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},
"fact3550": {
"value": "Note 1 \u00a0
General Information \u00a0
Corporate information \u00a0
Cadeler A/S
(the \u201cCompany\u201d or the \u201cGroup\u201d) is incorporated and domiciled in Denmark. \u00a0
The address of its registered office is Kalvebod Brygge 43, DK-1560 Copenhagen, Den- \u00a0
mark. The Company is listed on the Oslo Stock Exchange (ticker code: CADLR) and on \u00a0
the New York Stock Exchange (ticker code: CDLR). \u00a0
The Group is a leading offshore wind farm transportation and installation (T&I) contrac- \u00a0
tor headquartered in Copenhagen, Denmark. The Group owns and operates four offshore \u00a0
jack-up windfarm installation vessels, Wind Orca, Wind Osprey, Wind Scylla and Wind \u00a0
Zaratan. In addition to wind farm installation, these vessels can perform maintenance, \u00a0
construction, decommissioning, and other tasks within the offshore industry. \u00a0
The consolidated financial statements of the Group is composed of the Financial State- \u00a0
ments of Cadeler A/S and its subsidiaries (which are fully owned by the Parent Company \u00a0
Cadeler A/S). For more information on the subsidiaries of Cadeler A/S please refer to \u00a0
Note 28. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3552": {
"value": "Cadeler A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3553": {
"value": "Note 2 \u00a0
Material Accounting Policies Information \u00a0
2.1. Basis for preparation \u00a0
The consolidated financial statements included in this Annual Report have been pre- \u00a0
pared in accordance with IFRS Accounting Standards (IFRS) as issued by the Interna- \u00a0
tional Accounting Standards Board (IASB) and as endorsed by the EU and further re- \u00a0
quirements in the Danish Financial Statements Act. \u00a0
The preparation of these consolidated financial statements in conformity with IFRS re- \u00a0
quires management to exercise its judgement in the process of applying the Company\u2019s \u00a0
accounting policies. It also requires the use of certain critical accounting estimates and \u00a0
assumptions. Areas involving a higher degree of judgement or complexity, or areas \u00a0
where estimates and assumptions are significant to the consolidated financial state- \u00a0
ments are further described in note 2.26. \u00a0
The consolidated financial statements are presented in euros and all values are rounded \u00a0
to the nearest thousands, except when otherwise indicated. \u00a0
The accounting policies set out in the notes have been applied consistently in the prepa- \u00a0
ration of the consolidated financial statement for all the years presented unless stated \u00a0
otherwise below. \u00a0
Going concern assessment \u00a0
The Company\u2019s Board of Directors and Executive Directors have at the time of ap- \u00a0
proving the consolidated financial statements, a reasonable expectation that the \u00a0
Group has adequate resources to continue in operational existence for the foreseea- \u00a0
ble future. \u00a0
Thus, the Group continues to adopt the going concern basis of accounting in prepar- \u00a0
ing the consolidated financial statements. \u00a0
Principles of consolidation \u00a0
The consolidated financial statements include the parent company, Cadeler A/S, and all \u00a0
enterprises over which the parent company has control. Control of an enterprise exists \u00a0
when the Company has exposure, or rights to, variable returns from its involvement with \u00a0
the enterprise and has the ability to control those returns through its power over the en- \u00a0
terprise. Accordingly, the consolidated financial statements of the Group are composed \u00a0
of the Financial Statements of the Company Cadeler A/S and its subsidiaries (which are \u00a0
fully owned by the Parent Company, Cadeler A/S). \u00a0
All intra-group assets and liabilities, equity, income, expenses and cash flows relating to \u00a0
transactions between group enterprises are eliminated in full on consolidation. \u00a0
Subsidiaries apply accounting policies in line with the Company\u2019s accounting policies. \u00a0
When necessary, adjustments are made to bring the entities\u2019 accounting policies in line \u00a0
with those of the Company. \u00a0
European Single Electronic Format (ESEF) \u00a0
As a group with securities listed on a regulated market within the EEA, Cadeler A/S is re- \u00a0
quired to prepare its official Annual Report in the XHTML format and to tag the main con- \u00a0
solidated financial statements using inline eXtensible Business Reporting Language \u00a0
(iXBRL) applying a specific ESEF taxonomy. The annual report submitted to the Danish \u00a0
Financial Supervisory Authority consists of the XHTML document together with required \u00a0
technical files, all included in a ZIP file named cadeler-2023-12-31-en.zip. \u00a0
As such, the Annual Report is therefore both human- and machine-readable. \u00a0
A separate assurance report on the iXBRL tagging of the consolidated financial state- \u00a0
ments is issued by Cadeler's independent auditors and included on page 201. For gen- \u00a0
eral use, a PDF version of the Annual Report is published in line with previous years. \u00a0
2.2. Changes in accounting policies and disclosures \u00a0
The Group has adopted standards and interpretations effective as of 1 January 2023. \u00a0
Adoption of new and amended standards and interpretations had no impact on the con- \u00a0
solidated financial statements. \u00a0
IASB has issued a number of new or amended accounting standards (IFRS) and interpre- \u00a0
tations (IFRIC), such as IAS 12 amendments International Tax Reform, Pillar Two Models \u00a0
Rules. The Group has assessed these accounting standards and interpretations, and \u00a0
does not anticipate the new standards to have any material impact on either the group\u2019s \u00a0
figures or disclosures in 2024. \u00a0
The Group has not early adopted any other standard, interpretation or amendments that \u00a0
have been issued but are not yet effective. \u00a0
The new and amended standards and interpretations that are issued, but not yet effec- \u00a0
tive, up to the date of issuance of the Group\u2019s financial statements are not expected to \u00a0
have a material impact on the Group. \u00a0
2.3. Revenue recognition \u00a0
When accounting for revenue recognition, an assessment is performed on a con- \u00a0
tract-by-contract basis at contract inception. \u00a0
Overall, the Group\u2019s contracts with customers comprise: \u00a0
\u2022
Revenue from time charter contracts and time charter related activities (re- \u00a0
ferred to as time charter revenue) and \u00a0
\u2022
Revenue from transportation and installation (referred to as transportation \u00a0
and installation revenue stream). \u00a0
The Group\u2019s accounting policies for each revenue stream are disclosed below. \u00a0
2.3.1. Time charter revenue \u00a0
The Group recognises time charter revenue when its customer obtains control of prom- \u00a0
ised goods or services, in an amount that reflects the consideration that the Group ex- \u00a0
pects to receive in exchange for those goods or services. \u00a0
Revenue from time charter contracts is generated from two distinct activities: 1) leasing \u00a0
of vessels and 2) provision of services within wind farming projects, e.g. catering and ac- \u00a0
commodation, mobilisation and demobilisation. As such, a time charter contract consists \u00a0
of a leasing component (the element relating to hire of the vessel) and a service compo- \u00a0
nent. The service component is within the scope of IFRS 15, while the leasing component \u00a0
is within the scope of IFRS 16. Refer to Note 2.13 on accounting policy for leases. \u00a0
2.3.1.1 Leasing of vessels \u00a0
The leasing component is recognised as revenue over time over the charter period. Pay- \u00a0
ments from customers for the bareboat hire element are recognised over time in accord- \u00a0
ance with the length of the customer contract. Prepayments from customers for the \u00a0
leasing component are recognised as deferred charter hire income. Refer to Note 2 2.18 \u00a0
for accounting policy on deferred charter hire income. \u00a0
2.3.1.2 Provision of services within wind farming projects, e.g. catering and accommoda- \u00a0
tion, mobilisation and demobilisation \u00a0
To determine revenue recognition for the service component of the time charter ar- \u00a0
rangements, the Group performs, in line with the requirements of IFRS 15, the following \u00a0
five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obliga- \u00a0
tions in the contract; (iii) determine the transaction price; (iv) allocate the transaction \u00a0
price to the performance obligations in the contract; and (v) recognise revenue when (or \u00a0
as) the entity satisfies a performance obligation. \u00a0
Revenue from contracts with customers is recognised when control of the goods or ser- \u00a0
vices are transferred to the customer at an amount that reflects the consideration to \u00a0
which the Group expects to be entitled in exchange for those goods or services. At con- \u00a0
tract inception, once the service component within the time charter contract is deter- \u00a0
mined to be within the scope of IFRS 15, the Group assesses the goods and services \u00a0
promised within each contract and identifies as a performance obligation each good or \u00a0
service that is distinct. Revenue is recognised in the amount of the transaction price that \u00a0
is allocated to the respective performance obligation when (or as) the performance obli- \u00a0
gation is satisfied. \u00a0
In respect of time charter service components, the main promises to the customers gen- \u00a0
erally include catering and accommodation, mobilisation, demobilisation and bunker ser- \u00a0
vices. \u00a0
While the contracts contain several promises, these are usually considered highly inter- \u00a0
dependent and highly interrelated and as such considered as one single performance \u00a0
obligation recognised over time applying a relevant measure of progress. Assessment \u00a0
hereof is performed on a contract-by-contract basis. \u00a0
Prepayments from customers for which the service component has yet to be provided \u00a0
are recognised as deferred income. Revenue is recognised as the service is being pro- \u00a0
vided, being over the term of the related time charter contract. The Group recognise de- \u00a0
ferred contract costs for upfront costs of fulfilling a contract. \u00a0
2.3.2. Time charter related activities \u00a0
2.3.2.1 Bunker services \u00a0
The Group is sometimes providing bunker services to help the customers ensure that \u00a0
sufficient bunker is available to operate the vessels at the right time and in the right qual- \u00a0
ity and quantity. As such, for certain projects the Group provides bunker procurement \u00a0
services and assumes responsibility for the logistics and handling of procured bunker. \u00a0
Management\u2019s assessment of whether a principal or agent relationship exists is based \u00a0
upon whether the Group has the ability to control the goods before they are transferred \u00a0
to the customer. This assessment is performed on a contract-by-contract basis at con- \u00a0
tract inception and takes into account various factors such as whether the Group takes \u00a0
legal title of the bunker and has the ability to direct the use of the bunker. \u00a0
2.3.2.2 Variable consideration related to time charter related activities \u00a0
Variable consideration, for example in respect of weather days and extension of time, is \u00a0
constrained at contract inception to the extent that it is highly probable that a significant \u00a0
reversal in the amount of cumulative revenue recognised will not occur when the uncer- \u00a0
tainty associated with the variable consideration is subsequently resolved. \u00a0
2.3.3. Transportation & Installation (T&I) revenue \u00a0
Revenue from T&I consist of installation and transportation of offshore wind turbine \u00a0
foundations, including activities such as heavy lifting operations, decommissioning and \u00a0
planning and engineering. \u00a0
Revenue from T&I contracts is generated from two distinct activities: 1) leasing of vessels \u00a0
and 2) T&I service components. As such, those contracts consist of a leasing component \u00a0
(the element relating to hire of the vessel) and a service component. The service compo- \u00a0
nent is within the scope of IFRS 15, while the leasing component is within the scope of \u00a0
IFRS 16, as described above. \u00a0
To determine revenue recognition for T&I service components, the Group performs in \u00a0
line with the requirements of IFRS 15 the following five steps: (i) identify the contract(s) \u00a0
with a customer; (ii) identify the performance obligations in the contract; (iii) determine \u00a0
the transaction price; (iv) allocate the transaction price to the performance obligations in \u00a0
the contract; and (v) recognise revenue when (or as) the entity satisfies a performance \u00a0
obligation. Revenue from contracts with customers is recognised when control of the \u00a0
goods or services are transferred to the customer at an amount that reflects the consid- \u00a0
eration to which the Group expects to be entitled in exchange for those goods or ser- \u00a0
vices. At
contract inception, once the T&I contract is determined to be within the scope \u00a0
of IFRS 15, the Group assesses the goods and services promised within each contract \u00a0
and identifies as a performance obligation each good or service that is distinct. Revenue \u00a0
is recognised in the amount of the transaction price that is allocated to the respective \u00a0
performance obligation when (or as) the performance obligation is satisfied. \u00a0
In respect of T&I service components, the following main promises apply: \u00a0
\u2022
Planning and engineering, \u00a0
\u2022
Transport of monopiles and secondary steel from supply port to feeder port, \u00a0
\u2022
Installation of monopiles and secondary steel offshore, \u00a0
\u2022
Storage and handling at feeder port, \u00a0
\u2022
Warranty \u00a0
While the contracts contain several distinct promises, these are considered less interde- \u00a0
pendent and interrelated and as such considered multiple performance obligation. As- \u00a0
sessment hereof is performed on a contract-by-contract basis. \u00a0
Revenue is recognised over time as the service is being provided using a cost-to-cost \u00a0
method or straight-line recognition, depending on what better depicts the progress of \u00a0
each separate performance obligation.
Prepayments from customers for which the ser- \u00a0
vice component has yet to be provided are recognised as deferred income and recog- \u00a0
nised as revenue over the period during which the services are performed. The Group \u00a0
recognise deferred contract costs for upfront costs of fulfilling a contract. \u00a0
2.3.3.1 Planning and engineering \u00a0
The Group provides planning and engineering services to the customer. Such revenue is \u00a0
recognised over time is based upon percentage-of-completion whereby total costs in- \u00a0
curred to date are compared with total forecast costs at completion of the planning and \u00a0
engineering services. \u00a0
2.3.3.3 Transportation of monopiles and secondary steel from supply port to feeder port \u00a0
The Group is engaged with transportation of monopiles and secondary steel from supply \u00a0
port to feeder port. Such revenue is recognised over time based upon percentage-of- \u00a0
completion whereby total time spend on transportation is compared with total forecast \u00a0
time at completion of the transportation. \u00a0
2.3.3.3 Storage and handling at feeder port \u00a0
The Group has been tasked with the storage and handling of the material used in the in- \u00a0
stallation. Such revenue is recognised over time is based upon percentage-of-comple- \u00a0
tion whereby total time spend on storage is compared with total forecast time at com- \u00a0
pletion of the storage. \u00a0
2.3.3.4 Installation of monopiles and secondary steel offshore \u00a0
The Group has been tasked with the installation of the monopiles and secondary steel \u00a0
offshore. Such revenue is recognised over time based upon percentage-of-completion \u00a0
whereby total costs incurred to date are compared with total forecast costs at comple- \u00a0
tion of the planning and engineering services. \u00a0
2.3.3.5 Warranty obligations \u00a0
The Group provides warranties for the repair of defects which are identified during the \u00a0
contract and within a defined period thereafter. All are assurance-type warranties, as de- \u00a0
fined within IFRS 15, which the Group recognises under IAS 37. The Group does not have \u00a0
any contractual obligations for service-type warranties. \u00a0
2.3.3.6 Variable consideration related to installation and transportation activities \u00a0
Variable consideration, for example in respect of steel prices, bunker prices etc., is con- \u00a0
strained at contract inception to the extent that it is highly probable that a significant re- \u00a0
versal in the amount of cumulative revenue recognised will not occur when the uncer- \u00a0
tainty associated with the variable consideration is subsequently resolved. \u00a0
2.4. Cost of sales and administrative expenses \u00a0
Cost of sales consists of expenses directly attributable to the Group\u2019s core activities, in- \u00a0
cluding seafarers payroll, vessel depreciation, and the operation and maintenance of \u00a0
vessels. \u00a0
Administrative expenses, which include administrative staff costs, share-based compen- \u00a0
sation, management costs, office expenses, business combination transaction costs \u00a0
and other administration related expenses, are expensed as they are incurred \u00a0
2.5. Other operating income and expenses \u00a0
Other operating income and expenses, include transactions not related to the opera- \u00a0
tions of the Group, like, gains and losses on sale of non-current assets, and is generally \u00a0
recognised when it is probable that the benefits and losses associated with the transac- \u00a0
tion will flow to the Company and if the significant risks and rewards have been trans- \u00a0
ferred to the buyer (generally when the transaction is finalised). \u00a0
2.6. Business combinations and Goodwill \u00a0
2.6.1. Business combinations \u00a0
Acquired businesses are recognised using the acquisition method. \u00a0
Assets, liabilities, and contingent liabilities of the acquired businesses are measured at \u00a0
fair value at the acquisition date. The fair values of vessels included in property, plant \u00a0
and equipment are determined using broker valuations. The fair values of other assets \u00a0
and liabilities are valued using the approach assessed to be most relevant for the individ- \u00a0
ual item, which can be either a market approach, an income approach, a cost approach \u00a0
or a combination of methods. \u00a0
The purchase price comprises the fair value of the consideration payable/receivable. \u00a0
This includes the fair value of the consideration already paid/received including the \u00a0
shares issued, deferred consideration and contingent consideration. The purchase price \u00a0
is allocated to the identified assets, liabilities and contingent liabilities (net assets) based \u00a0
on their fair values at the acquisition date and any excess of the purchase price over the \u00a0
net assets is recognised in the balance sheet as goodwill within intangible assets. In the \u00a0
event the purchase price is lower than the net assets, the difference is recognised in the \u00a0
income statement (a gain from a bargain purchase). \u00a0
2.6.2. Goodwill \u00a0
Goodwill arises from business combinations and is determined as the excess of the pur- \u00a0
chase price over the fair value of the net assets acquired, including contingent liabilities. \u00a0
Goodwill is allocated to the cash generating unit as determined by Management. Good- \u00a0
will is not amortised but is tested for impairment at least once a year or sooner if impair- \u00a0
ment indication arises. \u00a0
2.7. Employee compensation \u00a0
Employee benefits are recognised as an expense, unless the cost qualifies to be capital- \u00a0
ised as an asset. \u00a0
Employee compensations include wages and salaries, including compensated absence \u00a0
and pensions, as well as other social security contributions made to the entity\u2019s employ- \u00a0
ees or public & government authorities. The item is net of support schemes made by \u00a0
public & government authorities. \u00a0
2.8. Financial income and expense \u00a0
Finance income and expenses comprise interest income and expenses and realised and \u00a0
unrealised exchange rate gains and losses on transactions denominated in foreign cur- \u00a0
rencies as well as fair value adjustments related to the ineffective part of the financial in- \u00a0
struments. \u00a0
Interest income and interest expenses are stated on an accrual basis using the principal \u00a0
and the effective interest rate. The effective interest rate is the discount rate that is used \u00a0
to discount expected future cash payments or receipts through the expected life of the \u00a0
financial asset or financial liability to the amortised cost (the carrying value) of such asset \u00a0
or liability. \u00a0
2.9. Borrowing costs \u00a0
Borrowing costs are capitalised in accordance with IAS 23, where borrowing costs di- \u00a0
rectly attributable to the construction of assets are capitalised until such a time as the \u00a0
asset is substantially ready for its intended use. Borrowing costs consist of interest and \u00a0
other costs that the Group incurs in connection with the borrowing of funds, including \u00a0
fees for guarantees provided by related parties. \u00a0
2.10. Taxes \u00a0
2.10.1. Pillar Two Tax Effects \u00a0
In October 2021, more than 130 countries agreed on a two-pillar approach to reform the \u00a0
international tax system. The so-called Pillar Two rules are designed to compel multina- \u00a0
tional corporations with EUR 750 million or more in annual revenue to pay a minimum ef- \u00a0
fective corporate tax rate of 15% on income received in each jurisdiction in which they \u00a0
operate. \u00a0
The principal jurisdictions in which the Group may be exposed to additional taxation as a \u00a0
result of the Pillar Two rules include Denmark and the United Kingdom (each of which has \u00a0
enacted legislation implementing the Pillar Two rules), as well as Cyprus (where public \u00a0
consultation on draft legislation is ongoing). In light of the Group\u2019s total revenue, at 31 \u00a0
December 2023, the Group does not expect to be in scope of the Pillar Two rules in \u00a0
2024. \u00a0
The Group is actively assessing the potential future impact of the Pillar Two rules on the \u00a0
Group\u2019s business. It is the Group\u2019s initial assessment that a portion of its revenues in \u00a0
each of the relevant jurisdictions will be subject to top-up tax under the Pillar Two rules \u00a0
as shipping income, which is generally excluded from the computation of income under \u00a0
Pillar Two. Certain other exclusions may also be applicable and the Group\u2019s analysis of \u00a0
such exclusions is ongoing. \u00a0
2.10.2. Income tax \u00a0
Current income tax for current and prior periods is recognised at the amount expected to \u00a0
be paid to or recovered from the tax authorities, using the tax rates and tax laws that \u00a0
have been enacted or substantively enacted by the balance sheet date. \u00a0
Management periodically evaluates positions taken in tax returns with respect to situa- \u00a0
tions in which applicable tax regulation is subject to interpretation. It establishes provi- \u00a0
sions, where appropriate, on the basis of amounts expected to be paid to the tax author- \u00a0
ities. \u00a0
Deferred income tax is recognised for all temporary differences arising between the tax \u00a0
bases of assets and liabilities and their carrying amounts in the financial statements ex- \u00a0
cept when the deferred income tax arises from the initial recognition of an asset or \u00a0
liability that affects neither accounting nor taxable profit or loss at the time of the trans- \u00a0
action. \u00a0
Deferred income tax is measured at the tax rates that are expected to apply when the \u00a0
related deferred income tax asset is realised or the deferred income tax liability is set- \u00a0
tled, based on tax rates and tax laws that have been enacted or substantively enacted \u00a0
by the balance sheet date. \u00a0
Current and deferred income taxes are recognised as income or expenses in profit or \u00a0
loss, except to the extent that the tax arises from a transaction which is recognised di- \u00a0
rectly in equity. \u00a0
2.10.3. Tonnage tax \u00a0
Under the scheme, ship-owners (or bareboat charterers) pay a fixed tax amount per net \u00a0
tonne at their disposal rather than paying taxes based on income, expenses, and depre- \u00a0
ciation. The Company participates in the Danish scheme from 27 November 2020. \u00a0
As the vessels are owned and registered by subsidiaries in jurisdictions different than \u00a0
Denmark, the Group is also subject to tonnage taxation in such jurisdictions. This ton- \u00a0
nage taxation income is calculated based on a fixed tax amount per tonne. \u00a0
This scheme is on a notional income derived from tonnage capacity and not based on \u00a0
the entities' actual income and expenses, the Group does not consider the scheme to \u00a0
fall under the rules of IAS 12. Consequently, the tonnage tax expenses are not presented \u00a0
as part of tax expense in the statement of profit and loss, but are recognised under \u00a0
costs of sales. \u00a0
2.11. Inventories \u00a0
Inventories are carried at the lower of cost and net realisable value. Cost is determined \u00a0
using the first-in, first-out basis. Net realisable value is the estimated selling price in the \u00a0
ordinary course of business, less applicable variable selling expenses. Inventory mainly \u00a0
covers fuel and oil. \u00a0
2.12. Property, plant and equipment \u00a0
Property, plant and equipment are recognised at cost less accumulated depreciation \u00a0
and accumulated impairment losses. \u00a0
The cost of an item of property, plant and equipment initially recognised includes its pur- \u00a0
chase price and any costs that are directly attributable to bringing the asset to the loca- \u00a0
tion and condition necessary for it to be capable of operating in the manner intended by \u00a0
management. \u00a0
Subsequent expenditure relating to property, plant and equipment that has already been \u00a0
recognised is added to the carrying amount of the asset only when it is probable that fu- \u00a0
ture economic benefits associated with the item will flow to the Group and the cost of \u00a0
the item can be measured reliably. All other repair and maintenance expenses are recog- \u00a0
nised in profit or loss when incurred. \u00a0
To keep performing their operational activity, the vessels have an obligation to go \u00a0
through drydock procedures every five years. The costs of the drydock procedures are \u00a0
capitalised per their purchase price and any costs that are directly attributable to bring- \u00a0
ing the vessels to the location and condition necessary for the drydock procedures. \u00a0
Depreciation is calculated using the straight-line method to allocate their depreciable \u00a0
amounts over the assets\u2019 estimated useful life. The estimated useful life is as follows: \u00a0
Useful life \u00a0
Vessels and furnished equipment \u00a0
Up to 25 years \u00a0
Drydock \u00a0
5 years \u00a0
Cars \u00a0
5 years \u00a0
Other fixtures and fittings \u00a0
2 to 3 years \u00a0
The estimated useful life of the vessels of 25 years has been estimated by an external \u00a0
consultant through a determined fatigue analysis based on the technical specification of \u00a0
the vessels. Prior to their acquisition, the vessels had already been in use for 8 years, \u00a0
therefore the remaining useful life of the vessels is estimated at 17 years for all compo- \u00a0
nents except jacking system and main crane with a remaining useful life of 3 years from \u00a0
the acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per \u00a0
vessel by the end of their useful life. Depreciation is based on costs less the estimated \u00a0
residual value. Residual value is estimated as the lightweight tonnage of each vessel \u00a0
multiplied by the scrap value per ton. \u00a0
More information can be found in Material accounting judgements, estimates and as- \u00a0
sumptions section with regards of acquired vessels trough the business combination. \u00a0
The residual value, useful life, and methods of depreciation of property, plant, and equip- \u00a0
ment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
2.13. Leases \u00a0
When the Group is the lessor \u00a0
Lessor \u2013 operating leases \u00a0
The Group leases vessels (the bareboat element relating to hire of the vessel as part of \u00a0
the time charter contracts) under operating leases to non-related parties. This is classi- \u00a0
fied as an operational lease, as such leases do not cover a significant part of the eco- \u00a0
nomic life of the vessels and the Group retains substantially all risks and rewards inci- \u00a0
dental to ownership of the vessels. Rental income from operating leases is recognised in \u00a0
profit or loss on an over time basis over the charter period and included in revenue as \u00a0
stated in Material Accounting Policies section under 2.3.1.1. \u00a0
Initial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
are capitalised and recognised as an expense in profit or loss over the lease term on the \u00a0
same basis as the lease income. \u00a0
When the Group is the lessee \u00a0
At the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
contract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
fied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
quired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date which the under- \u00a0
lying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
prises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
justed 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
had not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
The right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
ation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
Right-of-use assets are depreciated on a straight-line basis lease term. \u00a0
b. Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities meas- \u00a0
ured at the present value of lease payments to be made over the lease term. The lease \u00a0
payments include fixed payments (including in-substance fixed payments) less any lease \u00a0
incentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
amounts expected to be paid under residual value guarantees. \u00a0
Variable lease payments that do not depend on an index or a rate are recognised as ex- \u00a0
penses in the period in which the event or condition that triggers the payment occurs. \u00a0
Utilisation lease fees can be classified as a variable fee. \u00a0
In calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
rowing rate at the lease commencement date because the interest rate implicit in the \u00a0
lease is not readily determinable. After the commencement date, the amount of lease \u00a0
liabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
ments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
tion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
payments resulting from a change in an index or rate used to determine such lease pay- \u00a0
ments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
The Group has elected to not recognise right-of-use assets and lease liabilities for short- \u00a0
term leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
Lease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
basis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
chines, office premises and AV equipment. \u00a0
2.14. Impairment of non\u2013financial assets \u00a0
Goodwill \u00a0
Goodwill is tested for impairment at least once a year or sooner if impairment indication \u00a0
arises. Impairment testing is performed for each cash-generating unit to which goodwill \u00a0
is allocated, as determined by Management. \u00a0
If the carrying amount of intangible assets exceeds the recoverable, an impairment loss \u00a0
is recognised in profit or loss. Goodwill impairment losses are not subsequently reversed. \u00a0
Property, plant and equipment and right-of-use-assets \u00a0
Property, plant and equipment and right-of-use assets are tested for impairment when- \u00a0
ever there is any objective evidence or indication that these assets may be impaired. \u00a0
For the purpose of impairment testing of assets, recoverable amount (i.e. the higher of \u00a0
the fair value less cost to sell and the value in use) is determined on an individual asset \u00a0
basis unless the asset does not generate cash flows that are largely independent of \u00a0
those from other assets. If this is the case, the recoverable amount is determined for the \u00a0
cash-generating unit (CGU) to which the asset belongs. \u00a0
If the recoverable amount of the asset or CGU is estimated to be less than its carrying \u00a0
amount, the carrying amount of the asset or CGU is reduced to its recoverable amount. \u00a0
The difference between the carrying amount and recoverable amount is recognised as \u00a0
an impairment loss in profit or loss. \u00a0
An impairment loss for an asset is reversed if, and only if, there has been a change in the \u00a0
estimates used to determine the asset\u2019s recoverable amount since the last impairment \u00a0
loss was recognised. \u00a0
The carrying amount of this asset is increased to its revised recoverable amount, pro- \u00a0
vided that this amount does not exceed the carrying amount that would have been de- \u00a0
termined (net of accumulated depreciation) had no impairment loss been recognised for \u00a0
the asset in prior years. \u00a0
A reversal of impairment loss for an asset is recognised in profit or loss. \u00a0
2.15. Financial assets \u00a0
The classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
ing the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
assets. \u00a0
The Group reclassifies financial assets when and only when its business model for man- \u00a0
aging those assets changes. \u00a0
(i) At initial recognition \u00a0
At initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
case of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
directly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
cial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
Financial assets \u00a0
Financial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
bles and other current assets. \u00a0
Interest income from these financial assets are recognised using the effective interest \u00a0
rate method. \u00a0
The Group assesses on forward looking basis the expected credit losses associated with \u00a0
its financial assets carried at amortised cost. \u00a0
For trade and other receivables, the Group applied the simplified approach permitted by \u00a0
IFRS 9, which requires expected lifetime losses to be recognised from initial recognition \u00a0
of the receivables. \u00a0
2.16. Cash and cash equivalents \u00a0
Cash and cash equivalents are measured at amortised cost. \u00a0
2.17. Trade and other payables \u00a0
Trade and other payables represent liabilities for goods and services provided to the \u00a0
Group prior to the end of the financial year which are unpaid. They are classified as cur- \u00a0
rent liabilities if payment is due within one year or less (or in the normal operating cycle \u00a0
of the business, if longer). Otherwise, they are presented as non-current liabilities. \u00a0
Trade and other payables are initially recognised at fair value, and subsequently carried \u00a0
at amortised cost, using the effective interest method. \u00a0
2.18. Deferred income \u00a0
Time charter revenue received in advance and reservation fees are deferred and recog- \u00a0
nised as current liabilities if the service is due within one year or less. Otherwise, they are \u00a0
presented as non-current liabilities. Deferred charter hire income is recognised as reve- \u00a0
nue in profit or loss over time over the period during which the related service is per- \u00a0
formed. \u00a0
2.19. Financial liabilities \u00a0
Debt to credit institutions etc. is recognised at the time of borrowing at fair value after \u00a0
deduction of transaction costs incurred. Subsequently, the financial liabilities are meas- \u00a0
ured at amortised cost using the \"effective interest method\", so that the difference be- \u00a0
tween the proceeds and the nominal value is recognised in the income statement under \u00a0
financial expenses over the loan period. \u00a0
A financial liability is derecognised when the obligation under the liability is discharged, \u00a0
cancelled or expires. \u00a0
When an existing financial liability is replaced by another from the same lender on sub- \u00a0
stantially different terms, or the terms of an existing liability are substantially modified, \u00a0
such an exchange or modification is treated as the derecognition of the original liability \u00a0
and the recognition of a new liability. \u00a0
The difference in the respective carrying amounts of the asset and the liability is recog- \u00a0
nised in the statement of profit and loss. \u00a0
2.20. Derivatives and hedge accounting \u00a0
Derivative financial instruments are initially recognised at fair value on the date on which \u00a0
a derivative contract is entered into and subsequently remeasured at fair value over \u00a0
profit and loss. Derivatives are carried as financial assets, presented under derivatives \u00a0
assets, when the fair value is positive and as financial liabilities, presented under deriva- \u00a0
tives liabilities, when the fair value is negative. \u00a0
At the inception of a hedge relationship, the Group formally designates and documents \u00a0
the hedge relationship and the risk management objective and strategy for undertaking \u00a0
the hedge. \u00a0
Changes in the fair value of derivative financial instruments designated as cash flow \u00a0
hedges are recognised in other comprehensive income and presented under \u201cHedging \u00a0
reserves\u201d (equity). Where the expected future transactions results in the acquisition of \u00a0
non-financial assets, any amounts deferred under equity are transferred from equity to \u00a0
the cost of the asset. Where expected future transaction results in income or expense, \u00a0
amount deferred under equity are transferred from equity to the income statement in the \u00a0
same item as the hedged transaction as a reclassification adjustment. Further, the entity \u00a0
may transfer the cumulative fair value change recognised within equity upon derecogni- \u00a0
tion of the hedged item. Borrowing facilities are derecognised when the obligation under \u00a0
the liability is discharged or cancelled or expires. When an existing financial liability is \u00a0
replaced by another from the same lender on substantially different terms, or the terms \u00a0
of an existing liability are substantially modified, such an exchange or modification is \u00a0
treated as the derecognition of the original liability and the recognition of a new liability. \u00a0
Changes in the fair value of derivative financial instruments not designated as hedges \u00a0
are recognised in the income statement. Certain borrowing facilities when undrawn do \u00a0
not qualify for hedge accounting. Changes in fair value of these derivative financial in- \u00a0
struments are therefore recognised in the income statement under \u201cFinancial income\u201d or \u00a0
\u201cFinancial expenses\u201d for interest rate swaps. \u00a0
The amount included in the hedging reserve is the lower of, in absolute amounts, of the \u00a0
cumulative fair value adjustment of the hedging instrument and the hedged item. Inef- \u00a0
fectiveness is recognised in the consolidated statement of profit and loss. Further, in \u00a0
case any modifications occur in the hedged risk, the Group will conduct a comprehen- \u00a0
sive review and assessment of the hedge relationship. In a recent evaluation, adjust- \u00a0
ments in debt were carefully assessed in accordance with hedge accounting standards, \u00a0
resulting in no material changes or implications on hedge accounting. \u00a0
2.21. Share capital \u00a0
Ordinary shares are classified as equity. When there is a capital increase through the is- \u00a0
suance of new shares, these shares are recorded at their nominal value. \u00a0
2.22. Share premium reserve and retained earnings \u00a0
Capital increase is categorised as equity. Share premium reserve signifies the capital \u00a0
contributed by investors exceeding the nominal value of the shares issued, net of any in- \u00a0
cremental costs directly associated with the issuance of new shares. Retained earnings \u00a0
include results from previous periods, changes to equity arising from business combina- \u00a0
tion purchase price, and share-based payments. \u00a0
2.23. Share based payments \u00a0
Employees (including senior executives) of the Group receive remuneration in the form \u00a0
of share-based payments, whereby employees render services as consideration for eq- \u00a0
uity instruments (equity-settled transactions). \u00a0
Equity-settled transactions \u00a0
The cost of equity-settled transactions is determined by the fair value at the date when \u00a0
the grant is made using an appropriate valuation model. \u00a0
That cost is recognised in employee benefits expenses, together with a corresponding \u00a0
increase in equity (retained earnings), over the period in which the service and, where ap- \u00a0
plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
pense recognised for equity-settled transactions at each reporting date until the vesting \u00a0
date reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
timate of the number of equity instruments that will ultimately vest. The expense or \u00a0
credit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
tive expense recognised as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
mining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
is assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
that will ultimately vest. Market performance conditions are reflected within the grant \u00a0
date fair value. \u00a0
Any other conditions attached to an award, but without an associated service require- \u00a0
ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
in the fair value of an award and lead to an immediate expensing of an award unless \u00a0
there are also service and/or performance conditions. \u00a0
No expense is recognised for awards that do not ultimately vest because non-market \u00a0
performance and/or service conditions have not been met. \u00a0
Where awards include a market or non-vesting condition, the transactions are treated as \u00a0
vested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
that all other performance and/or service conditions are satisfied. \u00a0
The dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
computation of diluted earnings per share in a loss situation only if loss per share de- \u00a0
creases. \u00a0
2.24. Currency translation \u00a0
The financial statements are presented in Euro (EUR), which is also the functional cur- \u00a0
rency of the Parent Company. For each entity in the Group, the Group determines the \u00a0
functional currency and items included in the financial statements of each entity are \u00a0
measured using that functional currency. \u00a0
Transactions in a currency other than the EUR (\u201cforeign currency\u201d) are translated into \u00a0
EUR using the exchange rates at the dates of the transactions. Currency exchange dif- \u00a0
ferences resulting from the settlement of such transactions and from the translation of \u00a0
monetary assets and liabilities denominated in foreign currencies at the closing rates at \u00a0
the balance sheet are recognised in profit or loss. Non-monetary items measured at fair \u00a0
values in foreign currencies are translated using the exchange rates at the date when the \u00a0
fair values are determined. \u00a0
Foreign exchange gains and losses impacting profit or loss are presented in the income \u00a0
statement within finance income or finance expenses. \u00a0
On consolidation, the assets and liabilities of foreign operations are translated into euros \u00a0
at the rate of exchange prevailing at the reporting date and their statements of profit or \u00a0
loss are translated at exchange rates prevailing at the dates of the transactions. The ex- \u00a0
change differences arising on translation for consolidation are recognised in other com- \u00a0
prehensive income. On disposal of a foreign operation, the component of other compre- \u00a0
hensive income relating to that particular foreign operation is reclassified to profit or \u00a0
loss. \u00a0
2.25. Cash flow statement \u00a0
Statement of cash flows \u00a0
The statement of cash flows shows the Group\u2019s cash flows for the year distributed on \u00a0
operating, investing and financing activities, net changes for the year in cash and cash \u00a0
equivalents as well as the Group\u2019s cash and cash equivalents at the beginning and end \u00a0
of the year. \u00a0
Positive amounts indicate cash inflows, whereas negative amounts indicate cash out- \u00a0
flows. \u00a0
Cash flows from operating activities \u00a0
Cash flows from operating activities are stated as the profit/loss for the year adjusted \u00a0
for non-cash operating items such as depreciation, changes in working capital and in- \u00a0
come tax paid or received. Working capital includes current assets less current liabilities, \u00a0
excluding cash and cash equivalents. \u00a0
Cash flows from investing activities \u00a0
Cash flows from investing activities comprise cash flows from the acquisition and sale of \u00a0
non-current assets and businesses. \u00a0
Cash flows from financing activities \u00a0
Cash flows from financing activities comprise cash flows from instalments on lease liabil- \u00a0
ities, and interest paid as well as proceeds from issue of shares and debt as well as pre- \u00a0
payment of borrowings. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3554": {
"value": "2.1. Basis for preparation \u00a0
The consolidated financial statements included in this Annual Report have been pre- \u00a0
pared in accordance with IFRS Accounting Standards (IFRS) as issued by the Interna- \u00a0
tional Accounting Standards Board (IASB) and as endorsed by the EU and further re- \u00a0
quirements in the Danish Financial Statements Act. \u00a0
The preparation of these consolidated financial statements in conformity with IFRS re- \u00a0
quires management to exercise its judgement in the process of applying the Company\u2019s \u00a0
accounting policies. It also requires the use of certain critical accounting estimates and \u00a0
assumptions. Areas involving a higher degree of judgement or complexity, or areas \u00a0
where estimates and assumptions are significant to the consolidated financial state- \u00a0
ments are further described in note 2.26. \u00a0
The consolidated financial statements are presented in euros and all values are rounded \u00a0
to the nearest thousands, except when otherwise indicated. \u00a0
The accounting policies set out in the notes have been applied consistently in the prepa- \u00a0
ration of the consolidated financial statement for all the years presented unless stated \u00a0
otherwise below. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3555": {
"value": "2.1. Basis for preparation \u00a0
The consolidated financial statements included in this Annual Report have been pre- \u00a0
pared in accordance with IFRS Accounting Standards (IFRS) as issued by the Interna- \u00a0
tional Accounting Standards Board (IASB) and as endorsed by the EU and further re- \u00a0
quirements in the Danish Financial Statements Act. \u00a0
The preparation of these consolidated financial statements in conformity with IFRS re- \u00a0
quires management to exercise its judgement in the process of applying the Company\u2019s \u00a0
accounting policies. It also requires the use of certain critical accounting estimates and \u00a0
assumptions. Areas involving a higher degree of judgement or complexity, or areas \u00a0
where estimates and assumptions are significant to the consolidated financial state- \u00a0
ments are further described in note 2.26. \u00a0
The consolidated financial statements are presented in euros and all values are rounded \u00a0
to the nearest thousands, except when otherwise indicated. \u00a0
The accounting policies set out in the notes have been applied consistently in the prepa- \u00a0
ration of the consolidated financial statement for all the years presented unless stated \u00a0
otherwise below. \u00a0
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3557": {
"value": "Going concern assessment \u00a0
The Company\u2019s Board of Directors and Executive Directors have at the time of ap- \u00a0
proving the consolidated financial statements, a reasonable expectation that the \u00a0
Group has adequate resources to continue in operational existence for the foreseea- \u00a0
ble future. \u00a0
Thus, the Group continues to adopt the going concern basis of accounting in prepar- \u00a0
ing the consolidated financial statements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3560": {
"value": "Principles of consolidation \u00a0
The consolidated financial statements include the parent company, Cadeler A/S, and all \u00a0
enterprises over which the parent company has control. Control of an enterprise exists \u00a0
when the Company has exposure, or rights to, variable returns from its involvement with \u00a0
the enterprise and has the ability to control those returns through its power over the en- \u00a0
terprise. Accordingly, the consolidated financial statements of the Group are composed \u00a0
of the Financial Statements of the Company Cadeler A/S and its subsidiaries (which are \u00a0
fully owned by the Parent Company, Cadeler A/S). \u00a0
All intra-group assets and liabilities, equity, income, expenses and cash flows relating to \u00a0
transactions between group enterprises are eliminated in full on consolidation. \u00a0
Subsidiaries apply accounting policies in line with the Company\u2019s accounting policies. \u00a0
When necessary, adjustments are made to bring the entities\u2019 accounting policies in line \u00a0
with those of the Company. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3566": {
"value": "2.3. Revenue recognition \u00a0
When accounting for revenue recognition, an assessment is performed on a con- \u00a0
tract-by-contract basis at contract inception. \u00a0
Overall, the Group\u2019s contracts with customers comprise: \u00a0
\u2022
Revenue from time charter contracts and time charter related activities (re- \u00a0
ferred to as time charter revenue) and \u00a0
\u2022
Revenue from transportation and installation (referred to as transportation \u00a0
and installation revenue stream). \u00a0
The Group\u2019s accounting policies for each revenue stream are disclosed below. \u00a0
2.3.1. Time charter revenue \u00a0
The Group recognises time charter revenue when its customer obtains control of prom- \u00a0
ised goods or services, in an amount that reflects the consideration that the Group ex- \u00a0
pects to receive in exchange for those goods or services. \u00a0
Revenue from time charter contracts is generated from two distinct activities: 1) leasing \u00a0
of vessels and 2) provision of services within wind farming projects, e.g. catering and ac- \u00a0
commodation, mobilisation and demobilisation. As such, a time charter contract consists \u00a0
of a leasing component (the element relating to hire of the vessel) and a service compo- \u00a0
nent. The service component is within the scope of IFRS 15, while the leasing component \u00a0
is within the scope of IFRS 16. Refer to Note 2.13 on accounting policy for leases. \u00a0
2.3.1.1 Leasing of vessels \u00a0
The leasing component is recognised as revenue over time over the charter period. Pay- \u00a0
ments from customers for the bareboat hire element are recognised over time in accord- \u00a0
ance with the length of the customer contract. Prepayments from customers for the \u00a0
leasing component are recognised as deferred charter hire income. Refer to Note 2 2.18 \u00a0
for accounting policy on deferred charter hire income. \u00a0
2.3.1.2 Provision of services within wind farming projects, e.g. catering and accommoda- \u00a0
tion, mobilisation and demobilisation \u00a0
To determine revenue recognition for the service component of the time charter ar- \u00a0
rangements, the Group performs, in line with the requirements of IFRS 15, the following \u00a0
five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obliga- \u00a0
tions in the contract; (iii) determine the transaction price; (iv) allocate the transaction \u00a0
price to the performance obligations in the contract; and (v) recognise revenue when (or \u00a0
as) the entity satisfies a performance obligation. \u00a0
Revenue from contracts with customers is recognised when control of the goods or ser- \u00a0
vices are transferred to the customer at an amount that reflects the consideration to \u00a0
which the Group expects to be entitled in exchange for those goods or services. At con- \u00a0
tract inception, once the service component within the time charter contract is deter- \u00a0
mined to be within the scope of IFRS 15, the Group assesses the goods and services \u00a0
promised within each contract and identifies as a performance obligation each good or \u00a0
service that is distinct. Revenue is recognised in the amount of the transaction price that \u00a0
is allocated to the respective performance obligation when (or as) the performance obli- \u00a0
gation is satisfied. \u00a0
In respect of time charter service components, the main promises to the customers gen- \u00a0
erally include catering and accommodation, mobilisation, demobilisation and bunker ser- \u00a0
vices. \u00a0
While the contracts contain several promises, these are usually considered highly inter- \u00a0
dependent and highly interrelated and as such considered as one single performance \u00a0
obligation recognised over time applying a relevant measure of progress. Assessment \u00a0
hereof is performed on a contract-by-contract basis. \u00a0
Prepayments from customers for which the service component has yet to be provided \u00a0
are recognised as deferred income. Revenue is recognised as the service is being pro- \u00a0
vided, being over the term of the related time charter contract. The Group recognise de- \u00a0
ferred contract costs for upfront costs of fulfilling a contract. \u00a0
2.3.2. Time charter related activities \u00a0
2.3.2.1 Bunker services \u00a0
The Group is sometimes providing bunker services to help the customers ensure that \u00a0
sufficient bunker is available to operate the vessels at the right time and in the right qual- \u00a0
ity and quantity. As such, for certain projects the Group provides bunker procurement \u00a0
services and assumes responsibility for the logistics and handling of procured bunker. \u00a0
Management\u2019s assessment of whether a principal or agent relationship exists is based \u00a0
upon whether the Group has the ability to control the goods before they are transferred \u00a0
to the customer. This assessment is performed on a contract-by-contract basis at con- \u00a0
tract inception and takes into account various factors such as whether the Group takes \u00a0
legal title of the bunker and has the ability to direct the use of the bunker. \u00a0
2.3.2.2 Variable consideration related to time charter related activities \u00a0
Variable consideration, for example in respect of weather days and extension of time, is \u00a0
constrained at contract inception to the extent that it is highly probable that a significant \u00a0
reversal in the amount of cumulative revenue recognised will not occur when the uncer- \u00a0
tainty associated with the variable consideration is subsequently resolved. \u00a0
2.3.3. Transportation & Installation (T&I) revenue \u00a0
Revenue from T&I consist of installation and transportation of offshore wind turbine \u00a0
foundations, including activities such as heavy lifting operations, decommissioning and \u00a0
planning and engineering. \u00a0
Revenue from T&I contracts is generated from two distinct activities: 1) leasing of vessels \u00a0
and 2) T&I service components. As such, those contracts consist of a leasing component \u00a0
(the element relating to hire of the vessel) and a service component. The service compo- \u00a0
nent is within the scope of IFRS 15, while the leasing component is within the scope of \u00a0
IFRS 16, as described above. \u00a0
To determine revenue recognition for T&I service components, the Group performs in \u00a0
line with the requirements of IFRS 15 the following five steps: (i) identify the contract(s) \u00a0
with a customer; (ii) identify the performance obligations in the contract; (iii) determine \u00a0
the transaction price; (iv) allocate the transaction price to the performance obligations in \u00a0
the contract; and (v) recognise revenue when (or as) the entity satisfies a performance \u00a0
obligation. Revenue from contracts with customers is recognised when control of the \u00a0
goods or services are transferred to the customer at an amount that reflects the consid- \u00a0
eration to which the Group expects to be entitled in exchange for those goods or ser- \u00a0
vices. At
contract inception, once the T&I contract is determined to be within the scope \u00a0
of IFRS 15, the Group assesses the goods and services promised within each contract \u00a0
and identifies as a performance obligation each good or service that is distinct. Revenue \u00a0
is recognised in the amount of the transaction price that is allocated to the respective \u00a0
performance obligation when (or as) the performance obligation is satisfied. \u00a0
In respect of T&I service components, the following main promises apply: \u00a0
\u2022
Planning and engineering, \u00a0
\u2022
Transport of monopiles and secondary steel from supply port to feeder port, \u00a0
\u2022
Installation of monopiles and secondary steel offshore, \u00a0
\u2022
Storage and handling at feeder port, \u00a0
\u2022
Warranty \u00a0
While the contracts contain several distinct promises, these are considered less interde- \u00a0
pendent and interrelated and as such considered multiple performance obligation. As- \u00a0
sessment hereof is performed on a contract-by-contract basis. \u00a0
Revenue is recognised over time as the service is being provided using a cost-to-cost \u00a0
method or straight-line recognition, depending on what better depicts the progress of \u00a0
each separate performance obligation.
Prepayments from customers for which the ser- \u00a0
vice component has yet to be provided are recognised as deferred income and recog- \u00a0
nised as revenue over the period during which the services are performed. The Group \u00a0
recognise deferred contract costs for upfront costs of fulfilling a contract. \u00a0
2.3.3.1 Planning and engineering \u00a0
The Group provides planning and engineering services to the customer. Such revenue is \u00a0
recognised over time is based upon percentage-of-completion whereby total costs in- \u00a0
curred to date are compared with total forecast costs at completion of the planning and \u00a0
engineering services. \u00a0
2.3.3.3 Transportation of monopiles and secondary steel from supply port to feeder port \u00a0
The Group is engaged with transportation of monopiles and secondary steel from supply \u00a0
port to feeder port. Such revenue is recognised over time based upon percentage-of- \u00a0
completion whereby total time spend on transportation is compared with total forecast \u00a0
time at completion of the transportation. \u00a0
2.3.3.3 Storage and handling at feeder port \u00a0
The Group has been tasked with the storage and handling of the material used in the in- \u00a0
stallation. Such revenue is recognised over time is based upon percentage-of-comple- \u00a0
tion whereby total time spend on storage is compared with total forecast time at com- \u00a0
pletion of the storage. \u00a0
2.3.3.4 Installation of monopiles and secondary steel offshore \u00a0
The Group has been tasked with the installation of the monopiles and secondary steel \u00a0
offshore. Such revenue is recognised over time based upon percentage-of-completion \u00a0
whereby total costs incurred to date are compared with total forecast costs at comple- \u00a0
tion of the planning and engineering services. \u00a0
2.3.3.5 Warranty obligations \u00a0
The Group provides warranties for the repair of defects which are identified during the \u00a0
contract and within a defined period thereafter. All are assurance-type warranties, as de- \u00a0
fined within IFRS 15, which the Group recognises under IAS 37. The Group does not have \u00a0
any contractual obligations for service-type warranties. \u00a0
2.3.3.6 Variable consideration related to installation and transportation activities \u00a0
Variable consideration, for example in respect of steel prices, bunker prices etc., is con- \u00a0
strained at contract inception to the extent that it is highly probable that a significant re- \u00a0
versal in the amount of cumulative revenue recognised will not occur when the uncer- \u00a0
tainty associated with the variable consideration is subsequently resolved. \u00a0
2.18. Deferred income \u00a0
Time charter revenue received in advance and reservation fees are deferred and recog- \u00a0
nised as current liabilities if the service is due within one year or less. Otherwise, they are \u00a0
presented as non-current liabilities. Deferred charter hire income is recognised as reve- \u00a0
nue in profit or loss over time over the period during which the related service is per- \u00a0
formed. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3567": {
"value": "2.3. Revenue recognition \u00a0
When accounting for revenue recognition, an assessment is performed on a con- \u00a0
tract-by-contract basis at contract inception. \u00a0
Overall, the Group\u2019s contracts with customers comprise: \u00a0
\u2022
Revenue from time charter contracts and time charter related activities (re- \u00a0
ferred to as time charter revenue) and \u00a0
\u2022
Revenue from transportation and installation (referred to as transportation \u00a0
and installation revenue stream). \u00a0
The Group\u2019s accounting policies for each revenue stream are disclosed below. \u00a0
2.3.1. Time charter revenue \u00a0
The Group recognises time charter revenue when its customer obtains control of prom- \u00a0
ised goods or services, in an amount that reflects the consideration that the Group ex- \u00a0
pects to receive in exchange for those goods or services. \u00a0
Revenue from time charter contracts is generated from two distinct activities: 1) leasing \u00a0
of vessels and 2) provision of services within wind farming projects, e.g. catering and ac- \u00a0
commodation, mobilisation and demobilisation. As such, a time charter contract consists \u00a0
of a leasing component (the element relating to hire of the vessel) and a service compo- \u00a0
nent. The service component is within the scope of IFRS 15, while the leasing component \u00a0
is within the scope of IFRS 16. Refer to Note 2.13 on accounting policy for leases. \u00a0
2.3.1.1 Leasing of vessels \u00a0
The leasing component is recognised as revenue over time over the charter period. Pay- \u00a0
ments from customers for the bareboat hire element are recognised over time in accord- \u00a0
ance with the length of the customer contract. Prepayments from customers for the \u00a0
leasing component are recognised as deferred charter hire income. Refer to Note 2 2.18 \u00a0
for accounting policy on deferred charter hire income. \u00a0
2.3.1.2 Provision of services within wind farming projects, e.g. catering and accommoda- \u00a0
tion, mobilisation and demobilisation \u00a0
To determine revenue recognition for the service component of the time charter ar- \u00a0
rangements, the Group performs, in line with the requirements of IFRS 15, the following \u00a0
five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obliga- \u00a0
tions in the contract; (iii) determine the transaction price; (iv) allocate the transaction \u00a0
price to the performance obligations in the contract; and (v) recognise revenue when (or \u00a0
as) the entity satisfies a performance obligation. \u00a0
Revenue from contracts with customers is recognised when control of the goods or ser- \u00a0
vices are transferred to the customer at an amount that reflects the consideration to \u00a0
which the Group expects to be entitled in exchange for those goods or services. At con- \u00a0
tract inception, once the service component within the time charter contract is deter- \u00a0
mined to be within the scope of IFRS 15, the Group assesses the goods and services \u00a0
promised within each contract and identifies as a performance obligation each good or \u00a0
service that is distinct. Revenue is recognised in the amount of the transaction price that \u00a0
is allocated to the respective performance obligation when (or as) the performance obli- \u00a0
gation is satisfied. \u00a0
In respect of time charter service components, the main promises to the customers gen- \u00a0
erally include catering and accommodation, mobilisation, demobilisation and bunker ser- \u00a0
vices. \u00a0
While the contracts contain several promises, these are usually considered highly inter- \u00a0
dependent and highly interrelated and as such considered as one single performance \u00a0
obligation recognised over time applying a relevant measure of progress. Assessment \u00a0
hereof is performed on a contract-by-contract basis. \u00a0
Prepayments from customers for which the service component has yet to be provided \u00a0
are recognised as deferred income. Revenue is recognised as the service is being pro- \u00a0
vided, being over the term of the related time charter contract. The Group recognise de- \u00a0
ferred contract costs for upfront costs of fulfilling a contract. \u00a0
2.3.2. Time charter related activities \u00a0
2.3.2.1 Bunker services \u00a0
The Group is sometimes providing bunker services to help the customers ensure that \u00a0
sufficient bunker is available to operate the vessels at the right time and in the right qual- \u00a0
ity and quantity. As such, for certain projects the Group provides bunker procurement \u00a0
services and assumes responsibility for the logistics and handling of procured bunker. \u00a0
Management\u2019s assessment of whether a principal or agent relationship exists is based \u00a0
upon whether the Group has the ability to control the goods before they are transferred \u00a0
to the customer. This assessment is performed on a contract-by-contract basis at con- \u00a0
tract inception and takes into account various factors such as whether the Group takes \u00a0
legal title of the bunker and has the ability to direct the use of the bunker. \u00a0
2.3.2.2 Variable consideration related to time charter related activities \u00a0
Variable consideration, for example in respect of weather days and extension of time, is \u00a0
constrained at contract inception to the extent that it is highly probable that a significant \u00a0
reversal in the amount of cumulative revenue recognised will not occur when the uncer- \u00a0
tainty associated with the variable consideration is subsequently resolved. \u00a0
2.3.3. Transportation & Installation (T&I) revenue \u00a0
Revenue from T&I consist of installation and transportation of offshore wind turbine \u00a0
foundations, including activities such as heavy lifting operations, decommissioning and \u00a0
planning and engineering. \u00a0
Revenue from T&I contracts is generated from two distinct activities: 1) leasing of vessels \u00a0
and 2) T&I service components. As such, those contracts consist of a leasing component \u00a0
(the element relating to hire of the vessel) and a service component. The service compo- \u00a0
nent is within the scope of IFRS 15, while the leasing component is within the scope of \u00a0
IFRS 16, as described above. \u00a0
To determine revenue recognition for T&I service components, the Group performs in \u00a0
line with the requirements of IFRS 15 the following five steps: (i) identify the contract(s) \u00a0
with a customer; (ii) identify the performance obligations in the contract; (iii) determine \u00a0
the transaction price; (iv) allocate the transaction price to the performance obligations in \u00a0
the contract; and (v) recognise revenue when (or as) the entity satisfies a performance \u00a0
obligation. Revenue from contracts with customers is recognised when control of the \u00a0
goods or services are transferred to the customer at an amount that reflects the consid- \u00a0
eration to which the Group expects to be entitled in exchange for those goods or ser- \u00a0
vices. At
contract inception, once the T&I contract is determined to be within the scope \u00a0
of IFRS 15, the Group assesses the goods and services promised within each contract \u00a0
and identifies as a performance obligation each good or service that is distinct. Revenue \u00a0
is recognised in the amount of the transaction price that is allocated to the respective \u00a0
performance obligation when (or as) the performance obligation is satisfied. \u00a0
In respect of T&I service components, the following main promises apply: \u00a0
\u2022
Planning and engineering, \u00a0
\u2022
Transport of monopiles and secondary steel from supply port to feeder port, \u00a0
\u2022
Installation of monopiles and secondary steel offshore, \u00a0
\u2022
Storage and handling at feeder port, \u00a0
\u2022
Warranty \u00a0
While the contracts contain several distinct promises, these are considered less interde- \u00a0
pendent and interrelated and as such considered multiple performance obligation. As- \u00a0
sessment hereof is performed on a contract-by-contract basis. \u00a0
Revenue is recognised over time as the service is being provided using a cost-to-cost \u00a0
method or straight-line recognition, depending on what better depicts the progress of \u00a0
each separate performance obligation.
Prepayments from customers for which the ser- \u00a0
vice component has yet to be provided are recognised as deferred income and recog- \u00a0
nised as revenue over the period during which the services are performed. The Group \u00a0
recognise deferred contract costs for upfront costs of fulfilling a contract. \u00a0
2.3.3.1 Planning and engineering \u00a0
The Group provides planning and engineering services to the customer. Such revenue is \u00a0
recognised over time is based upon percentage-of-completion whereby total costs in- \u00a0
curred to date are compared with total forecast costs at completion of the planning and \u00a0
engineering services. \u00a0
2.3.3.3 Transportation of monopiles and secondary steel from supply port to feeder port \u00a0
The Group is engaged with transportation of monopiles and secondary steel from supply \u00a0
port to feeder port. Such revenue is recognised over time based upon percentage-of- \u00a0
completion whereby total time spend on transportation is compared with total forecast \u00a0
time at completion of the transportation. \u00a0
2.3.3.3 Storage and handling at feeder port \u00a0
The Group has been tasked with the storage and handling of the material used in the in- \u00a0
stallation. Such revenue is recognised over time is based upon percentage-of-comple- \u00a0
tion whereby total time spend on storage is compared with total forecast time at com- \u00a0
pletion of the storage. \u00a0
2.3.3.4 Installation of monopiles and secondary steel offshore \u00a0
The Group has been tasked with the installation of the monopiles and secondary steel \u00a0
offshore. Such revenue is recognised over time based upon percentage-of-completion \u00a0
whereby total costs incurred to date are compared with total forecast costs at comple- \u00a0
tion of the planning and engineering services. \u00a0
2.3.3.5 Warranty obligations \u00a0
The Group provides warranties for the repair of defects which are identified during the \u00a0
contract and within a defined period thereafter. All are assurance-type warranties, as de- \u00a0
fined within IFRS 15, which the Group recognises under IAS 37. The Group does not have \u00a0
any contractual obligations for service-type warranties. \u00a0
2.3.3.6 Variable consideration related to installation and transportation activities \u00a0
Variable consideration, for example in respect of steel prices, bunker prices etc., is con- \u00a0
strained at contract inception to the extent that it is highly probable that a significant re- \u00a0
versal in the amount of cumulative revenue recognised will not occur when the uncer- \u00a0
tainty associated with the variable consideration is subsequently resolved. \u00a0
Note 3 \u00a0
Revenue \u00a0
Disaggregation of revenue from contracts with customers by activity \u00a0
The following table provides information about disaggregated revenue. \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Revenue disaggregation \u00a0
Time charter services and transportation and installa- \u00a0
tion services \u00a0
99,841 \u00a0
104,578 \u00a0
56,449 \u00a0
Other revenue, including fees earned for early termina- \u00a0
tion by customers of contracts \u00a0
8,781 \u00a0
1,846 \u00a0
4,489 \u00a0
Total revenue \u00a0
108,622 \u00a0
106,424 \u00a0
60,938 \u00a0
For the year ended 31 December 2023, lease component, included within time charter \u00a0
services and transportation and installation,
amounts to EUR 79 million (2022: EUR 91 \u00a0
million; 2021: EUR 43 million). \u00a0
Time charter and time charter related revenue \u00a0
Revenues are recognised over time. Revenue from time charter hire services are con- \u00a0
tracts with customers where the Group utilises its vessels, equipment and crew to deliver \u00a0
a service to the customer based on either a fixed day rate or milestone deliverables. \u00a0
Contracts may also include other promises such as mobilisation and demobilisation, ca- \u00a0
tering and accommodation. \u00a0
Transportation and installation revenue \u00a0
Revenue from Transportation and installation are contracts with customers where the \u00a0
Group utilises its vessels, equipment and crew to perform the transportation and installa- \u00a0
tion of offshore wind turbine foundations as well as heavy lifting operations, decommis- \u00a0
sioning and planning and engineering. \u00a0
Revenue from transportation and installation activities may, depending on the contract, \u00a0
represent one or more performance obligations. \u00a0
Usually a fixed price milestone payment schedule will be agreed upon. The transaction \u00a0
price may include variable elements, such as related to fuel, commodities, etc. Payment \u00a0
terms with customers are considered industry standard and do not include a significant \u00a0
financing component. To the extent possible we obtain payment guarantees to minimise \u00a0
the credit risk during the contract term. \u00a0
Lease and non-lease components of revenue \u00a0
Revenue from time charter and T&I services include both a lease component (use of the \u00a0
vessels) and a service component. These components are not treated or priced sepa- \u00a0
rately in the contracts, nor does the Group offer either of the services separately. \u00a0
The service component of time charter contracts is primarily derived from crewing costs \u00a0
with a markup, where the residual is deemed to be the lease component. \u00a0
Contract assets and liabilities \u00a0
Customers are typically invoiced on a monthly basis, when the vessels are on contract. \u00a0
Sometimes contracts will accrue revenue for work performed and it will be reported as a \u00a0
contract asset until it is invoiced. For more information about contract assets at the re- \u00a0
porting period, refer to Note 14. \u00a0
The contract liabilities relate to consideration received from customers for the unsatis- \u00a0
fied performance obligation in the charter contracts. Revenue will be recognised when \u00a0
the related services are provided to the customers. \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Beginning of financial year \u00a0
3,157 \u00a0
16,156 \u00a0
8,810 \u00a0
Acquisition of businesses \u00a0
1,913 \u00a0
-
-
Deferred during the year \u00a0
10,670 \u00a0
2,857 \u00a0
9,097 \u00a0
Recognised as revenue during the year \u00a0
(1,859) \u00a0
(15,856) \u00a0
(1,751) \u00a0
Total liabilities at end of period \u00a0
13,881 \u00a0
3,157 \u00a0
16,156 \u00a0
Major customers \u00a0
For the year ended 31 December 2023, revenue with three customers each exceeded \u00a0
10% of total revenue. The revenue derived from these three customers was EUR 44.5 \u00a0
million, EUR 28.5 and EUR 22.7 million respectively. \u00a0
For the year ended 31 December 2022, revenue with two customers each exceeded 10% \u00a0
of total revenue. The revenue derived from these two customers was EUR 52.4 million \u00a0
and EUR 53.2 million respectively. \u00a0
For the year ended 31 December 2021, revenue with two customers also each exceeded \u00a0
10% of total revenue. The revenue derived from these two customers was EUR 24.6 mil- \u00a0
lion and EUR 29.1 million respectively. \u00a0
Operating segments and geographical information \u00a0
The Group operates four windfarm installation vessels, which are viewed as one seg- \u00a0
ment. The
vessels operate in a global market and are often redeployed to different re- \u00a0
gions due to changing customers or contracts. Accordingly, we report our operations as \u00a0
a single reportable segment. \u00a0
Contract backlog \u00a0
The Group's order backlog as of the reported date amount to EUR 1,557 million (2022: \u00a0
EUR 780 million; 2021: EUR 409). The table below includes announced contracts as of 31 \u00a0
December. EUR 192 million of the backlog pertains to contracts that management ex- \u00a0
pect to recognise in 2024. \u00a0
EUR million \u00a0
2023 \u00a0
2022\u00b2 \u00a0
2021\u00b2 \u00a0
Contract backlog as of 31 December\u00b9 \u00a0
Within one year \u00a0
192 \u00a0
84 \u00a0
110 \u00a0
After one year \u00a0
1,365 \u00a0
696 \u00a0
299 \u00a0
Total \u00a0
1,557 \u00a0
780 \u00a0
409 \u00a0
1 Contract backlog (excluding bunker) is split between, EUR 1,379 million firm and EUR 178 million options. \u00a0
2 Contract backlog (excluding bunker) for 2022 was split between, EUR 653 million firm and EUR 127 million op- \u00a0
tions and for 2021,
EUR 351 million firm and EUR 58 million options. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3562": {
"value": "2.2. Changes in accounting policies and disclosures \u00a0
The Group has adopted standards and interpretations effective as of 1 January 2023. \u00a0
Adoption of new and amended standards and interpretations had no impact on the con- \u00a0
solidated financial statements. \u00a0
IASB has issued a number of new or amended accounting standards (IFRS) and interpre- \u00a0
tations (IFRIC), such as IAS 12 amendments International Tax Reform, Pillar Two Models \u00a0
Rules. The Group has assessed these accounting standards and interpretations, and \u00a0
does not anticipate the new standards to have any material impact on either the group\u2019s \u00a0
figures or disclosures in 2024. \u00a0
The Group has not early adopted any other standard, interpretation or amendments that \u00a0
have been issued but are not yet effective. \u00a0
The new and amended standards and interpretations that are issued, but not yet effec- \u00a0
tive, up to the date of issuance of the Group\u2019s financial statements are not expected to \u00a0
have a material impact on the Group. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3621": {
"value": "2.5. Other operating income and expenses \u00a0
Other operating income and expenses, include transactions not related to the opera- \u00a0
tions of the Group, like, gains and losses on sale of non-current assets, and is generally \u00a0
recognised when it is probable that the benefits and losses associated with the transac- \u00a0
tion will flow to the Company and if the significant risks and rewards have been trans- \u00a0
ferred to the buyer (generally when the transaction is finalised). \u00a0
Note 5 \u00a0
Other Operating Income \u00a0
and Expenses \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Other operating income \u00a0
3,000 \u00a0
-
-
Other operating expenses \u00a0
(2,863) \u00a0
-
-
Net other operating income and expenses \u00a0
137 \u00a0
-
-
Other operating income and expenses includes the net gain from the sale of the main \u00a0
cranes and spare parts of both O-class vessels. \u00a0
The contract agreement signed for the sale of both main cranes states a purchase price \u00a0
of EUR 1.5 million for each main crane. In the case of Wind Orca, the book value of the \u00a0
main crane had been written down, reflecting the value that was expected from the dis- \u00a0
posal of the assets. Thus, an impairment loss of EUR 5 million was reflected in the profit \u00a0
and loss. The Osprey main crane had been kept at its carrying amount since there was a \u00a0
gain from the disposal. The sale of both main cranes is driven by the main crane up- \u00a0
grades to the O-Class vessels. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3623": {
"value": "2.6. Business combinations and Goodwill \u00a0
2.6.1. Business combinations \u00a0
Acquired businesses are recognised using the acquisition method. \u00a0
Assets, liabilities, and contingent liabilities of the acquired businesses are measured at \u00a0
fair value at the acquisition date. The fair values of vessels included in property, plant \u00a0
and equipment are determined using broker valuations. The fair values of other assets \u00a0
and liabilities are valued using the approach assessed to be most relevant for the individ- \u00a0
ual item, which can be either a market approach, an income approach, a cost approach \u00a0
or a combination of methods. \u00a0
The purchase price comprises the fair value of the consideration payable/receivable. \u00a0
This includes the fair value of the consideration already paid/received including the \u00a0
shares issued, deferred consideration and contingent consideration. The purchase price \u00a0
is allocated to the identified assets, liabilities and contingent liabilities (net assets) based \u00a0
on their fair values at the acquisition date and any excess of the purchase price over the \u00a0
net assets is recognised in the balance sheet as goodwill within intangible assets. In the \u00a0
event the purchase price is lower than the net assets, the difference is recognised in the \u00a0
income statement (a gain from a bargain purchase). \u00a0
2.6.2. Goodwill \u00a0
Goodwill arises from business combinations and is determined as the excess of the pur- \u00a0
chase price over the fair value of the net assets acquired, including contingent liabilities. \u00a0
Goodwill is allocated to the cash generating unit as determined by Management. Good- \u00a0
will is not amortised but is tested for impairment at least once a year or sooner if impair- \u00a0
ment indication arises. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3624": {
"value": "2.6. Business combinations and Goodwill \u00a0
2.6.1. Business combinations \u00a0
Acquired businesses are recognised using the acquisition method. \u00a0
Assets, liabilities, and contingent liabilities of the acquired businesses are measured at \u00a0
fair value at the acquisition date. The fair values of vessels included in property, plant \u00a0
and equipment are determined using broker valuations. The fair values of other assets \u00a0
and liabilities are valued using the approach assessed to be most relevant for the individ- \u00a0
ual item, which can be either a market approach, an income approach, a cost approach \u00a0
or a combination of methods. \u00a0
The purchase price comprises the fair value of the consideration payable/receivable. \u00a0
This includes the fair value of the consideration already paid/received including the \u00a0
shares issued, deferred consideration and contingent consideration. The purchase price \u00a0
is allocated to the identified assets, liabilities and contingent liabilities (net assets) based \u00a0
on their fair values at the acquisition date and any excess of the purchase price over the \u00a0
net assets is recognised in the balance sheet as goodwill within intangible assets. In the \u00a0
event the purchase price is lower than the net assets, the difference is recognised in the \u00a0
income statement (a gain from a bargain purchase). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3625": {
"value": "2.6. Business combinations and Goodwill \u00a0
2.6.1. Business combinations \u00a0
Acquired businesses are recognised using the acquisition method. \u00a0
Assets, liabilities, and contingent liabilities of the acquired businesses are measured at \u00a0
fair value at the acquisition date. The fair values of vessels included in property, plant \u00a0
and equipment are determined using broker valuations. The fair values of other assets \u00a0
and liabilities are valued using the approach assessed to be most relevant for the individ- \u00a0
ual item, which can be either a market approach, an income approach, a cost approach \u00a0
or a combination of methods. \u00a0
The purchase price comprises the fair value of the consideration payable/receivable. \u00a0
This includes the fair value of the consideration already paid/received including the \u00a0
shares issued, deferred consideration and contingent consideration. The purchase price \u00a0
is allocated to the identified assets, liabilities and contingent liabilities (net assets) based \u00a0
on their fair values at the acquisition date and any excess of the purchase price over the \u00a0
net assets is recognised in the balance sheet as goodwill within intangible assets. In the \u00a0
event the purchase price is lower than the net assets, the difference is recognised in the \u00a0
income statement (a gain from a bargain purchase). \u00a0
Note 6 \u00a0
Business combination \u00a0
On 19 December 2023, Cadeler acquired 86.39% of shares in Eneti Inc. via a share ex- \u00a0
change offer. The remaining shares were acquired through a squeeze-out merger on 29 \u00a0
December 2023. \u00a0
About Eneti \u00a0
Eneti Inc. has been listed for trading on the NYSE since 12 December 2013 and was an in- \u00a0
ternational shipping company focused on serving the offshore wind and marine-based \u00a0
renewable energy industry by providing installation and maintenance services through \u00a0
the operation WTIVs. WTIVs are vessels specifically designed for the transport and instal- \u00a0
lation of offshore wind turbines, which are power generating devices driven by the kinetic \u00a0
energy of the wind near-shore or further offshore on coastlines for commercial electricity \u00a0
generation, onto pre-prepared foundations. Eneti operated its marine energy business \u00a0
internationally, primarily in Europe and Asia. Eneti generated revenues of USD 141 million \u00a0
in 2023 with close to 300 employees. \u00a0
Strategic rationale and synergies \u00a0
The business combination with Eneti has to combine two leading offshore wind compa- \u00a0
nies. The combination represents a significant step up in the ability to meet the in- \u00a0
creased demand globally for larger and more complex projects. Cadeler and Eneti are a \u00a0
strong match with many potential synergies as a result of similarities in business models, \u00a0
services and strategies. Additionally, scale remains one of the key competitive ad- \u00a0
vantages in the offshore installation market with significant expected operational and \u00a0
commercial benefits driven by an increase in scale, a complementary fleet, and deep in- \u00a0
dustry relationships, to support the needed green transition. \u00a0
Consideration transferred \u00a0
The consideration transferred for the shares in Eneti has been made in Cadeler shares by \u00a0
offering 3.409 ordinary Cadeler shares for one Eneti share. A total of 113,809,868 Cadeler \u00a0
shares have been exchanged, in return of 86% ownership of Eneti, at a fair value of EUR \u00a0
441.2 million based on the acquisition date share closing price of NOK 44.10 on the Oslo \u00a0
Stock Exchange. In addition, in order to acquire shares not tendered, a squeeze out mer- \u00a0
ger payment of EUR 54.7 million has been settled in cash, in return of 14% ownership of \u00a0
Eneti. Furthermore, an Eneti financing arrangement was settled by Cadeler immediately \u00a0
prior to closing. The payment made by Cadeler of EUR 40.9m, has been adjusted in the \u00a0
transaction price. The total consideration transferred amounts to EUR 536.9 million. Ad- \u00a0
justed for the fair value of cash and cash equivalents acquired and non-cash considera- \u00a0
tion, the net cash purchase price received amounts to EUR 10.4 million. \u00a0
Earnings impact \u00a0
The acquisition of Eneti has contributed revenues of approximately EUR 3.4 million and \u00a0
net loss of approximately EUR (1.1) million to the Group for the period 19 December to 31 \u00a0
December 2023. \u00a0
If the acquisition had occurred on 1 January 2023, the consolidated pro forma revenue \u00a0
and net loss of the combined Group for the year ended 31 December 2023 would have \u00a0
been approximately EUR 234 million and EUR (92) million, respectively. \u00a0
Transaction costs \u00a0
Total transaction costs recognised amount to EUR 14.7 million, of which EUR 7.7 million \u00a0
have been recognised as Administrative expenses in the Consolidated Statement of \u00a0
Profit and Loss and EUR 7.0 million recognised in Equity in the Consolidated Balance \u00a0
Sheet in relation to issuing of Cadeler shares issued for settling the share-for-share ex- \u00a0
change offer. \u00a0
Fair value of acquired net assets and recognised goodwill \u00a0
As the closing of the acquisition was 19 December 2023, the acquisition accounting for \u00a0
the Eneti acquisition is ongoing, thus net assets, goodwill and contingent assets and lia- \u00a0
bilities recognised at the reporting date are to some extent still provisional. Adjustments \u00a0
may be applied to these amounts for a period of up to twelve months from the acquisi- \u00a0
tion date in accordance with IFRS 3 (revised). Goodwill arising from the acquisition has \u00a0
not yet been allocated to the cash generating unit. \u00a0
Goodwill recognised mainly relates to the operational efficiencies and expected syner- \u00a0
gies from the integration of Eneti into the Cadeler Group. Recognised goodwill is non- \u00a0
deductible for tax purposes. \u00a0
Fair value measurement \u00a0
Material net assets acquired for which significant estimates have been applied in the fair \u00a0
value assessment have been recognised using the following valuation techniques: \u00a0
Property, plant and equipment \u00a0
Fair value of property, plant and equipment relating to mainly vessels is measured based \u00a0
on external market valuations at the time of the acquisition carried out by professional \u00a0
appraisers, substantiated by an income approach, based on the present values of the \u00a0
expected cash flows. \u00a0
Receivables \u00a0
The fair value of acquired trade and other receivables and contract assets amounts to \u00a0
EUR 29.4 million. Collectability of receivables has been assessed and no adjustments to \u00a0
the contractual cash flows have been made. As such, it is expected that contractual \u00a0
amounts can be collected. \u00a0
The provisional fair value of identified net assets and goodwill recognised comprises as \u00a0
follows: \u00a0
Fair value of assets acquired and liabilities assumed \u00a0
19 December \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
Vessels including dry docks \u00a0
296,707 \u00a0
Vessel under construction \u00a0
144,219 \u00a0
Other fixtures & fittings \u00a0
598 \u00a0
Right-of-use assets \u00a0
1,033 \u00a0
Trade and other receivables \u00a0
29,408 \u00a0
Inventories \u00a0
147 \u00a0
Prepayments \u00a0
3,821 \u00a0
Cash and cash equivalents \u00a0
106,056 \u00a0
Total assets \u00a0
581,989 \u00a0
19 December \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
Provisions \u00a0
6,987 \u00a0
Deferred tax liabilities \u00a0
10,315 \u00a0
Trade and other payables \u00a0
40,271 \u00a0
Lease liabilities \u00a0
1,300 \u00a0
Deferred charter hire income \u00a0
1,937 \u00a0
Current income tax liabilities \u00a0
1,217 \u00a0
Total liabilities \u00a0
62,027 \u00a0
Total identifiable net assets at fair value \u00a0
519,962 \u00a0
Goodwill arising on acquisition \u00a0
16,919 \u00a0
Purchase price transferred \u00a0
536,881 \u00a0
Cash and cash equivalents acquired \u00a0
106,056 \u00a0
Consideration paid in shares \u00a0
441,228 \u00a0
Net cash purchase price \u00a0
(10,403) \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3614": {
"value": "2.4. Cost of sales and administrative expenses \u00a0
Cost of sales consists of expenses directly attributable to the Group\u2019s core activities, in- \u00a0
cluding seafarers payroll, vessel depreciation, and the operation and maintenance of \u00a0
vessels. \u00a0
Administrative expenses, which include administrative staff costs, share-based compen- \u00a0
sation, management costs, office expenses, business combination transaction costs \u00a0
and other administration related expenses, are expensed as they are incurred \u00a0
b. Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities meas- \u00a0
ured at the present value of lease payments to be made over the lease term. The lease \u00a0
payments include fixed payments (including in-substance fixed payments) less any lease \u00a0
incentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
amounts expected to be paid under residual value guarantees. \u00a0
Variable lease payments that do not depend on an index or a rate are recognised as ex- \u00a0
penses in the period in which the event or condition that triggers the payment occurs. \u00a0
Utilisation lease fees can be classified as a variable fee. \u00a0
In calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
rowing rate at the lease commencement date because the interest rate implicit in the \u00a0
lease is not readily determinable. After the commencement date, the amount of lease \u00a0
liabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
ments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
tion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
payments resulting from a change in an index or rate used to determine such lease pay- \u00a0
ments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
The Group has elected to not recognise right-of-use assets and lease liabilities for short- \u00a0
term leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
Lease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
basis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
chines, office premises and AV equipment. \u00a0
2.15. Financial assets \u00a0
The classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
ing the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
assets. \u00a0
The Group reclassifies financial assets when and only when its business model for man- \u00a0
aging those assets changes. \u00a0
(i) At initial recognition \u00a0
At initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
case of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
directly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
cial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
Equity-settled transactions \u00a0
The cost of equity-settled transactions is determined by the fair value at the date when \u00a0
the grant is made using an appropriate valuation model. \u00a0
That cost is recognised in employee benefits expenses, together with a corresponding \u00a0
increase in equity (retained earnings), over the period in which the service and, where ap- \u00a0
plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
pense recognised for equity-settled transactions at each reporting date until the vesting \u00a0
date reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
timate of the number of equity instruments that will ultimately vest. The expense or \u00a0
credit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
tive expense recognised as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
mining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
is assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
that will ultimately vest. Market performance conditions are reflected within the grant \u00a0
date fair value. \u00a0
Any other conditions attached to an award, but without an associated service require- \u00a0
ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
in the fair value of an award and lead to an immediate expensing of an award unless \u00a0
there are also service and/or performance conditions. \u00a0
No expense is recognised for awards that do not ultimately vest because non-market \u00a0
performance and/or service conditions have not been met. \u00a0
Where awards include a market or non-vesting condition, the transactions are treated as \u00a0
vested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
that all other performance and/or service conditions are satisfied. \u00a0
The dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
computation of diluted earnings per share in a loss situation only if loss per share de- \u00a0
creases. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3615": {
"value": "2.4. Cost of sales and administrative expenses \u00a0
Cost of sales consists of expenses directly attributable to the Group\u2019s core activities, in- \u00a0
cluding seafarers payroll, vessel depreciation, and the operation and maintenance of \u00a0
vessels. \u00a0
Administrative expenses, which include administrative staff costs, share-based compen- \u00a0
sation, management costs, office expenses, business combination transaction costs \u00a0
and other administration related expenses, are expensed as they are incurred \u00a0
b. Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities meas- \u00a0
ured at the present value of lease payments to be made over the lease term. The lease \u00a0
payments include fixed payments (including in-substance fixed payments) less any lease \u00a0
incentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
amounts expected to be paid under residual value guarantees. \u00a0
Variable lease payments that do not depend on an index or a rate are recognised as ex- \u00a0
penses in the period in which the event or condition that triggers the payment occurs. \u00a0
Utilisation lease fees can be classified as a variable fee. \u00a0
In calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
rowing rate at the lease commencement date because the interest rate implicit in the \u00a0
lease is not readily determinable. After the commencement date, the amount of lease \u00a0
liabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
ments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
tion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
payments resulting from a change in an index or rate used to determine such lease pay- \u00a0
ments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
The Group has elected to not recognise right-of-use assets and lease liabilities for short- \u00a0
term leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
Lease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
basis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
chines, office premises and AV equipment. \u00a0
2.15. Financial assets \u00a0
The classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
ing the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
assets. \u00a0
The Group reclassifies financial assets when and only when its business model for man- \u00a0
aging those assets changes. \u00a0
(i) At initial recognition \u00a0
At initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
case of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
directly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
cial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
Financial assets \u00a0
Financial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
bles and other current assets. \u00a0
Interest income from these financial assets are recognised using the effective interest \u00a0
rate method. \u00a0
The Group assesses on forward looking basis the expected credit losses associated with \u00a0
its financial assets carried at amortised cost. \u00a0
For trade and other receivables, the Group applied the simplified approach permitted by \u00a0
IFRS 9, which requires expected lifetime losses to be recognised from initial recognition \u00a0
of the receivables. \u00a0
Equity-settled transactions \u00a0
The cost of equity-settled transactions is determined by the fair value at the date when \u00a0
the grant is made using an appropriate valuation model. \u00a0
That cost is recognised in employee benefits expenses, together with a corresponding \u00a0
increase in equity (retained earnings), over the period in which the service and, where ap- \u00a0
plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
pense recognised for equity-settled transactions at each reporting date until the vesting \u00a0
date reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
timate of the number of equity instruments that will ultimately vest. The expense or \u00a0
credit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
tive expense recognised as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
mining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
is assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
that will ultimately vest. Market performance conditions are reflected within the grant \u00a0
date fair value. \u00a0
Any other conditions attached to an award, but without an associated service require- \u00a0
ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
in the fair value of an award and lead to an immediate expensing of an award unless \u00a0
there are also service and/or performance conditions. \u00a0
No expense is recognised for awards that do not ultimately vest because non-market \u00a0
performance and/or service conditions have not been met. \u00a0
Where awards include a market or non-vesting condition, the transactions are treated as \u00a0
vested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
that all other performance and/or service conditions are satisfied. \u00a0
The dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
computation of diluted earnings per share in a loss situation only if loss per share de- \u00a0
creases. \u00a0
Note 4 \u00a0
Expenses by Nature \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Cost of sales \u00a0
Right of use asset depreciation \u00a0
19 \u00a0
30 \u00a0
-
-
Insurance \u00a0
1,573 \u00a0
1,933 \u00a0
1,772 \u00a0
Vessel depreciation \u00a0
18 \u00a0
22,484 \u00a0
21,664 \u00a0
16,077 \u00a0
Impairment of property, plant and equip- \u00a0
ment \u00a0
18 \u00a0
5,000 \u00a0
-
-
Crewing costs paid to a related party and \u00a0
an external party \u00a0
27 \u00a0
-
61 \u00a0
11,517 \u00a0
Seafarer payroll \u00a0
7
15,921 \u00a0
13,089 \u00a0
1,159 \u00a0
Fuel and oil \u00a0
711 \u00a0
1,113 \u00a0
892 \u00a0
Maintenance \u00a0
5,121 \u00a0
4,039 \u00a0
2,305 \u00a0
Messing costs \u00a0
1,448 \u00a0
1,428 \u00a0
1,224 \u00a0
Seafarer travel \u00a0
2,835 \u00a0
2,589 \u00a0
1,876 \u00a0
Specific charter costs \u00a0
4,052 \u00a0
2,623 \u00a0
1,239 \u00a0
Utilities \u00a0
389 \u00a0
689 \u00a0
541 \u00a0
Other operating expenses \u00a0
294 \u00a0
309 \u00a0
260 \u00a0
Tonnage tax \u00a0
-
-
17 \u00a0
Total cost of sales \u00a0
59,858 \u00a0
49,537 \u00a0
38,879 \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Administrative expenses \u00a0
Depreciation and amortisation \u00a0
17, 18, 19 \u00a0
534 \u00a0
1,020 \u00a0
414 \u00a0
Employee compensation \u00a0
7
18,889 \u00a0
9,905 \u00a0
7,603 \u00a0
Repair and maintenance expenses \u00a0
1,123 \u00a0
796 \u00a0
161 \u00a0
Legal and professional fees \u00a0
2,122 \u00a0
1,047 \u00a0
564 \u00a0
Transaction costs \u00a0
6
7,707 \u00a0
-
-
Rental expenses \u00a0
751 \u00a0
582 \u00a0
584 \u00a0
Travel expense \u00a0
985 \u00a0
612 \u00a0
305 \u00a0
Management fees to related party \u00a0
27 \u00a0
-
-
115 \u00a0
Marketing and entertainment expenses \u00a0
602 \u00a0
788 \u00a0
159 \u00a0
Other expenses \u00a0
1,745 \u00a0
946 \u00a0
1,020 \u00a0
Total administrative expenses \u00a0
34,458 \u00a0
15,696 \u00a0
10,925 \u00a0
Auditor remuneration \u00a0
Administrative expenses include fees to the auditors appointed by the shareholder at \u00a0
the Annual General Meeting: \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Statutory audit \u00a0
474 \u00a0
125 \u00a0
92 \u00a0
Other assurance services \u00a0
1,608 \u00a0
-
8
Tax services \u00a0
2
105 \u00a0
50 \u00a0
Other services \u00a0
606 \u00a0
51 \u00a0
14 \u00a0
Total \u00a0
2,690 \u00a0
281 \u00a0
164 \u00a0
Statutory audit services consist of fees for professional services rendered by EY for the \u00a0
audit of our annual consolidated financial statements and services that are provided by \u00a0
the auditor in connection with statutory audit. \u00a0
Other assurance services including PCAOB re-audits and assurance reports in respect of \u00a0
pro-forma financial information in in connection with regulatory filings, and review of in- \u00a0
terim financial information. \u00a0
Tax services consists of Tax compliance services. \u00a0
Other services consists of services provided for other permitted services, including fees \u00a0
for work performed in connection with the U.S. listing in December 2023. \u00a0
Note 7 \u00a0
Employee Compensation \u00a0
Onshore - presented within administra- \u00a0
tive expenses \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Wages and salaries \u00a0
16,957 \u00a0
8,873 \u00a0
6,637 \u00a0
Employer's contribution to defined contribu- \u00a0
tion plans \u00a0
847 \u00a0
502 \u00a0
350 \u00a0
Share based payment expense \u00a0
8
1,134 \u00a0
352 \u00a0
360 \u00a0
Other short-term benefits \u00a0
611 \u00a0
178 \u00a0
145 \u00a0
19,549 \u00a0
9,905 \u00a0
7,492 \u00a0
Average number of full time employees \u00a0
113 \u00a0
70 \u00a0
58 \u00a0
Employee compensation includes EUR 660 thousands related to bonus paid, included in \u00a0
transaction cost. For more information relate administrative expenses (Note 4). \u00a0
Offshore - presented within cost of sales \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Wages and salaries \u00a0
14,056 \u00a0
11,693 \u00a0
1,097 \u00a0
Employer's contribution to defined contribu- \u00a0
tion plans \u00a0
1,124 \u00a0
1,082 \u00a0
60 \u00a0
Other short-term benefits \u00a0
741 \u00a0
314 \u00a0
2
Total offshore employee compensation \u00a0
15,921 \u00a0
13,089 \u00a0
1,159 \u00a0
Average number of full time employees \u00a0
182 \u00a0
162 \u00a0
12 \u00a0
Total \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Wages and salaries \u00a0
31,013 \u00a0
20,566 \u00a0
7,734 \u00a0
Employer's contribution to defined contribu- \u00a0
tion plans \u00a0
1,971 \u00a0
1,584 \u00a0
410 \u00a0
Share based payment expense \u00a0
8
1,134 \u00a0
352 \u00a0
360 \u00a0
Other short-term benefits \u00a0
1,352 \u00a0
492 \u00a0
147 \u00a0
Total employee compensation \u00a0
35,470 \u00a0
22,994 \u00a0
8,651 \u00a0
Average number of full time employees \u00a0
295 \u00a0
232 \u00a0
70 \u00a0
Number of employees at the end of the re- \u00a0
porting period \u00a0
570 \u00a0
232 \u00a0
206 \u00a0
Eneti employees, both onshore and offshore, joined the Group by the end of December \u00a0
2023. Thus, average number of full-time employees as of 2023 reflect the number of em- \u00a0
ployees divided by 12 months. Eneti had 99 onshore full time employees and 176 seafar- \u00a0
ers by the end of 2023. \u00a0
Offshore crew was hired directly by the Company by the end of November 2021. Average \u00a0
number of full-time employees as of 2021 reflect the number of seafarers. The Company \u00a0
had 148 seafarers by the end of 2021. \u00a0
Labor costs related to certain employees who are working on the management of the \u00a0
newbuilding process have been capitalised. These capitalised costs amount to EUR 1.1 in \u00a0
2023 and EUR 900 thousands in 2022. \u00a0
Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
25 \u00a0
21 \u00a0
30 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Short-term lease expense \u00a0
180 \u00a0
53 \u00a0
34 \u00a0
c. Total cash outflow for all leases in 2023, 2022 and 2021 were EUR 283 thousand, EUR \u00a0
728 thousand and EUR 315 thousand respectively, excluding variable lease fee (refer to \u00a0
Note 24). \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Repayment of lease liability \u00a0
283 \u00a0
728 \u00a0
315 \u00a0
Rental above standby rate \u00a0
-
-
196 \u00a0
Cash outflow for leases that are not capital- \u00a0
ised \u00a0
180 \u00a0
53 \u00a0
34 \u00a0
463 \u00a0
781 \u00a0
545 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3640": {
"value": "2.8. Financial income and expense \u00a0
Finance income and expenses comprise interest income and expenses and realised and \u00a0
unrealised exchange rate gains and losses on transactions denominated in foreign cur- \u00a0
rencies as well as fair value adjustments related to the ineffective part of the financial in- \u00a0
struments. \u00a0
Interest income and interest expenses are stated on an accrual basis using the principal \u00a0
and the effective interest rate. The effective interest rate is the discount rate that is used \u00a0
to discount expected future cash payments or receipts through the expected life of the \u00a0
financial asset or financial liability to the amortised cost (the carrying value) of such asset \u00a0
or liability. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3641": {
"value": "2.8. Financial income and expense \u00a0
Finance income and expenses comprise interest income and expenses and realised and \u00a0
unrealised exchange rate gains and losses on transactions denominated in foreign cur- \u00a0
rencies as well as fair value adjustments related to the ineffective part of the financial in- \u00a0
struments. \u00a0
Interest income and interest expenses are stated on an accrual basis using the principal \u00a0
and the effective interest rate. The effective interest rate is the discount rate that is used \u00a0
to discount expected future cash payments or receipts through the expected life of the \u00a0
financial asset or financial liability to the amortised cost (the carrying value) of such asset \u00a0
or liability. \u00a0
(ii) At subsequent measurement \u00a0
Financial assets \u00a0
Financial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
bles and other current assets. \u00a0
Interest income from these financial assets are recognised using the effective interest \u00a0
rate method. \u00a0
The Group assesses on forward looking basis the expected credit losses associated with \u00a0
its financial assets carried at amortised cost. \u00a0
For trade and other receivables, the Group applied the simplified approach permitted by \u00a0
IFRS 9, which requires expected lifetime losses to be recognised from initial recognition \u00a0
of the receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3642": {
"value": "2.8. Financial income and expense \u00a0
Finance income and expenses comprise interest income and expenses and realised and \u00a0
unrealised exchange rate gains and losses on transactions denominated in foreign cur- \u00a0
rencies as well as fair value adjustments related to the ineffective part of the financial in- \u00a0
struments. \u00a0
Interest income and interest expenses are stated on an accrual basis using the principal \u00a0
and the effective interest rate. The effective interest rate is the discount rate that is used \u00a0
to discount expected future cash payments or receipts through the expected life of the \u00a0
financial asset or financial liability to the amortised cost (the carrying value) of such asset \u00a0
or liability. \u00a0
b. Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities meas- \u00a0
ured at the present value of lease payments to be made over the lease term. The lease \u00a0
payments include fixed payments (including in-substance fixed payments) less any lease \u00a0
incentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
amounts expected to be paid under residual value guarantees. \u00a0
Variable lease payments that do not depend on an index or a rate are recognised as ex- \u00a0
penses in the period in which the event or condition that triggers the payment occurs. \u00a0
Utilisation lease fees can be classified as a variable fee. \u00a0
In calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
rowing rate at the lease commencement date because the interest rate implicit in the \u00a0
lease is not readily determinable. After the commencement date, the amount of lease \u00a0
liabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
ments made. \u00a0
Note 10 \u00a0
Finance Income and Expenses \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Interest expense \u00a0
- Interest linked to debt liabilities \u00a0
2,851 \u00a0
1,351 \u00a0
2,727 \u00a0
- Interest with related parties \u00a0
-
157 \u00a0
684 \u00a0
Fair value change of derivative (ineffectiveness) \u00a0
765 \u00a0
-
-
Lease liabilities \u00a0
25 \u00a0
21 \u00a0
30 \u00a0
Foreign currency loss \u00a0
389 \u00a0
7,834 \u00a0
1,692 \u00a0
Bank fees \u00a0
456 \u00a0
318 \u00a0
358 \u00a0
Finance expenses \u00a0
4,486 \u00a0
9,681 \u00a0
5,491 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3643": {
"value": "2.8. Financial income and expense \u00a0
Finance income and expenses comprise interest income and expenses and realised and \u00a0
unrealised exchange rate gains and losses on transactions denominated in foreign cur- \u00a0
rencies as well as fair value adjustments related to the ineffective part of the financial in- \u00a0
struments. \u00a0
Interest income and interest expenses are stated on an accrual basis using the principal \u00a0
and the effective interest rate. The effective interest rate is the discount rate that is used \u00a0
to discount expected future cash payments or receipts through the expected life of the \u00a0
financial asset or financial liability to the amortised cost (the carrying value) of such asset \u00a0
or liability. \u00a0
Note 10 \u00a0
Finance Income and Expenses \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Foreign currency gain \u00a0
109 \u00a0
3,424 \u00a0
1,795 \u00a0
Fair value change of derivative (ineffectiveness) \u00a0
-
363 \u00a0
-
Interest gained \u00a0
1,432 \u00a0
244 \u00a0
-
Finance income \u00a0
1,541 \u00a0
4,031 \u00a0
1,795 \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Interest expense \u00a0
- Interest linked to debt liabilities \u00a0
2,851 \u00a0
1,351 \u00a0
2,727 \u00a0
- Interest with related parties \u00a0
-
157 \u00a0
684 \u00a0
Fair value change of derivative (ineffectiveness) \u00a0
765 \u00a0
-
-
Lease liabilities \u00a0
25 \u00a0
21 \u00a0
30 \u00a0
Foreign currency loss \u00a0
389 \u00a0
7,834 \u00a0
1,692 \u00a0
Bank fees \u00a0
456 \u00a0
318 \u00a0
358 \u00a0
Finance expenses \u00a0
4,486 \u00a0
9,681 \u00a0
5,491 \u00a0
Total interest paid in 2023 as per Consolidated Statement of Cash Flows amounts to \u00a0
EUR 7.1 million (2022: EUR 4.2 million) which have been capitalised to Property, Plant and \u00a0
Equipment. For more information refer to Note 18. Total interest linked to debt liabilities \u00a0
include EUR 1.9 million (2022: EUR 0.9) due to write off of loan fees relate to the previous \u00a0
debt facility and an additional EUR 1.0 million from the amendment to that prior facility in \u00a0
June 2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3644": {
"value": "2.8. Financial income and expense \u00a0
Finance income and expenses comprise interest income and expenses and realised and \u00a0
unrealised exchange rate gains and losses on transactions denominated in foreign cur- \u00a0
rencies as well as fair value adjustments related to the ineffective part of the financial in- \u00a0
struments. \u00a0
Interest income and interest expenses are stated on an accrual basis using the principal \u00a0
and the effective interest rate. The effective interest rate is the discount rate that is used \u00a0
to discount expected future cash payments or receipts through the expected life of the \u00a0
financial asset or financial liability to the amortised cost (the carrying value) of such asset \u00a0
or liability. \u00a0
Note 10 \u00a0
Finance Income and Expenses \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Foreign currency gain \u00a0
109 \u00a0
3,424 \u00a0
1,795 \u00a0
Fair value change of derivative (ineffectiveness) \u00a0
-
363 \u00a0
-
Interest gained \u00a0
1,432 \u00a0
244 \u00a0
-
Finance income \u00a0
1,541 \u00a0
4,031 \u00a0
1,795 \u00a0
Total interest paid in 2023 as per Consolidated Statement of Cash Flows amounts to \u00a0
EUR 7.1 million (2022: EUR 4.2 million) which have been capitalised to Property, Plant and \u00a0
Equipment. For more information refer to Note 18. Total interest linked to debt liabilities \u00a0
include EUR 1.9 million (2022: EUR 0.9) due to write off of loan fees relate to the previous \u00a0
debt facility and an additional EUR 1.0 million from the amendment to that prior facility in \u00a0
June 2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3645": {
"value": "2.8. Financial income and expense \u00a0
Finance income and expenses comprise interest income and expenses and realised and \u00a0
unrealised exchange rate gains and losses on transactions denominated in foreign cur- \u00a0
rencies as well as fair value adjustments related to the ineffective part of the financial in- \u00a0
struments. \u00a0
Interest income and interest expenses are stated on an accrual basis using the principal \u00a0
and the effective interest rate. The effective interest rate is the discount rate that is used \u00a0
to discount expected future cash payments or receipts through the expected life of the \u00a0
financial asset or financial liability to the amortised cost (the carrying value) of such asset \u00a0
or liability. \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Interest expense \u00a0
- Interest linked to debt liabilities \u00a0
2,851 \u00a0
1,351 \u00a0
2,727 \u00a0
- Interest with related parties \u00a0
-
157 \u00a0
684 \u00a0
Fair value change of derivative (ineffectiveness) \u00a0
765 \u00a0
-
-
Lease liabilities \u00a0
25 \u00a0
21 \u00a0
30 \u00a0
Foreign currency loss \u00a0
389 \u00a0
7,834 \u00a0
1,692 \u00a0
Bank fees \u00a0
456 \u00a0
318 \u00a0
358 \u00a0
Finance expenses \u00a0
4,486 \u00a0
9,681 \u00a0
5,491 \u00a0
Total interest paid in 2023 as per Consolidated Statement of Cash Flows amounts to \u00a0
EUR 7.1 million (2022: EUR 4.2 million) which have been capitalised to Property, Plant and \u00a0
Equipment. For more information refer to Note 18. Total interest linked to debt liabilities \u00a0
include EUR 1.9 million (2022: EUR 0.9) due to write off of loan fees relate to the previous \u00a0
debt facility and an additional EUR 1.0 million from the amendment to that prior facility in \u00a0
June 2023. \u00a0
Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
25 \u00a0
21 \u00a0
30 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Short-term lease expense \u00a0
180 \u00a0
53 \u00a0
34 \u00a0
c. Total cash outflow for all leases in 2023, 2022 and 2021 were EUR 283 thousand, EUR \u00a0
728 thousand and EUR 315 thousand respectively, excluding variable lease fee (refer to \u00a0
Note 24). \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Repayment of lease liability \u00a0
283 \u00a0
728 \u00a0
315 \u00a0
Rental above standby rate \u00a0
-
-
196 \u00a0
Cash outflow for leases that are not capital- \u00a0
ised \u00a0
180 \u00a0
53 \u00a0
34 \u00a0
463 \u00a0
781 \u00a0
545 \u00a0
Note 26 \u00a0
Financial Liabilities: Interest-bearing Loans and Borrowings \u00a0
New Debt Facility \u2013 replacing the RCF \u00a0
On 29 June 2022 the Company entered into a Senior Secured Green Revolving Credit Fa- \u00a0
cility (\u201cRCF\u201d) of a 3-year term loan of EUR 185 million with DNB Bank ASA. \u00a0
The RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi- \u00a0
tion to voluntary prepayments in whole or any part of the loan, at any time, the loan will \u00a0
be repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to \u00a0
EUR 35 million. \u00a0
On 4 July 2022 the Company utilised EUR 115 million from the total EUR 150 million availa- \u00a0
ble from the RCF. With these funds the Group repaid in full the outstanding amounts, re- \u00a0
lated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank \u00a0
ASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF \u00a0
added about EUR 70 million in liquidity. \u00a0
The RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and \u00a0
subject to a green loan margin discount as long as the Company is in compliance with \u00a0
certain green asset criteria such as earmarked investments in green assets. The Group is \u00a0
currently in compliance with this green criteria and are expected to remain compliant for \u00a0
the duration of the facility. The full repayment of a senior debt facility generated a fi- \u00a0
nance cost for the write-off of borrowing costs of approximately EUR 810,000 in July \u00a0
2022. Due to a confidentiality agreement, the applicable margin cannot be disclosed. \u00a0
In June 2023, the Debt Facility was amended to increase the guarantee facility to EUR 60 \u00a0
million and to increase the committed revolving credit facility to EUR 250 million, result- \u00a0
ing in an increase of the aggregate Debt Facility to EUR 310 million. The above was re- \u00a0
financed and the Group entered into the new RCF, as explained below. \u00a0
In connection with the Business Combination, the Company on 7 December 2023 en- \u00a0
tered into a new senior secured credit and guarantee facilities of up to EUR 550 million \u00a0
providing for (i) a revolving credit facility of up to EUR 250 million (5 year tenor), (ii) a re- \u00a0
volving credit facility of up to EUR 100 million (18 months tenor), (iii) a term loan of up to \u00a0
EUR 100 million (8.5 year tenor) guaranteed by The Danish Export and Investment Fund \u00a0
of Denmark (EIFO) and (iv) an uncommitted guarantee facility of up to EUR 100 million \u00a0
(the \u201cNew Debt Facility\u201d). The New Debt Facility has similar terms and conditions as the \u00a0
existing Debt Facility. The change of control provisions are similar to those included in \u00a0
the P-Class Facility (as described below). \u00a0
The Company has utilised EUR 162 million from the total EUR 450 million available from \u00a0
the RCF. With these funds the Group repaid the outstanding amounts of Eneti\u2019s previous \u00a0
Credit Facility, which amounted to USD 59.4 million (of which Eneti repaid USD 12.6 mil- \u00a0
lion in October 2023 from the proceeds from the sale of Seajacks Hydra, Seajacks Levia- \u00a0
than and the Seajacks Kraken). In addition, the Group has repaid the amounts under its \u00a0
own Debt Facility amounting to EUR 115 million. \u00a0
The full repayment of the senior debt facility generated a finance cost for the write off of \u00a0
borrowing costs of approximately EUR 1.8 million thousand in 2023. \u00a0
By the end of the reporting period, EUR 288 million remains unutilised from the RCF. \u00a0
Holdco Facility
(EUR 5O million) \u00a0
On 15 November 2023, the Group entered into an unsecured Holdco Facility in an aggre- \u00a0
gate amount of EUR 50 million (tenor of five years) with HSBC. The financing includes a \u00a0
non-committed accordion option of up to EUR 50 million. The purpose of the Holdco Fa- \u00a0
cility is, among others, partial funding of the wind installation activities of the Group and \u00a0
general corporate purposes. The facility includes customary financial and other cove- \u00a0
nants. \u00a0
M-Class Facility
(USD 436 million) \u00a0
In connection with the Business Combination, the Group acquired a senior secured \u00a0
green term loan facility, which Eneti entered in November 2023, of up to USD 436 million \u00a0
(the \u201cNew Credit Facility\u201d) with a group of international banks and export credit agencies \u00a0
co-arranged and co-underwritten by Cr\u00e9dit Agricole Corporate and Investment Bank and \u00a0
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, and with Soci\u00e9t\u00e9 G\u00e9n\u00e9rale as Green Loan Coordinator. The New Credit \u00a0
Facility finances approximately 65% of the purchase cost of the M-Class newbuilding, \u00a0
with the remaining 35% to be funded either by obtaining additional bank financing or \u00a0
through available operational cash reserves. The maturity date of the New Credit Facility \u00a0
in relation to each vessel is 12 years from the delivery date of each vessel. The New \u00a0
Credit Facility bears interest at a blended margin of SOFR plus 2.36% per annum (exclu- \u00a0
sive of premiums payable to K-SURE and Eksfin). However, the terms of the New Credit \u00a0
Facility provided that completion of the Business Combination would not trigger a \u00a0
change of control provision with regard to cancellation and prepayment of the New \u00a0
Credit Facility. \u00a0
P-Class Facility
(USD 425 million) \u00a0
Further, Cadeler A/S and two of its subsidiaries, WIND N1064 Limited and WIND N1063 \u00a0
Limited, entered into a Sinosure-backed green term loan facility of up to EUR 425 million \u00a0
(12 year tenor) (the \"P-Class Facility\") in December 2023 to finance the purchase of P- \u00a0
Class newbuilds. The funds under the P-Class Facility have been borrowed by WIND \u00a0
N1064 Limited and WIND N1063 Limited (the future owners of the P-Class newbuilds) and \u00a0
may not be reborrowed once repaid. Further financing will be required from 2025 in con- \u00a0
nection with milestone payments for the A-Class New Builds. The Cadeler Group\u2019s man- \u00a0
agement expects to require approximately EUR 450 million of additional funding for the \u00a0
A-Class New Builds. Cadeler currently has a letter of intent in place for the order of one \u00a0
additional A-Class New Build. There can be no guarantee that the financing of such new \u00a0
builds and any future upgrades can be obtained on attractive terms or at all. \u00a0
Covenants \u00a0
The Group is in compliance with all covenants in the New Debt Facility (RCF): \u00a0
-
Minimum Free Liquidity: Freely available cash and cash equivalents at of i) the \u00a0
higher of EUR 35.000.000 or 5% of gross interest bearing debt, if the ratio of for- \u00a0
ward-looking contract cash flow to net interest bearing debt
are above 50% or ii) \u00a0
EUR 50,000,000 or an amount equal to 7.5% of the gross interest bearing debt \u00a0
at all other times. \u00a0
-
Equity Ratio: The ratio of book equity to total assets at all times to be minimum \u00a0
35%. \u00a0
-
Working capital: the working capital shall be higher than zero (0). \u00a0
-
Fair market value of vessels: The fair market value of the vessels shall at all times \u00a0
cover at least 150% of the gross interest bearing debt following the redelivery of \u00a0
the O-Class vessels. \u00a0
-
Contracted cash flows: If at any reported quarter the aggregated loans exceed \u00a0
80% the forward-looking expected cash revenues from legally binding contracts, \u00a0
the Contracted Cash Flows, the Borrower shall prepay the exceeding part of the \u00a0
Loans within five (5) Business Days. \u00a0
-
Utilisation of RCF\u2019s Facility under New Debt Facility must be above the outstand- \u00a0
ing on ECA Term Loan tranche. \u00a0
Further, the Group is in compliance with some additional covenants specified in the \u00a0
Holdco Facility: \u00a0
-
Fair market value of vessels: The fair market value of the vessels shall at all times \u00a0
cover at least 140% of the gross interest bearing debt. \u00a0
-
Debt service coverage ratio: Cash flow available for debt service (including avail- \u00a0
able liquidity covering cash, cash equivalent and undrawn New Debt Facility) at \u00a0
the Parent Company must be above Debt service cash flow related to the \u00a0
Holdco Facility (2:1). \u00a0
As of the reported date, the P-Class and M-Class facilities remain unutilised. Given their \u00a0
non-utilisation, no assessment of compliance with associated covenants has been nec- \u00a0
essary up to this point. These covenants, if applicable, will require assessment upon utili- \u00a0
sation of the facilities and contain customary financial and other covenants, including \u00a0
certain change of control provisions, similar to those disclosed for the utilised facilities. \u00a0
Additionally, the Group is in compliance with below requirements: \u00a0
Restriction on dividends: the Company is not permitted to pay any dividends or other \u00a0
distributions without DNB Bank ASA\u2019s written consent. For the New Debt Facility, divi- \u00a0
dends and distributions should not exceed 50% of the consolidated net profit for the re- \u00a0
spective year. Further, in the Holdco Facility, the Company is not allowed to any distribu- \u00a0
tions before the delivery of the P-Class, A-Class and M-Class. \u00a0
Change of control: If any person or group of persons (other than Swire Pacific or the BW \u00a0
Group) acting in concert directly or indirectly gains control of 25% or more of the voting \u00a0
and/or ordinary shares of the Borrower, the Agent (acting on instructions from the major- \u00a0
ity lenders) may by written notice of sixty (60) days cancel the total commitments and \u00a0
demand prepayment of all amounts outstanding under the facilities. \u00a0
Financial Liabilities: Interest-bearing Loans and Borrowings \u00a0
Continued from previous page \u00a0
As of 31 December 2023 \u00a0
Committed (EUR millions)\u00b9 \u00a0
Related derivatives contracts \u00a0
Average IRS \u00a0
IRS nominal \u00a0
Interest rate \u00a0
Maturity \u00a0
Utilised \u00a0
Unused \u00a0
rate \u00a0
(EUR millions) \u00a0
Secured \u00a0
3 months EURIBOR + \u00a0
New Debt Facility (RCF) \u00a0
2.4% \u00a0
2031 \u00a0
162 \u00a0
288 \u00a0
2.7% \u00a0
150 \u00a0
New Debt Facility - Guarantee \u00a0
0.80% - 1.20% \u00a0
2026 \u00a0
45 \u00a0
55 \u00a0
Total New Debt Facility \u00a0
207 \u00a0
343 \u00a0
3 months EURIBOR + \u00a0
P-Class Facility \u00a0
(0.90% - 2.4%) \u00a0
2035 \u00a0
425 \u00a0
3.0% \u00a0
203 \u00a0
M-Class Facility (USD 436 million) \u00a0
SOFR + 2.4% \u00a0
2035 \u00a0
394 \u00a0
Unsecured \u00a0
3 months EURIBOR + \u00a0
HoldCo Facility \u00a0
4% \u00a0
2028 \u00a0
50 \u00a0
-
Total (excluding Guarantee facility) \u00a0
212 \u00a0
1,107 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3646": {
"value": "2.8. Financial income and expense \u00a0
Finance income and expenses comprise interest income and expenses and realised and \u00a0
unrealised exchange rate gains and losses on transactions denominated in foreign cur- \u00a0
rencies as well as fair value adjustments related to the ineffective part of the financial in- \u00a0
struments. \u00a0
Interest income and interest expenses are stated on an accrual basis using the principal \u00a0
and the effective interest rate. The effective interest rate is the discount rate that is used \u00a0
to discount expected future cash payments or receipts through the expected life of the \u00a0
financial asset or financial liability to the amortised cost (the carrying value) of such asset \u00a0
or liability. \u00a0
(ii) At subsequent measurement \u00a0
Financial assets \u00a0
Financial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
bles and other current assets. \u00a0
Interest income from these financial assets are recognised using the effective interest \u00a0
rate method. \u00a0
The Group assesses on forward looking basis the expected credit losses associated with \u00a0
its financial assets carried at amortised cost. \u00a0
For trade and other receivables, the Group applied the simplified approach permitted by \u00a0
IFRS 9, which requires expected lifetime losses to be recognised from initial recognition \u00a0
of the receivables. \u00a0
Note 10 \u00a0
Finance Income and Expenses \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Foreign currency gain \u00a0
109 \u00a0
3,424 \u00a0
1,795 \u00a0
Fair value change of derivative (ineffectiveness) \u00a0
-
363 \u00a0
-
Interest gained \u00a0
1,432 \u00a0
244 \u00a0
-
Finance income \u00a0
1,541 \u00a0
4,031 \u00a0
1,795 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3647": {
"value": "2.8. Financial income and expense \u00a0
Finance income and expenses comprise interest income and expenses and realised and \u00a0
unrealised exchange rate gains and losses on transactions denominated in foreign cur- \u00a0
rencies as well as fair value adjustments related to the ineffective part of the financial in- \u00a0
struments. \u00a0
Interest income and interest expenses are stated on an accrual basis using the principal \u00a0
and the effective interest rate. The effective interest rate is the discount rate that is used \u00a0
to discount expected future cash payments or receipts through the expected life of the \u00a0
financial asset or financial liability to the amortised cost (the carrying value) of such asset \u00a0
or liability. \u00a0
Note 26 \u00a0
Financial Liabilities: Interest-bearing Loans and Borrowings \u00a0
New Debt Facility \u2013 replacing the RCF \u00a0
On 29 June 2022 the Company entered into a Senior Secured Green Revolving Credit Fa- \u00a0
cility (\u201cRCF\u201d) of a 3-year term loan of EUR 185 million with DNB Bank ASA. \u00a0
The RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi- \u00a0
tion to voluntary prepayments in whole or any part of the loan, at any time, the loan will \u00a0
be repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to \u00a0
EUR 35 million. \u00a0
On 4 July 2022 the Company utilised EUR 115 million from the total EUR 150 million availa- \u00a0
ble from the RCF. With these funds the Group repaid in full the outstanding amounts, re- \u00a0
lated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank \u00a0
ASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF \u00a0
added about EUR 70 million in liquidity. \u00a0
The RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and \u00a0
subject to a green loan margin discount as long as the Company is in compliance with \u00a0
certain green asset criteria such as earmarked investments in green assets. The Group is \u00a0
currently in compliance with this green criteria and are expected to remain compliant for \u00a0
the duration of the facility. The full repayment of a senior debt facility generated a fi- \u00a0
nance cost for the write-off of borrowing costs of approximately EUR 810,000 in July \u00a0
2022. Due to a confidentiality agreement, the applicable margin cannot be disclosed. \u00a0
In June 2023, the Debt Facility was amended to increase the guarantee facility to EUR 60 \u00a0
million and to increase the committed revolving credit facility to EUR 250 million, result- \u00a0
ing in an increase of the aggregate Debt Facility to EUR 310 million. The above was re- \u00a0
financed and the Group entered into the new RCF, as explained below. \u00a0
In connection with the Business Combination, the Company on 7 December 2023 en- \u00a0
tered into a new senior secured credit and guarantee facilities of up to EUR 550 million \u00a0
providing for (i) a revolving credit facility of up to EUR 250 million (5 year tenor), (ii) a re- \u00a0
volving credit facility of up to EUR 100 million (18 months tenor), (iii) a term loan of up to \u00a0
EUR 100 million (8.5 year tenor) guaranteed by The Danish Export and Investment Fund \u00a0
of Denmark (EIFO) and (iv) an uncommitted guarantee facility of up to EUR 100 million \u00a0
(the \u201cNew Debt Facility\u201d). The New Debt Facility has similar terms and conditions as the \u00a0
existing Debt Facility. The change of control provisions are similar to those included in \u00a0
the P-Class Facility (as described below). \u00a0
The Company has utilised EUR 162 million from the total EUR 450 million available from \u00a0
the RCF. With these funds the Group repaid the outstanding amounts of Eneti\u2019s previous \u00a0
Credit Facility, which amounted to USD 59.4 million (of which Eneti repaid USD 12.6 mil- \u00a0
lion in October 2023 from the proceeds from the sale of Seajacks Hydra, Seajacks Levia- \u00a0
than and the Seajacks Kraken). In addition, the Group has repaid the amounts under its \u00a0
own Debt Facility amounting to EUR 115 million. \u00a0
The full repayment of the senior debt facility generated a finance cost for the write off of \u00a0
borrowing costs of approximately EUR 1.8 million thousand in 2023. \u00a0
By the end of the reporting period, EUR 288 million remains unutilised from the RCF. \u00a0
Holdco Facility
(EUR 5O million) \u00a0
On 15 November 2023, the Group entered into an unsecured Holdco Facility in an aggre- \u00a0
gate amount of EUR 50 million (tenor of five years) with HSBC. The financing includes a \u00a0
non-committed accordion option of up to EUR 50 million. The purpose of the Holdco Fa- \u00a0
cility is, among others, partial funding of the wind installation activities of the Group and \u00a0
general corporate purposes. The facility includes customary financial and other cove- \u00a0
nants. \u00a0
M-Class Facility
(USD 436 million) \u00a0
In connection with the Business Combination, the Group acquired a senior secured \u00a0
green term loan facility, which Eneti entered in November 2023, of up to USD 436 million \u00a0
(the \u201cNew Credit Facility\u201d) with a group of international banks and export credit agencies \u00a0
co-arranged and co-underwritten by Cr\u00e9dit Agricole Corporate and Investment Bank and \u00a0
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, and with Soci\u00e9t\u00e9 G\u00e9n\u00e9rale as Green Loan Coordinator. The New Credit \u00a0
Facility finances approximately 65% of the purchase cost of the M-Class newbuilding, \u00a0
with the remaining 35% to be funded either by obtaining additional bank financing or \u00a0
through available operational cash reserves. The maturity date of the New Credit Facility \u00a0
in relation to each vessel is 12 years from the delivery date of each vessel. The New \u00a0
Credit Facility bears interest at a blended margin of SOFR plus 2.36% per annum (exclu- \u00a0
sive of premiums payable to K-SURE and Eksfin). However, the terms of the New Credit \u00a0
Facility provided that completion of the Business Combination would not trigger a \u00a0
change of control provision with regard to cancellation and prepayment of the New \u00a0
Credit Facility. \u00a0
P-Class Facility
(USD 425 million) \u00a0
Further, Cadeler A/S and two of its subsidiaries, WIND N1064 Limited and WIND N1063 \u00a0
Limited, entered into a Sinosure-backed green term loan facility of up to EUR 425 million \u00a0
(12 year tenor) (the \"P-Class Facility\") in December 2023 to finance the purchase of P- \u00a0
Class newbuilds. The funds under the P-Class Facility have been borrowed by WIND \u00a0
N1064 Limited and WIND N1063 Limited (the future owners of the P-Class newbuilds) and \u00a0
may not be reborrowed once repaid. Further financing will be required from 2025 in con- \u00a0
nection with milestone payments for the A-Class New Builds. The Cadeler Group\u2019s man- \u00a0
agement expects to require approximately EUR 450 million of additional funding for the \u00a0
A-Class New Builds. Cadeler currently has a letter of intent in place for the order of one \u00a0
additional A-Class New Build. There can be no guarantee that the financing of such new \u00a0
builds and any future upgrades can be obtained on attractive terms or at all. \u00a0
Covenants \u00a0
The Group is in compliance with all covenants in the New Debt Facility (RCF): \u00a0
-
Minimum Free Liquidity: Freely available cash and cash equivalents at of i) the \u00a0
higher of EUR 35.000.000 or 5% of gross interest bearing debt, if the ratio of for- \u00a0
ward-looking contract cash flow to net interest bearing debt
are above 50% or ii) \u00a0
EUR 50,000,000 or an amount equal to 7.5% of the gross interest bearing debt \u00a0
at all other times. \u00a0
-
Equity Ratio: The ratio of book equity to total assets at all times to be minimum \u00a0
35%. \u00a0
-
Working capital: the working capital shall be higher than zero (0). \u00a0
-
Fair market value of vessels: The fair market value of the vessels shall at all times \u00a0
cover at least 150% of the gross interest bearing debt following the redelivery of \u00a0
the O-Class vessels. \u00a0
-
Contracted cash flows: If at any reported quarter the aggregated loans exceed \u00a0
80% the forward-looking expected cash revenues from legally binding contracts, \u00a0
the Contracted Cash Flows, the Borrower shall prepay the exceeding part of the \u00a0
Loans within five (5) Business Days. \u00a0
-
Utilisation of RCF\u2019s Facility under New Debt Facility must be above the outstand- \u00a0
ing on ECA Term Loan tranche. \u00a0
Further, the Group is in compliance with some additional covenants specified in the \u00a0
Holdco Facility: \u00a0
-
Fair market value of vessels: The fair market value of the vessels shall at all times \u00a0
cover at least 140% of the gross interest bearing debt. \u00a0
-
Debt service coverage ratio: Cash flow available for debt service (including avail- \u00a0
able liquidity covering cash, cash equivalent and undrawn New Debt Facility) at \u00a0
the Parent Company must be above Debt service cash flow related to the \u00a0
Holdco Facility (2:1). \u00a0
As of the reported date, the P-Class and M-Class facilities remain unutilised. Given their \u00a0
non-utilisation, no assessment of compliance with associated covenants has been nec- \u00a0
essary up to this point. These covenants, if applicable, will require assessment upon utili- \u00a0
sation of the facilities and contain customary financial and other covenants, including \u00a0
certain change of control provisions, similar to those disclosed for the utilised facilities. \u00a0
Additionally, the Group is in compliance with below requirements: \u00a0
Restriction on dividends: the Company is not permitted to pay any dividends or other \u00a0
distributions without DNB Bank ASA\u2019s written consent. For the New Debt Facility, divi- \u00a0
dends and distributions should not exceed 50% of the consolidated net profit for the re- \u00a0
spective year. Further, in the Holdco Facility, the Company is not allowed to any distribu- \u00a0
tions before the delivery of the P-Class, A-Class and M-Class. \u00a0
Change of control: If any person or group of persons (other than Swire Pacific or the BW \u00a0
Group) acting in concert directly or indirectly gains control of 25% or more of the voting \u00a0
and/or ordinary shares of the Borrower, the Agent (acting on instructions from the major- \u00a0
ity lenders) may by written notice of sixty (60) days cancel the total commitments and \u00a0
demand prepayment of all amounts outstanding under the facilities. \u00a0
Financial Liabilities: Interest-bearing Loans and Borrowings \u00a0
Continued from previous page \u00a0
As of 31 December 2023 \u00a0
Committed (EUR millions)\u00b9 \u00a0
Related derivatives contracts \u00a0
Average IRS \u00a0
IRS nominal \u00a0
Interest rate \u00a0
Maturity \u00a0
Utilised \u00a0
Unused \u00a0
rate \u00a0
(EUR millions) \u00a0
Secured \u00a0
3 months EURIBOR + \u00a0
New Debt Facility (RCF) \u00a0
2.4% \u00a0
2031 \u00a0
162 \u00a0
288 \u00a0
2.7% \u00a0
150 \u00a0
New Debt Facility - Guarantee \u00a0
0.80% - 1.20% \u00a0
2026 \u00a0
45 \u00a0
55 \u00a0
Total New Debt Facility \u00a0
207 \u00a0
343 \u00a0
3 months EURIBOR + \u00a0
P-Class Facility \u00a0
(0.90% - 2.4%) \u00a0
2035 \u00a0
425 \u00a0
3.0% \u00a0
203 \u00a0
M-Class Facility (USD 436 million) \u00a0
SOFR + 2.4% \u00a0
2035 \u00a0
394 \u00a0
Unsecured \u00a0
3 months EURIBOR + \u00a0
HoldCo Facility \u00a0
4% \u00a0
2028 \u00a0
50 \u00a0
-
Total (excluding Guarantee facility) \u00a0
212 \u00a0
1,107 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3631": {
"value": "2.6.2. Goodwill \u00a0
Goodwill arises from business combinations and is determined as the excess of the pur- \u00a0
chase price over the fair value of the net assets acquired, including contingent liabilities. \u00a0
Goodwill is allocated to the cash generating unit as determined by Management. Good- \u00a0
will is not amortised but is tested for impairment at least once a year or sooner if impair- \u00a0
ment indication arises. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3632": {
"value": "2.6.2. Goodwill \u00a0
Goodwill arises from business combinations and is determined as the excess of the pur- \u00a0
chase price over the fair value of the net assets acquired, including contingent liabilities. \u00a0
Goodwill is allocated to the cash generating unit as determined by Management. Good- \u00a0
will is not amortised but is tested for impairment at least once a year or sooner if impair- \u00a0
ment indication arises. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3649": {
"value": "2.9. Borrowing costs \u00a0
Borrowing costs are capitalised in accordance with IAS 23, where borrowing costs di- \u00a0
rectly attributable to the construction of assets are capitalised until such a time as the \u00a0
asset is substantially ready for its intended use. Borrowing costs consist of interest and \u00a0
other costs that the Group incurs in connection with the borrowing of funds, including \u00a0
fees for guarantees provided by related parties. \u00a0
b. Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities meas- \u00a0
ured at the present value of lease payments to be made over the lease term. The lease \u00a0
payments include fixed payments (including in-substance fixed payments) less any lease \u00a0
incentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
amounts expected to be paid under residual value guarantees. \u00a0
Variable lease payments that do not depend on an index or a rate are recognised as ex- \u00a0
penses in the period in which the event or condition that triggers the payment occurs. \u00a0
Utilisation lease fees can be classified as a variable fee. \u00a0
In calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
rowing rate at the lease commencement date because the interest rate implicit in the \u00a0
lease is not readily determinable. After the commencement date, the amount of lease \u00a0
liabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
ments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
tion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
payments resulting from a change in an index or rate used to determine such lease pay- \u00a0
ments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
The Group has elected to not recognise right-of-use assets and lease liabilities for short- \u00a0
term leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
Lease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
basis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
chines, office premises and AV equipment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3650": {
"value": "2.9. Borrowing costs \u00a0
Borrowing costs are capitalised in accordance with IAS 23, where borrowing costs di- \u00a0
rectly attributable to the construction of assets are capitalised until such a time as the \u00a0
asset is substantially ready for its intended use. Borrowing costs consist of interest and \u00a0
other costs that the Group incurs in connection with the borrowing of funds, including \u00a0
fees for guarantees provided by related parties. \u00a0
b. Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities meas- \u00a0
ured at the present value of lease payments to be made over the lease term. The lease \u00a0
payments include fixed payments (including in-substance fixed payments) less any lease \u00a0
incentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
amounts expected to be paid under residual value guarantees. \u00a0
Variable lease payments that do not depend on an index or a rate are recognised as ex- \u00a0
penses in the period in which the event or condition that triggers the payment occurs. \u00a0
Utilisation lease fees can be classified as a variable fee. \u00a0
In calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
rowing rate at the lease commencement date because the interest rate implicit in the \u00a0
lease is not readily determinable. After the commencement date, the amount of lease \u00a0
liabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
ments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
tion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
payments resulting from a change in an index or rate used to determine such lease pay- \u00a0
ments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
The Group has elected to not recognise right-of-use assets and lease liabilities for short- \u00a0
term leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
Lease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
basis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
chines, office premises and AV equipment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3652": {
"value": "2.9. Borrowing costs \u00a0
Borrowing costs are capitalised in accordance with IAS 23, where borrowing costs di- \u00a0
rectly attributable to the construction of assets are capitalised until such a time as the \u00a0
asset is substantially ready for its intended use. Borrowing costs consist of interest and \u00a0
other costs that the Group incurs in connection with the borrowing of funds, including \u00a0
fees for guarantees provided by related parties. \u00a0
2.19. Financial liabilities \u00a0
Debt to credit institutions etc. is recognised at the time of borrowing at fair value after \u00a0
deduction of transaction costs incurred. Subsequently, the financial liabilities are meas- \u00a0
ured at amortised cost using the \"effective interest method\", so that the difference be- \u00a0
tween the proceeds and the nominal value is recognised in the income statement under \u00a0
financial expenses over the loan period. \u00a0
A financial liability is derecognised when the obligation under the liability is discharged, \u00a0
cancelled or expires. \u00a0
When an existing financial liability is replaced by another from the same lender on sub- \u00a0
stantially different terms, or the terms of an existing liability are substantially modified, \u00a0
such an exchange or modification is treated as the derecognition of the original liability \u00a0
and the recognition of a new liability. \u00a0
The difference in the respective carrying amounts of the asset and the liability is recog- \u00a0
nised in the statement of profit and loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3634": {
"value": "2.7. Employee compensation \u00a0
Employee benefits are recognised as an expense, unless the cost qualifies to be capital- \u00a0
ised as an asset. \u00a0
Employee compensations include wages and salaries, including compensated absence \u00a0
and pensions, as well as other social security contributions made to the entity\u2019s employ- \u00a0
ees or public & government authorities. The item is net of support schemes made by \u00a0
public & government authorities. \u00a0
2.23. Share based payments \u00a0
Employees (including senior executives) of the Group receive remuneration in the form \u00a0
of share-based payments, whereby employees render services as consideration for eq- \u00a0
uity instruments (equity-settled transactions). \u00a0
Equity-settled transactions \u00a0
The cost of equity-settled transactions is determined by the fair value at the date when \u00a0
the grant is made using an appropriate valuation model. \u00a0
That cost is recognised in employee benefits expenses, together with a corresponding \u00a0
increase in equity (retained earnings), over the period in which the service and, where ap- \u00a0
plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
pense recognised for equity-settled transactions at each reporting date until the vesting \u00a0
date reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
timate of the number of equity instruments that will ultimately vest. The expense or \u00a0
credit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
tive expense recognised as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
mining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
is assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
that will ultimately vest. Market performance conditions are reflected within the grant \u00a0
date fair value. \u00a0
Any other conditions attached to an award, but without an associated service require- \u00a0
ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
in the fair value of an award and lead to an immediate expensing of an award unless \u00a0
there are also service and/or performance conditions. \u00a0
No expense is recognised for awards that do not ultimately vest because non-market \u00a0
performance and/or service conditions have not been met. \u00a0
Where awards include a market or non-vesting condition, the transactions are treated as \u00a0
vested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
that all other performance and/or service conditions are satisfied. \u00a0
The dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
computation of diluted earnings per share in a loss situation only if loss per share de- \u00a0
creases. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3635": {
"value": "2.7. Employee compensation \u00a0
Employee benefits are recognised as an expense, unless the cost qualifies to be capital- \u00a0
ised as an asset. \u00a0
Employee compensations include wages and salaries, including compensated absence \u00a0
and pensions, as well as other social security contributions made to the entity\u2019s employ- \u00a0
ees or public & government authorities. The item is net of support schemes made by \u00a0
public & government authorities. \u00a0
2.23. Share based payments \u00a0
Employees (including senior executives) of the Group receive remuneration in the form \u00a0
of share-based payments, whereby employees render services as consideration for eq- \u00a0
uity instruments (equity-settled transactions). \u00a0
Equity-settled transactions \u00a0
The cost of equity-settled transactions is determined by the fair value at the date when \u00a0
the grant is made using an appropriate valuation model. \u00a0
That cost is recognised in employee benefits expenses, together with a corresponding \u00a0
increase in equity (retained earnings), over the period in which the service and, where ap- \u00a0
plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
pense recognised for equity-settled transactions at each reporting date until the vesting \u00a0
date reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
timate of the number of equity instruments that will ultimately vest. The expense or \u00a0
credit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
tive expense recognised as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
mining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
is assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
that will ultimately vest. Market performance conditions are reflected within the grant \u00a0
date fair value. \u00a0
Any other conditions attached to an award, but without an associated service require- \u00a0
ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
in the fair value of an award and lead to an immediate expensing of an award unless \u00a0
there are also service and/or performance conditions. \u00a0
No expense is recognised for awards that do not ultimately vest because non-market \u00a0
performance and/or service conditions have not been met. \u00a0
Where awards include a market or non-vesting condition, the transactions are treated as \u00a0
vested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
that all other performance and/or service conditions are satisfied. \u00a0
The dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
computation of diluted earnings per share in a loss situation only if loss per share de- \u00a0
creases. \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Administrative expenses \u00a0
Depreciation and amortisation \u00a0
17, 18, 19 \u00a0
534 \u00a0
1,020 \u00a0
414 \u00a0
Employee compensation \u00a0
7
18,889 \u00a0
9,905 \u00a0
7,603 \u00a0
Repair and maintenance expenses \u00a0
1,123 \u00a0
796 \u00a0
161 \u00a0
Legal and professional fees \u00a0
2,122 \u00a0
1,047 \u00a0
564 \u00a0
Transaction costs \u00a0
6
7,707 \u00a0
-
-
Rental expenses \u00a0
751 \u00a0
582 \u00a0
584 \u00a0
Travel expense \u00a0
985 \u00a0
612 \u00a0
305 \u00a0
Management fees to related party \u00a0
27 \u00a0
-
-
115 \u00a0
Marketing and entertainment expenses \u00a0
602 \u00a0
788 \u00a0
159 \u00a0
Other expenses \u00a0
1,745 \u00a0
946 \u00a0
1,020 \u00a0
Total administrative expenses \u00a0
34,458 \u00a0
15,696 \u00a0
10,925 \u00a0
Note 7 \u00a0
Employee Compensation \u00a0
Onshore - presented within administra- \u00a0
tive expenses \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Wages and salaries \u00a0
16,957 \u00a0
8,873 \u00a0
6,637 \u00a0
Employer's contribution to defined contribu- \u00a0
tion plans \u00a0
847 \u00a0
502 \u00a0
350 \u00a0
Share based payment expense \u00a0
8
1,134 \u00a0
352 \u00a0
360 \u00a0
Other short-term benefits \u00a0
611 \u00a0
178 \u00a0
145 \u00a0
19,549 \u00a0
9,905 \u00a0
7,492 \u00a0
Average number of full time employees \u00a0
113 \u00a0
70 \u00a0
58 \u00a0
Employee compensation includes EUR 660 thousands related to bonus paid, included in \u00a0
transaction cost. For more information relate administrative expenses (Note 4). \u00a0
Offshore - presented within cost of sales \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Wages and salaries \u00a0
14,056 \u00a0
11,693 \u00a0
1,097 \u00a0
Employer's contribution to defined contribu- \u00a0
tion plans \u00a0
1,124 \u00a0
1,082 \u00a0
60 \u00a0
Other short-term benefits \u00a0
741 \u00a0
314 \u00a0
2
Total offshore employee compensation \u00a0
15,921 \u00a0
13,089 \u00a0
1,159 \u00a0
Average number of full time employees \u00a0
182 \u00a0
162 \u00a0
12 \u00a0
Total \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Wages and salaries \u00a0
31,013 \u00a0
20,566 \u00a0
7,734 \u00a0
Employer's contribution to defined contribu- \u00a0
tion plans \u00a0
1,971 \u00a0
1,584 \u00a0
410 \u00a0
Share based payment expense \u00a0
8
1,134 \u00a0
352 \u00a0
360 \u00a0
Other short-term benefits \u00a0
1,352 \u00a0
492 \u00a0
147 \u00a0
Total employee compensation \u00a0
35,470 \u00a0
22,994 \u00a0
8,651 \u00a0
Average number of full time employees \u00a0
295 \u00a0
232 \u00a0
70 \u00a0
Number of employees at the end of the re- \u00a0
porting period \u00a0
570 \u00a0
232 \u00a0
206 \u00a0
Eneti employees, both onshore and offshore, joined the Group by the end of December \u00a0
2023. Thus, average number of full-time employees as of 2023 reflect the number of em- \u00a0
ployees divided by 12 months. Eneti had 99 onshore full time employees and 176 seafar- \u00a0
ers by the end of 2023. \u00a0
Offshore crew was hired directly by the Company by the end of November 2021. Average \u00a0
number of full-time employees as of 2021 reflect the number of seafarers. The Company \u00a0
had 148 seafarers by the end of 2021. \u00a0
Labor costs related to certain employees who are working on the management of the \u00a0
newbuilding process have been capitalised. These capitalised costs amount to EUR 1.1 in \u00a0
2023 and EUR 900 thousands in 2022. \u00a0
Note 8 \u00a0
Long Term Incentive Programs \u00a0
In December 2021, a new remuneration scheme was agreed starting in January 2022 and \u00a0
replacing the existing share-based incentive schemes for the majority of eligible employ- \u00a0
ees. The terms of the programme initiated in December 2021 are: \u00a0
(i) with effect from 2021, an annual cash bonus up to 12 months of salary for the CEO, and \u00a0
up to 6 months for selected employees. This bonus is at the discretion of the board and \u00a0
paid in cash the following January. Bonuses regarding selected employees is expensed \u00a0
in 2023. \u00a0
(ii) with effect from 2021, an annual cash bonus up to 3 months of salary for other em- \u00a0
ployees. This bonus paid based on Company, team and individual performance. The bo- \u00a0
nus is paid in cash at the end of the calendar year. \u00a0
(iii) in January 2022, the executive management and selected employees were granted \u00a0
from 10,393 to 55,430 Restricted Share Units (RSU) which will vest July 2024 and are con- \u00a0
ditional upon continued employment within Cadeler. The total value of the RSU alloca- \u00a0
tion is calculated based on the Company's closing share price on Nasdaq Copenhagen \u00a0
A/S on the day of the grant and the value is EUR 394 thousand (EUR 3.3 per RSU). The \u00a0
expense recognised in profit and loss for the year amounts to EUR 143 thousand (EUR \u00a0
157 thousand in 2022). The average remaining contractual life as of 31 December 2023 is \u00a0
0.5 years. \u00a0
(iv) in January 2022, the executive management and selected employees were granted \u00a0
from 10,393 to 55,430 Options in Cadeler shares which will vest May 2024 and expire in \u00a0
April 2027. The strike price will range from NOK 36.02 to NOK 38.42 depending on the ex- \u00a0
ercise period and are conditional upon continued employment within Cadeler. The fair \u00a0
value of these granted options was determined using the Black-Scholes model and the \u00a0
value is EUR 160 thousand (EUR 1.3 per RSU). The expense recognised in profit and loss \u00a0
for the year amounts to EUR 62 thousand (EUR 69 thousand in 2022). The average re- \u00a0
maining contractual life for the options as of 31 December 2023 is 3.3 years. \u00a0
For the programmes described in (iii) and (iv) the annualised volatility of the shares 48.1% \u00a0
is based on the historical volatility of the price of shares, annual risk free interest rate of \u00a0
1%, dividend yield of zero, expected life until expiration date and average share price of \u00a0
EUR 3.7. \u00a0
(v) in May 2022, the executive management and selected employees were granted from \u00a0
43,420 to 221,719 Options in Cadeler shares which will vest in May 2025 and expire in May \u00a0
2028. The strike price will be NOK 40.24 and is conditional upon continued employment \u00a0
within Cadeler. The fair value of these granted options was determined using the Black- \u00a0
Scholes model and the value is EUR 761 thousand (EUR 1.3 per RSU). The expense recog- \u00a0
nised in profit and loss for the year amounts to EUR 237 thousand. The average remain- \u00a0
ing contractual life for the options as per 31 December 2023 is 4.3 years. The annualised \u00a0
volatility of the shares 42.5% is based on the historical volatility of the price of shares, \u00a0
annual risk free interest rate of 2.8%, dividend yield of zero, expected life until expiration \u00a0
date and average share price of EUR 3.7. \u00a0
(vi) in January 2023, the executive management and selected employees were granted \u00a0
from 19,760 to 130,416 Restricted Share Units which will vest in July 2025 and are condi- \u00a0
tional upon continued employment within Cadeler. The total value of the RSU allocation \u00a0
is calculated based on the Black-Scholes model and the value is EUR 1.2 million (EUR 3.0 \u00a0
per RSU). The expense recognised in profit and loss for the year amounts to EUR 498 \u00a0
thousand. The average remaining contractual life is 1.5 years. The average share price is \u00a0
NOK 36.56. \u00a0
(vii) In August 2023, the executive management and selected employees were granted \u00a0
from 88,920 to 385,320 Options in Cadeler shares which will vest in August 2026 and ex- \u00a0
pire in August 2029. The strike price will be NOK 45.49 and is conditional upon continued \u00a0
employment within Cadeler. The fair value of these granted options was determined us- \u00a0
ing the Black-Scholes model and the value is EUR 2.2 million (EUR 1.8 per RSU). The ex- \u00a0
pense recognised in profit and loss for the year amounts to EUR 250 thousand. The aver- \u00a0
age remaining contractual life for the options as of 31 December 2023 is 5.5 years. \u00a0
The annualised volatility of the shares 61.0% is based on the historical volatility of the \u00a0
price of shares, annual risk free interest rate of 2.68%, dividend yield of zero, expected \u00a0
life until expiration date and average share price of EUR 3.7. \u00a0
The Group previously had a share-based incentive scheme for its key employees in con- \u00a0
nection with the IPO, with the following key terms: \u00a0
(viii) an incentive varying from 1 to 8 months of salary of the key employee paid in shares \u00a0
in the event the Offering is successful. The gross monthly salary and share price for the \u00a0
basis of calculation of the shares to be issued is based on the gross monthly salary of \u00a0
the employee and share price on the first day of trading of the shares. The initial share \u00a0
price was set at observable input 27 November 2020 (146,626 shares) and was paid out in \u00a0
cash 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
sand. The charge to equity amounts to EUR 230 thousand. \u00a0
(ix) an incentive varying from 2 to 4 months of salary of the key employee paid in shares \u00a0
for the continuous employment of the employee for each full calendar year of 2020 and \u00a0
2021. The incentive will be paid with the employee\u2019s salary in June in the following year, \u00a0
i.e., in June 2021 and June 2022. The gross monthly salary and share price for the basis of \u00a0
calculation of the shares to be issued is based on the gross monthly salary of the em- \u00a0
ployee and share price on the date the incentive will be paid in June 2021 and June 2022. \u00a0
As stated above this programme was terminated for most of employees and this part is \u00a0
reversed in equity and in profit and loss as well. The amount reversed regarding 2020 is \u00a0
EUR 3 thousand and 2021 EUR 167 thousand. \u00a0
(x) with effect from 2021, a tiered annual bonus scheme for the CEO of the Company \u00a0
linked to KPIs and business profitability, which is capped at 8 months of gross monthly \u00a0
salary of the CEO paid in shares. The gross monthly salary and share price for the basis \u00a0
of calculation of the shares to be issued is based on the gross monthly salary of the CEO \u00a0
and shares price on the date falling 30 days from the date of filing of the audited ac- \u00a0
counts of the Company for the financial year. \u00a0
As stated above this programme is terminated and was replaced with a cash bonus. The \u00a0
programme was accounted for as a cash-based incentive programme for 2021 and the \u00a0
full cash bonus was expensed for in 2021. \u00a0
None of these instruments are exercisable at the reporting period. \u00a0
2023 \u00a0
2022 \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
Outstanding instruments - Options \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Outstanding at 1 January \u00a0
344,589 \u00a0
3.16 \u00a0
330,963 \u00a0
3.15 \u00a0
-
-
-
-
Granted during the year \u00a0
622,440 \u00a0
3.64 \u00a0
563,160 \u00a0
3.64 \u00a0
344,589 \u00a0
3.16 \u00a0
330,963 \u00a0
3.15 \u00a0
Forfeited during the year \u00a0
-
-
-
-
-
-
-
-
Exercised during the year \u00a0
-
-
-
-
-
-
-
-
Expired during the year \u00a0
-
-
-
-
-
-
-
-
Outstanding at 31 December \u00a0
967,029 \u00a0
3.47 \u00a0
894,123 \u00a0
3.46 \u00a0
344,589 \u00a0
3.16 \u00a0
330,963 \u00a0
3.15 \u00a0
2023 \u00a0
2022 \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
Outstanding instruments - RSU \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Outstanding at 1 January \u00a0
55,430 \u00a0
-
65,823 \u00a0
-
-
-
-
-
Granted during the year \u00a0
189,696 \u00a0
-
205,504 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
Forfeited during the year \u00a0
-
-
-
-
-
-
-
-
Exercised during the year \u00a0
-
-
-
-
-
-
-
-
Expired during the year \u00a0
-
-
-
-
-
-
-
-
Outstanding at 31 December \u00a0
245,126 \u00a0
-
271,327 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
1EUR Weighted average exercise price (WAEP). \u00a0
Note 9 \u00a0
Board of Directors and Management Compensation \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Board of \u00a0
Executive \u00a0
Board of \u00a0
Executive \u00a0
Board of \u00a0
Executive \u00a0
EUR\u2019000 \u00a0
directors management \u00a0
Total \u00a0
directors management \u00a0
Total \u00a0
directors management \u00a0
Total \u00a0
Wages, salaries and board fees \u00a0
183 \u00a0
850 \u00a0
1,033 \u00a0
180 \u00a0
683 \u00a0
863 \u00a0
180 \u00a0
650 \u00a0
830 \u00a0
Share based payment \u00a0
-
588 \u00a0
588 \u00a0
-
173 \u00a0
173 \u00a0
-
164 \u00a0
164 \u00a0
Other short-term benefits \u00a0
-
55 \u00a0
55 \u00a0
-
36 \u00a0
36 \u00a0
-
23 \u00a0
23 \u00a0
Cash bonus \u00a0
-
1,155 \u00a0
1,155 \u00a0
-
482 \u00a0
482 \u00a0
-
314 \u00a0
314 \u00a0
Total management compensation \u00a0
183 \u00a0
2,648 \u00a0
2,831 \u00a0
180 \u00a0
1,374 \u00a0
1,554 \u00a0
180 \u00a0
1,151 \u00a0
1,331 \u00a0
Executive management \u00a0
Executive management means the members of the executive management which were \u00a0
registered with the Danish business authority and who have the authority and responsi- \u00a0
bility for the planning, directing and controlling activities of the Company as defined by \u00a0
IAS 24. In 2021, Key management also included personnel who supported executive man- \u00a0
agement, for the planning, directing and controlling activities of the Company. \u00a0
Board of directors \u00a0
Andreas Sohmen-Pao and Andreas Beroutsos are employed by the BW Group. These \u00a0
board members have not received remuneration from Cadeler in 2021, 2022 and 2023. \u00a0
Andreas Beroutsos stepped down from the Board with effect from 25 April 2023. On the \u00a0
same date, Andrea Abt joined the Board. \u00a0
David Peter Cogman is employed by the Swire Group and has not received remuneration \u00a0
from Cadeler in 2021, 2022 and 2023. David Peter Cogman stepped down from the Board \u00a0
with effect from 16 June 2023 along with Connie Hedegaard. \u00a0
On 20 February 2024, Emanuele Lauro and James Nish joined the Board. Emanuele \u00a0
Lauro is the Director and Chief Executive Officer of Scorpio Holdings Limited considered \u00a0
a related party (See Note 27). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3653": {
"value": "2.10. Taxes \u00a0
2.10.1. Pillar Two Tax Effects \u00a0
In October 2021, more than 130 countries agreed on a two-pillar approach to reform the \u00a0
international tax system. The so-called Pillar Two rules are designed to compel multina- \u00a0
tional corporations with EUR 750 million or more in annual revenue to pay a minimum ef- \u00a0
fective corporate tax rate of 15% on income received in each jurisdiction in which they \u00a0
operate. \u00a0
The principal jurisdictions in which the Group may be exposed to additional taxation as a \u00a0
result of the Pillar Two rules include Denmark and the United Kingdom (each of which has \u00a0
enacted legislation implementing the Pillar Two rules), as well as Cyprus (where public \u00a0
consultation on draft legislation is ongoing). In light of the Group\u2019s total revenue, at 31 \u00a0
December 2023, the Group does not expect to be in scope of the Pillar Two rules in \u00a0
2024. \u00a0
The Group is actively assessing the potential future impact of the Pillar Two rules on the \u00a0
Group\u2019s business. It is the Group\u2019s initial assessment that a portion of its revenues in \u00a0
each of the relevant jurisdictions will be subject to top-up tax under the Pillar Two rules \u00a0
as shipping income, which is generally excluded from the computation of income under \u00a0
Pillar Two. Certain other exclusions may also be applicable and the Group\u2019s analysis of \u00a0
such exclusions is ongoing. \u00a0
2.10.2. Income tax \u00a0
Current income tax for current and prior periods is recognised at the amount expected to \u00a0
be paid to or recovered from the tax authorities, using the tax rates and tax laws that \u00a0
have been enacted or substantively enacted by the balance sheet date. \u00a0
Management periodically evaluates positions taken in tax returns with respect to situa- \u00a0
tions in which applicable tax regulation is subject to interpretation. It establishes provi- \u00a0
sions, where appropriate, on the basis of amounts expected to be paid to the tax author- \u00a0
ities. \u00a0
Deferred income tax is recognised for all temporary differences arising between the tax \u00a0
bases of assets and liabilities and their carrying amounts in the financial statements ex- \u00a0
cept when the deferred income tax arises from the initial recognition of an asset or \u00a0
liability that affects neither accounting nor taxable profit or loss at the time of the trans- \u00a0
action. \u00a0
Deferred income tax is measured at the tax rates that are expected to apply when the \u00a0
related deferred income tax asset is realised or the deferred income tax liability is set- \u00a0
tled, based on tax rates and tax laws that have been enacted or substantively enacted \u00a0
by the balance sheet date. \u00a0
Current and deferred income taxes are recognised as income or expenses in profit or \u00a0
loss, except to the extent that the tax arises from a transaction which is recognised di- \u00a0
rectly in equity. \u00a0
2.10.3. Tonnage tax \u00a0
Under the scheme, ship-owners (or bareboat charterers) pay a fixed tax amount per net \u00a0
tonne at their disposal rather than paying taxes based on income, expenses, and depre- \u00a0
ciation. The Company participates in the Danish scheme from 27 November 2020. \u00a0
As the vessels are owned and registered by subsidiaries in jurisdictions different than \u00a0
Denmark, the Group is also subject to tonnage taxation in such jurisdictions. This ton- \u00a0
nage taxation income is calculated based on a fixed tax amount per tonne. \u00a0
This scheme is on a notional income derived from tonnage capacity and not based on \u00a0
the entities' actual income and expenses, the Group does not consider the scheme to \u00a0
fall under the rules of IAS 12. Consequently, the tonnage tax expenses are not presented \u00a0
as part of tax expense in the statement of profit and loss, but are recognised under \u00a0
costs of sales. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3654": {
"value": "2.10. Taxes \u00a0
2.10.1. Pillar Two Tax Effects \u00a0
In October 2021, more than 130 countries agreed on a two-pillar approach to reform the \u00a0
international tax system. The so-called Pillar Two rules are designed to compel multina- \u00a0
tional corporations with EUR 750 million or more in annual revenue to pay a minimum ef- \u00a0
fective corporate tax rate of 15% on income received in each jurisdiction in which they \u00a0
operate. \u00a0
The principal jurisdictions in which the Group may be exposed to additional taxation as a \u00a0
result of the Pillar Two rules include Denmark and the United Kingdom (each of which has \u00a0
enacted legislation implementing the Pillar Two rules), as well as Cyprus (where public \u00a0
consultation on draft legislation is ongoing). In light of the Group\u2019s total revenue, at 31 \u00a0
December 2023, the Group does not expect to be in scope of the Pillar Two rules in \u00a0
2024. \u00a0
The Group is actively assessing the potential future impact of the Pillar Two rules on the \u00a0
Group\u2019s business. It is the Group\u2019s initial assessment that a portion of its revenues in \u00a0
each of the relevant jurisdictions will be subject to top-up tax under the Pillar Two rules \u00a0
as shipping income, which is generally excluded from the computation of income under \u00a0
Pillar Two. Certain other exclusions may also be applicable and the Group\u2019s analysis of \u00a0
such exclusions is ongoing. \u00a0
2.10.2. Income tax \u00a0
Current income tax for current and prior periods is recognised at the amount expected to \u00a0
be paid to or recovered from the tax authorities, using the tax rates and tax laws that \u00a0
have been enacted or substantively enacted by the balance sheet date. \u00a0
Management periodically evaluates positions taken in tax returns with respect to situa- \u00a0
tions in which applicable tax regulation is subject to interpretation. It establishes provi- \u00a0
sions, where appropriate, on the basis of amounts expected to be paid to the tax author- \u00a0
ities. \u00a0
Deferred income tax is recognised for all temporary differences arising between the tax \u00a0
bases of assets and liabilities and their carrying amounts in the financial statements ex- \u00a0
cept when the deferred income tax arises from the initial recognition of an asset or \u00a0
liability that affects neither accounting nor taxable profit or loss at the time of the trans- \u00a0
action. \u00a0
Deferred income tax is measured at the tax rates that are expected to apply when the \u00a0
related deferred income tax asset is realised or the deferred income tax liability is set- \u00a0
tled, based on tax rates and tax laws that have been enacted or substantively enacted \u00a0
by the balance sheet date. \u00a0
Current and deferred income taxes are recognised as income or expenses in profit or \u00a0
loss, except to the extent that the tax arises from a transaction which is recognised di- \u00a0
rectly in equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3655": {
"value": "2.10. Taxes \u00a0
2.10.1. Pillar Two Tax Effects \u00a0
In October 2021, more than 130 countries agreed on a two-pillar approach to reform the \u00a0
international tax system. The so-called Pillar Two rules are designed to compel multina- \u00a0
tional corporations with EUR 750 million or more in annual revenue to pay a minimum ef- \u00a0
fective corporate tax rate of 15% on income received in each jurisdiction in which they \u00a0
operate. \u00a0
The principal jurisdictions in which the Group may be exposed to additional taxation as a \u00a0
result of the Pillar Two rules include Denmark and the United Kingdom (each of which has \u00a0
enacted legislation implementing the Pillar Two rules), as well as Cyprus (where public \u00a0
consultation on draft legislation is ongoing). In light of the Group\u2019s total revenue, at 31 \u00a0
December 2023, the Group does not expect to be in scope of the Pillar Two rules in \u00a0
2024. \u00a0
The Group is actively assessing the potential future impact of the Pillar Two rules on the \u00a0
Group\u2019s business. It is the Group\u2019s initial assessment that a portion of its revenues in \u00a0
each of the relevant jurisdictions will be subject to top-up tax under the Pillar Two rules \u00a0
as shipping income, which is generally excluded from the computation of income under \u00a0
Pillar Two. Certain other exclusions may also be applicable and the Group\u2019s analysis of \u00a0
such exclusions is ongoing. \u00a0
2.10.2. Income tax \u00a0
Current income tax for current and prior periods is recognised at the amount expected to \u00a0
be paid to or recovered from the tax authorities, using the tax rates and tax laws that \u00a0
have been enacted or substantively enacted by the balance sheet date. \u00a0
Management periodically evaluates positions taken in tax returns with respect to situa- \u00a0
tions in which applicable tax regulation is subject to interpretation. It establishes provi- \u00a0
sions, where appropriate, on the basis of amounts expected to be paid to the tax author- \u00a0
ities. \u00a0
Deferred income tax is recognised for all temporary differences arising between the tax \u00a0
bases of assets and liabilities and their carrying amounts in the financial statements ex- \u00a0
cept when the deferred income tax arises from the initial recognition of an asset or \u00a0
liability that affects neither accounting nor taxable profit or loss at the time of the trans- \u00a0
action. \u00a0
Deferred income tax is measured at the tax rates that are expected to apply when the \u00a0
related deferred income tax asset is realised or the deferred income tax liability is set- \u00a0
tled, based on tax rates and tax laws that have been enacted or substantively enacted \u00a0
by the balance sheet date. \u00a0
Current and deferred income taxes are recognised as income or expenses in profit or \u00a0
loss, except to the extent that the tax arises from a transaction which is recognised di- \u00a0
rectly in equity. \u00a0
Note 21 \u00a0
Deferred Income Taxes \u00a0
Cadeler A/S has material tax losses from previous periods available to carry forward. \u00a0
Such tax losses can be utilised against future tonnage taxation income and other in- \u00a0
come, which does not quality for tonnage taxation. The tax value of tax losses to be car- \u00a0
ried forward as of 31 December 2023 are in the region of EUR 13 million. The tax losses \u00a0
are not subject to expiration. \u00a0
No deferred tax asset in relation to the tax losses has been recognised as of 31 Decem- \u00a0
ber 2023 as they are not expected to be utilised within the foreseeable future (3-5 years). \u00a0
As at 31 December 2023, due to the business combination and the potential election to \u00a0
the UK tonnage tax, the Group had a gross unrecognised deferred tax asset balance of \u00a0
EUR 490.2 million. This balance is unrecognised at the UK corporate tax rate of 25% cre- \u00a0
ating a net balance of EUR 135.6 million. \u00a0
Deferred tax impact have been recognised to the extent these adjustments increase or \u00a0
reduce recognised deferred tax liabilities. Because of uncertainty related to future \u00a0
choices of tax regimes, e.g. a tonnage taxation regime or an income tax regime, or un- \u00a0
certainty on future earnings that can recover previous not recognised deferred tax as- \u00a0
sets or tax assets arising from other pro forma adjustments, no deferred tax assets have \u00a0
been recognised. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3656": {
"value": "2.10. Taxes \u00a0
2.10.1. Pillar Two Tax Effects \u00a0
In October 2021, more than 130 countries agreed on a two-pillar approach to reform the \u00a0
international tax system. The so-called Pillar Two rules are designed to compel multina- \u00a0
tional corporations with EUR 750 million or more in annual revenue to pay a minimum ef- \u00a0
fective corporate tax rate of 15% on income received in each jurisdiction in which they \u00a0
operate. \u00a0
The principal jurisdictions in which the Group may be exposed to additional taxation as a \u00a0
result of the Pillar Two rules include Denmark and the United Kingdom (each of which has \u00a0
enacted legislation implementing the Pillar Two rules), as well as Cyprus (where public \u00a0
consultation on draft legislation is ongoing). In light of the Group\u2019s total revenue, at 31 \u00a0
December 2023, the Group does not expect to be in scope of the Pillar Two rules in \u00a0
2024. \u00a0
The Group is actively assessing the potential future impact of the Pillar Two rules on the \u00a0
Group\u2019s business. It is the Group\u2019s initial assessment that a portion of its revenues in \u00a0
each of the relevant jurisdictions will be subject to top-up tax under the Pillar Two rules \u00a0
as shipping income, which is generally excluded from the computation of income under \u00a0
Pillar Two. Certain other exclusions may also be applicable and the Group\u2019s analysis of \u00a0
such exclusions is ongoing. \u00a0
2.10.2. Income tax \u00a0
Current income tax for current and prior periods is recognised at the amount expected to \u00a0
be paid to or recovered from the tax authorities, using the tax rates and tax laws that \u00a0
have been enacted or substantively enacted by the balance sheet date. \u00a0
Management periodically evaluates positions taken in tax returns with respect to situa- \u00a0
tions in which applicable tax regulation is subject to interpretation. It establishes provi- \u00a0
sions, where appropriate, on the basis of amounts expected to be paid to the tax author- \u00a0
ities. \u00a0
Deferred income tax is recognised for all temporary differences arising between the tax \u00a0
bases of assets and liabilities and their carrying amounts in the financial statements ex- \u00a0
cept when the deferred income tax arises from the initial recognition of an asset or \u00a0
liability that affects neither accounting nor taxable profit or loss at the time of the trans- \u00a0
action. \u00a0
Deferred income tax is measured at the tax rates that are expected to apply when the \u00a0
related deferred income tax asset is realised or the deferred income tax liability is set- \u00a0
tled, based on tax rates and tax laws that have been enacted or substantively enacted \u00a0
by the balance sheet date. \u00a0
Current and deferred income taxes are recognised as income or expenses in profit or \u00a0
loss, except to the extent that the tax arises from a transaction which is recognised di- \u00a0
rectly in equity. \u00a0
2.10.3. Tonnage tax \u00a0
Under the scheme, ship-owners (or bareboat charterers) pay a fixed tax amount per net \u00a0
tonne at their disposal rather than paying taxes based on income, expenses, and depre- \u00a0
ciation. The Company participates in the Danish scheme from 27 November 2020. \u00a0
As the vessels are owned and registered by subsidiaries in jurisdictions different than \u00a0
Denmark, the Group is also subject to tonnage taxation in such jurisdictions. This ton- \u00a0
nage taxation income is calculated based on a fixed tax amount per tonne. \u00a0
This scheme is on a notional income derived from tonnage capacity and not based on \u00a0
the entities' actual income and expenses, the Group does not consider the scheme to \u00a0
fall under the rules of IAS 12. Consequently, the tonnage tax expenses are not presented \u00a0
as part of tax expense in the statement of profit and loss, but are recognised under \u00a0
costs of sales. \u00a0
Note 11 \u00a0
Income Taxes \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Income tax expense \u00a0
Tax expense attributable to profit is made up of: \u00a0
Utilisation of non-recognised tax losses offset against \u00a0
Danish Tonnage Tax expense \u00a0
-
-
(13) \u00a0
Total Income tax expense \u00a0
-
-
(13) \u00a0
An expansion of the Danish tonnage tax regime to cover wind farm installation vessels \u00a0
was passed in January 2020 with retroactive effect from 2017, inclusive. \u00a0
On 15 December 2020, Cadeler A/S received a binding ruling from the Danish Tax Au- \u00a0
thorities. According to this, Cadeler A/S was able to apply the Danish Tonnage Taxation \u00a0
after the listing of the shares 27 November 2020. Management applied the Danish Ton- \u00a0
nage Taxation since 2021. The recorded tonnage tax expense for 2023 in Denmark and \u00a0
Cyprus amount to EUR 0 thousand and EUR 5 thousand respectively (2022: EUR 0 thou- \u00a0
sand and EUR 5 thousand respectively; 2021: EUR -13 thousand and EUR 5 thousand re- \u00a0
spectively). \u00a0
Cadeler A/S also has material tax losses from previous periods available for carry for- \u00a0
ward. Such tax losses can be utilised against future tonnage taxation income and other \u00a0
income, which does not qualify for tonnage taxation. The tax value of tax losses to be \u00a0
carried forward as of 31 December 2023 are approximately EUR 13 million (EUR 13 and \u00a0
EUR 12 million as of 31 December 2022 and 2021, respectively) and have not been recog- \u00a0
nised as it is not considered probable that the tax loss will be utilised. The tax losses are \u00a0
not subject to expiration. \u00a0
The Company operates in several countries. The Group\u2019s annual tax positions are based \u00a0
on taxable income, statutory rates and allowances, transfer pricing assumptions and the \u00a0
interpretation of the tax laws in the various jurisdictions of its operations. \u00a0
Such positions require significant judgment and the use of estimates and assumptions \u00a0
regarding significant future events such as the amount, timing and tax characterisation \u00a0
of certain transactions, changes in tax laws and treaties, and the timing and amount of \u00a0
profitability in each location in any given year. \u00a0
Additionally, certain of our entities enter into agreements with other of our entities to \u00a0
provide specialised services and equipment to their operations. However, in some juris- \u00a0
dictions the interpretation of tax laws relating to the pricing of transactions between re- \u00a0
lated parties could potentially result in tax authorities asserting additional tax liabilities \u00a0
with no offsetting tax recovery in other jurisdictions. \u00a0
The Company\u2019s tax filings may be subject to regular audits by the tax authorities as ap- \u00a0
plicable to local law. These audits may result in assessments for additional taxes that are \u00a0
resolved with the authorities or, potentially, through the courts. Due to the uncertain and \u00a0
complex application of tax regulations, the ultimate resolution of audits may result in lia- \u00a0
bilities that could be materially different from these estimates. In such an event, the \u00a0
Company will record additional tax expense or tax benefit in the period in which such \u00a0
resolution occurs. \u00a0
The Company reviewed the carrying amount of deferred tax assets at the reporting date \u00a0
and assessed if sufficient taxable profits will be available to allow a deferred tax asset to \u00a0
be utilised either in full or in part. To assess the availability of future taxable profits, man- \u00a0
agement estimates future revenues and costs, capital allowances and tax planning op- \u00a0
portunities. \u00a0
After consideration of all the information available, including its historical operating \u00a0
losses over the last three years, management believes that sufficient uncertainty exists \u00a0
with respect to future realisation of deferred tax assets and therefore has not been rec- \u00a0
ognised. The Company assess that such deferred tax assets do not meet the recogni- \u00a0
tion criteria until it can sustain a level of taxable profitability that demonstrates its ability \u00a0
to realise these assets. \u00a0
Deferred tax \u00a0
Deferred tax relates to the following: \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Reconciliation of deferred tax liabilities, net \u00a0
Beginning of financial year \u00a0
-
-
-
Acquisition of businesses \u00a0
10,321 \u00a0
-
-
Exchange differences \u00a0
(130) \u00a0
-
-
31 December 2023 \u00a0
10,191 \u00a0
-
-
Deferred tax positions as at 31 December 2023 relates to vessels. \u00a0
Effective Tax Rate \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
EUR\u2019000 \u00a0
%
EUR\u2019000 \u00a0
%
EUR\u2019000 \u00a0
%
Tax expense attributable to profit is made up of: \u00a0
Accounting profit before income tax \u00a0
11,498 \u00a0
35,541 \u00a0
7,450 \u00a0
Adjustment regarding tonnage taxed income \u00a0
(11,498) \u00a0
(35,541) \u00a0
(7,450) \u00a0
Accounting profit before income tax relating to Corporation Tax \u00a0
-
-
-
Calculated tax at statutory tax rate in Denmark, 22 % \u00a0
-
22 \u00a0
-
22 \u00a0
-
22 \u00a0
Tax impact from: \u00a0
Change in impairment of deferred tax assets in the year \u00a0
-
22 \u00a0
-
22 \u00a0
(13) \u00a0
22 \u00a0
Income tax expense, reported \u00a0
-
-
-
-
(13) \u00a0
-
Effective tax rate (%) \u00a0
0.0% \u00a0
0.0% \u00a0
0.0% \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3694": {
"value": "2.11. Inventories \u00a0
Inventories are carried at the lower of cost and net realisable value. Cost is determined \u00a0
using the first-in, first-out basis. Net realisable value is the estimated selling price in the \u00a0
ordinary course of business, less applicable variable selling expenses. Inventory mainly \u00a0
covers fuel and oil. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3695": {
"value": "2.11. Inventories \u00a0
Inventories are carried at the lower of cost and net realisable value. Cost is determined \u00a0
using the first-in, first-out basis. Net realisable value is the estimated selling price in the \u00a0
ordinary course of business, less applicable variable selling expenses. Inventory mainly \u00a0
covers fuel and oil. \u00a0
Note 15 \u00a0
Inventories \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Fuel and oil \u00a0
1,836 \u00a0
549 \u00a0
440 \u00a0
As of 31 December 2023, the Company's inventories include fuel and oil totalling EUR 1.8 \u00a0
million, a significant increase from EUR 0.5 million in 2022 since three of our four operat- \u00a0
ing vessels were off hire at the end of the reporting period. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3697": {
"value": "2.12. Property, plant and equipment \u00a0
Property, plant and equipment are recognised at cost less accumulated depreciation \u00a0
and accumulated impairment losses. \u00a0
The cost of an item of property, plant and equipment initially recognised includes its pur- \u00a0
chase price and any costs that are directly attributable to bringing the asset to the loca- \u00a0
tion and condition necessary for it to be capable of operating in the manner intended by \u00a0
management. \u00a0
Subsequent expenditure relating to property, plant and equipment that has already been \u00a0
recognised is added to the carrying amount of the asset only when it is probable that fu- \u00a0
ture economic benefits associated with the item will flow to the Group and the cost of \u00a0
the item can be measured reliably. All other repair and maintenance expenses are recog- \u00a0
nised in profit or loss when incurred. \u00a0
To keep performing their operational activity, the vessels have an obligation to go \u00a0
through drydock procedures every five years. The costs of the drydock procedures are \u00a0
capitalised per their purchase price and any costs that are directly attributable to bring- \u00a0
ing the vessels to the location and condition necessary for the drydock procedures. \u00a0
Depreciation is calculated using the straight-line method to allocate their depreciable \u00a0
amounts over the assets\u2019 estimated useful life. The estimated useful life is as follows: \u00a0
Useful life \u00a0
Vessels and furnished equipment \u00a0
Up to 25 years \u00a0
Drydock \u00a0
5 years \u00a0
Cars \u00a0
5 years \u00a0
Other fixtures and fittings \u00a0
2 to 3 years \u00a0
The estimated useful life of the vessels of 25 years has been estimated by an external \u00a0
consultant through a determined fatigue analysis based on the technical specification of \u00a0
the vessels. Prior to their acquisition, the vessels had already been in use for 8 years, \u00a0
therefore the remaining useful life of the vessels is estimated at 17 years for all compo- \u00a0
nents except jacking system and main crane with a remaining useful life of 3 years from \u00a0
the acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per \u00a0
vessel by the end of their useful life. Depreciation is based on costs less the estimated \u00a0
residual value. Residual value is estimated as the lightweight tonnage of each vessel \u00a0
multiplied by the scrap value per ton. \u00a0
More information can be found in Material accounting judgements, estimates and as- \u00a0
sumptions section with regards of acquired vessels trough the business combination. \u00a0
The residual value, useful life, and methods of depreciation of property, plant, and equip- \u00a0
ment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
2.13. Leases \u00a0
When the Group is the lessor \u00a0
Lessor \u2013 operating leases \u00a0
The Group leases vessels (the bareboat element relating to hire of the vessel as part of \u00a0
the time charter contracts) under operating leases to non-related parties. This is classi- \u00a0
fied as an operational lease, as such leases do not cover a significant part of the eco- \u00a0
nomic life of the vessels and the Group retains substantially all risks and rewards inci- \u00a0
dental to ownership of the vessels. Rental income from operating leases is recognised in \u00a0
profit or loss on an over time basis over the charter period and included in revenue as \u00a0
stated in Material Accounting Policies section under 2.3.1.1. \u00a0
Initial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
are capitalised and recognised as an expense in profit or loss over the lease term on the \u00a0
same basis as the lease income. \u00a0
When the Group is the lessee \u00a0
At the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
contract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
fied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
quired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date which the under- \u00a0
lying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
prises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
justed 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
had not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
The right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
ation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
Right-of-use assets are depreciated on a straight-line basis lease term. \u00a0
2.14. Impairment of non\u2013financial assets \u00a0
Goodwill \u00a0
Goodwill is tested for impairment at least once a year or sooner if impairment indication \u00a0
arises. Impairment testing is performed for each cash-generating unit to which goodwill \u00a0
is allocated, as determined by Management. \u00a0
If the carrying amount of intangible assets exceeds the recoverable, an impairment loss \u00a0
is recognised in profit or loss. Goodwill impairment losses are not subsequently reversed. \u00a0
Property, plant and equipment and right-of-use-assets \u00a0
Property, plant and equipment and right-of-use assets are tested for impairment when- \u00a0
ever there is any objective evidence or indication that these assets may be impaired. \u00a0
For the purpose of impairment testing of assets, recoverable amount (i.e. the higher of \u00a0
the fair value less cost to sell and the value in use) is determined on an individual asset \u00a0
basis unless the asset does not generate cash flows that are largely independent of \u00a0
those from other assets. If this is the case, the recoverable amount is determined for the \u00a0
cash-generating unit (CGU) to which the asset belongs. \u00a0
If the recoverable amount of the asset or CGU is estimated to be less than its carrying \u00a0
amount, the carrying amount of the asset or CGU is reduced to its recoverable amount. \u00a0
The difference between the carrying amount and recoverable amount is recognised as \u00a0
an impairment loss in profit or loss. \u00a0
An impairment loss for an asset is reversed if, and only if, there has been a change in the \u00a0
estimates used to determine the asset\u2019s recoverable amount since the last impairment \u00a0
loss was recognised. \u00a0
The carrying amount of this asset is increased to its revised recoverable amount, pro- \u00a0
vided that this amount does not exceed the carrying amount that would have been de- \u00a0
termined (net of accumulated depreciation) had no impairment loss been recognised for \u00a0
the asset in prior years. \u00a0
A reversal of impairment loss for an asset is recognised in profit or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3698": {
"value": "2.12. Property, plant and equipment \u00a0
Property, plant and equipment are recognised at cost less accumulated depreciation \u00a0
and accumulated impairment losses. \u00a0
The cost of an item of property, plant and equipment initially recognised includes its pur- \u00a0
chase price and any costs that are directly attributable to bringing the asset to the loca- \u00a0
tion and condition necessary for it to be capable of operating in the manner intended by \u00a0
management. \u00a0
Subsequent expenditure relating to property, plant and equipment that has already been \u00a0
recognised is added to the carrying amount of the asset only when it is probable that fu- \u00a0
ture economic benefits associated with the item will flow to the Group and the cost of \u00a0
the item can be measured reliably. All other repair and maintenance expenses are recog- \u00a0
nised in profit or loss when incurred. \u00a0
To keep performing their operational activity, the vessels have an obligation to go \u00a0
through drydock procedures every five years. The costs of the drydock procedures are \u00a0
capitalised per their purchase price and any costs that are directly attributable to bring- \u00a0
ing the vessels to the location and condition necessary for the drydock procedures. \u00a0
Depreciation is calculated using the straight-line method to allocate their depreciable \u00a0
amounts over the assets\u2019 estimated useful life. The estimated useful life is as follows: \u00a0
Useful life \u00a0
Vessels and furnished equipment \u00a0
Up to 25 years \u00a0
Drydock \u00a0
5 years \u00a0
Cars \u00a0
5 years \u00a0
Other fixtures and fittings \u00a0
2 to 3 years \u00a0
The estimated useful life of the vessels of 25 years has been estimated by an external \u00a0
consultant through a determined fatigue analysis based on the technical specification of \u00a0
the vessels. Prior to their acquisition, the vessels had already been in use for 8 years, \u00a0
therefore the remaining useful life of the vessels is estimated at 17 years for all compo- \u00a0
nents except jacking system and main crane with a remaining useful life of 3 years from \u00a0
the acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per \u00a0
vessel by the end of their useful life. Depreciation is based on costs less the estimated \u00a0
residual value. Residual value is estimated as the lightweight tonnage of each vessel \u00a0
multiplied by the scrap value per ton. \u00a0
More information can be found in Material accounting judgements, estimates and as- \u00a0
sumptions section with regards of acquired vessels trough the business combination. \u00a0
The residual value, useful life, and methods of depreciation of property, plant, and equip- \u00a0
ment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
2.13. Leases \u00a0
When the Group is the lessor \u00a0
Lessor \u2013 operating leases \u00a0
The Group leases vessels (the bareboat element relating to hire of the vessel as part of \u00a0
the time charter contracts) under operating leases to non-related parties. This is classi- \u00a0
fied as an operational lease, as such leases do not cover a significant part of the eco- \u00a0
nomic life of the vessels and the Group retains substantially all risks and rewards inci- \u00a0
dental to ownership of the vessels. Rental income from operating leases is recognised in \u00a0
profit or loss on an over time basis over the charter period and included in revenue as \u00a0
stated in Material Accounting Policies section under 2.3.1.1. \u00a0
Initial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
are capitalised and recognised as an expense in profit or loss over the lease term on the \u00a0
same basis as the lease income. \u00a0
When the Group is the lessee \u00a0
At the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
contract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
fied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
quired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date which the under- \u00a0
lying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
prises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
justed 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
had not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
The right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
ation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
Right-of-use assets are depreciated on a straight-line basis lease term. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3699": {
"value": "2.12. Property, plant and equipment \u00a0
Property, plant and equipment are recognised at cost less accumulated depreciation \u00a0
and accumulated impairment losses. \u00a0
The cost of an item of property, plant and equipment initially recognised includes its pur- \u00a0
chase price and any costs that are directly attributable to bringing the asset to the loca- \u00a0
tion and condition necessary for it to be capable of operating in the manner intended by \u00a0
management. \u00a0
Subsequent expenditure relating to property, plant and equipment that has already been \u00a0
recognised is added to the carrying amount of the asset only when it is probable that fu- \u00a0
ture economic benefits associated with the item will flow to the Group and the cost of \u00a0
the item can be measured reliably. All other repair and maintenance expenses are recog- \u00a0
nised in profit or loss when incurred. \u00a0
To keep performing their operational activity, the vessels have an obligation to go \u00a0
through drydock procedures every five years. The costs of the drydock procedures are \u00a0
capitalised per their purchase price and any costs that are directly attributable to bring- \u00a0
ing the vessels to the location and condition necessary for the drydock procedures. \u00a0
Depreciation is calculated using the straight-line method to allocate their depreciable \u00a0
amounts over the assets\u2019 estimated useful life. The estimated useful life is as follows: \u00a0
Useful life \u00a0
Vessels and furnished equipment \u00a0
Up to 25 years \u00a0
Drydock \u00a0
5 years \u00a0
Cars \u00a0
5 years \u00a0
Other fixtures and fittings \u00a0
2 to 3 years \u00a0
The estimated useful life of the vessels of 25 years has been estimated by an external \u00a0
consultant through a determined fatigue analysis based on the technical specification of \u00a0
the vessels. Prior to their acquisition, the vessels had already been in use for 8 years, \u00a0
therefore the remaining useful life of the vessels is estimated at 17 years for all compo- \u00a0
nents except jacking system and main crane with a remaining useful life of 3 years from \u00a0
the acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per \u00a0
vessel by the end of their useful life. Depreciation is based on costs less the estimated \u00a0
residual value. Residual value is estimated as the lightweight tonnage of each vessel \u00a0
multiplied by the scrap value per ton. \u00a0
More information can be found in Material accounting judgements, estimates and as- \u00a0
sumptions section with regards of acquired vessels trough the business combination. \u00a0
The residual value, useful life, and methods of depreciation of property, plant, and equip- \u00a0
ment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
2.13. Leases \u00a0
When the Group is the lessor \u00a0
Lessor \u2013 operating leases \u00a0
The Group leases vessels (the bareboat element relating to hire of the vessel as part of \u00a0
the time charter contracts) under operating leases to non-related parties. This is classi- \u00a0
fied as an operational lease, as such leases do not cover a significant part of the eco- \u00a0
nomic life of the vessels and the Group retains substantially all risks and rewards inci- \u00a0
dental to ownership of the vessels. Rental income from operating leases is recognised in \u00a0
profit or loss on an over time basis over the charter period and included in revenue as \u00a0
stated in Material Accounting Policies section under 2.3.1.1. \u00a0
Initial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
are capitalised and recognised as an expense in profit or loss over the lease term on the \u00a0
same basis as the lease income. \u00a0
When the Group is the lessee \u00a0
At the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
contract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
fied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
quired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date which the under- \u00a0
lying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
prises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
justed 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
had not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
The right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
ation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
Right-of-use assets are depreciated on a straight-line basis lease term. \u00a0
2.14. Impairment of non\u2013financial assets \u00a0
Goodwill \u00a0
Goodwill is tested for impairment at least once a year or sooner if impairment indication \u00a0
arises. Impairment testing is performed for each cash-generating unit to which goodwill \u00a0
is allocated, as determined by Management. \u00a0
If the carrying amount of intangible assets exceeds the recoverable, an impairment loss \u00a0
is recognised in profit or loss. Goodwill impairment losses are not subsequently reversed. \u00a0
Property, plant and equipment and right-of-use-assets \u00a0
Property, plant and equipment and right-of-use assets are tested for impairment when- \u00a0
ever there is any objective evidence or indication that these assets may be impaired. \u00a0
For the purpose of impairment testing of assets, recoverable amount (i.e. the higher of \u00a0
the fair value less cost to sell and the value in use) is determined on an individual asset \u00a0
basis unless the asset does not generate cash flows that are largely independent of \u00a0
those from other assets. If this is the case, the recoverable amount is determined for the \u00a0
cash-generating unit (CGU) to which the asset belongs. \u00a0
If the recoverable amount of the asset or CGU is estimated to be less than its carrying \u00a0
amount, the carrying amount of the asset or CGU is reduced to its recoverable amount. \u00a0
The difference between the carrying amount and recoverable amount is recognised as \u00a0
an impairment loss in profit or loss. \u00a0
An impairment loss for an asset is reversed if, and only if, there has been a change in the \u00a0
estimates used to determine the asset\u2019s recoverable amount since the last impairment \u00a0
loss was recognised. \u00a0
The carrying amount of this asset is increased to its revised recoverable amount, pro- \u00a0
vided that this amount does not exceed the carrying amount that would have been de- \u00a0
termined (net of accumulated depreciation) had no impairment loss been recognised for \u00a0
the asset in prior years. \u00a0
A reversal of impairment loss for an asset is recognised in profit or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3700": {
"value": "2.12. Property, plant and equipment \u00a0
Property, plant and equipment are recognised at cost less accumulated depreciation \u00a0
and accumulated impairment losses. \u00a0
The cost of an item of property, plant and equipment initially recognised includes its pur- \u00a0
chase price and any costs that are directly attributable to bringing the asset to the loca- \u00a0
tion and condition necessary for it to be capable of operating in the manner intended by \u00a0
management. \u00a0
Subsequent expenditure relating to property, plant and equipment that has already been \u00a0
recognised is added to the carrying amount of the asset only when it is probable that fu- \u00a0
ture economic benefits associated with the item will flow to the Group and the cost of \u00a0
the item can be measured reliably. All other repair and maintenance expenses are recog- \u00a0
nised in profit or loss when incurred. \u00a0
To keep performing their operational activity, the vessels have an obligation to go \u00a0
through drydock procedures every five years. The costs of the drydock procedures are \u00a0
capitalised per their purchase price and any costs that are directly attributable to bring- \u00a0
ing the vessels to the location and condition necessary for the drydock procedures. \u00a0
Depreciation is calculated using the straight-line method to allocate their depreciable \u00a0
amounts over the assets\u2019 estimated useful life. The estimated useful life is as follows: \u00a0
Useful life \u00a0
Vessels and furnished equipment \u00a0
Up to 25 years \u00a0
Drydock \u00a0
5 years \u00a0
Cars \u00a0
5 years \u00a0
Other fixtures and fittings \u00a0
2 to 3 years \u00a0
The estimated useful life of the vessels of 25 years has been estimated by an external \u00a0
consultant through a determined fatigue analysis based on the technical specification of \u00a0
the vessels. Prior to their acquisition, the vessels had already been in use for 8 years, \u00a0
therefore the remaining useful life of the vessels is estimated at 17 years for all compo- \u00a0
nents except jacking system and main crane with a remaining useful life of 3 years from \u00a0
the acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per \u00a0
vessel by the end of their useful life. Depreciation is based on costs less the estimated \u00a0
residual value. Residual value is estimated as the lightweight tonnage of each vessel \u00a0
multiplied by the scrap value per ton. \u00a0
More information can be found in Material accounting judgements, estimates and as- \u00a0
sumptions section with regards of acquired vessels trough the business combination. \u00a0
The residual value, useful life, and methods of depreciation of property, plant, and equip- \u00a0
ment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
2.13. Leases \u00a0
When the Group is the lessor \u00a0
Lessor \u2013 operating leases \u00a0
The Group leases vessels (the bareboat element relating to hire of the vessel as part of \u00a0
the time charter contracts) under operating leases to non-related parties. This is classi- \u00a0
fied as an operational lease, as such leases do not cover a significant part of the eco- \u00a0
nomic life of the vessels and the Group retains substantially all risks and rewards inci- \u00a0
dental to ownership of the vessels. Rental income from operating leases is recognised in \u00a0
profit or loss on an over time basis over the charter period and included in revenue as \u00a0
stated in Material Accounting Policies section under 2.3.1.1. \u00a0
Initial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
are capitalised and recognised as an expense in profit or loss over the lease term on the \u00a0
same basis as the lease income. \u00a0
When the Group is the lessee \u00a0
At the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
contract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
fied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
quired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date which the under- \u00a0
lying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
prises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
justed 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
had not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
The right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
ation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
Right-of-use assets are depreciated on a straight-line basis lease term. \u00a0
2.14. Impairment of non\u2013financial assets \u00a0
Goodwill \u00a0
Goodwill is tested for impairment at least once a year or sooner if impairment indication \u00a0
arises. Impairment testing is performed for each cash-generating unit to which goodwill \u00a0
is allocated, as determined by Management. \u00a0
If the carrying amount of intangible assets exceeds the recoverable, an impairment loss \u00a0
is recognised in profit or loss. Goodwill impairment losses are not subsequently reversed. \u00a0
Property, plant and equipment and right-of-use-assets \u00a0
Property, plant and equipment and right-of-use assets are tested for impairment when- \u00a0
ever there is any objective evidence or indication that these assets may be impaired. \u00a0
For the purpose of impairment testing of assets, recoverable amount (i.e. the higher of \u00a0
the fair value less cost to sell and the value in use) is determined on an individual asset \u00a0
basis unless the asset does not generate cash flows that are largely independent of \u00a0
those from other assets. If this is the case, the recoverable amount is determined for the \u00a0
cash-generating unit (CGU) to which the asset belongs. \u00a0
If the recoverable amount of the asset or CGU is estimated to be less than its carrying \u00a0
amount, the carrying amount of the asset or CGU is reduced to its recoverable amount. \u00a0
The difference between the carrying amount and recoverable amount is recognised as \u00a0
an impairment loss in profit or loss. \u00a0
An impairment loss for an asset is reversed if, and only if, there has been a change in the \u00a0
estimates used to determine the asset\u2019s recoverable amount since the last impairment \u00a0
loss was recognised. \u00a0
The carrying amount of this asset is increased to its revised recoverable amount, pro- \u00a0
vided that this amount does not exceed the carrying amount that would have been de- \u00a0
termined (net of accumulated depreciation) had no impairment loss been recognised for \u00a0
the asset in prior years. \u00a0
A reversal of impairment loss for an asset is recognised in profit or loss. \u00a0
2.26. Material accounting judgements, estimates and assumptions \u00a0
The preparation of the Group\u2019s consolidated financial statements requires management \u00a0
to make judgements, estimates and assumptions that affect the reported amounts of \u00a0
revenues, expenses, assets and liabilities, and the accompanying disclosures, and the \u00a0
disclosure of contingent liabilities. Uncertainty about these assumptions and estimates \u00a0
could result in outcomes that require a material adjustment to the carrying amount of as- \u00a0
sets or liabilities affected in future periods. \u00a0
The key assumptions concerning the future and other key sources of estimation uncer- \u00a0
tainty at the reporting date, that have a significant risk of causing a material adjustment \u00a0
to the carrying amounts of assets and liabilities within the next financial year, are de- \u00a0
scribed below. The Group based its assumptions and estimates on parameters available \u00a0
when the consolidated financial statements were prepared. Existing circumstances and \u00a0
assumptions about future developments, however, may change due to market changes \u00a0
or circumstances arising that are beyond the control of the Group. Such changes are re- \u00a0
flected in the assumptions when they occur. \u00a0
Estimates \u00a0
Useful life of vessels \u00a0
The estimation made regarding the duration of the useful life of the vessels has been \u00a0
based on, among other things, an analysis made by an external expert. The determined \u00a0
fatigue analysis is based on the technical specification of the wind turbine installation \u00a0
vessels (\u201cWTIV\u201d) and comparable vessels, the useful life of the vessels is estimated at 25 \u00a0
years. \u00a0
In 2020, the Group acquired two vessels which had already been in use for 8 years. \u00a0
Therefore, the remaining useful life of these vessels is estimated at 17 years for all com- \u00a0
ponents except the jacking system and main crane. These components have a remain- \u00a0
ing useful life of 3 years from the acquisition of the vessels. In the current year, the main \u00a0
crane of these vessels is undergoing an upgrade. The old main crane has been disposed \u00a0
of, and the new main crane is expected to be activated in the new year, matching the re- \u00a0
maining useful life of the vessels. \u00a0
In 2023, as part of the business combination, the Group acquired two additional vessels. \u00a0
One of these vessels was delivered in 2015 and the other in 2012. Similar to the vessels \u00a0
acquired in 2020, the estimated useful life of these vessels, 25 years when first acquired, \u00a0
depend on initial delivery. Therefore its useful life is 17 and 14 years, and all components \u00a0
will have the same useful life. The depreciation will be calculated over the remaining use- \u00a0
ful life of these vessels. \u00a0
The residual value, useful life, and methods of depreciation of property, plant, and equip- \u00a0
ment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Other operating income \u00a0
3,000 \u00a0
-
-
Other operating expenses \u00a0
(2,863) \u00a0
-
-
Net other operating income and expenses \u00a0
137 \u00a0
-
-
Note 18 \u00a0
Property Plant and Equipment \u00a0
Other fixtures \u00a0
Assets under \u00a0
EUR'000 \u00a0
Vessels \u00a0
Dry Dock \u00a0
and fittings \u00a0
Construction \u00a0
Total \u00a0
Cost 2023 \u00a0
Beginning of financial year \u00a0
282,282 \u00a0
9,261 \u00a0
536 \u00a0
356,163 \u00a0
648,242 \u00a0
Acquisition of businesses \u00a0
296,536 \u00a0
171 \u00a0
599 \u00a0
144,219 \u00a0
441,525 \u00a0
Additions \u00a0
227 \u00a0
-
3
73,169 \u00a0
73,399 \u00a0
Disposals \u00a0
(8,002) \u00a0
(291) \u00a0
-
-
(8,293) \u00a0
Exchange differences \u00a0
(4,683) \u00a0
(6) \u00a0
(159) \u00a0
(1,806) \u00a0
(6,654) \u00a0
31 December 2023 \u00a0
566,360 \u00a0
9,135 \u00a0
979 \u00a0
571,745 \u00a0
1,148,219 \u00a0
Accumulated depreciation and impairment \u00a0
Beginning of financial year \u00a0
39,570 \u00a0
2,023 \u00a0
445 \u00a0
-
42,038 \u00a0
Depreciation charge \u00a0
20,847 \u00a0
1,637 \u00a0
19 \u00a0
-
22,503 \u00a0
Disposals \u00a0
(5,722) \u00a0
(108) \u00a0
-
-
(5,830) \u00a0
Impairment on disposal \u00a0
5,000 \u00a0
-
-
-
5,000 \u00a0
Exchange differences \u00a0
(968) \u00a0
(4) \u00a0
(152) \u00a0
-
(1,124) \u00a0
31 December 2023 \u00a0
58,727 \u00a0
3,548 \u00a0
312 \u00a0
-
62,587 \u00a0
Net book value \u00a0
507,633 \u00a0
5,587 \u00a0
667 \u00a0
571,745 \u00a0
1,085,632 \u00a0
Due to business combination with Eneti, the Group\u2019s property, plant, and equipment in- \u00a0
creased by EUR 441.5 million in 2023. This primarily comprised the Operating Vessels \u00a0
Wind Scylla and Wind Zaratan (EUR 205,879 and EUR 86,927, respectively) and the new- \u00a0
builds under construction, the M-Class down payments for EUR 144 million. \u00a0
Additions during 2023 are mainly driven by down payments of EUR 42 million for the new \u00a0
P-class installation vessels (EUR 15.4 million), the new A-class foundation installation ves- \u00a0
sels (EUR 3.8 million) and instalments for the main cranes for both Wind Orca (EUR 16.0 \u00a0
million) and Wind Osprey (EUR 6.8 million), represented above on Assets under Construc- \u00a0
tion. In addition, Assets under Construction contains EUR 7.6 million worth of guarantee \u00a0
fees to BW Group related to the A-class and P-class newbuild vessels as well as EUR 5.7 \u00a0
million of assets related to future projects that have not yet started. \u00a0
Borrowing costs for 2023 has been capitalised for a total of EUR 7.1 million (2022: EUR 4.2 \u00a0
million). The capitalisation rate used to determine the amount of borrowing costs to be \u00a0
capitalised is the weighted average interest rate applicable to the Company\u2019s general \u00a0
borrowings during the reported period, in this case 5.5% (2022: 5.7%). \u00a0
Disposals during 2023 are mainly driven by the main cranes upgraded in both O-Class \u00a0
vessels, as well as impairment recognised. For further details, please refer to Note 5. \u00a0
Other fixtures \u00a0
Assets under \u00a0
EUR'000 \u00a0
Vessels \u00a0
Dry Dock \u00a0
and fittings \u00a0
Construction \u00a0
Total \u00a0
Cost 2022 \u00a0
Beginning of financial year \u00a0
258,148 \u00a0
1,983 \u00a0
536 \u00a0
158,734 \u00a0
419,401 \u00a0
Additions \u00a0
15,105 \u00a0
5,281 \u00a0
-
208,455 \u00a0
228,841 \u00a0
Transfer from assets under construction \u00a0
9,029 \u00a0
1,997 \u00a0
-
(11,026) \u00a0
-
31 December 2022 \u00a0
282,282 \u00a0
9,261 \u00a0
536 \u00a0
356,163 \u00a0
648,242 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
19,629 \u00a0
300 \u00a0
386 \u00a0
-
20,315 \u00a0
Depreciation charge \u00a0
19,941 \u00a0
1,723 \u00a0
59 \u00a0
-
21,723 \u00a0
31 December 2022 \u00a0
39,570 \u00a0
2,023 \u00a0
445 \u00a0
-
42,038 \u00a0
Net book value \u00a0
242,712 \u00a0
7,238 \u00a0
91 \u00a0
356,163 \u00a0
606,204 \u00a0
Additions during 2022 are mainly driven by down payments for EUR 167 million of the two \u00a0
new A-class foundation installation vessels and instalments for the main cranes for both \u00a0
Wind Orca (EUR 10.7 million) and Wind Osprey (EUR 16.3 million), represented above on \u00a0
Assets under Construction. There was also a transfer from assets under construction to \u00a0
additions for EUR 11 million, of which EUR 9 million due to the capitalisation of vessel \u00a0
equipment. \u00a0
Borrowing costs for 2022 has been capitalised for a total of EUR 4.2 million. The capitali- \u00a0
sation rate used to determine the amount of borrowing costs to be capitalised is the \u00a0
weighted average interest rate applicable to the Company\u2019s general borrowings during \u00a0
the reported period, in this case 5.7%. \u00a0
Other fixtures \u00a0
Assets under \u00a0
EUR'000 \u00a0
Vessels \u00a0
Dry Dock \u00a0
and fittings \u00a0
Construction \u00a0
Total \u00a0
Cost 2021 \u00a0
Beginning of financial year \u00a0
255,030 \u00a0
1,050 \u00a0
379 \u00a0
-
256,459 \u00a0
Additions \u00a0
3,118 \u00a0
933 \u00a0
157 \u00a0
158,734 \u00a0
162,942 \u00a0
31 December 2021 \u00a0
258,148 \u00a0
1,983 \u00a0
536 \u00a0
158,734 \u00a0
419,401 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
3,853 \u00a0
-
280 \u00a0
-
4,133 \u00a0
Depreciation charge \u00a0
15,776 \u00a0
300 \u00a0
106 \u00a0
-
16,182 \u00a0
31 December 2021 \u00a0
19,629 \u00a0
300 \u00a0
386 \u00a0
-
20,315 \u00a0
Net book value \u00a0
238,520 \u00a0
1,683 \u00a0
150 \u00a0
158,734 \u00a0
399,087 \u00a0
Additions during 2021 are mainly driven by down payments for EUR 137 million of the two \u00a0
new P-Class WTIVs and new crane for Wind Orca (EUR 7 million), represented above on \u00a0
Assets under Construction. \u00a0
Impairment Test on vessels (excluding goodwill) \u00a0
The Company has neither identified internal nor external impairment indicators. However, \u00a0
on a voluntary basis management performs an impairment test every year. For the pur- \u00a0
pose of testing the Group's vessels the impairment test is performed on a vessel-by- \u00a0
vessel basis. \u00a0
The Company is applying both fair value less costs of disposal (FVLCOD) to determine \u00a0
the arm\u2019s length sale price of an asset at the measurement date and the value-in-use \u00a0
(VIU) method for estimating the expected future cash flows that the asset in the current \u00a0
condition will produce. The VIU method assumes the asset will be recovered principally \u00a0
through its continuing use. \u00a0
The impairment test involves estimating both FVLCOD and VIU and comparing the \u00a0
higher amount to the asset\u2019s carrying amount. The Group has two CGUs being the \u00a0
transport and installation of offshore wind turbine generators and foundations vessels \u00a0
(WTGFIV), comprising Cadeler\u2019s O-class vessels and Scylla; and the maintenance of off- \u00a0
shore wind turbine generators (O&MV) cash-generating units, comprising Zaratan. As of \u00a0
31 December 2023, Management tested the carrying amount of its two CGUs including \u00a0
goodwill for impairment, cf. note 17, and each vessel on a stand-alone basis as described \u00a0
below. \u00a0
Independent market values on each vessel \u00a0
Two independent evaluations of the market value of the two O-class vessels were re- \u00a0
ceived in the second half of 2023. The first evaluation was made the 9 November 2023 \u00a0
by Clarksons Valuations Limited for an estimation of USD 400-440 million (correspond- \u00a0
ing to EUR 377-415 million), which is 67-84% higher than the carrying amount. The second \u00a0
vessel evaluation was made the 13 November 2023 by Fearnleys Asia (Singapore) Pte Ltd \u00a0
for an estimation of USD 332 million (corresponding to EUR 313 million), which is 34% \u00a0
higher than the carrying amount. \u00a0
In addition, two independent evaluations of the market value of Wind Scylla were re- \u00a0
ceived in November 2023. The first evaluation was made by Clarksons Valuations Limited \u00a0
for an estimation of USD 225-240 million (corresponding to EUR 203-217 million), which is \u00a0
5% higher than the carrying amount. The second vessel evaluation was made by Pareto \u00a0
for an estimation of USD 285-295 million (corresponding to EUR 258-267 million), which is \u00a0
25-29% higher than the carrying amount. \u00a0
Two independent evaluations of the market value of Wind Zaratan were performed in the \u00a0
second half of 2023. The first evaluation was made by Clarksons Valuations Limited for \u00a0
an estimation of USD 95-115 million (corresponding to EUR 86-104 million), which is 21% \u00a0
higher than the carrying amount. The second vessel evaluation was made by Pareto for \u00a0
an estimation of USD 95-105 million (corresponding to EUR 86-95 million), which is 10% \u00a0
higher than the carrying amount. \u00a0
The impairment assessment involves comparing net book values with broker valuations. \u00a0
The net book value is below the broker valuations, hence there is headroom all vessels. \u00a0
Management assesses key input inputs used in the independent evaluations to support \u00a0
no impairment indicators as explained below. \u00a0
VIU calculation \u00a0
As of December 2023, Management has prepared a value-in-use calculation for the ves- \u00a0
sels. For the acquired vessels in December 2023, management relied on input from DCF \u00a0
models in connection with accounting for the business combination, cf. note 6. \u00a0
The discounted cash flow period has been calculated from the remaining useful life of \u00a0
the vessel as this is deemed most representative for the actual value of the vessels. \u00a0
The VIU is calculated based on cash flow projections in financial budgets and business \u00a0
plans as follows: \u00a0
\u2013
From 2024 revenue is based on a combination of signed contracts and market \u00a0
estimated day rates and utilisation for O-class vessels (using externally available \u00a0
information) and a yearly increase of 2%. \u00a0
\u2013
OPEX includes expected 2024 levels (using internal forecasts) plus an increase \u00a0
for inflation on following years and CAPEX includes full investment on crane up- \u00a0
grades based on investment budget. \u00a0
The discount rate used in the calculation is based on a Weighted Average Cost of Capi- \u00a0
tal (WACC) of 9.5% after tax, (8% after tax in 2022 and 8.5% after tax in 2021). As the \u00a0
Company is subject to the tonnage tax regime, the tax consideration in the WACC calcu- \u00a0
lation for impairment of a vessel is immaterial. Therefore, the before and after tax WACC \u00a0
remain the same for impairment testing purposes. WACC is calculated by using a stand- \u00a0
ard WACC model in which cost of equity, cost of debt and capital structure are the key \u00a0
parameters. \u00a0
The calculation showed no need for impairment as the future value of cashflows were \u00a0
higher than the Net Book Value of the vessels. \u00a0
A sensitivity analysis was also undertaken assuming an increase or decrease in the \u00a0
WACC by 1% as well as an increase or decrease in the revenue by EUR 20 thousand per \u00a0
day. Within this sensitivity analysis the calculations also showed no need for impairment \u00a0
as the future value of cashflows were higher than the Net Book Value of the vessels. \u00a0
The value in use test further showed that headroom is calculated with respect to the in- \u00a0
vestment in new cranes. \u00a0
Newbuilds \u00a0
As for the newbuilds vessels it is management opinion that current signed contracts and \u00a0
the expected day rates in the future support no impairment indicators. \u00a0
The discount rate used in the calculation is based on a Weighted Average Cost of Capi- \u00a0
tal (WACC) of 9.5% after tax, (8% after tax in 2022 and 8.5% after tax in 2021). As the \u00a0
Company is subject to the tonnage tax regime, the tax consideration in the WACC calcu- \u00a0
lation for impairment of a vessel is immaterial. Therefore, the before and after tax WACC \u00a0
remain the same for impairment testing purposes. \u00a0
WACC is calculated by using a standard WACC model in which cost of equity, cost of \u00a0
debt and capital structure are the key parameters. \u00a0
The calculation showed no need for impairment as the future value of cashflows were \u00a0
higher than the Net Book Value of the vessels. \u00a0
A sensitivity analysis was also undertaken assuming an increase or decrease in the \u00a0
WACC by 1% as well as an increase or decrease in the revenue by EUR 20 thousand per \u00a0
day. Within this sensitivity analysis the calculations also showed no need for impairment \u00a0
as the future value of cashflows were higher than the Net Book Value of the vessels. \u00a0
Sufficient headroom is calculated with respect to the investment in new cranes. \u00a0
The impairment assessment for Wind Scylla and Wind Zaratan involves comparing their \u00a0
net book values with broker valuations. The net book value is below the broker valua- \u00a0
tions, hence there is sufficient headroom for the S-Class and Z-Class vessels. As for all \u00a0
the newbuilds vessels it is management opinion that current signed contracts and the \u00a0
expected day rates in the future support the agreed purchase prices of the vessels. \u00a0
Note 19 \u00a0
Right of Use Assets \u00a0
Nature of the Group leasing activities \u00a0
Leasehold equipment \u00a0
In 2022 the Group started an agreement for the use of vessel equipment for a total con- \u00a0
tract value of EUR 464 thousand during the initial term, plus additional repair and installa- \u00a0
tion costs. The amount was amortised over the initial term which was 13 months, ending \u00a0
in 2023. \u00a0
Office space \u00a0
The Group leases office space for the purpose of office operations. In 2023, the Com- \u00a0
pany has terminated the lease agreement for its headquarters and signed a contract \u00a0
with Castellum Denmark, for a new location from 2024. The lease commitment is pre- \u00a0
sented in Note 23. \u00a0
Warehouse facilities \u00a0
The Group leases a warehouse facility located in the UK. \u00a0
Leasehold \u00a0
Warehouse \u00a0
EUR'000 \u00a0
equipment \u00a0
facilities \u00a0
Office space \u00a0
Total \u00a0
Cost 2023 \u00a0
Beginning of financial year \u00a0
464 \u00a0
-
1,681 \u00a0
2,145 \u00a0
Acquisition of businesses \u00a0
-
421 \u00a0
612 \u00a0
1,033 \u00a0
Exchange differences \u00a0
-
(12) \u00a0
(32) \u00a0
(44) \u00a0
31 December 2023 \u00a0
464 \u00a0
409 \u00a0
2,261 \u00a0
3,134 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
381 \u00a0
-
1,477 \u00a0
1,858 \u00a0
Amortisation charge \u00a0
83 \u00a0
30 \u00a0
221 \u00a0
334 \u00a0
Exchange differences \u00a0
-
(6) \u00a0
(25) \u00a0
(31) \u00a0
31 December 2023 \u00a0
464 \u00a0
24 \u00a0
1,673 \u00a0
2,161 \u00a0
Net book value \u00a0
-
385 \u00a0
588 \u00a0
973 \u00a0
Leasehold \u00a0
Office \u00a0
EUR'000 \u00a0
equipment \u00a0
space \u00a0
Total \u00a0
Cost 2022 \u00a0
Beginning of financial year \u00a0
-
1,572 \u00a0
1,572 \u00a0
Movement during the year \u00a0
464 \u00a0
109 \u00a0
573 \u00a0
31 December 2022 \u00a0
464 \u00a0
1,681 \u00a0
2,145 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
-
1,108 \u00a0
1,108 \u00a0
Amortisation charge \u00a0
381 \u00a0
369 \u00a0
750 \u00a0
31 December 2022 \u00a0
381 \u00a0
1,477 \u00a0
1,858 \u00a0
Net book value \u00a0
83 \u00a0
204 \u00a0
287 \u00a0
Office \u00a0
EUR'000 \u00a0
space \u00a0
Total \u00a0
Cost 2021 \u00a0
Beginning of financial year \u00a0
1,572 \u00a0
1,572 \u00a0
31 December 2021 \u00a0
1,572 \u00a0
1,572 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
832 \u00a0
832 \u00a0
Amortisation charge \u00a0
276 \u00a0
276 \u00a0
31 December 2021 \u00a0
1,108 \u00a0
1,108 \u00a0
Net book value \u00a0
464 \u00a0
464 \u00a0
Please refer to Note 24 for disclosure on the lease liabilities and to Note 23 for disclosure \u00a0
on lease commitment \u00a0
Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
25 \u00a0
21 \u00a0
30 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Short-term lease expense \u00a0
180 \u00a0
53 \u00a0
34 \u00a0
c. Total cash outflow for all leases in 2023, 2022 and 2021 were EUR 283 thousand, EUR \u00a0
728 thousand and EUR 315 thousand respectively, excluding variable lease fee (refer to \u00a0
Note 24). \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Repayment of lease liability \u00a0
283 \u00a0
728 \u00a0
315 \u00a0
Rental above standby rate \u00a0
-
-
196 \u00a0
Cash outflow for leases that are not capital- \u00a0
ised \u00a0
180 \u00a0
53 \u00a0
34 \u00a0
463 \u00a0
781 \u00a0
545 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3701": {
"value": "2.12. Property, plant and equipment \u00a0
Property, plant and equipment are recognised at cost less accumulated depreciation \u00a0
and accumulated impairment losses. \u00a0
The cost of an item of property, plant and equipment initially recognised includes its pur- \u00a0
chase price and any costs that are directly attributable to bringing the asset to the loca- \u00a0
tion and condition necessary for it to be capable of operating in the manner intended by \u00a0
management. \u00a0
Subsequent expenditure relating to property, plant and equipment that has already been \u00a0
recognised is added to the carrying amount of the asset only when it is probable that fu- \u00a0
ture economic benefits associated with the item will flow to the Group and the cost of \u00a0
the item can be measured reliably. All other repair and maintenance expenses are recog- \u00a0
nised in profit or loss when incurred. \u00a0
To keep performing their operational activity, the vessels have an obligation to go \u00a0
through drydock procedures every five years. The costs of the drydock procedures are \u00a0
capitalised per their purchase price and any costs that are directly attributable to bring- \u00a0
ing the vessels to the location and condition necessary for the drydock procedures. \u00a0
Depreciation is calculated using the straight-line method to allocate their depreciable \u00a0
amounts over the assets\u2019 estimated useful life. The estimated useful life is as follows: \u00a0
Useful life \u00a0
Vessels and furnished equipment \u00a0
Up to 25 years \u00a0
Drydock \u00a0
5 years \u00a0
Cars \u00a0
5 years \u00a0
Other fixtures and fittings \u00a0
2 to 3 years \u00a0
The estimated useful life of the vessels of 25 years has been estimated by an external \u00a0
consultant through a determined fatigue analysis based on the technical specification of \u00a0
the vessels. Prior to their acquisition, the vessels had already been in use for 8 years, \u00a0
therefore the remaining useful life of the vessels is estimated at 17 years for all compo- \u00a0
nents except jacking system and main crane with a remaining useful life of 3 years from \u00a0
the acquisition of the vessels. Hull and steel have a salvage value of EUR 10 million per \u00a0
vessel by the end of their useful life. Depreciation is based on costs less the estimated \u00a0
residual value. Residual value is estimated as the lightweight tonnage of each vessel \u00a0
multiplied by the scrap value per ton. \u00a0
More information can be found in Material accounting judgements, estimates and as- \u00a0
sumptions section with regards of acquired vessels trough the business combination. \u00a0
The residual value, useful life, and methods of depreciation of property, plant, and equip- \u00a0
ment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
2.13. Leases \u00a0
When the Group is the lessor \u00a0
Lessor \u2013 operating leases \u00a0
The Group leases vessels (the bareboat element relating to hire of the vessel as part of \u00a0
the time charter contracts) under operating leases to non-related parties. This is classi- \u00a0
fied as an operational lease, as such leases do not cover a significant part of the eco- \u00a0
nomic life of the vessels and the Group retains substantially all risks and rewards inci- \u00a0
dental to ownership of the vessels. Rental income from operating leases is recognised in \u00a0
profit or loss on an over time basis over the charter period and included in revenue as \u00a0
stated in Material Accounting Policies section under 2.3.1.1. \u00a0
Initial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
are capitalised and recognised as an expense in profit or loss over the lease term on the \u00a0
same basis as the lease income. \u00a0
When the Group is the lessee \u00a0
At the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
contract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
fied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
quired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date which the under- \u00a0
lying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
prises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
justed 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
had not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
The right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
ation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
Right-of-use assets are depreciated on a straight-line basis lease term. \u00a0
2.26. Material accounting judgements, estimates and assumptions \u00a0
The preparation of the Group\u2019s consolidated financial statements requires management \u00a0
to make judgements, estimates and assumptions that affect the reported amounts of \u00a0
revenues, expenses, assets and liabilities, and the accompanying disclosures, and the \u00a0
disclosure of contingent liabilities. Uncertainty about these assumptions and estimates \u00a0
could result in outcomes that require a material adjustment to the carrying amount of as- \u00a0
sets or liabilities affected in future periods. \u00a0
The key assumptions concerning the future and other key sources of estimation uncer- \u00a0
tainty at the reporting date, that have a significant risk of causing a material adjustment \u00a0
to the carrying amounts of assets and liabilities within the next financial year, are de- \u00a0
scribed below. The Group based its assumptions and estimates on parameters available \u00a0
when the consolidated financial statements were prepared. Existing circumstances and \u00a0
assumptions about future developments, however, may change due to market changes \u00a0
or circumstances arising that are beyond the control of the Group. Such changes are re- \u00a0
flected in the assumptions when they occur. \u00a0
Estimates \u00a0
Useful life of vessels \u00a0
The estimation made regarding the duration of the useful life of the vessels has been \u00a0
based on, among other things, an analysis made by an external expert. The determined \u00a0
fatigue analysis is based on the technical specification of the wind turbine installation \u00a0
vessels (\u201cWTIV\u201d) and comparable vessels, the useful life of the vessels is estimated at 25 \u00a0
years. \u00a0
In 2020, the Group acquired two vessels which had already been in use for 8 years. \u00a0
Therefore, the remaining useful life of these vessels is estimated at 17 years for all com- \u00a0
ponents except the jacking system and main crane. These components have a remain- \u00a0
ing useful life of 3 years from the acquisition of the vessels. In the current year, the main \u00a0
crane of these vessels is undergoing an upgrade. The old main crane has been disposed \u00a0
of, and the new main crane is expected to be activated in the new year, matching the re- \u00a0
maining useful life of the vessels. \u00a0
In 2023, as part of the business combination, the Group acquired two additional vessels. \u00a0
One of these vessels was delivered in 2015 and the other in 2012. Similar to the vessels \u00a0
acquired in 2020, the estimated useful life of these vessels, 25 years when first acquired, \u00a0
depend on initial delivery. Therefore its useful life is 17 and 14 years, and all components \u00a0
will have the same useful life. The depreciation will be calculated over the remaining use- \u00a0
ful life of these vessels. \u00a0
The residual value, useful life, and methods of depreciation of property, plant, and equip- \u00a0
ment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Cost of sales \u00a0
Right of use asset depreciation \u00a0
19 \u00a0
30 \u00a0
-
-
Insurance \u00a0
1,573 \u00a0
1,933 \u00a0
1,772 \u00a0
Vessel depreciation \u00a0
18 \u00a0
22,484 \u00a0
21,664 \u00a0
16,077 \u00a0
Impairment of property, plant and equip- \u00a0
ment \u00a0
18 \u00a0
5,000 \u00a0
-
-
Crewing costs paid to a related party and \u00a0
an external party \u00a0
27 \u00a0
-
61 \u00a0
11,517 \u00a0
Seafarer payroll \u00a0
7
15,921 \u00a0
13,089 \u00a0
1,159 \u00a0
Fuel and oil \u00a0
711 \u00a0
1,113 \u00a0
892 \u00a0
Maintenance \u00a0
5,121 \u00a0
4,039 \u00a0
2,305 \u00a0
Messing costs \u00a0
1,448 \u00a0
1,428 \u00a0
1,224 \u00a0
Seafarer travel \u00a0
2,835 \u00a0
2,589 \u00a0
1,876 \u00a0
Specific charter costs \u00a0
4,052 \u00a0
2,623 \u00a0
1,239 \u00a0
Utilities \u00a0
389 \u00a0
689 \u00a0
541 \u00a0
Other operating expenses \u00a0
294 \u00a0
309 \u00a0
260 \u00a0
Tonnage tax \u00a0
-
-
17 \u00a0
Total cost of sales \u00a0
59,858 \u00a0
49,537 \u00a0
38,879 \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Administrative expenses \u00a0
Depreciation and amortisation \u00a0
17, 18, 19 \u00a0
534 \u00a0
1,020 \u00a0
414 \u00a0
Employee compensation \u00a0
7
18,889 \u00a0
9,905 \u00a0
7,603 \u00a0
Repair and maintenance expenses \u00a0
1,123 \u00a0
796 \u00a0
161 \u00a0
Legal and professional fees \u00a0
2,122 \u00a0
1,047 \u00a0
564 \u00a0
Transaction costs \u00a0
6
7,707 \u00a0
-
-
Rental expenses \u00a0
751 \u00a0
582 \u00a0
584 \u00a0
Travel expense \u00a0
985 \u00a0
612 \u00a0
305 \u00a0
Management fees to related party \u00a0
27 \u00a0
-
-
115 \u00a0
Marketing and entertainment expenses \u00a0
602 \u00a0
788 \u00a0
159 \u00a0
Other expenses \u00a0
1,745 \u00a0
946 \u00a0
1,020 \u00a0
Total administrative expenses \u00a0
34,458 \u00a0
15,696 \u00a0
10,925 \u00a0
Note 17 \u00a0
Intangible Assets \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
EUR'000 \u00a0
Software \u00a0
Goodwill \u00a0
Total \u00a0
Software \u00a0
Software \u00a0
Cost \u00a0
Beginning of period \u00a0
662 \u00a0
-
662 \u00a0
434 \u00a0
-
Acquisition of businesses \u00a0
-
16,919 \u00a0
16,919 \u00a0
Additions \u00a0
31 \u00a0
-
31 \u00a0
228 \u00a0
434 \u00a0
Exchange differences \u00a0
-
(212) \u00a0
(212) \u00a0
31 December \u00a0
693 \u00a0
16,707 \u00a0
17,400 \u00a0
662 \u00a0
434 \u00a0
Accumulated depreciation \u00a0
Beginning of period \u00a0
243 \u00a0
-
243 \u00a0
32 \u00a0
-
Depreciation charge \u00a0
210 \u00a0
210 \u00a0
211 \u00a0
32 \u00a0
31 December \u00a0
453 \u00a0
-
453 \u00a0
243 \u00a0
32 \u00a0
Net book value \u00a0
240 \u00a0
16,707 \u00a0
16,947 \u00a0
419 \u00a0
402 \u00a0
Software additions during 2023 are mainly related to further developments of the Com- \u00a0
pany software solutions. \u00a0
While 2021 additions were mainly implementation costs for Enterprise Resource and \u00a0
Planning (ERP), Vessel and Crew Management software, 2022 additions are mainly fur- \u00a0
ther developments of these initially implemented solutions. \u00a0
Impairment Test \u00a0
Management has performed impairment test of goodwill allocated to each CGU as at \u00a0
December 31, 2023. \u00a0
Goodwill of EUR 16.9 million was recognised on 19 December 2023 relating to the Eneti \u00a0
acquisition. The Group has two CGUs being the transport and installation of offshore \u00a0
wind turbine generators and foundations vessels (WTGFIV), Cadeler\u2019s O-class vessels \u00a0
and Scylla; and the maintenance of offshore wind turbine generators (O&MV) cash-gen- \u00a0
erating unit, comprising Zaratan. At 31 December 2023, Management has not yet con- \u00a0
cluded on the allocation of goodwill, which could be either to a single CGU or to both \u00a0
CGUs'. Management assessed goodwill for impairment on entity level (being both CGUs), \u00a0
which showed no indication of impairment, based on the quoted price of Cadeler\u2019s \u00a0
shares. For more information related to Goodwill recognised and allocation of goodwill to \u00a0
CGU, please refer to Note 6. \u00a0
Note 18 \u00a0
Property Plant and Equipment \u00a0
Other fixtures \u00a0
Assets under \u00a0
EUR'000 \u00a0
Vessels \u00a0
Dry Dock \u00a0
and fittings \u00a0
Construction \u00a0
Total \u00a0
Cost 2023 \u00a0
Beginning of financial year \u00a0
282,282 \u00a0
9,261 \u00a0
536 \u00a0
356,163 \u00a0
648,242 \u00a0
Acquisition of businesses \u00a0
296,536 \u00a0
171 \u00a0
599 \u00a0
144,219 \u00a0
441,525 \u00a0
Additions \u00a0
227 \u00a0
-
3
73,169 \u00a0
73,399 \u00a0
Disposals \u00a0
(8,002) \u00a0
(291) \u00a0
-
-
(8,293) \u00a0
Exchange differences \u00a0
(4,683) \u00a0
(6) \u00a0
(159) \u00a0
(1,806) \u00a0
(6,654) \u00a0
31 December 2023 \u00a0
566,360 \u00a0
9,135 \u00a0
979 \u00a0
571,745 \u00a0
1,148,219 \u00a0
Accumulated depreciation and impairment \u00a0
Beginning of financial year \u00a0
39,570 \u00a0
2,023 \u00a0
445 \u00a0
-
42,038 \u00a0
Depreciation charge \u00a0
20,847 \u00a0
1,637 \u00a0
19 \u00a0
-
22,503 \u00a0
Disposals \u00a0
(5,722) \u00a0
(108) \u00a0
-
-
(5,830) \u00a0
Impairment on disposal \u00a0
5,000 \u00a0
-
-
-
5,000 \u00a0
Exchange differences \u00a0
(968) \u00a0
(4) \u00a0
(152) \u00a0
-
(1,124) \u00a0
31 December 2023 \u00a0
58,727 \u00a0
3,548 \u00a0
312 \u00a0
-
62,587 \u00a0
Net book value \u00a0
507,633 \u00a0
5,587 \u00a0
667 \u00a0
571,745 \u00a0
1,085,632 \u00a0
Other fixtures \u00a0
Assets under \u00a0
EUR'000 \u00a0
Vessels \u00a0
Dry Dock \u00a0
and fittings \u00a0
Construction \u00a0
Total \u00a0
Cost 2022 \u00a0
Beginning of financial year \u00a0
258,148 \u00a0
1,983 \u00a0
536 \u00a0
158,734 \u00a0
419,401 \u00a0
Additions \u00a0
15,105 \u00a0
5,281 \u00a0
-
208,455 \u00a0
228,841 \u00a0
Transfer from assets under construction \u00a0
9,029 \u00a0
1,997 \u00a0
-
(11,026) \u00a0
-
31 December 2022 \u00a0
282,282 \u00a0
9,261 \u00a0
536 \u00a0
356,163 \u00a0
648,242 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
19,629 \u00a0
300 \u00a0
386 \u00a0
-
20,315 \u00a0
Depreciation charge \u00a0
19,941 \u00a0
1,723 \u00a0
59 \u00a0
-
21,723 \u00a0
31 December 2022 \u00a0
39,570 \u00a0
2,023 \u00a0
445 \u00a0
-
42,038 \u00a0
Net book value \u00a0
242,712 \u00a0
7,238 \u00a0
91 \u00a0
356,163 \u00a0
606,204 \u00a0
Other fixtures \u00a0
Assets under \u00a0
EUR'000 \u00a0
Vessels \u00a0
Dry Dock \u00a0
and fittings \u00a0
Construction \u00a0
Total \u00a0
Cost 2021 \u00a0
Beginning of financial year \u00a0
255,030 \u00a0
1,050 \u00a0
379 \u00a0
-
256,459 \u00a0
Additions \u00a0
3,118 \u00a0
933 \u00a0
157 \u00a0
158,734 \u00a0
162,942 \u00a0
31 December 2021 \u00a0
258,148 \u00a0
1,983 \u00a0
536 \u00a0
158,734 \u00a0
419,401 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
3,853 \u00a0
-
280 \u00a0
-
4,133 \u00a0
Depreciation charge \u00a0
15,776 \u00a0
300 \u00a0
106 \u00a0
-
16,182 \u00a0
31 December 2021 \u00a0
19,629 \u00a0
300 \u00a0
386 \u00a0
-
20,315 \u00a0
Net book value \u00a0
238,520 \u00a0
1,683 \u00a0
150 \u00a0
158,734 \u00a0
399,087 \u00a0
Leasehold \u00a0
Warehouse \u00a0
EUR'000 \u00a0
equipment \u00a0
facilities \u00a0
Office space \u00a0
Total \u00a0
Cost 2023 \u00a0
Beginning of financial year \u00a0
464 \u00a0
-
1,681 \u00a0
2,145 \u00a0
Acquisition of businesses \u00a0
-
421 \u00a0
612 \u00a0
1,033 \u00a0
Exchange differences \u00a0
-
(12) \u00a0
(32) \u00a0
(44) \u00a0
31 December 2023 \u00a0
464 \u00a0
409 \u00a0
2,261 \u00a0
3,134 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
381 \u00a0
-
1,477 \u00a0
1,858 \u00a0
Amortisation charge \u00a0
83 \u00a0
30 \u00a0
221 \u00a0
334 \u00a0
Exchange differences \u00a0
-
(6) \u00a0
(25) \u00a0
(31) \u00a0
31 December 2023 \u00a0
464 \u00a0
24 \u00a0
1,673 \u00a0
2,161 \u00a0
Net book value \u00a0
-
385 \u00a0
588 \u00a0
973 \u00a0
Leasehold \u00a0
Office \u00a0
EUR'000 \u00a0
equipment \u00a0
space \u00a0
Total \u00a0
Cost 2022 \u00a0
Beginning of financial year \u00a0
-
1,572 \u00a0
1,572 \u00a0
Movement during the year \u00a0
464 \u00a0
109 \u00a0
573 \u00a0
31 December 2022 \u00a0
464 \u00a0
1,681 \u00a0
2,145 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
-
1,108 \u00a0
1,108 \u00a0
Amortisation charge \u00a0
381 \u00a0
369 \u00a0
750 \u00a0
31 December 2022 \u00a0
381 \u00a0
1,477 \u00a0
1,858 \u00a0
Net book value \u00a0
83 \u00a0
204 \u00a0
287 \u00a0
Office \u00a0
EUR'000 \u00a0
space \u00a0
Total \u00a0
Cost 2021 \u00a0
Beginning of financial year \u00a0
1,572 \u00a0
1,572 \u00a0
31 December 2021 \u00a0
1,572 \u00a0
1,572 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
832 \u00a0
832 \u00a0
Amortisation charge \u00a0
276 \u00a0
276 \u00a0
31 December 2021 \u00a0
1,108 \u00a0
1,108 \u00a0
Net book value \u00a0
464 \u00a0
464 \u00a0
Please refer to Note 24 for disclosure on the lease liabilities and to Note 23 for disclosure \u00a0
on lease commitment \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3739": {
"value": "2.13. Leases \u00a0
When the Group is the lessor \u00a0
Lessor \u2013 operating leases \u00a0
The Group leases vessels (the bareboat element relating to hire of the vessel as part of \u00a0
the time charter contracts) under operating leases to non-related parties. This is classi- \u00a0
fied as an operational lease, as such leases do not cover a significant part of the eco- \u00a0
nomic life of the vessels and the Group retains substantially all risks and rewards inci- \u00a0
dental to ownership of the vessels. Rental income from operating leases is recognised in \u00a0
profit or loss on an over time basis over the charter period and included in revenue as \u00a0
stated in Material Accounting Policies section under 2.3.1.1. \u00a0
Initial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
are capitalised and recognised as an expense in profit or loss over the lease term on the \u00a0
same basis as the lease income. \u00a0
When the Group is the lessee \u00a0
At the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
contract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
fied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
quired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date which the under- \u00a0
lying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
prises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
justed 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
had not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
The right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
ation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
Right-of-use assets are depreciated on a straight-line basis lease term. \u00a0
b. Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities meas- \u00a0
ured at the present value of lease payments to be made over the lease term. The lease \u00a0
payments include fixed payments (including in-substance fixed payments) less any lease \u00a0
incentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
amounts expected to be paid under residual value guarantees. \u00a0
Variable lease payments that do not depend on an index or a rate are recognised as ex- \u00a0
penses in the period in which the event or condition that triggers the payment occurs. \u00a0
Utilisation lease fees can be classified as a variable fee. \u00a0
In calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
rowing rate at the lease commencement date because the interest rate implicit in the \u00a0
lease is not readily determinable. After the commencement date, the amount of lease \u00a0
liabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
ments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
tion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
payments resulting from a change in an index or rate used to determine such lease pay- \u00a0
ments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
The Group has elected to not recognise right-of-use assets and lease liabilities for short- \u00a0
term leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
Lease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
basis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
chines, office premises and AV equipment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3743": {
"value": "2.13. Leases \u00a0
When the Group is the lessor \u00a0
Lessor \u2013 operating leases \u00a0
The Group leases vessels (the bareboat element relating to hire of the vessel as part of \u00a0
the time charter contracts) under operating leases to non-related parties. This is classi- \u00a0
fied as an operational lease, as such leases do not cover a significant part of the eco- \u00a0
nomic life of the vessels and the Group retains substantially all risks and rewards inci- \u00a0
dental to ownership of the vessels. Rental income from operating leases is recognised in \u00a0
profit or loss on an over time basis over the charter period and included in revenue as \u00a0
stated in Material Accounting Policies section under 2.3.1.1. \u00a0
Initial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
are capitalised and recognised as an expense in profit or loss over the lease term on the \u00a0
same basis as the lease income. \u00a0
When the Group is the lessee \u00a0
At the inception of the contract, the Group assesses if the contract contains a lease. A \u00a0
contract contains a lease if the contract conveys the right to control the use of an identi- \u00a0
fied asset for a period of time in exchange for consideration. Reassessment is only re- \u00a0
quired when the terms and conditions of the contract are changed. \u00a0
a. Right-of-use assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date which the under- \u00a0
lying asset is available for use. Right-of-use assets are measured at cost which com- \u00a0
prises the initial measurement of lease liabilities using an incremental borrowing rate ad- \u00a0
justed 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
had not been obtained are added to the carrying amount of the right-of-use assets. \u00a0
The right-of-use asset is subsequently measured at cost, less any accumulated depreci- \u00a0
ation and impairment losses, and adjusted for any remeasurement of lease liability. \u00a0
Right-of-use assets are depreciated on a straight-line basis lease term. \u00a0
b. Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities meas- \u00a0
ured at the present value of lease payments to be made over the lease term. The lease \u00a0
payments include fixed payments (including in-substance fixed payments) less any lease \u00a0
incentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
amounts expected to be paid under residual value guarantees. \u00a0
Variable lease payments that do not depend on an index or a rate are recognised as ex- \u00a0
penses in the period in which the event or condition that triggers the payment occurs. \u00a0
Utilisation lease fees can be classified as a variable fee. \u00a0
In calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
rowing rate at the lease commencement date because the interest rate implicit in the \u00a0
lease is not readily determinable. After the commencement date, the amount of lease \u00a0
liabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
ments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
tion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
payments resulting from a change in an index or rate used to determine such lease pay- \u00a0
ments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
The Group has elected to not recognise right-of-use assets and lease liabilities for short- \u00a0
term leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
Lease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
basis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
chines, office premises and AV equipment. \u00a0
Disaggregation of revenue from contracts with customers by activity \u00a0
The following table provides information about disaggregated revenue. \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Revenue disaggregation \u00a0
Time charter services and transportation and installa- \u00a0
tion services \u00a0
99,841 \u00a0
104,578 \u00a0
56,449 \u00a0
Other revenue, including fees earned for early termina- \u00a0
tion by customers of contracts \u00a0
8,781 \u00a0
1,846 \u00a0
4,489 \u00a0
Total revenue \u00a0
108,622 \u00a0
106,424 \u00a0
60,938 \u00a0
For the year ended 31 December 2023, lease component, included within time charter \u00a0
services and transportation and installation,
amounts to EUR 79 million (2022: EUR 91 \u00a0
million; 2021: EUR 43 million). \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Interest expense \u00a0
- Interest linked to debt liabilities \u00a0
2,851 \u00a0
1,351 \u00a0
2,727 \u00a0
- Interest with related parties \u00a0
-
157 \u00a0
684 \u00a0
Fair value change of derivative (ineffectiveness) \u00a0
765 \u00a0
-
-
Lease liabilities \u00a0
25 \u00a0
21 \u00a0
30 \u00a0
Foreign currency loss \u00a0
389 \u00a0
7,834 \u00a0
1,692 \u00a0
Bank fees \u00a0
456 \u00a0
318 \u00a0
358 \u00a0
Finance expenses \u00a0
4,486 \u00a0
9,681 \u00a0
5,491 \u00a0
Total interest paid in 2023 as per Consolidated Statement of Cash Flows amounts to \u00a0
EUR 7.1 million (2022: EUR 4.2 million) which have been capitalised to Property, Plant and \u00a0
Equipment. For more information refer to Note 18. Total interest linked to debt liabilities \u00a0
include EUR 1.9 million (2022: EUR 0.9) due to write off of loan fees relate to the previous \u00a0
debt facility and an additional EUR 1.0 million from the amendment to that prior facility in \u00a0
June 2023. \u00a0
Note 19 \u00a0
Right of Use Assets \u00a0
Nature of the Group leasing activities \u00a0
Leasehold equipment \u00a0
In 2022 the Group started an agreement for the use of vessel equipment for a total con- \u00a0
tract value of EUR 464 thousand during the initial term, plus additional repair and installa- \u00a0
tion costs. The amount was amortised over the initial term which was 13 months, ending \u00a0
in 2023. \u00a0
Office space \u00a0
The Group leases office space for the purpose of office operations. In 2023, the Com- \u00a0
pany has terminated the lease agreement for its headquarters and signed a contract \u00a0
with Castellum Denmark, for a new location from 2024. The lease commitment is pre- \u00a0
sented in Note 23. \u00a0
Warehouse facilities \u00a0
The Group leases a warehouse facility located in the UK. \u00a0
Leasehold \u00a0
Warehouse \u00a0
EUR'000 \u00a0
equipment \u00a0
facilities \u00a0
Office space \u00a0
Total \u00a0
Cost 2023 \u00a0
Beginning of financial year \u00a0
464 \u00a0
-
1,681 \u00a0
2,145 \u00a0
Acquisition of businesses \u00a0
-
421 \u00a0
612 \u00a0
1,033 \u00a0
Exchange differences \u00a0
-
(12) \u00a0
(32) \u00a0
(44) \u00a0
31 December 2023 \u00a0
464 \u00a0
409 \u00a0
2,261 \u00a0
3,134 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
381 \u00a0
-
1,477 \u00a0
1,858 \u00a0
Amortisation charge \u00a0
83 \u00a0
30 \u00a0
221 \u00a0
334 \u00a0
Exchange differences \u00a0
-
(6) \u00a0
(25) \u00a0
(31) \u00a0
31 December 2023 \u00a0
464 \u00a0
24 \u00a0
1,673 \u00a0
2,161 \u00a0
Net book value \u00a0
-
385 \u00a0
588 \u00a0
973 \u00a0
Leasehold \u00a0
Office \u00a0
EUR'000 \u00a0
equipment \u00a0
space \u00a0
Total \u00a0
Cost 2022 \u00a0
Beginning of financial year \u00a0
-
1,572 \u00a0
1,572 \u00a0
Movement during the year \u00a0
464 \u00a0
109 \u00a0
573 \u00a0
31 December 2022 \u00a0
464 \u00a0
1,681 \u00a0
2,145 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
-
1,108 \u00a0
1,108 \u00a0
Amortisation charge \u00a0
381 \u00a0
369 \u00a0
750 \u00a0
31 December 2022 \u00a0
381 \u00a0
1,477 \u00a0
1,858 \u00a0
Net book value \u00a0
83 \u00a0
204 \u00a0
287 \u00a0
Office \u00a0
EUR'000 \u00a0
space \u00a0
Total \u00a0
Cost 2021 \u00a0
Beginning of financial year \u00a0
1,572 \u00a0
1,572 \u00a0
31 December 2021 \u00a0
1,572 \u00a0
1,572 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
832 \u00a0
832 \u00a0
Amortisation charge \u00a0
276 \u00a0
276 \u00a0
31 December 2021 \u00a0
1,108 \u00a0
1,108 \u00a0
Net book value \u00a0
464 \u00a0
464 \u00a0
Please refer to Note 24 for disclosure on the lease liabilities and to Note 23 for disclosure \u00a0
on lease commitment \u00a0
Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
25 \u00a0
21 \u00a0
30 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Short-term lease expense \u00a0
180 \u00a0
53 \u00a0
34 \u00a0
Note 23 \u00a0
Commitments and Pledges \u00a0
Lease commitments \u00a0
The future lease payables under non-cancellable value and short-term leases contracted \u00a0
for at the balance sheet date but not recognised as liabilities, are as follows: \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Not later than one year \u00a0
1,090 \u00a0
53 \u00a0
18 \u00a0
Between one and five years \u00a0
4,984 \u00a0
9
-
6,074 \u00a0
62 \u00a0
18 \u00a0
The Company\u2019s lease commitments include tenure of the new headquarters, which will \u00a0
reflect at the balance sheet in Q1 2024 under IFRS 16. The Company signed the contract \u00a0
with Castellum Denmark and will have access to almost 5,000 m2 of office space in cen- \u00a0
tral Copenhagen. The contract, with a six years biding period, amounted to EUR 8 million. \u00a0
The Company paid EUR 1 million as a deposit fee for this contract. \u00a0
Pledge of Fixed Assets \u00a0
The New Debt Facility detailed in Note 26 is secured by, inter alia, a first priority mort- \u00a0
gage over the Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR 511 \u00a0
million carrying value, see Note 18), first priority assignment of the earnings of the vessel \u00a0
owning entities, including certain change of control provisions which are similar to those \u00a0
included in the P-Class Facility. \u00a0
The P-Class facility is secured by a first priority mortgage over the P-Class newbuilds, \u00a0
first priority assignments of the insurances and earnings of the P-Class newbuilds by \u00a0
Cadeler and the two borrowers and contain customary financial and other covenants in- \u00a0
cluding certain change of control provisions. There will be a change of control under the \u00a0
P-Class Facility if any person or group of persons acting in concert (other than Swire Pa- \u00a0
cific and the BW Group) hold legally and beneficially more than 25% of each of the is- \u00a0
sued and outstanding share capital and/or the issued and outstanding voting share cap- \u00a0
ital of Cadeler A/S. In addition, a number of changes to the ownership structure further \u00a0
down in the Group will trigger a change of control such as, among others, if either Wind \u00a0
N1063 Limited or Wind N1064 Limited ceases to be a wholly owned (direct or indirect) \u00a0
subsidiary of Cadeler. The P-Class Facility will be governed by English law. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
The Company signed a contract with NOV on 18 December 2020 to replace the main \u00a0
crane of Wind Orca and then executed the option to replace the main crane for Wind Os- \u00a0
prey on 17 June 2021. The total sum of the contract with NOV for the replacement of both \u00a0
cranes is EUR 83.4 million, of which EUR 7 million was paid in 2021, EUR 27 million was \u00a0
paid in 2022 and EUR 15.8 million was paid in 2023. The remaining scheduled payments \u00a0
will be due in 2024. \u00a0
P-Class vessels \u00a0
Since 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry \u00a0
CO. Ltd. (\u201cCOSCO\u201d) to build two new P-class WTIVs. The total sum of the contract for the \u00a0
new vessels is approximately EUR 572 million, of which EUR 137 million was paid in 2021 \u00a0
and EUR 14 million was paid in 2023. The remaining scheduled payments will be due be- \u00a0
tween 2024 and 2025. Of the total contract, USD 390 million is paid in USD and EUR 220 \u00a0
million will is paid in EUR. \u00a0
A-Class vessels \u00a0
On 9 May 2022 and 22 November 2022 the Company signed additional contracts with \u00a0
COSCO SHIPPING Heavy Industry to build a total of two new A-Class foundation installa- \u00a0
tion vessel. The total sum of the contracts for the new vessel is approximately EUR 657 \u00a0
million, of which approximately a total of EUR 167 million was paid in 2022, while the re- \u00a0
maining amounts will be due over the years from 2025 to 2026. Of the total contract, \u00a0
USD 495 million is paid in USD and EUR 205 million is paid in EUR. \u00a0
M-Class vessels \u00a0
The Company, due to the business combination with Eneti, is currently under contract \u00a0
with Hanwha for the construction of two next generation offshore WTIVs. The total sum \u00a0
of the contracts is approximately EUR 592 million, of which EUR 118 million has been \u00a0
paid. The remaining scheduled payments will be due between 2024 and 2025. \u00a0
Remaining instalments for the newbuilds vessels: \u00a0
As of 31 December 2023 \u00a0
Millions \u00a0
P-Class \u00a0
M-Class \u00a0
A-Class \u00a0
Total \u00a0
Contract amount in EUR \u00a0
220 \u00a0
-
205 \u00a0
425 \u00a0
Contract amount in USD \u00a0
390 \u00a0
655 \u00a0
495 \u00a0
1,540 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
592 \u00a0
657 \u00a0
1,821 \u00a0
Commitment amount in EUR \u00a0
69 \u00a0
-
105 \u00a0
174 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
524 \u00a0
426 \u00a0
1,340 \u00a0
Commitment amount translated to EUR \u00a0
421 \u00a0
474 \u00a0
490 \u00a0
1,385 \u00a0
As of 31 December 2022 \u00a0
Millions \u00a0
P-Class \u00a0
A-Class \u00a0
Total \u00a0
Contract amount in EUR \u00a0
220 \u00a0
205 \u00a0
425 \u00a0
Contract amount in USD \u00a0
390 \u00a0
495 \u00a0
885 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
657 \u00a0
1,229 \u00a0
Commitment amount in EUR \u00a0
82 \u00a0
105 \u00a0
187 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
426 \u00a0
816 \u00a0
Commitment amount translated to EUR \u00a0
435 \u00a0
490 \u00a0
925 \u00a0
As of 31 December 2021 \u00a0
Millions \u00a0
P-Class \u00a0
Contract amount in EUR \u00a0
220 \u00a0
Contract amount in USD \u00a0
390 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
Commitment amount in EUR \u00a0
82 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
Commitment amount translated to EUR \u00a0
435 \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Lease liabilities at 1 January (current and \u00a0
non-current lease) \u00a0
279 \u00a0
507 \u00a0
792 \u00a0
Acquisition of subsidiaries \u00a0
1,299 \u00a0
-
-
Exchange differences \u00a0
(16) \u00a0
-
-
Cash paid for lease obligations \u00a0
(569) \u00a0
(228) \u00a0
(285) \u00a0
Lease liabilities at 31 December (current \u00a0
and non-current lease) \u00a0
993 \u00a0
279 \u00a0
507 \u00a0
Current \u00a0
392 \u00a0
-
209 \u00a0
Non-current \u00a0
601 \u00a0
279 \u00a0
298 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3774": {
"value": "b. Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities meas- \u00a0
ured at the present value of lease payments to be made over the lease term. The lease \u00a0
payments include fixed payments (including in-substance fixed payments) less any lease \u00a0
incentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
amounts expected to be paid under residual value guarantees. \u00a0
Variable lease payments that do not depend on an index or a rate are recognised as ex- \u00a0
penses in the period in which the event or condition that triggers the payment occurs. \u00a0
Utilisation lease fees can be classified as a variable fee. \u00a0
In calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
rowing rate at the lease commencement date because the interest rate implicit in the \u00a0
lease is not readily determinable. After the commencement date, the amount of lease \u00a0
liabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
ments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
tion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
payments resulting from a change in an index or rate used to determine such lease pay- \u00a0
ments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
The Group has elected to not recognise right-of-use assets and lease liabilities for short- \u00a0
term leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
Lease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
basis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
chines, office premises and AV equipment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3775": {
"value": "b. Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities meas- \u00a0
ured at the present value of lease payments to be made over the lease term. The lease \u00a0
payments include fixed payments (including in-substance fixed payments) less any lease \u00a0
incentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
amounts expected to be paid under residual value guarantees. \u00a0
Variable lease payments that do not depend on an index or a rate are recognised as ex- \u00a0
penses in the period in which the event or condition that triggers the payment occurs. \u00a0
Utilisation lease fees can be classified as a variable fee. \u00a0
In calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
rowing rate at the lease commencement date because the interest rate implicit in the \u00a0
lease is not readily determinable. After the commencement date, the amount of lease \u00a0
liabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
ments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
tion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
payments resulting from a change in an index or rate used to determine such lease pay- \u00a0
ments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
The Group has elected to not recognise right-of-use assets and lease liabilities for short- \u00a0
term leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
Lease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
basis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
chines, office premises and AV equipment. \u00a0
2.17. Trade and other payables \u00a0
Trade and other payables represent liabilities for goods and services provided to the \u00a0
Group prior to the end of the financial year which are unpaid. They are classified as cur- \u00a0
rent liabilities if payment is due within one year or less (or in the normal operating cycle \u00a0
of the business, if longer). Otherwise, they are presented as non-current liabilities. \u00a0
Trade and other payables are initially recognised at fair value, and subsequently carried \u00a0
at amortised cost, using the effective interest method. \u00a0
2.19. Financial liabilities \u00a0
Debt to credit institutions etc. is recognised at the time of borrowing at fair value after \u00a0
deduction of transaction costs incurred. Subsequently, the financial liabilities are meas- \u00a0
ured at amortised cost using the \"effective interest method\", so that the difference be- \u00a0
tween the proceeds and the nominal value is recognised in the income statement under \u00a0
financial expenses over the loan period. \u00a0
A financial liability is derecognised when the obligation under the liability is discharged, \u00a0
cancelled or expires. \u00a0
When an existing financial liability is replaced by another from the same lender on sub- \u00a0
stantially different terms, or the terms of an existing liability are substantially modified, \u00a0
such an exchange or modification is treated as the derecognition of the original liability \u00a0
and the recognition of a new liability. \u00a0
The difference in the respective carrying amounts of the asset and the liability is recog- \u00a0
nised in the statement of profit and loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3776": {
"value": "b. Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities meas- \u00a0
ured at the present value of lease payments to be made over the lease term. The lease \u00a0
payments include fixed payments (including in-substance fixed payments) less any lease \u00a0
incentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
amounts expected to be paid under residual value guarantees. \u00a0
Variable lease payments that do not depend on an index or a rate are recognised as ex- \u00a0
penses in the period in which the event or condition that triggers the payment occurs. \u00a0
Utilisation lease fees can be classified as a variable fee. \u00a0
In calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
rowing rate at the lease commencement date because the interest rate implicit in the \u00a0
lease is not readily determinable. After the commencement date, the amount of lease \u00a0
liabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
ments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
tion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
payments resulting from a change in an index or rate used to determine such lease pay- \u00a0
ments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
The Group has elected to not recognise right-of-use assets and lease liabilities for short- \u00a0
term leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
Lease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
basis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
chines, office premises and AV equipment. \u00a0
2.15. Financial assets \u00a0
The classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
ing the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
assets. \u00a0
The Group reclassifies financial assets when and only when its business model for man- \u00a0
aging those assets changes. \u00a0
(i) At initial recognition \u00a0
At initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
case of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
directly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
cial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
Financial assets \u00a0
Financial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
bles and other current assets. \u00a0
Interest income from these financial assets are recognised using the effective interest \u00a0
rate method. \u00a0
The Group assesses on forward looking basis the expected credit losses associated with \u00a0
its financial assets carried at amortised cost. \u00a0
For trade and other receivables, the Group applied the simplified approach permitted by \u00a0
IFRS 9, which requires expected lifetime losses to be recognised from initial recognition \u00a0
of the receivables. \u00a0
2.17. Trade and other payables \u00a0
Trade and other payables represent liabilities for goods and services provided to the \u00a0
Group prior to the end of the financial year which are unpaid. They are classified as cur- \u00a0
rent liabilities if payment is due within one year or less (or in the normal operating cycle \u00a0
of the business, if longer). Otherwise, they are presented as non-current liabilities. \u00a0
Trade and other payables are initially recognised at fair value, and subsequently carried \u00a0
at amortised cost, using the effective interest method. \u00a0
2.19. Financial liabilities \u00a0
Debt to credit institutions etc. is recognised at the time of borrowing at fair value after \u00a0
deduction of transaction costs incurred. Subsequently, the financial liabilities are meas- \u00a0
ured at amortised cost using the \"effective interest method\", so that the difference be- \u00a0
tween the proceeds and the nominal value is recognised in the income statement under \u00a0
financial expenses over the loan period. \u00a0
A financial liability is derecognised when the obligation under the liability is discharged, \u00a0
cancelled or expires. \u00a0
When an existing financial liability is replaced by another from the same lender on sub- \u00a0
stantially different terms, or the terms of an existing liability are substantially modified, \u00a0
such an exchange or modification is treated as the derecognition of the original liability \u00a0
and the recognition of a new liability. \u00a0
The difference in the respective carrying amounts of the asset and the liability is recog- \u00a0
nised in the statement of profit and loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3779": {
"value": "b. Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities meas- \u00a0
ured at the present value of lease payments to be made over the lease term. The lease \u00a0
payments include fixed payments (including in-substance fixed payments) less any lease \u00a0
incentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
amounts expected to be paid under residual value guarantees. \u00a0
Variable lease payments that do not depend on an index or a rate are recognised as ex- \u00a0
penses in the period in which the event or condition that triggers the payment occurs. \u00a0
Utilisation lease fees can be classified as a variable fee. \u00a0
In calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
rowing rate at the lease commencement date because the interest rate implicit in the \u00a0
lease is not readily determinable. After the commencement date, the amount of lease \u00a0
liabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
ments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
tion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
payments resulting from a change in an index or rate used to determine such lease pay- \u00a0
ments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
The Group has elected to not recognise right-of-use assets and lease liabilities for short- \u00a0
term leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
Lease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
basis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
chines, office premises and AV equipment. \u00a0
2.15. Financial assets \u00a0
The classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
ing the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
assets. \u00a0
The Group reclassifies financial assets when and only when its business model for man- \u00a0
aging those assets changes. \u00a0
(i) At initial recognition \u00a0
At initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
case of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
directly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
cial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
Financial assets \u00a0
Financial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
bles and other current assets. \u00a0
Interest income from these financial assets are recognised using the effective interest \u00a0
rate method. \u00a0
The Group assesses on forward looking basis the expected credit losses associated with \u00a0
its financial assets carried at amortised cost. \u00a0
For trade and other receivables, the Group applied the simplified approach permitted by \u00a0
IFRS 9, which requires expected lifetime losses to be recognised from initial recognition \u00a0
of the receivables. \u00a0
2.19. Financial liabilities \u00a0
Debt to credit institutions etc. is recognised at the time of borrowing at fair value after \u00a0
deduction of transaction costs incurred. Subsequently, the financial liabilities are meas- \u00a0
ured at amortised cost using the \"effective interest method\", so that the difference be- \u00a0
tween the proceeds and the nominal value is recognised in the income statement under \u00a0
financial expenses over the loan period. \u00a0
A financial liability is derecognised when the obligation under the liability is discharged, \u00a0
cancelled or expires. \u00a0
When an existing financial liability is replaced by another from the same lender on sub- \u00a0
stantially different terms, or the terms of an existing liability are substantially modified, \u00a0
such an exchange or modification is treated as the derecognition of the original liability \u00a0
and the recognition of a new liability. \u00a0
The difference in the respective carrying amounts of the asset and the liability is recog- \u00a0
nised in the statement of profit and loss. \u00a0
Change in the debts to credit institu- \u00a0
tions during the year \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Debt to credit institutions at 1 January \u00a0
(115,002) \u00a0
(73,075) \u00a0
(73,500) \u00a0
Overdraft facility drawn \u00a0
-
(16,067) \u00a0
(8,998) \u00a0
Loans repayment \u00a0
115,000 \u00a0
65,000 \u00a0
10,000 \u00a0
Overdraft repayment \u00a0
-
25,065 \u00a0
-
New loan \u00a0
(211,934) \u00a0
(115,000) \u00a0
-
New loan interests \u00a0
8,262 \u00a0
1,541 \u00a0
-
Write off of loan fees \u00a0
(1,898) \u00a0
(923) \u00a0
-
Others \u00a0
-
(1,543) \u00a0
(577) \u00a0
Debt to credit institutions at 31 December \u00a0
(205,572) \u00a0
(115,002) \u00a0
(73,075) \u00a0
Capital management \u00a0
The Company\u2019s objectives when managing capital are to ensure the Company\u2019s ability to \u00a0
continue 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
other things, aims to ensure that it meets financial covenants attached to the interest- \u00a0
bearing loans and borrowings that define capital structure requirements. Breaches in \u00a0
meeting the financial covenants would permit the bank to immediately call loans and \u00a0
borrowings. There have been no breaches of the financial covenants of any interest- \u00a0
bearing loans and borrowing in the current period. \u00a0
In order to maintain or adjust the capital structure in the future, the Group may adjust the \u00a0
amount of dividends paid to shareholders, issue new shares and/or sell assets to reduce \u00a0
debt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other \u00a0
distributions without DNB Bank ASA\u2019s written consent. \u00a0
Note 26 \u00a0
Financial Liabilities: Interest-bearing Loans and Borrowings \u00a0
New Debt Facility \u2013 replacing the RCF \u00a0
On 29 June 2022 the Company entered into a Senior Secured Green Revolving Credit Fa- \u00a0
cility (\u201cRCF\u201d) of a 3-year term loan of EUR 185 million with DNB Bank ASA. \u00a0
The RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi- \u00a0
tion to voluntary prepayments in whole or any part of the loan, at any time, the loan will \u00a0
be repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to \u00a0
EUR 35 million. \u00a0
On 4 July 2022 the Company utilised EUR 115 million from the total EUR 150 million availa- \u00a0
ble from the RCF. With these funds the Group repaid in full the outstanding amounts, re- \u00a0
lated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank \u00a0
ASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF \u00a0
added about EUR 70 million in liquidity. \u00a0
The RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and \u00a0
subject to a green loan margin discount as long as the Company is in compliance with \u00a0
certain green asset criteria such as earmarked investments in green assets. The Group is \u00a0
currently in compliance with this green criteria and are expected to remain compliant for \u00a0
the duration of the facility. The full repayment of a senior debt facility generated a fi- \u00a0
nance cost for the write-off of borrowing costs of approximately EUR 810,000 in July \u00a0
2022. Due to a confidentiality agreement, the applicable margin cannot be disclosed. \u00a0
In June 2023, the Debt Facility was amended to increase the guarantee facility to EUR 60 \u00a0
million and to increase the committed revolving credit facility to EUR 250 million, result- \u00a0
ing in an increase of the aggregate Debt Facility to EUR 310 million. The above was re- \u00a0
financed and the Group entered into the new RCF, as explained below. \u00a0
In connection with the Business Combination, the Company on 7 December 2023 en- \u00a0
tered into a new senior secured credit and guarantee facilities of up to EUR 550 million \u00a0
providing for (i) a revolving credit facility of up to EUR 250 million (5 year tenor), (ii) a re- \u00a0
volving credit facility of up to EUR 100 million (18 months tenor), (iii) a term loan of up to \u00a0
EUR 100 million (8.5 year tenor) guaranteed by The Danish Export and Investment Fund \u00a0
of Denmark (EIFO) and (iv) an uncommitted guarantee facility of up to EUR 100 million \u00a0
(the \u201cNew Debt Facility\u201d). The New Debt Facility has similar terms and conditions as the \u00a0
existing Debt Facility. The change of control provisions are similar to those included in \u00a0
the P-Class Facility (as described below). \u00a0
The Company has utilised EUR 162 million from the total EUR 450 million available from \u00a0
the RCF. With these funds the Group repaid the outstanding amounts of Eneti\u2019s previous \u00a0
Credit Facility, which amounted to USD 59.4 million (of which Eneti repaid USD 12.6 mil- \u00a0
lion in October 2023 from the proceeds from the sale of Seajacks Hydra, Seajacks Levia- \u00a0
than and the Seajacks Kraken). In addition, the Group has repaid the amounts under its \u00a0
own Debt Facility amounting to EUR 115 million. \u00a0
The full repayment of the senior debt facility generated a finance cost for the write off of \u00a0
borrowing costs of approximately EUR 1.8 million thousand in 2023. \u00a0
By the end of the reporting period, EUR 288 million remains unutilised from the RCF. \u00a0
Holdco Facility
(EUR 5O million) \u00a0
On 15 November 2023, the Group entered into an unsecured Holdco Facility in an aggre- \u00a0
gate amount of EUR 50 million (tenor of five years) with HSBC. The financing includes a \u00a0
non-committed accordion option of up to EUR 50 million. The purpose of the Holdco Fa- \u00a0
cility is, among others, partial funding of the wind installation activities of the Group and \u00a0
general corporate purposes. The facility includes customary financial and other cove- \u00a0
nants. \u00a0
M-Class Facility
(USD 436 million) \u00a0
In connection with the Business Combination, the Group acquired a senior secured \u00a0
green term loan facility, which Eneti entered in November 2023, of up to USD 436 million \u00a0
(the \u201cNew Credit Facility\u201d) with a group of international banks and export credit agencies \u00a0
co-arranged and co-underwritten by Cr\u00e9dit Agricole Corporate and Investment Bank and \u00a0
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, and with Soci\u00e9t\u00e9 G\u00e9n\u00e9rale as Green Loan Coordinator. The New Credit \u00a0
Facility finances approximately 65% of the purchase cost of the M-Class newbuilding, \u00a0
with the remaining 35% to be funded either by obtaining additional bank financing or \u00a0
through available operational cash reserves. The maturity date of the New Credit Facility \u00a0
in relation to each vessel is 12 years from the delivery date of each vessel. The New \u00a0
Credit Facility bears interest at a blended margin of SOFR plus 2.36% per annum (exclu- \u00a0
sive of premiums payable to K-SURE and Eksfin). However, the terms of the New Credit \u00a0
Facility provided that completion of the Business Combination would not trigger a \u00a0
change of control provision with regard to cancellation and prepayment of the New \u00a0
Credit Facility. \u00a0
P-Class Facility
(USD 425 million) \u00a0
Further, Cadeler A/S and two of its subsidiaries, WIND N1064 Limited and WIND N1063 \u00a0
Limited, entered into a Sinosure-backed green term loan facility of up to EUR 425 million \u00a0
(12 year tenor) (the \"P-Class Facility\") in December 2023 to finance the purchase of P- \u00a0
Class newbuilds. The funds under the P-Class Facility have been borrowed by WIND \u00a0
N1064 Limited and WIND N1063 Limited (the future owners of the P-Class newbuilds) and \u00a0
may not be reborrowed once repaid. Further financing will be required from 2025 in con- \u00a0
nection with milestone payments for the A-Class New Builds. The Cadeler Group\u2019s man- \u00a0
agement expects to require approximately EUR 450 million of additional funding for the \u00a0
A-Class New Builds. Cadeler currently has a letter of intent in place for the order of one \u00a0
additional A-Class New Build. There can be no guarantee that the financing of such new \u00a0
builds and any future upgrades can be obtained on attractive terms or at all. \u00a0
Covenants \u00a0
The Group is in compliance with all covenants in the New Debt Facility (RCF): \u00a0
-
Minimum Free Liquidity: Freely available cash and cash equivalents at of i) the \u00a0
higher of EUR 35.000.000 or 5% of gross interest bearing debt, if the ratio of for- \u00a0
ward-looking contract cash flow to net interest bearing debt
are above 50% or ii) \u00a0
EUR 50,000,000 or an amount equal to 7.5% of the gross interest bearing debt \u00a0
at all other times. \u00a0
-
Equity Ratio: The ratio of book equity to total assets at all times to be minimum \u00a0
35%. \u00a0
-
Working capital: the working capital shall be higher than zero (0). \u00a0
-
Fair market value of vessels: The fair market value of the vessels shall at all times \u00a0
cover at least 150% of the gross interest bearing debt following the redelivery of \u00a0
the O-Class vessels. \u00a0
-
Contracted cash flows: If at any reported quarter the aggregated loans exceed \u00a0
80% the forward-looking expected cash revenues from legally binding contracts, \u00a0
the Contracted Cash Flows, the Borrower shall prepay the exceeding part of the \u00a0
Loans within five (5) Business Days. \u00a0
-
Utilisation of RCF\u2019s Facility under New Debt Facility must be above the outstand- \u00a0
ing on ECA Term Loan tranche. \u00a0
Further, the Group is in compliance with some additional covenants specified in the \u00a0
Holdco Facility: \u00a0
-
Fair market value of vessels: The fair market value of the vessels shall at all times \u00a0
cover at least 140% of the gross interest bearing debt. \u00a0
-
Debt service coverage ratio: Cash flow available for debt service (including avail- \u00a0
able liquidity covering cash, cash equivalent and undrawn New Debt Facility) at \u00a0
the Parent Company must be above Debt service cash flow related to the \u00a0
Holdco Facility (2:1). \u00a0
As of the reported date, the P-Class and M-Class facilities remain unutilised. Given their \u00a0
non-utilisation, no assessment of compliance with associated covenants has been nec- \u00a0
essary up to this point. These covenants, if applicable, will require assessment upon utili- \u00a0
sation of the facilities and contain customary financial and other covenants, including \u00a0
certain change of control provisions, similar to those disclosed for the utilised facilities. \u00a0
Additionally, the Group is in compliance with below requirements: \u00a0
Restriction on dividends: the Company is not permitted to pay any dividends or other \u00a0
distributions without DNB Bank ASA\u2019s written consent. For the New Debt Facility, divi- \u00a0
dends and distributions should not exceed 50% of the consolidated net profit for the re- \u00a0
spective year. Further, in the Holdco Facility, the Company is not allowed to any distribu- \u00a0
tions before the delivery of the P-Class, A-Class and M-Class. \u00a0
Change of control: If any person or group of persons (other than Swire Pacific or the BW \u00a0
Group) acting in concert directly or indirectly gains control of 25% or more of the voting \u00a0
and/or ordinary shares of the Borrower, the Agent (acting on instructions from the major- \u00a0
ity lenders) may by written notice of sixty (60) days cancel the total commitments and \u00a0
demand prepayment of all amounts outstanding under the facilities. \u00a0
Financial Liabilities: Interest-bearing Loans and Borrowings \u00a0
Continued from previous page \u00a0
As of 31 December 2023 \u00a0
Committed (EUR millions)\u00b9 \u00a0
Related derivatives contracts \u00a0
Average IRS \u00a0
IRS nominal \u00a0
Interest rate \u00a0
Maturity \u00a0
Utilised \u00a0
Unused \u00a0
rate \u00a0
(EUR millions) \u00a0
Secured \u00a0
3 months EURIBOR + \u00a0
New Debt Facility (RCF) \u00a0
2.4% \u00a0
2031 \u00a0
162 \u00a0
288 \u00a0
2.7% \u00a0
150 \u00a0
New Debt Facility - Guarantee \u00a0
0.80% - 1.20% \u00a0
2026 \u00a0
45 \u00a0
55 \u00a0
Total New Debt Facility \u00a0
207 \u00a0
343 \u00a0
3 months EURIBOR + \u00a0
P-Class Facility \u00a0
(0.90% - 2.4%) \u00a0
2035 \u00a0
425 \u00a0
3.0% \u00a0
203 \u00a0
M-Class Facility (USD 436 million) \u00a0
SOFR + 2.4% \u00a0
2035 \u00a0
394 \u00a0
Unsecured \u00a0
3 months EURIBOR + \u00a0
HoldCo Facility \u00a0
4% \u00a0
2028 \u00a0
50 \u00a0
-
Total (excluding Guarantee facility) \u00a0
212 \u00a0
1,107 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3781": {
"value": "b. Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities meas- \u00a0
ured at the present value of lease payments to be made over the lease term. The lease \u00a0
payments include fixed payments (including in-substance fixed payments) less any lease \u00a0
incentives receivable, variable lease payments that depend on an index or a rate, and \u00a0
amounts expected to be paid under residual value guarantees. \u00a0
Variable lease payments that do not depend on an index or a rate are recognised as ex- \u00a0
penses in the period in which the event or condition that triggers the payment occurs. \u00a0
Utilisation lease fees can be classified as a variable fee. \u00a0
In calculating the present value of lease payments, the Group uses its incremental bor- \u00a0
rowing rate at the lease commencement date because the interest rate implicit in the \u00a0
lease is not readily determinable. After the commencement date, the amount of lease \u00a0
liabilities is increased to reflect the accretion of interest and reduced for the lease pay- \u00a0
ments made. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a modifica- \u00a0
tion, a change in the lease term, a change in the lease payments (e.g., changes to future \u00a0
payments resulting from a change in an index or rate used to determine such lease pay- \u00a0
ments) or a change in the assessment of an option to purchase the underlying asset. \u00a0
c. Short-term and low-value leases \u00a0
The Group has elected to not recognise right-of-use assets and lease liabilities for short- \u00a0
term leases that have lease terms of 12 months or less and leases of low value-leases. \u00a0
Lease payments relating to these leases are expensed to profit or loss on a straight-line \u00a0
basis over the lease term. Short-term and low-value leases consists of cars, coffee ma- \u00a0
chines, office premises and AV equipment. \u00a0
2.15. Financial assets \u00a0
The classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
ing the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
assets. \u00a0
The Group reclassifies financial assets when and only when its business model for man- \u00a0
aging those assets changes. \u00a0
(i) At initial recognition \u00a0
At initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
case of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
directly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
cial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
Financial assets \u00a0
Financial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
bles and other current assets. \u00a0
Interest income from these financial assets are recognised using the effective interest \u00a0
rate method. \u00a0
The Group assesses on forward looking basis the expected credit losses associated with \u00a0
its financial assets carried at amortised cost. \u00a0
For trade and other receivables, the Group applied the simplified approach permitted by \u00a0
IFRS 9, which requires expected lifetime losses to be recognised from initial recognition \u00a0
of the receivables. \u00a0
2.19. Financial liabilities \u00a0
Debt to credit institutions etc. is recognised at the time of borrowing at fair value after \u00a0
deduction of transaction costs incurred. Subsequently, the financial liabilities are meas- \u00a0
ured at amortised cost using the \"effective interest method\", so that the difference be- \u00a0
tween the proceeds and the nominal value is recognised in the income statement under \u00a0
financial expenses over the loan period. \u00a0
A financial liability is derecognised when the obligation under the liability is discharged, \u00a0
cancelled or expires. \u00a0
When an existing financial liability is replaced by another from the same lender on sub- \u00a0
stantially different terms, or the terms of an existing liability are substantially modified, \u00a0
such an exchange or modification is treated as the derecognition of the original liability \u00a0
and the recognition of a new liability. \u00a0
The difference in the respective carrying amounts of the asset and the liability is recog- \u00a0
nised in the statement of profit and loss. \u00a0
Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
25 \u00a0
21 \u00a0
30 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Short-term lease expense \u00a0
180 \u00a0
53 \u00a0
34 \u00a0
c. Total cash outflow for all leases in 2023, 2022 and 2021 were EUR 283 thousand, EUR \u00a0
728 thousand and EUR 315 thousand respectively, excluding variable lease fee (refer to \u00a0
Note 24). \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Repayment of lease liability \u00a0
283 \u00a0
728 \u00a0
315 \u00a0
Rental above standby rate \u00a0
-
-
196 \u00a0
Cash outflow for leases that are not capital- \u00a0
ised \u00a0
180 \u00a0
53 \u00a0
34 \u00a0
463 \u00a0
781 \u00a0
545 \u00a0
Note 23 \u00a0
Commitments and Pledges \u00a0
Lease commitments \u00a0
The future lease payables under non-cancellable value and short-term leases contracted \u00a0
for at the balance sheet date but not recognised as liabilities, are as follows: \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Not later than one year \u00a0
1,090 \u00a0
53 \u00a0
18 \u00a0
Between one and five years \u00a0
4,984 \u00a0
9
-
6,074 \u00a0
62 \u00a0
18 \u00a0
The Company\u2019s lease commitments include tenure of the new headquarters, which will \u00a0
reflect at the balance sheet in Q1 2024 under IFRS 16. The Company signed the contract \u00a0
with Castellum Denmark and will have access to almost 5,000 m2 of office space in cen- \u00a0
tral Copenhagen. The contract, with a six years biding period, amounted to EUR 8 million. \u00a0
The Company paid EUR 1 million as a deposit fee for this contract. \u00a0
Pledge of Fixed Assets \u00a0
The New Debt Facility detailed in Note 26 is secured by, inter alia, a first priority mort- \u00a0
gage over the Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR 511 \u00a0
million carrying value, see Note 18), first priority assignment of the earnings of the vessel \u00a0
owning entities, including certain change of control provisions which are similar to those \u00a0
included in the P-Class Facility. \u00a0
The P-Class facility is secured by a first priority mortgage over the P-Class newbuilds, \u00a0
first priority assignments of the insurances and earnings of the P-Class newbuilds by \u00a0
Cadeler and the two borrowers and contain customary financial and other covenants in- \u00a0
cluding certain change of control provisions. There will be a change of control under the \u00a0
P-Class Facility if any person or group of persons acting in concert (other than Swire Pa- \u00a0
cific and the BW Group) hold legally and beneficially more than 25% of each of the is- \u00a0
sued and outstanding share capital and/or the issued and outstanding voting share cap- \u00a0
ital of Cadeler A/S. In addition, a number of changes to the ownership structure further \u00a0
down in the Group will trigger a change of control such as, among others, if either Wind \u00a0
N1063 Limited or Wind N1064 Limited ceases to be a wholly owned (direct or indirect) \u00a0
subsidiary of Cadeler. The P-Class Facility will be governed by English law. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
The Company signed a contract with NOV on 18 December 2020 to replace the main \u00a0
crane of Wind Orca and then executed the option to replace the main crane for Wind Os- \u00a0
prey on 17 June 2021. The total sum of the contract with NOV for the replacement of both \u00a0
cranes is EUR 83.4 million, of which EUR 7 million was paid in 2021, EUR 27 million was \u00a0
paid in 2022 and EUR 15.8 million was paid in 2023. The remaining scheduled payments \u00a0
will be due in 2024. \u00a0
P-Class vessels \u00a0
Since 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry \u00a0
CO. Ltd. (\u201cCOSCO\u201d) to build two new P-class WTIVs. The total sum of the contract for the \u00a0
new vessels is approximately EUR 572 million, of which EUR 137 million was paid in 2021 \u00a0
and EUR 14 million was paid in 2023. The remaining scheduled payments will be due be- \u00a0
tween 2024 and 2025. Of the total contract, USD 390 million is paid in USD and EUR 220 \u00a0
million will is paid in EUR. \u00a0
A-Class vessels \u00a0
On 9 May 2022 and 22 November 2022 the Company signed additional contracts with \u00a0
COSCO SHIPPING Heavy Industry to build a total of two new A-Class foundation installa- \u00a0
tion vessel. The total sum of the contracts for the new vessel is approximately EUR 657 \u00a0
million, of which approximately a total of EUR 167 million was paid in 2022, while the re- \u00a0
maining amounts will be due over the years from 2025 to 2026. Of the total contract, \u00a0
USD 495 million is paid in USD and EUR 205 million is paid in EUR. \u00a0
M-Class vessels \u00a0
The Company, due to the business combination with Eneti, is currently under contract \u00a0
with Hanwha for the construction of two next generation offshore WTIVs. The total sum \u00a0
of the contracts is approximately EUR 592 million, of which EUR 118 million has been \u00a0
paid. The remaining scheduled payments will be due between 2024 and 2025. \u00a0
Remaining instalments for the newbuilds vessels: \u00a0
As of 31 December 2023 \u00a0
Millions \u00a0
P-Class \u00a0
M-Class \u00a0
A-Class \u00a0
Total \u00a0
Contract amount in EUR \u00a0
220 \u00a0
-
205 \u00a0
425 \u00a0
Contract amount in USD \u00a0
390 \u00a0
655 \u00a0
495 \u00a0
1,540 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
592 \u00a0
657 \u00a0
1,821 \u00a0
Commitment amount in EUR \u00a0
69 \u00a0
-
105 \u00a0
174 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
524 \u00a0
426 \u00a0
1,340 \u00a0
Commitment amount translated to EUR \u00a0
421 \u00a0
474 \u00a0
490 \u00a0
1,385 \u00a0
As of 31 December 2022 \u00a0
Millions \u00a0
P-Class \u00a0
A-Class \u00a0
Total \u00a0
Contract amount in EUR \u00a0
220 \u00a0
205 \u00a0
425 \u00a0
Contract amount in USD \u00a0
390 \u00a0
495 \u00a0
885 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
657 \u00a0
1,229 \u00a0
Commitment amount in EUR \u00a0
82 \u00a0
105 \u00a0
187 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
426 \u00a0
816 \u00a0
Commitment amount translated to EUR \u00a0
435 \u00a0
490 \u00a0
925 \u00a0
As of 31 December 2021 \u00a0
Millions \u00a0
P-Class \u00a0
Contract amount in EUR \u00a0
220 \u00a0
Contract amount in USD \u00a0
390 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
Commitment amount in EUR \u00a0
82 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
Commitment amount translated to EUR \u00a0
435 \u00a0
Change in the debts to credit institu- \u00a0
tions during the year \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Debt to credit institutions at 1 January \u00a0
(115,002) \u00a0
(73,075) \u00a0
(73,500) \u00a0
Overdraft facility drawn \u00a0
-
(16,067) \u00a0
(8,998) \u00a0
Loans repayment \u00a0
115,000 \u00a0
65,000 \u00a0
10,000 \u00a0
Overdraft repayment \u00a0
-
25,065 \u00a0
-
New loan \u00a0
(211,934) \u00a0
(115,000) \u00a0
-
New loan interests \u00a0
8,262 \u00a0
1,541 \u00a0
-
Write off of loan fees \u00a0
(1,898) \u00a0
(923) \u00a0
-
Others \u00a0
-
(1,543) \u00a0
(577) \u00a0
Debt to credit institutions at 31 December \u00a0
(205,572) \u00a0
(115,002) \u00a0
(73,075) \u00a0
Capital management \u00a0
The Company\u2019s objectives when managing capital are to ensure the Company\u2019s ability to \u00a0
continue 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
other things, aims to ensure that it meets financial covenants attached to the interest- \u00a0
bearing loans and borrowings that define capital structure requirements. Breaches in \u00a0
meeting the financial covenants would permit the bank to immediately call loans and \u00a0
borrowings. There have been no breaches of the financial covenants of any interest- \u00a0
bearing loans and borrowing in the current period. \u00a0
In order to maintain or adjust the capital structure in the future, the Group may adjust the \u00a0
amount of dividends paid to shareholders, issue new shares and/or sell assets to reduce \u00a0
debt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other \u00a0
distributions without DNB Bank ASA\u2019s written consent. \u00a0
Note 26 \u00a0
Financial Liabilities: Interest-bearing Loans and Borrowings \u00a0
New Debt Facility \u2013 replacing the RCF \u00a0
On 29 June 2022 the Company entered into a Senior Secured Green Revolving Credit Fa- \u00a0
cility (\u201cRCF\u201d) of a 3-year term loan of EUR 185 million with DNB Bank ASA. \u00a0
The RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi- \u00a0
tion to voluntary prepayments in whole or any part of the loan, at any time, the loan will \u00a0
be repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to \u00a0
EUR 35 million. \u00a0
On 4 July 2022 the Company utilised EUR 115 million from the total EUR 150 million availa- \u00a0
ble from the RCF. With these funds the Group repaid in full the outstanding amounts, re- \u00a0
lated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank \u00a0
ASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF \u00a0
added about EUR 70 million in liquidity. \u00a0
The RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and \u00a0
subject to a green loan margin discount as long as the Company is in compliance with \u00a0
certain green asset criteria such as earmarked investments in green assets. The Group is \u00a0
currently in compliance with this green criteria and are expected to remain compliant for \u00a0
the duration of the facility. The full repayment of a senior debt facility generated a fi- \u00a0
nance cost for the write-off of borrowing costs of approximately EUR 810,000 in July \u00a0
2022. Due to a confidentiality agreement, the applicable margin cannot be disclosed. \u00a0
In June 2023, the Debt Facility was amended to increase the guarantee facility to EUR 60 \u00a0
million and to increase the committed revolving credit facility to EUR 250 million, result- \u00a0
ing in an increase of the aggregate Debt Facility to EUR 310 million. The above was re- \u00a0
financed and the Group entered into the new RCF, as explained below. \u00a0
In connection with the Business Combination, the Company on 7 December 2023 en- \u00a0
tered into a new senior secured credit and guarantee facilities of up to EUR 550 million \u00a0
providing for (i) a revolving credit facility of up to EUR 250 million (5 year tenor), (ii) a re- \u00a0
volving credit facility of up to EUR 100 million (18 months tenor), (iii) a term loan of up to \u00a0
EUR 100 million (8.5 year tenor) guaranteed by The Danish Export and Investment Fund \u00a0
of Denmark (EIFO) and (iv) an uncommitted guarantee facility of up to EUR 100 million \u00a0
(the \u201cNew Debt Facility\u201d). The New Debt Facility has similar terms and conditions as the \u00a0
existing Debt Facility. The change of control provisions are similar to those included in \u00a0
the P-Class Facility (as described below). \u00a0
The Company has utilised EUR 162 million from the total EUR 450 million available from \u00a0
the RCF. With these funds the Group repaid the outstanding amounts of Eneti\u2019s previous \u00a0
Credit Facility, which amounted to USD 59.4 million (of which Eneti repaid USD 12.6 mil- \u00a0
lion in October 2023 from the proceeds from the sale of Seajacks Hydra, Seajacks Levia- \u00a0
than and the Seajacks Kraken). In addition, the Group has repaid the amounts under its \u00a0
own Debt Facility amounting to EUR 115 million. \u00a0
The full repayment of the senior debt facility generated a finance cost for the write off of \u00a0
borrowing costs of approximately EUR 1.8 million thousand in 2023. \u00a0
By the end of the reporting period, EUR 288 million remains unutilised from the RCF. \u00a0
Holdco Facility
(EUR 5O million) \u00a0
On 15 November 2023, the Group entered into an unsecured Holdco Facility in an aggre- \u00a0
gate amount of EUR 50 million (tenor of five years) with HSBC. The financing includes a \u00a0
non-committed accordion option of up to EUR 50 million. The purpose of the Holdco Fa- \u00a0
cility is, among others, partial funding of the wind installation activities of the Group and \u00a0
general corporate purposes. The facility includes customary financial and other cove- \u00a0
nants. \u00a0
M-Class Facility
(USD 436 million) \u00a0
In connection with the Business Combination, the Group acquired a senior secured \u00a0
green term loan facility, which Eneti entered in November 2023, of up to USD 436 million \u00a0
(the \u201cNew Credit Facility\u201d) with a group of international banks and export credit agencies \u00a0
co-arranged and co-underwritten by Cr\u00e9dit Agricole Corporate and Investment Bank and \u00a0
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, and with Soci\u00e9t\u00e9 G\u00e9n\u00e9rale as Green Loan Coordinator. The New Credit \u00a0
Facility finances approximately 65% of the purchase cost of the M-Class newbuilding, \u00a0
with the remaining 35% to be funded either by obtaining additional bank financing or \u00a0
through available operational cash reserves. The maturity date of the New Credit Facility \u00a0
in relation to each vessel is 12 years from the delivery date of each vessel. The New \u00a0
Credit Facility bears interest at a blended margin of SOFR plus 2.36% per annum (exclu- \u00a0
sive of premiums payable to K-SURE and Eksfin). However, the terms of the New Credit \u00a0
Facility provided that completion of the Business Combination would not trigger a \u00a0
change of control provision with regard to cancellation and prepayment of the New \u00a0
Credit Facility. \u00a0
P-Class Facility
(USD 425 million) \u00a0
Further, Cadeler A/S and two of its subsidiaries, WIND N1064 Limited and WIND N1063 \u00a0
Limited, entered into a Sinosure-backed green term loan facility of up to EUR 425 million \u00a0
(12 year tenor) (the \"P-Class Facility\") in December 2023 to finance the purchase of P- \u00a0
Class newbuilds. The funds under the P-Class Facility have been borrowed by WIND \u00a0
N1064 Limited and WIND N1063 Limited (the future owners of the P-Class newbuilds) and \u00a0
may not be reborrowed once repaid. Further financing will be required from 2025 in con- \u00a0
nection with milestone payments for the A-Class New Builds. The Cadeler Group\u2019s man- \u00a0
agement expects to require approximately EUR 450 million of additional funding for the \u00a0
A-Class New Builds. Cadeler currently has a letter of intent in place for the order of one \u00a0
additional A-Class New Build. There can be no guarantee that the financing of such new \u00a0
builds and any future upgrades can be obtained on attractive terms or at all. \u00a0
Covenants \u00a0
The Group is in compliance with all covenants in the New Debt Facility (RCF): \u00a0
-
Minimum Free Liquidity: Freely available cash and cash equivalents at of i) the \u00a0
higher of EUR 35.000.000 or 5% of gross interest bearing debt, if the ratio of for- \u00a0
ward-looking contract cash flow to net interest bearing debt
are above 50% or ii) \u00a0
EUR 50,000,000 or an amount equal to 7.5% of the gross interest bearing debt \u00a0
at all other times. \u00a0
-
Equity Ratio: The ratio of book equity to total assets at all times to be minimum \u00a0
35%. \u00a0
-
Working capital: the working capital shall be higher than zero (0). \u00a0
-
Fair market value of vessels: The fair market value of the vessels shall at all times \u00a0
cover at least 150% of the gross interest bearing debt following the redelivery of \u00a0
the O-Class vessels. \u00a0
-
Contracted cash flows: If at any reported quarter the aggregated loans exceed \u00a0
80% the forward-looking expected cash revenues from legally binding contracts, \u00a0
the Contracted Cash Flows, the Borrower shall prepay the exceeding part of the \u00a0
Loans within five (5) Business Days. \u00a0
-
Utilisation of RCF\u2019s Facility under New Debt Facility must be above the outstand- \u00a0
ing on ECA Term Loan tranche. \u00a0
Further, the Group is in compliance with some additional covenants specified in the \u00a0
Holdco Facility: \u00a0
-
Fair market value of vessels: The fair market value of the vessels shall at all times \u00a0
cover at least 140% of the gross interest bearing debt. \u00a0
-
Debt service coverage ratio: Cash flow available for debt service (including avail- \u00a0
able liquidity covering cash, cash equivalent and undrawn New Debt Facility) at \u00a0
the Parent Company must be above Debt service cash flow related to the \u00a0
Holdco Facility (2:1). \u00a0
As of the reported date, the P-Class and M-Class facilities remain unutilised. Given their \u00a0
non-utilisation, no assessment of compliance with associated covenants has been nec- \u00a0
essary up to this point. These covenants, if applicable, will require assessment upon utili- \u00a0
sation of the facilities and contain customary financial and other covenants, including \u00a0
certain change of control provisions, similar to those disclosed for the utilised facilities. \u00a0
Additionally, the Group is in compliance with below requirements: \u00a0
Restriction on dividends: the Company is not permitted to pay any dividends or other \u00a0
distributions without DNB Bank ASA\u2019s written consent. For the New Debt Facility, divi- \u00a0
dends and distributions should not exceed 50% of the consolidated net profit for the re- \u00a0
spective year. Further, in the Holdco Facility, the Company is not allowed to any distribu- \u00a0
tions before the delivery of the P-Class, A-Class and M-Class. \u00a0
Change of control: If any person or group of persons (other than Swire Pacific or the BW \u00a0
Group) acting in concert directly or indirectly gains control of 25% or more of the voting \u00a0
and/or ordinary shares of the Borrower, the Agent (acting on instructions from the major- \u00a0
ity lenders) may by written notice of sixty (60) days cancel the total commitments and \u00a0
demand prepayment of all amounts outstanding under the facilities. \u00a0
Financial Liabilities: Interest-bearing Loans and Borrowings \u00a0
Continued from previous page \u00a0
As of 31 December 2023 \u00a0
Committed (EUR millions)\u00b9 \u00a0
Related derivatives contracts \u00a0
Average IRS \u00a0
IRS nominal \u00a0
Interest rate \u00a0
Maturity \u00a0
Utilised \u00a0
Unused \u00a0
rate \u00a0
(EUR millions) \u00a0
Secured \u00a0
3 months EURIBOR + \u00a0
New Debt Facility (RCF) \u00a0
2.4% \u00a0
2031 \u00a0
162 \u00a0
288 \u00a0
2.7% \u00a0
150 \u00a0
New Debt Facility - Guarantee \u00a0
0.80% - 1.20% \u00a0
2026 \u00a0
45 \u00a0
55 \u00a0
Total New Debt Facility \u00a0
207 \u00a0
343 \u00a0
3 months EURIBOR + \u00a0
P-Class Facility \u00a0
(0.90% - 2.4%) \u00a0
2035 \u00a0
425 \u00a0
3.0% \u00a0
203 \u00a0
M-Class Facility (USD 436 million) \u00a0
SOFR + 2.4% \u00a0
2035 \u00a0
394 \u00a0
Unsecured \u00a0
3 months EURIBOR + \u00a0
HoldCo Facility \u00a0
4% \u00a0
2028 \u00a0
50 \u00a0
-
Total (excluding Guarantee facility) \u00a0
212 \u00a0
1,107 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3821": {
"value": "2.15. Financial assets \u00a0
The classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
ing the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
assets. \u00a0
The Group reclassifies financial assets when and only when its business model for man- \u00a0
aging those assets changes. \u00a0
(i) At initial recognition \u00a0
At initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
case of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
directly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
cial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
Financial assets \u00a0
Financial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
bles and other current assets. \u00a0
Interest income from these financial assets are recognised using the effective interest \u00a0
rate method. \u00a0
The Group assesses on forward looking basis the expected credit losses associated with \u00a0
its financial assets carried at amortised cost. \u00a0
For trade and other receivables, the Group applied the simplified approach permitted by \u00a0
IFRS 9, which requires expected lifetime losses to be recognised from initial recognition \u00a0
of the receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3823": {
"value": "2.15. Financial assets \u00a0
The classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
ing the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
assets. \u00a0
The Group reclassifies financial assets when and only when its business model for man- \u00a0
aging those assets changes. \u00a0
(i) At initial recognition \u00a0
At initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
case of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
directly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
cial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
Financial assets \u00a0
Financial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
bles and other current assets. \u00a0
Interest income from these financial assets are recognised using the effective interest \u00a0
rate method. \u00a0
The Group assesses on forward looking basis the expected credit losses associated with \u00a0
its financial assets carried at amortised cost. \u00a0
For trade and other receivables, the Group applied the simplified approach permitted by \u00a0
IFRS 9, which requires expected lifetime losses to be recognised from initial recognition \u00a0
of the receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3826": {
"value": "2.15. Financial assets \u00a0
The classification of financial assets depends on the Group\u2019s business model for manag- \u00a0
ing the financial assets as well as the contractual terms of the cash flows of the financial \u00a0
assets. \u00a0
The Group reclassifies financial assets when and only when its business model for man- \u00a0
aging those assets changes. \u00a0
(i) At initial recognition \u00a0
At initial recognition, the Group measures a financial asset at its fair value plus, in the \u00a0
case of a financial asset not at fair value through profit or loss, transaction costs that are \u00a0
directly attributable to the acquisition of the financial assets. Transaction costs of finan- \u00a0
cial assets carried at fair value through profit or loss are expensed in profit or loss. \u00a0
(ii) At subsequent measurement \u00a0
Financial assets \u00a0
Financial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
bles and other current assets. \u00a0
Interest income from these financial assets are recognised using the effective interest \u00a0
rate method. \u00a0
The Group assesses on forward looking basis the expected credit losses associated with \u00a0
its financial assets carried at amortised cost. \u00a0
For trade and other receivables, the Group applied the simplified approach permitted by \u00a0
IFRS 9, which requires expected lifetime losses to be recognised from initial recognition \u00a0
of the receivables. \u00a0
Impairment of non-financial assets \u00a0
Management is responsible for the identification of internal and external indicators of im- \u00a0
pairment related to non-financial assets. If indicators of impairment are identified, an im- \u00a0
pairment test must be performed. \u00a0
Impairment exists when the carrying value of an asset including right-of-use assets or \u00a0
CGU exceeds its recoverable amount, which is the higher of fair value less costs of dis- \u00a0
posal and its value in use. The fair value less costs of disposal calculation is based on \u00a0
available sales transactions conducted at arm\u2019s length terms, if available. The value in \u00a0
use calculation is based on a DCF model. The cash flows are derived from the budget \u00a0
and the most recent project pipeline. These cash flows do not include restructuring ac- \u00a0
tivities or significant future investments which will enhance the performance of the as- \u00a0
sets or CGU being tested. \u00a0
The recoverable amount is sensitive to the discount rate used in the DCF model as well \u00a0
as future cash in-flows and growth rate assumptions, for further information please refer \u00a0
to Note 18. \u00a0
Purchase price allocation \u00a0
In the application of the acquisition method, estimates play a pivotal role in determining \u00a0
the fair values of acquired assets and assumed liabilities, given the absence of observa- \u00a0
ble market prices. Valuation techniques primarily involve assessing the present value of \u00a0
uncertain future cash flows or events at the acquisition date, with more significant esti- \u00a0
mates typically applied to property, plant, and equipment. Due to inherent uncertainties \u00a0
in fair value estimation, adjustments during the measurement period may be necessary. \u00a0
Valuation techniques considered include market-based, income-based, and cost-based \u00a0
methodologies, prioritised in that order. Key assumptions, such as the remaining useful \u00a0
life of vessels, inflation, utilisation rates, and day rates, are integral to these methodolo- \u00a0
gies. \u00a0
Judgements \u00a0
Identification of CGU for the purpose of goodwill impairment \u00a0
For the purpose of testing the Group's vessels the impairment test is performed on a \u00a0
vessel-by-vessel basis. \u00a0
For the purpose of testing goodwill for impairment, management has assessed that \u00a0
Cadeler has two cash generating units (CGUs), being \u00a0
\u2022
the transport and installation of offshore wind turbine generators and founda- \u00a0
tions installation vessels (WTGFIV) and \u00a0
\u2022
the maintenance of offshore wind turbine generators (O&MV) \u00a0
The WTGFIV CGU is comprised of Cadeler\u2019s O-class vessels and Scylla, which are largely \u00a0
interchangeable, and the cash flows generated by them are interdependent. These ves- \u00a0
sels are operated collectively, employed interchangeably, and actively managed to meet \u00a0
the needs of our customers in that market. Given the technical specifications of vessels, \u00a0
the WTGFIV vessels are relatively homogenous with a very high degree of interoperabil- \u00a0
ity. The O&MV CGU is comprised of the vessel Zaratan which has different specifica- \u00a0
tions, has independent and separable cash flows from the other vessels. \u00a0
Revenue recognition \u00a0
Judgement is performed when determining if a contract contains one or more perfor- \u00a0
mance obligations. Judgements is performed as complexities arise when several types \u00a0
of customer contracts are bundled. \u00a0
Evaluating the criteria for revenue recognition requires management's judgement to as- \u00a0
sess and identify performance obligations within the contract. This includes assessing \u00a0
the nature of performance obligations and whether they are distinct or should be com- \u00a0
bined with other performance obligations to determine whether the performance obliga- \u00a0
tions are satisfied over time or at a point in time. \u00a0
In contracts where many activities are bundled judgement is applied in the determination \u00a0
of the most adequate recognition method and the most adequate measure of progress. \u00a0
Both of the judgements have a primary impact on the timing and amount of revenue to \u00a0
be recognised. \u00a0
Evaluating the criteria for revenue recognition with contract with customer requires Man- \u00a0
agement's judgement to assess and determine the following: \u00a0
\u2022 Identification of performance obligations within the contract. This includes assessing \u00a0
the nature of performance obligations and whether they are distinct or should be com- \u00a0
bined with other performance obligations to determine whether the performance obliga- \u00a0
tions are satisfied over time or at a point in time. \u00a0
\u2022 Determine the transaction price, including an assessment of variable consideration in \u00a0
the contract. \u00a0
\u2022 In contract where many performance obligation are bundled, the allocation of transac- \u00a0
tion price to performance obligations to determine the stand-alone selling price of each \u00a0
performance obligation identified in the contract using key assumptions which may in- \u00a0
clude observable market and expected margin in the activities. \u00a0
Macroeconomic factors and climate risks \u00a0
As part of our commitment to transparency and thorough risk management, Cadeler rec- \u00a0
ognises the significance of macroeconomic factors and climate risks in our financial \u00a0
evaluations. In navigating an ever-evolving operational landscape, we acknowledge the \u00a0
importance of factoring in these elements when assessing the useful lives of assets, de- \u00a0
termining residual values, and conducting Discounted Cash Flow (DCF) analyses for im- \u00a0
pairment assessments. Management does not currently consider climate risks to have a \u00a0
material effect on the accounting estimates and judgements for the 2023 consolidate \u00a0
and parent company financial statements. \u00a0
Cadeler's strategic investments in offshore wind assets are in line with our dedication to \u00a0
sustainability and our contribution to progressing towards a climate-neutral future. We \u00a0
comprehend the potential impact of climate-related considerations on our operations, \u00a0
including vulnerabilities within our supply chain due to severe weather events. Further- \u00a0
more, we acknowledge the uncertainties in macroeconomic conditions arising from \u00a0
global economic growth rates, political dynamics within the energy sector, currency fluc- \u00a0
tuations, interest rates, and inflation. Additionally, geopolitical tensions introduce further \u00a0
complexities that may influence market prospects and pose risks to our operations, par- \u00a0
ticularly in relation to cyber threats to energy supply. \u00a0
Through diligent assessment and ongoing review processes, Cadeler remains vigilant in \u00a0
integrating these factors into our financial evaluations. We are committed to ensuring \u00a0
that our accounting policies reflect a comprehensive understanding of both macroeco- \u00a0
nomic factors and climate risks, thereby enhancing the robustness of our impairment \u00a0
analyses and financial reporting practices. \u00a0
Expected credit loss on trade receivables \u00a0
The Group has historically only experienced immaterial losses on trade receivables, if \u00a0
any. Further, a material part of the cash flows in the contracts are prepayments received \u00a0
up front. \u00a0
The Group's assessment remains consistent with its past practices. Although some posi- \u00a0
tions may transition to 30 days overdue, our overall position on credit risk management \u00a0
remains unchanged. This assessment is supported by historical data, a select group of \u00a0
reliable debtors, and our outlook for the future. \u00a0
Trade \u00a0
Contract \u00a0
Expected \u00a0
EUR\u2019000 \u00a0
receivables \u00a0
assets \u00a0
loss \u00a0
Total \u00a0
31 December 2023 \u00a0
Not due \u00a0
9,639 \u00a0
8,880 \u00a0
-
18,519 \u00a0
Overdue 1-30 days \u00a0
14,287 \u00a0
-
-
14,287 \u00a0
Overdue 31 to 60 days \u00a0
603 \u00a0
-
-
603 \u00a0
Overdue +61 days \u00a0
2,273 \u00a0
-
-
2,273 \u00a0
Total \u00a0
26,802 \u00a0
8,880 \u00a0
-
35,682 \u00a0
31 December 2022 \u00a0
Not due \u00a0
17,197 \u00a0
19,999 \u00a0
-
37,196 \u00a0
Overdue 1-30 days \u00a0
438 \u00a0
-
-
438 \u00a0
Overdue 31 to 60 days \u00a0
-
-
-
-
Overdue +61 days \u00a0
-
-
-
-
Total \u00a0
17,635 \u00a0
19,999 \u00a0
-
37,634 \u00a0
31 December 2021 \u00a0
Not due \u00a0
7,850 \u00a0
843 \u00a0
-
8,693 \u00a0
Overdue 1-30 days \u00a0
8,962 \u00a0
-
-
8,962 \u00a0
Overdue 31 to 60 days \u00a0
316 \u00a0
-
-
316 \u00a0
Overdue +61 days \u00a0
1,296 \u00a0
-
-
1,296 \u00a0
Total \u00a0
18,424 \u00a0
843 \u00a0
-
19,267 \u00a0
Impairment Test on vessels (excluding goodwill) \u00a0
The Company has neither identified internal nor external impairment indicators. However, \u00a0
on a voluntary basis management performs an impairment test every year. For the pur- \u00a0
pose of testing the Group's vessels the impairment test is performed on a vessel-by- \u00a0
vessel basis. \u00a0
The Company is applying both fair value less costs of disposal (FVLCOD) to determine \u00a0
the arm\u2019s length sale price of an asset at the measurement date and the value-in-use \u00a0
(VIU) method for estimating the expected future cash flows that the asset in the current \u00a0
condition will produce. The VIU method assumes the asset will be recovered principally \u00a0
through its continuing use. \u00a0
The impairment test involves estimating both FVLCOD and VIU and comparing the \u00a0
higher amount to the asset\u2019s carrying amount. The Group has two CGUs being the \u00a0
transport and installation of offshore wind turbine generators and foundations vessels \u00a0
(WTGFIV), comprising Cadeler\u2019s O-class vessels and Scylla; and the maintenance of off- \u00a0
shore wind turbine generators (O&MV) cash-generating units, comprising Zaratan. As of \u00a0
31 December 2023, Management tested the carrying amount of its two CGUs including \u00a0
goodwill for impairment, cf. note 17, and each vessel on a stand-alone basis as described \u00a0
below. \u00a0
Independent market values on each vessel \u00a0
Two independent evaluations of the market value of the two O-class vessels were re- \u00a0
ceived in the second half of 2023. The first evaluation was made the 9 November 2023 \u00a0
by Clarksons Valuations Limited for an estimation of USD 400-440 million (correspond- \u00a0
ing to EUR 377-415 million), which is 67-84% higher than the carrying amount. The second \u00a0
vessel evaluation was made the 13 November 2023 by Fearnleys Asia (Singapore) Pte Ltd \u00a0
for an estimation of USD 332 million (corresponding to EUR 313 million), which is 34% \u00a0
higher than the carrying amount. \u00a0
In addition, two independent evaluations of the market value of Wind Scylla were re- \u00a0
ceived in November 2023. The first evaluation was made by Clarksons Valuations Limited \u00a0
for an estimation of USD 225-240 million (corresponding to EUR 203-217 million), which is \u00a0
5% higher than the carrying amount. The second vessel evaluation was made by Pareto \u00a0
for an estimation of USD 285-295 million (corresponding to EUR 258-267 million), which is \u00a0
25-29% higher than the carrying amount. \u00a0
Two independent evaluations of the market value of Wind Zaratan were performed in the \u00a0
second half of 2023. The first evaluation was made by Clarksons Valuations Limited for \u00a0
an estimation of USD 95-115 million (corresponding to EUR 86-104 million), which is 21% \u00a0
higher than the carrying amount. The second vessel evaluation was made by Pareto for \u00a0
an estimation of USD 95-105 million (corresponding to EUR 86-95 million), which is 10% \u00a0
higher than the carrying amount. \u00a0
The impairment assessment involves comparing net book values with broker valuations. \u00a0
The net book value is below the broker valuations, hence there is headroom all vessels. \u00a0
Management assesses key input inputs used in the independent evaluations to support \u00a0
no impairment indicators as explained below. \u00a0
VIU calculation \u00a0
As of December 2023, Management has prepared a value-in-use calculation for the ves- \u00a0
sels. For the acquired vessels in December 2023, management relied on input from DCF \u00a0
models in connection with accounting for the business combination, cf. note 6. \u00a0
The discounted cash flow period has been calculated from the remaining useful life of \u00a0
the vessel as this is deemed most representative for the actual value of the vessels. \u00a0
The VIU is calculated based on cash flow projections in financial budgets and business \u00a0
plans as follows: \u00a0
\u2013
From 2024 revenue is based on a combination of signed contracts and market \u00a0
estimated day rates and utilisation for O-class vessels (using externally available \u00a0
information) and a yearly increase of 2%. \u00a0
\u2013
OPEX includes expected 2024 levels (using internal forecasts) plus an increase \u00a0
for inflation on following years and CAPEX includes full investment on crane up- \u00a0
grades based on investment budget. \u00a0
The discount rate used in the calculation is based on a Weighted Average Cost of Capi- \u00a0
tal (WACC) of 9.5% after tax, (8% after tax in 2022 and 8.5% after tax in 2021). As the \u00a0
Company is subject to the tonnage tax regime, the tax consideration in the WACC calcu- \u00a0
lation for impairment of a vessel is immaterial. Therefore, the before and after tax WACC \u00a0
remain the same for impairment testing purposes. WACC is calculated by using a stand- \u00a0
ard WACC model in which cost of equity, cost of debt and capital structure are the key \u00a0
parameters. \u00a0
The calculation showed no need for impairment as the future value of cashflows were \u00a0
higher than the Net Book Value of the vessels. \u00a0
A sensitivity analysis was also undertaken assuming an increase or decrease in the \u00a0
WACC by 1% as well as an increase or decrease in the revenue by EUR 20 thousand per \u00a0
day. Within this sensitivity analysis the calculations also showed no need for impairment \u00a0
as the future value of cashflows were higher than the Net Book Value of the vessels. \u00a0
The value in use test further showed that headroom is calculated with respect to the in- \u00a0
vestment in new cranes. \u00a0
Newbuilds \u00a0
As for the newbuilds vessels it is management opinion that current signed contracts and \u00a0
the expected day rates in the future support no impairment indicators. \u00a0
The discount rate used in the calculation is based on a Weighted Average Cost of Capi- \u00a0
tal (WACC) of 9.5% after tax, (8% after tax in 2022 and 8.5% after tax in 2021). As the \u00a0
Company is subject to the tonnage tax regime, the tax consideration in the WACC calcu- \u00a0
lation for impairment of a vessel is immaterial. Therefore, the before and after tax WACC \u00a0
remain the same for impairment testing purposes. \u00a0
WACC is calculated by using a standard WACC model in which cost of equity, cost of \u00a0
debt and capital structure are the key parameters. \u00a0
The calculation showed no need for impairment as the future value of cashflows were \u00a0
higher than the Net Book Value of the vessels. \u00a0
A sensitivity analysis was also undertaken assuming an increase or decrease in the \u00a0
WACC by 1% as well as an increase or decrease in the revenue by EUR 20 thousand per \u00a0
day. Within this sensitivity analysis the calculations also showed no need for impairment \u00a0
as the future value of cashflows were higher than the Net Book Value of the vessels. \u00a0
Sufficient headroom is calculated with respect to the investment in new cranes. \u00a0
The impairment assessment for Wind Scylla and Wind Zaratan involves comparing their \u00a0
net book values with broker valuations. The net book value is below the broker valua- \u00a0
tions, hence there is sufficient headroom for the S-Class and Z-Class vessels. As for all \u00a0
the newbuilds vessels it is management opinion that current signed contracts and the \u00a0
expected day rates in the future support the agreed purchase prices of the vessels. \u00a0
Impairment of financial assets \u00a0
The Group assesses on a forward-looking basis the expected credit losses (\u201cECLs\u201d) as- \u00a0
sociated with its financial assets which are trade and other receivables, cash and bank \u00a0
balances and contract assets. Financial assets are written-off when there is no reasona- \u00a0
ble expectation of recovery, such as a non-related debtor failing to engage in a repay- \u00a0
ment plan with the Group. \u00a0
Where receivables have been written-off, the Group continues to engage in enforcement \u00a0
activity to attempt to recover the receivables due. Where recoveries are made, these are \u00a0
recognised in profit or loss. \u00a0
The Group has applied the simplified credit loss approach by using the provision matrix \u00a0
to measure the lifetime expected credit losses for trade receivables from customers. To \u00a0
measure the expected credit losses, the Group grouped receivables based on shared \u00a0
credit characteristics and days past due. \u00a0
Trade receivables from external customers that are neither past due nor impaired are \u00a0
with creditworthy companies. Based on the provision matrix, the trade receivables from \u00a0
external customers are subject to immaterial credit loss. Refer to Note 14 for analysis of \u00a0
expected credit loss on trade receivables and contract assets. \u00a0
For cash and bank balances and other receivables that are measured at amortised cost, \u00a0
the Group has considered these financial assets as low credit risk. Cash and bank bal- \u00a0
ances are mainly deposits with banks who have high credit-ratings as determined by in- \u00a0
ternational credit-rating agencies. As at 31 December 2023, cash and bank balances and \u00a0
other receivables are subject to immaterial credit loss. There is no credit loss allowance \u00a0
for other financial asset at amortised cost as at 31 December 2023, 2022 and 2021. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3874": {
"value": "2.17. Trade and other payables \u00a0
Trade and other payables represent liabilities for goods and services provided to the \u00a0
Group prior to the end of the financial year which are unpaid. They are classified as cur- \u00a0
rent liabilities if payment is due within one year or less (or in the normal operating cycle \u00a0
of the business, if longer). Otherwise, they are presented as non-current liabilities. \u00a0
Trade and other payables are initially recognised at fair value, and subsequently carried \u00a0
at amortised cost, using the effective interest method. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3875": {
"value": "2.17. Trade and other payables \u00a0
Trade and other payables represent liabilities for goods and services provided to the \u00a0
Group prior to the end of the financial year which are unpaid. They are classified as cur- \u00a0
rent liabilities if payment is due within one year or less (or in the normal operating cycle \u00a0
of the business, if longer). Otherwise, they are presented as non-current liabilities. \u00a0
Trade and other payables are initially recognised at fair value, and subsequently carried \u00a0
at amortised cost, using the effective interest method. \u00a0
2.20. Derivatives and hedge accounting \u00a0
Derivative financial instruments are initially recognised at fair value on the date on which \u00a0
a derivative contract is entered into and subsequently remeasured at fair value over \u00a0
profit and loss. Derivatives are carried as financial assets, presented under derivatives \u00a0
assets, when the fair value is positive and as financial liabilities, presented under deriva- \u00a0
tives liabilities, when the fair value is negative. \u00a0
At the inception of a hedge relationship, the Group formally designates and documents \u00a0
the hedge relationship and the risk management objective and strategy for undertaking \u00a0
the hedge. \u00a0
Changes in the fair value of derivative financial instruments designated as cash flow \u00a0
hedges are recognised in other comprehensive income and presented under \u201cHedging \u00a0
reserves\u201d (equity). Where the expected future transactions results in the acquisition of \u00a0
non-financial assets, any amounts deferred under equity are transferred from equity to \u00a0
the cost of the asset. Where expected future transaction results in income or expense, \u00a0
amount deferred under equity are transferred from equity to the income statement in the \u00a0
same item as the hedged transaction as a reclassification adjustment. Further, the entity \u00a0
may transfer the cumulative fair value change recognised within equity upon derecogni- \u00a0
tion of the hedged item. Borrowing facilities are derecognised when the obligation under \u00a0
the liability is discharged or cancelled or expires. When an existing financial liability is \u00a0
replaced by another from the same lender on substantially different terms, or the terms \u00a0
of an existing liability are substantially modified, such an exchange or modification is \u00a0
treated as the derecognition of the original liability and the recognition of a new liability. \u00a0
Changes in the fair value of derivative financial instruments not designated as hedges \u00a0
are recognised in the income statement. Certain borrowing facilities when undrawn do \u00a0
not qualify for hedge accounting. Changes in fair value of these derivative financial in- \u00a0
struments are therefore recognised in the income statement under \u201cFinancial income\u201d or \u00a0
\u201cFinancial expenses\u201d for interest rate swaps. \u00a0
The amount included in the hedging reserve is the lower of, in absolute amounts, of the \u00a0
cumulative fair value adjustment of the hedging instrument and the hedged item. Inef- \u00a0
fectiveness is recognised in the consolidated statement of profit and loss. Further, in \u00a0
case any modifications occur in the hedged risk, the Group will conduct a comprehen- \u00a0
sive review and assessment of the hedge relationship. In a recent evaluation, adjust- \u00a0
ments in debt were carefully assessed in accordance with hedge accounting standards, \u00a0
resulting in no material changes or implications on hedge accounting. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3850": {
"value": "(ii) At subsequent measurement \u00a0
Financial assets \u00a0
Financial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
bles and other current assets. \u00a0
Interest income from these financial assets are recognised using the effective interest \u00a0
rate method. \u00a0
The Group assesses on forward looking basis the expected credit losses associated with \u00a0
its financial assets carried at amortised cost. \u00a0
For trade and other receivables, the Group applied the simplified approach permitted by \u00a0
IFRS 9, which requires expected lifetime losses to be recognised from initial recognition \u00a0
of the receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3856": {
"value": "(ii) At subsequent measurement \u00a0
Financial assets \u00a0
Financial assets of the Group mainly comprise of cash and bank balances, trade receiva- \u00a0
bles and other current assets. \u00a0
Interest income from these financial assets are recognised using the effective interest \u00a0
rate method. \u00a0
The Group assesses on forward looking basis the expected credit losses associated with \u00a0
its financial assets carried at amortised cost. \u00a0
For trade and other receivables, the Group applied the simplified approach permitted by \u00a0
IFRS 9, which requires expected lifetime losses to be recognised from initial recognition \u00a0
of the receivables. \u00a0
Note 14 \u00a0
Trade and Other Receivables \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Trade receivables from non-related parties \u00a0
26,802 \u00a0
17,635 \u00a0
18,424 \u00a0
Contract assets \u00a0
8,880 \u00a0
19,999 \u00a0
843 \u00a0
Receivables from related parties \u00a0
592 \u00a0
-
-
Other receivables \u00a0
3,158 \u00a0
600 \u00a0
1,106 \u00a0
39,432 \u00a0
38,234 \u00a0
20,373 \u00a0
As of 31 December 2023, the Company's receivables include contract assets totalling \u00a0
EUR 8.9 million, a significant decrease from EUR 20 million in 2022. These contract as- \u00a0
sets represent the Company's entitlement to proportional consideration for ongoing pro- \u00a0
jects as of the balance sheet date. Typically, these contract assets are reclassified to \u00a0
trade receivables when the Company fulfils its obligations and the right to consideration \u00a0
becomes unconditional, usually upon completion of the project. \u00a0
Expected credit loss on trade receivables \u00a0
The Group has historically only experienced immaterial losses on trade receivables, if \u00a0
any. Further, a material part of the cash flows in the contracts are prepayments received \u00a0
up front. \u00a0
The Group's assessment remains consistent with its past practices. Although some posi- \u00a0
tions may transition to 30 days overdue, our overall position on credit risk management \u00a0
remains unchanged. This assessment is supported by historical data, a select group of \u00a0
reliable debtors, and our outlook for the future. \u00a0
Trade \u00a0
Contract \u00a0
Expected \u00a0
EUR\u2019000 \u00a0
receivables \u00a0
assets \u00a0
loss \u00a0
Total \u00a0
31 December 2023 \u00a0
Not due \u00a0
9,639 \u00a0
8,880 \u00a0
-
18,519 \u00a0
Overdue 1-30 days \u00a0
14,287 \u00a0
-
-
14,287 \u00a0
Overdue 31 to 60 days \u00a0
603 \u00a0
-
-
603 \u00a0
Overdue +61 days \u00a0
2,273 \u00a0
-
-
2,273 \u00a0
Total \u00a0
26,802 \u00a0
8,880 \u00a0
-
35,682 \u00a0
31 December 2022 \u00a0
Not due \u00a0
17,197 \u00a0
19,999 \u00a0
-
37,196 \u00a0
Overdue 1-30 days \u00a0
438 \u00a0
-
-
438 \u00a0
Overdue 31 to 60 days \u00a0
-
-
-
-
Overdue +61 days \u00a0
-
-
-
-
Total \u00a0
17,635 \u00a0
19,999 \u00a0
-
37,634 \u00a0
31 December 2021 \u00a0
Not due \u00a0
7,850 \u00a0
843 \u00a0
-
8,693 \u00a0
Overdue 1-30 days \u00a0
8,962 \u00a0
-
-
8,962 \u00a0
Overdue 31 to 60 days \u00a0
316 \u00a0
-
-
316 \u00a0
Overdue +61 days \u00a0
1,296 \u00a0
-
-
1,296 \u00a0
Total \u00a0
18,424 \u00a0
843 \u00a0
-
19,267 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3871": {
"value": "2.16. Cash and cash equivalents \u00a0
Cash and cash equivalents are measured at amortised cost. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3872": {
"value": "2.16. Cash and cash equivalents \u00a0
Cash and cash equivalents are measured at amortised cost. \u00a0
2.25. Cash flow statement \u00a0
Statement of cash flows \u00a0
The statement of cash flows shows the Group\u2019s cash flows for the year distributed on \u00a0
operating, investing and financing activities, net changes for the year in cash and cash \u00a0
equivalents as well as the Group\u2019s cash and cash equivalents at the beginning and end \u00a0
of the year. \u00a0
Positive amounts indicate cash inflows, whereas negative amounts indicate cash out- \u00a0
flows. \u00a0
Cash flows from operating activities \u00a0
Cash flows from operating activities are stated as the profit/loss for the year adjusted \u00a0
for non-cash operating items such as depreciation, changes in working capital and in- \u00a0
come tax paid or received. Working capital includes current assets less current liabilities, \u00a0
excluding cash and cash equivalents. \u00a0
Cash flows from investing activities \u00a0
Cash flows from investing activities comprise cash flows from the acquisition and sale of \u00a0
non-current assets and businesses. \u00a0
Cash flows from financing activities \u00a0
Cash flows from financing activities comprise cash flows from instalments on lease liabil- \u00a0
ities, and interest paid as well as proceeds from issue of shares and debt as well as pre- \u00a0
payment of borrowings. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3899": {
"value": "2.20. Derivatives and hedge accounting \u00a0
Derivative financial instruments are initially recognised at fair value on the date on which \u00a0
a derivative contract is entered into and subsequently remeasured at fair value over \u00a0
profit and loss. Derivatives are carried as financial assets, presented under derivatives \u00a0
assets, when the fair value is positive and as financial liabilities, presented under deriva- \u00a0
tives liabilities, when the fair value is negative. \u00a0
At the inception of a hedge relationship, the Group formally designates and documents \u00a0
the hedge relationship and the risk management objective and strategy for undertaking \u00a0
the hedge. \u00a0
Changes in the fair value of derivative financial instruments designated as cash flow \u00a0
hedges are recognised in other comprehensive income and presented under \u201cHedging \u00a0
reserves\u201d (equity). Where the expected future transactions results in the acquisition of \u00a0
non-financial assets, any amounts deferred under equity are transferred from equity to \u00a0
the cost of the asset. Where expected future transaction results in income or expense, \u00a0
amount deferred under equity are transferred from equity to the income statement in the \u00a0
same item as the hedged transaction as a reclassification adjustment. Further, the entity \u00a0
may transfer the cumulative fair value change recognised within equity upon derecogni- \u00a0
tion of the hedged item. Borrowing facilities are derecognised when the obligation under \u00a0
the liability is discharged or cancelled or expires. When an existing financial liability is \u00a0
replaced by another from the same lender on substantially different terms, or the terms \u00a0
of an existing liability are substantially modified, such an exchange or modification is \u00a0
treated as the derecognition of the original liability and the recognition of a new liability. \u00a0
Changes in the fair value of derivative financial instruments not designated as hedges \u00a0
are recognised in the income statement. Certain borrowing facilities when undrawn do \u00a0
not qualify for hedge accounting. Changes in fair value of these derivative financial in- \u00a0
struments are therefore recognised in the income statement under \u201cFinancial income\u201d or \u00a0
\u201cFinancial expenses\u201d for interest rate swaps. \u00a0
The amount included in the hedging reserve is the lower of, in absolute amounts, of the \u00a0
cumulative fair value adjustment of the hedging instrument and the hedged item. Inef- \u00a0
fectiveness is recognised in the consolidated statement of profit and loss. Further, in \u00a0
case any modifications occur in the hedged risk, the Group will conduct a comprehen- \u00a0
sive review and assessment of the hedge relationship. In a recent evaluation, adjust- \u00a0
ments in debt were carefully assessed in accordance with hedge accounting standards, \u00a0
resulting in no material changes or implications on hedge accounting. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3900": {
"value": "2.20. Derivatives and hedge accounting \u00a0
Derivative financial instruments are initially recognised at fair value on the date on which \u00a0
a derivative contract is entered into and subsequently remeasured at fair value over \u00a0
profit and loss. Derivatives are carried as financial assets, presented under derivatives \u00a0
assets, when the fair value is positive and as financial liabilities, presented under deriva- \u00a0
tives liabilities, when the fair value is negative. \u00a0
At the inception of a hedge relationship, the Group formally designates and documents \u00a0
the hedge relationship and the risk management objective and strategy for undertaking \u00a0
the hedge. \u00a0
Changes in the fair value of derivative financial instruments designated as cash flow \u00a0
hedges are recognised in other comprehensive income and presented under \u201cHedging \u00a0
reserves\u201d (equity). Where the expected future transactions results in the acquisition of \u00a0
non-financial assets, any amounts deferred under equity are transferred from equity to \u00a0
the cost of the asset. Where expected future transaction results in income or expense, \u00a0
amount deferred under equity are transferred from equity to the income statement in the \u00a0
same item as the hedged transaction as a reclassification adjustment. Further, the entity \u00a0
may transfer the cumulative fair value change recognised within equity upon derecogni- \u00a0
tion of the hedged item. Borrowing facilities are derecognised when the obligation under \u00a0
the liability is discharged or cancelled or expires. When an existing financial liability is \u00a0
replaced by another from the same lender on substantially different terms, or the terms \u00a0
of an existing liability are substantially modified, such an exchange or modification is \u00a0
treated as the derecognition of the original liability and the recognition of a new liability. \u00a0
Changes in the fair value of derivative financial instruments not designated as hedges \u00a0
are recognised in the income statement. Certain borrowing facilities when undrawn do \u00a0
not qualify for hedge accounting. Changes in fair value of these derivative financial in- \u00a0
struments are therefore recognised in the income statement under \u201cFinancial income\u201d or \u00a0
\u201cFinancial expenses\u201d for interest rate swaps. \u00a0
The amount included in the hedging reserve is the lower of, in absolute amounts, of the \u00a0
cumulative fair value adjustment of the hedging instrument and the hedged item. Inef- \u00a0
fectiveness is recognised in the consolidated statement of profit and loss. Further, in \u00a0
case any modifications occur in the hedged risk, the Group will conduct a comprehen- \u00a0
sive review and assessment of the hedge relationship. In a recent evaluation, adjust- \u00a0
ments in debt were carefully assessed in accordance with hedge accounting standards, \u00a0
resulting in no material changes or implications on hedge accounting. \u00a0
Equity-settled transactions \u00a0
The cost of equity-settled transactions is determined by the fair value at the date when \u00a0
the grant is made using an appropriate valuation model. \u00a0
That cost is recognised in employee benefits expenses, together with a corresponding \u00a0
increase in equity (retained earnings), over the period in which the service and, where ap- \u00a0
plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
pense recognised for equity-settled transactions at each reporting date until the vesting \u00a0
date reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
timate of the number of equity instruments that will ultimately vest. The expense or \u00a0
credit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
tive expense recognised as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
mining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
is assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
that will ultimately vest. Market performance conditions are reflected within the grant \u00a0
date fair value. \u00a0
Any other conditions attached to an award, but without an associated service require- \u00a0
ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
in the fair value of an award and lead to an immediate expensing of an award unless \u00a0
there are also service and/or performance conditions. \u00a0
No expense is recognised for awards that do not ultimately vest because non-market \u00a0
performance and/or service conditions have not been met. \u00a0
Where awards include a market or non-vesting condition, the transactions are treated as \u00a0
vested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
that all other performance and/or service conditions are satisfied. \u00a0
The dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
computation of diluted earnings per share in a loss situation only if loss per share de- \u00a0
creases. \u00a0
Between \u00a0
Less than \u00a0
1 and 2 \u00a0
After 2 \u00a0
Carrying \u00a0
EUR\u2019000 \u00a0
1 year \u00a0
years \u00a0
years \u00a0
Total \u00a0
amount \u00a0
2023 \u00a0
Derivative financial instru- \u00a0
ments \u00a0
Interest rate swaps with a \u00a0
positive fair value \u00a0
-
-
-
-
-
Interest rate swaps with a \u00a0
negative fair value \u00a0
798 \u00a0
(3,166) \u00a0
(11,862) \u00a0
(14,229) \u00a0
(11,855) \u00a0
Gross settled foreign cur- \u00a0
rency contracts, pay leg \u00a0
(EUR) \u00a0
-
(183,741) \u00a0
-
(183,741) \u00a0
Gross settled foreign cur- \u00a0
rency contracts, receive leg \u00a0
(USD) \u00a0
-
178,403 \u00a0
-
178,403 \u00a0
(5,338) \u00a0
798 \u00a0
(8,504) \u00a0
(11,862) \u00a0
(19,567) \u00a0
(17,193) \u00a0
2022 \u00a0
Derivative financial instru- \u00a0
ments \u00a0
Interest rate swaps with a \u00a0
positive fair value \u00a0
(305) \u00a0
1,158 \u00a0
4,231 \u00a0
5,084 \u00a0
3,376 \u00a0
Interest rate swaps with a \u00a0
negative fair value \u00a0
-
-
(370) \u00a0
(370) \u00a0
(287) \u00a0
Gross settled foreign cur- \u00a0
rency contracts, pay leg \u00a0
(EUR) \u00a0
-
(183,741) \u00a0
-
(183,741) \u00a0
Gross settled foreign cur- \u00a0
rency contracts, receive leg \u00a0
(USD) \u00a0
-
181,921 \u00a0
-
181,921 \u00a0
(1,821) \u00a0
(305) \u00a0
(662) \u00a0
3,861 \u00a0
2,894 \u00a0
1,268 \u00a0
EUR\u2019000 \u00a0
Level 1 \u00a0
Level 2 \u00a0
Level 3 \u00a0
Total \u00a0
2023 \u00a0
Through the consolidated statement of profit and loss \u00a0
Derivative assets \u00a0
-
-
-
-
Total financial assets at fair value through the consolidated statement of profit and loss \u00a0
-
-
-
-
Derivative liabilities \u00a0
-
(403) \u00a0
-
(403) \u00a0
Total financial liabilities at fair value through the consolidated statement of profit and loss \u00a0
-
(403) \u00a0
-
(403) \u00a0
Cash flow hedges: \u00a0
Derivative assets \u00a0
-
338 \u00a0
-
338 \u00a0
Derivative liabilities \u00a0
-
(17,937) \u00a0
-
(17,937) \u00a0
2022 \u00a0
Through the consolidated statement of profit and loss \u00a0
Derivative assets \u00a0
-
363 \u00a0
-
363 \u00a0
Total financial assets at fair value through the consolidated statement of profit and loss \u00a0
-
363 \u00a0
-
363 \u00a0
Derivative liabilities \u00a0
-
-
-
-
Total financial liabilities at fair value through the consolidated statement of profit and loss \u00a0
-
-
-
-
Cash flow hedges: \u00a0
Derivative assets \u00a0
-
3,013 \u00a0
-
3,013 \u00a0
Derivative liabilities \u00a0
-
(2,108) \u00a0
-
(2,108) \u00a0
Note 25 \u00a0
Derivative Financial Instruments \u00a0
Hedge accounting \u00a0
The Group uses forward exchange contracts, including options (collars), and interest rate \u00a0
swap contracts to hedge currency risks and interest risk regarding highly probable future \u00a0
cash flows and designates them as cash flow hedges subject to meeting the criteria for \u00a0
application of cash flow hedging. \u00a0
The hedging ratios are determined as the notional value of the instrument divided by the \u00a0
notional value of the hedge item. The Group seeks to establish hedge relationships with \u00a0
a hedging ratio of 1:1. Due to the nature of the hedge items risk, this will be possible by \u00a0
either designating a proportion of the hedge instrument or the hedge notional value be- \u00a0
ing equal or lower of the hedge items notional value. The main score of ineffectiveness \u00a0
arises from the timing of the delivery of the vessels. The delivery of the vessels will ex- \u00a0
pose the Group to several market risks, related to foreign currency risks and interest rate \u00a0
risk. The fair value adjustment of the derivatives is recognised in other comprehensive \u00a0
income until the hedged items are realised. \u00a0
The table below shows the movement in the reserve for cash flow for hedging, listed by \u00a0
the hedged risk. \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
Fair Value change of Cash flow hedges \u00a0
Cumulative fair value change at 1 January \u00a0
1,343 \u00a0
-
Fair value adjustment at year-end, net \u00a0
(18,505) \u00a0
905 \u00a0
Interest recycled at year-end, net \u00a0
(776) \u00a0
438 \u00a0
Time value adjustment at year-end, net \u00a0
(3,621) \u00a0
-
Cumulative fair value change at 31 December \u00a0
(21,559) \u00a0
1,343 \u00a0
The fair value of cash flow hedges at 31 December can be speci- \u00a0
fied as follows: \u00a0
Interest rate risk hedging \u00a0
(11,790) \u00a0
3,163 \u00a0
Foreign currency risk hedging \u00a0
(6,148) \u00a0
(1,820) \u00a0
Foreign currency risk hedging - time value \u00a0
(3,621) \u00a0
-
Cumulative fair value change at 31 December \u00a0
(21,559) \u00a0
1,343 \u00a0
Interest rate risk \u00a0
In 2022 the Group entered into a Senior Secured Green EURIBOR based revolving credit \u00a0
facility (RCF) with a 0 bps floor which led the Group to be exposed to changes in the 3M \u00a0
EURIBOR rate with respect of their current funding. Further the group obtained an indic- \u00a0
ative term sheet for the financing of the P-class vessels acquired from COSCO SHIP- \u00a0
PING Heavy Industry and planned to be delivered in the period of 2024 to 2025. The \u00a0
group intended to enter these loans as the main source of future funding and considered \u00a0
the risk of changes to EURIBOR based interest payments in 2022 and coming years. \u00a0
On 5 October 2022, the Group entered into interest rate swap contracts with DNB which \u00a0
relate to the Debt Facility and future loans thereunder. The interest rate risk arising from \u00a0
the loans under the Debt Facility have been swapped from 3-month EURIBOR to a fixed \u00a0
rate until 5 October 2027. The average fixed rate of the swaps is 2.81% (2022: 2.82%). \u00a0
Such interest rate swap contracts have been replaced by new contracts in connection \u00a0
with the New Debt Facility. \u00a0
In connection with the Business Combination, on 7 December 2023 the Group entered \u00a0
into the New Debt Facility, a new senior secured credit and guarantee facility of up to \u00a0
EUR 550 million. The New Debt Facility has similar terms and conditions as the Debt Fa- \u00a0
cility. \u00a0
Further, on 23 December 2023, the Group entered into a Sinosure-backed green term \u00a0
loan facility (EUR 425 million). The Group entered these loans as the main source to fi- \u00a0
nance the purchase of the P-Class newbuilds. \u00a0
The Group entered into interest rate swap contracts with the Group\u2019s main bank and re- \u00a0
lated these to the New Debt Facility and the future loans. The interest rate risk arising \u00a0
from the loans have been partially swapped from 3M EURIBOR to a fixed rate. The new \u00a0
credit facilities expand the exposure of the Group to changes in the 3M EURIBOR rate. \u00a0
The economic relationship is established as a match of critical terms between the hedge \u00a0
item and hedge instrument. The group has assessed the following terms when entered \u00a0
into the hedge relationship: \u00a0
\u2013
Instalments on the facilities. \u00a0
\u2013
Payment date of interest and instalment. \u00a0
\u2013
Timing difference in the maturity of the hedge item and hedge instrument. \u00a0
The expected causes of hedging ineffectiveness relate to: \u00a0
\u2013
Changes to the expected date of delivery of the vessels. \u00a0
\u2013
3M EURIBOR rate falling below 0%. \u00a0
The below table shows the profile of the nominal amount of the interest rate swaps and \u00a0
the fair values. \u00a0
Fair value EUR\u2019000 \u00a0
Between \u00a0
Between \u00a0
Less than \u00a0
1 and 2 \u00a0
2 and 5 \u00a0
Notional amount EUR\u2019000 \u00a0
1 year \u00a0
years \u00a0
years \u00a0
Asset \u00a0
Liability \u00a0
2023 \u00a0
Interest rate Swap \u2013 EURI- \u00a0
BOR 3M \u00a0
-
-
555,000 \u00a0
-
(11,790) \u00a0
2022 \u00a0
Interest rate Swap \u2013 EURI- \u00a0
BOR 3M \u00a0
-
-
469,375 \u00a0
3,451 \u00a0
(288) \u00a0
More details can be found in Note 26 with regards of the current debt facilities of the \u00a0
Group related to the interest rate swaps. \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
Movements in the hedging reserve \u00a0
Beginning of year \u00a0
3,163 \u00a0
-
Fair value adjustment for the year \u00a0
(14,177) \u00a0
2,725 \u00a0
Interest recycled for the year \u00a0
(776) \u00a0
438 \u00a0
End of year \u00a0
(11,790) \u00a0
3,163 \u00a0
Foreign currency risk hedging \u00a0
In 2021, the Group entered into a binding contract for the construction of two P-class \u00a0
vessels from COSCO. The contracts are partly settled in USD. USD payments will be due \u00a0
in 2024 and 2025. \u00a0
The currency exposure arising from the contracts has been swapped to EUR at the Com- \u00a0
pany\u2019s banks at an average USD:EUR rate of 0.9187 for both 2023 and 2022. \u00a0
In 2022, the Company signed additional contracts with COSCO SHIPPING Heavy Industry \u00a0
to build a total of two new A-class foundation installation vessel. The Company is ex- \u00a0
posed to change in foreign exchange currency risk on their contractual obligation to ac- \u00a0
quire the A-class vessels due to the last instalment being in USD. The last instalment \u00a0
shall be payable upon delivery of the vessel. \u00a0
The exposure to the variability in the future currency rate has been hedged by entering \u00a0
into six zero cost collar contracts with DNB, securing an average USD:EUR rate of be- \u00a0
tween 0.8695 and 0.9466 for USD 300 million of notional amount, bringing the total cov- \u00a0
erage to USD 500 million. As of 31 December 2023, the total coverage effectively miti- \u00a0
gates around 50% of its foreign exchange risk for the upcoming USD instalments for the \u00a0
new P- and A-class vessels contracts. \u00a0
The economic relationship is established as a match of critical terms between the hedge \u00a0
item and hedge instrument. The Group has assessed the following terms when entered \u00a0
the hedge relationship: \u00a0
\u2013
Payment date of instalment in foreign currency. \u00a0
\u2013
Maturity of the hedged item and hedged instruments (forward contract and op- \u00a0
tion collars). \u00a0
The expected causes of hedging ineffectiveness relate to changes to the expected date \u00a0
of delivery of the vessel. The below table shows the profile of the nominal amount of the \u00a0
foreign currency forward contracts and option collars and the fair values. \u00a0
Fair value EUR\u2019000 \u00a0
Between \u00a0
Between \u00a0
Less than \u00a0
1 and 2 \u00a0
2 and 5 \u00a0
Notional amount USD\u2019000 \u00a0
1 year \u00a0
years \u00a0
years \u00a0
Asset \u00a0
Liability \u00a0
2023 \u00a0
FX forward contracts \u00a0
150,000 \u00a0
50,000 \u00a0
-
-
(5,338) \u00a0
Option collars \u00a0
-
250,000 \u00a0
50,000 \u00a0
-
(4,431) \u00a0
2022 \u00a0
FX forward contracts \u00a0
-
200,000 \u00a0
-
-
(1,820) \u00a0
Option collars \u00a0
-
-
-
-
-
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
Movements in the hedging reserve \u00a0
Beginning of year \u00a0
(1,820) \u00a0
-
Fair value adjustment for the year - FX forward contracts \u00a0
(3,518) \u00a0
(1,820) \u00a0
Fair value adjustment for the year - Option collars \u00a0
(810) \u00a0
-
Time value adjustment for the year \u00a0
(3,621) \u00a0
-
End of year \u00a0
(9,769) \u00a0
(1,820) \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3903": {
"value": "2.20. Derivatives and hedge accounting \u00a0
Derivative financial instruments are initially recognised at fair value on the date on which \u00a0
a derivative contract is entered into and subsequently remeasured at fair value over \u00a0
profit and loss. Derivatives are carried as financial assets, presented under derivatives \u00a0
assets, when the fair value is positive and as financial liabilities, presented under deriva- \u00a0
tives liabilities, when the fair value is negative. \u00a0
At the inception of a hedge relationship, the Group formally designates and documents \u00a0
the hedge relationship and the risk management objective and strategy for undertaking \u00a0
the hedge. \u00a0
Changes in the fair value of derivative financial instruments designated as cash flow \u00a0
hedges are recognised in other comprehensive income and presented under \u201cHedging \u00a0
reserves\u201d (equity). Where the expected future transactions results in the acquisition of \u00a0
non-financial assets, any amounts deferred under equity are transferred from equity to \u00a0
the cost of the asset. Where expected future transaction results in income or expense, \u00a0
amount deferred under equity are transferred from equity to the income statement in the \u00a0
same item as the hedged transaction as a reclassification adjustment. Further, the entity \u00a0
may transfer the cumulative fair value change recognised within equity upon derecogni- \u00a0
tion of the hedged item. Borrowing facilities are derecognised when the obligation under \u00a0
the liability is discharged or cancelled or expires. When an existing financial liability is \u00a0
replaced by another from the same lender on substantially different terms, or the terms \u00a0
of an existing liability are substantially modified, such an exchange or modification is \u00a0
treated as the derecognition of the original liability and the recognition of a new liability. \u00a0
Changes in the fair value of derivative financial instruments not designated as hedges \u00a0
are recognised in the income statement. Certain borrowing facilities when undrawn do \u00a0
not qualify for hedge accounting. Changes in fair value of these derivative financial in- \u00a0
struments are therefore recognised in the income statement under \u201cFinancial income\u201d or \u00a0
\u201cFinancial expenses\u201d for interest rate swaps. \u00a0
The amount included in the hedging reserve is the lower of, in absolute amounts, of the \u00a0
cumulative fair value adjustment of the hedging instrument and the hedged item. Inef- \u00a0
fectiveness is recognised in the consolidated statement of profit and loss. Further, in \u00a0
case any modifications occur in the hedged risk, the Group will conduct a comprehen- \u00a0
sive review and assessment of the hedge relationship. In a recent evaluation, adjust- \u00a0
ments in debt were carefully assessed in accordance with hedge accounting standards, \u00a0
resulting in no material changes or implications on hedge accounting. \u00a0
Equity-settled transactions \u00a0
The cost of equity-settled transactions is determined by the fair value at the date when \u00a0
the grant is made using an appropriate valuation model. \u00a0
That cost is recognised in employee benefits expenses, together with a corresponding \u00a0
increase in equity (retained earnings), over the period in which the service and, where ap- \u00a0
plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
pense recognised for equity-settled transactions at each reporting date until the vesting \u00a0
date reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
timate of the number of equity instruments that will ultimately vest. The expense or \u00a0
credit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
tive expense recognised as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
mining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
is assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
that will ultimately vest. Market performance conditions are reflected within the grant \u00a0
date fair value. \u00a0
Any other conditions attached to an award, but without an associated service require- \u00a0
ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
in the fair value of an award and lead to an immediate expensing of an award unless \u00a0
there are also service and/or performance conditions. \u00a0
No expense is recognised for awards that do not ultimately vest because non-market \u00a0
performance and/or service conditions have not been met. \u00a0
Where awards include a market or non-vesting condition, the transactions are treated as \u00a0
vested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
that all other performance and/or service conditions are satisfied. \u00a0
The dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
computation of diluted earnings per share in a loss situation only if loss per share de- \u00a0
creases. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3914": {
"value": "2.21. Share capital \u00a0
Ordinary shares are classified as equity. When there is a capital increase through the is- \u00a0
suance of new shares, these shares are recorded at their nominal value. \u00a0
2.22. Share premium reserve and retained earnings \u00a0
Capital increase is categorised as equity. Share premium reserve signifies the capital \u00a0
contributed by investors exceeding the nominal value of the shares issued, net of any in- \u00a0
cremental costs directly associated with the issuance of new shares. Retained earnings \u00a0
include results from previous periods, changes to equity arising from business combina- \u00a0
tion purchase price, and share-based payments. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3915": {
"value": "2.21. Share capital \u00a0
Ordinary shares are classified as equity. When there is a capital increase through the is- \u00a0
suance of new shares, these shares are recorded at their nominal value. \u00a0
2.22. Share premium reserve and retained earnings \u00a0
Capital increase is categorised as equity. Share premium reserve signifies the capital \u00a0
contributed by investors exceeding the nominal value of the shares issued, net of any in- \u00a0
cremental costs directly associated with the issuance of new shares. Retained earnings \u00a0
include results from previous periods, changes to equity arising from business combina- \u00a0
tion purchase price, and share-based payments. \u00a0
Note 22 \u00a0
Issued Share Capital \u00a0
No. of \u00a0
EUR\u2019000 \u00a0
shares \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Ordinary shares \u00a0
Beginning and end of financial year 2021 \u00a0
138,574 \u00a0
26,575 \u00a0
18,641 \u00a0
18,641 \u00a0
Issued on May 2022 for capital increase \u00a0
26,176 \u00a0
-
3,518 \u00a0
-
Issued on October 2022 for capital in- \u00a0
crease \u00a0
32,850 \u00a0
-
4,416 \u00a0
-
Issued on December 2023 for capital in- \u00a0
crease \u00a0
113,809 \u00a0
15,263 \u00a0
End of financial year 2023 \u00a0
311,409 \u00a0
41,838 \u00a0
26,575 \u00a0
18,641 \u00a0
As of 1 January 2023, the Group\u2019s issued and paid in share capital amounted to DKK \u00a0
197,600 thousand, equal to EUR 26,575 thousand, consisting of 197,600,000 shares of \u00a0
DKK 1. \u00a0
In June 2023, Cadeler and Eneti entered into a Business Combination Agreement, exe- \u00a0
cuted through a stock-for-stock exchange offer made to all stockholders of Eneti. In De- \u00a0
cember 2023, the share exchange offer was successfully completed and, consequently, \u00a0
the registration of the share capital increase. \u00a0
In December 2023, the authorised share capital was increased by DKK 113,809 thousand, \u00a0
equal to EUR 15,263 thousand, consisting of 113,809,868 shares of DKK 1. \u00a0
At the end of 2023, the Group had share capital amounting to DKK 311,409 thousand, \u00a0
equal to EUR 41,838 thousand, consisting of 311,409,868 shares of DKK 1. \u00a0
All shares have equal rights. \u00a0
Capital management \u00a0
The Company\u2019s objectives when managing capital are to ensure the Company\u2019s ability to \u00a0
continue 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
other things, aims to ensure that it meets financial covenants attached to the interest- \u00a0
bearing loans and borrowings that define capital structure requirements. Breaches in \u00a0
meeting the financial covenants would permit the bank to immediately call loans and \u00a0
borrowings. There have been no breaches of the financial covenants of any interest- \u00a0
bearing loans and borrowing in the current period. \u00a0
In order to maintain or adjust the capital structure in the future, the Group may adjust the \u00a0
amount of dividends paid to shareholders, issue new shares and/or sell assets to reduce \u00a0
debt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other \u00a0
distributions without DNB Bank ASA\u2019s written consent. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3917": {
"value": "2.22. Share premium reserve and retained earnings \u00a0
Capital increase is categorised as equity. Share premium reserve signifies the capital \u00a0
contributed by investors exceeding the nominal value of the shares issued, net of any in- \u00a0
cremental costs directly associated with the issuance of new shares. Retained earnings \u00a0
include results from previous periods, changes to equity arising from business combina- \u00a0
tion purchase price, and share-based payments. \u00a0
2.23. Share based payments \u00a0
Employees (including senior executives) of the Group receive remuneration in the form \u00a0
of share-based payments, whereby employees render services as consideration for eq- \u00a0
uity instruments (equity-settled transactions). \u00a0
Equity-settled transactions \u00a0
The cost of equity-settled transactions is determined by the fair value at the date when \u00a0
the grant is made using an appropriate valuation model. \u00a0
That cost is recognised in employee benefits expenses, together with a corresponding \u00a0
increase in equity (retained earnings), over the period in which the service and, where ap- \u00a0
plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
pense recognised for equity-settled transactions at each reporting date until the vesting \u00a0
date reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
timate of the number of equity instruments that will ultimately vest. The expense or \u00a0
credit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
tive expense recognised as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
mining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
is assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
that will ultimately vest. Market performance conditions are reflected within the grant \u00a0
date fair value. \u00a0
Any other conditions attached to an award, but without an associated service require- \u00a0
ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
in the fair value of an award and lead to an immediate expensing of an award unless \u00a0
there are also service and/or performance conditions. \u00a0
No expense is recognised for awards that do not ultimately vest because non-market \u00a0
performance and/or service conditions have not been met. \u00a0
Where awards include a market or non-vesting condition, the transactions are treated as \u00a0
vested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
that all other performance and/or service conditions are satisfied. \u00a0
The dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
computation of diluted earnings per share in a loss situation only if loss per share de- \u00a0
creases. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3920": {
"value": "2.22. Share premium reserve and retained earnings \u00a0
Capital increase is categorised as equity. Share premium reserve signifies the capital \u00a0
contributed by investors exceeding the nominal value of the shares issued, net of any in- \u00a0
cremental costs directly associated with the issuance of new shares. Retained earnings \u00a0
include results from previous periods, changes to equity arising from business combina- \u00a0
tion purchase price, and share-based payments. \u00a0
2.23. Share based payments \u00a0
Employees (including senior executives) of the Group receive remuneration in the form \u00a0
of share-based payments, whereby employees render services as consideration for eq- \u00a0
uity instruments (equity-settled transactions). \u00a0
Equity-settled transactions \u00a0
The cost of equity-settled transactions is determined by the fair value at the date when \u00a0
the grant is made using an appropriate valuation model. \u00a0
That cost is recognised in employee benefits expenses, together with a corresponding \u00a0
increase in equity (retained earnings), over the period in which the service and, where ap- \u00a0
plicable, the performance conditions are fulfilled (the vesting period). The cumulative ex- \u00a0
pense recognised for equity-settled transactions at each reporting date until the vesting \u00a0
date reflects the extent to which the vesting period has expired and the Group\u2019s best es- \u00a0
timate of the number of equity instruments that will ultimately vest. The expense or \u00a0
credit in the statement of profit or loss for a period represents the movement in cumula- \u00a0
tive expense recognised as at the beginning and end of that period. \u00a0
Service and non-market performance conditions are not taken into account when deter- \u00a0
mining the grant date fair value of awards, but the likelihood of the conditions being met \u00a0
is assessed as part of the Group\u2019s best estimate of the number of equity instruments \u00a0
that will ultimately vest. Market performance conditions are reflected within the grant \u00a0
date fair value. \u00a0
Any other conditions attached to an award, but without an associated service require- \u00a0
ment, are considered to be non-vesting conditions. Non-vesting conditions are reflected \u00a0
in the fair value of an award and lead to an immediate expensing of an award unless \u00a0
there are also service and/or performance conditions. \u00a0
No expense is recognised for awards that do not ultimately vest because non-market \u00a0
performance and/or service conditions have not been met. \u00a0
Where awards include a market or non-vesting condition, the transactions are treated as \u00a0
vested irrespective of whether the market or non-vesting condition is satisfied, provided \u00a0
that all other performance and/or service conditions are satisfied. \u00a0
The dilutive effect of outstanding options is reflected as additional share dilution in the \u00a0
computation of diluted earnings per share in a loss situation only if loss per share de- \u00a0
creases. \u00a0
Note 8 \u00a0
Long Term Incentive Programs \u00a0
In December 2021, a new remuneration scheme was agreed starting in January 2022 and \u00a0
replacing the existing share-based incentive schemes for the majority of eligible employ- \u00a0
ees. The terms of the programme initiated in December 2021 are: \u00a0
(i) with effect from 2021, an annual cash bonus up to 12 months of salary for the CEO, and \u00a0
up to 6 months for selected employees. This bonus is at the discretion of the board and \u00a0
paid in cash the following January. Bonuses regarding selected employees is expensed \u00a0
in 2023. \u00a0
(ii) with effect from 2021, an annual cash bonus up to 3 months of salary for other em- \u00a0
ployees. This bonus paid based on Company, team and individual performance. The bo- \u00a0
nus is paid in cash at the end of the calendar year. \u00a0
(iii) in January 2022, the executive management and selected employees were granted \u00a0
from 10,393 to 55,430 Restricted Share Units (RSU) which will vest July 2024 and are con- \u00a0
ditional upon continued employment within Cadeler. The total value of the RSU alloca- \u00a0
tion is calculated based on the Company's closing share price on Nasdaq Copenhagen \u00a0
A/S on the day of the grant and the value is EUR 394 thousand (EUR 3.3 per RSU). The \u00a0
expense recognised in profit and loss for the year amounts to EUR 143 thousand (EUR \u00a0
157 thousand in 2022). The average remaining contractual life as of 31 December 2023 is \u00a0
0.5 years. \u00a0
(iv) in January 2022, the executive management and selected employees were granted \u00a0
from 10,393 to 55,430 Options in Cadeler shares which will vest May 2024 and expire in \u00a0
April 2027. The strike price will range from NOK 36.02 to NOK 38.42 depending on the ex- \u00a0
ercise period and are conditional upon continued employment within Cadeler. The fair \u00a0
value of these granted options was determined using the Black-Scholes model and the \u00a0
value is EUR 160 thousand (EUR 1.3 per RSU). The expense recognised in profit and loss \u00a0
for the year amounts to EUR 62 thousand (EUR 69 thousand in 2022). The average re- \u00a0
maining contractual life for the options as of 31 December 2023 is 3.3 years. \u00a0
For the programmes described in (iii) and (iv) the annualised volatility of the shares 48.1% \u00a0
is based on the historical volatility of the price of shares, annual risk free interest rate of \u00a0
1%, dividend yield of zero, expected life until expiration date and average share price of \u00a0
EUR 3.7. \u00a0
(v) in May 2022, the executive management and selected employees were granted from \u00a0
43,420 to 221,719 Options in Cadeler shares which will vest in May 2025 and expire in May \u00a0
2028. The strike price will be NOK 40.24 and is conditional upon continued employment \u00a0
within Cadeler. The fair value of these granted options was determined using the Black- \u00a0
Scholes model and the value is EUR 761 thousand (EUR 1.3 per RSU). The expense recog- \u00a0
nised in profit and loss for the year amounts to EUR 237 thousand. The average remain- \u00a0
ing contractual life for the options as per 31 December 2023 is 4.3 years. The annualised \u00a0
volatility of the shares 42.5% is based on the historical volatility of the price of shares, \u00a0
annual risk free interest rate of 2.8%, dividend yield of zero, expected life until expiration \u00a0
date and average share price of EUR 3.7. \u00a0
(vi) in January 2023, the executive management and selected employees were granted \u00a0
from 19,760 to 130,416 Restricted Share Units which will vest in July 2025 and are condi- \u00a0
tional upon continued employment within Cadeler. The total value of the RSU allocation \u00a0
is calculated based on the Black-Scholes model and the value is EUR 1.2 million (EUR 3.0 \u00a0
per RSU). The expense recognised in profit and loss for the year amounts to EUR 498 \u00a0
thousand. The average remaining contractual life is 1.5 years. The average share price is \u00a0
NOK 36.56. \u00a0
(vii) In August 2023, the executive management and selected employees were granted \u00a0
from 88,920 to 385,320 Options in Cadeler shares which will vest in August 2026 and ex- \u00a0
pire in August 2029. The strike price will be NOK 45.49 and is conditional upon continued \u00a0
employment within Cadeler. The fair value of these granted options was determined us- \u00a0
ing the Black-Scholes model and the value is EUR 2.2 million (EUR 1.8 per RSU). The ex- \u00a0
pense recognised in profit and loss for the year amounts to EUR 250 thousand. The aver- \u00a0
age remaining contractual life for the options as of 31 December 2023 is 5.5 years. \u00a0
The annualised volatility of the shares 61.0% is based on the historical volatility of the \u00a0
price of shares, annual risk free interest rate of 2.68%, dividend yield of zero, expected \u00a0
life until expiration date and average share price of EUR 3.7. \u00a0
The Group previously had a share-based incentive scheme for its key employees in con- \u00a0
nection with the IPO, with the following key terms: \u00a0
(viii) an incentive varying from 1 to 8 months of salary of the key employee paid in shares \u00a0
in the event the Offering is successful. The gross monthly salary and share price for the \u00a0
basis of calculation of the shares to be issued is based on the gross monthly salary of \u00a0
the employee and share price on the first day of trading of the shares. The initial share \u00a0
price was set at observable input 27 November 2020 (146,626 shares) and was paid out in \u00a0
cash 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
sand. The charge to equity amounts to EUR 230 thousand. \u00a0
(ix) an incentive varying from 2 to 4 months of salary of the key employee paid in shares \u00a0
for the continuous employment of the employee for each full calendar year of 2020 and \u00a0
2021. The incentive will be paid with the employee\u2019s salary in June in the following year, \u00a0
i.e., in June 2021 and June 2022. The gross monthly salary and share price for the basis of \u00a0
calculation of the shares to be issued is based on the gross monthly salary of the em- \u00a0
ployee and share price on the date the incentive will be paid in June 2021 and June 2022. \u00a0
As stated above this programme was terminated for most of employees and this part is \u00a0
reversed in equity and in profit and loss as well. The amount reversed regarding 2020 is \u00a0
EUR 3 thousand and 2021 EUR 167 thousand. \u00a0
(x) with effect from 2021, a tiered annual bonus scheme for the CEO of the Company \u00a0
linked to KPIs and business profitability, which is capped at 8 months of gross monthly \u00a0
salary of the CEO paid in shares. The gross monthly salary and share price for the basis \u00a0
of calculation of the shares to be issued is based on the gross monthly salary of the CEO \u00a0
and shares price on the date falling 30 days from the date of filing of the audited ac- \u00a0
counts of the Company for the financial year. \u00a0
As stated above this programme is terminated and was replaced with a cash bonus. The \u00a0
programme was accounted for as a cash-based incentive programme for 2021 and the \u00a0
full cash bonus was expensed for in 2021. \u00a0
None of these instruments are exercisable at the reporting period. \u00a0
2023 \u00a0
2022 \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
Outstanding instruments - Options \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Outstanding at 1 January \u00a0
344,589 \u00a0
3.16 \u00a0
330,963 \u00a0
3.15 \u00a0
-
-
-
-
Granted during the year \u00a0
622,440 \u00a0
3.64 \u00a0
563,160 \u00a0
3.64 \u00a0
344,589 \u00a0
3.16 \u00a0
330,963 \u00a0
3.15 \u00a0
Forfeited during the year \u00a0
-
-
-
-
-
-
-
-
Exercised during the year \u00a0
-
-
-
-
-
-
-
-
Expired during the year \u00a0
-
-
-
-
-
-
-
-
Outstanding at 31 December \u00a0
967,029 \u00a0
3.47 \u00a0
894,123 \u00a0
3.46 \u00a0
344,589 \u00a0
3.16 \u00a0
330,963 \u00a0
3.15 \u00a0
2023 \u00a0
2022 \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
Outstanding instruments - RSU \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Outstanding at 1 January \u00a0
55,430 \u00a0
-
65,823 \u00a0
-
-
-
-
-
Granted during the year \u00a0
189,696 \u00a0
-
205,504 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
Forfeited during the year \u00a0
-
-
-
-
-
-
-
-
Exercised during the year \u00a0
-
-
-
-
-
-
-
-
Expired during the year \u00a0
-
-
-
-
-
-
-
-
Outstanding at 31 December \u00a0
245,126 \u00a0
-
271,327 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
1EUR Weighted average exercise price (WAEP). \u00a0
Note 9 \u00a0
Board of Directors and Management Compensation \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Board of \u00a0
Executive \u00a0
Board of \u00a0
Executive \u00a0
Board of \u00a0
Executive \u00a0
EUR\u2019000 \u00a0
directors management \u00a0
Total \u00a0
directors management \u00a0
Total \u00a0
directors management \u00a0
Total \u00a0
Wages, salaries and board fees \u00a0
183 \u00a0
850 \u00a0
1,033 \u00a0
180 \u00a0
683 \u00a0
863 \u00a0
180 \u00a0
650 \u00a0
830 \u00a0
Share based payment \u00a0
-
588 \u00a0
588 \u00a0
-
173 \u00a0
173 \u00a0
-
164 \u00a0
164 \u00a0
Other short-term benefits \u00a0
-
55 \u00a0
55 \u00a0
-
36 \u00a0
36 \u00a0
-
23 \u00a0
23 \u00a0
Cash bonus \u00a0
-
1,155 \u00a0
1,155 \u00a0
-
482 \u00a0
482 \u00a0
-
314 \u00a0
314 \u00a0
Total management compensation \u00a0
183 \u00a0
2,648 \u00a0
2,831 \u00a0
180 \u00a0
1,374 \u00a0
1,554 \u00a0
180 \u00a0
1,151 \u00a0
1,331 \u00a0
Executive management \u00a0
Executive management means the members of the executive management which were \u00a0
registered with the Danish business authority and who have the authority and responsi- \u00a0
bility for the planning, directing and controlling activities of the Company as defined by \u00a0
IAS 24. In 2021, Key management also included personnel who supported executive man- \u00a0
agement, for the planning, directing and controlling activities of the Company. \u00a0
Board of directors \u00a0
Andreas Sohmen-Pao and Andreas Beroutsos are employed by the BW Group. These \u00a0
board members have not received remuneration from Cadeler in 2021, 2022 and 2023. \u00a0
Andreas Beroutsos stepped down from the Board with effect from 25 April 2023. On the \u00a0
same date, Andrea Abt joined the Board. \u00a0
David Peter Cogman is employed by the Swire Group and has not received remuneration \u00a0
from Cadeler in 2021, 2022 and 2023. David Peter Cogman stepped down from the Board \u00a0
with effect from 16 June 2023 along with Connie Hedegaard. \u00a0
On 20 February 2024, Emanuele Lauro and James Nish joined the Board. Emanuele \u00a0
Lauro is the Director and Chief Executive Officer of Scorpio Holdings Limited considered \u00a0
a related party (See Note 27). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3945": {
"value": "2.24. Currency translation \u00a0
The financial statements are presented in Euro (EUR), which is also the functional cur- \u00a0
rency of the Parent Company. For each entity in the Group, the Group determines the \u00a0
functional currency and items included in the financial statements of each entity are \u00a0
measured using that functional currency. \u00a0
Transactions in a currency other than the EUR (\u201cforeign currency\u201d) are translated into \u00a0
EUR using the exchange rates at the dates of the transactions. Currency exchange dif- \u00a0
ferences resulting from the settlement of such transactions and from the translation of \u00a0
monetary assets and liabilities denominated in foreign currencies at the closing rates at \u00a0
the balance sheet are recognised in profit or loss. Non-monetary items measured at fair \u00a0
values in foreign currencies are translated using the exchange rates at the date when the \u00a0
fair values are determined. \u00a0
Foreign exchange gains and losses impacting profit or loss are presented in the income \u00a0
statement within finance income or finance expenses. \u00a0
On consolidation, the assets and liabilities of foreign operations are translated into euros \u00a0
at the rate of exchange prevailing at the reporting date and their statements of profit or \u00a0
loss are translated at exchange rates prevailing at the dates of the transactions. The ex- \u00a0
change differences arising on translation for consolidation are recognised in other com- \u00a0
prehensive income. On disposal of a foreign operation, the component of other compre- \u00a0
hensive income relating to that particular foreign operation is reclassified to profit or \u00a0
loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3946": {
"value": "2.24. Currency translation \u00a0
The financial statements are presented in Euro (EUR), which is also the functional cur- \u00a0
rency of the Parent Company. For each entity in the Group, the Group determines the \u00a0
functional currency and items included in the financial statements of each entity are \u00a0
measured using that functional currency. \u00a0
Transactions in a currency other than the EUR (\u201cforeign currency\u201d) are translated into \u00a0
EUR using the exchange rates at the dates of the transactions. Currency exchange dif- \u00a0
ferences resulting from the settlement of such transactions and from the translation of \u00a0
monetary assets and liabilities denominated in foreign currencies at the closing rates at \u00a0
the balance sheet are recognised in profit or loss. Non-monetary items measured at fair \u00a0
values in foreign currencies are translated using the exchange rates at the date when the \u00a0
fair values are determined. \u00a0
Foreign exchange gains and losses impacting profit or loss are presented in the income \u00a0
statement within finance income or finance expenses. \u00a0
On consolidation, the assets and liabilities of foreign operations are translated into euros \u00a0
at the rate of exchange prevailing at the reporting date and their statements of profit or \u00a0
loss are translated at exchange rates prevailing at the dates of the transactions. The ex- \u00a0
change differences arising on translation for consolidation are recognised in other com- \u00a0
prehensive income. On disposal of a foreign operation, the component of other compre- \u00a0
hensive income relating to that particular foreign operation is reclassified to profit or \u00a0
loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3969": {
"value": "2.26. Material accounting judgements, estimates and assumptions \u00a0
The preparation of the Group\u2019s consolidated financial statements requires management \u00a0
to make judgements, estimates and assumptions that affect the reported amounts of \u00a0
revenues, expenses, assets and liabilities, and the accompanying disclosures, and the \u00a0
disclosure of contingent liabilities. Uncertainty about these assumptions and estimates \u00a0
could result in outcomes that require a material adjustment to the carrying amount of as- \u00a0
sets or liabilities affected in future periods. \u00a0
The key assumptions concerning the future and other key sources of estimation uncer- \u00a0
tainty at the reporting date, that have a significant risk of causing a material adjustment \u00a0
to the carrying amounts of assets and liabilities within the next financial year, are de- \u00a0
scribed below. The Group based its assumptions and estimates on parameters available \u00a0
when the consolidated financial statements were prepared. Existing circumstances and \u00a0
assumptions about future developments, however, may change due to market changes \u00a0
or circumstances arising that are beyond the control of the Group. Such changes are re- \u00a0
flected in the assumptions when they occur. \u00a0
Estimates \u00a0
Useful life of vessels \u00a0
The estimation made regarding the duration of the useful life of the vessels has been \u00a0
based on, among other things, an analysis made by an external expert. The determined \u00a0
fatigue analysis is based on the technical specification of the wind turbine installation \u00a0
vessels (\u201cWTIV\u201d) and comparable vessels, the useful life of the vessels is estimated at 25 \u00a0
years. \u00a0
In 2020, the Group acquired two vessels which had already been in use for 8 years. \u00a0
Therefore, the remaining useful life of these vessels is estimated at 17 years for all com- \u00a0
ponents except the jacking system and main crane. These components have a remain- \u00a0
ing useful life of 3 years from the acquisition of the vessels. In the current year, the main \u00a0
crane of these vessels is undergoing an upgrade. The old main crane has been disposed \u00a0
of, and the new main crane is expected to be activated in the new year, matching the re- \u00a0
maining useful life of the vessels. \u00a0
In 2023, as part of the business combination, the Group acquired two additional vessels. \u00a0
One of these vessels was delivered in 2015 and the other in 2012. Similar to the vessels \u00a0
acquired in 2020, the estimated useful life of these vessels, 25 years when first acquired, \u00a0
depend on initial delivery. Therefore its useful life is 17 and 14 years, and all components \u00a0
will have the same useful life. The depreciation will be calculated over the remaining use- \u00a0
ful life of these vessels. \u00a0
The residual value, useful life, and methods of depreciation of property, plant, and equip- \u00a0
ment are reviewed at each financial year end and adjusted accordingly, if appropriate. \u00a0
Impairment of non-financial assets \u00a0
Management is responsible for the identification of internal and external indicators of im- \u00a0
pairment related to non-financial assets. If indicators of impairment are identified, an im- \u00a0
pairment test must be performed. \u00a0
Impairment exists when the carrying value of an asset including right-of-use assets or \u00a0
CGU exceeds its recoverable amount, which is the higher of fair value less costs of dis- \u00a0
posal and its value in use. The fair value less costs of disposal calculation is based on \u00a0
available sales transactions conducted at arm\u2019s length terms, if available. The value in \u00a0
use calculation is based on a DCF model. The cash flows are derived from the budget \u00a0
and the most recent project pipeline. These cash flows do not include restructuring ac- \u00a0
tivities or significant future investments which will enhance the performance of the as- \u00a0
sets or CGU being tested. \u00a0
The recoverable amount is sensitive to the discount rate used in the DCF model as well \u00a0
as future cash in-flows and growth rate assumptions, for further information please refer \u00a0
to Note 18. \u00a0
Purchase price allocation \u00a0
In the application of the acquisition method, estimates play a pivotal role in determining \u00a0
the fair values of acquired assets and assumed liabilities, given the absence of observa- \u00a0
ble market prices. Valuation techniques primarily involve assessing the present value of \u00a0
uncertain future cash flows or events at the acquisition date, with more significant esti- \u00a0
mates typically applied to property, plant, and equipment. Due to inherent uncertainties \u00a0
in fair value estimation, adjustments during the measurement period may be necessary. \u00a0
Valuation techniques considered include market-based, income-based, and cost-based \u00a0
methodologies, prioritised in that order. Key assumptions, such as the remaining useful \u00a0
life of vessels, inflation, utilisation rates, and day rates, are integral to these methodolo- \u00a0
gies. \u00a0
Judgements \u00a0
Identification of CGU for the purpose of goodwill impairment \u00a0
For the purpose of testing the Group's vessels the impairment test is performed on a \u00a0
vessel-by-vessel basis. \u00a0
For the purpose of testing goodwill for impairment, management has assessed that \u00a0
Cadeler has two cash generating units (CGUs), being \u00a0
\u2022
the transport and installation of offshore wind turbine generators and founda- \u00a0
tions installation vessels (WTGFIV) and \u00a0
\u2022
the maintenance of offshore wind turbine generators (O&MV) \u00a0
The WTGFIV CGU is comprised of Cadeler\u2019s O-class vessels and Scylla, which are largely \u00a0
interchangeable, and the cash flows generated by them are interdependent. These ves- \u00a0
sels are operated collectively, employed interchangeably, and actively managed to meet \u00a0
the needs of our customers in that market. Given the technical specifications of vessels, \u00a0
the WTGFIV vessels are relatively homogenous with a very high degree of interoperabil- \u00a0
ity. The O&MV CGU is comprised of the vessel Zaratan which has different specifica- \u00a0
tions, has independent and separable cash flows from the other vessels. \u00a0
Revenue recognition \u00a0
Judgement is performed when determining if a contract contains one or more perfor- \u00a0
mance obligations. Judgements is performed as complexities arise when several types \u00a0
of customer contracts are bundled. \u00a0
Evaluating the criteria for revenue recognition requires management's judgement to as- \u00a0
sess and identify performance obligations within the contract. This includes assessing \u00a0
the nature of performance obligations and whether they are distinct or should be com- \u00a0
bined with other performance obligations to determine whether the performance obliga- \u00a0
tions are satisfied over time or at a point in time. \u00a0
In contracts where many activities are bundled judgement is applied in the determination \u00a0
of the most adequate recognition method and the most adequate measure of progress. \u00a0
Both of the judgements have a primary impact on the timing and amount of revenue to \u00a0
be recognised. \u00a0
Evaluating the criteria for revenue recognition with contract with customer requires Man- \u00a0
agement's judgement to assess and determine the following: \u00a0
\u2022 Identification of performance obligations within the contract. This includes assessing \u00a0
the nature of performance obligations and whether they are distinct or should be com- \u00a0
bined with other performance obligations to determine whether the performance obliga- \u00a0
tions are satisfied over time or at a point in time. \u00a0
\u2022 Determine the transaction price, including an assessment of variable consideration in \u00a0
the contract. \u00a0
\u2022 In contract where many performance obligation are bundled, the allocation of transac- \u00a0
tion price to performance obligations to determine the stand-alone selling price of each \u00a0
performance obligation identified in the contract using key assumptions which may in- \u00a0
clude observable market and expected margin in the activities. \u00a0
Macroeconomic factors and climate risks \u00a0
As part of our commitment to transparency and thorough risk management, Cadeler rec- \u00a0
ognises the significance of macroeconomic factors and climate risks in our financial \u00a0
evaluations. In navigating an ever-evolving operational landscape, we acknowledge the \u00a0
importance of factoring in these elements when assessing the useful lives of assets, de- \u00a0
termining residual values, and conducting Discounted Cash Flow (DCF) analyses for im- \u00a0
pairment assessments. Management does not currently consider climate risks to have a \u00a0
material effect on the accounting estimates and judgements for the 2023 consolidate \u00a0
and parent company financial statements. \u00a0
Cadeler's strategic investments in offshore wind assets are in line with our dedication to \u00a0
sustainability and our contribution to progressing towards a climate-neutral future. We \u00a0
comprehend the potential impact of climate-related considerations on our operations, \u00a0
including vulnerabilities within our supply chain due to severe weather events. Further- \u00a0
more, we acknowledge the uncertainties in macroeconomic conditions arising from \u00a0
global economic growth rates, political dynamics within the energy sector, currency fluc- \u00a0
tuations, interest rates, and inflation. Additionally, geopolitical tensions introduce further \u00a0
complexities that may influence market prospects and pose risks to our operations, par- \u00a0
ticularly in relation to cyber threats to energy supply. \u00a0
Through diligent assessment and ongoing review processes, Cadeler remains vigilant in \u00a0
integrating these factors into our financial evaluations. We are committed to ensuring \u00a0
that our accounting policies reflect a comprehensive understanding of both macroeco- \u00a0
nomic factors and climate risks, thereby enhancing the robustness of our impairment \u00a0
analyses and financial reporting practices. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact3955": {
"value": "2.25. Cash flow statement \u00a0
Statement of cash flows \u00a0
The statement of cash flows shows the Group\u2019s cash flows for the year distributed on \u00a0
operating, investing and financing activities, net changes for the year in cash and cash \u00a0
equivalents as well as the Group\u2019s cash and cash equivalents at the beginning and end \u00a0
of the year. \u00a0
Positive amounts indicate cash inflows, whereas negative amounts indicate cash out- \u00a0
flows. \u00a0
Cash flows from operating activities \u00a0
Cash flows from operating activities are stated as the profit/loss for the year adjusted \u00a0
for non-cash operating items such as depreciation, changes in working capital and in- \u00a0
come tax paid or received. Working capital includes current assets less current liabilities, \u00a0
excluding cash and cash equivalents. \u00a0
Cash flows from investing activities \u00a0
Cash flows from investing activities comprise cash flows from the acquisition and sale of \u00a0
non-current assets and businesses. \u00a0
Cash flows from financing activities \u00a0
Cash flows from financing activities comprise cash flows from instalments on lease liabil- \u00a0
ities, and interest paid as well as proceeds from issue of shares and debt as well as pre- \u00a0
payment of borrowings. \u00a0
EUR\u2019000 \u00a0
Level 1 \u00a0
Level 2 \u00a0
Level 3 \u00a0
Total \u00a0
2023 \u00a0
Through the consolidated statement of profit and loss \u00a0
Derivative assets \u00a0
-
-
-
-
Total financial assets at fair value through the consolidated statement of profit and loss \u00a0
-
-
-
-
Derivative liabilities \u00a0
-
(403) \u00a0
-
(403) \u00a0
Total financial liabilities at fair value through the consolidated statement of profit and loss \u00a0
-
(403) \u00a0
-
(403) \u00a0
Cash flow hedges: \u00a0
Derivative assets \u00a0
-
338 \u00a0
-
338 \u00a0
Derivative liabilities \u00a0
-
(17,937) \u00a0
-
(17,937) \u00a0
2022 \u00a0
Through the consolidated statement of profit and loss \u00a0
Derivative assets \u00a0
-
363 \u00a0
-
363 \u00a0
Total financial assets at fair value through the consolidated statement of profit and loss \u00a0
-
363 \u00a0
-
363 \u00a0
Derivative liabilities \u00a0
-
-
-
-
Total financial liabilities at fair value through the consolidated statement of profit and loss \u00a0
-
-
-
-
Cash flow hedges: \u00a0
Derivative assets \u00a0
-
3,013 \u00a0
-
3,013 \u00a0
Derivative liabilities \u00a0
-
(2,108) \u00a0
-
(2,108) \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4010": {
"value": "Major customers \u00a0
For the year ended 31 December 2023, revenue with three customers each exceeded \u00a0
10% of total revenue. The revenue derived from these three customers was EUR 44.5 \u00a0
million, EUR 28.5 and EUR 22.7 million respectively. \u00a0
For the year ended 31 December 2022, revenue with two customers each exceeded 10% \u00a0
of total revenue. The revenue derived from these two customers was EUR 52.4 million \u00a0
and EUR 53.2 million respectively. \u00a0
For the year ended 31 December 2021, revenue with two customers also each exceeded \u00a0
10% of total revenue. The revenue derived from these two customers was EUR 24.6 mil- \u00a0
lion and EUR 29.1 million respectively. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4014": {
"value": "Operating segments and geographical information \u00a0
The Group operates four windfarm installation vessels, which are viewed as one seg- \u00a0
ment. The
vessels operate in a global market and are often redeployed to different re- \u00a0
gions due to changing customers or contracts. Accordingly, we report our operations as \u00a0
a single reportable segment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4018": {
"value": "Note 4 \u00a0
Expenses by Nature \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Cost of sales \u00a0
Right of use asset depreciation \u00a0
19 \u00a0
30 \u00a0
-
-
Insurance \u00a0
1,573 \u00a0
1,933 \u00a0
1,772 \u00a0
Vessel depreciation \u00a0
18 \u00a0
22,484 \u00a0
21,664 \u00a0
16,077 \u00a0
Impairment of property, plant and equip- \u00a0
ment \u00a0
18 \u00a0
5,000 \u00a0
-
-
Crewing costs paid to a related party and \u00a0
an external party \u00a0
27 \u00a0
-
61 \u00a0
11,517 \u00a0
Seafarer payroll \u00a0
7
15,921 \u00a0
13,089 \u00a0
1,159 \u00a0
Fuel and oil \u00a0
711 \u00a0
1,113 \u00a0
892 \u00a0
Maintenance \u00a0
5,121 \u00a0
4,039 \u00a0
2,305 \u00a0
Messing costs \u00a0
1,448 \u00a0
1,428 \u00a0
1,224 \u00a0
Seafarer travel \u00a0
2,835 \u00a0
2,589 \u00a0
1,876 \u00a0
Specific charter costs \u00a0
4,052 \u00a0
2,623 \u00a0
1,239 \u00a0
Utilities \u00a0
389 \u00a0
689 \u00a0
541 \u00a0
Other operating expenses \u00a0
294 \u00a0
309 \u00a0
260 \u00a0
Tonnage tax \u00a0
-
-
17 \u00a0
Total cost of sales \u00a0
59,858 \u00a0
49,537 \u00a0
38,879 \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Administrative expenses \u00a0
Depreciation and amortisation \u00a0
17, 18, 19 \u00a0
534 \u00a0
1,020 \u00a0
414 \u00a0
Employee compensation \u00a0
7
18,889 \u00a0
9,905 \u00a0
7,603 \u00a0
Repair and maintenance expenses \u00a0
1,123 \u00a0
796 \u00a0
161 \u00a0
Legal and professional fees \u00a0
2,122 \u00a0
1,047 \u00a0
564 \u00a0
Transaction costs \u00a0
6
7,707 \u00a0
-
-
Rental expenses \u00a0
751 \u00a0
582 \u00a0
584 \u00a0
Travel expense \u00a0
985 \u00a0
612 \u00a0
305 \u00a0
Management fees to related party \u00a0
27 \u00a0
-
-
115 \u00a0
Marketing and entertainment expenses \u00a0
602 \u00a0
788 \u00a0
159 \u00a0
Other expenses \u00a0
1,745 \u00a0
946 \u00a0
1,020 \u00a0
Total administrative expenses \u00a0
34,458 \u00a0
15,696 \u00a0
10,925 \u00a0
Note 5 \u00a0
Other Operating Income \u00a0
and Expenses \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Other operating income \u00a0
3,000 \u00a0
-
-
Other operating expenses \u00a0
(2,863) \u00a0
-
-
Net other operating income and expenses \u00a0
137 \u00a0
-
-
Other operating income and expenses includes the net gain from the sale of the main \u00a0
cranes and spare parts of both O-class vessels. \u00a0
The contract agreement signed for the sale of both main cranes states a purchase price \u00a0
of EUR 1.5 million for each main crane. In the case of Wind Orca, the book value of the \u00a0
main crane had been written down, reflecting the value that was expected from the dis- \u00a0
posal of the assets. Thus, an impairment loss of EUR 5 million was reflected in the profit \u00a0
and loss. The Osprey main crane had been kept at its carrying amount since there was a \u00a0
gain from the disposal. The sale of both main cranes is driven by the main crane up- \u00a0
grades to the O-Class vessels. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4020": {
"value": "EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Cost of sales \u00a0
Right of use asset depreciation \u00a0
19 \u00a0
30 \u00a0
-
-
Insurance \u00a0
1,573 \u00a0
1,933 \u00a0
1,772 \u00a0
Vessel depreciation \u00a0
18 \u00a0
22,484 \u00a0
21,664 \u00a0
16,077 \u00a0
Impairment of property, plant and equip- \u00a0
ment \u00a0
18 \u00a0
5,000 \u00a0
-
-
Crewing costs paid to a related party and \u00a0
an external party \u00a0
27 \u00a0
-
61 \u00a0
11,517 \u00a0
Seafarer payroll \u00a0
7
15,921 \u00a0
13,089 \u00a0
1,159 \u00a0
Fuel and oil \u00a0
711 \u00a0
1,113 \u00a0
892 \u00a0
Maintenance \u00a0
5,121 \u00a0
4,039 \u00a0
2,305 \u00a0
Messing costs \u00a0
1,448 \u00a0
1,428 \u00a0
1,224 \u00a0
Seafarer travel \u00a0
2,835 \u00a0
2,589 \u00a0
1,876 \u00a0
Specific charter costs \u00a0
4,052 \u00a0
2,623 \u00a0
1,239 \u00a0
Utilities \u00a0
389 \u00a0
689 \u00a0
541 \u00a0
Other operating expenses \u00a0
294 \u00a0
309 \u00a0
260 \u00a0
Tonnage tax \u00a0
-
-
17 \u00a0
Total cost of sales \u00a0
59,858 \u00a0
49,537 \u00a0
38,879 \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Administrative expenses \u00a0
Depreciation and amortisation \u00a0
17, 18, 19 \u00a0
534 \u00a0
1,020 \u00a0
414 \u00a0
Employee compensation \u00a0
7
18,889 \u00a0
9,905 \u00a0
7,603 \u00a0
Repair and maintenance expenses \u00a0
1,123 \u00a0
796 \u00a0
161 \u00a0
Legal and professional fees \u00a0
2,122 \u00a0
1,047 \u00a0
564 \u00a0
Transaction costs \u00a0
6
7,707 \u00a0
-
-
Rental expenses \u00a0
751 \u00a0
582 \u00a0
584 \u00a0
Travel expense \u00a0
985 \u00a0
612 \u00a0
305 \u00a0
Management fees to related party \u00a0
27 \u00a0
-
-
115 \u00a0
Marketing and entertainment expenses \u00a0
602 \u00a0
788 \u00a0
159 \u00a0
Other expenses \u00a0
1,745 \u00a0
946 \u00a0
1,020 \u00a0
Total administrative expenses \u00a0
34,458 \u00a0
15,696 \u00a0
10,925 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4021": {
"value": "EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Cost of sales \u00a0
Right of use asset depreciation \u00a0
19 \u00a0
30 \u00a0
-
-
Insurance \u00a0
1,573 \u00a0
1,933 \u00a0
1,772 \u00a0
Vessel depreciation \u00a0
18 \u00a0
22,484 \u00a0
21,664 \u00a0
16,077 \u00a0
Impairment of property, plant and equip- \u00a0
ment \u00a0
18 \u00a0
5,000 \u00a0
-
-
Crewing costs paid to a related party and \u00a0
an external party \u00a0
27 \u00a0
-
61 \u00a0
11,517 \u00a0
Seafarer payroll \u00a0
7
15,921 \u00a0
13,089 \u00a0
1,159 \u00a0
Fuel and oil \u00a0
711 \u00a0
1,113 \u00a0
892 \u00a0
Maintenance \u00a0
5,121 \u00a0
4,039 \u00a0
2,305 \u00a0
Messing costs \u00a0
1,448 \u00a0
1,428 \u00a0
1,224 \u00a0
Seafarer travel \u00a0
2,835 \u00a0
2,589 \u00a0
1,876 \u00a0
Specific charter costs \u00a0
4,052 \u00a0
2,623 \u00a0
1,239 \u00a0
Utilities \u00a0
389 \u00a0
689 \u00a0
541 \u00a0
Other operating expenses \u00a0
294 \u00a0
309 \u00a0
260 \u00a0
Tonnage tax \u00a0
-
-
17 \u00a0
Total cost of sales \u00a0
59,858 \u00a0
49,537 \u00a0
38,879 \u00a0
Note 23 \u00a0
Commitments and Pledges \u00a0
Lease commitments \u00a0
The future lease payables under non-cancellable value and short-term leases contracted \u00a0
for at the balance sheet date but not recognised as liabilities, are as follows: \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Not later than one year \u00a0
1,090 \u00a0
53 \u00a0
18 \u00a0
Between one and five years \u00a0
4,984 \u00a0
9
-
6,074 \u00a0
62 \u00a0
18 \u00a0
The Company\u2019s lease commitments include tenure of the new headquarters, which will \u00a0
reflect at the balance sheet in Q1 2024 under IFRS 16. The Company signed the contract \u00a0
with Castellum Denmark and will have access to almost 5,000 m2 of office space in cen- \u00a0
tral Copenhagen. The contract, with a six years biding period, amounted to EUR 8 million. \u00a0
The Company paid EUR 1 million as a deposit fee for this contract. \u00a0
Pledge of Fixed Assets \u00a0
The New Debt Facility detailed in Note 26 is secured by, inter alia, a first priority mort- \u00a0
gage over the Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR 511 \u00a0
million carrying value, see Note 18), first priority assignment of the earnings of the vessel \u00a0
owning entities, including certain change of control provisions which are similar to those \u00a0
included in the P-Class Facility. \u00a0
The P-Class facility is secured by a first priority mortgage over the P-Class newbuilds, \u00a0
first priority assignments of the insurances and earnings of the P-Class newbuilds by \u00a0
Cadeler and the two borrowers and contain customary financial and other covenants in- \u00a0
cluding certain change of control provisions. There will be a change of control under the \u00a0
P-Class Facility if any person or group of persons acting in concert (other than Swire Pa- \u00a0
cific and the BW Group) hold legally and beneficially more than 25% of each of the is- \u00a0
sued and outstanding share capital and/or the issued and outstanding voting share cap- \u00a0
ital of Cadeler A/S. In addition, a number of changes to the ownership structure further \u00a0
down in the Group will trigger a change of control such as, among others, if either Wind \u00a0
N1063 Limited or Wind N1064 Limited ceases to be a wholly owned (direct or indirect) \u00a0
subsidiary of Cadeler. The P-Class Facility will be governed by English law. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
The Company signed a contract with NOV on 18 December 2020 to replace the main \u00a0
crane of Wind Orca and then executed the option to replace the main crane for Wind Os- \u00a0
prey on 17 June 2021. The total sum of the contract with NOV for the replacement of both \u00a0
cranes is EUR 83.4 million, of which EUR 7 million was paid in 2021, EUR 27 million was \u00a0
paid in 2022 and EUR 15.8 million was paid in 2023. The remaining scheduled payments \u00a0
will be due in 2024. \u00a0
P-Class vessels \u00a0
Since 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry \u00a0
CO. Ltd. (\u201cCOSCO\u201d) to build two new P-class WTIVs. The total sum of the contract for the \u00a0
new vessels is approximately EUR 572 million, of which EUR 137 million was paid in 2021 \u00a0
and EUR 14 million was paid in 2023. The remaining scheduled payments will be due be- \u00a0
tween 2024 and 2025. Of the total contract, USD 390 million is paid in USD and EUR 220 \u00a0
million will is paid in EUR. \u00a0
A-Class vessels \u00a0
On 9 May 2022 and 22 November 2022 the Company signed additional contracts with \u00a0
COSCO SHIPPING Heavy Industry to build a total of two new A-Class foundation installa- \u00a0
tion vessel. The total sum of the contracts for the new vessel is approximately EUR 657 \u00a0
million, of which approximately a total of EUR 167 million was paid in 2022, while the re- \u00a0
maining amounts will be due over the years from 2025 to 2026. Of the total contract, \u00a0
USD 495 million is paid in USD and EUR 205 million is paid in EUR. \u00a0
M-Class vessels \u00a0
The Company, due to the business combination with Eneti, is currently under contract \u00a0
with Hanwha for the construction of two next generation offshore WTIVs. The total sum \u00a0
of the contracts is approximately EUR 592 million, of which EUR 118 million has been \u00a0
paid. The remaining scheduled payments will be due between 2024 and 2025. \u00a0
Remaining instalments for the newbuilds vessels: \u00a0
As of 31 December 2023 \u00a0
Millions \u00a0
P-Class \u00a0
M-Class \u00a0
A-Class \u00a0
Total \u00a0
Contract amount in EUR \u00a0
220 \u00a0
-
205 \u00a0
425 \u00a0
Contract amount in USD \u00a0
390 \u00a0
655 \u00a0
495 \u00a0
1,540 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
592 \u00a0
657 \u00a0
1,821 \u00a0
Commitment amount in EUR \u00a0
69 \u00a0
-
105 \u00a0
174 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
524 \u00a0
426 \u00a0
1,340 \u00a0
Commitment amount translated to EUR \u00a0
421 \u00a0
474 \u00a0
490 \u00a0
1,385 \u00a0
As of 31 December 2022 \u00a0
Millions \u00a0
P-Class \u00a0
A-Class \u00a0
Total \u00a0
Contract amount in EUR \u00a0
220 \u00a0
205 \u00a0
425 \u00a0
Contract amount in USD \u00a0
390 \u00a0
495 \u00a0
885 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
657 \u00a0
1,229 \u00a0
Commitment amount in EUR \u00a0
82 \u00a0
105 \u00a0
187 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
426 \u00a0
816 \u00a0
Commitment amount translated to EUR \u00a0
435 \u00a0
490 \u00a0
925 \u00a0
As of 31 December 2021 \u00a0
Millions \u00a0
P-Class \u00a0
Contract amount in EUR \u00a0
220 \u00a0
Contract amount in USD \u00a0
390 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
Commitment amount in EUR \u00a0
82 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
Commitment amount translated to EUR \u00a0
435 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4027": {
"value": "EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Administrative expenses \u00a0
Depreciation and amortisation \u00a0
17, 18, 19 \u00a0
534 \u00a0
1,020 \u00a0
414 \u00a0
Employee compensation \u00a0
7
18,889 \u00a0
9,905 \u00a0
7,603 \u00a0
Repair and maintenance expenses \u00a0
1,123 \u00a0
796 \u00a0
161 \u00a0
Legal and professional fees \u00a0
2,122 \u00a0
1,047 \u00a0
564 \u00a0
Transaction costs \u00a0
6
7,707 \u00a0
-
-
Rental expenses \u00a0
751 \u00a0
582 \u00a0
584 \u00a0
Travel expense \u00a0
985 \u00a0
612 \u00a0
305 \u00a0
Management fees to related party \u00a0
27 \u00a0
-
-
115 \u00a0
Marketing and entertainment expenses \u00a0
602 \u00a0
788 \u00a0
159 \u00a0
Other expenses \u00a0
1,745 \u00a0
946 \u00a0
1,020 \u00a0
Total administrative expenses \u00a0
34,458 \u00a0
15,696 \u00a0
10,925 \u00a0
Group\u2019s Related Party Transactions \u00a0
Members of the Cadeler Board, Cadeler\u2019s executive management and Cadeler\u2019s major \u00a0
shareholder, BW Altor Pte. Ltd. (\u201cBW Altor\u201d), are considered related parties as they are ei- \u00a0
ther members of the Cadeler Board or executive management of Cadeler or exercise \u00a0
significant influence over Cadeler and the Cadeler Group\u2019s operations. For the financial \u00a0
years 2022 and 2021, Swire Pacific Limited (\u201cSwire Pacific\u201d) was considered a related \u00a0
party given its ownership of more than 5% in Cadeler, but for accounting purposes, with \u00a0
effect from 1 January 2023, Swire Pacific is no longer considered a related party under \u00a0
IFRS due to its reduced ownership percentage and the fact that it is no longer repre- \u00a0
sented on the Cadeler Board. In addition, Scorpio Holdings Limited (\u201cScorpio Holdings\u201d) \u00a0
is considered a related party given its current ownership of more than 5% in Cadeler. Re- \u00a0
lated parties also include such persons\u2019 close family members, undertakings in which \u00a0
such persons have significant interests as well as other affiliates. \u00a0
As of December 2023, BW Altor owns 19.57% of the Cadeler shares, Scorpio Holdings \u00a0
Limited owns 12.09% of the Cadeler shares and Swire Pacific owns 8.51% of the Cadeler \u00a0
Shares. For the financial years ended 31 December 2023, 2022 and 2021, there were no \u00a0
material transactions between Cadeler or any company of the Cadeler Group and BW Al- \u00a0
tor, Scorpio Holdings and/or Swire Pacific (or their respective affiliates) other than the \u00a0
transactions described below. \u00a0
Share lending agreement with BW Altor \u00a0
In October 2022, Cadeler entered into a share lending agreement with BW Altor as the \u00a0
share lender for the purpose of facilitating delivery versus payment settlement of the \u00a0
Cadeler\u2019s shares to be delivered to investors in connection with a private placement that \u00a0
took place in October 2022. As compensation for such share lending, BW Altor received \u00a0
a customary fee paid by Cadeler until the Cadeler Shares were redelivered and admitted \u00a0
to trading on the OSE. The amount paid to BW Altor pursuant to such share lending \u00a0
agreement amounted to EUR 85,000. \u00a0
Guarantees provided by BW Group \u00a0
BW Group has provided COSCO with four guarantees in respect of the sums payable by \u00a0
Cadeler in accordance with the contract for the construction of certain newbuilt P-class \u00a0
and A-Class WTIVs in 2021, 2022 and 2023. Under this guarantee arrangement, certain \u00a0
fees are payable by the Group to BW Group until the guarantees are discharged in full. \u00a0
Bunker supply from Hafnia Pools (affiliate of BW Group) \u00a0
In April 2022, Hafnia Pools Pte Ltd, which is an affiliate of BW Group, and Cadeler en- \u00a0
tered into a service level agreement pursuant to which Hafnia Pools Pte Ltd agreed to \u00a0
supply marine bunker oil and related products to Cadeler\u2019s vessels in the port of Rotter- \u00a0
dam and other ports in the Rotterdam area at market rates. The agreement includes \u00a0
standard terms and conditions, including related to late payments, termination, a cap on \u00a0
the liability of Hafnia Pools Pte Ltd and indemnification for third-party claims raised by \u00a0
suppliers of the fuel against Hafnia Pools Pte Ltd. \u00a0
Performance guarantees issued by Swire Offshore Holdings Group \u00a0
During the course of 2020, Swire Pacific Offshore Holdings Limited, through its subsidi- \u00a0
ary Swire Pacific Offshore Operations Pte. Ltd., issued four performance guarantees and \u00a0
four bank guarantees in favour of the Cadeler Group\u2019s customers as security for perfor- \u00a0
mance of the Cadeler Group\u2019s obligations under its customers\u2019 contracts. These guaran- \u00a0
tees covered a period up until April 2022. Following the sale of Swire Pacific Offshore \u00a0
Holdings Limited by Swire Pacific in April 2022, Swire Pacific Offshore Holdings Limited is \u00a0
no longer considered to be a related party as it is no longer controlled by a significant \u00a0
shareholder of Cadeler, and the Cadeler Group put new performance guarantees in \u00a0
place. \u00a0
Note 27 \u00a0
Related Party Transactions \u00a0
In connection with the guarantees provided by Swire Pacific Offshore Holdings Limited, \u00a0
Cadeler entered into a deed of recourse with Swire Pacific Offshore Operations Pte Ltd., \u00a0
which has since terminated, pursuant to which: \u00a0
\u2022 Cadeler had an obligation to indemnify Swire Pacific Offshore Operations Pte Ltd. for \u00a0
any liabilities incurred by Swire Pacific Offshore Operations Pte Ltd. in performing its ob- \u00a0
ligations under the performance guarantees or in respect of any payments made under \u00a0
the bank guarantees; and \u00a0
\u2022 Cadeler had an obligation to pay Swire Pacific Offshore Operations Pte Ltd. an arm\u2019s \u00a0
length fee for each guarantee issued and procured respectively by Swire Pacific Off- \u00a0
shore Operations Pte Ltd. in favour of Cadeler\u2019s customers. \u00a0
Crewing agreement \u00a0
In 2014, Cadeler entered into a crewing agreement with Swire Pacific Ship Management \u00a0
LTD(Singapore branch) (\u201cSPSM\u201d), which at that time was a related company to Swire Pa- \u00a0
cific Offshore Operations Pte Ltd, Cadeler\u2019s sole shareholder at that time. Pursuant to \u00a0
this agreement, SPSM agreed to provide a crew for Cadeler\u2019s two vessels in accordance \u00a0
with the standard terms set out in a BIMCO crewman agreement. The crew management \u00a0
fee was 2% of the monthly manning costs, and severance costs amounted to USD \u00a0
20,000. \u00a0
This agreement was subsequently terminated in November 2021 when Cadeler decided \u00a0
to employ its own crew directly. As part of the termination agreement, the parties agreed \u00a0
that the termination is without prejudice to any claims, liabilities or obligations that may \u00a0
have accrued prior to the date of termination. The expenses set out in the table below \u00a0
with respect to this crewing agreement for the financial year ended 31 December 2021 \u00a0
related to the period prior to the effective date of such termination. \u00a0
Transitional Service Agreement entered into in connection with Cadeler\u2019s listing on \u00a0
the OSE \u00a0
In October 2020, Cadeler entered into a transitional service agreement with Swire Pacific \u00a0
Offshore Operations Pte Ltd regarding services to be rendered to Cadeler during a tran- \u00a0
sitional period following the initial public offering and admission to trading of the Cadeler \u00a0
shares on the OSE. Such services included, inter alia, assistance with financial reporting, \u00a0
tax, insurance, internal audit, IT, HR, procurement, technical and HSEQ support and ser- \u00a0
vices. The term of the agreement was limited to one year and could be terminated by ei- \u00a0
ther party at any time with three months\u2019 prior written notice. The agreement terminated \u00a0
in accordance with its terms in October 2021. \u00a0
Training courses provided by BW Maritime \u00a0
BW Maritime has provided training courses for Cadeler\u2019s onshore staff and traveling \u00a0
costs reimbursements for board members \u00a0
Administrative support provided by Scorpio Services Holding \u00a0
The Group, due to the business combination with Eneti, holds an agreement with Scorpio \u00a0
Services Holding (\u201cSSH\u201d) for the provision of administrative staff, office space and ac- \u00a0
counting, legal compliance, financial and information technology services for which it is \u00a0
due to reimburse to SSH the direct and indirect expenses incurred while providing such \u00a0
services. \u00a0
Ultramax and Kamsarmax pools \u00a0
Through the business combination the Company acquired receivables positions from \u00a0
Eneti transactions to Scorpio Group related parties for commercial management ser- \u00a0
vices. These services involved securing employment for Eneti\u2019s drybulk vessels in the \u00a0
spot market or on time charters. Please refer to the table under Scorpio Ultramax Pool \u00a0
and the Scorpio Kamsarmax Pool for details. The pools are owned by Scorpio Holdings \u00a0
which is considered a related party. \u00a0
The following significant transactions took place between the Company and related par- \u00a0
ties within the BW Group and Swire Pacific Offshore Holdings Group at terms agreed be- \u00a0
tween the parties: \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
EUR\u2019000 \u00a0
Sales and purchases of goods and services \u00a0
Costs related to guarantees fees to BW Group Limited \u00a0
(7,576) \u00a0
(5,307) \u00a0
(1,853) \u00a0
Costs related to bunker supply to Hafnia Pools Pte Ltd \u00a0
(Member of BW Group) \u00a0
(1,597) \u00a0
(2,537) \u00a0
-
Cost related to training courses to BW Maritime Pte. \u00a0
Ltd \u00a0
(26) \u00a0
-
-
Cost related to administrative expenses to Scorpio \u00a0
Services Holding \u00a0
(17) \u00a0
-
-
Cost related to share lending fees to BW Altor Pte. Ltd. \u00a0
-
(85) \u00a0
-
Cost related to travel expenses for board meetings to \u00a0
BW Maritime Pte. Ltd \u00a0
-
(3) \u00a0
-
Costs related to performance guarantees to Swire Pa- \u00a0
cific Offshore Holdings Group \u00a0
-
(157) \u00a0
(684) \u00a0
Crew hire expenses paid to the Swire Pacific Offshore \u00a0
Holdings Group \u00a0
-
(115) \u00a0
(11,461) \u00a0
Receivables from Scorpio Kamsarmax Pools at re- \u00a0
ported period \u00a0
136 \u00a0
-
-
Receivables from Ultramax Pools at reported period \u00a0
456 \u00a0
-
-
Payables to Hafnia Pools Pte Ltd at reported period \u00a0
-
1
-
Management fees paid to the Swire Pacific Offshore \u00a0
Holdings Group \u00a0
-
-
(197) \u00a0
Payables to Swire Pacific Offshore Holdings Group at \u00a0
reported period \u00a0
-
-
63 \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Payables to Scorpio Commercial Management at re- \u00a0
ported period \u00a0
4
-
-
Payables to Scorpio Service Management at reported \u00a0
period \u00a0
6
-
-
Payables to Scorpio Services Holding at reported pe- \u00a0
riod \u00a0
141 \u00a0
-
-
Payables to Scorpio UK at reported period \u00a0
1
-
-
Payables to BW Altor Pte. Ltd. at reported period \u00a0
-
85 \u00a0
-
Payables to BW Maritime Pte. Ltd at reported period \u00a0
10 \u00a0
3
-
Related party transactions over the reported period are primarily linked to guarantee fees \u00a0
issued by the BW Group Limited, bunker supply by Hafnia Pools (member of the BW \u00a0
Group), costs related to training expenses by the BW Maritime and administrative ex- \u00a0
penses to Scorpio Services Holding. \u00a0
In addition, Cadeler has not had significant transactions with the members of the \u00a0
Cadeler Board and the executive management apart from remuneration and expenses. \u00a0
Cadeler has not provided or granted any loans or guarantees to its directors or executive \u00a0
management. \u00a0
For information on remuneration paid to members of the Cadeler Board and executive \u00a0
management, refer to Note 9. \u00a0
Note 28 \u00a0
Group Information \u00a0
The consolidated financial statements of the Group include the following subsidiaries, \u00a0
which are fully owned by the Parent Company: \u00a0
Entities \u00a0
Country \u00a0
Vessel owning entities \u00a0
Wind Orca Ltd \u00a0
Cyprus \u00a0
Wind Osprey Ltd \u00a0
Cyprus \u00a0
Wind N1063 Ltd \u00a0
Cyprus \u00a0
Wind N1064 Ltd \u00a0
Cyprus \u00a0
Seajacks 1 Ltd \u00a0
UK \u00a0
Seajacks 4 Ltd \u00a0
UK \u00a0
Seajacks 5 Ltd \u00a0
UK \u00a0
Seajacks 3 Japan LLC \u00a0
Japan \u00a0
Trading and Operations \u00a0
Seajacks UK Ltd \u00a0
UK \u00a0
Seajacks UK Ltd Taiwan Branch \u00a0
Taiwan \u00a0
Seajacks US Inc. \u00a0
USA \u00a0
Seajacks Merman Marine Ltd \u00a0
Bermuda \u00a0
Seajacks Crewing Services Ltd \u00a0
UK \u00a0
Seajacks Japan LLC \u00a0
Japan \u00a0
Investment holding entities \u00a0
Wind MI Ltd \u00a0
Marshall Islands \u00a0
Eneti (Bermuda) Ltd \u00a0
Bermuda \u00a0
Atlantis Investorco Ltd \u00a0
UK \u00a0
Entities \u00a0
Country \u00a0
Investment holding entities (continuation) \u00a0
Atlantis Equityco Ltd \u00a0
UK \u00a0
Atlantis Midco Ltd \u00a0
UK \u00a0
Seajacks International Ltd \u00a0
UK \u00a0
Dormant entities \u00a0
Seajacks 2 Ltd \u00a0
UK \u00a0
Seajacks 3 Ltd \u00a0
UK \u00a0
Scorpio SALT LLC \u00a0
USA \u00a0
Bulk Run-Off Company Ltd \u00a0
Marshall Islands \u00a0
Crawford Path LLC \u00a0
Delaware \u00a0
Windpower Alpha Ltd \u00a0
Marshall Islands \u00a0
Windpower Bravo Ltd \u00a0
Marshall Islands \u00a0
Seajacks 7 Limited \u00a0
UK \u00a0
Seajacks 8 Limited \u00a0
UK \u00a0
SBI Achilles Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Antares Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Apollo Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Aries Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Athena Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Bolero Shipping Company Ltd \u00a0
Marshall Islands \u00a0
Entities \u00a0
Country \u00a0
Dormant entities (continuation) \u00a0
SBI Bravo Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Capoeira Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Carioca Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Chartering and Trading Ltd \u00a0
Marshall Islands \u00a0
SBI Conga Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Cougar Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Cronos Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Echo Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Gemini Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Hera Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Hercules Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Hermes Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Hydra Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Hyperion Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Jaguar Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Jive Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Lambada Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Leo Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Libra Shipping Company Ltd \u00a0
Marshall Islands \u00a0
Entities \u00a0
Country \u00a0
Dormant entities (continuation) \u00a0
SBI Lynx Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Lyra Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Macarena Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Maia Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Mazurka Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Orion Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Parapara Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Pegasus Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Perseus Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Phoebe Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Phoenix Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Pisces Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Poseidon Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Reggae Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Rock Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Rumba Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Samba Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Samson Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Sousta Shipping Company Ltd \u00a0
Marshall Islands \u00a0
Entities \u00a0
Country \u00a0
Dormant entities (continuation) \u00a0
SBI Subaru Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Swing Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Tango Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Taurus Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Tethys Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Thalia Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Ursa Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Virgo Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Zeus Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Zumba Shipping Company Ltd \u00a0
Marshall Islands \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4030": {
"value": "Auditor remuneration \u00a0
Administrative expenses include fees to the auditors appointed by the shareholder at \u00a0
the Annual General Meeting: \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Statutory audit \u00a0
474 \u00a0
125 \u00a0
92 \u00a0
Other assurance services \u00a0
1,608 \u00a0
-
8
Tax services \u00a0
2
105 \u00a0
50 \u00a0
Other services \u00a0
606 \u00a0
51 \u00a0
14 \u00a0
Total \u00a0
2,690 \u00a0
281 \u00a0
164 \u00a0
Statutory audit services consist of fees for professional services rendered by EY for the \u00a0
audit of our annual consolidated financial statements and services that are provided by \u00a0
the auditor in connection with statutory audit. \u00a0
Other assurance services including PCAOB re-audits and assurance reports in respect of \u00a0
pro-forma financial information in in connection with regulatory filings, and review of in- \u00a0
terim financial information. \u00a0
Tax services consists of Tax compliance services. \u00a0
Other services consists of services provided for other permitted services, including fees \u00a0
for work performed in connection with the U.S. listing in December 2023. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4051": {
"value": "Note 7 \u00a0
Employee Compensation \u00a0
Onshore - presented within administra- \u00a0
tive expenses \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Wages and salaries \u00a0
16,957 \u00a0
8,873 \u00a0
6,637 \u00a0
Employer's contribution to defined contribu- \u00a0
tion plans \u00a0
847 \u00a0
502 \u00a0
350 \u00a0
Share based payment expense \u00a0
8
1,134 \u00a0
352 \u00a0
360 \u00a0
Other short-term benefits \u00a0
611 \u00a0
178 \u00a0
145 \u00a0
19,549 \u00a0
9,905 \u00a0
7,492 \u00a0
Average number of full time employees \u00a0
113 \u00a0
70 \u00a0
58 \u00a0
Employee compensation includes EUR 660 thousands related to bonus paid, included in \u00a0
transaction cost. For more information relate administrative expenses (Note 4). \u00a0
Offshore - presented within cost of sales \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Wages and salaries \u00a0
14,056 \u00a0
11,693 \u00a0
1,097 \u00a0
Employer's contribution to defined contribu- \u00a0
tion plans \u00a0
1,124 \u00a0
1,082 \u00a0
60 \u00a0
Other short-term benefits \u00a0
741 \u00a0
314 \u00a0
2
Total offshore employee compensation \u00a0
15,921 \u00a0
13,089 \u00a0
1,159 \u00a0
Average number of full time employees \u00a0
182 \u00a0
162 \u00a0
12 \u00a0
Total \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Wages and salaries \u00a0
31,013 \u00a0
20,566 \u00a0
7,734 \u00a0
Employer's contribution to defined contribu- \u00a0
tion plans \u00a0
1,971 \u00a0
1,584 \u00a0
410 \u00a0
Share based payment expense \u00a0
8
1,134 \u00a0
352 \u00a0
360 \u00a0
Other short-term benefits \u00a0
1,352 \u00a0
492 \u00a0
147 \u00a0
Total employee compensation \u00a0
35,470 \u00a0
22,994 \u00a0
8,651 \u00a0
Average number of full time employees \u00a0
295 \u00a0
232 \u00a0
70 \u00a0
Number of employees at the end of the re- \u00a0
porting period \u00a0
570 \u00a0
232 \u00a0
206 \u00a0
Eneti employees, both onshore and offshore, joined the Group by the end of December \u00a0
2023. Thus, average number of full-time employees as of 2023 reflect the number of em- \u00a0
ployees divided by 12 months. Eneti had 99 onshore full time employees and 176 seafar- \u00a0
ers by the end of 2023. \u00a0
Offshore crew was hired directly by the Company by the end of November 2021. Average \u00a0
number of full-time employees as of 2021 reflect the number of seafarers. The Company \u00a0
had 148 seafarers by the end of 2021. \u00a0
Labor costs related to certain employees who are working on the management of the \u00a0
newbuilding process have been capitalised. These capitalised costs amount to EUR 1.1 in \u00a0
2023 and EUR 900 thousands in 2022. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4063": {
"value": "Note 8 \u00a0
Long Term Incentive Programs \u00a0
In December 2021, a new remuneration scheme was agreed starting in January 2022 and \u00a0
replacing the existing share-based incentive schemes for the majority of eligible employ- \u00a0
ees. The terms of the programme initiated in December 2021 are: \u00a0
(i) with effect from 2021, an annual cash bonus up to 12 months of salary for the CEO, and \u00a0
up to 6 months for selected employees. This bonus is at the discretion of the board and \u00a0
paid in cash the following January. Bonuses regarding selected employees is expensed \u00a0
in 2023. \u00a0
(ii) with effect from 2021, an annual cash bonus up to 3 months of salary for other em- \u00a0
ployees. This bonus paid based on Company, team and individual performance. The bo- \u00a0
nus is paid in cash at the end of the calendar year. \u00a0
(iii) in January 2022, the executive management and selected employees were granted \u00a0
from 10,393 to 55,430 Restricted Share Units (RSU) which will vest July 2024 and are con- \u00a0
ditional upon continued employment within Cadeler. The total value of the RSU alloca- \u00a0
tion is calculated based on the Company's closing share price on Nasdaq Copenhagen \u00a0
A/S on the day of the grant and the value is EUR 394 thousand (EUR 3.3 per RSU). The \u00a0
expense recognised in profit and loss for the year amounts to EUR 143 thousand (EUR \u00a0
157 thousand in 2022). The average remaining contractual life as of 31 December 2023 is \u00a0
0.5 years. \u00a0
(iv) in January 2022, the executive management and selected employees were granted \u00a0
from 10,393 to 55,430 Options in Cadeler shares which will vest May 2024 and expire in \u00a0
April 2027. The strike price will range from NOK 36.02 to NOK 38.42 depending on the ex- \u00a0
ercise period and are conditional upon continued employment within Cadeler. The fair \u00a0
value of these granted options was determined using the Black-Scholes model and the \u00a0
value is EUR 160 thousand (EUR 1.3 per RSU). The expense recognised in profit and loss \u00a0
for the year amounts to EUR 62 thousand (EUR 69 thousand in 2022). The average re- \u00a0
maining contractual life for the options as of 31 December 2023 is 3.3 years. \u00a0
For the programmes described in (iii) and (iv) the annualised volatility of the shares 48.1% \u00a0
is based on the historical volatility of the price of shares, annual risk free interest rate of \u00a0
1%, dividend yield of zero, expected life until expiration date and average share price of \u00a0
EUR 3.7. \u00a0
(v) in May 2022, the executive management and selected employees were granted from \u00a0
43,420 to 221,719 Options in Cadeler shares which will vest in May 2025 and expire in May \u00a0
2028. The strike price will be NOK 40.24 and is conditional upon continued employment \u00a0
within Cadeler. The fair value of these granted options was determined using the Black- \u00a0
Scholes model and the value is EUR 761 thousand (EUR 1.3 per RSU). The expense recog- \u00a0
nised in profit and loss for the year amounts to EUR 237 thousand. The average remain- \u00a0
ing contractual life for the options as per 31 December 2023 is 4.3 years. The annualised \u00a0
volatility of the shares 42.5% is based on the historical volatility of the price of shares, \u00a0
annual risk free interest rate of 2.8%, dividend yield of zero, expected life until expiration \u00a0
date and average share price of EUR 3.7. \u00a0
(vi) in January 2023, the executive management and selected employees were granted \u00a0
from 19,760 to 130,416 Restricted Share Units which will vest in July 2025 and are condi- \u00a0
tional upon continued employment within Cadeler. The total value of the RSU allocation \u00a0
is calculated based on the Black-Scholes model and the value is EUR 1.2 million (EUR 3.0 \u00a0
per RSU). The expense recognised in profit and loss for the year amounts to EUR 498 \u00a0
thousand. The average remaining contractual life is 1.5 years. The average share price is \u00a0
NOK 36.56. \u00a0
(vii) In August 2023, the executive management and selected employees were granted \u00a0
from 88,920 to 385,320 Options in Cadeler shares which will vest in August 2026 and ex- \u00a0
pire in August 2029. The strike price will be NOK 45.49 and is conditional upon continued \u00a0
employment within Cadeler. The fair value of these granted options was determined us- \u00a0
ing the Black-Scholes model and the value is EUR 2.2 million (EUR 1.8 per RSU). The ex- \u00a0
pense recognised in profit and loss for the year amounts to EUR 250 thousand. The aver- \u00a0
age remaining contractual life for the options as of 31 December 2023 is 5.5 years. \u00a0
The annualised volatility of the shares 61.0% is based on the historical volatility of the \u00a0
price of shares, annual risk free interest rate of 2.68%, dividend yield of zero, expected \u00a0
life until expiration date and average share price of EUR 3.7. \u00a0
The Group previously had a share-based incentive scheme for its key employees in con- \u00a0
nection with the IPO, with the following key terms: \u00a0
(viii) an incentive varying from 1 to 8 months of salary of the key employee paid in shares \u00a0
in the event the Offering is successful. The gross monthly salary and share price for the \u00a0
basis of calculation of the shares to be issued is based on the gross monthly salary of \u00a0
the employee and share price on the first day of trading of the shares. The initial share \u00a0
price was set at observable input 27 November 2020 (146,626 shares) and was paid out in \u00a0
cash 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
sand. The charge to equity amounts to EUR 230 thousand. \u00a0
(ix) an incentive varying from 2 to 4 months of salary of the key employee paid in shares \u00a0
for the continuous employment of the employee for each full calendar year of 2020 and \u00a0
2021. The incentive will be paid with the employee\u2019s salary in June in the following year, \u00a0
i.e., in June 2021 and June 2022. The gross monthly salary and share price for the basis of \u00a0
calculation of the shares to be issued is based on the gross monthly salary of the em- \u00a0
ployee and share price on the date the incentive will be paid in June 2021 and June 2022. \u00a0
As stated above this programme was terminated for most of employees and this part is \u00a0
reversed in equity and in profit and loss as well. The amount reversed regarding 2020 is \u00a0
EUR 3 thousand and 2021 EUR 167 thousand. \u00a0
(x) with effect from 2021, a tiered annual bonus scheme for the CEO of the Company \u00a0
linked to KPIs and business profitability, which is capped at 8 months of gross monthly \u00a0
salary of the CEO paid in shares. The gross monthly salary and share price for the basis \u00a0
of calculation of the shares to be issued is based on the gross monthly salary of the CEO \u00a0
and shares price on the date falling 30 days from the date of filing of the audited ac- \u00a0
counts of the Company for the financial year. \u00a0
As stated above this programme is terminated and was replaced with a cash bonus. The \u00a0
programme was accounted for as a cash-based incentive programme for 2021 and the \u00a0
full cash bonus was expensed for in 2021. \u00a0
None of these instruments are exercisable at the reporting period. \u00a0
2023 \u00a0
2022 \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
Outstanding instruments - Options \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Outstanding at 1 January \u00a0
344,589 \u00a0
3.16 \u00a0
330,963 \u00a0
3.15 \u00a0
-
-
-
-
Granted during the year \u00a0
622,440 \u00a0
3.64 \u00a0
563,160 \u00a0
3.64 \u00a0
344,589 \u00a0
3.16 \u00a0
330,963 \u00a0
3.15 \u00a0
Forfeited during the year \u00a0
-
-
-
-
-
-
-
-
Exercised during the year \u00a0
-
-
-
-
-
-
-
-
Expired during the year \u00a0
-
-
-
-
-
-
-
-
Outstanding at 31 December \u00a0
967,029 \u00a0
3.47 \u00a0
894,123 \u00a0
3.46 \u00a0
344,589 \u00a0
3.16 \u00a0
330,963 \u00a0
3.15 \u00a0
2023 \u00a0
2022 \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
Outstanding instruments - RSU \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Outstanding at 1 January \u00a0
55,430 \u00a0
-
65,823 \u00a0
-
-
-
-
-
Granted during the year \u00a0
189,696 \u00a0
-
205,504 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
Forfeited during the year \u00a0
-
-
-
-
-
-
-
-
Exercised during the year \u00a0
-
-
-
-
-
-
-
-
Expired during the year \u00a0
-
-
-
-
-
-
-
-
Outstanding at 31 December \u00a0
245,126 \u00a0
-
271,327 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
1EUR Weighted average exercise price (WAEP). \u00a0
Note 9 \u00a0
Board of Directors and Management Compensation \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Board of \u00a0
Executive \u00a0
Board of \u00a0
Executive \u00a0
Board of \u00a0
Executive \u00a0
EUR\u2019000 \u00a0
directors management \u00a0
Total \u00a0
directors management \u00a0
Total \u00a0
directors management \u00a0
Total \u00a0
Wages, salaries and board fees \u00a0
183 \u00a0
850 \u00a0
1,033 \u00a0
180 \u00a0
683 \u00a0
863 \u00a0
180 \u00a0
650 \u00a0
830 \u00a0
Share based payment \u00a0
-
588 \u00a0
588 \u00a0
-
173 \u00a0
173 \u00a0
-
164 \u00a0
164 \u00a0
Other short-term benefits \u00a0
-
55 \u00a0
55 \u00a0
-
36 \u00a0
36 \u00a0
-
23 \u00a0
23 \u00a0
Cash bonus \u00a0
-
1,155 \u00a0
1,155 \u00a0
-
482 \u00a0
482 \u00a0
-
314 \u00a0
314 \u00a0
Total management compensation \u00a0
183 \u00a0
2,648 \u00a0
2,831 \u00a0
180 \u00a0
1,374 \u00a0
1,554 \u00a0
180 \u00a0
1,151 \u00a0
1,331 \u00a0
Executive management \u00a0
Executive management means the members of the executive management which were \u00a0
registered with the Danish business authority and who have the authority and responsi- \u00a0
bility for the planning, directing and controlling activities of the Company as defined by \u00a0
IAS 24. In 2021, Key management also included personnel who supported executive man- \u00a0
agement, for the planning, directing and controlling activities of the Company. \u00a0
Board of directors \u00a0
Andreas Sohmen-Pao and Andreas Beroutsos are employed by the BW Group. These \u00a0
board members have not received remuneration from Cadeler in 2021, 2022 and 2023. \u00a0
Andreas Beroutsos stepped down from the Board with effect from 25 April 2023. On the \u00a0
same date, Andrea Abt joined the Board. \u00a0
David Peter Cogman is employed by the Swire Group and has not received remuneration \u00a0
from Cadeler in 2021, 2022 and 2023. David Peter Cogman stepped down from the Board \u00a0
with effect from 16 June 2023 along with Connie Hedegaard. \u00a0
On 20 February 2024, Emanuele Lauro and James Nish joined the Board. Emanuele \u00a0
Lauro is the Director and Chief Executive Officer of Scorpio Holdings Limited considered \u00a0
a related party (See Note 27). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4106": {
"value": "EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Foreign currency gain \u00a0
109 \u00a0
3,424 \u00a0
1,795 \u00a0
Fair value change of derivative (ineffectiveness) \u00a0
-
363 \u00a0
-
Interest gained \u00a0
1,432 \u00a0
244 \u00a0
-
Finance income \u00a0
1,541 \u00a0
4,031 \u00a0
1,795 \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Lease liabilities at 1 January (current and \u00a0
non-current lease) \u00a0
279 \u00a0
507 \u00a0
792 \u00a0
Acquisition of subsidiaries \u00a0
1,299 \u00a0
-
-
Exchange differences \u00a0
(16) \u00a0
-
-
Cash paid for lease obligations \u00a0
(569) \u00a0
(228) \u00a0
(285) \u00a0
Lease liabilities at 31 December (current \u00a0
and non-current lease) \u00a0
993 \u00a0
279 \u00a0
507 \u00a0
Current \u00a0
392 \u00a0
-
209 \u00a0
Non-current \u00a0
601 \u00a0
279 \u00a0
298 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4110": {
"value": "EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Interest expense \u00a0
- Interest linked to debt liabilities \u00a0
2,851 \u00a0
1,351 \u00a0
2,727 \u00a0
- Interest with related parties \u00a0
-
157 \u00a0
684 \u00a0
Fair value change of derivative (ineffectiveness) \u00a0
765 \u00a0
-
-
Lease liabilities \u00a0
25 \u00a0
21 \u00a0
30 \u00a0
Foreign currency loss \u00a0
389 \u00a0
7,834 \u00a0
1,692 \u00a0
Bank fees \u00a0
456 \u00a0
318 \u00a0
358 \u00a0
Finance expenses \u00a0
4,486 \u00a0
9,681 \u00a0
5,491 \u00a0
Total interest paid in 2023 as per Consolidated Statement of Cash Flows amounts to \u00a0
EUR 7.1 million (2022: EUR 4.2 million) which have been capitalised to Property, Plant and \u00a0
Equipment. For more information refer to Note 18. Total interest linked to debt liabilities \u00a0
include EUR 1.9 million (2022: EUR 0.9) due to write off of loan fees relate to the previous \u00a0
debt facility and an additional EUR 1.0 million from the amendment to that prior facility in \u00a0
June 2023. \u00a0
Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
25 \u00a0
21 \u00a0
30 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Short-term lease expense \u00a0
180 \u00a0
53 \u00a0
34 \u00a0
c. Total cash outflow for all leases in 2023, 2022 and 2021 were EUR 283 thousand, EUR \u00a0
728 thousand and EUR 315 thousand respectively, excluding variable lease fee (refer to \u00a0
Note 24). \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Repayment of lease liability \u00a0
283 \u00a0
728 \u00a0
315 \u00a0
Rental above standby rate \u00a0
-
-
196 \u00a0
Cash outflow for leases that are not capital- \u00a0
ised \u00a0
180 \u00a0
53 \u00a0
34 \u00a0
463 \u00a0
781 \u00a0
545 \u00a0
Note 23 \u00a0
Commitments and Pledges \u00a0
Lease commitments \u00a0
The future lease payables under non-cancellable value and short-term leases contracted \u00a0
for at the balance sheet date but not recognised as liabilities, are as follows: \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Not later than one year \u00a0
1,090 \u00a0
53 \u00a0
18 \u00a0
Between one and five years \u00a0
4,984 \u00a0
9
-
6,074 \u00a0
62 \u00a0
18 \u00a0
The Company\u2019s lease commitments include tenure of the new headquarters, which will \u00a0
reflect at the balance sheet in Q1 2024 under IFRS 16. The Company signed the contract \u00a0
with Castellum Denmark and will have access to almost 5,000 m2 of office space in cen- \u00a0
tral Copenhagen. The contract, with a six years biding period, amounted to EUR 8 million. \u00a0
The Company paid EUR 1 million as a deposit fee for this contract. \u00a0
Pledge of Fixed Assets \u00a0
The New Debt Facility detailed in Note 26 is secured by, inter alia, a first priority mort- \u00a0
gage over the Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR 511 \u00a0
million carrying value, see Note 18), first priority assignment of the earnings of the vessel \u00a0
owning entities, including certain change of control provisions which are similar to those \u00a0
included in the P-Class Facility. \u00a0
The P-Class facility is secured by a first priority mortgage over the P-Class newbuilds, \u00a0
first priority assignments of the insurances and earnings of the P-Class newbuilds by \u00a0
Cadeler and the two borrowers and contain customary financial and other covenants in- \u00a0
cluding certain change of control provisions. There will be a change of control under the \u00a0
P-Class Facility if any person or group of persons acting in concert (other than Swire Pa- \u00a0
cific and the BW Group) hold legally and beneficially more than 25% of each of the is- \u00a0
sued and outstanding share capital and/or the issued and outstanding voting share cap- \u00a0
ital of Cadeler A/S. In addition, a number of changes to the ownership structure further \u00a0
down in the Group will trigger a change of control such as, among others, if either Wind \u00a0
N1063 Limited or Wind N1064 Limited ceases to be a wholly owned (direct or indirect) \u00a0
subsidiary of Cadeler. The P-Class Facility will be governed by English law. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
The Company signed a contract with NOV on 18 December 2020 to replace the main \u00a0
crane of Wind Orca and then executed the option to replace the main crane for Wind Os- \u00a0
prey on 17 June 2021. The total sum of the contract with NOV for the replacement of both \u00a0
cranes is EUR 83.4 million, of which EUR 7 million was paid in 2021, EUR 27 million was \u00a0
paid in 2022 and EUR 15.8 million was paid in 2023. The remaining scheduled payments \u00a0
will be due in 2024. \u00a0
P-Class vessels \u00a0
Since 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry \u00a0
CO. Ltd. (\u201cCOSCO\u201d) to build two new P-class WTIVs. The total sum of the contract for the \u00a0
new vessels is approximately EUR 572 million, of which EUR 137 million was paid in 2021 \u00a0
and EUR 14 million was paid in 2023. The remaining scheduled payments will be due be- \u00a0
tween 2024 and 2025. Of the total contract, USD 390 million is paid in USD and EUR 220 \u00a0
million will is paid in EUR. \u00a0
A-Class vessels \u00a0
On 9 May 2022 and 22 November 2022 the Company signed additional contracts with \u00a0
COSCO SHIPPING Heavy Industry to build a total of two new A-Class foundation installa- \u00a0
tion vessel. The total sum of the contracts for the new vessel is approximately EUR 657 \u00a0
million, of which approximately a total of EUR 167 million was paid in 2022, while the re- \u00a0
maining amounts will be due over the years from 2025 to 2026. Of the total contract, \u00a0
USD 495 million is paid in USD and EUR 205 million is paid in EUR. \u00a0
M-Class vessels \u00a0
The Company, due to the business combination with Eneti, is currently under contract \u00a0
with Hanwha for the construction of two next generation offshore WTIVs. The total sum \u00a0
of the contracts is approximately EUR 592 million, of which EUR 118 million has been \u00a0
paid. The remaining scheduled payments will be due between 2024 and 2025. \u00a0
Remaining instalments for the newbuilds vessels: \u00a0
As of 31 December 2023 \u00a0
Millions \u00a0
P-Class \u00a0
M-Class \u00a0
A-Class \u00a0
Total \u00a0
Contract amount in EUR \u00a0
220 \u00a0
-
205 \u00a0
425 \u00a0
Contract amount in USD \u00a0
390 \u00a0
655 \u00a0
495 \u00a0
1,540 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
592 \u00a0
657 \u00a0
1,821 \u00a0
Commitment amount in EUR \u00a0
69 \u00a0
-
105 \u00a0
174 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
524 \u00a0
426 \u00a0
1,340 \u00a0
Commitment amount translated to EUR \u00a0
421 \u00a0
474 \u00a0
490 \u00a0
1,385 \u00a0
As of 31 December 2022 \u00a0
Millions \u00a0
P-Class \u00a0
A-Class \u00a0
Total \u00a0
Contract amount in EUR \u00a0
220 \u00a0
205 \u00a0
425 \u00a0
Contract amount in USD \u00a0
390 \u00a0
495 \u00a0
885 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
657 \u00a0
1,229 \u00a0
Commitment amount in EUR \u00a0
82 \u00a0
105 \u00a0
187 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
426 \u00a0
816 \u00a0
Commitment amount translated to EUR \u00a0
435 \u00a0
490 \u00a0
925 \u00a0
As of 31 December 2021 \u00a0
Millions \u00a0
P-Class \u00a0
Contract amount in EUR \u00a0
220 \u00a0
Contract amount in USD \u00a0
390 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
Commitment amount in EUR \u00a0
82 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
Commitment amount translated to EUR \u00a0
435 \u00a0
Change in the debts to credit institu- \u00a0
tions during the year \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Debt to credit institutions at 1 January \u00a0
(115,002) \u00a0
(73,075) \u00a0
(73,500) \u00a0
Overdraft facility drawn \u00a0
-
(16,067) \u00a0
(8,998) \u00a0
Loans repayment \u00a0
115,000 \u00a0
65,000 \u00a0
10,000 \u00a0
Overdraft repayment \u00a0
-
25,065 \u00a0
-
New loan \u00a0
(211,934) \u00a0
(115,000) \u00a0
-
New loan interests \u00a0
8,262 \u00a0
1,541 \u00a0
-
Write off of loan fees \u00a0
(1,898) \u00a0
(923) \u00a0
-
Others \u00a0
-
(1,543) \u00a0
(577) \u00a0
Debt to credit institutions at 31 December \u00a0
(205,572) \u00a0
(115,002) \u00a0
(73,075) \u00a0
Capital management \u00a0
The Company\u2019s objectives when managing capital are to ensure the Company\u2019s ability to \u00a0
continue 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
other things, aims to ensure that it meets financial covenants attached to the interest- \u00a0
bearing loans and borrowings that define capital structure requirements. Breaches in \u00a0
meeting the financial covenants would permit the bank to immediately call loans and \u00a0
borrowings. There have been no breaches of the financial covenants of any interest- \u00a0
bearing loans and borrowing in the current period. \u00a0
In order to maintain or adjust the capital structure in the future, the Group may adjust the \u00a0
amount of dividends paid to shareholders, issue new shares and/or sell assets to reduce \u00a0
debt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other \u00a0
distributions without DNB Bank ASA\u2019s written consent. \u00a0
Note 26 \u00a0
Financial Liabilities: Interest-bearing Loans and Borrowings \u00a0
New Debt Facility \u2013 replacing the RCF \u00a0
On 29 June 2022 the Company entered into a Senior Secured Green Revolving Credit Fa- \u00a0
cility (\u201cRCF\u201d) of a 3-year term loan of EUR 185 million with DNB Bank ASA. \u00a0
The RCF consists of (i) a three-year non-amortizing term loan of EUR 150 million, in addi- \u00a0
tion to voluntary prepayments in whole or any part of the loan, at any time, the loan will \u00a0
be repayable in a balloon payment of EUR 150 million, and (ii) a guarantee facility of up to \u00a0
EUR 35 million. \u00a0
On 4 July 2022 the Company utilised EUR 115 million from the total EUR 150 million availa- \u00a0
ble from the RCF. With these funds the Group repaid in full the outstanding amounts, re- \u00a0
lated to the term loan EUR 55 million and overdraft facility EUR 25 million from DNB Bank \u00a0
ASA and SpareBank 1 SR-Bank signed on 4 November 2020. At that time, the new RCF \u00a0
added about EUR 70 million in liquidity. \u00a0
The RCF bears interest at 3-month or 6-month EURIBOR + the Applicable Margin, and \u00a0
subject to a green loan margin discount as long as the Company is in compliance with \u00a0
certain green asset criteria such as earmarked investments in green assets. The Group is \u00a0
currently in compliance with this green criteria and are expected to remain compliant for \u00a0
the duration of the facility. The full repayment of a senior debt facility generated a fi- \u00a0
nance cost for the write-off of borrowing costs of approximately EUR 810,000 in July \u00a0
2022. Due to a confidentiality agreement, the applicable margin cannot be disclosed. \u00a0
In June 2023, the Debt Facility was amended to increase the guarantee facility to EUR 60 \u00a0
million and to increase the committed revolving credit facility to EUR 250 million, result- \u00a0
ing in an increase of the aggregate Debt Facility to EUR 310 million. The above was re- \u00a0
financed and the Group entered into the new RCF, as explained below. \u00a0
In connection with the Business Combination, the Company on 7 December 2023 en- \u00a0
tered into a new senior secured credit and guarantee facilities of up to EUR 550 million \u00a0
providing for (i) a revolving credit facility of up to EUR 250 million (5 year tenor), (ii) a re- \u00a0
volving credit facility of up to EUR 100 million (18 months tenor), (iii) a term loan of up to \u00a0
EUR 100 million (8.5 year tenor) guaranteed by The Danish Export and Investment Fund \u00a0
of Denmark (EIFO) and (iv) an uncommitted guarantee facility of up to EUR 100 million \u00a0
(the \u201cNew Debt Facility\u201d). The New Debt Facility has similar terms and conditions as the \u00a0
existing Debt Facility. The change of control provisions are similar to those included in \u00a0
the P-Class Facility (as described below). \u00a0
The Company has utilised EUR 162 million from the total EUR 450 million available from \u00a0
the RCF. With these funds the Group repaid the outstanding amounts of Eneti\u2019s previous \u00a0
Credit Facility, which amounted to USD 59.4 million (of which Eneti repaid USD 12.6 mil- \u00a0
lion in October 2023 from the proceeds from the sale of Seajacks Hydra, Seajacks Levia- \u00a0
than and the Seajacks Kraken). In addition, the Group has repaid the amounts under its \u00a0
own Debt Facility amounting to EUR 115 million. \u00a0
The full repayment of the senior debt facility generated a finance cost for the write off of \u00a0
borrowing costs of approximately EUR 1.8 million thousand in 2023. \u00a0
By the end of the reporting period, EUR 288 million remains unutilised from the RCF. \u00a0
Holdco Facility
(EUR 5O million) \u00a0
On 15 November 2023, the Group entered into an unsecured Holdco Facility in an aggre- \u00a0
gate amount of EUR 50 million (tenor of five years) with HSBC. The financing includes a \u00a0
non-committed accordion option of up to EUR 50 million. The purpose of the Holdco Fa- \u00a0
cility is, among others, partial funding of the wind installation activities of the Group and \u00a0
general corporate purposes. The facility includes customary financial and other cove- \u00a0
nants. \u00a0
M-Class Facility
(USD 436 million) \u00a0
In connection with the Business Combination, the Group acquired a senior secured \u00a0
green term loan facility, which Eneti entered in November 2023, of up to USD 436 million \u00a0
(the \u201cNew Credit Facility\u201d) with a group of international banks and export credit agencies \u00a0
co-arranged and co-underwritten by Cr\u00e9dit Agricole Corporate and Investment Bank and \u00a0
Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, and with Soci\u00e9t\u00e9 G\u00e9n\u00e9rale as Green Loan Coordinator. The New Credit \u00a0
Facility finances approximately 65% of the purchase cost of the M-Class newbuilding, \u00a0
with the remaining 35% to be funded either by obtaining additional bank financing or \u00a0
through available operational cash reserves. The maturity date of the New Credit Facility \u00a0
in relation to each vessel is 12 years from the delivery date of each vessel. The New \u00a0
Credit Facility bears interest at a blended margin of SOFR plus 2.36% per annum (exclu- \u00a0
sive of premiums payable to K-SURE and Eksfin). However, the terms of the New Credit \u00a0
Facility provided that completion of the Business Combination would not trigger a \u00a0
change of control provision with regard to cancellation and prepayment of the New \u00a0
Credit Facility. \u00a0
P-Class Facility
(USD 425 million) \u00a0
Further, Cadeler A/S and two of its subsidiaries, WIND N1064 Limited and WIND N1063 \u00a0
Limited, entered into a Sinosure-backed green term loan facility of up to EUR 425 million \u00a0
(12 year tenor) (the \"P-Class Facility\") in December 2023 to finance the purchase of P- \u00a0
Class newbuilds. The funds under the P-Class Facility have been borrowed by WIND \u00a0
N1064 Limited and WIND N1063 Limited (the future owners of the P-Class newbuilds) and \u00a0
may not be reborrowed once repaid. Further financing will be required from 2025 in con- \u00a0
nection with milestone payments for the A-Class New Builds. The Cadeler Group\u2019s man- \u00a0
agement expects to require approximately EUR 450 million of additional funding for the \u00a0
A-Class New Builds. Cadeler currently has a letter of intent in place for the order of one \u00a0
additional A-Class New Build. There can be no guarantee that the financing of such new \u00a0
builds and any future upgrades can be obtained on attractive terms or at all. \u00a0
Covenants \u00a0
The Group is in compliance with all covenants in the New Debt Facility (RCF): \u00a0
-
Minimum Free Liquidity: Freely available cash and cash equivalents at of i) the \u00a0
higher of EUR 35.000.000 or 5% of gross interest bearing debt, if the ratio of for- \u00a0
ward-looking contract cash flow to net interest bearing debt
are above 50% or ii) \u00a0
EUR 50,000,000 or an amount equal to 7.5% of the gross interest bearing debt \u00a0
at all other times. \u00a0
-
Equity Ratio: The ratio of book equity to total assets at all times to be minimum \u00a0
35%. \u00a0
-
Working capital: the working capital shall be higher than zero (0). \u00a0
-
Fair market value of vessels: The fair market value of the vessels shall at all times \u00a0
cover at least 150% of the gross interest bearing debt following the redelivery of \u00a0
the O-Class vessels. \u00a0
-
Contracted cash flows: If at any reported quarter the aggregated loans exceed \u00a0
80% the forward-looking expected cash revenues from legally binding contracts, \u00a0
the Contracted Cash Flows, the Borrower shall prepay the exceeding part of the \u00a0
Loans within five (5) Business Days. \u00a0
-
Utilisation of RCF\u2019s Facility under New Debt Facility must be above the outstand- \u00a0
ing on ECA Term Loan tranche. \u00a0
Further, the Group is in compliance with some additional covenants specified in the \u00a0
Holdco Facility: \u00a0
-
Fair market value of vessels: The fair market value of the vessels shall at all times \u00a0
cover at least 140% of the gross interest bearing debt. \u00a0
-
Debt service coverage ratio: Cash flow available for debt service (including avail- \u00a0
able liquidity covering cash, cash equivalent and undrawn New Debt Facility) at \u00a0
the Parent Company must be above Debt service cash flow related to the \u00a0
Holdco Facility (2:1). \u00a0
As of the reported date, the P-Class and M-Class facilities remain unutilised. Given their \u00a0
non-utilisation, no assessment of compliance with associated covenants has been nec- \u00a0
essary up to this point. These covenants, if applicable, will require assessment upon utili- \u00a0
sation of the facilities and contain customary financial and other covenants, including \u00a0
certain change of control provisions, similar to those disclosed for the utilised facilities. \u00a0
Additionally, the Group is in compliance with below requirements: \u00a0
Restriction on dividends: the Company is not permitted to pay any dividends or other \u00a0
distributions without DNB Bank ASA\u2019s written consent. For the New Debt Facility, divi- \u00a0
dends and distributions should not exceed 50% of the consolidated net profit for the re- \u00a0
spective year. Further, in the Holdco Facility, the Company is not allowed to any distribu- \u00a0
tions before the delivery of the P-Class, A-Class and M-Class. \u00a0
Change of control: If any person or group of persons (other than Swire Pacific or the BW \u00a0
Group) acting in concert directly or indirectly gains control of 25% or more of the voting \u00a0
and/or ordinary shares of the Borrower, the Agent (acting on instructions from the major- \u00a0
ity lenders) may by written notice of sixty (60) days cancel the total commitments and \u00a0
demand prepayment of all amounts outstanding under the facilities. \u00a0
Financial Liabilities: Interest-bearing Loans and Borrowings \u00a0
Continued from previous page \u00a0
As of 31 December 2023 \u00a0
Committed (EUR millions)\u00b9 \u00a0
Related derivatives contracts \u00a0
Average IRS \u00a0
IRS nominal \u00a0
Interest rate \u00a0
Maturity \u00a0
Utilised \u00a0
Unused \u00a0
rate \u00a0
(EUR millions) \u00a0
Secured \u00a0
3 months EURIBOR + \u00a0
New Debt Facility (RCF) \u00a0
2.4% \u00a0
2031 \u00a0
162 \u00a0
288 \u00a0
2.7% \u00a0
150 \u00a0
New Debt Facility - Guarantee \u00a0
0.80% - 1.20% \u00a0
2026 \u00a0
45 \u00a0
55 \u00a0
Total New Debt Facility \u00a0
207 \u00a0
343 \u00a0
3 months EURIBOR + \u00a0
P-Class Facility \u00a0
(0.90% - 2.4%) \u00a0
2035 \u00a0
425 \u00a0
3.0% \u00a0
203 \u00a0
M-Class Facility (USD 436 million) \u00a0
SOFR + 2.4% \u00a0
2035 \u00a0
394 \u00a0
Unsecured \u00a0
3 months EURIBOR + \u00a0
HoldCo Facility \u00a0
4% \u00a0
2028 \u00a0
50 \u00a0
-
Total (excluding Guarantee facility) \u00a0
212 \u00a0
1,107 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4125": {
"value": "Note 12 \u00a0
Earnings Per Share (EPS) \u00a0
Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity \u00a0
holders of the parent by the weighted average number of ordinary shares outstanding \u00a0
during the year. \u00a0
Diluted EPS is calculated by dividing the profit attributable to ordinary holders of the par- \u00a0
ent by the weighted average number of ordinary shares outstanding during the year plus \u00a0
the weighted average number of ordinary shares that would be issued on conversion of \u00a0
all the dilutive potential ordinary shares into ordinary shares. \u00a0
The weighted average number of ordinary shares takes into account the weighted aver- \u00a0
age effect of share based payments during the year as well as issuance of shares in con- \u00a0
nection with business combination with Eneti. In December 2023, 113 million shares were \u00a0
issued for this business combination. \u00a0
The following table reflects the income and share data used in the basic and diluted EPS \u00a0
calculations: \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
EUR\u2019000 \u00a0
Profit attributable to ordinary equity holders of the \u00a0
parent for basic earnings \u00a0
11,498 \u00a0
35,541 \u00a0
7,451 \u00a0
Profit attributable to ordinary equity holders of the \u00a0
parent adjusted for the effect of dilution \u00a0
11,498 \u00a0
35,541 \u00a0
7,451 \u00a0
Thousands \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Weighted average number of ordinary shares for \u00a0
basic EPS\u00b9 \u00a0
201,362 \u00a0
163,219 \u00a0
131,161 \u00a0
Effect of dilution from shared based payments pro- \u00a0
gramme \u00a0
1,861 \u00a0
676 \u00a0
-
Weighted average number of ordinary shares ad- \u00a0
justed for the effect of dilution\u00b9 \u00a0
203,223 \u00a0
163,895 \u00a0
131,161 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4129": {
"value": "Note 13 \u00a0
Cash and Bank Balances \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Cash at bank and on hand \u00a0
96,608 \u00a0
19,012 \u00a0
2,308 \u00a0
The Company is holding cash by 31 December 2023 with the intention of paying asset \u00a0
under construction related instalments in the first half of 2024. \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Lease liabilities at 1 January (current and \u00a0
non-current lease) \u00a0
279 \u00a0
507 \u00a0
792 \u00a0
Acquisition of subsidiaries \u00a0
1,299 \u00a0
-
-
Exchange differences \u00a0
(16) \u00a0
-
-
Cash paid for lease obligations \u00a0
(569) \u00a0
(228) \u00a0
(285) \u00a0
Lease liabilities at 31 December (current \u00a0
and non-current lease) \u00a0
993 \u00a0
279 \u00a0
507 \u00a0
Current \u00a0
392 \u00a0
-
209 \u00a0
Non-current \u00a0
601 \u00a0
279 \u00a0
298 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4136": {
"value": "Expected credit loss on trade receivables \u00a0
The Group has historically only experienced immaterial losses on trade receivables, if \u00a0
any. Further, a material part of the cash flows in the contracts are prepayments received \u00a0
up front. \u00a0
The Group's assessment remains consistent with its past practices. Although some posi- \u00a0
tions may transition to 30 days overdue, our overall position on credit risk management \u00a0
remains unchanged. This assessment is supported by historical data, a select group of \u00a0
reliable debtors, and our outlook for the future. \u00a0
Trade \u00a0
Contract \u00a0
Expected \u00a0
EUR\u2019000 \u00a0
receivables \u00a0
assets \u00a0
loss \u00a0
Total \u00a0
31 December 2023 \u00a0
Not due \u00a0
9,639 \u00a0
8,880 \u00a0
-
18,519 \u00a0
Overdue 1-30 days \u00a0
14,287 \u00a0
-
-
14,287 \u00a0
Overdue 31 to 60 days \u00a0
603 \u00a0
-
-
603 \u00a0
Overdue +61 days \u00a0
2,273 \u00a0
-
-
2,273 \u00a0
Total \u00a0
26,802 \u00a0
8,880 \u00a0
-
35,682 \u00a0
31 December 2022 \u00a0
Not due \u00a0
17,197 \u00a0
19,999 \u00a0
-
37,196 \u00a0
Overdue 1-30 days \u00a0
438 \u00a0
-
-
438 \u00a0
Overdue 31 to 60 days \u00a0
-
-
-
-
Overdue +61 days \u00a0
-
-
-
-
Total \u00a0
17,635 \u00a0
19,999 \u00a0
-
37,634 \u00a0
31 December 2021 \u00a0
Not due \u00a0
7,850 \u00a0
843 \u00a0
-
8,693 \u00a0
Overdue 1-30 days \u00a0
8,962 \u00a0
-
-
8,962 \u00a0
Overdue 31 to 60 days \u00a0
316 \u00a0
-
-
316 \u00a0
Overdue +61 days \u00a0
1,296 \u00a0
-
-
1,296 \u00a0
Total \u00a0
18,424 \u00a0
843 \u00a0
-
19,267 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4145": {
"value": "Note 16 \u00a0
Prepayments \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Prepayments \u00a0
9,562 \u00a0
1,699 \u00a0
1,497 \u00a0
Prepayments include deferred costs like bank loan fees, insurance annual premiums and \u00a0
software annual subscriptions. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4147": {
"value": "Note 17 \u00a0
Intangible Assets \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
EUR'000 \u00a0
Software \u00a0
Goodwill \u00a0
Total \u00a0
Software \u00a0
Software \u00a0
Cost \u00a0
Beginning of period \u00a0
662 \u00a0
-
662 \u00a0
434 \u00a0
-
Acquisition of businesses \u00a0
-
16,919 \u00a0
16,919 \u00a0
Additions \u00a0
31 \u00a0
-
31 \u00a0
228 \u00a0
434 \u00a0
Exchange differences \u00a0
-
(212) \u00a0
(212) \u00a0
31 December \u00a0
693 \u00a0
16,707 \u00a0
17,400 \u00a0
662 \u00a0
434 \u00a0
Accumulated depreciation \u00a0
Beginning of period \u00a0
243 \u00a0
-
243 \u00a0
32 \u00a0
-
Depreciation charge \u00a0
210 \u00a0
210 \u00a0
211 \u00a0
32 \u00a0
31 December \u00a0
453 \u00a0
-
453 \u00a0
243 \u00a0
32 \u00a0
Net book value \u00a0
240 \u00a0
16,707 \u00a0
16,947 \u00a0
419 \u00a0
402 \u00a0
Software additions during 2023 are mainly related to further developments of the Com- \u00a0
pany software solutions. \u00a0
While 2021 additions were mainly implementation costs for Enterprise Resource and \u00a0
Planning (ERP), Vessel and Crew Management software, 2022 additions are mainly fur- \u00a0
ther developments of these initially implemented solutions. \u00a0
Impairment Test \u00a0
Management has performed impairment test of goodwill allocated to each CGU as at \u00a0
December 31, 2023. \u00a0
Goodwill of EUR 16.9 million was recognised on 19 December 2023 relating to the Eneti \u00a0
acquisition. The Group has two CGUs being the transport and installation of offshore \u00a0
wind turbine generators and foundations vessels (WTGFIV), Cadeler\u2019s O-class vessels \u00a0
and Scylla; and the maintenance of offshore wind turbine generators (O&MV) cash-gen- \u00a0
erating unit, comprising Zaratan. At 31 December 2023, Management has not yet con- \u00a0
cluded on the allocation of goodwill, which could be either to a single CGU or to both \u00a0
CGUs'. Management assessed goodwill for impairment on entity level (being both CGUs), \u00a0
which showed no indication of impairment, based on the quoted price of Cadeler\u2019s \u00a0
shares. For more information related to Goodwill recognised and allocation of goodwill to \u00a0
CGU, please refer to Note 6. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4189": {
"value": "Leasehold \u00a0
Warehouse \u00a0
EUR'000 \u00a0
equipment \u00a0
facilities \u00a0
Office space \u00a0
Total \u00a0
Cost 2023 \u00a0
Beginning of financial year \u00a0
464 \u00a0
-
1,681 \u00a0
2,145 \u00a0
Acquisition of businesses \u00a0
-
421 \u00a0
612 \u00a0
1,033 \u00a0
Exchange differences \u00a0
-
(12) \u00a0
(32) \u00a0
(44) \u00a0
31 December 2023 \u00a0
464 \u00a0
409 \u00a0
2,261 \u00a0
3,134 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
381 \u00a0
-
1,477 \u00a0
1,858 \u00a0
Amortisation charge \u00a0
83 \u00a0
30 \u00a0
221 \u00a0
334 \u00a0
Exchange differences \u00a0
-
(6) \u00a0
(25) \u00a0
(31) \u00a0
31 December 2023 \u00a0
464 \u00a0
24 \u00a0
1,673 \u00a0
2,161 \u00a0
Net book value \u00a0
-
385 \u00a0
588 \u00a0
973 \u00a0
Leasehold \u00a0
Office \u00a0
EUR'000 \u00a0
equipment \u00a0
space \u00a0
Total \u00a0
Cost 2022 \u00a0
Beginning of financial year \u00a0
-
1,572 \u00a0
1,572 \u00a0
Movement during the year \u00a0
464 \u00a0
109 \u00a0
573 \u00a0
31 December 2022 \u00a0
464 \u00a0
1,681 \u00a0
2,145 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
-
1,108 \u00a0
1,108 \u00a0
Amortisation charge \u00a0
381 \u00a0
369 \u00a0
750 \u00a0
31 December 2022 \u00a0
381 \u00a0
1,477 \u00a0
1,858 \u00a0
Net book value \u00a0
83 \u00a0
204 \u00a0
287 \u00a0
Office \u00a0
EUR'000 \u00a0
space \u00a0
Total \u00a0
Cost 2021 \u00a0
Beginning of financial year \u00a0
1,572 \u00a0
1,572 \u00a0
31 December 2021 \u00a0
1,572 \u00a0
1,572 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
832 \u00a0
832 \u00a0
Amortisation charge \u00a0
276 \u00a0
276 \u00a0
31 December 2021 \u00a0
1,108 \u00a0
1,108 \u00a0
Net book value \u00a0
464 \u00a0
464 \u00a0
Please refer to Note 24 for disclosure on the lease liabilities and to Note 23 for disclosure \u00a0
on lease commitment \u00a0
Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
25 \u00a0
21 \u00a0
30 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Short-term lease expense \u00a0
180 \u00a0
53 \u00a0
34 \u00a0
c. Total cash outflow for all leases in 2023, 2022 and 2021 were EUR 283 thousand, EUR \u00a0
728 thousand and EUR 315 thousand respectively, excluding variable lease fee (refer to \u00a0
Note 24). \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Repayment of lease liability \u00a0
283 \u00a0
728 \u00a0
315 \u00a0
Rental above standby rate \u00a0
-
-
196 \u00a0
Cash outflow for leases that are not capital- \u00a0
ised \u00a0
180 \u00a0
53 \u00a0
34 \u00a0
463 \u00a0
781 \u00a0
545 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4213": {
"value": "Note 20 \u00a0
Provisions, Trade and \u00a0
Other Payables \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Trade and other payables: \u00a0
Trade payables \u00a0
8,399 \u00a0
3,979 \u00a0
2,795 \u00a0
Other payables \u00a0
24,237 \u00a0
4,843 \u00a0
6,908 \u00a0
32,636 \u00a0
8,822 \u00a0
9,703 \u00a0
The increase in other payables is attributed to year-end activity and temporal mis- \u00a0
matches in payment processing, including cut-off procedures. \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Provisions: \u00a0
Beginning of financial year \u00a0
-
-
-
Acquisition of businesses \u00a0
6,987 \u00a0
-
-
Exchange differences \u00a0
(88) \u00a0
-
-
6,899 \u00a0
-
-
A provision is recognised for certain contracts with customers for which the unavoidable \u00a0
costs of meeting the performance obligations exceed the economic benefits expected \u00a0
to be received. It is anticipated that these costs will be incurred in the next financial year. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4204": {
"value": "Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
25 \u00a0
21 \u00a0
30 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Short-term lease expense \u00a0
180 \u00a0
53 \u00a0
34 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4220": {
"value": "Note 22 \u00a0
Issued Share Capital \u00a0
No. of \u00a0
EUR\u2019000 \u00a0
shares \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Ordinary shares \u00a0
Beginning and end of financial year 2021 \u00a0
138,574 \u00a0
26,575 \u00a0
18,641 \u00a0
18,641 \u00a0
Issued on May 2022 for capital increase \u00a0
26,176 \u00a0
-
3,518 \u00a0
-
Issued on October 2022 for capital in- \u00a0
crease \u00a0
32,850 \u00a0
-
4,416 \u00a0
-
Issued on December 2023 for capital in- \u00a0
crease \u00a0
113,809 \u00a0
15,263 \u00a0
End of financial year 2023 \u00a0
311,409 \u00a0
41,838 \u00a0
26,575 \u00a0
18,641 \u00a0
As of 1 January 2023, the Group\u2019s issued and paid in share capital amounted to DKK \u00a0
197,600 thousand, equal to EUR 26,575 thousand, consisting of 197,600,000 shares of \u00a0
DKK 1. \u00a0
In June 2023, Cadeler and Eneti entered into a Business Combination Agreement, exe- \u00a0
cuted through a stock-for-stock exchange offer made to all stockholders of Eneti. In De- \u00a0
cember 2023, the share exchange offer was successfully completed and, consequently, \u00a0
the registration of the share capital increase. \u00a0
In December 2023, the authorised share capital was increased by DKK 113,809 thousand, \u00a0
equal to EUR 15,263 thousand, consisting of 113,809,868 shares of DKK 1. \u00a0
At the end of 2023, the Group had share capital amounting to DKK 311,409 thousand, \u00a0
equal to EUR 41,838 thousand, consisting of 311,409,868 shares of DKK 1. \u00a0
All shares have equal rights. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4225": {
"value": "Note 23 \u00a0
Commitments and Pledges \u00a0
Lease commitments \u00a0
The future lease payables under non-cancellable value and short-term leases contracted \u00a0
for at the balance sheet date but not recognised as liabilities, are as follows: \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Not later than one year \u00a0
1,090 \u00a0
53 \u00a0
18 \u00a0
Between one and five years \u00a0
4,984 \u00a0
9
-
6,074 \u00a0
62 \u00a0
18 \u00a0
The Company\u2019s lease commitments include tenure of the new headquarters, which will \u00a0
reflect at the balance sheet in Q1 2024 under IFRS 16. The Company signed the contract \u00a0
with Castellum Denmark and will have access to almost 5,000 m2 of office space in cen- \u00a0
tral Copenhagen. The contract, with a six years biding period, amounted to EUR 8 million. \u00a0
The Company paid EUR 1 million as a deposit fee for this contract. \u00a0
Pledge of Fixed Assets \u00a0
The New Debt Facility detailed in Note 26 is secured by, inter alia, a first priority mort- \u00a0
gage over the Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR 511 \u00a0
million carrying value, see Note 18), first priority assignment of the earnings of the vessel \u00a0
owning entities, including certain change of control provisions which are similar to those \u00a0
included in the P-Class Facility. \u00a0
The P-Class facility is secured by a first priority mortgage over the P-Class newbuilds, \u00a0
first priority assignments of the insurances and earnings of the P-Class newbuilds by \u00a0
Cadeler and the two borrowers and contain customary financial and other covenants in- \u00a0
cluding certain change of control provisions. There will be a change of control under the \u00a0
P-Class Facility if any person or group of persons acting in concert (other than Swire Pa- \u00a0
cific and the BW Group) hold legally and beneficially more than 25% of each of the is- \u00a0
sued and outstanding share capital and/or the issued and outstanding voting share cap- \u00a0
ital of Cadeler A/S. In addition, a number of changes to the ownership structure further \u00a0
down in the Group will trigger a change of control such as, among others, if either Wind \u00a0
N1063 Limited or Wind N1064 Limited ceases to be a wholly owned (direct or indirect) \u00a0
subsidiary of Cadeler. The P-Class Facility will be governed by English law. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
The Company signed a contract with NOV on 18 December 2020 to replace the main \u00a0
crane of Wind Orca and then executed the option to replace the main crane for Wind Os- \u00a0
prey on 17 June 2021. The total sum of the contract with NOV for the replacement of both \u00a0
cranes is EUR 83.4 million, of which EUR 7 million was paid in 2021, EUR 27 million was \u00a0
paid in 2022 and EUR 15.8 million was paid in 2023. The remaining scheduled payments \u00a0
will be due in 2024. \u00a0
P-Class vessels \u00a0
Since 30 June 2021 the Company has a contract with COSCO SHIPPING Heavy Industry \u00a0
CO. Ltd. (\u201cCOSCO\u201d) to build two new P-class WTIVs. The total sum of the contract for the \u00a0
new vessels is approximately EUR 572 million, of which EUR 137 million was paid in 2021 \u00a0
and EUR 14 million was paid in 2023. The remaining scheduled payments will be due be- \u00a0
tween 2024 and 2025. Of the total contract, USD 390 million is paid in USD and EUR 220 \u00a0
million will is paid in EUR. \u00a0
A-Class vessels \u00a0
On 9 May 2022 and 22 November 2022 the Company signed additional contracts with \u00a0
COSCO SHIPPING Heavy Industry to build a total of two new A-Class foundation installa- \u00a0
tion vessel. The total sum of the contracts for the new vessel is approximately EUR 657 \u00a0
million, of which approximately a total of EUR 167 million was paid in 2022, while the re- \u00a0
maining amounts will be due over the years from 2025 to 2026. Of the total contract, \u00a0
USD 495 million is paid in USD and EUR 205 million is paid in EUR. \u00a0
M-Class vessels \u00a0
The Company, due to the business combination with Eneti, is currently under contract \u00a0
with Hanwha for the construction of two next generation offshore WTIVs. The total sum \u00a0
of the contracts is approximately EUR 592 million, of which EUR 118 million has been \u00a0
paid. The remaining scheduled payments will be due between 2024 and 2025. \u00a0
Remaining instalments for the newbuilds vessels: \u00a0
As of 31 December 2023 \u00a0
Millions \u00a0
P-Class \u00a0
M-Class \u00a0
A-Class \u00a0
Total \u00a0
Contract amount in EUR \u00a0
220 \u00a0
-
205 \u00a0
425 \u00a0
Contract amount in USD \u00a0
390 \u00a0
655 \u00a0
495 \u00a0
1,540 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
592 \u00a0
657 \u00a0
1,821 \u00a0
Commitment amount in EUR \u00a0
69 \u00a0
-
105 \u00a0
174 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
524 \u00a0
426 \u00a0
1,340 \u00a0
Commitment amount translated to EUR \u00a0
421 \u00a0
474 \u00a0
490 \u00a0
1,385 \u00a0
As of 31 December 2022 \u00a0
Millions \u00a0
P-Class \u00a0
A-Class \u00a0
Total \u00a0
Contract amount in EUR \u00a0
220 \u00a0
205 \u00a0
425 \u00a0
Contract amount in USD \u00a0
390 \u00a0
495 \u00a0
885 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
657 \u00a0
1,229 \u00a0
Commitment amount in EUR \u00a0
82 \u00a0
105 \u00a0
187 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
426 \u00a0
816 \u00a0
Commitment amount translated to EUR \u00a0
435 \u00a0
490 \u00a0
925 \u00a0
As of 31 December 2021 \u00a0
Millions \u00a0
P-Class \u00a0
Contract amount in EUR \u00a0
220 \u00a0
Contract amount in USD \u00a0
390 \u00a0
Total Contract amount translated to EUR \u00a0
572 \u00a0
Commitment amount in EUR \u00a0
82 \u00a0
Commitment amount in USD \u00a0
390 \u00a0
Commitment amount translated to EUR \u00a0
435 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4280": {
"value": "Financial risk factors \u00a0
The Group\u2019s activities expose it to market risk (including currency risk and interest rate \u00a0
risk), credit risk and liquidity risk. \u00a0
The financial risk management of the Group is managed by the management of Cadeler \u00a0
and overseen by the Board of Directors and Audit Committee. The fair value of the \u00a0
Group's financial assets and liabilities as of 31 December 2023 does not deviate materi- \u00a0
ally to the carrying amounts as of 31 December 2023. \u00a0
Credit risk \u00a0
Risk management \u00a0
Credit risk refers to the risk that counterparty will default on its contractual obligations \u00a0
resulting in financial loss to the Group. The Group adopts the following policy to mitigate \u00a0
credit risk. \u00a0
For banks and financial institutions, the Group mitigates its credit risks by transacting \u00a0
only with counterparties who are rated \u201cA\u201d and above by independent rating agencies. \u00a0
The Group adopts the policy of dealing only with customers of appropriate history and \u00a0
obtaining sufficient security where appropriate to mitigate credit risk. The Group adopts \u00a0
stringent procedures on extending credit terms to customers and on the monitoring of \u00a0
credit risk. \u00a0
These credit terms are normally contractual and credit policies spell out clearly the \u00a0
guidelines on extending credit to customers, including monitoring the process and using \u00a0
related industry\u2019s practices as reference. This includes assessment and valuation of cus- \u00a0
tomers\u2019 credit reliability and periodic review of their financial status to determine the \u00a0
credit limits to be granted. Customers are also assessed based on their historical pay- \u00a0
ment records. Where necessary, customers may also be requested to provide security or \u00a0
advance payment before services are rendered. \u00a0
Related party credit risk is managed by the Executive Management of Cadeler and over- \u00a0
seen by the Board of Directors. \u00a0
The maximum exposure to credit risk is the carrying amount of trade receivables and \u00a0
other receivables, receivables from group entities and cash and bank balances pre- \u00a0
sented on the balance sheet. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4281": {
"value": "Financial risk factors \u00a0
The Group\u2019s activities expose it to market risk (including currency risk and interest rate \u00a0
risk), credit risk and liquidity risk. \u00a0
The financial risk management of the Group is managed by the management of Cadeler \u00a0
and overseen by the Board of Directors and Audit Committee. The fair value of the \u00a0
Group's financial assets and liabilities as of 31 December 2023 does not deviate materi- \u00a0
ally to the carrying amounts as of 31 December 2023. \u00a0
Liquidity risk \u00a0
The Group manages liquidity risk by maintaining sufficient cash and available funding \u00a0
through committed credit facilities to enable it to meet its operational requirements and \u00a0
instalments for the newbuilds vessels signed. Please refer to Note 26 \u2013 Financial Liabili- \u00a0
ties: Interest-bearing Loans and Borrowing for a detailed disclosure of the current facili- \u00a0
ties of the Group. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4282": {
"value": "Financial risk factors \u00a0
The Group\u2019s activities expose it to market risk (including currency risk and interest rate \u00a0
risk), credit risk and liquidity risk. \u00a0
The financial risk management of the Group is managed by the management of Cadeler \u00a0
and overseen by the Board of Directors and Audit Committee. The fair value of the \u00a0
Group's financial assets and liabilities as of 31 December 2023 does not deviate materi- \u00a0
ally to the carrying amounts as of 31 December 2023. \u00a0
Quantitative and Qualitative Disclosures about Market Risk \u00a0
Currency risk \u00a0
The Group\u2019s business is exposed to the Danish Kroner (\u201cDKK\u201d), Norwegian Kroner (\u201cNOK\u201d), \u00a0
British pound sterling (\u201cGBP\u201d) and United States Dollar (\u201cUSD\u201d) as certain operating ex- \u00a0
penses are denominated in these currencies. The Company will look to use financial in- \u00a0
struments to reduce currency risk when there is significant liability or income in a non- \u00a0
EUR or DKK denominated currency and there is a cost-effective solution. \u00a0
The largest currency exposure of the Group is the future instalments for the new P, A and \u00a0
M class vessels in USD (USD 1.3 billion), more details can be found in Note 25 with re- \u00a0
gards of the current instruments used to mitigate this currency risk. Management and \u00a0
Board of Directors will evaluate the potential cost and benefits of currency exposure on \u00a0
an ongoing basis. \u00a0
The Group holds cash balances in USD. If the USD:EUR exchange rate deteriorated by \u00a0
10% the result before tax would have decreased by EUR 4.6 million (EUR 30 thousand in \u00a0
2022; EUR 80 thousand in 2021) based on the USD cash holdings as at 31 December \u00a0
2023. \u00a0
The Group holds cash balances in GBP. If the GBP:EUR exchange rate deteriorated by \u00a0
10% the result before tax would have decreased by EUR 1.4 million based on the GBP \u00a0
cash holdings as at 31 December 2023. \u00a0
As the DKK is pegged to EUR, no material currency risk has been identified against the \u00a0
DKK even though the Cadeler Group has costs denominated in DKK. As of 31 December \u00a0
2023, the Cadeler Group did not have any material NOK cash holdings. \u00a0
Interest rate risk \u00a0
Interest rate risk is the risk that the fair value or future cash flows of a financial instru- \u00a0
ment will fluctuate because of changes in market interest rates. The Group\u2019s current ex- \u00a0
posure to the risk of changes in market interest rates relates primarily to the Revolving \u00a0
Credit Facility (RCF) which was taken out on the 1 July 2022 and refinanced on the 7 De- \u00a0
cember 2023, the New Debt facility, the P-Class facility, M-Class facility and Holdco facil- \u00a0
ity. More details can be found in Note 25 with regards of the current instruments used to \u00a0
mitigate this risk. \u00a0
The New Debt facility and Holdco facility are based on a EURIBOR interest rate plus a \u00a0
margin. The EURIBOR interest rate has a floor of 0bps and was 3.9% and 2.0% at the \u00a0
end of 2023 and 2022, respectively. \u00a0
If the EURIBOR interest rate increased 100bps over the floor of 0bps, and the loans had \u00a0
been provided throughout the entire period of 2023, the cost would have increased by \u00a0
EUR 2.1 million (EUR 1.5 million in 2022; EUR 715 thousand in 2021). This variation could \u00a0
potentially qualify as capitalisable borrowing costs and minimise the impact on the result \u00a0
before tax. If the interest rate decreases the result before tax would not change due to \u00a0
capitalisation of borrowing costs. \u00a0
Management and Board of Directors will evaluate the potential cost and benefits of fixed in- \u00a0
terested rate borrowings on an ongoing basis. \u00a0
Credit risk \u00a0
Risk management \u00a0
Credit risk refers to the risk that counterparty will default on its contractual obligations \u00a0
resulting in financial loss to the Group. The Group adopts the following policy to mitigate \u00a0
credit risk. \u00a0
For banks and financial institutions, the Group mitigates its credit risks by transacting \u00a0
only with counterparties who are rated \u201cA\u201d and above by independent rating agencies. \u00a0
The Group adopts the policy of dealing only with customers of appropriate history and \u00a0
obtaining sufficient security where appropriate to mitigate credit risk. The Group adopts \u00a0
stringent procedures on extending credit terms to customers and on the monitoring of \u00a0
credit risk. \u00a0
These credit terms are normally contractual and credit policies spell out clearly the \u00a0
guidelines on extending credit to customers, including monitoring the process and using \u00a0
related industry\u2019s practices as reference. This includes assessment and valuation of cus- \u00a0
tomers\u2019 credit reliability and periodic review of their financial status to determine the \u00a0
credit limits to be granted. Customers are also assessed based on their historical pay- \u00a0
ment records. Where necessary, customers may also be requested to provide security or \u00a0
advance payment before services are rendered. \u00a0
Related party credit risk is managed by the Executive Management of Cadeler and over- \u00a0
seen by the Board of Directors. \u00a0
The maximum exposure to credit risk is the carrying amount of trade receivables and \u00a0
other receivables, receivables from group entities and cash and bank balances pre- \u00a0
sented on the balance sheet. \u00a0
Impairment of financial assets \u00a0
The Group assesses on a forward-looking basis the expected credit losses (\u201cECLs\u201d) as- \u00a0
sociated with its financial assets which are trade and other receivables, cash and bank \u00a0
balances and contract assets. Financial assets are written-off when there is no reasona- \u00a0
ble expectation of recovery, such as a non-related debtor failing to engage in a repay- \u00a0
ment plan with the Group. \u00a0
Where receivables have been written-off, the Group continues to engage in enforcement \u00a0
activity to attempt to recover the receivables due. Where recoveries are made, these are \u00a0
recognised in profit or loss. \u00a0
The Group has applied the simplified credit loss approach by using the provision matrix \u00a0
to measure the lifetime expected credit losses for trade receivables from customers. To \u00a0
measure the expected credit losses, the Group grouped receivables based on shared \u00a0
credit characteristics and days past due. \u00a0
Trade receivables from external customers that are neither past due nor impaired are \u00a0
with creditworthy companies. Based on the provision matrix, the trade receivables from \u00a0
external customers are subject to immaterial credit loss. Refer to Note 14 for analysis of \u00a0
expected credit loss on trade receivables and contract assets. \u00a0
For cash and bank balances and other receivables that are measured at amortised cost, \u00a0
the Group has considered these financial assets as low credit risk. Cash and bank bal- \u00a0
ances are mainly deposits with banks who have high credit-ratings as determined by in- \u00a0
ternational credit-rating agencies. As at 31 December 2023, cash and bank balances and \u00a0
other receivables are subject to immaterial credit loss. There is no credit loss allowance \u00a0
for other financial asset at amortised cost as at 31 December 2023, 2022 and 2021. \u00a0
Liquidity risk \u00a0
The Group manages liquidity risk by maintaining sufficient cash and available funding \u00a0
through committed credit facilities to enable it to meet its operational requirements and \u00a0
instalments for the newbuilds vessels signed. Please refer to Note 26 \u2013 Financial Liabili- \u00a0
ties: Interest-bearing Loans and Borrowing for a detailed disclosure of the current facili- \u00a0
ties of the Group. \u00a0
The following maturity table shows the contract obligation for the construction of the \u00a0
newbuilds vessels: \u00a0
Less than 1 \u00a0
Between 1 \u00a0
Between 2 \u00a0
Millions \u00a0
year \u00a0
and 2 years \u00a0
and 5 years \u00a0
Total \u00a0
2023 \u00a0
Obligation in USD \u00a0
328 \u00a0
833 \u00a0
180 \u00a0
1,341 \u00a0
Obligation in USD (in EUR) \u00a0
296 \u00a0
752 \u00a0
163 \u00a0
1,211 \u00a0
Obligation in EUR \u00a0
69 \u00a0
99 \u00a0
6
174 \u00a0
Total obligations (in EUR) \u00a0
365 \u00a0
851 \u00a0
169 \u00a0
1,385 \u00a0
2022 \u00a0
Obligation in USD \u00a0
-
197 \u00a0
619 \u00a0
816 \u00a0
Obligation in USD (in EUR) \u00a0
-
187 \u00a0
588 \u00a0
775 \u00a0
Obligation in EUR \u00a0
13 \u00a0
69 \u00a0
105 \u00a0
187 \u00a0
Total obligations (in EUR) \u00a0
13 \u00a0
256 \u00a0
693 \u00a0
962 \u00a0
Less than 1 \u00a0
Between 1 \u00a0
Between 2 \u00a0
EUR\u2019000 \u00a0
year \u00a0
and 2 years \u00a0
and 5 years \u00a0
Total \u00a0
2023 \u00a0
Trade and other payables \u00a0
32,636 \u00a0
-
-
32,636 \u00a0
Payables to Related parties \u00a0
162 \u00a0
-
-
162 \u00a0
Lease liabilities \u00a0
601 \u00a0
392 \u00a0
-
993 \u00a0
Debt to credit institutions \u00a0
799 \u00a0
-
204,773 \u00a0
205,572 \u00a0
Derivatives \u00a0
4,004 \u00a0
5,683 \u00a0
12,274 \u00a0
21,961 \u00a0
38,202 \u00a0
6,075 \u00a0
217,047 \u00a0
261,324 \u00a0
2022 \u00a0
Trade and other payables \u00a0
8,822 \u00a0
-
-
8,822 \u00a0
Payables to Related parties \u00a0
89 \u00a0
-
-
89 \u00a0
Lease liabilities \u00a0
279 \u00a0
-
-
279 \u00a0
Debt to credit institutions \u00a0
772 \u00a0
-
114,230 \u00a0
115,002 \u00a0
Derivatives \u00a0
-
1,821 \u00a0
287 \u00a0
2,108 \u00a0
9,962 \u00a0
1,821 \u00a0
114,517 \u00a0
126,300 \u00a0
2021 \u00a0
Trade and other payables \u00a0
9,703 \u00a0
-
-
9,703 \u00a0
Payables to Related parties \u00a0
63 \u00a0
-
-
63 \u00a0
Lease liabilities \u00a0
298 \u00a0
209 \u00a0
-
507 \u00a0
Debt to credit institutions \u00a0
28,599 \u00a0
14,476 \u00a0
30,000 \u00a0
73,075 \u00a0
38,663 \u00a0
14,685 \u00a0
30,000 \u00a0
83,348 \u00a0
The table above analyses the maturity profile of the financial liabilities of the Company \u00a0
based on contractual undiscounted cash flows excluding newbuild payments. \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Lease liabilities at 1 January (current and \u00a0
non-current lease) \u00a0
279 \u00a0
507 \u00a0
792 \u00a0
Acquisition of subsidiaries \u00a0
1,299 \u00a0
-
-
Exchange differences \u00a0
(16) \u00a0
-
-
Cash paid for lease obligations \u00a0
(569) \u00a0
(228) \u00a0
(285) \u00a0
Lease liabilities at 31 December (current \u00a0
and non-current lease) \u00a0
993 \u00a0
279 \u00a0
507 \u00a0
Current \u00a0
392 \u00a0
-
209 \u00a0
Non-current \u00a0
601 \u00a0
279 \u00a0
298 \u00a0
Change in the debts to credit institu- \u00a0
tions during the year \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Debt to credit institutions at 1 January \u00a0
(115,002) \u00a0
(73,075) \u00a0
(73,500) \u00a0
Overdraft facility drawn \u00a0
-
(16,067) \u00a0
(8,998) \u00a0
Loans repayment \u00a0
115,000 \u00a0
65,000 \u00a0
10,000 \u00a0
Overdraft repayment \u00a0
-
25,065 \u00a0
-
New loan \u00a0
(211,934) \u00a0
(115,000) \u00a0
-
New loan interests \u00a0
8,262 \u00a0
1,541 \u00a0
-
Write off of loan fees \u00a0
(1,898) \u00a0
(923) \u00a0
-
Others \u00a0
-
(1,543) \u00a0
(577) \u00a0
Debt to credit institutions at 31 December \u00a0
(205,572) \u00a0
(115,002) \u00a0
(73,075) \u00a0
Between \u00a0
Less than \u00a0
1 and 2 \u00a0
After 2 \u00a0
Carrying \u00a0
EUR\u2019000 \u00a0
1 year \u00a0
years \u00a0
years \u00a0
Total \u00a0
amount \u00a0
2023 \u00a0
Derivative financial instru- \u00a0
ments \u00a0
Interest rate swaps with a \u00a0
positive fair value \u00a0
-
-
-
-
-
Interest rate swaps with a \u00a0
negative fair value \u00a0
798 \u00a0
(3,166) \u00a0
(11,862) \u00a0
(14,229) \u00a0
(11,855) \u00a0
Gross settled foreign cur- \u00a0
rency contracts, pay leg \u00a0
(EUR) \u00a0
-
(183,741) \u00a0
-
(183,741) \u00a0
Gross settled foreign cur- \u00a0
rency contracts, receive leg \u00a0
(USD) \u00a0
-
178,403 \u00a0
-
178,403 \u00a0
(5,338) \u00a0
798 \u00a0
(8,504) \u00a0
(11,862) \u00a0
(19,567) \u00a0
(17,193) \u00a0
2022 \u00a0
Derivative financial instru- \u00a0
ments \u00a0
Interest rate swaps with a \u00a0
positive fair value \u00a0
(305) \u00a0
1,158 \u00a0
4,231 \u00a0
5,084 \u00a0
3,376 \u00a0
Interest rate swaps with a \u00a0
negative fair value \u00a0
-
-
(370) \u00a0
(370) \u00a0
(287) \u00a0
Gross settled foreign cur- \u00a0
rency contracts, pay leg \u00a0
(EUR) \u00a0
-
(183,741) \u00a0
-
(183,741) \u00a0
Gross settled foreign cur- \u00a0
rency contracts, receive leg \u00a0
(USD) \u00a0
-
181,921 \u00a0
-
181,921 \u00a0
(1,821) \u00a0
(305) \u00a0
(662) \u00a0
3,861 \u00a0
2,894 \u00a0
1,268 \u00a0
Capital management \u00a0
The Company\u2019s objectives when managing capital are to ensure the Company\u2019s ability to \u00a0
continue 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
other things, aims to ensure that it meets financial covenants attached to the interest- \u00a0
bearing loans and borrowings that define capital structure requirements. Breaches in \u00a0
meeting the financial covenants would permit the bank to immediately call loans and \u00a0
borrowings. There have been no breaches of the financial covenants of any interest- \u00a0
bearing loans and borrowing in the current period. \u00a0
In order to maintain or adjust the capital structure in the future, the Group may adjust the \u00a0
amount of dividends paid to shareholders, issue new shares and/or sell assets to reduce \u00a0
debt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other \u00a0
distributions without DNB Bank ASA\u2019s written consent. \u00a0
Fair value measurement \u00a0
The Group measures financial instruments such as derivatives at fair value at each bal- \u00a0
ance sheet date. Fair value is the price that would be received to sell an asset or paid to \u00a0
transfer a liability in an orderly transaction between market participants at the balance \u00a0
sheet date. \u00a0
The principal or the most advantageous market must be accessible by the Group. The \u00a0
fair value of an asset or a liability is measured using the assumptions that market partici- \u00a0
pants would use when pricing the asset or liability, assuming that market participants act \u00a0
in their economic best interest. \u00a0
In measuring the fair value of unlisted derivative financial instruments and other financial \u00a0
instruments for which there is no active market, fair value is determined using generally \u00a0
accepted valuation techniques. Market-based parameters such as market-based yield \u00a0
curves and forward exchange prices are used for the valuation. \u00a0
The Group uses valuation techniques that are appropriate in the circumstances and for \u00a0
which sufficient data is available to measure fair value, maximizing the use of relevant \u00a0
observable inputs and minimizing the use of unobservable inputs. \u00a0
Financial instruments for which fair value is measured or disclosed in the financial state- \u00a0
ments are categorised within the fair value hierarchy, described as following accounting \u00a0
hierarchy: \u00a0
Level 1: The fair value of financial instruments traded in active markets (such as publicly \u00a0
traded derivatives, and equity securities) is based on quoted market prices at the end of \u00a0
the reporting period. The quoted market price used for financial assets held by the Group \u00a0
is the current bid price. These instruments are included in level 1. \u00a0
Level 2: The fair value of financial instruments that are not traded in an active market (e.g. \u00a0
over-the counter derivatives) is determined using valuation techniques that maximise the \u00a0
use of observable market data and rely as little as possible on entity-specific estimates. \u00a0
Valuation techniques applied are primarily based on marked-based inputs of the instru- \u00a0
ments. If all significant inputs required to fair value an instrument are observable, the in- \u00a0
strument is included in level 2. \u00a0
Level 3: If one or more of the significant inputs is not based on observable market data, \u00a0
the instrument is included in level 3. \u00a0
The table below shows the fair value measurement hierarchy of the Group\u2019s assets and \u00a0
liabilities: \u00a0
EUR\u2019000 \u00a0
Level 1 \u00a0
Level 2 \u00a0
Level 3 \u00a0
Total \u00a0
2023 \u00a0
Through the consolidated statement of profit and loss \u00a0
Derivative assets \u00a0
-
-
-
-
Total financial assets at fair value through the consolidated statement of profit and loss \u00a0
-
-
-
-
Derivative liabilities \u00a0
-
(403) \u00a0
-
(403) \u00a0
Total financial liabilities at fair value through the consolidated statement of profit and loss \u00a0
-
(403) \u00a0
-
(403) \u00a0
Cash flow hedges: \u00a0
Derivative assets \u00a0
-
338 \u00a0
-
338 \u00a0
Derivative liabilities \u00a0
-
(17,937) \u00a0
-
(17,937) \u00a0
2022 \u00a0
Through the consolidated statement of profit and loss \u00a0
Derivative assets \u00a0
-
363 \u00a0
-
363 \u00a0
Total financial assets at fair value through the consolidated statement of profit and loss \u00a0
-
363 \u00a0
-
363 \u00a0
Derivative liabilities \u00a0
-
-
-
-
Total financial liabilities at fair value through the consolidated statement of profit and loss \u00a0
-
-
-
-
Cash flow hedges: \u00a0
Derivative assets \u00a0
-
3,013 \u00a0
-
3,013 \u00a0
Derivative liabilities \u00a0
-
(2,108) \u00a0
-
(2,108) \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4284": {
"value": "Quantitative and Qualitative Disclosures about Market Risk \u00a0
Currency risk \u00a0
The Group\u2019s business is exposed to the Danish Kroner (\u201cDKK\u201d), Norwegian Kroner (\u201cNOK\u201d), \u00a0
British pound sterling (\u201cGBP\u201d) and United States Dollar (\u201cUSD\u201d) as certain operating ex- \u00a0
penses are denominated in these currencies. The Company will look to use financial in- \u00a0
struments to reduce currency risk when there is significant liability or income in a non- \u00a0
EUR or DKK denominated currency and there is a cost-effective solution. \u00a0
The largest currency exposure of the Group is the future instalments for the new P, A and \u00a0
M class vessels in USD (USD 1.3 billion), more details can be found in Note 25 with re- \u00a0
gards of the current instruments used to mitigate this currency risk. Management and \u00a0
Board of Directors will evaluate the potential cost and benefits of currency exposure on \u00a0
an ongoing basis. \u00a0
The Group holds cash balances in USD. If the USD:EUR exchange rate deteriorated by \u00a0
10% the result before tax would have decreased by EUR 4.6 million (EUR 30 thousand in \u00a0
2022; EUR 80 thousand in 2021) based on the USD cash holdings as at 31 December \u00a0
2023. \u00a0
The Group holds cash balances in GBP. If the GBP:EUR exchange rate deteriorated by \u00a0
10% the result before tax would have decreased by EUR 1.4 million based on the GBP \u00a0
cash holdings as at 31 December 2023. \u00a0
As the DKK is pegged to EUR, no material currency risk has been identified against the \u00a0
DKK even though the Cadeler Group has costs denominated in DKK. As of 31 December \u00a0
2023, the Cadeler Group did not have any material NOK cash holdings. \u00a0
Interest rate risk \u00a0
Interest rate risk is the risk that the fair value or future cash flows of a financial instru- \u00a0
ment will fluctuate because of changes in market interest rates. The Group\u2019s current ex- \u00a0
posure to the risk of changes in market interest rates relates primarily to the Revolving \u00a0
Credit Facility (RCF) which was taken out on the 1 July 2022 and refinanced on the 7 De- \u00a0
cember 2023, the New Debt facility, the P-Class facility, M-Class facility and Holdco facil- \u00a0
ity. More details can be found in Note 25 with regards of the current instruments used to \u00a0
mitigate this risk. \u00a0
The New Debt facility and Holdco facility are based on a EURIBOR interest rate plus a \u00a0
margin. The EURIBOR interest rate has a floor of 0bps and was 3.9% and 2.0% at the \u00a0
end of 2023 and 2022, respectively. \u00a0
If the EURIBOR interest rate increased 100bps over the floor of 0bps, and the loans had \u00a0
been provided throughout the entire period of 2023, the cost would have increased by \u00a0
EUR 2.1 million (EUR 1.5 million in 2022; EUR 715 thousand in 2021). This variation could \u00a0
potentially qualify as capitalisable borrowing costs and minimise the impact on the result \u00a0
before tax. If the interest rate decreases the result before tax would not change due to \u00a0
capitalisation of borrowing costs. \u00a0
Management and Board of Directors will evaluate the potential cost and benefits of fixed in- \u00a0
terested rate borrowings on an ongoing basis. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4313": {
"value": "Capital management \u00a0
The Company\u2019s objectives when managing capital are to ensure the Company\u2019s ability to \u00a0
continue 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
other things, aims to ensure that it meets financial covenants attached to the interest- \u00a0
bearing loans and borrowings that define capital structure requirements. Breaches in \u00a0
meeting the financial covenants would permit the bank to immediately call loans and \u00a0
borrowings. There have been no breaches of the financial covenants of any interest- \u00a0
bearing loans and borrowing in the current period. \u00a0
In order to maintain or adjust the capital structure in the future, the Group may adjust the \u00a0
amount of dividends paid to shareholders, issue new shares and/or sell assets to reduce \u00a0
debt. Pursuant to the RCF, the Company is not permitted to pay any dividends or other \u00a0
distributions without DNB Bank ASA\u2019s written consent. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4321": {
"value": "Fair value measurement \u00a0
The Group measures financial instruments such as derivatives at fair value at each bal- \u00a0
ance sheet date. Fair value is the price that would be received to sell an asset or paid to \u00a0
transfer a liability in an orderly transaction between market participants at the balance \u00a0
sheet date. \u00a0
The principal or the most advantageous market must be accessible by the Group. The \u00a0
fair value of an asset or a liability is measured using the assumptions that market partici- \u00a0
pants would use when pricing the asset or liability, assuming that market participants act \u00a0
in their economic best interest. \u00a0
In measuring the fair value of unlisted derivative financial instruments and other financial \u00a0
instruments for which there is no active market, fair value is determined using generally \u00a0
accepted valuation techniques. Market-based parameters such as market-based yield \u00a0
curves and forward exchange prices are used for the valuation. \u00a0
The Group uses valuation techniques that are appropriate in the circumstances and for \u00a0
which sufficient data is available to measure fair value, maximizing the use of relevant \u00a0
observable inputs and minimizing the use of unobservable inputs. \u00a0
Financial instruments for which fair value is measured or disclosed in the financial state- \u00a0
ments are categorised within the fair value hierarchy, described as following accounting \u00a0
hierarchy: \u00a0
Level 1: The fair value of financial instruments traded in active markets (such as publicly \u00a0
traded derivatives, and equity securities) is based on quoted market prices at the end of \u00a0
the reporting period. The quoted market price used for financial assets held by the Group \u00a0
is the current bid price. These instruments are included in level 1. \u00a0
Level 2: The fair value of financial instruments that are not traded in an active market (e.g. \u00a0
over-the counter derivatives) is determined using valuation techniques that maximise the \u00a0
use of observable market data and rely as little as possible on entity-specific estimates. \u00a0
Valuation techniques applied are primarily based on marked-based inputs of the instru- \u00a0
ments. If all significant inputs required to fair value an instrument are observable, the in- \u00a0
strument is included in level 2. \u00a0
Level 3: If one or more of the significant inputs is not based on observable market data, \u00a0
the instrument is included in level 3. \u00a0
The table below shows the fair value measurement hierarchy of the Group\u2019s assets and \u00a0
liabilities: \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4389": {
"value": "Group\u2019s Related Party Transactions \u00a0
Members of the Cadeler Board, Cadeler\u2019s executive management and Cadeler\u2019s major \u00a0
shareholder, BW Altor Pte. Ltd. (\u201cBW Altor\u201d), are considered related parties as they are ei- \u00a0
ther members of the Cadeler Board or executive management of Cadeler or exercise \u00a0
significant influence over Cadeler and the Cadeler Group\u2019s operations. For the financial \u00a0
years 2022 and 2021, Swire Pacific Limited (\u201cSwire Pacific\u201d) was considered a related \u00a0
party given its ownership of more than 5% in Cadeler, but for accounting purposes, with \u00a0
effect from 1 January 2023, Swire Pacific is no longer considered a related party under \u00a0
IFRS due to its reduced ownership percentage and the fact that it is no longer repre- \u00a0
sented on the Cadeler Board. In addition, Scorpio Holdings Limited (\u201cScorpio Holdings\u201d) \u00a0
is considered a related party given its current ownership of more than 5% in Cadeler. Re- \u00a0
lated parties also include such persons\u2019 close family members, undertakings in which \u00a0
such persons have significant interests as well as other affiliates. \u00a0
As of December 2023, BW Altor owns 19.57% of the Cadeler shares, Scorpio Holdings \u00a0
Limited owns 12.09% of the Cadeler shares and Swire Pacific owns 8.51% of the Cadeler \u00a0
Shares. For the financial years ended 31 December 2023, 2022 and 2021, there were no \u00a0
material transactions between Cadeler or any company of the Cadeler Group and BW Al- \u00a0
tor, Scorpio Holdings and/or Swire Pacific (or their respective affiliates) other than the \u00a0
transactions described below. \u00a0
Share lending agreement with BW Altor \u00a0
In October 2022, Cadeler entered into a share lending agreement with BW Altor as the \u00a0
share lender for the purpose of facilitating delivery versus payment settlement of the \u00a0
Cadeler\u2019s shares to be delivered to investors in connection with a private placement that \u00a0
took place in October 2022. As compensation for such share lending, BW Altor received \u00a0
a customary fee paid by Cadeler until the Cadeler Shares were redelivered and admitted \u00a0
to trading on the OSE. The amount paid to BW Altor pursuant to such share lending \u00a0
agreement amounted to EUR 85,000. \u00a0
Guarantees provided by BW Group \u00a0
BW Group has provided COSCO with four guarantees in respect of the sums payable by \u00a0
Cadeler in accordance with the contract for the construction of certain newbuilt P-class \u00a0
and A-Class WTIVs in 2021, 2022 and 2023. Under this guarantee arrangement, certain \u00a0
fees are payable by the Group to BW Group until the guarantees are discharged in full. \u00a0
Bunker supply from Hafnia Pools (affiliate of BW Group) \u00a0
In April 2022, Hafnia Pools Pte Ltd, which is an affiliate of BW Group, and Cadeler en- \u00a0
tered into a service level agreement pursuant to which Hafnia Pools Pte Ltd agreed to \u00a0
supply marine bunker oil and related products to Cadeler\u2019s vessels in the port of Rotter- \u00a0
dam and other ports in the Rotterdam area at market rates. The agreement includes \u00a0
standard terms and conditions, including related to late payments, termination, a cap on \u00a0
the liability of Hafnia Pools Pte Ltd and indemnification for third-party claims raised by \u00a0
suppliers of the fuel against Hafnia Pools Pte Ltd. \u00a0
Performance guarantees issued by Swire Offshore Holdings Group \u00a0
During the course of 2020, Swire Pacific Offshore Holdings Limited, through its subsidi- \u00a0
ary Swire Pacific Offshore Operations Pte. Ltd., issued four performance guarantees and \u00a0
four bank guarantees in favour of the Cadeler Group\u2019s customers as security for perfor- \u00a0
mance of the Cadeler Group\u2019s obligations under its customers\u2019 contracts. These guaran- \u00a0
tees covered a period up until April 2022. Following the sale of Swire Pacific Offshore \u00a0
Holdings Limited by Swire Pacific in April 2022, Swire Pacific Offshore Holdings Limited is \u00a0
no longer considered to be a related party as it is no longer controlled by a significant \u00a0
shareholder of Cadeler, and the Cadeler Group put new performance guarantees in \u00a0
place. \u00a0
Note 27 \u00a0
Related Party Transactions \u00a0
In connection with the guarantees provided by Swire Pacific Offshore Holdings Limited, \u00a0
Cadeler entered into a deed of recourse with Swire Pacific Offshore Operations Pte Ltd., \u00a0
which has since terminated, pursuant to which: \u00a0
\u2022 Cadeler had an obligation to indemnify Swire Pacific Offshore Operations Pte Ltd. for \u00a0
any liabilities incurred by Swire Pacific Offshore Operations Pte Ltd. in performing its ob- \u00a0
ligations under the performance guarantees or in respect of any payments made under \u00a0
the bank guarantees; and \u00a0
\u2022 Cadeler had an obligation to pay Swire Pacific Offshore Operations Pte Ltd. an arm\u2019s \u00a0
length fee for each guarantee issued and procured respectively by Swire Pacific Off- \u00a0
shore Operations Pte Ltd. in favour of Cadeler\u2019s customers. \u00a0
Crewing agreement \u00a0
In 2014, Cadeler entered into a crewing agreement with Swire Pacific Ship Management \u00a0
LTD(Singapore branch) (\u201cSPSM\u201d), which at that time was a related company to Swire Pa- \u00a0
cific Offshore Operations Pte Ltd, Cadeler\u2019s sole shareholder at that time. Pursuant to \u00a0
this agreement, SPSM agreed to provide a crew for Cadeler\u2019s two vessels in accordance \u00a0
with the standard terms set out in a BIMCO crewman agreement. The crew management \u00a0
fee was 2% of the monthly manning costs, and severance costs amounted to USD \u00a0
20,000. \u00a0
This agreement was subsequently terminated in November 2021 when Cadeler decided \u00a0
to employ its own crew directly. As part of the termination agreement, the parties agreed \u00a0
that the termination is without prejudice to any claims, liabilities or obligations that may \u00a0
have accrued prior to the date of termination. The expenses set out in the table below \u00a0
with respect to this crewing agreement for the financial year ended 31 December 2021 \u00a0
related to the period prior to the effective date of such termination. \u00a0
Transitional Service Agreement entered into in connection with Cadeler\u2019s listing on \u00a0
the OSE \u00a0
In October 2020, Cadeler entered into a transitional service agreement with Swire Pacific \u00a0
Offshore Operations Pte Ltd regarding services to be rendered to Cadeler during a tran- \u00a0
sitional period following the initial public offering and admission to trading of the Cadeler \u00a0
shares on the OSE. Such services included, inter alia, assistance with financial reporting, \u00a0
tax, insurance, internal audit, IT, HR, procurement, technical and HSEQ support and ser- \u00a0
vices. The term of the agreement was limited to one year and could be terminated by ei- \u00a0
ther party at any time with three months\u2019 prior written notice. The agreement terminated \u00a0
in accordance with its terms in October 2021. \u00a0
Training courses provided by BW Maritime \u00a0
BW Maritime has provided training courses for Cadeler\u2019s onshore staff and traveling \u00a0
costs reimbursements for board members \u00a0
Administrative support provided by Scorpio Services Holding \u00a0
The Group, due to the business combination with Eneti, holds an agreement with Scorpio \u00a0
Services Holding (\u201cSSH\u201d) for the provision of administrative staff, office space and ac- \u00a0
counting, legal compliance, financial and information technology services for which it is \u00a0
due to reimburse to SSH the direct and indirect expenses incurred while providing such \u00a0
services. \u00a0
Ultramax and Kamsarmax pools \u00a0
Through the business combination the Company acquired receivables positions from \u00a0
Eneti transactions to Scorpio Group related parties for commercial management ser- \u00a0
vices. These services involved securing employment for Eneti\u2019s drybulk vessels in the \u00a0
spot market or on time charters. Please refer to the table under Scorpio Ultramax Pool \u00a0
and the Scorpio Kamsarmax Pool for details. The pools are owned by Scorpio Holdings \u00a0
which is considered a related party. \u00a0
The following significant transactions took place between the Company and related par- \u00a0
ties within the BW Group and Swire Pacific Offshore Holdings Group at terms agreed be- \u00a0
tween the parties: \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
EUR\u2019000 \u00a0
Sales and purchases of goods and services \u00a0
Costs related to guarantees fees to BW Group Limited \u00a0
(7,576) \u00a0
(5,307) \u00a0
(1,853) \u00a0
Costs related to bunker supply to Hafnia Pools Pte Ltd \u00a0
(Member of BW Group) \u00a0
(1,597) \u00a0
(2,537) \u00a0
-
Cost related to training courses to BW Maritime Pte. \u00a0
Ltd \u00a0
(26) \u00a0
-
-
Cost related to administrative expenses to Scorpio \u00a0
Services Holding \u00a0
(17) \u00a0
-
-
Cost related to share lending fees to BW Altor Pte. Ltd. \u00a0
-
(85) \u00a0
-
Cost related to travel expenses for board meetings to \u00a0
BW Maritime Pte. Ltd \u00a0
-
(3) \u00a0
-
Costs related to performance guarantees to Swire Pa- \u00a0
cific Offshore Holdings Group \u00a0
-
(157) \u00a0
(684) \u00a0
Crew hire expenses paid to the Swire Pacific Offshore \u00a0
Holdings Group \u00a0
-
(115) \u00a0
(11,461) \u00a0
Receivables from Scorpio Kamsarmax Pools at re- \u00a0
ported period \u00a0
136 \u00a0
-
-
Receivables from Ultramax Pools at reported period \u00a0
456 \u00a0
-
-
Payables to Hafnia Pools Pte Ltd at reported period \u00a0
-
1
-
Management fees paid to the Swire Pacific Offshore \u00a0
Holdings Group \u00a0
-
-
(197) \u00a0
Payables to Swire Pacific Offshore Holdings Group at \u00a0
reported period \u00a0
-
-
63 \u00a0
EUR\u2019000 \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Payables to Scorpio Commercial Management at re- \u00a0
ported period \u00a0
4
-
-
Payables to Scorpio Service Management at reported \u00a0
period \u00a0
6
-
-
Payables to Scorpio Services Holding at reported pe- \u00a0
riod \u00a0
141 \u00a0
-
-
Payables to Scorpio UK at reported period \u00a0
1
-
-
Payables to BW Altor Pte. Ltd. at reported period \u00a0
-
85 \u00a0
-
Payables to BW Maritime Pte. Ltd at reported period \u00a0
10 \u00a0
3
-
Related party transactions over the reported period are primarily linked to guarantee fees \u00a0
issued by the BW Group Limited, bunker supply by Hafnia Pools (member of the BW \u00a0
Group), costs related to training expenses by the BW Maritime and administrative ex- \u00a0
penses to Scorpio Services Holding. \u00a0
In addition, Cadeler has not had significant transactions with the members of the \u00a0
Cadeler Board and the executive management apart from remuneration and expenses. \u00a0
Cadeler has not provided or granted any loans or guarantees to its directors or executive \u00a0
management. \u00a0
For information on remuneration paid to members of the Cadeler Board and executive \u00a0
management, refer to Note 9. \u00a0
Note 28 \u00a0
Group Information \u00a0
The consolidated financial statements of the Group include the following subsidiaries, \u00a0
which are fully owned by the Parent Company: \u00a0
Entities \u00a0
Country \u00a0
Vessel owning entities \u00a0
Wind Orca Ltd \u00a0
Cyprus \u00a0
Wind Osprey Ltd \u00a0
Cyprus \u00a0
Wind N1063 Ltd \u00a0
Cyprus \u00a0
Wind N1064 Ltd \u00a0
Cyprus \u00a0
Seajacks 1 Ltd \u00a0
UK \u00a0
Seajacks 4 Ltd \u00a0
UK \u00a0
Seajacks 5 Ltd \u00a0
UK \u00a0
Seajacks 3 Japan LLC \u00a0
Japan \u00a0
Trading and Operations \u00a0
Seajacks UK Ltd \u00a0
UK \u00a0
Seajacks UK Ltd Taiwan Branch \u00a0
Taiwan \u00a0
Seajacks US Inc. \u00a0
USA \u00a0
Seajacks Merman Marine Ltd \u00a0
Bermuda \u00a0
Seajacks Crewing Services Ltd \u00a0
UK \u00a0
Seajacks Japan LLC \u00a0
Japan \u00a0
Investment holding entities \u00a0
Wind MI Ltd \u00a0
Marshall Islands \u00a0
Eneti (Bermuda) Ltd \u00a0
Bermuda \u00a0
Atlantis Investorco Ltd \u00a0
UK \u00a0
Entities \u00a0
Country \u00a0
Investment holding entities (continuation) \u00a0
Atlantis Equityco Ltd \u00a0
UK \u00a0
Atlantis Midco Ltd \u00a0
UK \u00a0
Seajacks International Ltd \u00a0
UK \u00a0
Dormant entities \u00a0
Seajacks 2 Ltd \u00a0
UK \u00a0
Seajacks 3 Ltd \u00a0
UK \u00a0
Scorpio SALT LLC \u00a0
USA \u00a0
Bulk Run-Off Company Ltd \u00a0
Marshall Islands \u00a0
Crawford Path LLC \u00a0
Delaware \u00a0
Windpower Alpha Ltd \u00a0
Marshall Islands \u00a0
Windpower Bravo Ltd \u00a0
Marshall Islands \u00a0
Seajacks 7 Limited \u00a0
UK \u00a0
Seajacks 8 Limited \u00a0
UK \u00a0
SBI Achilles Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Antares Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Apollo Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Aries Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Athena Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Bolero Shipping Company Ltd \u00a0
Marshall Islands \u00a0
Entities \u00a0
Country \u00a0
Dormant entities (continuation) \u00a0
SBI Bravo Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Capoeira Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Carioca Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Chartering and Trading Ltd \u00a0
Marshall Islands \u00a0
SBI Conga Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Cougar Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Cronos Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Echo Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Gemini Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Hera Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Hercules Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Hermes Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Hydra Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Hyperion Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Jaguar Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Jive Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Lambada Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Leo Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Libra Shipping Company Ltd \u00a0
Marshall Islands \u00a0
Entities \u00a0
Country \u00a0
Dormant entities (continuation) \u00a0
SBI Lynx Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Lyra Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Macarena Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Maia Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Mazurka Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Orion Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Parapara Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Pegasus Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Perseus Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Phoebe Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Phoenix Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Pisces Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Poseidon Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Reggae Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Rock Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Rumba Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Samba Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Samson Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Sousta Shipping Company Ltd \u00a0
Marshall Islands \u00a0
Entities \u00a0
Country \u00a0
Dormant entities (continuation) \u00a0
SBI Subaru Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Swing Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Tango Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Taurus Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Tethys Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Thalia Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Ursa Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Virgo Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Zeus Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Zumba Shipping Company Ltd \u00a0
Marshall Islands \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact4430": {
"value": "Note 29 \u00a0
Events After Reporting Period \u00a0
Increased funding commitment \u00a0
On 7 February 2024, the Group
has secured additional capital, increasing the Holdco Fa- \u00a0
cility from EUR 50 million to EUR 80 million. The purpose of the Holdco Facility is, among \u00a0
others, partial funding of the wind installation activities of the Group and general corpo- \u00a0
rate purposes. \u00a0
Private placement \u00a0
The Company conducted a successful private placement, which was completed on 15 \u00a0
February 2024, resulting in the issuance of 39.5 million shares at a price of NOK 44.50 per \u00a0
share. Overall, the Company raised approximately EUR 154 million (USD 166 million) be- \u00a0
fore transaction costs. The proceeds from the private placement will fund two main ob- \u00a0
jectives. Firstly, they will fully finance the equity portion of Cadeler's planned third A- \u00a0
Class Wind Foundation Installation Vessel newbuild, accounting for approximately 35% \u00a0
of its total expected vessel cost. Secondly, the funds will be allocated towards acquiring \u00a0
mission equipment and building working capital. This will enable Cadeler to capitalise on \u00a0
selected near-term commercial opportunities, including utilising turbine installation ves- \u00a0
sels for T&I foundation scopes, accelerating the realisation of commercial synergies, and \u00a0
seizing other opportunities resulting from supply chain bottlenecks and project delays in \u00a0
the coming years. \u00a0
Increased funding utilisation \u00a0
On 22 March 2024, the Group utilised EUR 50 million of the EUR 100 million term loan \u00a0
available from the New Debt Facility, as the Wind Orca main crane upgrade nears com- \u00a0
pletion. Additionally, the Group is in the process of requesting the utilisation of the re- \u00a0
maining EUR 50 million. This utilisation is related to the Wind Osprey main crane up- \u00a0
grade, also in its final stages. \u00a0
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Authorisation of Financial \u00a0
Statements \u00a0
These financial statements were authorised for issue in accordance with a resolution of \u00a0
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and will be recommend for approval by the shareholders of the Company at the annual \u00a0
general meeting to be held on 23 April 2024. \u00a0
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