a0
\n\n\t\t\t\t\tyear \u00a0
\n\n\t\t\t\t\tand 2 years \u00a0
\n\n\t\t\t\t\tand 5 years \u00a0
\n\n\t\t\t\t\tObligation in USD \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t197 \u00a0
\n\n\t\t\t\t\t619 \u00a0
\n\n\t\t\t\t\tObligation in EUR \u00a0
\n\n\t\t\t\t\t41 \u00a0
\n\n\t\t\t\t\t41 \u00a0
\n\n\t\t\t\t\t105 \u00a0
The BW Group, provided COSCO SHIPPING Heavy Industry with a guarantee in respect \u00a0
\n\n\t\t\t\t\tof the sums owed by Cadeler pursuant to the two X-class vessels and the two F-class \u00a0
\n\n\t\t\t\t\tvessels. \u00a0
\n\n\t\t\t\t\tThe following maturity table shows the contract obligation for the construction of the X \u00a0
\n\n\t\t\t\t\tand F class vessels: \u00a0
For further information regarding Interest-bearing loans and borrowings please refer to \u00a0
\n\n\t\t\t\t\tNote 24. \u00a0
The table below analyses the maturity profile of the financial liabilities of the Company \u00a0
\n\n\t\t\t\t\tbased on contractual undiscounted cash flows. \u00a0
\n\n\t\t\t\t\tLess than 1 \u00a0
\n\n\t\t\t\t\tBetween 1 \u00a0
\n\n\t\t\t\t\tBetween 2 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tyear \u00a0
\n\n\t\t\t\t\tand 2 years \u00a0
\n\n\t\t\t\t\tand 5 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\tPayables to Related parties \u00a0
\n\n\t\t\t\t\t89 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t89 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\tDebt to credit institutions \u00a0
\n\n\t\t\t\t\t772 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t114,230 \u00a0
\n\n\t\t\t\t\t115,002 \u00a0
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,821 \u00a0
\n\n\t\t\t\t\t287 \u00a0
\n\n\t\t\t\t\t2,108 \u00a0
\n\n\t\t\t\t\t9,962 \u00a0
\n\n\t\t\t\t\t1,821 \u00a0
\n\n\t\t\t\t\t114,517 \u00a0
\n\n\t\t\t\t\t126,300 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t9,703 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t9,703 \u00a0
\n\n\t\t\t\t\tPayables to Related parties \u00a0
\n\n\t\t\t\t\t63 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t63 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t298 \u00a0
\n\n\t\t\t\t\t209 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t507 \u00a0
\n\n\t\t\t\t\tDebt to credit institutions \u00a0
\n\n\t\t\t\t\t28,599 \u00a0
\n\n\t\t\t\t\t14,476 \u00a0
\n\n\t\t\t\t\t30,000 \u00a0
\n\n\t\t\t\t\t73,075 \u00a0
\n\n\t\t\t\t\t38,663 \u00a0
\n\n\t\t\t\t\t14,685 \u00a0
\n\n\t\t\t\t\t30,000 \u00a0
\n\n\t\t\t\t\t83,348 \u00a0
EUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tLease liabilities at 1st of January (current and non-current \u00a0
\n\n\t\t\t\t\tlease) \u00a0
\n\n\t\t\t\t\t507 \u00a0
\n\n\t\t\t\t\t792 \u00a0
\n\n\t\t\t\t\tCash flows \u00a0
\n\n\t\t\t\t\t(228) \u00a0
\n\n\t\t\t\t\t(285) \u00a0
\n\n\t\t\t\t\tLease liabilities at 31st of December (current and non-cur- \u00a0
\n\n\t\t\t\t\trent lease) \u00a0
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\t507 \u00a0
Change in the debts to credit institutes during the year \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tDebt to credit institutes at 1st of January (current and non- \u00a0
\n\n\t\t\t\t\tcurrent lease) \u00a0
\n\n\t\t\t\t\t(73,075) \u00a0
\n\n\t\t\t\t\t(73,500) \u00a0
\n\n\t\t\t\t\tOverdraft facility drawn \u00a0
\n\n\t\t\t\t\t(16,067) \u00a0
\n\n\t\t\t\t\t(8,998) \u00a0
\n\n\t\t\t\t\tLoans repayment \u00a0
\n\n\t\t\t\t\t65,000 \u00a0
\n\n\t\t\t\t\t10,000 \u00a0
\n\n\t\t\t\t\tOverdraft repayment \u00a0
\n\n\t\t\t\t\t25,065 \u00a0
\n\n\t\t\t\t\tNew loan \u00a0
\n\n\t\t\t\t\t(115,000) \u00a0
\n\n\t\t\t\t\tNew loan fees \u00a0
\n\n\t\t\t\t\t1,541 \u00a0
\n\n\t\t\t\t\tNon-Cash flow of interest \u00a0
\n\n\t\t\t\t\t(2,466) \u00a0
\n\n\t\t\t\t\t(577) \u00a0
\n\n\t\t\t\t\tDebt to credit institutes at 31st of December (current and \u00a0
\n\n\t\t\t\t\tnon-current lease) \u00a0
\n\n\t\t\t\t\t(115,002) \u00a0
\n\n\t\t\t\t\t(73,075) \u00a0
Less than \u00a0
\n\n\t\t\t\t\tBetween 1 \u00a0
\n\n\t\t\t\t\tAfter 2 \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\t1 year \u00a0
\n\n\t\t\t\t\tand 2 years \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tDerivative financial in- \u00a0
\n\n\t\t\t\t\tstruments \u00a0
\n\n\t\t\t\t\tInterest rate swaps with a \u00a0
\n\n\t\t\t\t\tpositive fair value \u00a0
\n\n\t\t\t\t\t(305) \u00a0
\n\n\t\t\t\t\t1,158 \u00a0
\n\n\t\t\t\t\t4,231 \u00a0
\n\n\t\t\t\t\t5,084 \u00a0
\n\n\t\t\t\t\t3,376 \u00a0
\n\n\t\t\t\t\tInterest rate swaps with a \u00a0
\n\n\t\t\t\t\tnegative fair value \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(370) \u00a0
\n\n\t\t\t\t\t(370) \u00a0
\n\n\t\t\t\t\t(287) \u00a0
\n\n\t\t\t\t\tGross settled foreign cur- \u00a0
\n\n\t\t\t\t\trency contracts, pay leg \u00a0
\n\n\t\t\t\t\t(EUR) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(183,741) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t(183,741) \u00a0
\n\n\t\t\t\t\tGross settled foreign cur- \u00a0
\n\n\t\t\t\t\trency contracts, receive \u00a0
\n\n\t\t\t\t\tleg (USD) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t181,921 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t181,921 \u00a0
\n\n\t\t\t\t\t(1,821) \u00a0
\n\n\t\t\t\t\t(305) \u00a0
\n\n\t\t\t\t\t(662) \u00a0
\n\n\t\t\t\t\t3,861 \u00a0
\n\n\t\t\t\t\t2,894 \u00a0
\n\n\t\t\t\t\t1,268 \u00a0
Capital management \u00a0
\n\n\t\t\t\t\tThe Company\u2019s objectives when managing capital are to ensure the Company\u2019s ability to \u00a0
\n\n\t\t\t\t\tcontinue as a going concern and to maintain an optimal capital structure. \u00a0
In order to achieve this overall objective, the Company\u2019s capital management, among \u00a0
\n\n\t\t\t\t\tother things, aims to ensure that it meets financial covenants attached to the interest- \u00a0
\n\n\t\t\t\t\tbearing loans and borrowings that define capital structure requirements. Breaches in \u00a0
\n\n\t\t\t\t\tmeeting the financial covenants would permit the bank to immediately call loans and \u00a0
\n\n\t\t\t\t\tborrowings. There have been no breaches of the financial covenants of any interest- \u00a0
\n\n\t\t\t\t\tbearing loans and borrowing in the current period. \u00a0
\n\n\t\t\t\t\tIn order to maintain or adjust the capital structure in the future, the Group may adjust the \u00a0
\n\n\t\t\t\t\tamount of dividends paid to shareholders, issue new shares and/or sell assets to reduce \u00a0
\n\n\t\t\t\t\tdebt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other \u00a0
\n\n\t\t\t\t\tdistributions without DNB Bank ASA\u2019s written consent. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2288": {
"value": "Financial risk factors \u00a0
\n\n\t\t\t\t\tThe Group\u2019s activities expose it to market risk (including currency risk and interest rate \u00a0
\n\n\t\t\t\t\trisk), credit risk and liquidity risk. \u00a0
\n\n\t\t\t\t\tThe financial risk management of the Group is managed by the management of Cadeler \u00a0
\n\n\t\t\t\t\tand overseen by the Board of Directors and Audit Committee. The fair value of the \u00a0
\n\n\t\t\t\t\tGroup's financial assets and liabilities as of 31 December 2022 does not deviate materi- \u00a0
\n\n\t\t\t\t\tally to the carrying amounts as of 31 December 2022. \u00a0
Credit risk \u00a0
\n\n\t\t\t\t\tRisk management \u00a0
\n\n\t\t\t\t\tCredit risk refers to the risk that counterparty will default on its contractual obligations \u00a0
\n\n\t\t\t\t\tresulting in financial loss to the Group. \u00a0
\n\n\t\t\t\t\tThe Group adopts the following policy to mitigate credit risk. \u00a0
For banks and financial institutions, the Group mitigates its credit risks by transacting \u00a0
\n\n\t\t\t\t\tonly with counterparties who are rated \u201cA\u201d and above by independent rating agencies. \u00a0
\n\n\t\t\t\t\tThe Group adopts the policy of dealing only with customers of appropriate history and \u00a0
\n\n\t\t\t\t\tobtaining sufficient security where appropriate to mitigate credit risk. The Group adopts \u00a0
\n\n\t\t\t\t\tstringent procedures on extending credit terms to customers and on the monitoring of \u00a0
\n\n\t\t\t\t\tcredit risk. \u00a0
\n\n\t\t\t\t\tThese credit terms are normally contractual and credit policies spell out clearly the \u00a0
\n\n\t\t\t\t\tguidelines on extending credit to customers, including monitoring the process and using \u00a0
\n\n\t\t\t\t\trelated industry\u2019s practices as reference. This includes assessment and valuation of cus- \u00a0
\n\n\t\t\t\t\ttomers\u2019 credit reliability and periodic review of their financial status to determine the \u00a0
\n\n\t\t\t\t\tcredit limits to be granted. Customers are also assessed based on their historical pay- \u00a0
\n\n\t\t\t\t\tment records. Where necessary, customers may also be requested to provide security or \u00a0
\n\n\t\t\t\t\tadvance payment before services are rendered. \u00a0
\n\n\t\t\t\t\tRelated party credit risk is managed by the management of Cadeler and overseen by the \u00a0
\n\n\t\t\t\t\tBoard of Directors and Audit Committee. \u00a0
\n\n\t\t\t\t\tThe maximum exposure to credit risk is the carrying amount of trade receivables and \u00a0
\n\n\t\t\t\t\tother receivables, receivables from group entities and cash and bank balances pre- \u00a0
\n\n\t\t\t\t\tsented on the balance sheet. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2291": {
"value": "Financial risk factors \u00a0
\n\n\t\t\t\t\tThe Group\u2019s activities expose it to market risk (including currency risk and interest rate \u00a0
\n\n\t\t\t\t\trisk), credit risk and liquidity risk. \u00a0
\n\n\t\t\t\t\tThe financial risk management of the Group is managed by the management of Cadeler \u00a0
\n\n\t\t\t\t\tand overseen by the Board of Directors and Audit Committee. The fair value of the \u00a0
\n\n\t\t\t\t\tGroup's financial assets and liabilities as of 31 December 2022 does not deviate materi- \u00a0
\n\n\t\t\t\t\tally to the carrying amounts as of 31 December 2022. \u00a0
Liquidity risk \u00a0
\n\n\t\t\t\t\tThe Group manages liquidity risk by maintaining sufficient cash and available funding \u00a0
\n\n\t\t\t\t\tthrough committed credit facilities to enable it to meet its operational requirements and \u00a0
\n\n\t\t\t\t\tinstalments for the new X and F class vessels recently signed. \u00a0
\n\n\t\t\t\t\tFurther financing will be required from 2024 in connection to milestone payments for the \u00a0
\n\n\t\t\t\t\tnew X and F class vessels. The Company is currently exploring numerous options for se- \u00a0
\n\n\t\t\t\t\tcuring funds to fulfil the contract, including export credit agencies support. Further, the \u00a0
\n\n\t\t\t\t\tCompany obtained an indicative term sheet for the financing of the X-class vessels ac- \u00a0
\n\n\t\t\t\t\tquired from COSCO SHIPPING Heavy Industry and planned to be delivered in the period \u00a0
\n\n\t\t\t\t\tof 2024 to 2025. \u00a0
Less than 1 \u00a0
\n\n\t\t\t\t\tBetween 1 \u00a0
\n\n\t\t\t\t\tBetween 2 \u00a0
\n\n\t\t\t\t\tMillions \u00a0
\n\n\t\t\t\t\tyear \u00a0
\n\n\t\t\t\t\tand 2 years \u00a0
\n\n\t\t\t\t\tand 5 years \u00a0
\n\n\t\t\t\t\tObligation in USD \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t197 \u00a0
\n\n\t\t\t\t\t619 \u00a0
\n\n\t\t\t\t\tObligation in EUR \u00a0
\n\n\t\t\t\t\t41 \u00a0
\n\n\t\t\t\t\t41 \u00a0
\n\n\t\t\t\t\t105 \u00a0
The BW Group, provided COSCO SHIPPING Heavy Industry with a guarantee in respect \u00a0
\n\n\t\t\t\t\tof the sums owed by Cadeler pursuant to the two X-class vessels and the two F-class \u00a0
\n\n\t\t\t\t\tvessels. \u00a0
\n\n\t\t\t\t\tThe following maturity table shows the contract obligation for the construction of the X \u00a0
\n\n\t\t\t\t\tand F class vessels: \u00a0
For further information regarding Interest-bearing loans and borrowings please refer to \u00a0
\n\n\t\t\t\t\tNote 24. \u00a0
The table below analyses the maturity profile of the financial liabilities of the Company \u00a0
\n\n\t\t\t\t\tbased on contractual undiscounted cash flows. \u00a0
\n\n\t\t\t\t\tLess than 1 \u00a0
\n\n\t\t\t\t\tBetween 1 \u00a0
\n\n\t\t\t\t\tBetween 2 \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tyear \u00a0
\n\n\t\t\t\t\tand 2 years \u00a0
\n\n\t\t\t\t\tand 5 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t8,822 \u00a0
\n\n\t\t\t\t\tPayables to Related parties \u00a0
\n\n\t\t\t\t\t89 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t89 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t279 \u00a0
\n\n\t\t\t\t\tDebt to credit institutions \u00a0
\n\n\t\t\t\t\t772 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t114,230 \u00a0
\n\n\t\t\t\t\t115,002 \u00a0
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,821 \u00a0
\n\n\t\t\t\t\t287 \u00a0
\n\n\t\t\t\t\t2,108 \u00a0
\n\n\t\t\t\t\t9,962 \u00a0
\n\n\t\t\t\t\t1,821 \u00a0
\n\n\t\t\t\t\t114,517 \u00a0
\n\n\t\t\t\t\t126,300 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t9,703 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t9,703 \u00a0
\n\n\t\t\t\t\tPayables to Related parties \u00a0
\n\n\t\t\t\t\t63 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t63 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t298 \u00a0
\n\n\t\t\t\t\t209 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t507 \u00a0
\n\n\t\t\t\t\tDebt to credit institutions \u00a0
\n\n\t\t\t\t\t28,599 \u00a0
\n\n\t\t\t\t\t14,476 \u00a0
\n\n\t\t\t\t\t30,000 \u00a0
\n\n\t\t\t\t\t73,075 \u00a0
\n\n\t\t\t\t\t38,663 \u00a0
\n\n\t\t\t\t\t14,685 \u00a0
\n\n\t\t\t\t\t30,000 \u00a0
\n\n\t\t\t\t\t83,348 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2297": {
"value": "Market risk \u00a0
\n\n\t\t\t\t\tCurrency risk \u00a0
\n\n\t\t\t\t\tThe Group\u2019s business is exposed to the Danish Kroner (\u201cDKK\u201d), Norwegian Kroner (\u201cNOK\u201d) \u00a0
\n\n\t\t\t\t\tand United States Dollar (\u201cUSD\u201d) as certain operating expenses are denominated in \u00a0
\n\n\t\t\t\t\tthese currencies. The Company will look to use financial instruments to reduce currency \u00a0
\n\n\t\t\t\t\trisk when there is significant liability or income in a non-EUR or DKK denominated cur- \u00a0
\n\n\t\t\t\t\trency and there is a cost-effective solution. \u00a0
\n\n\t\t\t\t\tThe largest currency exposure of the group is the future instalments for the new X and F \u00a0
\n\n\t\t\t\t\tclass vessels in USD (USD 816 million), more details can be found in Note 23 with regards \u00a0
\n\n\t\t\t\t\tof the current instruments used to mitigate this currency risk. Management and Board of \u00a0
\n\n\t\t\t\t\tDirectors will evaluate the potential cost and benefits of currency exposure on an ongo- \u00a0
\n\n\t\t\t\t\ting basis. \u00a0
\n\n\t\t\t\t\tThe Group holds cash balances in USD. If the USD:EUR exchange rate deteriorated by \u00a0
\n\n\t\t\t\t\t1% the result before tax would have decreased by EUR 3 thousand (EUR 8 thousand in \u00a0
\n\n\t\t\t\t\t2021) based on the USD cash holdings as at 31 December 2022. \u00a0
\n\n\t\t\t\t\tAs the EUR is pegged to DKK, no material currency risk has been identified against the \u00a0
\n\n\t\t\t\t\tDKK even though the Company has costs denominated in DKK. \u00a0
Interest rate risk \u00a0
\n\n\t\t\t\t\tInterest rate risk is the risk that the fair value or future cash flows of a financial instru- \u00a0
\n\n\t\t\t\t\tment will fluctuate because of changes in market interest rates. The Group\u2019s current ex- \u00a0
\n\n\t\t\t\t\tposure to the risk of changes in market interest rates relates primarily to the Revolving \u00a0
\n\n\t\t\t\t\tCredit Facility (RCF) which was taken out on the 1 July 2022, more details can be found in \u00a0
\n\n\t\t\t\t\tNote 23 with regards of the current instruments used to mitigate this risk. \u00a0
\n\n\t\t\t\t\tThe term loan in the RCF is based on a EURIBOR interest rate plus a margin. The EURI- \u00a0
\n\n\t\t\t\t\tBOR interest rate has a floor of 0bps and was 2.2% at the end of 2022. \u00a0
\n\n\t\t\t\t\tIf the EURIBOR interest rate increased 100bps over the floor of 0bps, and the loan had \u00a0
\n\n\t\t\t\t\tbeen provided throughout the entire period of 2022, the cost would have increased by \u00a0
\n\n\t\t\t\t\tEUR 1.5 million (EUR 715 thousand in 2021). This variation could potentially qualify as capi- \u00a0
\n\n\t\t\t\t\ttalizable borrowing costs and minimize the impact on the result before tax. \u00a0
\n\n\t\t\t\t\tIf the EURIBOR interest rate decreases the result before tax would not change due to \u00a0
\n\n\t\t\t\t\tcapitalisation of borrowing costs. \u00a0
\n\n\t\t\t\t\tManagement and Board of Directors will evaluate the potential cost and benefits of fixed \u00a0
\n\n\t\t\t\t\tinterested rate borrowings on an ongoing basis \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2299": {
"value": "Capital management \u00a0
\n\n\t\t\t\t\tThe Company\u2019s objectives when managing capital are to ensure the Company\u2019s ability to \u00a0
\n\n\t\t\t\t\tcontinue as a going concern and to maintain an optimal capital structure. \u00a0
In order to achieve this overall objective, the Company\u2019s capital management, among \u00a0
\n\n\t\t\t\t\tother things, aims to ensure that it meets financial covenants attached to the interest- \u00a0
\n\n\t\t\t\t\tbearing loans and borrowings that define capital structure requirements. Breaches in \u00a0
\n\n\t\t\t\t\tmeeting the financial covenants would permit the bank to immediately call loans and \u00a0
\n\n\t\t\t\t\tborrowings. There have been no breaches of the financial covenants of any interest- \u00a0
\n\n\t\t\t\t\tbearing loans and borrowing in the current period. \u00a0
\n\n\t\t\t\t\tIn order to maintain or adjust the capital structure in the future, the Group may adjust the \u00a0
\n\n\t\t\t\t\tamount of dividends paid to shareholders, issue new shares and/or sell assets to reduce \u00a0
\n\n\t\t\t\t\tdebt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other \u00a0
\n\n\t\t\t\t\tdistributions without DNB Bank ASA\u2019s written consent. \u00a0
Covenants \u00a0
\n\n\t\t\t\t\tThe Group is in compliance with all covenants in the RCF: \u00a0
\n\n\t\t\t\t\tMinimum Free Liquidity: Freely available cash and cash equivalents at all times to be \u00a0
\n\n\t\t\t\t\tthe higher of EUR 10,000,000 or an amount equal to 7.5% of the gross interest bearing \u00a0
\n\n\t\t\t\t\tdebt. \u00a0
\n\n\t\t\t\t\tEquity Ratio: The ratio of book equity to total assets at all times to be minimum 40%. \u00a0
\n\n\t\t\t\t\tContracted cash flows: If at any reported quarter the aggregated loans exceed the for- \u00a0
\n\n\t\t\t\t\tward-looking expected cash revenues from legally binding contracts, the Contracted \u00a0
\n\n\t\t\t\t\tCash Flows, the Borrower shall prepay the exceeding part of the Loans within five (5) \u00a0
\n\n\t\t\t\t\tBusiness Days. \u00a0
\n\n\t\t\t\t\tFair market value of vessels: The fair market value of the vessels shall at all times cover \u00a0
\n\n\t\t\t\t\tat least 170% of the aggregate outstanding utilisations. \u00a0
\n\n\t\t\t\t\tRestriction on dividends: The Company is not permitted to pay any dividends or other \u00a0
\n\n\t\t\t\t\tdistributions without DNB Bank ASA\u2019s written consent. \u00a0
\n\n\t\t\t\t\tChange of control: If any person or group of persons (other than Swire Pacific or the BW \u00a0
\n\n\t\t\t\t\tGroup) acting in concert directly or indirectly gains control of 25% or more of the voting \u00a0
\n\n\t\t\t\t\tand/or ordinary shares of the Borrower, the Agent (acting on instructions from the major- \u00a0
\n\n\t\t\t\t\tity lenders) may by written notice of ten (10) business days cancel the total commitments \u00a0
\n\n\t\t\t\t\tand demand prepayment of all amounts outstanding under the facilities. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2302": {
"value": "Fair value measurement \u00a0
\n\n\t\t\t\t\tThe Group measures financial instruments such as derivatives at fair value at each bal- \u00a0
\n\n\t\t\t\t\tance sheet date. Fair value is the price that would be received to sell an asset or paid to \u00a0
\n\n\t\t\t\t\ttransfer a liability in an orderly transaction between market participants at the balance \u00a0
\n\n\t\t\t\t\tsheet date. \u00a0
\n\n\t\t\t\t\tThe principal or the most advantageous market must be accessible by the Group. The \u00a0
\n\n\t\t\t\t\tfair value of an asset or a liability is measured using the assumptions that market partici- \u00a0
\n\n\t\t\t\t\tpants would use when pricing the asset or liability, assuming that market participants act \u00a0
\n\n\t\t\t\t\tin their economic best interest. \u00a0
\n\n\t\t\t\t\tIn measuring the fair value of unlisted derivative financial instruments and other financial \u00a0
\n\n\t\t\t\t\tinstruments for which there is no active market, fair value is determined using generally \u00a0
\n\n\t\t\t\t\taccepted valuation techniques. \u00a0
\u2013
\n\n\t\t\t\t\tMarket-based parameters such as market-based yield curves and forward ex- \u00a0
\n\n\t\t\t\t\tchange prices are used for the valuation. \u00a0
\n\n\t\t\t\t\tThe Group uses valuation techniques that are appropriate in the circumstances and for \u00a0
\n\n\t\t\t\t\twhich sufficient data is available to measure fair value, maximizing the use of relevant \u00a0
\n\n\t\t\t\t\tobservable inputs and minimizing the use of unobservable inputs. \u00a0
\n\n\t\t\t\t\tFinancial instruments for which fair value is measured or disclosed in the financial state- \u00a0
\n\n\t\t\t\t\tments are categorized within the fair value hierarchy, described as following accounting \u00a0
\n\n\t\t\t\t\thierarchy: \u00a0
\n\n\t\t\t\t\tLevel 1: The fair value of financial instruments traded in active markets (such as publicly \u00a0
\n\n\t\t\t\t\ttraded derivatives, and equity securities) is based on quoted market prices at the end of \u00a0
\n\n\t\t\t\t\tthe reporting period. The quoted market price used for financial assets held by the group \u00a0
\n\n\t\t\t\t\tis the current bid price. These instruments are included in level 1. \u00a0
\n\n\t\t\t\t\tLevel 2: The fair value of financial instruments that are not traded in an active market (e.g. \u00a0
\n\n\t\t\t\t\tover-the counter derivatives) is determined using valuation techniques that maximize the \u00a0
\n\n\t\t\t\t\tuse of observable market data and rely as little as possible on entity-specific estimates. \u00a0
\n\n\t\t\t\t\tIf all significant inputs required to fair value an instrument are observable, the instrument \u00a0
\n\n\t\t\t\t\tis included in level 2. \u00a0
\n\n\t\t\t\t\tLevel 3: If one or more of the significant inputs is not based on observable market data, \u00a0
\n\n\t\t\t\t\tthe instrument is included in level 3. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2304": {
"value": "Note 24 \u00a0
\n\n\t\t\t\t\tFinancial Liabilities: Interest-bearing Loans and Borrowings \u00a0
On 1 July 2022 the Company entered into a Senior Secured Green Revolving Credit Facil- \u00a0
\n\n\t\t\t\t\tity (\u201cRCF\u201d) of a 3-year term loan of EUR 185 million with DNB Bank ASA. \u00a0
\n\n\t\t\t\t\tThe RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi- \u00a0
\n\n\t\t\t\t\ttion to voluntary prepayments in whole or any part of the loan, at any time, the loan will \u00a0
\n\n\t\t\t\t\tbe repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to \u00a0
\n\n\t\t\t\t\tEUR 35 million. \u00a0
\n\n\t\t\t\t\tOn 4 July 2022 the Company utilized EUR 115 million from the total EUR 150 million availa- \u00a0
\n\n\t\t\t\t\tble from the RCF. With these funds the Group repaid in full the outstanding amounts, re- \u00a0
\n\n\t\t\t\t\tlated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank \u00a0
\n\n\t\t\t\t\tASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF \u00a0
\n\n\t\t\t\t\tadded about EUR 70 million in liquidity. By the end of the reporting period, EUR 35 million \u00a0
\n\n\t\t\t\t\tremains unutilized from the RCF. \u00a0
\n\n\t\t\t\t\tThe RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and \u00a0
\n\n\t\t\t\t\tsubject to a green loan margin discount as long as the Company is in compliance with \u00a0
\n\n\t\t\t\t\tcertain green asset criteria such as earmarked investments in green assets. The Group is \u00a0
\n\n\t\t\t\t\tcurrently in compliance with this green criteria and are expected to remain compliant for \u00a0
\n\n\t\t\t\t\tthe duration of the facility. Due to a confidentiality agreement, the applicable margin \u00a0
\n\n\t\t\t\t\tcannot be disclosed. \u00a0
\n\n\t\t\t\t\tThe full repayment of the senior debt facility generated a finance cost for the write off of \u00a0
\n\n\t\t\t\t\tborrowing costs of approximately EUR 810 thousand in July 2022. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2306": {
"value": "Note 26 \u00a0
\n\n\t\t\t\t\tOperating Profit/(Loss) \u00a0
As a performance measure, the Company uses EBITDA: Earnings before interest, tax, de- \u00a0
\n\n\t\t\t\t\tpreciation, amortization and foreign exchange gains/losses. \u00a0
\n\n\t\t\t\t\tEBITDA is calculated as shown below: \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOperating profit or loss as reported in the statement of \u00a0
\n\n\t\t\t\t\tprofit \u00a0
\n\n\t\t\t\t\t41,191 \u00a0
\n\n\t\t\t\t\t11,134 \u00a0
\n\n\t\t\t\t\tRight-of-use asset amortization \u00a0
\n\n\t\t\t\t\t17 \u00a0
\n\n\t\t\t\t\t750 \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\tDepreciation and amortization \u00a0
\n\n\t\t\t\t\t15, 16 \u00a0
\n\n\t\t\t\t\t21,934 \u00a0
\n\n\t\t\t\t\t16,216 \u00a0
\n\n\t\t\t\t\tEBITDA \u00a0
\n\n\t\t\t\t\t63,875 \u00a0
\n\n\t\t\t\t\t27,626 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2308": {
"value": "Note 26 \u00a0
\n\n\t\t\t\t\tOperating Profit/(Loss) \u00a0
As a performance measure, the Company uses EBITDA: Earnings before interest, tax, de- \u00a0
\n\n\t\t\t\t\tpreciation, amortization and foreign exchange gains/losses. \u00a0
\n\n\t\t\t\t\tEBITDA is calculated as shown below: \u00a0
\n\n\t\t\t\t\tEUR\u2019000 \u00a0
\n\n\t\t\t\t\tNote \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOperating profit or loss as reported in the statement of \u00a0
\n\n\t\t\t\t\tprofit \u00a0
\n\n\t\t\t\t\t41,191 \u00a0
\n\n\t\t\t\t\t11,134 \u00a0
\n\n\t\t\t\t\tRight-of-use asset amortization \u00a0
\n\n\t\t\t\t\t17 \u00a0
\n\n\t\t\t\t\t750 \u00a0
\n\n\t\t\t\t\t276 \u00a0
\n\n\t\t\t\t\tDepreciation and amortization \u00a0
\n\n\t\t\t\t\t15, 16 \u00a0
\n\n\t\t\t\t\t21,934 \u00a0
\n\n\t\t\t\t\t16,216 \u00a0
\n\n\t\t\t\t\tEBITDA \u00a0
\n\n\t\t\t\t\t63,875 \u00a0
\n\n\t\t\t\t\t27,626 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2310": {
"value": "Note 27 \u00a0
\n\n\t\t\t\t\tEvents After Reporting Period \u00a0
New Headquarters from 2024 \u00a0
\n\n\t\t\t\t\tThe Company signed a contract with Castellum Denmark, in the first days of 2023, for a \u00a0
\n\n\t\t\t\t\tnew headquarters location from 2024. The Company will have access to almost 5,000 \u00a0
\n\n\t\t\t\t\tm2 of office space in central Copenhagen. \u00a0
\n\n\t\t\t\t\tThe Company has terminated the existing agreement on current premises until the first \u00a0
\n\n\t\t\t\t\thalf of 2024. No material costs are expected from this termination. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact2312": {
"value": "Note 28 \u00a0
\n\n\t\t\t\t\tAuthorization of Financial State- \u00a0
\n\n\t\t\t\t\tments \u00a0
These financial statements were authorized for issue in accordance with a resolution of \u00a0
\n\n\t\t\t\t\tthe Board of Directors of Cadeler A/S on 28 March 2023 and recommend for approval of \u00a0
\n\n\t\t\t\t\tthe shareholder of the Company at the annual general meeting to be held on 25 April \u00a0
\n\n\t\t\t\t\t2022. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1057": {
"value": "Cadeler",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1058": {
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