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"fact14452": {
"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 New York Stock Exchange (ticker: CDLR) and the \u00a0
Oslo Stock Exchange (ticker: CADLR). \u00a0
The Group is a global leader in offshore wind installation, operations, and maintenance \u00a0
services headquartered in Copenhagen, Denmark. The Group owns and operates five \u00a0
offshore jack-up windfarm installation vessels, Wind Orca, Wind Osprey, Wind Scylla, \u00a0
Wind Zaratan and the recently added Wind Peak. In addition to wind farm installation, \u00a0
these vessels can perform maintenance, construction, decommissioning, and other \u00a0
tasks within the offshore industry. \u00a0
The consolidated financial statements of the Group are composed of the Financial \u00a0
Statements of Cadeler A/S and its subsidiaries (which are wholly owned by the Parent \u00a0
Company Cadeler A/S). For more information on the subsidiaries of Cadeler A/S please \u00a0
refer to Note 29. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14454": {
"value": "Cadeler A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14455": {
"value": "Note 2 \u00a0
Basis of Presentation and other significant accounting policies \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 2.4. \u00a0
The consolidated financial statements are presented in euros and all values are rounded \u00a0
to the nearest thousand, 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 statements for all the years presented unless stated \u00a0
otherwise below. \u00a0
Comparative figures \u00a0
Consolidated figures for the financial year ended 31 December 2022 comprised the \u00a0
Parent Company, Cadeler A/S, Wind Osprey Ltd. and Wind Orca Ltd. In December \u00a0
2023, Cadeler and Eneti merged, and from this point in time the consolidated figures \u00a0
also comprised Eneti and its subsidiaries (which are wholly owned by the Group). \u00a0
Therefore the activity of the Group is not fully comparable between 2024, 2023 and \u00a0
2022. For more information on the subsidiaries of Cadeler A/S please refer to Note 29. \u00a0
Materiality \u00a0
Our Annual Report is structured around the principle of materiality, focusing on infor- \u00a0
mation that holds relevance for the users of the consolidated financial statements. \u00a0
These consolidated financial statements encompass numerous transactions, which \u00a0
are grouped into categories based on their nature or function. These categories are \u00a0
then presented in the consolidated financial statements as required by IFRS and the \u00a0
Danish Financial Statements Act. When individual items are deemed immaterial, they \u00a0
are combined with other similar items in either the consolidated financial statements \u00a0
or the accompanying notes. \u00a0
In line with IFRS guidelines for Danish listed companies, we include the necessary \u00a0
disclosures, unless the information is considered immaterial to the economic deci- \u00a0
sion-making of the users or is not applicable in the context of the consolidated finan- \u00a0
cial statements. \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, assessed that the Group has ade- \u00a0
quate resources to continue as a going concern at least 12 months after the balance \u00a0
sheet date. \u00a0
Thus, the Group continues to adopt the going concern basis of accounting in prepar- \u00a0
ing the consolidated financial statements. \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-2024-12-31-en.zip. \u00a0
As such, the Annual Report is 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 252. For gen- \u00a0
eral use, a PDF version of the Annual Report is published in line with previous years. \u00a0
2.2. General accounting policies \u00a0
This section introduces accounting policies and significant accounting estimates and \u00a0
judgements. A more detailed description of accounting policies and significant esti- \u00a0
mates and judgements related to specific reported amounts is presented in the respec- \u00a0
tive notes. The purpose is to provide transparency on the disclosed amounts and to de- \u00a0
scribe the relevant accounting policy, significant estimates and numerical disclosure for \u00a0
each note. \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
wholly 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
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. Foreign exchange differ- \u00a0
ences 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 state- \u00a0
ment of profit and loss within financial income or financial expenses. \u00a0
On consolidation, the assets and liabilities of foreign operations are translated into EUR \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
Other reserves and retained earnings \u00a0
Other reserves include hedging reserves, cost of hedging reserves, and foreign currency \u00a0
translation reserves. Hedging reserves reflect the changes in the fair value of derivative \u00a0
financial instruments designated as cash flow hedges. Cost of hedging reserves include \u00a0
the time value of options and other costs associated with hedging activities. Foreign cur- \u00a0
rency translation reserves include the cumulative translation adjustments (CTA), which \u00a0
arise from the conversion of the financial statements of foreign operations into the re- \u00a0
porting currency. Retained earnings include results from previous periods, changes to \u00a0
equity arising from business combination purchase price, and share-based payments. \u00a0
Cash flow statement \u00a0
Statement of cash flows \u00a0
The statement of cash flows shows the Group\u2019s cash flows for the year classified as op- \u00a0
erating, 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 and interest income. \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, treasury shares and \u00a0
debt as well as prepayment of borrowings. \u00a0
2.3. Changes in accounting policies and disclosures \u00a0
2.3.1. New accounting policies and disclosures \u00a0
The Group has adopted standards and interpretations effective as of 1 January 2024. \u00a0
Adoption of new and amended standards and interpretations had no material impact \u00a0
on the Group\u2019s consolidated financial statements. \u00a0
2.3.2. Standards issued but not yet effective \u00a0
IASB has issued a number of amended accounting standards (IFRS) and interpretations \u00a0
(IFRS IC). The Group has assessed these accounting standards and interpretations, and \u00a0
does not anticipate the amended standards to have any material impact on either the \u00a0
Group\u2019s figures or disclosures. \u00a0
IFRS 18 Presentation and Disclosure in Financial Statements, which was issued in April \u00a0
2024, becomes effective for reporting periods beginning on or after 1 January 2027 and \u00a0
thus has no impact on the Group\u2019s consolidated financial statements for 2024. The \u00a0
Group will assess the impact of these accounting standards on the Group\u2019s figures and \u00a0
disclosures. \u00a0
The Group has not early adopted any standard, interpretation or amendments that have \u00a0
been issued but are not yet effective. \u00a0
Accounting policies \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
\u2013
Revenue from time charter contracts and time charter related activities (referred \u00a0
to as time charter revenue) and \u00a0
\u2013
Revenue from transportation and installation activities (referred to as transporta- \u00a0
tion and installation revenue stream). \u00a0
The Group\u2019s accounting policies for each revenue stream are disclosed below. \u00a0
Time charter revenue \u00a0
Revenue from time charter hire services are contracts with customers where the Group \u00a0
utilises its vessels, equipment and crew to deliver a service to the customer based on ei- \u00a0
ther a fixed day rate or milestone deliverables. Contracts may also include other prom- \u00a0
ises such as mobilisation and demobilisation, catering and accommodation. \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 \u00a0
accommodation, mobilisation, demobilisation and bunker services. As such, a time char- \u00a0
ter contract consists of a leasing component (the element relating to hire of the vessel) \u00a0
and a service component. These components are not treated or priced separately in the \u00a0
contracts, nor does the Group offer either of the services separately. The service compo- \u00a0
nent is within the scope of IFRS 15, while the leasing component is within the scope of \u00a0
IFRS 16. \u00a0
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 revenue. \u00a0
This lease components are classified as an operating lease, as such leases do not cover \u00a0
a significant part of the economic life of the vessels and the Group retains substantially \u00a0
all risks and rewards incidental to ownership of the vessels. Rental income from operat- \u00a0
ing leases is recognised in profit or loss on an over time basis over the charter period \u00a0
and included in revenue as stated in the above section. \u00a0
Initial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
are capitalised as other receivables and recognised as an expense in profit or loss over \u00a0
the lease term on the same basis as the lease income. \u00a0
2. Provision
of services within wind farming projects, e.g. catering and accommodation, \u00a0
mobilisation, demobilisation and bunker services \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
Time charter revenue is recognised when control of the goods or services is transferred \u00a0
to the customer at an amount that reflects the consideration to which the Group expects \u00a0
to be entitled in exchange for those goods or services. At contract inception, once the \u00a0
service component within the time charter 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
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 revenue. Revenue is recognised as the service is being pro- \u00a0
vided, being over the term of the related time charter contract. The Group recognises \u00a0
deferred contract costs for upfront costs of fulfilling a contract and present such as \u00a0
other receivables. \u00a0
Time charter related activities \u00a0
Bunker services \u00a0
The Group is sometimes providing bunker services to help customers ensure that suffi- \u00a0
cient bunker is available to operate the vessels at the right time and in the right quality \u00a0
and quantity. As such, for certain projects the Group provides bunker procurement ser- \u00a0
vices 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
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
Transportation & Installation (T&I) revenue \u00a0
Revenue from T&I represents contracts with customers where the Group utilises its ves- \u00a0
sels, equipment and crew to perform the transportation and installation of offshore wind \u00a0
turbine foundations as well as heavy lifting operations, decommissioning and planning \u00a0
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 milestone payment schedule will be agreed upon. The transaction price \u00a0
may include variable elements, such as related to fuel, commodities, etc. Payment terms \u00a0
with customers are considered industry standard and do not include a significant financ- \u00a0
ing component. To the extent possible, we obtain payment guarantees to minimise the \u00a0
credit risk during the contract term. \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. These components \u00a0
are not treated or priced separately in the contracts, nor does the Group offer either of \u00a0
the services separately. The service component is within the scope of IFRS 15, while the \u00a0
leasing component is within the scope of 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 is transferred to the customer at an amount that reflects the consider- \u00a0
ation to which the Group expects to be entitled in exchange for those goods or services. \u00a0
At contract inception, once the T&I contract is determined to be within the scope of \u00a0
IFRS 15, the Group assesses the goods and services promised within each contract and \u00a0
identifies as a performance obligation each good or service that is distinct. Revenue is \u00a0
recognised in the amount of the transaction price that is allocated to the respective per- \u00a0
formance obligation when (or as) the performance obligation is satisfied. \u00a0
In respect of T&I service components, the following main promises apply: \u00a0
\u2013
Planning and engineering, \u00a0
\u2013
Transport of monopiles and secondary steel from supply port to feeder port, \u00a0
\u2013
Installation of monopiles and secondary steel offshore, \u00a0
\u2013
Storage and handling at feeder port, \u00a0
\u2013
Warranty \u00a0
While the contracts contain several distinct promises, these are considered less interde- \u00a0
pendent and interrelated and as such are considered multiple performance obligations. \u00a0
Assessment 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 revenue and recog- \u00a0
nised as revenue over the period during which the services are performed. \u00a0
T&I related activities \u00a0
Planning and engineering \u00a0
The Group provides planning and engineering services to the customer. Such revenue is \u00a0
recognised over time 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
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
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 based upon percentage-of-completion \u00a0
whereby total time spend on storage is compared with total forecast time at completion \u00a0
of the storage. \u00a0
Installation of monopiles and secondary steel offshore \u00a0
The Group has been tasked with the installation of monopiles and secondary steel off- \u00a0
shore. 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
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. \u00a0
In general, all are assurance-type warranties, as defined within IFRS 15, which the Group \u00a0
recognises under IAS 37. \u00a0
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
Lease and non-lease components of revenue \u00a0
The service component of time charter contracts is primarily derived from crewing costs \u00a0
with a markup. The lease component is calculated by applying the bareboat charter to \u00a0
the on-hire days. \u00a0
Deferred revenue \u00a0
Payments received in advance and reservation fees are deferred and recognised as cur- \u00a0
rent liabilities if the service or leasing component are due within one year or less. Other- \u00a0
wise, they are presented as non-current liabilities. Deferred revenue is recognised as rev- \u00a0
enue in profit or loss over time over the period during which the related service is per- \u00a0
formed. \u00a0
Contract cost \u00a0
Incremental costs of obtaining a contract and certain costs to fulfil a contract to be rec- \u00a0
ognised as an asset if certain criteria are met. Any capitalised contract costs assets are \u00a0
amortised on a systematic basis that is consistent with the transfer of the related goods \u00a0
or services to the customer. \u00a0
Contract backlog (as of reporting date) \u00a0
The total value of all customer contracts, both firm and options, that are not yet recog- \u00a0
nised as revenue as of the reporting date, and includes all new contracts signed until the \u00a0
same reporting date of the annual or interim report. Firm days are counted at full com- \u00a0
mitted amounts. Contract backlog in 2024 assumes 100% of counterparty options are \u00a0
exercised with 50% classified as non-contingent and the remaining 50% as contingent. \u00a0
The definition also includes any contracts where revenue recognition has started but not \u00a0
yet completed as of the reporting date. Contract backlog excludes vessel reservation \u00a0
agreements. \u00a0
Accounting policies \u00a0
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
Accounting policies \u00a0
Other operating income and expenses, include transactions not related to the opera- \u00a0
tions of the Group, such as, gains and losses on sale of non-current assets, and is gener- \u00a0
ally recognised when it is probable that the benefits and losses associated with the \u00a0
transaction will flow to the Company and if the significant risks and rewards have been \u00a0
transferred to the buyer (generally when the transaction is finalised). \u00a0
Accounting policies \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. \u00a0
Accounting policies \u00a0
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
Accounting policies \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 recognised using the effective interest rate. \u00a0
The effective interest rate is the discount rate that is used to discount expected future \u00a0
cash payments or receipts through the expected life of the financial asset or financial lia- \u00a0
bility to the amortised cost (the carrying value) of such asset or liability. \u00a0
Accounting policies \u00a0
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 tax arises from the initial recognition of an asset or liability in a \u00a0
transaction that is not a business combination and, at the time of the transaction, affects \u00a0
neither the accounting profit nor taxable profit or loss and does not give rise to equal \u00a0
taxable and deductible temporary differences. \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
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 taxable income, expenses, and \u00a0
depreciation. The Group has participated in the Danish scheme since 27 November 2020 \u00a0
and has joined the UK tonnage scheme, effective 1st January 2025. \u00a0
As the vessels are owned and registered by subsidiaries in jurisdictions other than Den- \u00a0
mark, the Group is also subject to tonnage taxation in such jurisdictions. This tonnage \u00a0
taxation is calculated based on a fixed tax amount per tonne. \u00a0
This scheme is based on a notional income derived from tonnage capacity and not \u00a0
based on the entities' actual income and expenses, the Group does not consider the \u00a0
scheme to fall under the rules of IAS 12. Consequently, the tonnage tax expenses are not \u00a0
presented as part of tax expense in the statement of profit and loss, but are recognised \u00a0
under costs of sales. \u00a0
Accounting policies \u00a0
The Company calculates Basic EPS by dividing the profit for the year attributable to ordi- \u00a0
nary equity holders of the parent by the weighted average number of ordinary shares \u00a0
outstanding 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
Accounting policies \u00a0
Goodwill is tested for impairment at least once a year or sooner if an impairment indica- \u00a0
tion arises. Impairment testing is performed for each CGU to which goodwill is allocated, \u00a0
as determined by Management. \u00a0
Intangible assets, such as software, are recognised at cost less accumulated deprecia- \u00a0
tion and accumulated impairment losses. The cost of an intangible asset initially recog- \u00a0
nised includes its purchase price and any directly attributable costs necessary to prepare \u00a0
the asset for its intended use. Depreciation is calculated on a straight-line basis over the \u00a0
estimated useful life, which is 3 years for software. \u00a0
If the carrying amount of intangible assets exceeds the recoverable amount, an impair- \u00a0
ment loss is recognised in profit or loss. Goodwill impairment losses are not subse- \u00a0
quently reversed. \u00a0
Accounting policies \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 up to 25 years has been estimated by an ex- \u00a0
ternal consultant through a determined fatigue analysis based on the technical specifi- \u00a0
cation of the vessels while for Wind Peak has been based on an internal technical analy- \u00a0
sis based on the technical specification of the vessel and validated by an external ex- \u00a0
pert. The estimated useful life of these vessels depends on initial delivery. \u00a0
Prior to their acquisition, Wind Orca and Wind Osprey, had already been in use for eight \u00a0
years, therefore the remaining useful life of the vessels is estimated at 17 years for all \u00a0
components except jacking system and main crane with a remaining useful life of three \u00a0
years from the acquisition of the vessels. For Scylla and Zaratan, their remaining useful \u00a0
lives at acquisition date were assessed to be 17 and 14 years respectively, and all compo- \u00a0
nents will have the same useful life. Hull and steel have a salvage value of up to EUR 15 \u00a0
million per vessel by the end of their useful life. Salvage value is estimated as the light- \u00a0
weight of each vessel multiplied by the scarp value per ton. Depreciation is based on \u00a0
costs less the estimated residual value. Residual value is estimated as the lightweight \u00a0
tonnage of each vessel multiplied by the scrap value per ton. \u00a0
More information can be found in Note 2.4 Material accounting judgements, estimates \u00a0
and assumptions with regards to 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
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
Impairment of non-financial 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
Accounting policies \u00a0
Right-of-Use Assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date on which the un- \u00a0
derlying 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 in- \u00a0
centive 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
Right-of-use assets are tested for impairment whenever there is any objective evidence \u00a0
or indication that these assets may be impaired. For more information related to impair- \u00a0
ment testing of assets please refer to Note 13. \u00a0
Lease liabilities \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
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
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 low-value leases. Lease pay- \u00a0
ments relating to these leases are expensed to profit or loss on a straight-line basis over \u00a0
the lease term. Short-term and low-value leases consists of cars, coffee machines, office \u00a0
premises and AV equipment. \u00a0
Accounting policies \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
Accounting policies \u00a0
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 respec- \u00a0
tive financial assets. \u00a0
(i) 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: financial assets of the Group mainly comprise of cash \u00a0
and bank balances, trade receivables 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 a forward-looking basis the expected credit losses associated \u00a0
with its financial assets carried at amortised cost. For trade and other receivables, the \u00a0
Group applied the simplified approach permitted by IFRS 9, which requires expected life- \u00a0
time losses to be recognised from initial recognition of the receivables. \u00a0
Accounting policies \u00a0
Cash and cash equivalents consist of cash offset by short-term bank overdrafts, as they \u00a0
are considered an integral part of the Group\u2019s cash management. Cash and cash equiva- \u00a0
lents are measured at amortised cost. \u00a0
Accounting policies \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. Trade \u00a0
and other payables are initially recognised at fair value, and subsequently carried at \u00a0
amortised cost, using the effective interest method. \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
Accounting policies \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
Share premium reserve signifies the capital contributed by investors exceeding the nom- \u00a0
inal value of the shares issued, net of any incremental costs directly associated with the \u00a0
issuance of new shares. \u00a0
Own equity instruments that are reacquired (treasury shares) are recognised at cost and \u00a0
deducted from equity. No gain or loss is recognised in profit or loss on the purchase, \u00a0
sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference be- \u00a0
tween the carrying amount and the consideration, if reissued, is recognised in equity. \u00a0
Accounting policies \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 derivative as- \u00a0
sets, when the fair value is positive and as financial liabilities, presented under derivative \u00a0
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 result 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 transactions result in income or expense, \u00a0
amounts deferred under equity are transferred from equity to the statement of profit and \u00a0
loss in the same item as the hedged transaction as a reclassification adjustment. Fur- \u00a0
ther, the entity may transfer the cumulative fair value change recognised within equity \u00a0
upon derecognition of the hedged item. \u00a0
Changes in the fair value of derivative financial instruments not designated as hedges \u00a0
are recognised in the statement of profit and loss. Certain borrowing facilities when un- \u00a0
drawn do not qualify for hedge accounting. Changes in the fair value of these derivative \u00a0
financial instruments are therefore recognised in the statement of profit and loss under \u00a0
\u201cFinancial income\u201d or \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. Cost of hedg- \u00a0
ing reserves include the time value of options. These costs are recognised separately in \u00a0
Other Comprehensive Income (OCI) and are amortised over the life of the hedging instru- \u00a0
ment, in accordance with the specific hedging relationship. If the hedge is discontinued, \u00a0
any unamortised cost of hedge is recognised immediately in profit or loss. \u00a0
Accounting policies \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 statement of profit and \u00a0
loss under 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14456": {
"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 2.4. \u00a0
The consolidated financial statements are presented in euros and all values are rounded \u00a0
to the nearest thousand, 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 statements for all the years presented unless stated \u00a0
otherwise below. \u00a0
Comparative figures \u00a0
Consolidated figures for the financial year ended 31 December 2022 comprised the \u00a0
Parent Company, Cadeler A/S, Wind Osprey Ltd. and Wind Orca Ltd. In December \u00a0
2023, Cadeler and Eneti merged, and from this point in time the consolidated figures \u00a0
also comprised Eneti and its subsidiaries (which are wholly owned by the Group). \u00a0
Therefore the activity of the Group is not fully comparable between 2024, 2023 and \u00a0
2022. For more information on the subsidiaries of Cadeler A/S please refer to Note 29. \u00a0
Materiality \u00a0
Our Annual Report is structured around the principle of materiality, focusing on infor- \u00a0
mation that holds relevance for the users of the consolidated financial statements. \u00a0
These consolidated financial statements encompass numerous transactions, which \u00a0
are grouped into categories based on their nature or function. These categories are \u00a0
then presented in the consolidated financial statements as required by IFRS and the \u00a0
Danish Financial Statements Act. When individual items are deemed immaterial, they \u00a0
are combined with other similar items in either the consolidated financial statements \u00a0
or the accompanying notes. \u00a0
In line with IFRS guidelines for Danish listed companies, we include the necessary \u00a0
disclosures, unless the information is considered immaterial to the economic deci- \u00a0
sion-making of the users or is not applicable in the context of the consolidated finan- \u00a0
cial statements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14457": {
"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 2.4. \u00a0
The consolidated financial statements are presented in euros and all values are rounded \u00a0
to the nearest thousand, 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 statements for all the years presented unless stated \u00a0
otherwise below. \u00a0
Comparative figures \u00a0
Consolidated figures for the financial year ended 31 December 2022 comprised the \u00a0
Parent Company, Cadeler A/S, Wind Osprey Ltd. and Wind Orca Ltd. In December \u00a0
2023, Cadeler and Eneti merged, and from this point in time the consolidated figures \u00a0
also comprised Eneti and its subsidiaries (which are wholly owned by the Group). \u00a0
Therefore the activity of the Group is not fully comparable between 2024, 2023 and \u00a0
2022. For more information on the subsidiaries of Cadeler A/S please refer to Note 29. \u00a0
Materiality \u00a0
Our Annual Report is structured around the principle of materiality, focusing on infor- \u00a0
mation that holds relevance for the users of the consolidated financial statements. \u00a0
These consolidated financial statements encompass numerous transactions, which \u00a0
are grouped into categories based on their nature or function. These categories are \u00a0
then presented in the consolidated financial statements as required by IFRS and the \u00a0
Danish Financial Statements Act. When individual items are deemed immaterial, they \u00a0
are combined with other similar items in either the consolidated financial statements \u00a0
or the accompanying notes. \u00a0
In line with IFRS guidelines for Danish listed companies, we include the necessary \u00a0
disclosures, unless the information is considered immaterial to the economic deci- \u00a0
sion-making of the users or is not applicable in the context of the consolidated finan- \u00a0
cial statements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14465": {
"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, assessed that the Group has ade- \u00a0
quate resources to continue as a going concern at least 12 months after the balance \u00a0
sheet date. \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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14470": {
"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
wholly 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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14480": {
"value": "Other reserves and retained earnings \u00a0
Other reserves include hedging reserves, cost of hedging reserves, and foreign currency \u00a0
translation reserves. Hedging reserves reflect the changes in the fair value of derivative \u00a0
financial instruments designated as cash flow hedges. Cost of hedging reserves include \u00a0
the time value of options and other costs associated with hedging activities. Foreign cur- \u00a0
rency translation reserves include the cumulative translation adjustments (CTA), which \u00a0
arise from the conversion of the financial statements of foreign operations into the re- \u00a0
porting currency. Retained earnings include results from previous periods, changes to \u00a0
equity arising from business combination purchase price, and share-based payments. \u00a0
Accounting policies \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 derivative as- \u00a0
sets, when the fair value is positive and as financial liabilities, presented under derivative \u00a0
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 result 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 transactions result in income or expense, \u00a0
amounts deferred under equity are transferred from equity to the statement of profit and \u00a0
loss in the same item as the hedged transaction as a reclassification adjustment. Fur- \u00a0
ther, the entity may transfer the cumulative fair value change recognised within equity \u00a0
upon derecognition of the hedged item. \u00a0
Changes in the fair value of derivative financial instruments not designated as hedges \u00a0
are recognised in the statement of profit and loss. Certain borrowing facilities when un- \u00a0
drawn do not qualify for hedge accounting. Changes in the fair value of these derivative \u00a0
financial instruments are therefore recognised in the statement of profit and loss under \u00a0
\u201cFinancial income\u201d or \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. Cost of hedg- \u00a0
ing reserves include the time value of options. These costs are recognised separately in \u00a0
Other Comprehensive Income (OCI) and are amortised over the life of the hedging instru- \u00a0
ment, in accordance with the specific hedging relationship. If the hedge is discontinued, \u00a0
any unamortised cost of hedge is recognised immediately in profit or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14482": {
"value": "Other reserves and retained earnings \u00a0
Other reserves include hedging reserves, cost of hedging reserves, and foreign currency \u00a0
translation reserves. Hedging reserves reflect the changes in the fair value of derivative \u00a0
financial instruments designated as cash flow hedges. Cost of hedging reserves include \u00a0
the time value of options and other costs associated with hedging activities. Foreign cur- \u00a0
rency translation reserves include the cumulative translation adjustments (CTA), which \u00a0
arise from the conversion of the financial statements of foreign operations into the re- \u00a0
porting currency. Retained earnings include results from previous periods, changes to \u00a0
equity arising from business combination purchase price, and share-based payments. \u00a0
Accounting policies \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. Trade \u00a0
and other payables are initially recognised at fair value, and subsequently carried at \u00a0
amortised cost, using the effective interest method. \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
Accounting policies \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 derivative as- \u00a0
sets, when the fair value is positive and as financial liabilities, presented under derivative \u00a0
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 result 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 transactions result in income or expense, \u00a0
amounts deferred under equity are transferred from equity to the statement of profit and \u00a0
loss in the same item as the hedged transaction as a reclassification adjustment. Fur- \u00a0
ther, the entity may transfer the cumulative fair value change recognised within equity \u00a0
upon derecognition of the hedged item. \u00a0
Changes in the fair value of derivative financial instruments not designated as hedges \u00a0
are recognised in the statement of profit and loss. Certain borrowing facilities when un- \u00a0
drawn do not qualify for hedge accounting. Changes in the fair value of these derivative \u00a0
financial instruments are therefore recognised in the statement of profit and loss under \u00a0
\u201cFinancial income\u201d or \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. Cost of hedg- \u00a0
ing reserves include the time value of options. These costs are recognised separately in \u00a0
Other Comprehensive Income (OCI) and are amortised over the life of the hedging instru- \u00a0
ment, in accordance with the specific hedging relationship. If the hedge is discontinued, \u00a0
any unamortised cost of hedge is recognised immediately in profit or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14483": {
"value": "Other reserves and retained earnings \u00a0
Other reserves include hedging reserves, cost of hedging reserves, and foreign currency \u00a0
translation reserves. Hedging reserves reflect the changes in the fair value of derivative \u00a0
financial instruments designated as cash flow hedges. Cost of hedging reserves include \u00a0
the time value of options and other costs associated with hedging activities. Foreign cur- \u00a0
rency translation reserves include the cumulative translation adjustments (CTA), which \u00a0
arise from the conversion of the financial statements of foreign operations into the re- \u00a0
porting currency. Retained earnings include results from previous periods, changes to \u00a0
equity arising from business combination purchase price, and share-based payments. \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
Accounting policies \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 derivative as- \u00a0
sets, when the fair value is positive and as financial liabilities, presented under derivative \u00a0
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 result 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 transactions result in income or expense, \u00a0
amounts deferred under equity are transferred from equity to the statement of profit and \u00a0
loss in the same item as the hedged transaction as a reclassification adjustment. Fur- \u00a0
ther, the entity may transfer the cumulative fair value change recognised within equity \u00a0
upon derecognition of the hedged item. \u00a0
Changes in the fair value of derivative financial instruments not designated as hedges \u00a0
are recognised in the statement of profit and loss. Certain borrowing facilities when un- \u00a0
drawn do not qualify for hedge accounting. Changes in the fair value of these derivative \u00a0
financial instruments are therefore recognised in the statement of profit and loss under \u00a0
\u201cFinancial income\u201d or \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. Cost of hedg- \u00a0
ing reserves include the time value of options. These costs are recognised separately in \u00a0
Other Comprehensive Income (OCI) and are amortised over the life of the hedging instru- \u00a0
ment, in accordance with the specific hedging relationship. If the hedge is discontinued, \u00a0
any unamortised cost of hedge is recognised immediately in profit or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14471": {
"value": "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. Foreign exchange differ- \u00a0
ences 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 state- \u00a0
ment of profit and loss within financial income or financial expenses. \u00a0
On consolidation, the assets and liabilities of foreign operations are translated into EUR \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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14472": {
"value": "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. Foreign exchange differ- \u00a0
ences 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 state- \u00a0
ment of profit and loss within financial income or financial expenses. \u00a0
On consolidation, the assets and liabilities of foreign operations are translated into EUR \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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14484": {
"value": "Cash flow statement \u00a0
Statement of cash flows \u00a0
The statement of cash flows shows the Group\u2019s cash flows for the year classified as op- \u00a0
erating, 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 and interest income. \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, treasury shares and \u00a0
debt as well as prepayment of borrowings. \u00a0
Accounting policies \u00a0
Cash and cash equivalents consist of cash offset by short-term bank overdrafts, as they \u00a0
are considered an integral part of the Group\u2019s cash management. Cash and cash equiva- \u00a0
lents are measured at amortised cost. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14500": {
"value": "2.4. 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, accompanying disclosures, and the disclosure \u00a0
of contingent liabilities. Uncertainty about these assumptions and estimates could result \u00a0
in outcomes that require a material adjustment to the carrying amount of assets or liabili- \u00a0
ties 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 authorised for issuance. Existing cir- \u00a0
cumstances and assumptions about future developments, however, may change due to \u00a0
market changes or circumstances that are beyond the control of the Group. Such \u00a0
changes are reflected in the assumptions when they occur. \u00a0
Material estimates \u00a0
Useful life of vessels \u00a0
The estimation made regarding the useful life of the O-Class vessels has been based on, \u00a0
among other things, an analysis made by an external expert. The determined fatigue \u00a0
analysis is based on the technical specification of the wind turbine installation vessels \u00a0
(\u201cWTIV\u201d) and comparable vessels. The useful life of the vessels is estimated at 25 years. \u00a0
In 2020, the Group acquired two vessels which had already been in use for eight 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 three years from the acquisition of the vessels. In 2023, the main crane \u00a0
of these vessels underwent an upgrade. The old main crane was disposed of, and the \u00a0
new main crane was capitalised in the current year, with its useful life set to align with the \u00a0
remaining 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
depends on initial delivery. Therefore, their remaining useful lives at acquisition date \u00a0
were assessed to be 17 and 14 years respectively, and all components will have the same \u00a0
useful life. The depreciation will be calculated over the remaining useful life of these ves- \u00a0
sels. \u00a0
The estimation made regarding the useful life of Wind Peak has been based on an inter- \u00a0
nal technical analysis based on the technical specification of the vessel and validated by \u00a0
an external expert. The useful life of the vessel is estimated at 25 years. \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. No \u00a0
changes were made during 2024. For more information, refer to Note 13. \u00a0
Income tax \u00a0
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 Pillar Two rules are designed to ensure that multinational \u00a0
corporations with EUR 750 million or more in annual revenue pay a minimum effective \u00a0
corporate tax rate of 15% on income received in each jurisdiction in which they operate. \u00a0
The principal jurisdictions in which the Group may be exposed to additional taxation un- \u00a0
der Pillar Two include Denmark, the United Kingdom, and Cyprus, all of which have en- \u00a0
acted legislation implementing these rules. However, this legislation does currently not \u00a0
apply to the Group as its consolidated revenue is lower than EUR 750 million. \u00a0
The Group continues to assess and monitor the potential future impact of the Pillar Two \u00a0
rules on its business. Based on the Group\u2019s initial assessment, a portion of its future in- \u00a0
come in these jurisdictions may be subject to top-up tax under the new rules, noting that \u00a0
international shipping income is excluded from the calculation of GloBE income under \u00a0
Pillar Two, and certain other exclusions may also apply. \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 amount 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 value in use. The fair value less costs of disposal calculation is based on avail- \u00a0
able sales transactions conducted at arm\u2019s length terms, if available. The value in use \u00a0
calculation is based on a DCF model. The cash flows are derived from the budget and \u00a0
the most recent project pipeline. These cash flows do not include restructuring activities \u00a0
or significant future investments which will enhance the performance of the assets or \u00a0
CGU being tested. \u00a0
The recoverable amount depends on the discount rate used in the DCF model as well as \u00a0
future cash in-flows and growth rate assumptions. For further information please refer to \u00a0
Note 13. \u00a0
Material 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
\u2013
the transport and installation of offshore wind turbine generators and foundation \u00a0
installation vessels (WTGFIV) and \u00a0
\u2013
the maintenance of offshore wind turbine generators (O&MV) \u00a0
The WTGFIV CGU is comprised of Cadeler\u2019s O-Class vessels, Wind Peak and Wind Scylla, \u00a0
which are largely interchangeable, and the cash flows generated by them are interde- \u00a0
pendent. These vessels are operated collectively, employed interchangeably, and ac- \u00a0
tively managed to meet the needs of our customers in that market. Given the technical \u00a0
specifications of vessels, the WTGFIV vessels are relatively homogenous with a very high \u00a0
degree of interoperability. The O&MV CGU is comprised of the vessel Wind Zaratan, \u00a0
which has different specifications and independent and separable cash flows from the \u00a0
other vessels. \u00a0
Revenue recognition \u00a0
Judgement is performed when determining if a contract contains one or more perfor- \u00a0
mance obligations. Judgement is performed as complexities arise when multiple types of \u00a0
promises to the customer 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 determina- \u00a0
tion of the most adequate recognition method and the most adequate measure of pro- \u00a0
gress. Both of the judgements have a primary impact on the timing and amount of reve- \u00a0
nue to be recognised. \u00a0
Evaluating the criteria for revenue recognition of contracts with customer requires man- \u00a0
agement's judgement to assess and determine the following: \u00a0
\u2013
Identification of performance obligations within the contract, including assessing \u00a0
their nature and determining whether they are distinct or should be combined, as \u00a0
well as whether they are satisfied over time or at a point in time. \u00a0
\u2013
Determine the transaction price, including an assessment of variable considera- \u00a0
tion in the contract. \u00a0
\u2013
In contracts where many performance obligation are bundled, the allocation of \u00a0
transaction price to performance obligations to determine the stand-alone selling \u00a0
price of each performance obligation identified in the contract using key assump- \u00a0
tions which may include observable market and expected margin in the activities. \u00a0
Macroeconomic factors and climate risks \u00a0
As part of our commitment to transparency and risk management, Cadeler recognises \u00a0
the significance of macroeconomic factors and climate risks in financial evaluations. \u00a0
These factors are integral to assessing the useful lives and residual values of assets and \u00a0
conducting Discounted Cash Flow (DCF) analyses for impairment testing. Operating \u00a0
within the offshore wind installation sector, Cadeler\u2019s fleet supports the energy transi- \u00a0
tion, a key driver of long-term demand. \u00a0
Management has evaluated climate-related risks, including regulatory developments, \u00a0
technological advancements, and market shifts, and does not currently identify indica- \u00a0
tors requiring changes to our depreciation assumptions, residual values, or impairment \u00a0
outlook. Our vessels are designed to accommodate evolving industry requirements, miti- \u00a0
gating the risk of obsolescence from climate policies or emissions regulations. \u00a0
Cadeler\u2019s assessment considers potential financial impacts of climate-related risks, in- \u00a0
cluding operational disruptions from extreme weather, supply chain vulnerabilities, and \u00a0
shifting industry standards. While climate risks could influence project timing or infra- \u00a0
structure investments, there is no evidence suggesting a material impact on asset valua- \u00a0
tions. The useful life of our vessels is reviewed regularly in light of emerging industry \u00a0
trends, and current market conditions support the expectation that our assets will con- \u00a0
tinue to generate economic benefits as planned. Additionally, our ongoing investments \u00a0
in modern, upgradeable vessels enhance adaptability to future regulatory changes, fur- \u00a0
ther supporting our financial assumptions. \u00a0
Beyond climate risks, Cadeler monitors broader macroeconomic conditions, including in- \u00a0
flationary pressures, interest rate fluctuations, and geopolitical uncertainties that may \u00a0
impact operations. The international macroeconomic situation is currently characterized \u00a0
by material uncertainty, mainly due to the elevated levels of public debt in many of the \u00a0
leading global economies, increasing interest and inflation rates, the war in Ukraine, the \u00a0
imposition of sanctions against Russia, conflict in the Middle East, European energy cri- \u00a0
ses and global supply-chain constraints. The energy sector remains subject to volatility \u00a0
due to regulatory shifts and economic developments, and we remain proactive in inte- \u00a0
grating these factors into financial evaluations. Through continuous assessment and re- \u00a0
view, we ensure that our accounting policies reflect a comprehensive understanding of \u00a0
macroeconomic and climate-related risks, maintaining a robust approach to financial re- \u00a0
porting and impairment analyses. For more information on the risks to which Cadeler is \u00a0
exposed, refer to the Finance review. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14494": {
"value": "2.3. Changes in accounting policies and disclosures \u00a0
2.3.1. New accounting policies and disclosures \u00a0
The Group has adopted standards and interpretations effective as of 1 January 2024. \u00a0
Adoption of new and amended standards and interpretations had no material impact \u00a0
on the Group\u2019s consolidated financial statements. \u00a0
2.3.2. Standards issued but not yet effective \u00a0
IASB has issued a number of amended accounting standards (IFRS) and interpretations \u00a0
(IFRS IC). The Group has assessed these accounting standards and interpretations, and \u00a0
does not anticipate the amended standards to have any material impact on either the \u00a0
Group\u2019s figures or disclosures. \u00a0
IFRS 18 Presentation and Disclosure in Financial Statements, which was issued in April \u00a0
2024, becomes effective for reporting periods beginning on or after 1 January 2027 and \u00a0
thus has no impact on the Group\u2019s consolidated financial statements for 2024. The \u00a0
Group will assess the impact of these accounting standards on the Group\u2019s figures and \u00a0
disclosures. \u00a0
The Group has not early adopted any standard, interpretation or amendments that have \u00a0
been issued but are not yet effective. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14515": {
"value": "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
2024 \u00a0
2023 \u00a0
2022 \u00a0
Revenue disaggregation \u00a0
Time charter services and transportation and installa- \u00a0
tion services \u00a0
226,545 \u00a0
99,841 \u00a0
104,578 \u00a0
Other revenue, including fees earned for early termina- \u00a0
tion by customers of contracts \u00a0
22,193 \u00a0
8,781 \u00a0
1,846 \u00a0
Total revenue \u00a0
248,738 \u00a0
108,622 \u00a0
106,424 \u00a0
For the year ended 31 December 2024, the lease component, included within time char- \u00a0
ter services and transportation and installation services, amounts to EUR 85 million \u00a0
(2023: EUR 79 million; 2022: EUR 91 million). \u00a0
Cadeler Group's revenue for the year ended 31 December 2024 is allocated across re- \u00a0
gions, with 50% generated from Europe and 50% from the rest of the world (2023 and \u00a0
2022: 100% from Europe). \u00a0
Contract assets and deferred revenue \u00a0
Customers are typically invoiced on a monthly basis, when the vessels are on contract. \u00a0
Sometimes contracts will recognise revenue for work performed and it will be reported \u00a0
as a contract asset until it is invoiced. For more information about contract assets at the \u00a0
reporting period, refer to Note 16. \u00a0
Deferred revenue relates to consideration received from customers for the unsatisfied \u00a0
performance obligations. Revenue will be recognised when the related services are pro- \u00a0
vided to the customers, which is almost entirely within 12 months. \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Beginning of financial year \u00a0
13,881 \u00a0
3,157 \u00a0
16,156 \u00a0
Acquisition of businesses \u00a0
-
1,913 \u00a0
-
Deferred during the period \u00a0
45,360 \u00a0
10,670 \u00a0
2,857 \u00a0
Recognised as revenue during the period \u00a0
(11,928) \u00a0
(1,859) \u00a0
(15,856) \u00a0
Exchange differences \u00a0
24 \u00a0
-
-
Total deferred revenue at end of period \u00a0
47,337 \u00a0
13,881 \u00a0
3,157 \u00a0
Current \u00a0
45,590 \u00a0
12,103 \u00a0
1,831 \u00a0
Non-current \u00a0
1,747 \u00a0
1,778 \u00a0
1,326 \u00a0
Major customers \u00a0
For the year ended 31 December 2024, revenue with 4 customers each exceeded 10% of \u00a0
total revenue. The revenue derived from these four customers was EUR 60 million, EUR \u00a0
58 million, EUR 56 million and EUR 36 million respectively. \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
Operating segments and geographical information \u00a0
The Group operates five 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 31 December 2024 amounts to EUR 2.3 billion (2023: \u00a0
EUR 1.7 billion; 2022: EUR 0.9 billion). The table below includes signed contracts as of \u00a0
31 December. EUR 428 million of the backlog pertains to contracts that management \u00a0
expect to recognise in 2025. \u00a0
Within \u00a0
After 1 \u00a0
EUR million \u00a0
1 year \u00a0
year \u00a0
Total \u00a0
Contract backlog \u00a0
Firm \u00a0
372 \u00a0
1,534 \u00a0
1,906 \u00a0
Subject to exercise of counterparty options (non-contingent) \u00a0
28 \u00a0
187 \u00a0
215 \u00a0
Subject to exercise of counterparty options (contingent) \u00a0
28 \u00a0
187 \u00a0
215 \u00a0
Total as of 31 December 2024 \u00a0
428 \u00a0
1,908 \u00a0
2,336 \u00a0
Firm \u00a0
176 \u00a0
1,201 \u00a0
1,377 \u00a0
Subject to exercise of counterparty options (non-contingent) \u00a0
16 \u00a0
163 \u00a0
179 \u00a0
Subject to exercise of counterparty options (contingent) \u00a0
16 \u00a0
163 \u00a0
179 \u00a0
Total as of 31 December 2023 \u00a0
208 \u00a0
1,527 \u00a0
1,735 \u00a0
Contract backlog as of 31 December 2022 \u00a0
Firm \u00a0
81 \u00a0
574 \u00a0
655 \u00a0
Subject to exercise of counterparty options (non-contingent) \u00a0
2
123 \u00a0
125 \u00a0
Subject to exercise of counterparty options (contingent) \u00a0
2
123 \u00a0
125 \u00a0
Total as of 31 December 2022 \u00a0
85 \u00a0
820 \u00a0
905 \u00a0
Accounting policies \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
\u2013
Revenue from time charter contracts and time charter related activities (referred \u00a0
to as time charter revenue) and \u00a0
\u2013
Revenue from transportation and installation activities (referred to as transporta- \u00a0
tion and installation revenue stream). \u00a0
The Group\u2019s accounting policies for each revenue stream are disclosed below. \u00a0
Time charter revenue \u00a0
Revenue from time charter hire services are contracts with customers where the Group \u00a0
utilises its vessels, equipment and crew to deliver a service to the customer based on ei- \u00a0
ther a fixed day rate or milestone deliverables. Contracts may also include other prom- \u00a0
ises such as mobilisation and demobilisation, catering and accommodation. \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 \u00a0
accommodation, mobilisation, demobilisation and bunker services. As such, a time char- \u00a0
ter contract consists of a leasing component (the element relating to hire of the vessel) \u00a0
and a service component. These components are not treated or priced separately in the \u00a0
contracts, nor does the Group offer either of the services separately. The service compo- \u00a0
nent is within the scope of IFRS 15, while the leasing component is within the scope of \u00a0
IFRS 16. \u00a0
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 revenue. \u00a0
This lease components are classified as an operating lease, as such leases do not cover \u00a0
a significant part of the economic life of the vessels and the Group retains substantially \u00a0
all risks and rewards incidental to ownership of the vessels. Rental income from operat- \u00a0
ing leases is recognised in profit or loss on an over time basis over the charter period \u00a0
and included in revenue as stated in the above section. \u00a0
Initial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
are capitalised as other receivables and recognised as an expense in profit or loss over \u00a0
the lease term on the same basis as the lease income. \u00a0
2. Provision
of services within wind farming projects, e.g. catering and accommodation, \u00a0
mobilisation, demobilisation and bunker services \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
Time charter revenue is recognised when control of the goods or services is transferred \u00a0
to the customer at an amount that reflects the consideration to which the Group expects \u00a0
to be entitled in exchange for those goods or services. At contract inception, once the \u00a0
service component within the time charter 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
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 revenue. Revenue is recognised as the service is being pro- \u00a0
vided, being over the term of the related time charter contract. The Group recognises \u00a0
deferred contract costs for upfront costs of fulfilling a contract and present such as \u00a0
other receivables. \u00a0
Time charter related activities \u00a0
Bunker services \u00a0
The Group is sometimes providing bunker services to help customers ensure that suffi- \u00a0
cient bunker is available to operate the vessels at the right time and in the right quality \u00a0
and quantity. As such, for certain projects the Group provides bunker procurement ser- \u00a0
vices 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
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
Transportation & Installation (T&I) revenue \u00a0
Revenue from T&I represents contracts with customers where the Group utilises its ves- \u00a0
sels, equipment and crew to perform the transportation and installation of offshore wind \u00a0
turbine foundations as well as heavy lifting operations, decommissioning and planning \u00a0
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 milestone payment schedule will be agreed upon. The transaction price \u00a0
may include variable elements, such as related to fuel, commodities, etc. Payment terms \u00a0
with customers are considered industry standard and do not include a significant financ- \u00a0
ing component. To the extent possible, we obtain payment guarantees to minimise the \u00a0
credit risk during the contract term. \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. These components \u00a0
are not treated or priced separately in the contracts, nor does the Group offer either of \u00a0
the services separately. The service component is within the scope of IFRS 15, while the \u00a0
leasing component is within the scope of 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 is transferred to the customer at an amount that reflects the consider- \u00a0
ation to which the Group expects to be entitled in exchange for those goods or services. \u00a0
At contract inception, once the T&I contract is determined to be within the scope of \u00a0
IFRS 15, the Group assesses the goods and services promised within each contract and \u00a0
identifies as a performance obligation each good or service that is distinct. Revenue is \u00a0
recognised in the amount of the transaction price that is allocated to the respective per- \u00a0
formance obligation when (or as) the performance obligation is satisfied. \u00a0
In respect of T&I service components, the following main promises apply: \u00a0
\u2013
Planning and engineering, \u00a0
\u2013
Transport of monopiles and secondary steel from supply port to feeder port, \u00a0
\u2013
Installation of monopiles and secondary steel offshore, \u00a0
\u2013
Storage and handling at feeder port, \u00a0
\u2013
Warranty \u00a0
While the contracts contain several distinct promises, these are considered less interde- \u00a0
pendent and interrelated and as such are considered multiple performance obligations. \u00a0
Assessment 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 revenue and recog- \u00a0
nised as revenue over the period during which the services are performed. \u00a0
T&I related activities \u00a0
Planning and engineering \u00a0
The Group provides planning and engineering services to the customer. Such revenue is \u00a0
recognised over time 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
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
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 based upon percentage-of-completion \u00a0
whereby total time spend on storage is compared with total forecast time at completion \u00a0
of the storage. \u00a0
Installation of monopiles and secondary steel offshore \u00a0
The Group has been tasked with the installation of monopiles and secondary steel off- \u00a0
shore. 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
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. \u00a0
In general, all are assurance-type warranties, as defined within IFRS 15, which the Group \u00a0
recognises under IAS 37. \u00a0
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
Lease and non-lease components of revenue \u00a0
The service component of time charter contracts is primarily derived from crewing costs \u00a0
with a markup. The lease component is calculated by applying the bareboat charter to \u00a0
the on-hire days. \u00a0
Deferred revenue \u00a0
Payments received in advance and reservation fees are deferred and recognised as cur- \u00a0
rent liabilities if the service or leasing component are due within one year or less. Other- \u00a0
wise, they are presented as non-current liabilities. Deferred revenue is recognised as rev- \u00a0
enue in profit or loss over time over the period during which the related service is per- \u00a0
formed. \u00a0
Contract cost \u00a0
Incremental costs of obtaining a contract and certain costs to fulfil a contract to be rec- \u00a0
ognised as an asset if certain criteria are met. Any capitalised contract costs assets are \u00a0
amortised on a systematic basis that is consistent with the transfer of the related goods \u00a0
or services to the customer. \u00a0
Contract backlog (as of reporting date) \u00a0
The total value of all customer contracts, both firm and options, that are not yet recog- \u00a0
nised as revenue as of the reporting date, and includes all new contracts signed until the \u00a0
same reporting date of the annual or interim report. Firm days are counted at full com- \u00a0
mitted amounts. Contract backlog in 2024 assumes 100% of counterparty options are \u00a0
exercised with 50% classified as non-contingent and the remaining 50% as contingent. \u00a0
The definition also includes any contracts where revenue recognition has started but not \u00a0
yet completed as of the reporting date. Contract backlog excludes vessel reservation \u00a0
agreements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14522": {
"value": "Major customers \u00a0
For the year ended 31 December 2024, revenue with 4 customers each exceeded 10% of \u00a0
total revenue. The revenue derived from these four customers was EUR 60 million, EUR \u00a0
58 million, EUR 56 million and EUR 36 million respectively. \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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14524": {
"value": "Operating segments and geographical information \u00a0
The Group operates five 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14527": {
"value": "Accounting policies \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
\u2013
Revenue from time charter contracts and time charter related activities (referred \u00a0
to as time charter revenue) and \u00a0
\u2013
Revenue from transportation and installation activities (referred to as transporta- \u00a0
tion and installation revenue stream). \u00a0
The Group\u2019s accounting policies for each revenue stream are disclosed below. \u00a0
Time charter revenue \u00a0
Revenue from time charter hire services are contracts with customers where the Group \u00a0
utilises its vessels, equipment and crew to deliver a service to the customer based on ei- \u00a0
ther a fixed day rate or milestone deliverables. Contracts may also include other prom- \u00a0
ises such as mobilisation and demobilisation, catering and accommodation. \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 \u00a0
accommodation, mobilisation, demobilisation and bunker services. As such, a time char- \u00a0
ter contract consists of a leasing component (the element relating to hire of the vessel) \u00a0
and a service component. These components are not treated or priced separately in the \u00a0
contracts, nor does the Group offer either of the services separately. The service compo- \u00a0
nent is within the scope of IFRS 15, while the leasing component is within the scope of \u00a0
IFRS 16. \u00a0
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 revenue. \u00a0
This lease components are classified as an operating lease, as such leases do not cover \u00a0
a significant part of the economic life of the vessels and the Group retains substantially \u00a0
all risks and rewards incidental to ownership of the vessels. Rental income from operat- \u00a0
ing leases is recognised in profit or loss on an over time basis over the charter period \u00a0
and included in revenue as stated in the above section. \u00a0
Initial direct costs incurred by the Group in negotiating and arranging operating leases \u00a0
are capitalised as other receivables and recognised as an expense in profit or loss over \u00a0
the lease term on the same basis as the lease income. \u00a0
2. Provision
of services within wind farming projects, e.g. catering and accommodation, \u00a0
mobilisation, demobilisation and bunker services \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
Time charter revenue is recognised when control of the goods or services is transferred \u00a0
to the customer at an amount that reflects the consideration to which the Group expects \u00a0
to be entitled in exchange for those goods or services. At contract inception, once the \u00a0
service component within the time charter 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
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 revenue. Revenue is recognised as the service is being pro- \u00a0
vided, being over the term of the related time charter contract. The Group recognises \u00a0
deferred contract costs for upfront costs of fulfilling a contract and present such as \u00a0
other receivables. \u00a0
Time charter related activities \u00a0
Bunker services \u00a0
The Group is sometimes providing bunker services to help customers ensure that suffi- \u00a0
cient bunker is available to operate the vessels at the right time and in the right quality \u00a0
and quantity. As such, for certain projects the Group provides bunker procurement ser- \u00a0
vices 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
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
Transportation & Installation (T&I) revenue \u00a0
Revenue from T&I represents contracts with customers where the Group utilises its ves- \u00a0
sels, equipment and crew to perform the transportation and installation of offshore wind \u00a0
turbine foundations as well as heavy lifting operations, decommissioning and planning \u00a0
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 milestone payment schedule will be agreed upon. The transaction price \u00a0
may include variable elements, such as related to fuel, commodities, etc. Payment terms \u00a0
with customers are considered industry standard and do not include a significant financ- \u00a0
ing component. To the extent possible, we obtain payment guarantees to minimise the \u00a0
credit risk during the contract term. \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. These components \u00a0
are not treated or priced separately in the contracts, nor does the Group offer either of \u00a0
the services separately. The service component is within the scope of IFRS 15, while the \u00a0
leasing component is within the scope of 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 is transferred to the customer at an amount that reflects the consider- \u00a0
ation to which the Group expects to be entitled in exchange for those goods or services. \u00a0
At contract inception, once the T&I contract is determined to be within the scope of \u00a0
IFRS 15, the Group assesses the goods and services promised within each contract and \u00a0
identifies as a performance obligation each good or service that is distinct. Revenue is \u00a0
recognised in the amount of the transaction price that is allocated to the respective per- \u00a0
formance obligation when (or as) the performance obligation is satisfied. \u00a0
In respect of T&I service components, the following main promises apply: \u00a0
\u2013
Planning and engineering, \u00a0
\u2013
Transport of monopiles and secondary steel from supply port to feeder port, \u00a0
\u2013
Installation of monopiles and secondary steel offshore, \u00a0
\u2013
Storage and handling at feeder port, \u00a0
\u2013
Warranty \u00a0
While the contracts contain several distinct promises, these are considered less interde- \u00a0
pendent and interrelated and as such are considered multiple performance obligations. \u00a0
Assessment 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 revenue and recog- \u00a0
nised as revenue over the period during which the services are performed. \u00a0
T&I related activities \u00a0
Planning and engineering \u00a0
The Group provides planning and engineering services to the customer. Such revenue is \u00a0
recognised over time 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
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
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 based upon percentage-of-completion \u00a0
whereby total time spend on storage is compared with total forecast time at completion \u00a0
of the storage. \u00a0
Installation of monopiles and secondary steel offshore \u00a0
The Group has been tasked with the installation of monopiles and secondary steel off- \u00a0
shore. 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
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. \u00a0
In general, all are assurance-type warranties, as defined within IFRS 15, which the Group \u00a0
recognises under IAS 37. \u00a0
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
Lease and non-lease components of revenue \u00a0
The service component of time charter contracts is primarily derived from crewing costs \u00a0
with a markup. The lease component is calculated by applying the bareboat charter to \u00a0
the on-hire days. \u00a0
Deferred revenue \u00a0
Payments received in advance and reservation fees are deferred and recognised as cur- \u00a0
rent liabilities if the service or leasing component are due within one year or less. Other- \u00a0
wise, they are presented as non-current liabilities. Deferred revenue is recognised as rev- \u00a0
enue in profit or loss over time over the period during which the related service is per- \u00a0
formed. \u00a0
Contract cost \u00a0
Incremental costs of obtaining a contract and certain costs to fulfil a contract to be rec- \u00a0
ognised as an asset if certain criteria are met. Any capitalised contract costs assets are \u00a0
amortised on a systematic basis that is consistent with the transfer of the related goods \u00a0
or services to the customer. \u00a0
Contract backlog (as of reporting date) \u00a0
The total value of all customer contracts, both firm and options, that are not yet recog- \u00a0
nised as revenue as of the reporting date, and includes all new contracts signed until the \u00a0
same reporting date of the annual or interim report. Firm days are counted at full com- \u00a0
mitted amounts. Contract backlog in 2024 assumes 100% of counterparty options are \u00a0
exercised with 50% classified as non-contingent and the remaining 50% as contingent. \u00a0
The definition also includes any contracts where revenue recognition has started but not \u00a0
yet completed as of the reporting date. Contract backlog excludes vessel reservation \u00a0
agreements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14596": {
"value": "Note 4 \u00a0
Expenses by nature \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Cost of sales \u00a0
Right-of-use asset depreciation \u00a0
14 \u00a0
235 \u00a0
30 \u00a0
-
Insurance \u00a0
2,754 \u00a0
1,573 \u00a0
1,933 \u00a0
Vessel depreciation \u00a0
13 \u00a0
53,696 \u00a0
22,484 \u00a0
21,664 \u00a0
Impairment of property, plant and equip- \u00a0
ment \u00a0
13 \u00a0
-
5,000 \u00a0
-
Crewing costs paid to a related party and \u00a0
an external party \u00a0
27 \u00a0
-
-
61 \u00a0
Offshore employee compensation \u00a0
6
32,285 \u00a0
15,921 \u00a0
13,089 \u00a0
Fuel and oil \u00a0
2,976 \u00a0
711 \u00a0
1,113 \u00a0
Maintenance \u00a0
7,886 \u00a0
5,121 \u00a0
4,039 \u00a0
Messing costs \u00a0
2,948 \u00a0
1,448 \u00a0
1,428 \u00a0
Seafarer travel \u00a0
7,110 \u00a0
2,835 \u00a0
2,589 \u00a0
Specific charter costs \u00a0
10,776 \u00a0
4,052 \u00a0
2,623 \u00a0
Utilities \u00a0
1,308 \u00a0
389 \u00a0
689 \u00a0
Other operating expenses \u00a0
2,254 \u00a0
294 \u00a0
309 \u00a0
Total cost of sales \u00a0
124,228 \u00a0
59,858 \u00a0
49,537 \u00a0
Specific charter costs include the release of a provision for an onerous contract, \u00a0
amounting to EUR 1.6 million, resulting from the favourable terms of the signed compen- \u00a0
sation agreement. \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Administrative expenses \u00a0
Depreciation and amortisation \u00a0
12, 13, 14 \u00a0
2,522 \u00a0
534 \u00a0
1,020 \u00a0
Onshore employee compensation \u00a0
6
33,132 \u00a0
18,889 \u00a0
9,905 \u00a0
Repair and maintenance expenses \u00a0
3,020 \u00a0
1,123 \u00a0
796 \u00a0
Legal and professional fees \u00a0
7,576 \u00a0
2,122 \u00a0
1,047 \u00a0
Transaction costs \u00a0
-
7,707 \u00a0
-
Rental expenses \u00a0
1,757 \u00a0
751 \u00a0
582 \u00a0
Travel expense \u00a0
1,988 \u00a0
985 \u00a0
612 \u00a0
Marketing and entertainment expenses \u00a0
1,283 \u00a0
602 \u00a0
788 \u00a0
Other expenses \u00a0
5,823 \u00a0
1,745 \u00a0
946 \u00a0
Total administrative expenses \u00a0
57,101 \u00a0
34,458 \u00a0
15,696 \u00a0
Transaction costs in 2023 include all costs related to the business combination with \u00a0
Eneti, such as advisory, legal and consulting fees, which are included in administrative \u00a0
expenses. \u00a0
Accounting policies \u00a0
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
Auditor remuneration \u00a0
Administrative expenses include fees to the auditors appointed by the shareholder at \u00a0
the Annual General Meeting: \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Statutory audit \u00a0
2,016 \u00a0
474 \u00a0
125 \u00a0
Other assurance services \u00a0
264 \u00a0
1,608 \u00a0
-
Tax services \u00a0
9
2
105 \u00a0
Other services \u00a0
22 \u00a0
606 \u00a0
51 \u00a0
Total \u00a0
2,311 \u00a0
2,690 \u00a0
281 \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. For 2024, the fee includes services related \u00a0
to issuance of audit reporting on the design and operating effectiveness of the compa- \u00a0
ny's internal controls over financial reporting (SOX404b). \u00a0
Other assurance services consist of review of interim financial information and, for 2023, \u00a0
include PCAOB re-audits for 2021 and 2022, as well as assurance reports in respect of \u00a0
pro-forma financial information in connection with regulatory filings. \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 6 \u00a0
Employee compensation \u00a0
Onshore - presented within administrative expenses \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries \u00a0
29,340 \u00a0
16,957 \u00a0
8,873 \u00a0
Employer's contribution to defined contribution plans \u00a0
1,635 \u00a0
847 \u00a0
502 \u00a0
Share based payment expense \u00a0
7
1,662 \u00a0
1,134 \u00a0
352 \u00a0
Other short-term benefits \u00a0
495 \u00a0
611 \u00a0
178 \u00a0
Total onshore employee compensation \u00a0
33,132 \u00a0
19,549 \u00a0
9,905 \u00a0
Average number of full time employees \u00a0
242 \u00a0
113 \u00a0
70 \u00a0
As of 31 December 2023, employee compensation includes EUR 660 thousand related to \u00a0
bonus paid, included in transaction cost. For more information refer to Note 4, adminis- \u00a0
trative expenses. \u00a0
Accounting policies \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. \u00a0
Offshore - presented within cost of sales \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries \u00a0
30,043 \u00a0
14,056 \u00a0
11,693 \u00a0
Employer's contribution to defined contribution plans \u00a0
2,059 \u00a0
1,124 \u00a0
1,082 \u00a0
Other short-term benefits \u00a0
183 \u00a0
741 \u00a0
314 \u00a0
Total offshore employee compensation \u00a0
32,285 \u00a0
15,921 \u00a0
13,089 \u00a0
Average number of full time employees \u00a0
364 \u00a0
182 \u00a0
162 \u00a0
Total \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries \u00a0
59,383 \u00a0
31,013 \u00a0
20,566 \u00a0
Employer's contribution to defined contribution plans \u00a0
3,694 \u00a0
1,971 \u00a0
1,584 \u00a0
Share based payment expense \u00a0
7
1,662 \u00a0
1,134 \u00a0
352 \u00a0
Other short-term benefits \u00a0
678 \u00a0
1,352 \u00a0
492 \u00a0
Total employee compensation \u00a0
65,417 \u00a0
35,470 \u00a0
22,994 \u00a0
Average number of full time employees \u00a0
606 \u00a0
295 \u00a0
232 \u00a0
Number of employees at the end of the reporting pe- \u00a0
riod \u00a0
659 \u00a0
570 \u00a0
232 \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 reflects the number of \u00a0
employees in Eneti divided by 12 months. Eneti had 99 onshore full time employees and \u00a0
176 seafarers by the end of 2023. \u00a0
Labour costs related to certain employees who are working on the management of the \u00a0
newbuilding process have been capitalised. These capitalised costs amounted to EUR \u00a0
2.7 million in 2024, EUR 1.1 million in 2023 and EUR 900 thousands in 2022 and are recog- \u00a0
nised under assets under construction. \u00a0
Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
428 \u00a0
25 \u00a0
21 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Short-term lease expense \u00a0
477 \u00a0
180 \u00a0
53 \u00a0
Total cash outflow for all leases in 2024, 2023 and 2022 were EUR 1,152 thousand, EUR \u00a0
283 thousand and EUR 728 thousand respectively, excluding variable lease fee (refer to \u00a0
Note 24). Please refer to Note 28 for disclosure on lease commitments. \u00a0
Lease liabilities \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
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
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 low-value leases. Lease pay- \u00a0
ments relating to these leases are expensed to profit or loss on a straight-line basis over \u00a0
the lease term. Short-term and low-value leases consists of cars, coffee machines, office \u00a0
premises and AV equipment. \u00a0
Accounting policies \u00a0
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 respec- \u00a0
tive financial assets. \u00a0
(i) 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: financial assets of the Group mainly comprise of cash \u00a0
and bank balances, trade receivables 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 a forward-looking basis the expected credit losses associated \u00a0
with its financial assets carried at amortised cost. For trade and other receivables, the \u00a0
Group applied the simplified approach permitted by IFRS 9, which requires expected life- \u00a0
time losses to be recognised from initial recognition of the receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14597": {
"value": "EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Cost of sales \u00a0
Right-of-use asset depreciation \u00a0
14 \u00a0
235 \u00a0
30 \u00a0
-
Insurance \u00a0
2,754 \u00a0
1,573 \u00a0
1,933 \u00a0
Vessel depreciation \u00a0
13 \u00a0
53,696 \u00a0
22,484 \u00a0
21,664 \u00a0
Impairment of property, plant and equip- \u00a0
ment \u00a0
13 \u00a0
-
5,000 \u00a0
-
Crewing costs paid to a related party and \u00a0
an external party \u00a0
27 \u00a0
-
-
61 \u00a0
Offshore employee compensation \u00a0
6
32,285 \u00a0
15,921 \u00a0
13,089 \u00a0
Fuel and oil \u00a0
2,976 \u00a0
711 \u00a0
1,113 \u00a0
Maintenance \u00a0
7,886 \u00a0
5,121 \u00a0
4,039 \u00a0
Messing costs \u00a0
2,948 \u00a0
1,448 \u00a0
1,428 \u00a0
Seafarer travel \u00a0
7,110 \u00a0
2,835 \u00a0
2,589 \u00a0
Specific charter costs \u00a0
10,776 \u00a0
4,052 \u00a0
2,623 \u00a0
Utilities \u00a0
1,308 \u00a0
389 \u00a0
689 \u00a0
Other operating expenses \u00a0
2,254 \u00a0
294 \u00a0
309 \u00a0
Total cost of sales \u00a0
124,228 \u00a0
59,858 \u00a0
49,537 \u00a0
Specific charter costs include the release of a provision for an onerous contract, \u00a0
amounting to EUR 1.6 million, resulting from the favourable terms of the signed compen- \u00a0
sation agreement. \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Administrative expenses \u00a0
Depreciation and amortisation \u00a0
12, 13, 14 \u00a0
2,522 \u00a0
534 \u00a0
1,020 \u00a0
Onshore employee compensation \u00a0
6
33,132 \u00a0
18,889 \u00a0
9,905 \u00a0
Repair and maintenance expenses \u00a0
3,020 \u00a0
1,123 \u00a0
796 \u00a0
Legal and professional fees \u00a0
7,576 \u00a0
2,122 \u00a0
1,047 \u00a0
Transaction costs \u00a0
-
7,707 \u00a0
-
Rental expenses \u00a0
1,757 \u00a0
751 \u00a0
582 \u00a0
Travel expense \u00a0
1,988 \u00a0
985 \u00a0
612 \u00a0
Marketing and entertainment expenses \u00a0
1,283 \u00a0
602 \u00a0
788 \u00a0
Other expenses \u00a0
5,823 \u00a0
1,745 \u00a0
946 \u00a0
Total administrative expenses \u00a0
57,101 \u00a0
34,458 \u00a0
15,696 \u00a0
Transaction costs in 2023 include all costs related to the business combination with \u00a0
Eneti, such as advisory, legal and consulting fees, which are included in administrative \u00a0
expenses. \u00a0
Note 12 \u00a0
Intangible Assets \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
EUR'000 \u00a0
Software \u00a0
Goodwill \u00a0
Total \u00a0
Software \u00a0
Goodwill \u00a0
Total \u00a0
Software \u00a0
Cost \u00a0
Beginning of period \u00a0
693 \u00a0
16,707 \u00a0
17,400 \u00a0
662 \u00a0
-
662 \u00a0
434 \u00a0
Acquisition of businesses \u00a0
-
-
-
-
16,919 \u00a0
16,919 \u00a0
-
Additions \u00a0
410 \u00a0
-
410 \u00a0
31 \u00a0
-
31 \u00a0
228 \u00a0
Disposals \u00a0
(38) \u00a0
-
(38) \u00a0
-
-
-
-
Exchange differences \u00a0
4
1,056 \u00a0
1,060 \u00a0
-
(212) \u00a0
(212) \u00a0
-
31 December \u00a0
1,069 \u00a0
17,763 \u00a0
18,832 \u00a0
693 \u00a0
16,707 \u00a0
17,400 \u00a0
662 \u00a0
Accumulated depreciation \u00a0
Beginning of period \u00a0
453 \u00a0
-
453 \u00a0
243 \u00a0
-
243 \u00a0
32 \u00a0
Depreciation charge \u00a0
189 \u00a0
-
189 \u00a0
210 \u00a0
-
210 \u00a0
211 \u00a0
31 December \u00a0
642 \u00a0
-
642 \u00a0
453 \u00a0
-
453 \u00a0
243 \u00a0
Net book value \u00a0
427 \u00a0
17,763 \u00a0
18,190 \u00a0
240 \u00a0
16,707 \u00a0
16,947 \u00a0
419 \u00a0
Software additions during 2024 and 2023 are mainly related to developments of the \u00a0
Company\u2019s software solutions. \u00a0
Additions in 2022 primarily reflect developments of the Enterprise Resource Planning \u00a0
(ERP) system, as well as Vessel and Crew Management software. \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
Wind Peak and Scylla; and the maintenance of offshore wind turbine generators (O&MV) \u00a0
cash-generating unit, comprising Zaratan. \u00a0
Goodwill arising from the acquisition of Eneti is allocated to a single cash generating \u00a0
unit (CGU), being the transport and installation of offshore wind turbine generators and \u00a0
foundation installation vessels (WTGFIV) as it is from this CGU that the synergies are \u00a0
expected to arise. \u00a0
The Company has performed an impairment test on the Group\u2019s CGU. For more infor- \u00a0
mation related to impairment test please refer to Note 13. \u00a0
Note 13 \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 2024 \u00a0
Beginning of financial year \u00a0
566,360 \u00a0
9,135 \u00a0
979 \u00a0
571,745 \u00a0
1,148,219 \u00a0
Additions \u00a0
8,029 \u00a0
4,377 \u00a0
12,680 \u00a0
624,679 \u00a0
649,765 \u00a0
Transfer from assets under construction \u00a0
468,678 \u00a0
4,000 \u00a0
-
(472,678) \u00a0
-
Disposals \u00a0
(5,146) \u00a0
-
(306) \u00a0
-
(5,452) \u00a0
Exchange differences \u00a0
18,743 \u00a0
132 \u00a0
160 \u00a0
12,864 \u00a0
31,899 \u00a0
31 December 2024 \u00a0
1,056,664 \u00a0
17,644 \u00a0
13,513 \u00a0
736,610 \u00a0
1,824,431 \u00a0
Accumulated depreciation and impairment \u00a0
Beginning of financial year \u00a0
58,727 \u00a0
3,548 \u00a0
312 \u00a0
-
62,587 \u00a0
Depreciation charge \u00a0
50,571 \u00a0
3,125 \u00a0
1,166 \u00a0
-
54,862 \u00a0
Disposals \u00a0
(5,000) \u00a0
-
(306) \u00a0
-
(5,306) \u00a0
Exchange differences \u00a0
(179) \u00a0
(132) \u00a0
333 \u00a0
-
22 \u00a0
31 December 2024 \u00a0
104,119 \u00a0
6,541 \u00a0
1,505 \u00a0
-
112,165 \u00a0
Net book value \u00a0
952,545 \u00a0
11,103 \u00a0
12,008 \u00a0
736,610 \u00a0
1,712,266 \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
Accounting policies \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 up to 25 years has been estimated by an ex- \u00a0
ternal consultant through a determined fatigue analysis based on the technical specifi- \u00a0
cation of the vessels while for Wind Peak has been based on an internal technical analy- \u00a0
sis based on the technical specification of the vessel and validated by an external ex- \u00a0
pert. The estimated useful life of these vessels depends on initial delivery. \u00a0
Prior to their acquisition, Wind Orca and Wind Osprey, had already been in use for eight \u00a0
years, therefore the remaining useful life of the vessels is estimated at 17 years for all \u00a0
components except jacking system and main crane with a remaining useful life of three \u00a0
years from the acquisition of the vessels. For Scylla and Zaratan, their remaining useful \u00a0
lives at acquisition date were assessed to be 17 and 14 years respectively, and all compo- \u00a0
nents will have the same useful life. Hull and steel have a salvage value of up to EUR 15 \u00a0
million per vessel by the end of their useful life. Salvage value is estimated as the light- \u00a0
weight of each vessel multiplied by the scarp value per ton. Depreciation is based on \u00a0
costs less the estimated residual value. Residual value is estimated as the lightweight \u00a0
tonnage of each vessel multiplied by the scrap value per ton. \u00a0
More information can be found in Note 2.4 Material accounting judgements, estimates \u00a0
and assumptions with regards to 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
Leasehold \u00a0
Warehouse \u00a0
EUR'000 \u00a0
equipment \u00a0
facilities \u00a0
Office space \u00a0
Total \u00a0
Cost 2024 \u00a0
Beginning of financial year \u00a0
464 \u00a0
409 \u00a0
2,261 \u00a0
3,134 \u00a0
Additions \u00a0
-
10,864 \u00a0
10,864 \u00a0
Disposals \u00a0
(464) \u00a0
(429) \u00a0
-
(893) \u00a0
Exchange differences \u00a0
20 \u00a0
199 \u00a0
219 \u00a0
31 December 2023 \u00a0
-
-
13,324 \u00a0
13,324 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
464 \u00a0
24 \u00a0
1,673 \u00a0
2,161 \u00a0
Depreciation charge \u00a0
235 \u00a0
1,144 \u00a0
1,379 \u00a0
Disposals \u00a0
(464) \u00a0
(265) \u00a0
(729) \u00a0
Exchange differences \u00a0
6
170 \u00a0
176 \u00a0
31 December 2024 \u00a0
-
-
2,987 \u00a0
2,987 \u00a0
Carrying amount \u00a0
-
-
10,337 \u00a0
10,337 \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
Depreciation 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
Carrying amount \u00a0
-
385 \u00a0
588 \u00a0
973 \u00a0
Leasehold \u00a0
Office \u00a0
equipment \u00a0
space \u00a0
Total \u00a0
EUR'000 \u00a0
Cost 2022 \u00a0
Beginning of financial year \u00a0
-
1,572 \u00a0
1,572 \u00a0
Additions 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
Depreciation charge \u00a0
381 \u00a0
369 \u00a0
750 \u00a0
31 December 2022 \u00a0
381 \u00a0
1,477 \u00a0
1,858 \u00a0
Carrying amount \u00a0
83 \u00a0
204 \u00a0
287 \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Lease liabilities at 1 January (current and \u00a0
non-current lease) \u00a0
993 \u00a0
279 \u00a0
507 \u00a0
Acquisition of subsidiaries \u00a0
-
1,299 \u00a0
-
Additions during the year \u00a0
11,909 \u00a0
-
-
Exchange differences \u00a0
30 \u00a0
(16) \u00a0
-
Cash paid for lease obligations \u00a0
(1,961) \u00a0
(569) \u00a0
(228) \u00a0
Total lease liabilities at 31 December \u00a0
10,971 \u00a0
993 \u00a0
279 \u00a0
Current \u00a0
1,274 \u00a0
601 \u00a0
279 \u00a0
Non-current \u00a0
9,697 \u00a0
392 \u00a0
-
Accounting policies \u00a0
Right-of-Use Assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date on which the un- \u00a0
derlying 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 in- \u00a0
centive 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
Right-of-use assets are tested for impairment whenever there is any objective evidence \u00a0
or indication that these assets may be impaired. For more information related to impair- \u00a0
ment testing of assets please refer to Note 13. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14598": {
"value": "EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Cost of sales \u00a0
Right-of-use asset depreciation \u00a0
14 \u00a0
235 \u00a0
30 \u00a0
-
Insurance \u00a0
2,754 \u00a0
1,573 \u00a0
1,933 \u00a0
Vessel depreciation \u00a0
13 \u00a0
53,696 \u00a0
22,484 \u00a0
21,664 \u00a0
Impairment of property, plant and equip- \u00a0
ment \u00a0
13 \u00a0
-
5,000 \u00a0
-
Crewing costs paid to a related party and \u00a0
an external party \u00a0
27 \u00a0
-
-
61 \u00a0
Offshore employee compensation \u00a0
6
32,285 \u00a0
15,921 \u00a0
13,089 \u00a0
Fuel and oil \u00a0
2,976 \u00a0
711 \u00a0
1,113 \u00a0
Maintenance \u00a0
7,886 \u00a0
5,121 \u00a0
4,039 \u00a0
Messing costs \u00a0
2,948 \u00a0
1,448 \u00a0
1,428 \u00a0
Seafarer travel \u00a0
7,110 \u00a0
2,835 \u00a0
2,589 \u00a0
Specific charter costs \u00a0
10,776 \u00a0
4,052 \u00a0
2,623 \u00a0
Utilities \u00a0
1,308 \u00a0
389 \u00a0
689 \u00a0
Other operating expenses \u00a0
2,254 \u00a0
294 \u00a0
309 \u00a0
Total cost of sales \u00a0
124,228 \u00a0
59,858 \u00a0
49,537 \u00a0
Specific charter costs include the release of a provision for an onerous contract, \u00a0
amounting to EUR 1.6 million, resulting from the favourable terms of the signed compen- \u00a0
sation agreement. \u00a0
Note 28 \u00a0
Commitments and Pledges \u00a0
Lease commitments \u00a0
The future minimum lease payables under non-cancellable low value and short-term \u00a0
leases contracted for at the balance sheet date but not recognised as liabilities are as \u00a0
follows: \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Not later than one year \u00a0
117 \u00a0
1,090 \u00a0
53 \u00a0
Between one and five years \u00a0
219 \u00a0
4,984 \u00a0
9
336 \u00a0
6,074 \u00a0
62 \u00a0
As of 31 December 2023, the Company\u2019s lease commitments included tenure of the new \u00a0
headquarters. These commitments were reflected on the balance sheet starting in Q1 \u00a0
2024 as 'Right-of-Use Assets' and 'Lease Liabilities' in accordance with IFRS 16. \u00a0
Pledge of Fixed Assets \u00a0
The Green Corporate Facility detailed in Note 25 is secured by, inter alia, a first priority \u00a0
mortgage over the Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR \u00a0
639 million carrying amount, see Note 13), first priority assignment of the earnings of the \u00a0
vessel owning entities, including certain change of control provisions which are similar to \u00a0
those included in the P-Class Facility. \u00a0
The P-Class facility, detailed in Note 25, is secured by a first priority mortgage over the P- \u00a0
Class newbuilds, first priority assignments of the insurances and earnings of the P-Class \u00a0
newbuilds by Cadeler and the two borrowers and contain customary financial and other \u00a0
covenants, \u00a0
including certain change of control provisions. There will be a change of control under \u00a0
the P-Class Facility if any person or group of persons acting in concert (other than Swire \u00a0
Pacific 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
Pace Limited (formerly referred as to N1063 Ltd ) or Wind N1064 Limited ceases to be a \u00a0
wholly owned (direct or indirect) subsidiary of Cadeler. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
In April 2024, the remaining payments were made upon completion of the upgrade pro- \u00a0
ject for the new cranes. \u00a0
Commitments on newbuilds vessels: \u00a0
As of 31 December 2024 \u00a0
Millions \u00a0
P-Class \u00a0
M-Class \u00a0
A-Class \u00a0
Total \u00a0
Contract amount in EUR \u00a0
220 \u00a0
-
299 \u00a0
519 \u00a0
Contract amount in USD \u00a0
390 \u00a0
655 \u00a0
794 \u00a0
1,839 \u00a0
Total Contract amount translated to EUR \u00a0
581 \u00a0
618 \u00a0
1,062 \u00a0
2,261 \u00a0
Commitment amount in EUR \u00a0
-
-
105 \u00a0
105 \u00a0
Commitment amount in USD \u00a0
193 \u00a0
425 \u00a0
724 \u00a0
1,342 \u00a0
Remaining commitment translated to \u00a0
EUR \u00a0
185 \u00a0
409 \u00a0
801 \u00a0
1,395 \u00a0
Maturity of total payments are disclosed in note 23. \u00a0
P-Class vessels \u00a0
Since 30 June 2021, the Company had a contract with COSCO SHIPPING Heavy Industry \u00a0
CO. Ltd. (\u201cCOSCO\u201d) to build two new P-Class WTIVs. On 14 August 2024, Wind Peak has \u00a0
been delivered and the final instalments were made upon delivery. \u00a0
The total sum of the contract for the two P-Class Vessels was approximately EUR 581 \u00a0
million, of which EUR 137 million was paid in 2021, EUR 14 million was paid in 2023 and \u00a0
EUR 245 million was paid in 2024. Of the total contract value, USD 390 million is to be \u00a0
paid (or has been paid) in USD and EUR 220 million has been paid in EUR. The remaining \u00a0
scheduled payments will fall due in 2025, upon delivery. \u00a0
A-Class vessels \u00a0
On 9 May 2022 and 22 November 2022, the Company signed contracts with COSCO \u00a0
SHIPPING Heavy Industry to build a total of two new A-Class foundation installation ves- \u00a0
sel. In May 2024, the Company signed an additional contract with COSCO to build the \u00a0
third A-Class Wind Foundation Installation Vessel (WFIV). \u00a0
The total sum of the contracts for the three vessels are approximately EUR 1.1 billion, of \u00a0
which approximately a total of EUR 167 million was paid in 2022 and EUR 94 million was \u00a0
paid in 2024. The remaining amounts are due in 2025, 2026 and 2027 with expected de- \u00a0
livery in Q3/Q4 2025, Q3 2026 and Q2 2027. \u00a0
Of the total contract value, USD 794 million is to be paid (or has been paid)
in USD and \u00a0
EUR 299 million is to be paid (or has been paid) in EUR. \u00a0
M-Class vessels \u00a0
The Company, due to the business combination with Eneti, is under contract with \u00a0
Hanwha for the construction of two next generation offshore WTIVs. \u00a0
The total sum of the contracts is approximately EUR 618 million, of which of which EUR \u00a0
29.6 million, EUR 59.4 million, EUR 29.3 million and EUR 91.7 million were paid in 2021, \u00a0
2022, 2023 and 2024, respectively. The remaining scheduled payments will fall in 2025 \u00a0
with expected delivery for Wind Mover in the fourth quarter of 2025 while Wind Maker \u00a0
was delivered on schedule in January 2025. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14604": {
"value": "EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Administrative expenses \u00a0
Depreciation and amortisation \u00a0
12, 13, 14 \u00a0
2,522 \u00a0
534 \u00a0
1,020 \u00a0
Onshore employee compensation \u00a0
6
33,132 \u00a0
18,889 \u00a0
9,905 \u00a0
Repair and maintenance expenses \u00a0
3,020 \u00a0
1,123 \u00a0
796 \u00a0
Legal and professional fees \u00a0
7,576 \u00a0
2,122 \u00a0
1,047 \u00a0
Transaction costs \u00a0
-
7,707 \u00a0
-
Rental expenses \u00a0
1,757 \u00a0
751 \u00a0
582 \u00a0
Travel expense \u00a0
1,988 \u00a0
985 \u00a0
612 \u00a0
Marketing and entertainment expenses \u00a0
1,283 \u00a0
602 \u00a0
788 \u00a0
Other expenses \u00a0
5,823 \u00a0
1,745 \u00a0
946 \u00a0
Total administrative expenses \u00a0
57,101 \u00a0
34,458 \u00a0
15,696 \u00a0
Transaction costs in 2023 include all costs related to the business combination with \u00a0
Eneti, such as advisory, legal and consulting fees, which are included in administrative \u00a0
expenses. \u00a0
Note 6 \u00a0
Employee compensation \u00a0
Onshore - presented within administrative expenses \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries \u00a0
29,340 \u00a0
16,957 \u00a0
8,873 \u00a0
Employer's contribution to defined contribution plans \u00a0
1,635 \u00a0
847 \u00a0
502 \u00a0
Share based payment expense \u00a0
7
1,662 \u00a0
1,134 \u00a0
352 \u00a0
Other short-term benefits \u00a0
495 \u00a0
611 \u00a0
178 \u00a0
Total onshore employee compensation \u00a0
33,132 \u00a0
19,549 \u00a0
9,905 \u00a0
Average number of full time employees \u00a0
242 \u00a0
113 \u00a0
70 \u00a0
As of 31 December 2023, employee compensation includes EUR 660 thousand related to \u00a0
bonus paid, included in transaction cost. For more information refer to Note 4, adminis- \u00a0
trative expenses. \u00a0
Accounting policies \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. \u00a0
Offshore - presented within cost of sales \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries \u00a0
30,043 \u00a0
14,056 \u00a0
11,693 \u00a0
Employer's contribution to defined contribution plans \u00a0
2,059 \u00a0
1,124 \u00a0
1,082 \u00a0
Other short-term benefits \u00a0
183 \u00a0
741 \u00a0
314 \u00a0
Total offshore employee compensation \u00a0
32,285 \u00a0
15,921 \u00a0
13,089 \u00a0
Average number of full time employees \u00a0
364 \u00a0
182 \u00a0
162 \u00a0
Total \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries \u00a0
59,383 \u00a0
31,013 \u00a0
20,566 \u00a0
Employer's contribution to defined contribution plans \u00a0
3,694 \u00a0
1,971 \u00a0
1,584 \u00a0
Share based payment expense \u00a0
7
1,662 \u00a0
1,134 \u00a0
352 \u00a0
Other short-term benefits \u00a0
678 \u00a0
1,352 \u00a0
492 \u00a0
Total employee compensation \u00a0
65,417 \u00a0
35,470 \u00a0
22,994 \u00a0
Average number of full time employees \u00a0
606 \u00a0
295 \u00a0
232 \u00a0
Number of employees at the end of the reporting pe- \u00a0
riod \u00a0
659 \u00a0
570 \u00a0
232 \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 reflects the number of \u00a0
employees in Eneti divided by 12 months. Eneti had 99 onshore full time employees and \u00a0
176 seafarers by the end of 2023. \u00a0
Labour costs related to certain employees who are working on the management of the \u00a0
newbuilding process have been capitalised. These capitalised costs amounted to EUR \u00a0
2.7 million in 2024, EUR 1.1 million in 2023 and EUR 900 thousands in 2022 and are recog- \u00a0
nised under assets under construction. \u00a0
Note 7 \u00a0
Long term incentive programmes \u00a0
The following share-based long-term incentive programmes were in place as of 31 De- \u00a0
cember 2024: \u00a0
(i) In January 2022, the Executive Management and select employees were granted from \u00a0
10,393 to 55,430 Restricted Share Units (RSU) which fully vested and were issued in July \u00a0
2024. The total fair value of the RSU allocation is calculated based on the Company's \u00a0
closing share price on Nasdaq Copenhagen A/S on the day of grant, and the value is \u00a0
EUR 394 thousand (EUR 3.3 per RSU). The expense recognised in profit and loss for the \u00a0
year amounts to EUR 53 thousand (EUR 143 thousand in 2023; EUR 157 thousand in \u00a0
2022). \u00a0
(ii) In January 2022, the Executive Management and select employees were granted from \u00a0
10,393 to 55,430 Options in Cadeler shares, which fully
vested in May 2024 and expire in \u00a0
April 2027. The strike price ranged from NOK 36.02 to NOK 38.42, depending on the exer- \u00a0
cise period. The fair value of these options was EUR 160 thousand (EUR 1.3 per RSU) as \u00a0
determined at grant date using the Black-Scholes model. The expense recognised in \u00a0
profit and loss for the year amounts to EUR 13 thousand (EUR 62 thousand in 2023; EUR \u00a0
69 thousand in 2022). The average remaining contractual life for the options as of 31 De- \u00a0
cember 2024 is 2.3 years. \u00a0
For the programmes described in (i) and (ii) above, the annualised volatility of the shares \u00a0
of 48.1% is based on the historical volatility of the price of shares, annual risk-free inter- \u00a0
est rate of 1%, dividend yield of zero, expected life until expiration date and average \u00a0
share price of EUR 3.7. \u00a0
(iii) In May 2022, the Executive Management and select employees were granted from \u00a0
43,420 to 221,719 Options in Cadeler shares, which will vest in May 2025 and expire in \u00a0
May 2028. The strike price will be NOK 40.24 and is conditional upon continued employ- \u00a0
ment at Cadeler. The fair value of these options is EUR 761 thousand (EUR 1.3 per RSU) \u00a0
as determined at grant date using the Black-Scholes model. The expense recognised in \u00a0
profit and loss for the year amounts to EUR 237 thousand (EUR 237 thousand in 2023; \u00a0
EUR 114 thousand in 2022). The average remaining contractual life for the options as per \u00a0
31 December 2024 is 3.3 years. The annualised volatility of the shares of 42.5% is based \u00a0
on the historical volatility of the price of shares, annual risk-free interest rate of 2.8%, div- \u00a0
idend yield of zero, expected life until expiration date and average share price of EUR 3.7. \u00a0
(iv) In January 2023, the Executive Management and select 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 at Cadeler. The fair value of the RSU\u2019s is EUR 1.2 mil- \u00a0
lion (EUR 3.0 per RSU) as determined at grant date using the Black-Scholes model. The \u00a0
expense recognised in profit and loss for the year amounts to EUR 468 thousand (EUR \u00a0
498 thousand in 2023). The average remaining contractual life as of 31 December 2024 is \u00a0
0.5 years. The average share price is NOK 36.56. \u00a0
(v) In August 2023, the Executive Management and select employees were granted from \u00a0
88,920 to 385,320 Options in Cadeler shares which will vest in August 2026 and expire in \u00a0
August 2029. The strike price will be NOK 45.49 and vesting is conditional upon contin- \u00a0
ued employment at Cadeler. The fair value of these options is EUR 2.2 million (EUR 1.8 \u00a0
per option) as determined at grant date using the Black-Scholes model. The expense \u00a0
recognised in profit and loss for the year amounts to EUR 419 thousand (EUR 250 thou- \u00a0
sand in 2023). The average remaining contractual life of the options as of 31 December \u00a0
2024 is 4.5 years.
The annualised volatility of the shares of 61.0% is based on the histori- \u00a0
cal volatility of the price of shares, annual risk-free interest rate of 2.68%, dividend yield \u00a0
of zero, expected life until expiration date and average share price of EUR 3.7. \u00a0
(vi) In May 2024, the Executive Management was granted a total of 193.011 Restricted \u00a0
Share Units, which will vest at the end of May 2027. The RSU\u2019s expire at the end of May \u00a0
2030 and are conditional upon continued employment at Cadeler.
The fair value of the \u00a0
RSU\u2019s is EUR 1.1 million (EUR 5.6 per RSU) as determined at grant date using the Black- \u00a0
Scholes model. The expense recognised in profit and loss for the year amounts to EUR \u00a0
206 thousand. The average remaining contractual life as of 31 December 2024 is 5.4 \u00a0
years. The average share price used is NOK 64.2. \u00a0
(vii) In May 2024, the Executive Management and select employees were granted from \u00a0
140.372 to 245.651 Options in Cadeler shares, which will vest at the end of May 2027 and \u00a0
expire at the end of May 2030. The strike price will be NOK 74.32 and vesting is condi- \u00a0
tional upon continued employment at Cadeler. The fair value of these options is EUR 1.4 \u00a0
million (EUR 1.4 per option) as determined at grant date using the Black-Scholes model. \u00a0
The expense recognised in profit and loss for the year amounts to EUR 265 thousand. \u00a0
The average remaining contractual life of the options as of 31 December 2024 is 5.4 \u00a0
years. The
annualised volatility of the shares of 31.2% is based on the historical volatility \u00a0
of the price of shares, annual risk-free interest rate of 3.63%, dividend yield of zero, ex- \u00a0
pected life until expiration date, and average share price of NOK 64.2. \u00a0
Accounting policies \u00a0
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
2024 \u00a0
2023 \u00a0
2022 \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
Outstanding instruments - \u00a0
Options \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \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
967,029 \u00a0
3.47 \u00a0
894,123 \u00a0
3.46 \u00a0
344,589 \u00a0
3.16 \u00a0
330,963 \u00a0
3.15 \u00a0
-
-
-
-
Granted during the year \u00a0
386,023 \u00a0
6.24 \u00a0
631,674 \u00a0
6.24 \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
-
3.03 \u00a0
(38,108) \u00a0
-
-
-
-
-
-
-
-
-
Expired during the year \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Outstanding at 31 December \u00a0
1,353,052 \u00a0
4.39 \u00a0
1,487,689 \u00a0
4.76 \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
2024 \u00a0
2023 \u00a0
2022 \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
Outstanding instruments - \u00a0
RSU \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \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
245,126 \u00a0
-
271,327 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
-
-
-
-
Granted during the year \u00a0
193.011 \u00a0
-
-
-
189,696 \u00a0
-
205,504 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
Forfeited during the year \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Exercised during the year \u00a0
(55,430) \u00a0
-
(65,823) \u00a0
-
-
-
-
-
-
-
-
-
Expired during the year \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Outstanding at 31 December \u00a0
382,707 \u00a0
-
205,504 \u00a0
-
245,126 \u00a0
-
271,327 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
1EUR Weighted average exercise price (WAEP). \u00a0
Note 8 \u00a0
Board of Directors and Executive Management Compensation \u00a0
2024 \u00a0
2023 \u00a0
2022 \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
334 \u00a0
1,050 \u00a0
1,384 \u00a0
183 \u00a0
850 \u00a0
1,033 \u00a0
180 \u00a0
683 \u00a0
863 \u00a0
Share based payment \u00a0
-
957 \u00a0
957 \u00a0
-
588 \u00a0
588 \u00a0
-
173 \u00a0
173 \u00a0
Other short-term benefits \u00a0
-
41 \u00a0
41 \u00a0
-
55 \u00a0
55 \u00a0
-
36 \u00a0
36 \u00a0
Cash bonus \u00a0
-
1,197 \u00a0
1,197 \u00a0
-
1,155 \u00a0
1,155 \u00a0
-
482 \u00a0
482 \u00a0
Total management compensation \u00a0
334 \u00a0
3,245 \u00a0
3,579 \u00a0
183 \u00a0
2,648 \u00a0
2,831 \u00a0
180 \u00a0
1,374 \u00a0
1,554 \u00a0
Executive Management \u00a0
Executive Management means the members of the Executive Management which are \u00a0
registered with the Danish business authority and who also have the authority and re- \u00a0
sponsibility for the planning, directing and controlling activities of the Company as de- \u00a0
fined by IAS 24. As such, Executive Management is considered Chief Operating Decision \u00a0
Makers (CODM) as defined by IFRS 8. \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 2022, 2023 and 2024. \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
On 23 April 2024, Jesper T. Lok left the Board of Directors and Colette Cohen was \u00a0
elected to serve a two year term through the 2026 AGM. \u00a0
On 11 November 2024, Thomas Thune Andersen was elected as a new member of the \u00a0
Board of Directors. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14605": {
"value": "EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Administrative expenses \u00a0
Depreciation and amortisation \u00a0
12, 13, 14 \u00a0
2,522 \u00a0
534 \u00a0
1,020 \u00a0
Onshore employee compensation \u00a0
6
33,132 \u00a0
18,889 \u00a0
9,905 \u00a0
Repair and maintenance expenses \u00a0
3,020 \u00a0
1,123 \u00a0
796 \u00a0
Legal and professional fees \u00a0
7,576 \u00a0
2,122 \u00a0
1,047 \u00a0
Transaction costs \u00a0
-
7,707 \u00a0
-
Rental expenses \u00a0
1,757 \u00a0
751 \u00a0
582 \u00a0
Travel expense \u00a0
1,988 \u00a0
985 \u00a0
612 \u00a0
Marketing and entertainment expenses \u00a0
1,283 \u00a0
602 \u00a0
788 \u00a0
Other expenses \u00a0
5,823 \u00a0
1,745 \u00a0
946 \u00a0
Total administrative expenses \u00a0
57,101 \u00a0
34,458 \u00a0
15,696 \u00a0
Transaction costs in 2023 include all costs related to the business combination with \u00a0
Eneti, such as advisory, legal and consulting fees, which are included in administrative \u00a0
expenses. \u00a0
Note 27 \u00a0
Related Party Transactions \u00a0
The following significant transactions took place between the Company and related par- \u00a0
ties within the BW Group, Scorpio Holdings and Swire Pacific Offshore Holdings Group at \u00a0
terms agreed between the parties: \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Purchases of services from related parties \u00a0
(8,260) \u00a0
(9,216) \u00a0
(8,047) \u00a0
BW Group Limited (including subsidiaries) \u00a0
(7,121) \u00a0
(9,199) \u00a0
(7,932) \u00a0
Scorpio Holdings Limited (including subsid- \u00a0
iaries) \u00a0
(1,139) \u00a0
(17) \u00a0
-
Swire Pacific Offshore Holdings Group \u00a0
-
-
(115) \u00a0
Receivables from related parties at reported \u00a0
period \u00a0
214 \u00a0
592 \u00a0
-
Scorpio Holdings Limited (including subsid- \u00a0
iaries) \u00a0
214 \u00a0
592 \u00a0
-
Payables to related parties at reported pe- \u00a0
riod \u00a0
223 \u00a0
162 \u00a0
89 \u00a0
BW Group Limited (including subsidiaries) \u00a0
181 \u00a0
10 \u00a0
89 \u00a0
Scorpio Holdings Limited (including subsid- \u00a0
iaries) \u00a0
42 \u00a0
152 \u00a0
-
Related party transactions over the reporting period are primarily linked to guarantee \u00a0
fees 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. For information on remuneration paid to members of the Cadeler Board \u00a0
and Executive Management, refer to Note 8. \u00a0
Group\u2019s Related Party Transactions \u00a0
Members of Cadeler\u2019s Executive Management and its board of directors, as well as their \u00a0
respective close family members and entities controlled by them or over which they \u00a0
have significant influence are considered related parties of Cadeler. BW Altor Pte. Ltd. \u00a0
(\u201cBW Altor\u201d) and Scorpio Holdings Limited (\u201cScorpio Holdings\u201d), and certain of their re- \u00a0
spective affiliates are considered related parties as they are deemed to be controlled by, \u00a0
or under the significant influence of, Andreas Sohmen-Pao and Emanuele Lauro (each \u00a0
members of Cadeler\u2019s board of directors), respectively. For the financial year 2022, Swire \u00a0
Pacific Limited (\u201cSwire Pacific\u201d) was considered a related party of Cadeler in light of its \u00a0
significant ownership stake and the fact that one of its employees served as a director \u00a0
on the Cadeler board of directors but, for accounting purposes, with effect from 1 Janu- \u00a0
ary 2023, Cadeler has no longer considered Swire Pacific to be a related party due to its \u00a0
reduced ownership percentage and the fact that it is no longer represented on Cadeler\u2019s \u00a0
board of directors. \u00a0
For the financial years ended 31 December 2024, 2023 and 2022, there were no material \u00a0
transactions between Cadeler or any company of the Cadeler Group and BW Altor, Scor- \u00a0
pio Holdings and/or Swire Pacific (or their respective affiliates) other than the transac- \u00a0
tions 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 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 Oslo stock exchange. The amount paid to BW Altor pursuant to such \u00a0
share lending 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
On 27 May 2024, additional guarantees were provided in respect of the sums owed by \u00a0
Cadeler pursuant to the recently ordered third A-Class vessel. \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
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
\u2013
Cadeler had an obligation to indemnify Swire Pacific Offshore Operations Pte Ltd. \u00a0
for any liabilities incurred by Swire Pacific Offshore Operations Pte Ltd. in per- \u00a0
forming its obligations under the performance guarantees or in respect of any \u00a0
payments made under the bank guarantees; and \u00a0
\u2013
Cadeler had an obligation to pay Swire Pacific Offshore Operations Pte Ltd. an \u00a0
arm\u2019s length fee for each guarantee issued and procured respectively by Swire \u00a0
Pacific Offshore Operations Pte Ltd. in favour of Cadeler\u2019s customers. \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. The pools are owned by Scorpio Holdings which is con- \u00a0
sidered a related party. \u00a0
Note 29 \u00a0
Group Information \u00a0
The consolidated financial statements of the Group include the following subsidiaries, \u00a0
which are all wholly 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 Pace Ltd (formerly referred to as N1063 Ltd) \u00a0
Cyprus \u00a0
Wind N1064 Ltd \u00a0
Cyprus \u00a0
Wind Maker Ltd (formerly referred to as Seajacks 1 Ltd) \u00a0
UK \u00a0
Wind Mover Ltd (formerly referred to as Seajacks 5 Ltd) \u00a0
UK \u00a0
Wind Scylla Ltd (formerly referred to as Seajacks 5 Ltd) \u00a0
UK \u00a0
Seajacks 3 Japan LLC \u00a0
Japan \u00a0
Trading and Operations \u00a0
Cadeler UK Ltd (formerly referred to as 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
Cadeler Crewing Services Ltd (formerly referred to as Seajacks Crew- \u00a0
ing 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
Cadeler Holdings Ltd (formerly referred to as 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
Cadeler International Ltd (formerly referred to as Seajacks Interna- \u00a0
tional Ltd) \u00a0
UK \u00a0
Dormant entities \u00a0
Seajacks 2 Ltd \u00a0
UK \u00a0
Seajacks 3 Ltd \u00a0
UK \u00a0
Seajacks 7 Limited \u00a0
UK \u00a0
Seajacks 8 Limited \u00a0
UK \u00a0
SBI Chartering and Trading Ltd \u00a0
Marshall Islands \u00a0
SBI Macarena 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 Taurus Shipping Company Ltd \u00a0
Marshall Islands \u00a0
During 2024, several entities were dissolved: \u00a0
Entities \u00a0
Country \u00a0
Dormant entities \u00a0
Scorpio SALT LLC \u00a0
USA \u00a0
Bulk Run-Off Company Ltd \u00a0
Marshall Islands \u00a0
Windpower Alpha Ltd \u00a0
Marshall Islands \u00a0
Windpower Bravo Ltd \u00a0
Marshall Islands \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
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 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
Entities \u00a0
Country \u00a0
Dormant entities (continuation) \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
SBI Lynx Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Lyra Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Mazurka Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Phoenix 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 Sousta Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Tethys Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Zeus Shipping Company Ltd \u00a0
Marshall Islands \u00a0
Crawford Path LLC \u00a0
Delaware \u00a0
During 2024, several entities were dissolved: \u00a0
Entities \u00a0
Country \u00a0
Dormant entities (continuation) \u00a0
Scorpio Salt LLC \u00a0
Delaware \u00a0
SBI Maia Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Orion Shipping Company Ltd \u00a0
Marshall Islands \u00a0
SBI Phoebe 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 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 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 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 Zumba Shipping Company Ltd \u00a0
Marshall Islands \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14611": {
"value": "Accounting policies \u00a0
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
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
Lease liabilities \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
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
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 low-value leases. Lease pay- \u00a0
ments relating to these leases are expensed to profit or loss on a straight-line basis over \u00a0
the lease term. Short-term and low-value leases consists of cars, coffee machines, office \u00a0
premises and AV equipment. \u00a0
Accounting policies \u00a0
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 respec- \u00a0
tive financial assets. \u00a0
(i) 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: financial assets of the Group mainly comprise of cash \u00a0
and bank balances, trade receivables and other current assets. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14617": {
"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
2024 \u00a0
2023 \u00a0
2022 \u00a0
Statutory audit \u00a0
2,016 \u00a0
474 \u00a0
125 \u00a0
Other assurance services \u00a0
264 \u00a0
1,608 \u00a0
-
Tax services \u00a0
9
2
105 \u00a0
Other services \u00a0
22 \u00a0
606 \u00a0
51 \u00a0
Total \u00a0
2,311 \u00a0
2,690 \u00a0
281 \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. For 2024, the fee includes services related \u00a0
to issuance of audit reporting on the design and operating effectiveness of the compa- \u00a0
ny's internal controls over financial reporting (SOX404b). \u00a0
Other assurance services consist of review of interim financial information and, for 2023, \u00a0
include PCAOB re-audits for 2021 and 2022, as well as assurance reports in respect of \u00a0
pro-forma financial information in connection with regulatory filings. \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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14621": {
"value": "Note 5 \u00a0
Net other Operating Income and Ex- \u00a0
penses \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Other operating income \u00a0
2,286 \u00a0
3,000 \u00a0
-
Other operating expenses \u00a0
(251) \u00a0
(2,863) \u00a0
-
Net other operating income and expenses \u00a0
2,035 \u00a0
137 \u00a0
-
Other operating income and expenses for 2024 primarily consist of management fees \u00a0
earned from the operation of third-party vessels. \u00a0
Other operating income and expenses for 2023 includes the net gain from the sale of the \u00a0
main cranes and spare parts of both O-Class vessels. The contract signed for the sale of \u00a0
both main cranes states a purchase price of EUR 1.5 million for each main crane. In the \u00a0
case of Wind Orca, the carrying amount of the main crane had been written down, re- \u00a0
flecting the value that was expected from the disposal of the assets. Thus, an impair- \u00a0
ment loss of EUR 5 million was reflected in the statement of profit and loss. The Osprey \u00a0
main crane had been kept at its carrying amount since there was a gain from the dis- \u00a0
posal. The sale of both main cranes is driven by the main crane upgrades to the O-Class \u00a0
vessels. \u00a0
Accounting policies \u00a0
Other operating income and expenses, include transactions not related to the opera- \u00a0
tions of the Group, such as, gains and losses on sale of non-current assets, and is gener- \u00a0
ally recognised when it is probable that the benefits and losses associated with the \u00a0
transaction will flow to the Company and if the significant risks and rewards have been \u00a0
transferred to the buyer (generally when the transaction is finalised). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14622": {
"value": "Note 5 \u00a0
Net other Operating Income and Ex- \u00a0
penses \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Other operating income \u00a0
2,286 \u00a0
3,000 \u00a0
-
Other operating expenses \u00a0
(251) \u00a0
(2,863) \u00a0
-
Net other operating income and expenses \u00a0
2,035 \u00a0
137 \u00a0
-
Other operating income and expenses for 2024 primarily consist of management fees \u00a0
earned from the operation of third-party vessels. \u00a0
Other operating income and expenses for 2023 includes the net gain from the sale of the \u00a0
main cranes and spare parts of both O-Class vessels. The contract signed for the sale of \u00a0
both main cranes states a purchase price of EUR 1.5 million for each main crane. In the \u00a0
case of Wind Orca, the carrying amount of the main crane had been written down, re- \u00a0
flecting the value that was expected from the disposal of the assets. Thus, an impair- \u00a0
ment loss of EUR 5 million was reflected in the statement of profit and loss. The Osprey \u00a0
main crane had been kept at its carrying amount since there was a gain from the dis- \u00a0
posal. The sale of both main cranes is driven by the main crane upgrades to the O-Class \u00a0
vessels. \u00a0
Accounting policies \u00a0
Other operating income and expenses, include transactions not related to the opera- \u00a0
tions of the Group, such as, gains and losses on sale of non-current assets, and is gener- \u00a0
ally recognised when it is probable that the benefits and losses associated with the \u00a0
transaction will flow to the Company and if the significant risks and rewards have been \u00a0
transferred to the buyer (generally when the transaction is finalised). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14623": {
"value": "Note 5 \u00a0
Net other Operating Income and Ex- \u00a0
penses \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Other operating income \u00a0
2,286 \u00a0
3,000 \u00a0
-
Other operating expenses \u00a0
(251) \u00a0
(2,863) \u00a0
-
Net other operating income and expenses \u00a0
2,035 \u00a0
137 \u00a0
-
Other operating income and expenses for 2024 primarily consist of management fees \u00a0
earned from the operation of third-party vessels. \u00a0
Other operating income and expenses for 2023 includes the net gain from the sale of the \u00a0
main cranes and spare parts of both O-Class vessels. The contract signed for the sale of \u00a0
both main cranes states a purchase price of EUR 1.5 million for each main crane. In the \u00a0
case of Wind Orca, the carrying amount of the main crane had been written down, re- \u00a0
flecting the value that was expected from the disposal of the assets. Thus, an impair- \u00a0
ment loss of EUR 5 million was reflected in the statement of profit and loss. The Osprey \u00a0
main crane had been kept at its carrying amount since there was a gain from the dis- \u00a0
posal. The sale of both main cranes is driven by the main crane upgrades to the O-Class \u00a0
vessels. \u00a0
Accounting policies \u00a0
Other operating income and expenses, include transactions not related to the opera- \u00a0
tions of the Group, such as, gains and losses on sale of non-current assets, and is gener- \u00a0
ally recognised when it is probable that the benefits and losses associated with the \u00a0
transaction will flow to the Company and if the significant risks and rewards have been \u00a0
transferred to the buyer (generally when the transaction is finalised). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14636": {
"value": "Note 6 \u00a0
Employee compensation \u00a0
Onshore - presented within administrative expenses \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries \u00a0
29,340 \u00a0
16,957 \u00a0
8,873 \u00a0
Employer's contribution to defined contribution plans \u00a0
1,635 \u00a0
847 \u00a0
502 \u00a0
Share based payment expense \u00a0
7
1,662 \u00a0
1,134 \u00a0
352 \u00a0
Other short-term benefits \u00a0
495 \u00a0
611 \u00a0
178 \u00a0
Total onshore employee compensation \u00a0
33,132 \u00a0
19,549 \u00a0
9,905 \u00a0
Average number of full time employees \u00a0
242 \u00a0
113 \u00a0
70 \u00a0
As of 31 December 2023, employee compensation includes EUR 660 thousand related to \u00a0
bonus paid, included in transaction cost. For more information refer to Note 4, adminis- \u00a0
trative expenses. \u00a0
Offshore - presented within cost of sales \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries \u00a0
30,043 \u00a0
14,056 \u00a0
11,693 \u00a0
Employer's contribution to defined contribution plans \u00a0
2,059 \u00a0
1,124 \u00a0
1,082 \u00a0
Other short-term benefits \u00a0
183 \u00a0
741 \u00a0
314 \u00a0
Total offshore employee compensation \u00a0
32,285 \u00a0
15,921 \u00a0
13,089 \u00a0
Average number of full time employees \u00a0
364 \u00a0
182 \u00a0
162 \u00a0
Total \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries \u00a0
59,383 \u00a0
31,013 \u00a0
20,566 \u00a0
Employer's contribution to defined contribution plans \u00a0
3,694 \u00a0
1,971 \u00a0
1,584 \u00a0
Share based payment expense \u00a0
7
1,662 \u00a0
1,134 \u00a0
352 \u00a0
Other short-term benefits \u00a0
678 \u00a0
1,352 \u00a0
492 \u00a0
Total employee compensation \u00a0
65,417 \u00a0
35,470 \u00a0
22,994 \u00a0
Average number of full time employees \u00a0
606 \u00a0
295 \u00a0
232 \u00a0
Number of employees at the end of the reporting pe- \u00a0
riod \u00a0
659 \u00a0
570 \u00a0
232 \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 reflects the number of \u00a0
employees in Eneti divided by 12 months. Eneti had 99 onshore full time employees and \u00a0
176 seafarers by the end of 2023. \u00a0
Labour costs related to certain employees who are working on the management of the \u00a0
newbuilding process have been capitalised. These capitalised costs amounted to EUR \u00a0
2.7 million in 2024, EUR 1.1 million in 2023 and EUR 900 thousands in 2022 and are recog- \u00a0
nised under assets under construction. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14643": {
"value": "Accounting policies \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. \u00a0
Accounting policies \u00a0
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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14660": {
"value": "Note 7 \u00a0
Long term incentive programmes \u00a0
The following share-based long-term incentive programmes were in place as of 31 De- \u00a0
cember 2024: \u00a0
(i) In January 2022, the Executive Management and select employees were granted from \u00a0
10,393 to 55,430 Restricted Share Units (RSU) which fully vested and were issued in July \u00a0
2024. The total fair value of the RSU allocation is calculated based on the Company's \u00a0
closing share price on Nasdaq Copenhagen A/S on the day of grant, and the value is \u00a0
EUR 394 thousand (EUR 3.3 per RSU). The expense recognised in profit and loss for the \u00a0
year amounts to EUR 53 thousand (EUR 143 thousand in 2023; EUR 157 thousand in \u00a0
2022). \u00a0
(ii) In January 2022, the Executive Management and select employees were granted from \u00a0
10,393 to 55,430 Options in Cadeler shares, which fully
vested in May 2024 and expire in \u00a0
April 2027. The strike price ranged from NOK 36.02 to NOK 38.42, depending on the exer- \u00a0
cise period. The fair value of these options was EUR 160 thousand (EUR 1.3 per RSU) as \u00a0
determined at grant date using the Black-Scholes model. The expense recognised in \u00a0
profit and loss for the year amounts to EUR 13 thousand (EUR 62 thousand in 2023; EUR \u00a0
69 thousand in 2022). The average remaining contractual life for the options as of 31 De- \u00a0
cember 2024 is 2.3 years. \u00a0
For the programmes described in (i) and (ii) above, the annualised volatility of the shares \u00a0
of 48.1% is based on the historical volatility of the price of shares, annual risk-free inter- \u00a0
est rate of 1%, dividend yield of zero, expected life until expiration date and average \u00a0
share price of EUR 3.7. \u00a0
(iii) In May 2022, the Executive Management and select employees were granted from \u00a0
43,420 to 221,719 Options in Cadeler shares, which will vest in May 2025 and expire in \u00a0
May 2028. The strike price will be NOK 40.24 and is conditional upon continued employ- \u00a0
ment at Cadeler. The fair value of these options is EUR 761 thousand (EUR 1.3 per RSU) \u00a0
as determined at grant date using the Black-Scholes model. The expense recognised in \u00a0
profit and loss for the year amounts to EUR 237 thousand (EUR 237 thousand in 2023; \u00a0
EUR 114 thousand in 2022). The average remaining contractual life for the options as per \u00a0
31 December 2024 is 3.3 years. The annualised volatility of the shares of 42.5% is based \u00a0
on the historical volatility of the price of shares, annual risk-free interest rate of 2.8%, div- \u00a0
idend yield of zero, expected life until expiration date and average share price of EUR 3.7. \u00a0
(iv) In January 2023, the Executive Management and select 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 at Cadeler. The fair value of the RSU\u2019s is EUR 1.2 mil- \u00a0
lion (EUR 3.0 per RSU) as determined at grant date using the Black-Scholes model. The \u00a0
expense recognised in profit and loss for the year amounts to EUR 468 thousand (EUR \u00a0
498 thousand in 2023). The average remaining contractual life as of 31 December 2024 is \u00a0
0.5 years. The average share price is NOK 36.56. \u00a0
(v) In August 2023, the Executive Management and select employees were granted from \u00a0
88,920 to 385,320 Options in Cadeler shares which will vest in August 2026 and expire in \u00a0
August 2029. The strike price will be NOK 45.49 and vesting is conditional upon contin- \u00a0
ued employment at Cadeler. The fair value of these options is EUR 2.2 million (EUR 1.8 \u00a0
per option) as determined at grant date using the Black-Scholes model. The expense \u00a0
recognised in profit and loss for the year amounts to EUR 419 thousand (EUR 250 thou- \u00a0
sand in 2023). The average remaining contractual life of the options as of 31 December \u00a0
2024 is 4.5 years.
The annualised volatility of the shares of 61.0% is based on the histori- \u00a0
cal volatility of the price of shares, annual risk-free interest rate of 2.68%, dividend yield \u00a0
of zero, expected life until expiration date and average share price of EUR 3.7. \u00a0
(vi) In May 2024, the Executive Management was granted a total of 193.011 Restricted \u00a0
Share Units, which will vest at the end of May 2027. The RSU\u2019s expire at the end of May \u00a0
2030 and are conditional upon continued employment at Cadeler.
The fair value of the \u00a0
RSU\u2019s is EUR 1.1 million (EUR 5.6 per RSU) as determined at grant date using the Black- \u00a0
Scholes model. The expense recognised in profit and loss for the year amounts to EUR \u00a0
206 thousand. The average remaining contractual life as of 31 December 2024 is 5.4 \u00a0
years. The average share price used is NOK 64.2. \u00a0
(vii) In May 2024, the Executive Management and select employees were granted from \u00a0
140.372 to 245.651 Options in Cadeler shares, which will vest at the end of May 2027 and \u00a0
expire at the end of May 2030. The strike price will be NOK 74.32 and vesting is condi- \u00a0
tional upon continued employment at Cadeler. The fair value of these options is EUR 1.4 \u00a0
million (EUR 1.4 per option) as determined at grant date using the Black-Scholes model. \u00a0
The expense recognised in profit and loss for the year amounts to EUR 265 thousand. \u00a0
The average remaining contractual life of the options as of 31 December 2024 is 5.4 \u00a0
years. The
annualised volatility of the shares of 31.2% is based on the historical volatility \u00a0
of the price of shares, annual risk-free interest rate of 3.63%, dividend yield of zero, ex- \u00a0
pected life until expiration date, and average share price of NOK 64.2. \u00a0
Accounting policies \u00a0
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
2024 \u00a0
2023 \u00a0
2022 \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
Outstanding instruments - \u00a0
Options \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \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
967,029 \u00a0
3.47 \u00a0
894,123 \u00a0
3.46 \u00a0
344,589 \u00a0
3.16 \u00a0
330,963 \u00a0
3.15 \u00a0
-
-
-
-
Granted during the year \u00a0
386,023 \u00a0
6.24 \u00a0
631,674 \u00a0
6.24 \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
-
3.03 \u00a0
(38,108) \u00a0
-
-
-
-
-
-
-
-
-
Expired during the year \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Outstanding at 31 December \u00a0
1,353,052 \u00a0
4.39 \u00a0
1,487,689 \u00a0
4.76 \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
2024 \u00a0
2023 \u00a0
2022 \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
Outstanding instruments - \u00a0
RSU \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \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
245,126 \u00a0
-
271,327 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
-
-
-
-
Granted during the year \u00a0
193.011 \u00a0
-
-
-
189,696 \u00a0
-
205,504 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
Forfeited during the year \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Exercised during the year \u00a0
(55,430) \u00a0
-
(65,823) \u00a0
-
-
-
-
-
-
-
-
-
Expired during the year \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Outstanding at 31 December \u00a0
382,707 \u00a0
-
205,504 \u00a0
-
245,126 \u00a0
-
271,327 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
1EUR Weighted average exercise price (WAEP). \u00a0
Note 8 \u00a0
Board of Directors and Executive Management Compensation \u00a0
2024 \u00a0
2023 \u00a0
2022 \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
334 \u00a0
1,050 \u00a0
1,384 \u00a0
183 \u00a0
850 \u00a0
1,033 \u00a0
180 \u00a0
683 \u00a0
863 \u00a0
Share based payment \u00a0
-
957 \u00a0
957 \u00a0
-
588 \u00a0
588 \u00a0
-
173 \u00a0
173 \u00a0
Other short-term benefits \u00a0
-
41 \u00a0
41 \u00a0
-
55 \u00a0
55 \u00a0
-
36 \u00a0
36 \u00a0
Cash bonus \u00a0
-
1,197 \u00a0
1,197 \u00a0
-
1,155 \u00a0
1,155 \u00a0
-
482 \u00a0
482 \u00a0
Total management compensation \u00a0
334 \u00a0
3,245 \u00a0
3,579 \u00a0
183 \u00a0
2,648 \u00a0
2,831 \u00a0
180 \u00a0
1,374 \u00a0
1,554 \u00a0
Executive Management \u00a0
Executive Management means the members of the Executive Management which are \u00a0
registered with the Danish business authority and who also have the authority and re- \u00a0
sponsibility for the planning, directing and controlling activities of the Company as de- \u00a0
fined by IAS 24. As such, Executive Management is considered Chief Operating Decision \u00a0
Makers (CODM) as defined by IFRS 8. \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 2022, 2023 and 2024. \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
On 23 April 2024, Jesper T. Lok left the Board of Directors and Colette Cohen was \u00a0
elected to serve a two year term through the 2026 AGM. \u00a0
On 11 November 2024, Thomas Thune Andersen was elected as a new member of the \u00a0
Board of Directors. \u00a0
Share premium reserve signifies the capital contributed by investors exceeding the nom- \u00a0
inal value of the shares issued, net of any incremental costs directly associated with the \u00a0
issuance of new shares. \u00a0
Own equity instruments that are reacquired (treasury shares) are recognised at cost and \u00a0
deducted from equity. No gain or loss is recognised in profit or loss on the purchase, \u00a0
sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference be- \u00a0
tween the carrying amount and the consideration, if reissued, is recognised in equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14662": {
"value": "Note 7 \u00a0
Long term incentive programmes \u00a0
The following share-based long-term incentive programmes were in place as of 31 De- \u00a0
cember 2024: \u00a0
(i) In January 2022, the Executive Management and select employees were granted from \u00a0
10,393 to 55,430 Restricted Share Units (RSU) which fully vested and were issued in July \u00a0
2024. The total fair value of the RSU allocation is calculated based on the Company's \u00a0
closing share price on Nasdaq Copenhagen A/S on the day of grant, and the value is \u00a0
EUR 394 thousand (EUR 3.3 per RSU). The expense recognised in profit and loss for the \u00a0
year amounts to EUR 53 thousand (EUR 143 thousand in 2023; EUR 157 thousand in \u00a0
2022). \u00a0
(ii) In January 2022, the Executive Management and select employees were granted from \u00a0
10,393 to 55,430 Options in Cadeler shares, which fully
vested in May 2024 and expire in \u00a0
April 2027. The strike price ranged from NOK 36.02 to NOK 38.42, depending on the exer- \u00a0
cise period. The fair value of these options was EUR 160 thousand (EUR 1.3 per RSU) as \u00a0
determined at grant date using the Black-Scholes model. The expense recognised in \u00a0
profit and loss for the year amounts to EUR 13 thousand (EUR 62 thousand in 2023; EUR \u00a0
69 thousand in 2022). The average remaining contractual life for the options as of 31 De- \u00a0
cember 2024 is 2.3 years. \u00a0
For the programmes described in (i) and (ii) above, the annualised volatility of the shares \u00a0
of 48.1% is based on the historical volatility of the price of shares, annual risk-free inter- \u00a0
est rate of 1%, dividend yield of zero, expected life until expiration date and average \u00a0
share price of EUR 3.7. \u00a0
(iii) In May 2022, the Executive Management and select employees were granted from \u00a0
43,420 to 221,719 Options in Cadeler shares, which will vest in May 2025 and expire in \u00a0
May 2028. The strike price will be NOK 40.24 and is conditional upon continued employ- \u00a0
ment at Cadeler. The fair value of these options is EUR 761 thousand (EUR 1.3 per RSU) \u00a0
as determined at grant date using the Black-Scholes model. The expense recognised in \u00a0
profit and loss for the year amounts to EUR 237 thousand (EUR 237 thousand in 2023; \u00a0
EUR 114 thousand in 2022). The average remaining contractual life for the options as per \u00a0
31 December 2024 is 3.3 years. The annualised volatility of the shares of 42.5% is based \u00a0
on the historical volatility of the price of shares, annual risk-free interest rate of 2.8%, div- \u00a0
idend yield of zero, expected life until expiration date and average share price of EUR 3.7. \u00a0
(iv) In January 2023, the Executive Management and select 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 at Cadeler. The fair value of the RSU\u2019s is EUR 1.2 mil- \u00a0
lion (EUR 3.0 per RSU) as determined at grant date using the Black-Scholes model. The \u00a0
expense recognised in profit and loss for the year amounts to EUR 468 thousand (EUR \u00a0
498 thousand in 2023). The average remaining contractual life as of 31 December 2024 is \u00a0
0.5 years. The average share price is NOK 36.56. \u00a0
(v) In August 2023, the Executive Management and select employees were granted from \u00a0
88,920 to 385,320 Options in Cadeler shares which will vest in August 2026 and expire in \u00a0
August 2029. The strike price will be NOK 45.49 and vesting is conditional upon contin- \u00a0
ued employment at Cadeler. The fair value of these options is EUR 2.2 million (EUR 1.8 \u00a0
per option) as determined at grant date using the Black-Scholes model. The expense \u00a0
recognised in profit and loss for the year amounts to EUR 419 thousand (EUR 250 thou- \u00a0
sand in 2023). The average remaining contractual life of the options as of 31 December \u00a0
2024 is 4.5 years.
The annualised volatility of the shares of 61.0% is based on the histori- \u00a0
cal volatility of the price of shares, annual risk-free interest rate of 2.68%, dividend yield \u00a0
of zero, expected life until expiration date and average share price of EUR 3.7. \u00a0
(vi) In May 2024, the Executive Management was granted a total of 193.011 Restricted \u00a0
Share Units, which will vest at the end of May 2027. The RSU\u2019s expire at the end of May \u00a0
2030 and are conditional upon continued employment at Cadeler.
The fair value of the \u00a0
RSU\u2019s is EUR 1.1 million (EUR 5.6 per RSU) as determined at grant date using the Black- \u00a0
Scholes model. The expense recognised in profit and loss for the year amounts to EUR \u00a0
206 thousand. The average remaining contractual life as of 31 December 2024 is 5.4 \u00a0
years. The average share price used is NOK 64.2. \u00a0
(vii) In May 2024, the Executive Management and select employees were granted from \u00a0
140.372 to 245.651 Options in Cadeler shares, which will vest at the end of May 2027 and \u00a0
expire at the end of May 2030. The strike price will be NOK 74.32 and vesting is condi- \u00a0
tional upon continued employment at Cadeler. The fair value of these options is EUR 1.4 \u00a0
million (EUR 1.4 per option) as determined at grant date using the Black-Scholes model. \u00a0
The expense recognised in profit and loss for the year amounts to EUR 265 thousand. \u00a0
The average remaining contractual life of the options as of 31 December 2024 is 5.4 \u00a0
years. The
annualised volatility of the shares of 31.2% is based on the historical volatility \u00a0
of the price of shares, annual risk-free interest rate of 3.63%, dividend yield of zero, ex- \u00a0
pected life until expiration date, and average share price of NOK 64.2. \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
Outstanding instruments - \u00a0
Options \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \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
967,029 \u00a0
3.47 \u00a0
894,123 \u00a0
3.46 \u00a0
344,589 \u00a0
3.16 \u00a0
330,963 \u00a0
3.15 \u00a0
-
-
-
-
Granted during the year \u00a0
386,023 \u00a0
6.24 \u00a0
631,674 \u00a0
6.24 \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
-
3.03 \u00a0
(38,108) \u00a0
-
-
-
-
-
-
-
-
-
Expired during the year \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Outstanding at 31 December \u00a0
1,353,052 \u00a0
4.39 \u00a0
1,487,689 \u00a0
4.76 \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
2024 \u00a0
2023 \u00a0
2022 \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
Executive \u00a0
Other \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
management \u00a0
employees \u00a0
Outstanding instruments - \u00a0
RSU \u00a0
Number \u00a0
WAEP\u00b9 \u00a0
Number \u00a0
WAEP\u00b9 \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
245,126 \u00a0
-
271,327 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
-
-
-
-
Granted during the year \u00a0
193.011 \u00a0
-
-
-
189,696 \u00a0
-
205,504 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
Forfeited during the year \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Exercised during the year \u00a0
(55,430) \u00a0
-
(65,823) \u00a0
-
-
-
-
-
-
-
-
-
Expired during the year \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Outstanding at 31 December \u00a0
382,707 \u00a0
-
205,504 \u00a0
-
245,126 \u00a0
-
271,327 \u00a0
-
55,430 \u00a0
-
65,823 \u00a0
-
1EUR Weighted average exercise price (WAEP). \u00a0
Note 8 \u00a0
Board of Directors and Executive Management Compensation \u00a0
2024 \u00a0
2023 \u00a0
2022 \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
334 \u00a0
1,050 \u00a0
1,384 \u00a0
183 \u00a0
850 \u00a0
1,033 \u00a0
180 \u00a0
683 \u00a0
863 \u00a0
Share based payment \u00a0
-
957 \u00a0
957 \u00a0
-
588 \u00a0
588 \u00a0
-
173 \u00a0
173 \u00a0
Other short-term benefits \u00a0
-
41 \u00a0
41 \u00a0
-
55 \u00a0
55 \u00a0
-
36 \u00a0
36 \u00a0
Cash bonus \u00a0
-
1,197 \u00a0
1,197 \u00a0
-
1,155 \u00a0
1,155 \u00a0
-
482 \u00a0
482 \u00a0
Total management compensation \u00a0
334 \u00a0
3,245 \u00a0
3,579 \u00a0
183 \u00a0
2,648 \u00a0
2,831 \u00a0
180 \u00a0
1,374 \u00a0
1,554 \u00a0
Executive Management \u00a0
Executive Management means the members of the Executive Management which are \u00a0
registered with the Danish business authority and who also have the authority and re- \u00a0
sponsibility for the planning, directing and controlling activities of the Company as de- \u00a0
fined by IAS 24. As such, Executive Management is considered Chief Operating Decision \u00a0
Makers (CODM) as defined by IFRS 8. \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 2022, 2023 and 2024. \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
On 23 April 2024, Jesper T. Lok left the Board of Directors and Colette Cohen was \u00a0
elected to serve a two year term through the 2026 AGM. \u00a0
On 11 November 2024, Thomas Thune Andersen was elected as a new member of the \u00a0
Board of Directors. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14675": {
"value": "Accounting policies \u00a0
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
Share premium reserve signifies the capital contributed by investors exceeding the nom- \u00a0
inal value of the shares issued, net of any incremental costs directly associated with the \u00a0
issuance of new shares. \u00a0
Own equity instruments that are reacquired (treasury shares) are recognised at cost and \u00a0
deducted from equity. No gain or loss is recognised in profit or loss on the purchase, \u00a0
sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference be- \u00a0
tween the carrying amount and the consideration, if reissued, is recognised in equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14686": {
"value": "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
2024 \u00a0
2023 \u00a0
2022 \u00a0
Derivative assets measured at fair value \u00a0
Interest from IRS recycled through OCI \u00a0
228 \u00a0
-
-
Interest rate swap \u00a0
1,287 \u00a0
338 \u00a0
3,013 \u00a0
FX forward contracts \u00a0
6,849 \u00a0
-
-
FX Option collars \u00a0
4,764 \u00a0
-
-
Time value of FX Option collars through OCI \u00a0
5,340 \u00a0
-
-
Derivatives ineffective hedges \u00a0
-
-
363 \u00a0
Total derivative assets \u00a0
18,468 \u00a0
338 \u00a0
3,376 \u00a0
Derivative liabilities measured at fair value \u00a0
Interest rate swap \u00a0
16,231 \u00a0
11,789 \u00a0
287 \u00a0
FX forward contracts \u00a0
-
5,338 \u00a0
1,821 \u00a0
FX Option collars \u00a0
-
810 \u00a0
-
Time value of FX Option collars through OCI \u00a0
209 \u00a0
3,621 \u00a0
-
Derivatives ineffective hedges \u00a0
(26) \u00a0
403 \u00a0
-
Total derivative liabilities \u00a0
16,414 \u00a0
21,961 \u00a0
2,108 \u00a0
As of 31 December 2024, the fair value of the derivative assets amounted to EUR 18,468 \u00a0
thousand (2023: EUR 338 thousand; 2022: EUR 3,376 thousand) and derivative liabilities \u00a0
amounted to 16,414 thousand (2023: EUR 21,961 thousand; 2022: EUR 2,108 thousand). \u00a0
The variation primarily reflects reduced expectations for rate cuts following persistent in- \u00a0
flation and solid economic data, which led to higher rates and a stronger USD. \u00a0
As of 31 December 2024, derivatives measured at fair value through profit or loss \u00a0
amounted to EUR 26 thousand gain (2023: EUR 403 thousand loss; 2022: EUR 363 thou- \u00a0
sand gain). \u00a0
The fair value hierarchy for the above derivative financial instruments is Level 2. \u00a0
Note 24 \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 item\u2019s 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 than the hedge item\u2019s notional value. The main score of ineffective- \u00a0
ness arises from the timing of the delivery of the vessels. The delivery of the vessels will \u00a0
expose the Group to several market risks, related to foreign currency risks and interest \u00a0
rate risk. The fair value adjustment of the derivatives is recognised in other comprehen- \u00a0
sive 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
2024 \u00a0
2023 \u00a0
2022 \u00a0
Fair Value change of Cash flow hedges \u00a0
Cumulative fair value change at 1 January \u00a0
(21,559) \u00a0
1,343 \u00a0
-
Fair value adjustment at year-end, net \u00a0
13,079 \u00a0
(18,505) \u00a0
905 \u00a0
Items recycled at year-end, net \u00a0
1,527 \u00a0
(776) \u00a0
438 \u00a0
Time value adjustment at year-end, net \u00a0
8,752 \u00a0
(3,621) \u00a0
-
Cumulative fair value change at 31 December \u00a0
1,799 \u00a0
(21,559) \u00a0
1,343 \u00a0
The fair value of cash flow hedges at 31 December \u00a0
can be specified as follows: \u00a0
Interest rate risk hedging \u00a0
(14,945) \u00a0
(11,790) \u00a0
3,163 \u00a0
Foreign currency risk hedging \u00a0
11,612 \u00a0
(6,148) \u00a0
(1,820) \u00a0
Foreign currency risk hedging - time value \u00a0
5,132 \u00a0
(3,621) \u00a0
-
Cumulative fair value change at 31 December \u00a0
1,799 \u00a0
(21,559) \u00a0
1,343 \u00a0
Interest rate risk \u00a0
The Group entered into interest rate swap contracts with its main bank and related these \u00a0
to the Green Corporate Facility, P-Class facility and future loans to finance the purchase \u00a0
of the newbuilds. More details can be found in Note 25 with regard to of the current debt \u00a0
facilities of the Group related to the interest rate swaps. \u00a0
The interest rate risk arising from the loans has been partially swapped from 3M EURI- \u00a0
BOR to a fixed rate. The credit facilities expand the exposure of the Group to changes in \u00a0
the 3M EURIBOR rate. \u00a0
The average fixed rate of the swaps is 2.78% (2023: 2.81%; 2022: 2.82%). \u00a0
Another portion of the exposure has been hedged by entering into interest rate swap \u00a0
contracts with cap and floor. The average fixed rate of the cap/floor swaps falls between \u00a0
2.0% and 2.1%. \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 entering \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
Less \u00a0
Between \u00a0
Between \u00a0
than 1 \u00a0
1 and 2 \u00a0
2 and 5
More than \u00a0
Notional amount \u00a0
EUR\u2019000 \u00a0
year \u00a0
years \u00a0
years \u00a0
5 years \u00a0
Asset \u00a0
Liability \u00a0
2024 \u00a0
IRS \u2013 EURIBOR \u00a0
3M \u00a0
-
-
355,117 \u00a0
455,625 \u00a0
1,286 \u00a0
(16,231) \u00a0
2023 \u00a0
IRS \u2013 EURIBOR \u00a0
3M \u00a0
-
-
555,000 \u00a0
-
-
(11,790) \u00a0
2022 \u00a0
IRS \u2013 EURIBOR \u00a0
3M \u00a0
-
-
469,375 \u00a0
-
3,451 \u00a0
(288) \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Movements in the hedging reserve \u00a0
Beginning of year \u00a0
(11,790) \u00a0
3,163 \u00a0
-
Fair value adjustment for the year \u00a0
(3,265) \u00a0
(14,177) \u00a0
2,725 \u00a0
Items recycled for the year \u00a0
110 \u00a0
(776) \u00a0
438 \u00a0
End of year \u00a0
(14,945) \u00a0
(11,790) \u00a0
3,163 \u00a0
Foreign currency risk hedging \u00a0
As a result of the contracts signed with Cosco and Hanwha for the construction of the \u00a0
Newbuilds, the Group is exposed to change in foreign exchange currency risk due to the \u00a0
instalments being in USD whereas the functional currency is EUR. The last instalments \u00a0
shall be payable upon delivery of the vessels. \u00a0
The currency exposure arising from the contracts has been swapped to EUR at an aver- \u00a0
age USD:EUR rate of 0. 9107 (0.9187 for both 2023 and 2022). \u00a0
Another portion of the exposure to fluctuations in the future exchange rate has been \u00a0
hedged by entering into zero cost collar contracts, securing an average USD:EUR rate of \u00a0
between 0.8779 and 0.9428. As of 31 December 2024, the total coverage effectively miti- \u00a0
gates around 40% on average of the Group\u2019s foreign exchange risk for the upcoming \u00a0
USD instalments for the new P, M 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 entering \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
2024 \u00a0
FX forward contracts \u00a0
104,545 \u00a0
55,398 \u00a0
-
6,849 \u00a0
-
Option collars \u00a0
300,000 \u00a0
100,000 \u00a0
-
10,104 \u00a0
(209) \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
2024 \u00a0
2023 \u00a0
2022 \u00a0
Movements in the hedging reserve \u00a0
Beginning of year \u00a0
(9,769) \u00a0
(1,820) \u00a0
-
Fair value adjustment for the year - FX forward con- \u00a0
tracts \u00a0
10,771 \u00a0
(3,518) \u00a0
(1,820) \u00a0
Fair value adjustment for the year - Option collars \u00a0
5,573 \u00a0
(810) \u00a0
-
Items recycled for the year \u00a0
1,417 \u00a0
-
-
Time value adjustment for the year \u00a0
8,752 \u00a0
(3,621) \u00a0
-
End of year \u00a0
16,744 \u00a0
(9,769) \u00a0
(1,820) \u00a0
Accounting policies \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 derivative as- \u00a0
sets, when the fair value is positive and as financial liabilities, presented under derivative \u00a0
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 result 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 transactions result in income or expense, \u00a0
amounts deferred under equity are transferred from equity to the statement of profit and \u00a0
loss in the same item as the hedged transaction as a reclassification adjustment. Fur- \u00a0
ther, the entity may transfer the cumulative fair value change recognised within equity \u00a0
upon derecognition of the hedged item. \u00a0
Changes in the fair value of derivative financial instruments not designated as hedges \u00a0
are recognised in the statement of profit and loss. Certain borrowing facilities when un- \u00a0
drawn do not qualify for hedge accounting. Changes in the fair value of these derivative \u00a0
financial instruments are therefore recognised in the statement of profit and loss under \u00a0
\u201cFinancial income\u201d or \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. Cost of hedg- \u00a0
ing reserves include the time value of options. These costs are recognised separately in \u00a0
Other Comprehensive Income (OCI) and are amortised over the life of the hedging instru- \u00a0
ment, in accordance with the specific hedging relationship. If the hedge is discontinued, \u00a0
any unamortised cost of hedge is recognised immediately in profit or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14722": {
"value": "Note 9 \u00a0
Financial Income and Expenses \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Foreign currency gain \u00a0
1,511 \u00a0
109 \u00a0
3,424 \u00a0
Fair value change of derivative (ineffectiveness) \u00a0
428 \u00a0
-
363 \u00a0
Interest income \u00a0
3,294 \u00a0
1,432 \u00a0
244 \u00a0
Financial income \u00a0
5,233 \u00a0
1,541 \u00a0
4,031 \u00a0
Total interest paid in 2024 as per Consolidated Statement of Cash Flows amounts to \u00a0
EUR 19.7 million (2023: EUR 7.1 million; 2022: EUR 4.2 million), which has been capitalised \u00a0
to Property, Plant and Equipment. For more information refer to Note 13. Interest linked \u00a0
to debt liabilities include EUR 2.4 million (2023: EUR 1.9 million; 2022: EUR 0.9 million) due \u00a0
to write off of loan fees related to previous debt facilities. Additionally in 2023,
EUR 1.0 \u00a0
million from the amendment to prior debt facility in June 2023. \u00a0
Accounting policies \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 recognised using the effective interest rate. \u00a0
The effective interest rate is the discount rate that is used to discount expected future \u00a0
cash payments or receipts through the expected life of the financial asset or financial lia- \u00a0
bility to the amortised cost (the carrying value) of such asset or liability. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14723": {
"value": "Note 9 \u00a0
Financial Income and Expenses \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Foreign currency gain \u00a0
1,511 \u00a0
109 \u00a0
3,424 \u00a0
Fair value change of derivative (ineffectiveness) \u00a0
428 \u00a0
-
363 \u00a0
Interest income \u00a0
3,294 \u00a0
1,432 \u00a0
244 \u00a0
Financial income \u00a0
5,233 \u00a0
1,541 \u00a0
4,031 \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Interest expense \u00a0
- Interest linked to debt liabilities \u00a0
2,368 \u00a0
2,851 \u00a0
1,351 \u00a0
- Interest with related parties \u00a0
-
-
157 \u00a0
Guarantee charges \u00a0
581 \u00a0
-
-
Fair value change of derivative (ineffectiveness) \u00a0
-
765 \u00a0
-
Lease liabilities \u00a0
428 \u00a0
25 \u00a0
21 \u00a0
Foreign currency loss \u00a0
3,322 \u00a0
389 \u00a0
7,834 \u00a0
Bank fees \u00a0
501 \u00a0
456 \u00a0
318 \u00a0
Financial expenses \u00a0
7,200 \u00a0
4,486 \u00a0
9,681 \u00a0
Total interest paid in 2024 as per Consolidated Statement of Cash Flows amounts to \u00a0
EUR 19.7 million (2023: EUR 7.1 million; 2022: EUR 4.2 million), which has been capitalised \u00a0
to Property, Plant and Equipment. For more information refer to Note 13. Interest linked \u00a0
to debt liabilities include EUR 2.4 million (2023: EUR 1.9 million; 2022: EUR 0.9 million) due \u00a0
to write off of loan fees related to previous debt facilities. Additionally in 2023,
EUR 1.0 \u00a0
million from the amendment to prior debt facility in June 2023. \u00a0
Accounting policies \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 recognised using the effective interest rate. \u00a0
The effective interest rate is the discount rate that is used to discount expected future \u00a0
cash payments or receipts through the expected life of the financial asset or financial lia- \u00a0
bility to the amortised cost (the carrying value) of such asset or liability. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14724": {
"value": "Note 9 \u00a0
Financial Income and Expenses \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Interest expense \u00a0
- Interest linked to debt liabilities \u00a0
2,368 \u00a0
2,851 \u00a0
1,351 \u00a0
- Interest with related parties \u00a0
-
-
157 \u00a0
Guarantee charges \u00a0
581 \u00a0
-
-
Fair value change of derivative (ineffectiveness) \u00a0
-
765 \u00a0
-
Lease liabilities \u00a0
428 \u00a0
25 \u00a0
21 \u00a0
Foreign currency loss \u00a0
3,322 \u00a0
389 \u00a0
7,834 \u00a0
Bank fees \u00a0
501 \u00a0
456 \u00a0
318 \u00a0
Financial expenses \u00a0
7,200 \u00a0
4,486 \u00a0
9,681 \u00a0
Total interest paid in 2024 as per Consolidated Statement of Cash Flows amounts to \u00a0
EUR 19.7 million (2023: EUR 7.1 million; 2022: EUR 4.2 million), which has been capitalised \u00a0
to Property, Plant and Equipment. For more information refer to Note 13. Interest linked \u00a0
to debt liabilities include EUR 2.4 million (2023: EUR 1.9 million; 2022: EUR 0.9 million) due \u00a0
to write off of loan fees related to previous debt facilities. Additionally in 2023,
EUR 1.0 \u00a0
million from the amendment to prior debt facility in June 2023. \u00a0
Accounting policies \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 recognised using the effective interest rate. \u00a0
The effective interest rate is the discount rate that is used to discount expected future \u00a0
cash payments or receipts through the expected life of the financial asset or financial lia- \u00a0
bility to the amortised cost (the carrying value) of such asset or liability. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14725": {
"value": "Note 9 \u00a0
Financial Income and Expenses \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Foreign currency gain \u00a0
1,511 \u00a0
109 \u00a0
3,424 \u00a0
Fair value change of derivative (ineffectiveness) \u00a0
428 \u00a0
-
363 \u00a0
Interest income \u00a0
3,294 \u00a0
1,432 \u00a0
244 \u00a0
Financial income \u00a0
5,233 \u00a0
1,541 \u00a0
4,031 \u00a0
Accounting policies \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 recognised using the effective interest rate. \u00a0
The effective interest rate is the discount rate that is used to discount expected future \u00a0
cash payments or receipts through the expected life of the financial asset or financial lia- \u00a0
bility to the amortised cost (the carrying value) of such asset or liability. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14726": {
"value": "Note 9 \u00a0
Financial Income and Expenses \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Foreign currency gain \u00a0
1,511 \u00a0
109 \u00a0
3,424 \u00a0
Fair value change of derivative (ineffectiveness) \u00a0
428 \u00a0
-
363 \u00a0
Interest income \u00a0
3,294 \u00a0
1,432 \u00a0
244 \u00a0
Financial income \u00a0
5,233 \u00a0
1,541 \u00a0
4,031 \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Interest expense \u00a0
- Interest linked to debt liabilities \u00a0
2,368 \u00a0
2,851 \u00a0
1,351 \u00a0
- Interest with related parties \u00a0
-
-
157 \u00a0
Guarantee charges \u00a0
581 \u00a0
-
-
Fair value change of derivative (ineffectiveness) \u00a0
-
765 \u00a0
-
Lease liabilities \u00a0
428 \u00a0
25 \u00a0
21 \u00a0
Foreign currency loss \u00a0
3,322 \u00a0
389 \u00a0
7,834 \u00a0
Bank fees \u00a0
501 \u00a0
456 \u00a0
318 \u00a0
Financial expenses \u00a0
7,200 \u00a0
4,486 \u00a0
9,681 \u00a0
Total interest paid in 2024 as per Consolidated Statement of Cash Flows amounts to \u00a0
EUR 19.7 million (2023: EUR 7.1 million; 2022: EUR 4.2 million), which has been capitalised \u00a0
to Property, Plant and Equipment. For more information refer to Note 13. Interest linked \u00a0
to debt liabilities include EUR 2.4 million (2023: EUR 1.9 million; 2022: EUR 0.9 million) due \u00a0
to write off of loan fees related to previous debt facilities. Additionally in 2023,
EUR 1.0 \u00a0
million from the amendment to prior debt facility in June 2023. \u00a0
Accounting policies \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 recognised using the effective interest rate. \u00a0
The effective interest rate is the discount rate that is used to discount expected future \u00a0
cash payments or receipts through the expected life of the financial asset or financial lia- \u00a0
bility to the amortised cost (the carrying value) of such asset or liability. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14743": {
"value": "Accounting policies \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 recognised using the effective interest rate. \u00a0
The effective interest rate is the discount rate that is used to discount expected future \u00a0
cash payments or receipts through the expected life of the financial asset or financial lia- \u00a0
bility to the amortised cost (the carrying value) of such asset or liability. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14744": {
"value": "Accounting policies \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 recognised using the effective interest rate. \u00a0
The effective interest rate is the discount rate that is used to discount expected future \u00a0
cash payments or receipts through the expected life of the financial asset or financial lia- \u00a0
bility to the amortised cost (the carrying value) of such asset or liability. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14729": {
"value": "EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Foreign currency gain \u00a0
1,511 \u00a0
109 \u00a0
3,424 \u00a0
Fair value change of derivative (ineffectiveness) \u00a0
428 \u00a0
-
363 \u00a0
Interest income \u00a0
3,294 \u00a0
1,432 \u00a0
244 \u00a0
Financial income \u00a0
5,233 \u00a0
1,541 \u00a0
4,031 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14732": {
"value": "EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Interest expense \u00a0
- Interest linked to debt liabilities \u00a0
2,368 \u00a0
2,851 \u00a0
1,351 \u00a0
- Interest with related parties \u00a0
-
-
157 \u00a0
Guarantee charges \u00a0
581 \u00a0
-
-
Fair value change of derivative (ineffectiveness) \u00a0
-
765 \u00a0
-
Lease liabilities \u00a0
428 \u00a0
25 \u00a0
21 \u00a0
Foreign currency loss \u00a0
3,322 \u00a0
389 \u00a0
7,834 \u00a0
Bank fees \u00a0
501 \u00a0
456 \u00a0
318 \u00a0
Financial expenses \u00a0
7,200 \u00a0
4,486 \u00a0
9,681 \u00a0
Total interest paid in 2024 as per Consolidated Statement of Cash Flows amounts to \u00a0
EUR 19.7 million (2023: EUR 7.1 million; 2022: EUR 4.2 million), which has been capitalised \u00a0
to Property, Plant and Equipment. For more information refer to Note 13. Interest linked \u00a0
to debt liabilities include EUR 2.4 million (2023: EUR 1.9 million; 2022: EUR 0.9 million) due \u00a0
to write off of loan fees related to previous debt facilities. Additionally in 2023,
EUR 1.0 \u00a0
million from the amendment to prior debt facility in June 2023. \u00a0
Accounting policies \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 recognised using the effective interest rate. \u00a0
The effective interest rate is the discount rate that is used to discount expected future \u00a0
cash payments or receipts through the expected life of the financial asset or financial lia- \u00a0
bility to the amortised cost (the carrying value) of such asset or liability. \u00a0
Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
428 \u00a0
25 \u00a0
21 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Short-term lease expense \u00a0
477 \u00a0
180 \u00a0
53 \u00a0
Total cash outflow for all leases in 2024, 2023 and 2022 were EUR 1,152 thousand, EUR \u00a0
283 thousand and EUR 728 thousand respectively, excluding variable lease fee (refer to \u00a0
Note 24). Please refer to Note 28 for disclosure on lease commitments. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14733": {
"value": "EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Interest expense \u00a0
- Interest linked to debt liabilities \u00a0
2,368 \u00a0
2,851 \u00a0
1,351 \u00a0
- Interest with related parties \u00a0
-
-
157 \u00a0
Guarantee charges \u00a0
581 \u00a0
-
-
Fair value change of derivative (ineffectiveness) \u00a0
-
765 \u00a0
-
Lease liabilities \u00a0
428 \u00a0
25 \u00a0
21 \u00a0
Foreign currency loss \u00a0
3,322 \u00a0
389 \u00a0
7,834 \u00a0
Bank fees \u00a0
501 \u00a0
456 \u00a0
318 \u00a0
Financial expenses \u00a0
7,200 \u00a0
4,486 \u00a0
9,681 \u00a0
Total interest paid in 2024 as per Consolidated Statement of Cash Flows amounts to \u00a0
EUR 19.7 million (2023: EUR 7.1 million; 2022: EUR 4.2 million), which has been capitalised \u00a0
to Property, Plant and Equipment. For more information refer to Note 13. Interest linked \u00a0
to debt liabilities include EUR 2.4 million (2023: EUR 1.9 million; 2022: EUR 0.9 million) due \u00a0
to write off of loan fees related to previous debt facilities. Additionally in 2023,
EUR 1.0 \u00a0
million from the amendment to prior debt facility in June 2023. \u00a0
Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
428 \u00a0
25 \u00a0
21 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Short-term lease expense \u00a0
477 \u00a0
180 \u00a0
53 \u00a0
Total cash outflow for all leases in 2024, 2023 and 2022 were EUR 1,152 thousand, EUR \u00a0
283 thousand and EUR 728 thousand respectively, excluding variable lease fee (refer to \u00a0
Note 24). Please refer to Note 28 for disclosure on lease commitments. \u00a0
Change in debts to credit institutions \u00a0
during the year \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Debt to credit institutions at 1 January \u00a0
(205,572) \u00a0
(115,002) \u00a0
(73,075) \u00a0
Overdraft facility drawn \u00a0
-
(16,067) \u00a0
Loans repayment \u00a0
10,630 \u00a0
115,000 \u00a0
65,000 \u00a0
Overdraft repayment \u00a0
-
-
25,065 \u00a0
New loan \u00a0
(385,234) \u00a0
(211,934) \u00a0
(115,000) \u00a0
New loan fees \u00a0
11,100 \u00a0
8,262 \u00a0
1,541 \u00a0
New loan interest \u00a0
(3,303) \u00a0
-
-
Non cash interest \u00a0
1,362 \u00a0
-
-
Write off of loan fees \u00a0
-
(1,898) \u00a0
(923) \u00a0
Others \u00a0
-
-
(1,543) \u00a0
Debt to credit institutions at 31 December \u00a0
2024 \u00a0
(571,017) \u00a0
(205,572) \u00a0
(115,002) \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 Green Corporate Facility, the Company is not permitted to pay any \u00a0
dividends or other distributions without DNB Bank ASA\u2019s written consent. \u00a0
Note 25 \u00a0
Financial Liabilities: Interest-bearing Loans and Borrowings \u00a0
As of 31 December 2024 \u00a0
Committed (EUR millions) \u00a0
Related derivatives contracts \u00a0
IRS nominal (EUR \u00a0
EUR Millions \u00a0
Interest rate \u00a0
Maturity \u00a0
Covenants \u00a0
Utilised Repayments \u00a0
Unutilised \u00a0
Average IRS rate \u00a0
millions) \u00a0
Secured \u00a0
3 months EURIBOR + 2% \u00a0
Yes - refer to \u00a0
Green Corporate Facility (RCF + term loan) \u00a0
- 2.75% \u00a0
2031 \u00a0
page 213 \u00a0
262 \u00a0
(6) \u00a0
188 \u00a0
2.7% \u00a0
247 \u00a0
Green Corporate Facility - Guarantee \u00a0
0.80% - 1.20% \u00a0
2026 \u00a0
119 \u00a0
-
81 \u00a0
Total New Debt Facility \u00a0
381 \u00a0
(6) \u00a0
269 \u00a0
3 months EURIBOR + \u00a0
Yes - refer to \u00a0
P-Class Facility\u00b9 \u00a0
1.5% \u00a0
2035 \u00a0
page 213 \u00a0
210 \u00a0
(4) \u00a0
211 \u00a0
3.0% \u00a0
105.1 \u00a0
3 months EURIBOR + \u00a0
Yes - refer to \u00a0
M-Class Facility I & II \u00a0
2.5% \u00a0
2035 \u00a0
page 213 \u00a0
-
-
420 \u00a0
Unsecured \u00a0
Yes - refer to \u00a0
HoldCo Facility \u00a0
3 months EURIBOR + 4% 2028 \u00a0
page 213 \u00a0
125 \u00a0
-
-
Total (excluding Guarantee facility) \u00a0
5972 \u00a0
(10) \u00a0
819 \u00a0
Green Corporate Facility (formerly referred to as \u201cNew debt Facility\u201d) \u00a0
On 29 June 2022, the Company entered into a Senior Secured Green Revolving Credit \u00a0
Facility (\u201cRCF\u201d) of a 3-year term loan of EUR 185 million with DNB Bank ASA. In June 2023, \u00a0
the Debt Facility was amended to increase the guarantee facility to EUR 60 million and \u00a0
to increase the committed revolving credit facility to EUR 250 million, resulting in an in- \u00a0
crease of the aggregate Debt Facility to EUR 310 million. The above was refinanced and \u00a0
the Group entered into the new RCF, as explained below. \u00a0
In connection with the Business Combination, on 7 December 2023 the Company en- \u00a0
tered into a new senior secured credit and guarantee facilities (the \u201cGreen Corporate Fa- \u00a0
cility\u201d) of up to EUR 550 million providing for (i) a revolving credit facility of up to EUR \u00a0
250 million (5 year tenor) (RCF-A), (ii) a revolving credit facility of up to EUR 100 million (18 \u00a0
months tenor) (RCF-B), (iii) a term loan of up to EUR 100 million (8.5 year tenor) guaran- \u00a0
teed by The Danish Export and Investment Fund of Denmark (EIFO) and (iv) an uncom- \u00a0
mitted guarantee facility of up to EUR 100 million. The Green Corporate Facility has simi- \u00a0
lar terms and conditions as the existing Debt Facility. The change of control provisions \u00a0
are similar to those included in the P-Class Facility (as described below). \u00a0
On 6 August 2024, the Group achieved an extension of the RCF-B to 19 June 2027
and \u00a0
the increase from EUR 100 million to EUR 200 million in uncommitted guarantee lines. \u00a0
Total drawings within the entire loan facility will offer a maximum of EUR 450 million until \u00a0
the maturity of the RCF-B and thereafter a maximum of EUR 350 million for the remain- \u00a0
ing period of the loan facility. \u00a0
The Company has utilised EUR 262 million of the total EUR 450 million available under \u00a0
the RCF. These funds were used to finance the main crane upgrades for Wind Orca and \u00a0
Wind Osprey. \u00a0
In 2023, the Group repaid the outstanding amounts of Eneti\u2019s previous Credit Facility, \u00a0
which amounted to USD 59.4 million (of which Eneti repaid USD 12.6 million in October \u00a0
2023 from the proceeds from the sale of Seajacks Hydra, Seajacks Leviathan and the \u00a0
Seajacks Kraken). In addition, the Group has repaid the amounts under its own Debt Fa- \u00a0
cility amounting to EUR 115 million. The full repayment of the senior debt facility gener- \u00a0
ated a finance cost for the write off of borrowing costs of approximately EUR 1.8 million \u00a0
in 2023. \u00a0
At the end of the reporting period, EUR 188 million remains unutilised from the RCF. \u00a0
Holdco Facility \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
On 7 February 2024, the Group secured additional capital, increasing the Holdco Facility \u00a0
from EUR 50 million to EUR 80 million. On 26 August 2024, the Company further in- \u00a0
creased the capacity available to it under its unsecured corporate term loan facility, with \u00a0
the lender commitments thereunder increased by EUR 45 million, bringing the total ca- \u00a0
pacity available to EUR 125 million. As of 31 December 2024, the full funding available un- \u00a0
der the Holdco Facility was utilised. \u00a0
M-Class Facility I & II \u00a0
On 16 August 2024, the Company successfully refinanced the USD 436 million Senior Se- \u00a0
cured Green Term Loan Facility (M-Class Facility) previously entered into by Eneti in re- \u00a0
spect of the two M-Class newbuilds the Group acquired upon the completion of its busi- \u00a0
ness combination with Eneti. The replacement facilities \u2013 one for each M-Class vessel \u00a0
(M-Class Facility I and M-Class Facility II) \u2013 have been entered into on materially im- \u00a0
proved terms, reflecting Cadeler\u2019s strong credit story and strengthened market position. \u00a0
This refinancing, supported by a broad banking group as well as several export credit \u00a0
agencies, secures an aggregate of EUR 420 million in post-delivery financing. \u00a0
P-Class Facility \u00a0
Further, Cadeler A/S and two of its subsidiaries, WIND N1064 Limited and Wind Pace \u00a0
Limited (formerly referred as to N1063 Ltd ), entered into a Sinosure-backed green term \u00a0
loan facility of up to EUR 425 million (12 year tenor) (the \"P-Class Facility\") in December \u00a0
2023 to finance the purchase of P-Class newbuilds. The funds under the P-Class Facility \u00a0
have been borrowed by WIND N1064 Limited and Wind Pace Limited (the future owners \u00a0
of the P-Class newbuilds) and may not be reborrowed once repaid. \u00a0
On 12 August 2024, the Company has drawn EUR 210 million under the P-Class Facility to \u00a0
finance the final instalment for the delivery of the first P-Class Vessel in the same month. \u00a0
Covenants \u00a0
The Group debt facilities include the following covenants: \u00a0
All debt facilities \u00a0
\u2013
Minimum Free Liquidity: Freely available cash and cash equivalents 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 is 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
\u2013
Equity Ratio: The ratio of book equity to total assets at all times to be minimum \u00a0
35%. \u00a0
\u2013
Working capital: the working capital shall be higher than zero (0). \u00a0
\u2013
Minimum security value (loan-to-value for individual debt facilities). \u00a0
Additional items included in Green Corporate Facility \u00a0
\u2013
if at any reported quarter the aggregated loans exceed 80% of the forward-look- \u00a0
ing expected cash revenues from legally binding contracts, the Contracted Cash \u00a0
Flows, the Borrower shall prepay the exceeding part of the Loans within five (5) \u00a0
Business Days. \u00a0
Additional items included in Holdco Facility \u00a0
\u2013
the Group is subject to a debt service coverage ratio where cash flow available \u00a0
for debt service (including available liquidity covering cash, cash equivalents and \u00a0
undrawn Green Corporate Facility) at the Parent Company must be above Debt \u00a0
service cash flow related to the Holdco Facility (2:1). \u00a0
Additional items included in M-Class Facility I & II \u00a0
\u2013
the Group is required to maintain a certain number of the employees in Denmark. \u00a0
All covenants are tested half-yearly, at 30 June and 31 December. The Group is in compli- \u00a0
ance with all covenants. \u00a0
As of the reporting date, M-Class facility I & II remain unutilised. Given their non-utilisa- \u00a0
tion, no assessment of compliance with associated covenants has been necessary up to \u00a0
this point. These covenants, if applicable, will require assessment upon utilisation of the \u00a0
facilities and contain customary financial and other covenants, including certain change \u00a0
of control provisions, similar to those disclosed for the utilised facilities. \u00a0
Additionally, the Group is in compliance with the below requirements: \u00a0
Restriction on dividends: the Company is not permitted to pay any dividends or other \u00a0
distributions without lenders written consent. Across the Group\u2019s Debt Facilities, divi- \u00a0
dends and distributions should not exceed 50% of the consolidated net profit for the re- \u00a0
spective year and the net interest bearing debt to EBITDA ratio should not be lower than \u00a0
2.75:1. Further, in the Holdco Facility, the Company is not allowed to make any distribu- \u00a0
tions before the delivery of the P-Class, the first two A-Class and M-Class vessels. \u00a0
Change of control: If any person or group of persons (other than Swire Pacific, Scorpio \u00a0
Group or the BW Group) acting in concert directly or indirectly gains control of 25% or \u00a0
more of the voting and/or ordinary shares of the Borrower, the Agent (acting on instruc- \u00a0
tions from the majority lenders) may by written notice of sixty (60) days cancel the total \u00a0
commitments and demand prepayment of all amounts outstanding under the facilities. \u00a0
Note 28 \u00a0
Commitments and Pledges \u00a0
Lease commitments \u00a0
The future minimum lease payables under non-cancellable low value and short-term \u00a0
leases contracted for at the balance sheet date but not recognised as liabilities are as \u00a0
follows: \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Not later than one year \u00a0
117 \u00a0
1,090 \u00a0
53 \u00a0
Between one and five years \u00a0
219 \u00a0
4,984 \u00a0
9
336 \u00a0
6,074 \u00a0
62 \u00a0
As of 31 December 2023, the Company\u2019s lease commitments included tenure of the new \u00a0
headquarters. These commitments were reflected on the balance sheet starting in Q1 \u00a0
2024 as 'Right-of-Use Assets' and 'Lease Liabilities' in accordance with IFRS 16. \u00a0
Pledge of Fixed Assets \u00a0
The Green Corporate Facility detailed in Note 25 is secured by, inter alia, a first priority \u00a0
mortgage over the Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR \u00a0
639 million carrying amount, see Note 13), first priority assignment of the earnings of the \u00a0
vessel owning entities, including certain change of control provisions which are similar to \u00a0
those included in the P-Class Facility. \u00a0
The P-Class facility, detailed in Note 25, is secured by a first priority mortgage over the P- \u00a0
Class newbuilds, first priority assignments of the insurances and earnings of the P-Class \u00a0
newbuilds by Cadeler and the two borrowers and contain customary financial and other \u00a0
covenants, \u00a0
including certain change of control provisions. There will be a change of control under \u00a0
the P-Class Facility if any person or group of persons acting in concert (other than Swire \u00a0
Pacific 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
Pace Limited (formerly referred as to N1063 Ltd ) or Wind N1064 Limited ceases to be a \u00a0
wholly owned (direct or indirect) subsidiary of Cadeler. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
In April 2024, the remaining payments were made upon completion of the upgrade pro- \u00a0
ject for the new cranes. \u00a0
Commitments on newbuilds vessels: \u00a0
As of 31 December 2024 \u00a0
Millions \u00a0
P-Class \u00a0
M-Class \u00a0
A-Class \u00a0
Total \u00a0
Contract amount in EUR \u00a0
220 \u00a0
-
299 \u00a0
519 \u00a0
Contract amount in USD \u00a0
390 \u00a0
655 \u00a0
794 \u00a0
1,839 \u00a0
Total Contract amount translated to EUR \u00a0
581 \u00a0
618 \u00a0
1,062 \u00a0
2,261 \u00a0
Commitment amount in EUR \u00a0
-
-
105 \u00a0
105 \u00a0
Commitment amount in USD \u00a0
193 \u00a0
425 \u00a0
724 \u00a0
1,342 \u00a0
Remaining commitment translated to \u00a0
EUR \u00a0
185 \u00a0
409 \u00a0
801 \u00a0
1,395 \u00a0
Maturity of total payments are disclosed in note 23. \u00a0
P-Class vessels \u00a0
Since 30 June 2021, the Company had a contract with COSCO SHIPPING Heavy Industry \u00a0
CO. Ltd. (\u201cCOSCO\u201d) to build two new P-Class WTIVs. On 14 August 2024, Wind Peak has \u00a0
been delivered and the final instalments were made upon delivery. \u00a0
The total sum of the contract for the two P-Class Vessels was approximately EUR 581 \u00a0
million, of which EUR 137 million was paid in 2021, EUR 14 million was paid in 2023 and \u00a0
EUR 245 million was paid in 2024. Of the total contract value, USD 390 million is to be \u00a0
paid (or has been paid) in USD and EUR 220 million has been paid in EUR. The remaining \u00a0
scheduled payments will fall due in 2025, upon delivery. \u00a0
A-Class vessels \u00a0
On 9 May 2022 and 22 November 2022, the Company signed contracts with COSCO \u00a0
SHIPPING Heavy Industry to build a total of two new A-Class foundation installation ves- \u00a0
sel. In May 2024, the Company signed an additional contract with COSCO to build the \u00a0
third A-Class Wind Foundation Installation Vessel (WFIV). \u00a0
The total sum of the contracts for the three vessels are approximately EUR 1.1 billion, of \u00a0
which approximately a total of EUR 167 million was paid in 2022 and EUR 94 million was \u00a0
paid in 2024. The remaining amounts are due in 2025, 2026 and 2027 with expected de- \u00a0
livery in Q3/Q4 2025, Q3 2026 and Q2 2027. \u00a0
Of the total contract value, USD 794 million is to be paid (or has been paid)
in USD and \u00a0
EUR 299 million is to be paid (or has been paid) in EUR. \u00a0
M-Class vessels \u00a0
The Company, due to the business combination with Eneti, is under contract with \u00a0
Hanwha for the construction of two next generation offshore WTIVs. \u00a0
The total sum of the contracts is approximately EUR 618 million, of which of which EUR \u00a0
29.6 million, EUR 59.4 million, EUR 29.3 million and EUR 91.7 million were paid in 2021, \u00a0
2022, 2023 and 2024, respectively. The remaining scheduled payments will fall in 2025 \u00a0
with expected delivery for Wind Mover in the fourth quarter of 2025 while Wind Maker \u00a0
was delivered on schedule in January 2025. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14752": {
"value": "Note 10 \u00a0
Income Taxes \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Income tax expense \u00a0
Tax expense attributable to profit is made up of: \u00a0
Current tax \u00a0
(1,271) \u00a0
Movement on deferred tax \u00a0
(1,137) \u00a0
Total Income tax expense \u00a0
(2,408) \u00a0
-
-
Tax expenses comprise the expected income tax charge for the year in accordance with \u00a0
IAS 12. The majority of the Group\u2019s taxable income is generated from its vessel operating \u00a0
entities in Denmark and UK. The tax base of the Groups\u2019 vessel assets is held by wholly \u00a0
owned subsidiaries located in Cyprus, UK and Japan. The Group routinely evaluates its \u00a0
exposure to local income taxes (Permanent Establishments) relating to its foreign opera- \u00a0
tions which can result in additional current foreign taxes. \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. On 15 December \u00a0
2020, Cadeler A/S received a binding ruling from the Danish Tax Authorities. As a result, \u00a0
management has applied the Danish Tonnage Taxation since 2021. \u00a0
The recorded tonnage tax expense for 2024 in Denmark and Cyprus amount to EUR 0 \u00a0
thousand and EUR 5 thousand respectively (2023 and 2022: EUR 0 thousand and EUR 5 \u00a0
thousand, respectively). Tonnage taxes in Denmark amount to EUR 0 due to utilization of \u00a0
tax losses. \u00a0
As announced in the UK Budget 2023, a \u2018window of opportunity\u2019 was created for entry to \u00a0
the UK Tonnage Tax regime. In November 2024, the UK subsidiary group elected to \u00a0
participate in the UK Tonnage Tax regime, effective on 1st January 2025. Entities within \u00a0
the UK subsidiary group that are not considered within the scope of the UK Tonnage Tax \u00a0
will continue to be subject to their local corporate tax regime. \u00a0
The Group continues to assess the potential impact of the Pillar Two rules on future re- \u00a0
porting periods. See Note 2 for further details. \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Effective tax rate \u00a0
Tax expense attributable to profit is made up of: \u00a0
Profit before income tax \u00a0
67,477 \u00a0
11,498 \u00a0
35,541 \u00a0
DK corporation tax \u00a0
-
-
-
UK corporation tax \u00a0
-
-
-
TW corporation tax \u00a0
1,271 \u00a0
-
-
Deferred tax \u00a0
1,137 \u00a0
-
-
Income tax expense, reported \u00a0
2,408 \u00a0
-
-
Effective tax rate (%) \u00a0
3.6% \u00a0
0.0% \u00a0
0.0% \u00a0
Accounting policies \u00a0
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 tax arises from the initial recognition of an asset or liability in a \u00a0
transaction that is not a business combination and, at the time of the transaction, affects \u00a0
neither the accounting profit nor taxable profit or loss and does not give rise to equal \u00a0
taxable and deductible temporary differences. \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
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 taxable income, expenses, and \u00a0
depreciation. The Group has participated in the Danish scheme since 27 November 2020 \u00a0
and has joined the UK tonnage scheme, effective 1st January 2025. \u00a0
As the vessels are owned and registered by subsidiaries in jurisdictions other than Den- \u00a0
mark, the Group is also subject to tonnage taxation in such jurisdictions. This tonnage \u00a0
taxation is calculated based on a fixed tax amount per tonne. \u00a0
This scheme is based on a notional income derived from tonnage capacity and not \u00a0
based on the entities' actual income and expenses, the Group does not consider the \u00a0
scheme to fall under the rules of IAS 12. Consequently, the tonnage tax expenses are not \u00a0
presented as part of tax expense in the statement of profit and loss, but are recognised \u00a0
under costs of sales. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14757": {
"value": "Accounting policies \u00a0
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 tax arises from the initial recognition of an asset or liability in a \u00a0
transaction that is not a business combination and, at the time of the transaction, affects \u00a0
neither the accounting profit nor taxable profit or loss and does not give rise to equal \u00a0
taxable and deductible temporary differences. \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
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 taxable income, expenses, and \u00a0
depreciation. The Group has participated in the Danish scheme since 27 November 2020 \u00a0
and has joined the UK tonnage scheme, effective 1st January 2025. \u00a0
As the vessels are owned and registered by subsidiaries in jurisdictions other than Den- \u00a0
mark, the Group is also subject to tonnage taxation in such jurisdictions. This tonnage \u00a0
taxation is calculated based on a fixed tax amount per tonne. \u00a0
This scheme is based on a notional income derived from tonnage capacity and not \u00a0
based on the entities' actual income and expenses, the Group does not consider the \u00a0
scheme to fall under the rules of IAS 12. Consequently, the tonnage tax expenses are not \u00a0
presented as part of tax expense in the statement of profit and loss, but are recognised \u00a0
under costs of sales. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14758": {
"value": "Accounting policies \u00a0
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 tax arises from the initial recognition of an asset or liability in a \u00a0
transaction that is not a business combination and, at the time of the transaction, affects \u00a0
neither the accounting profit nor taxable profit or loss and does not give rise to equal \u00a0
taxable and deductible temporary differences. \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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14759": {
"value": "Accounting policies \u00a0
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 tax arises from the initial recognition of an asset or liability in a \u00a0
transaction that is not a business combination and, at the time of the transaction, affects \u00a0
neither the accounting profit nor taxable profit or loss and does not give rise to equal \u00a0
taxable and deductible temporary differences. \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
Deferred tax charge \u00a0
Deferred tax is recognized in respect of temporary differences between the carrying \u00a0
amounts of assets and liabilities for financial reporting purposes and the amounts used \u00a0
for income tax purposes as per IAS12. Deferred tax is calculated at the income tax rates \u00a0
which are expected to apply in the period when the liability is settled or the asset is real- \u00a0
ized, based on the laws which have been enacted or substantially enacted at the bal- \u00a0
ance sheet date. The deferred tax is charged through the income statement except \u00a0
when it relates to other comprehensive income items. \u00a0
Deferred tax assets and liabilities \u00a0
The Group has unrecognised deferred tax assets in Denmark and UK, amounting to EUR \u00a0
12 million (EUR 13 million as of 31 December 2023 and 2022) and EUR 89 million (EUR 124 \u00a0
million as of 31 December 2023) respectively. The deferred tax assets result from taxable \u00a0
losses and shipping allowances. No deferred tax asset has been recognised as of 31 De- \u00a0
cember 2024, as they are not expected to be utilised within the foreseeable future (3-5 \u00a0
years). A majority of the Group\u2019s UK unrecognised deferred asset will be forfeited 1 Janu- \u00a0
ary 2025 because of the group\u2019s UK tonnage tax election. \u00a0
The Group has a deferred tax liability relating to the ownership of the Wind Zaratan ves- \u00a0
sel in Japan due to temporary timing differences between the carrying amount and tax \u00a0
base of the vessel (2024: EUR 17 million, 2023: EUR 14 million, 2022: nil) offset by the tax \u00a0
value of tax losses (2024: EUR 5 million, 2023: EUR 4 million, 2022: nil). As of 31 December \u00a0
2024, deferred tax liabilities amounted to EUR 12 million. \u00a0
For accounting policies on deferred taxes, please refer to Note 10. \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Reconciliation of deferred tax liabilities, net \u00a0
1 January \u00a0
10,191 \u00a0
-
-
Acquisition of businesses \u00a0
-
10,321 \u00a0
-
Movements during the year \u00a0
1,137 \u00a0
-
-
Exchange differences \u00a0
644 \u00a0
(130) \u00a0
-
31 December \u00a0
11,972 \u00a0
10,191 \u00a0
-
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14788": {
"value": "Note 11 \u00a0
Earnings Per Share (EPS) \u00a0
The following table reflects the income and share data used in the basic and diluted EPS \u00a0
calculations: \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Profit attributable to ordinary equity holders of \u00a0
the parent for basic earnings \u00a0
65,069 \u00a0
11,498 \u00a0
35,541 \u00a0
Thousands \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Weighted average number of ordinary shares for \u00a0
basic EPS\u00b9 \u00a0
345,979 \u00a0
201,362 163,219 \u00a0
Effect of dilution from share based payments pro- \u00a0
gramme \u00a0
980 \u00a0
1,861 676 \u00a0
Weighted average number of ordinary shares ad- \u00a0
justed for the effect of dilution\u00b9 \u00a0
346,959 \u00a0
203,223 163,895 \u00a0
There have been no other transactions involving ordinary shares or potential ordinary shares between \u00a0
the reporting date and the date of authorisation of these consolidated financial statements. \u00a0
1 The weighted average number of shares takes into account the weighted average effect of share \u00a0
based payments during the year. \u00a0
The weighted average number of ordinary shares takes into account the weighted aver- \u00a0
age effect of share-based payments during the period as well as issuance of shares in \u00a0
connection with private placement on 15 February 2024, resulting in the issuance of
39.5 \u00a0
million share, the private placement on 26 June 2024, resulting in the issuance of 28 \u00a0
thousand shares and the share buy-back program, resulting in the repurchase of 215 \u00a0
thousand shares. In December 2023, 114 million shares were issued for this business \u00a0
combination with Eneti. \u00a0
Accounting policies \u00a0
The Company calculates Basic EPS by dividing the profit for the year attributable to ordi- \u00a0
nary equity holders of the parent by the weighted average number of ordinary shares \u00a0
outstanding 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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14795": {
"value": "Note 12 \u00a0
Intangible Assets \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
EUR'000 \u00a0
Software \u00a0
Goodwill \u00a0
Total \u00a0
Software \u00a0
Goodwill \u00a0
Total \u00a0
Software \u00a0
Cost \u00a0
Beginning of period \u00a0
693 \u00a0
16,707 \u00a0
17,400 \u00a0
662 \u00a0
-
662 \u00a0
434 \u00a0
Acquisition of businesses \u00a0
-
-
-
-
16,919 \u00a0
16,919 \u00a0
-
Additions \u00a0
410 \u00a0
-
410 \u00a0
31 \u00a0
-
31 \u00a0
228 \u00a0
Disposals \u00a0
(38) \u00a0
-
(38) \u00a0
-
-
-
-
Exchange differences \u00a0
4
1,056 \u00a0
1,060 \u00a0
-
(212) \u00a0
(212) \u00a0
-
31 December \u00a0
1,069 \u00a0
17,763 \u00a0
18,832 \u00a0
693 \u00a0
16,707 \u00a0
17,400 \u00a0
662 \u00a0
Accumulated depreciation \u00a0
Beginning of period \u00a0
453 \u00a0
-
453 \u00a0
243 \u00a0
-
243 \u00a0
32 \u00a0
Depreciation charge \u00a0
189 \u00a0
-
189 \u00a0
210 \u00a0
-
210 \u00a0
211 \u00a0
31 December \u00a0
642 \u00a0
-
642 \u00a0
453 \u00a0
-
453 \u00a0
243 \u00a0
Net book value \u00a0
427 \u00a0
17,763 \u00a0
18,190 \u00a0
240 \u00a0
16,707 \u00a0
16,947 \u00a0
419 \u00a0
Software additions during 2024 and 2023 are mainly related to developments of the \u00a0
Company\u2019s software solutions. \u00a0
Additions in 2022 primarily reflect developments of the Enterprise Resource Planning \u00a0
(ERP) system, as well as Vessel and Crew Management software. \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
Wind Peak and Scylla; and the maintenance of offshore wind turbine generators (O&MV) \u00a0
cash-generating unit, comprising Zaratan. \u00a0
Goodwill arising from the acquisition of Eneti is allocated to a single cash generating \u00a0
unit (CGU), being the transport and installation of offshore wind turbine generators and \u00a0
foundation installation vessels (WTGFIV) as it is from this CGU that the synergies are \u00a0
expected to arise. \u00a0
The Company has performed an impairment test on the Group\u2019s CGU. For more infor- \u00a0
mation related to impairment test please refer to Note 13. \u00a0
Accounting policies \u00a0
Goodwill is tested for impairment at least once a year or sooner if an impairment indica- \u00a0
tion arises. Impairment testing is performed for each CGU to which goodwill is allocated, \u00a0
as determined by Management. \u00a0
Intangible assets, such as software, are recognised at cost less accumulated deprecia- \u00a0
tion and accumulated impairment losses. The cost of an intangible asset initially recog- \u00a0
nised includes its purchase price and any directly attributable costs necessary to prepare \u00a0
the asset for its intended use. Depreciation is calculated on a straight-line basis over the \u00a0
estimated useful life, which is 3 years for software. \u00a0
If the carrying amount of intangible assets exceeds the recoverable amount, an impair- \u00a0
ment loss is recognised in profit or loss. Goodwill impairment losses are not subse- \u00a0
quently reversed. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14807": {
"value": "Accounting policies \u00a0
Goodwill is tested for impairment at least once a year or sooner if an impairment indica- \u00a0
tion arises. Impairment testing is performed for each CGU to which goodwill is allocated, \u00a0
as determined by Management. \u00a0
Intangible assets, such as software, are recognised at cost less accumulated deprecia- \u00a0
tion and accumulated impairment losses. The cost of an intangible asset initially recog- \u00a0
nised includes its purchase price and any directly attributable costs necessary to prepare \u00a0
the asset for its intended use. Depreciation is calculated on a straight-line basis over the \u00a0
estimated useful life, which is 3 years for software. \u00a0
If the carrying amount of intangible assets exceeds the recoverable amount, an impair- \u00a0
ment loss is recognised in profit or loss. Goodwill impairment losses are not subse- \u00a0
quently reversed. \u00a0
Accounting policies \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 up to 25 years has been estimated by an ex- \u00a0
ternal consultant through a determined fatigue analysis based on the technical specifi- \u00a0
cation of the vessels while for Wind Peak has been based on an internal technical analy- \u00a0
sis based on the technical specification of the vessel and validated by an external ex- \u00a0
pert. The estimated useful life of these vessels depends on initial delivery. \u00a0
Prior to their acquisition, Wind Orca and Wind Osprey, had already been in use for eight \u00a0
years, therefore the remaining useful life of the vessels is estimated at 17 years for all \u00a0
components except jacking system and main crane with a remaining useful life of three \u00a0
years from the acquisition of the vessels. For Scylla and Zaratan, their remaining useful \u00a0
lives at acquisition date were assessed to be 17 and 14 years respectively, and all compo- \u00a0
nents will have the same useful life. Hull and steel have a salvage value of up to EUR 15 \u00a0
million per vessel by the end of their useful life. Salvage value is estimated as the light- \u00a0
weight of each vessel multiplied by the scarp value per ton. Depreciation is based on \u00a0
costs less the estimated residual value. Residual value is estimated as the lightweight \u00a0
tonnage of each vessel multiplied by the scrap value per ton. \u00a0
More information can be found in Note 2.4 Material accounting judgements, estimates \u00a0
and assumptions with regards to 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
Impairment of non-financial 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
Accounting policies \u00a0
Right-of-Use Assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date on which the un- \u00a0
derlying 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 in- \u00a0
centive 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
Right-of-use assets are tested for impairment whenever there is any objective evidence \u00a0
or indication that these assets may be impaired. For more information related to impair- \u00a0
ment testing of assets please refer to Note 13. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14808": {
"value": "Accounting policies \u00a0
Goodwill is tested for impairment at least once a year or sooner if an impairment indica- \u00a0
tion arises. Impairment testing is performed for each CGU to which goodwill is allocated, \u00a0
as determined by Management. \u00a0
Intangible assets, such as software, are recognised at cost less accumulated deprecia- \u00a0
tion and accumulated impairment losses. The cost of an intangible asset initially recog- \u00a0
nised includes its purchase price and any directly attributable costs necessary to prepare \u00a0
the asset for its intended use. Depreciation is calculated on a straight-line basis over the \u00a0
estimated useful life, which is 3 years for software. \u00a0
If the carrying amount of intangible assets exceeds the recoverable amount, an impair- \u00a0
ment loss is recognised in profit or loss. Goodwill impairment losses are not subse- \u00a0
quently reversed. \u00a0
Accounting policies \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 up to 25 years has been estimated by an ex- \u00a0
ternal consultant through a determined fatigue analysis based on the technical specifi- \u00a0
cation of the vessels while for Wind Peak has been based on an internal technical analy- \u00a0
sis based on the technical specification of the vessel and validated by an external ex- \u00a0
pert. The estimated useful life of these vessels depends on initial delivery. \u00a0
Prior to their acquisition, Wind Orca and Wind Osprey, had already been in use for eight \u00a0
years, therefore the remaining useful life of the vessels is estimated at 17 years for all \u00a0
components except jacking system and main crane with a remaining useful life of three \u00a0
years from the acquisition of the vessels. For Scylla and Zaratan, their remaining useful \u00a0
lives at acquisition date were assessed to be 17 and 14 years respectively, and all compo- \u00a0
nents will have the same useful life. Hull and steel have a salvage value of up to EUR 15 \u00a0
million per vessel by the end of their useful life. Salvage value is estimated as the light- \u00a0
weight of each vessel multiplied by the scarp value per ton. Depreciation is based on \u00a0
costs less the estimated residual value. Residual value is estimated as the lightweight \u00a0
tonnage of each vessel multiplied by the scrap value per ton. \u00a0
More information can be found in Note 2.4 Material accounting judgements, estimates \u00a0
and assumptions with regards to 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
Impairment of non-financial 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
Accounting policies \u00a0
Right-of-Use Assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date on which the un- \u00a0
derlying 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 in- \u00a0
centive 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
Right-of-use assets are tested for impairment whenever there is any objective evidence \u00a0
or indication that these assets may be impaired. For more information related to impair- \u00a0
ment testing of assets please refer to Note 13. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14811": {
"value": "Note 13 \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 2024 \u00a0
Beginning of financial year \u00a0
566,360 \u00a0
9,135 \u00a0
979 \u00a0
571,745 \u00a0
1,148,219 \u00a0
Additions \u00a0
8,029 \u00a0
4,377 \u00a0
12,680 \u00a0
624,679 \u00a0
649,765 \u00a0
Transfer from assets under construction \u00a0
468,678 \u00a0
4,000 \u00a0
-
(472,678) \u00a0
-
Disposals \u00a0
(5,146) \u00a0
-
(306) \u00a0
-
(5,452) \u00a0
Exchange differences \u00a0
18,743 \u00a0
132 \u00a0
160 \u00a0
12,864 \u00a0
31,899 \u00a0
31 December 2024 \u00a0
1,056,664 \u00a0
17,644 \u00a0
13,513 \u00a0
736,610 \u00a0
1,824,431 \u00a0
Accumulated depreciation and impairment \u00a0
Beginning of financial year \u00a0
58,727 \u00a0
3,548 \u00a0
312 \u00a0
-
62,587 \u00a0
Depreciation charge \u00a0
50,571 \u00a0
3,125 \u00a0
1,166 \u00a0
-
54,862 \u00a0
Disposals \u00a0
(5,000) \u00a0
-
(306) \u00a0
-
(5,306) \u00a0
Exchange differences \u00a0
(179) \u00a0
(132) \u00a0
333 \u00a0
-
22 \u00a0
31 December 2024 \u00a0
104,119 \u00a0
6,541 \u00a0
1,505 \u00a0
-
112,165 \u00a0
Net book value \u00a0
952,545 \u00a0
11,103 \u00a0
12,008 \u00a0
736,610 \u00a0
1,712,266 \u00a0
Additions during 2024 are mainly driven by newbuild P-Class vessels of EUR 290 million, \u00a0
newbuild A-Class vessels of EUR 114 million, newbuild M-Class vessels of EUR 103 million, \u00a0
O-Class main crane upgrades of EUR 62 million, and vessel upgrades of EUR 54 million. \u00a0
In 2024, Wind Peak vessel was delivered and transferred from asset under construction \u00a0
to vessels. \u00a0
Borrowing costs for 2024 have been capitalised for a total of EUR 19.7 million (2023: 7.1 \u00a0
million; 2022: EUR 4.2 million). The capitalisation rate used to determine the amount of \u00a0
borrowing costs to be capitalised is the weighted average interest rate applicable to the \u00a0
Company\u2019s general borrowings during the reported period, in this case 7.6% (2023: 5.5%; \u00a0
2022: 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 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 the business combination with Eneti, the Group\u2019s property, plant, and equipment \u00a0
increased by EUR 441.5 million in 2023. This primarily comprised the Operating Vessels \u00a0
Wind Scylla and Wind Zaratan (EUR 206 million and EUR 87 million, respectively) and the \u00a0
newbuilds under construction, the M-Class down payments for EUR 144 million. \u00a0
Additions during 2023 were mainly driven by down payments of EUR 42 million for the \u00a0
new P-Class installation vessels (EUR 15.4 million), the new A-Class foundation installa- \u00a0
tion vessels (EUR 3.8 million) and instalments for the main cranes for both Wind Orca \u00a0
(EUR 16.0 million) and Wind Osprey (EUR 6.8 million), represented above under Assets \u00a0
under Construction. In addition, Assets under Construction contains EUR 7.6 million \u00a0
worth of guarantee fees to BW Group related to the A-Class and P-Class newbuild ves- \u00a0
sels as well as EUR 5.7 million of assets related to future projects that have not yet \u00a0
started. \u00a0
Borrowing costs for 2023 were capitalised for a total of EUR 7.1 million (2022: EUR 4.2 mil- \u00a0
lion). The capitalisation rate used to determine the amount of borrowing costs to be cap- \u00a0
italised is the weighted average interest rate applicable to the Company\u2019s general bor- \u00a0
rowings during the reported period, in this case 5.5% (2022: 5.7%). \u00a0
Disposals during 2023 were 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 were mainly driven by down payments for EUR 167 million of the \u00a0
two new A-Class foundation installation vessels and instalments for the main cranes for \u00a0
both Wind Orca (EUR 10.7 million) and Wind Osprey (EUR 16.3 million), represented above \u00a0
under Assets under Construction. There was also a transfer from assets under construc- \u00a0
tion to additions for EUR 11 million, of which EUR 9 million was due to the capitalisation of \u00a0
vessel equipment. \u00a0
Borrowing costs for 2022 have been capitalised for a total of EUR 4.2 million. The capital- \u00a0
isation 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
Impairment test on vessels and goodwill \u00a0
The Company has identified neither internal nor external impairment indicators. However, \u00a0
on a voluntary basis and in connection with the annual impairment test of goodwill as- \u00a0
signed to the WTGFIV CGU, Management performs an impairment test every year. For \u00a0
the purpose of testing the Group's vessels, the impairment test is performed on both a \u00a0
vessel-by-vessel and CGU basis, thereby also capturing the goodwill assigned to the \u00a0
WTGFIV CGU. \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 date of impairment test and the value-in- \u00a0
use (VIU) method for estimating the expected future cash flows that the asset in the cur- \u00a0
rent condition will produce. The VIU method assumes the asset will be recovered princi- \u00a0
pally 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, Wind Peak and Scylla; and the mainte- \u00a0
nance of offshore wind turbine generators (O&MV) cash-generating units, comprising \u00a0
Zaratan. \u00a0
Goodwill arising from the acquisition of Eneti of EUR 17.8 million as of 31 December 2024 \u00a0
has been allocated to the WTGFIV CGU. The recoverable amount of the CGU\u2019s is deter- \u00a0
mined based on the value of the vessels included in the CGU. As of 31 December 2024, \u00a0
Management tested the carrying amount of its two CGUs and each vessel on a stand- \u00a0
alone basis as described below. \u00a0
Independent market values of each vessel \u00a0
Cadeler has obtained third-party broker assessment (level 3) of the vessels from at least \u00a0
two independent brokers and in case the valuations differ more than 10%, a third valua- \u00a0
tion is obtained. The ship brokers assessing the vessel values, based on a market based \u00a0
approach, are acknowledged shipbrokers with appropriate qualifications and relevant ex- \u00a0
perience in the valuation of these vessels. \u00a0
Excess value (recoverable \u00a0
amount less carrying \u00a0
EUR millions \u00a0
Broker valuation \u00a0
amount) \u00a0
CGU \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
WTGFIV \u00a0
1,103 \u00a0
574 \u00a0
380 \u00a0
227 \u00a0
58 \u00a0
160 \u00a0
Number of vessels \u00a0
4
3
2
4
3
2
O&MV \u00a0
89 \u00a0
95 \u00a0
n/a \u00a0
1
-
n/a \u00a0
Number of vessels \u00a0
1
1
-
1
1
-
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 both on a \u00a0
vessel-by-vessel basis and on CGU basis, although for the vessel Zaratan (O&MV) the ex- \u00a0
cess value is limited with the value-in-use calculation also not showing an impairment \u00a0
charge. Management assesses key inputs used in the independent evaluations to sup- \u00a0
port no impairment indicators as explained below. Furthermore, management concludes \u00a0
that no reasonable possible change in assumptions applied while determining VIU for \u00a0
the O&MV CGU would result in an impairment. \u00a0
VIU calculation \u00a0
As of December 2024, Management has prepared a value-in-use calculation both on a \u00a0
vessel-by-vessel basis and for the CGU's. \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. Ac- \u00a0
cordingly, the calculation has no terminal value with respect to the WTGFIV CGU. \u00a0
The VIU is calculated based on cash flow projections in financial budgets and business \u00a0
plans as follows: \u00a0
\u2013
From 2025 revenue is based on a combination of signed contracts (as captured \u00a0
in the order backlog disclosure in Note 3) and market estimated day rates and ex- \u00a0
pected utilisation for vessels (using externally available information) and a yearly \u00a0
increase of 2.5%. \u00a0
\u2013
OPEX includes expected 2025 levels (using internal forecasts) plus an increase \u00a0
for inflation of 2.5% in the following years, and expected maintenance based on \u00a0
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, (9.5% after tax in 2023 and 8.0% after tax in 2022). 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 indication of impairment as the future value of cashflows \u00a0
were higher than the carrying amount both on a vessel-by-vessel basis and for the \u00a0
CGU's. \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 indication of impair- \u00a0
ment as the future value of cash flows was higher than the carrying amount of the ves- \u00a0
sels for the WTGFIV CGU. Regarding the O&MV CGU, the calculations showed no indica- \u00a0
tion of impairment, as the future value of cash flows was higher than the carrying amount \u00a0
of the vessel, although there was limited headroom. \u00a0
Newbuilds \u00a0
As for the newbuilds vessels it is Management\u2019s opinion that current signed contracts \u00a0
and the expected day rates in the future support the carrying amount and do not give \u00a0
any indication of potential impairment. \u00a0
Accounting policies \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 up to 25 years has been estimated by an ex- \u00a0
ternal consultant through a determined fatigue analysis based on the technical specifi- \u00a0
cation of the vessels while for Wind Peak has been based on an internal technical analy- \u00a0
sis based on the technical specification of the vessel and validated by an external ex- \u00a0
pert. The estimated useful life of these vessels depends on initial delivery. \u00a0
Prior to their acquisition, Wind Orca and Wind Osprey, had already been in use for eight \u00a0
years, therefore the remaining useful life of the vessels is estimated at 17 years for all \u00a0
components except jacking system and main crane with a remaining useful life of three \u00a0
years from the acquisition of the vessels. For Scylla and Zaratan, their remaining useful \u00a0
lives at acquisition date were assessed to be 17 and 14 years respectively, and all compo- \u00a0
nents will have the same useful life. Hull and steel have a salvage value of up to EUR 15 \u00a0
million per vessel by the end of their useful life. Salvage value is estimated as the light- \u00a0
weight of each vessel multiplied by the scarp value per ton. Depreciation is based on \u00a0
costs less the estimated residual value. Residual value is estimated as the lightweight \u00a0
tonnage of each vessel multiplied by the scrap value per ton. \u00a0
More information can be found in Note 2.4 Material accounting judgements, estimates \u00a0
and assumptions with regards to 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
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
Impairment of non-financial 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:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14826": {
"value": "Impairment test on vessels and goodwill \u00a0
The Company has identified neither internal nor external impairment indicators. However, \u00a0
on a voluntary basis and in connection with the annual impairment test of goodwill as- \u00a0
signed to the WTGFIV CGU, Management performs an impairment test every year. For \u00a0
the purpose of testing the Group's vessels, the impairment test is performed on both a \u00a0
vessel-by-vessel and CGU basis, thereby also capturing the goodwill assigned to the \u00a0
WTGFIV CGU. \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 date of impairment test and the value-in- \u00a0
use (VIU) method for estimating the expected future cash flows that the asset in the cur- \u00a0
rent condition will produce. The VIU method assumes the asset will be recovered princi- \u00a0
pally 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, Wind Peak and Scylla; and the mainte- \u00a0
nance of offshore wind turbine generators (O&MV) cash-generating units, comprising \u00a0
Zaratan. \u00a0
Goodwill arising from the acquisition of Eneti of EUR 17.8 million as of 31 December 2024 \u00a0
has been allocated to the WTGFIV CGU. The recoverable amount of the CGU\u2019s is deter- \u00a0
mined based on the value of the vessels included in the CGU. As of 31 December 2024, \u00a0
Management tested the carrying amount of its two CGUs and each vessel on a stand- \u00a0
alone basis as described below. \u00a0
Independent market values of each vessel \u00a0
Cadeler has obtained third-party broker assessment (level 3) of the vessels from at least \u00a0
two independent brokers and in case the valuations differ more than 10%, a third valua- \u00a0
tion is obtained. The ship brokers assessing the vessel values, based on a market based \u00a0
approach, are acknowledged shipbrokers with appropriate qualifications and relevant ex- \u00a0
perience in the valuation of these vessels. \u00a0
Excess value (recoverable \u00a0
amount less carrying \u00a0
EUR millions \u00a0
Broker valuation \u00a0
amount) \u00a0
CGU \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
WTGFIV \u00a0
1,103 \u00a0
574 \u00a0
380 \u00a0
227 \u00a0
58 \u00a0
160 \u00a0
Number of vessels \u00a0
4
3
2
4
3
2
O&MV \u00a0
89 \u00a0
95 \u00a0
n/a \u00a0
1
-
n/a \u00a0
Number of vessels \u00a0
1
1
-
1
1
-
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 both on a \u00a0
vessel-by-vessel basis and on CGU basis, although for the vessel Zaratan (O&MV) the ex- \u00a0
cess value is limited with the value-in-use calculation also not showing an impairment \u00a0
charge. Management assesses key inputs used in the independent evaluations to sup- \u00a0
port no impairment indicators as explained below. Furthermore, management concludes \u00a0
that no reasonable possible change in assumptions applied while determining VIU for \u00a0
the O&MV CGU would result in an impairment. \u00a0
VIU calculation \u00a0
As of December 2024, Management has prepared a value-in-use calculation both on a \u00a0
vessel-by-vessel basis and for the CGU's. \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. Ac- \u00a0
cordingly, the calculation has no terminal value with respect to the WTGFIV CGU. \u00a0
The VIU is calculated based on cash flow projections in financial budgets and business \u00a0
plans as follows: \u00a0
\u2013
From 2025 revenue is based on a combination of signed contracts (as captured \u00a0
in the order backlog disclosure in Note 3) and market estimated day rates and ex- \u00a0
pected utilisation for vessels (using externally available information) and a yearly \u00a0
increase of 2.5%. \u00a0
\u2013
OPEX includes expected 2025 levels (using internal forecasts) plus an increase \u00a0
for inflation of 2.5% in the following years, and expected maintenance based on \u00a0
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, (9.5% after tax in 2023 and 8.0% after tax in 2022). 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 indication of impairment as the future value of cashflows \u00a0
were higher than the carrying amount both on a vessel-by-vessel basis and for the \u00a0
CGU's. \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 indication of impair- \u00a0
ment as the future value of cash flows was higher than the carrying amount of the ves- \u00a0
sels for the WTGFIV CGU. Regarding the O&MV CGU, the calculations showed no indica- \u00a0
tion of impairment, as the future value of cash flows was higher than the carrying amount \u00a0
of the vessel, although there was limited headroom. \u00a0
Newbuilds \u00a0
As for the newbuilds vessels it is Management\u2019s opinion that current signed contracts \u00a0
and the expected day rates in the future support the carrying amount and do not give \u00a0
any indication of potential impairment. \u00a0
The table below outlines movements in contract assets during the year: \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Contract assets at 1 January \u00a0
8,880 \u00a0
19,999 \u00a0
843 \u00a0
Acquisition of businesses \u00a0
8,266 \u00a0
Recognised during the period \u00a0
37,710 \u00a0
614 \u00a0
19,999 \u00a0
Transfer to receivables \u00a0
(8,880) \u00a0
(19,999) \u00a0
(843) \u00a0
Exchange differences \u00a0
(101) \u00a0
-
-
Total contract assets at 31 December \u00a0
37,609 \u00a0
8,880 \u00a0
19,999 \u00a0
Current \u00a0
37,609 \u00a0
8,880 \u00a0
19,999 \u00a0
Non-current \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
Accounting policies \u00a0
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 respec- \u00a0
tive financial assets. \u00a0
(i) 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: financial assets of the Group mainly comprise of cash \u00a0
and bank balances, trade receivables 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 a forward-looking basis the expected credit losses associated \u00a0
with its financial assets carried at amortised cost. For trade and other receivables, the \u00a0
Group applied the simplified approach permitted by IFRS 9, which requires expected life- \u00a0
time losses to be recognised from initial recognition of the receivables. \u00a0
Trade \u00a0
Contract \u00a0
Expected \u00a0
EUR\u2019000 \u00a0
receivables \u00a0
assets \u00a0
loss \u00a0
Total \u00a0
31 December 2024 \u00a0
Not due \u00a0
49,029 \u00a0
37,609 \u00a0
-
86,638 \u00a0
Overdue 1-30 days \u00a0
-
-
-
-
Overdue 31 to 60 days \u00a0
2,373 \u00a0
-
-
2,373 \u00a0
Overdue +61 days \u00a0
65 \u00a0
-
-
65 \u00a0
Total \u00a0
51,467 \u00a0
37,609 \u00a0
-
89,076 \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
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 \u00a0
are recognised in profit or loss.
As of this date, no receivables have been written off. \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 16 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 of 31 December 2024, 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 of 31 December 2024, 2023 and 2022. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14838": {
"value": "Accounting policies \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 up to 25 years has been estimated by an ex- \u00a0
ternal consultant through a determined fatigue analysis based on the technical specifi- \u00a0
cation of the vessels while for Wind Peak has been based on an internal technical analy- \u00a0
sis based on the technical specification of the vessel and validated by an external ex- \u00a0
pert. The estimated useful life of these vessels depends on initial delivery. \u00a0
Prior to their acquisition, Wind Orca and Wind Osprey, had already been in use for eight \u00a0
years, therefore the remaining useful life of the vessels is estimated at 17 years for all \u00a0
components except jacking system and main crane with a remaining useful life of three \u00a0
years from the acquisition of the vessels. For Scylla and Zaratan, their remaining useful \u00a0
lives at acquisition date were assessed to be 17 and 14 years respectively, and all compo- \u00a0
nents will have the same useful life. Hull and steel have a salvage value of up to EUR 15 \u00a0
million per vessel by the end of their useful life. Salvage value is estimated as the light- \u00a0
weight of each vessel multiplied by the scarp value per ton. Depreciation is based on \u00a0
costs less the estimated residual value. Residual value is estimated as the lightweight \u00a0
tonnage of each vessel multiplied by the scrap value per ton. \u00a0
More information can be found in Note 2.4 Material accounting judgements, estimates \u00a0
and assumptions with regards to 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
Accounting policies \u00a0
Right-of-Use Assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date on which the un- \u00a0
derlying 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 in- \u00a0
centive 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
Right-of-use assets are tested for impairment whenever there is any objective evidence \u00a0
or indication that these assets may be impaired. For more information related to impair- \u00a0
ment testing of assets please refer to Note 13. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14879": {
"value": "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
Lease liabilities \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
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
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 low-value leases. Lease pay- \u00a0
ments relating to these leases are expensed to profit or loss on a straight-line basis over \u00a0
the lease term. Short-term and low-value leases consists of cars, coffee machines, office \u00a0
premises and AV equipment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14880": {
"value": "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
Lease liabilities \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
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
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 low-value leases. Lease pay- \u00a0
ments relating to these leases are expensed to profit or loss on a straight-line basis over \u00a0
the lease term. Short-term and low-value leases consists of cars, coffee machines, office \u00a0
premises and AV equipment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14882": {
"value": "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
Accounting policies \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 statement of profit and \u00a0
loss under 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14892": {
"value": "Note 14 \u00a0
Right-of-Use Assets and Lease liabilities \u00a0
Nature of the Group\u2019s leasing activities \u00a0
Office space \u00a0
The Group leases office space for the purpose of office operations. In 2023, the com- \u00a0
pany terminated the lease agreement for its former headquarters and signed a contract \u00a0
with Castellum Denmark, for a new location from 2024. \u00a0
Warehouse facilities \u00a0
The Group leases a warehouse facility located in the UK. \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
Leasehold \u00a0
Warehouse \u00a0
EUR'000 \u00a0
equipment \u00a0
facilities \u00a0
Office space \u00a0
Total \u00a0
Cost 2024 \u00a0
Beginning of financial year \u00a0
464 \u00a0
409 \u00a0
2,261 \u00a0
3,134 \u00a0
Additions \u00a0
-
10,864 \u00a0
10,864 \u00a0
Disposals \u00a0
(464) \u00a0
(429) \u00a0
-
(893) \u00a0
Exchange differences \u00a0
20 \u00a0
199 \u00a0
219 \u00a0
31 December 2023 \u00a0
-
-
13,324 \u00a0
13,324 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
464 \u00a0
24 \u00a0
1,673 \u00a0
2,161 \u00a0
Depreciation charge \u00a0
235 \u00a0
1,144 \u00a0
1,379 \u00a0
Disposals \u00a0
(464) \u00a0
(265) \u00a0
(729) \u00a0
Exchange differences \u00a0
6
170 \u00a0
176 \u00a0
31 December 2024 \u00a0
-
-
2,987 \u00a0
2,987 \u00a0
Carrying amount \u00a0
-
-
10,337 \u00a0
10,337 \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
Depreciation 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
Carrying amount \u00a0
-
385 \u00a0
588 \u00a0
973 \u00a0
Leasehold \u00a0
Office \u00a0
equipment \u00a0
space \u00a0
Total \u00a0
EUR'000 \u00a0
Cost 2022 \u00a0
Beginning of financial year \u00a0
-
1,572 \u00a0
1,572 \u00a0
Additions 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
Depreciation charge \u00a0
381 \u00a0
369 \u00a0
750 \u00a0
31 December 2022 \u00a0
381 \u00a0
1,477 \u00a0
1,858 \u00a0
Carrying amount \u00a0
83 \u00a0
204 \u00a0
287 \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Lease liabilities at 1 January (current and \u00a0
non-current lease) \u00a0
993 \u00a0
279 \u00a0
507 \u00a0
Acquisition of subsidiaries \u00a0
-
1,299 \u00a0
-
Additions during the year \u00a0
11,909 \u00a0
-
-
Exchange differences \u00a0
30 \u00a0
(16) \u00a0
-
Cash paid for lease obligations \u00a0
(1,961) \u00a0
(569) \u00a0
(228) \u00a0
Total lease liabilities at 31 December \u00a0
10,971 \u00a0
993 \u00a0
279 \u00a0
Current \u00a0
1,274 \u00a0
601 \u00a0
279 \u00a0
Non-current \u00a0
9,697 \u00a0
392 \u00a0
-
Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
428 \u00a0
25 \u00a0
21 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Short-term lease expense \u00a0
477 \u00a0
180 \u00a0
53 \u00a0
Total cash outflow for all leases in 2024, 2023 and 2022 were EUR 1,152 thousand, EUR \u00a0
283 thousand and EUR 728 thousand respectively, excluding variable lease fee (refer to \u00a0
Note 24). Please refer to Note 28 for disclosure on lease commitments. \u00a0
Accounting policies \u00a0
Right-of-Use Assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date on which the un- \u00a0
derlying 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 in- \u00a0
centive 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
Right-of-use assets are tested for impairment whenever there is any objective evidence \u00a0
or indication that these assets may be impaired. For more information related to impair- \u00a0
ment testing of assets please refer to Note 13. \u00a0
Lease liabilities \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
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
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 low-value leases. Lease pay- \u00a0
ments relating to these leases are expensed to profit or loss on a straight-line basis over \u00a0
the lease term. Short-term and low-value leases consists of cars, coffee machines, office \u00a0
premises and AV equipment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14894": {
"value": "Leasehold \u00a0
Warehouse \u00a0
EUR'000 \u00a0
equipment \u00a0
facilities \u00a0
Office space \u00a0
Total \u00a0
Cost 2024 \u00a0
Beginning of financial year \u00a0
464 \u00a0
409 \u00a0
2,261 \u00a0
3,134 \u00a0
Additions \u00a0
-
10,864 \u00a0
10,864 \u00a0
Disposals \u00a0
(464) \u00a0
(429) \u00a0
-
(893) \u00a0
Exchange differences \u00a0
20 \u00a0
199 \u00a0
219 \u00a0
31 December 2023 \u00a0
-
-
13,324 \u00a0
13,324 \u00a0
Accumulated depreciation \u00a0
Beginning of financial year \u00a0
464 \u00a0
24 \u00a0
1,673 \u00a0
2,161 \u00a0
Depreciation charge \u00a0
235 \u00a0
1,144 \u00a0
1,379 \u00a0
Disposals \u00a0
(464) \u00a0
(265) \u00a0
(729) \u00a0
Exchange differences \u00a0
6
170 \u00a0
176 \u00a0
31 December 2024 \u00a0
-
-
2,987 \u00a0
2,987 \u00a0
Carrying amount \u00a0
-
-
10,337 \u00a0
10,337 \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
Depreciation 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
Carrying amount \u00a0
-
385 \u00a0
588 \u00a0
973 \u00a0
Leasehold \u00a0
Office \u00a0
equipment \u00a0
space \u00a0
Total \u00a0
EUR'000 \u00a0
Cost 2022 \u00a0
Beginning of financial year \u00a0
-
1,572 \u00a0
1,572 \u00a0
Additions 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
Depreciation charge \u00a0
381 \u00a0
369 \u00a0
750 \u00a0
31 December 2022 \u00a0
381 \u00a0
1,477 \u00a0
1,858 \u00a0
Carrying amount \u00a0
83 \u00a0
204 \u00a0
287 \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Lease liabilities at 1 January (current and \u00a0
non-current lease) \u00a0
993 \u00a0
279 \u00a0
507 \u00a0
Acquisition of subsidiaries \u00a0
-
1,299 \u00a0
-
Additions during the year \u00a0
11,909 \u00a0
-
-
Exchange differences \u00a0
30 \u00a0
(16) \u00a0
-
Cash paid for lease obligations \u00a0
(1,961) \u00a0
(569) \u00a0
(228) \u00a0
Total lease liabilities at 31 December \u00a0
10,971 \u00a0
993 \u00a0
279 \u00a0
Current \u00a0
1,274 \u00a0
601 \u00a0
279 \u00a0
Non-current \u00a0
9,697 \u00a0
392 \u00a0
-
Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
428 \u00a0
25 \u00a0
21 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Short-term lease expense \u00a0
477 \u00a0
180 \u00a0
53 \u00a0
Total cash outflow for all leases in 2024, 2023 and 2022 were EUR 1,152 thousand, EUR \u00a0
283 thousand and EUR 728 thousand respectively, excluding variable lease fee (refer to \u00a0
Note 24). Please refer to Note 28 for disclosure on lease commitments. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14919": {
"value": "Accounting policies \u00a0
Right-of-Use Assets \u00a0
The Group recognises a right-of-use asset and lease liability at the date on which the un- \u00a0
derlying 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 in- \u00a0
centive 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
Right-of-use assets are tested for impairment whenever there is any objective evidence \u00a0
or indication that these assets may be impaired. For more information related to impair- \u00a0
ment testing of assets please refer to Note 13. \u00a0
Lease liabilities \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
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
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 low-value leases. Lease pay- \u00a0
ments relating to these leases are expensed to profit or loss on a straight-line basis over \u00a0
the lease term. Short-term and low-value leases consists of cars, coffee machines, office \u00a0
premises and AV equipment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14910": {
"value": "Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
428 \u00a0
25 \u00a0
21 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Short-term lease expense \u00a0
477 \u00a0
180 \u00a0
53 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14911": {
"value": "Lease interest expenses recognised in profit and loss \u00a0
a. Interest expense \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Interest expense on lease liabilities (vessels and office) \u00a0
428 \u00a0
25 \u00a0
21 \u00a0
b. Lease expense not capitalised in lease liabilities \u00a0
EUR'000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Short-term lease expense \u00a0
477 \u00a0
180 \u00a0
53 \u00a0
Total cash outflow for all leases in 2024, 2023 and 2022 were EUR 1,152 thousand, EUR \u00a0
283 thousand and EUR 728 thousand respectively, excluding variable lease fee (refer to \u00a0
Note 24). Please refer to Note 28 for disclosure on lease commitments. \u00a0
Lease liabilities \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
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
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 low-value leases. Lease pay- \u00a0
ments relating to these leases are expensed to profit or loss on a straight-line basis over \u00a0
the lease term. Short-term and low-value leases consists of cars, coffee machines, office \u00a0
premises and AV equipment. \u00a0
Accounting policies \u00a0
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 respec- \u00a0
tive financial assets. \u00a0
(i) 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: financial assets of the Group mainly comprise of cash \u00a0
and bank balances, trade receivables 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 a forward-looking basis the expected credit losses associated \u00a0
with its financial assets carried at amortised cost. For trade and other receivables, the \u00a0
Group applied the simplified approach permitted by IFRS 9, which requires expected life- \u00a0
time losses to be recognised from initial recognition of the receivables. \u00a0
Change in debts to credit institutions \u00a0
during the year \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Debt to credit institutions at 1 January \u00a0
(205,572) \u00a0
(115,002) \u00a0
(73,075) \u00a0
Overdraft facility drawn \u00a0
-
(16,067) \u00a0
Loans repayment \u00a0
10,630 \u00a0
115,000 \u00a0
65,000 \u00a0
Overdraft repayment \u00a0
-
-
25,065 \u00a0
New loan \u00a0
(385,234) \u00a0
(211,934) \u00a0
(115,000) \u00a0
New loan fees \u00a0
11,100 \u00a0
8,262 \u00a0
1,541 \u00a0
New loan interest \u00a0
(3,303) \u00a0
-
-
Non cash interest \u00a0
1,362 \u00a0
-
-
Write off of loan fees \u00a0
-
(1,898) \u00a0
(923) \u00a0
Others \u00a0
-
-
(1,543) \u00a0
Debt to credit institutions at 31 December \u00a0
2024 \u00a0
(571,017) \u00a0
(205,572) \u00a0
(115,002) \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 Green Corporate Facility, the Company is not permitted to pay any \u00a0
dividends or other distributions without DNB Bank ASA\u2019s written consent. \u00a0
Note 25 \u00a0
Financial Liabilities: Interest-bearing Loans and Borrowings \u00a0
As of 31 December 2024 \u00a0
Committed (EUR millions) \u00a0
Related derivatives contracts \u00a0
IRS nominal (EUR \u00a0
EUR Millions \u00a0
Interest rate \u00a0
Maturity \u00a0
Covenants \u00a0
Utilised Repayments \u00a0
Unutilised \u00a0
Average IRS rate \u00a0
millions) \u00a0
Secured \u00a0
3 months EURIBOR + 2% \u00a0
Yes - refer to \u00a0
Green Corporate Facility (RCF + term loan) \u00a0
- 2.75% \u00a0
2031 \u00a0
page 213 \u00a0
262 \u00a0
(6) \u00a0
188 \u00a0
2.7% \u00a0
247 \u00a0
Green Corporate Facility - Guarantee \u00a0
0.80% - 1.20% \u00a0
2026 \u00a0
119 \u00a0
-
81 \u00a0
Total New Debt Facility \u00a0
381 \u00a0
(6) \u00a0
269 \u00a0
3 months EURIBOR + \u00a0
Yes - refer to \u00a0
P-Class Facility\u00b9 \u00a0
1.5% \u00a0
2035 \u00a0
page 213 \u00a0
210 \u00a0
(4) \u00a0
211 \u00a0
3.0% \u00a0
105.1 \u00a0
3 months EURIBOR + \u00a0
Yes - refer to \u00a0
M-Class Facility I & II \u00a0
2.5% \u00a0
2035 \u00a0
page 213 \u00a0
-
-
420 \u00a0
Unsecured \u00a0
Yes - refer to \u00a0
HoldCo Facility \u00a0
3 months EURIBOR + 4% 2028 \u00a0
page 213 \u00a0
125 \u00a0
-
-
Total (excluding Guarantee facility) \u00a0
5972 \u00a0
(10) \u00a0
819 \u00a0
Green Corporate Facility (formerly referred to as \u201cNew debt Facility\u201d) \u00a0
On 29 June 2022, the Company entered into a Senior Secured Green Revolving Credit \u00a0
Facility (\u201cRCF\u201d) of a 3-year term loan of EUR 185 million with DNB Bank ASA. In June 2023, \u00a0
the Debt Facility was amended to increase the guarantee facility to EUR 60 million and \u00a0
to increase the committed revolving credit facility to EUR 250 million, resulting in an in- \u00a0
crease of the aggregate Debt Facility to EUR 310 million. The above was refinanced and \u00a0
the Group entered into the new RCF, as explained below. \u00a0
In connection with the Business Combination, on 7 December 2023 the Company en- \u00a0
tered into a new senior secured credit and guarantee facilities (the \u201cGreen Corporate Fa- \u00a0
cility\u201d) of up to EUR 550 million providing for (i) a revolving credit facility of up to EUR \u00a0
250 million (5 year tenor) (RCF-A), (ii) a revolving credit facility of up to EUR 100 million (18 \u00a0
months tenor) (RCF-B), (iii) a term loan of up to EUR 100 million (8.5 year tenor) guaran- \u00a0
teed by The Danish Export and Investment Fund of Denmark (EIFO) and (iv) an uncom- \u00a0
mitted guarantee facility of up to EUR 100 million. The Green Corporate Facility has simi- \u00a0
lar terms and conditions as the existing Debt Facility. The change of control provisions \u00a0
are similar to those included in the P-Class Facility (as described below). \u00a0
On 6 August 2024, the Group achieved an extension of the RCF-B to 19 June 2027
and \u00a0
the increase from EUR 100 million to EUR 200 million in uncommitted guarantee lines. \u00a0
Total drawings within the entire loan facility will offer a maximum of EUR 450 million until \u00a0
the maturity of the RCF-B and thereafter a maximum of EUR 350 million for the remain- \u00a0
ing period of the loan facility. \u00a0
The Company has utilised EUR 262 million of the total EUR 450 million available under \u00a0
the RCF. These funds were used to finance the main crane upgrades for Wind Orca and \u00a0
Wind Osprey. \u00a0
In 2023, the Group repaid the outstanding amounts of Eneti\u2019s previous Credit Facility, \u00a0
which amounted to USD 59.4 million (of which Eneti repaid USD 12.6 million in October \u00a0
2023 from the proceeds from the sale of Seajacks Hydra, Seajacks Leviathan and the \u00a0
Seajacks Kraken). In addition, the Group has repaid the amounts under its own Debt Fa- \u00a0
cility amounting to EUR 115 million. The full repayment of the senior debt facility gener- \u00a0
ated a finance cost for the write off of borrowing costs of approximately EUR 1.8 million \u00a0
in 2023. \u00a0
At the end of the reporting period, EUR 188 million remains unutilised from the RCF. \u00a0
Holdco Facility \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
On 7 February 2024, the Group secured additional capital, increasing the Holdco Facility \u00a0
from EUR 50 million to EUR 80 million. On 26 August 2024, the Company further in- \u00a0
creased the capacity available to it under its unsecured corporate term loan facility, with \u00a0
the lender commitments thereunder increased by EUR 45 million, bringing the total ca- \u00a0
pacity available to EUR 125 million. As of 31 December 2024, the full funding available un- \u00a0
der the Holdco Facility was utilised. \u00a0
M-Class Facility I & II \u00a0
On 16 August 2024, the Company successfully refinanced the USD 436 million Senior Se- \u00a0
cured Green Term Loan Facility (M-Class Facility) previously entered into by Eneti in re- \u00a0
spect of the two M-Class newbuilds the Group acquired upon the completion of its busi- \u00a0
ness combination with Eneti. The replacement facilities \u2013 one for each M-Class vessel \u00a0
(M-Class Facility I and M-Class Facility II) \u2013 have been entered into on materially im- \u00a0
proved terms, reflecting Cadeler\u2019s strong credit story and strengthened market position. \u00a0
This refinancing, supported by a broad banking group as well as several export credit \u00a0
agencies, secures an aggregate of EUR 420 million in post-delivery financing. \u00a0
P-Class Facility \u00a0
Further, Cadeler A/S and two of its subsidiaries, WIND N1064 Limited and Wind Pace \u00a0
Limited (formerly referred as to N1063 Ltd ), entered into a Sinosure-backed green term \u00a0
loan facility of up to EUR 425 million (12 year tenor) (the \"P-Class Facility\") in December \u00a0
2023 to finance the purchase of P-Class newbuilds. The funds under the P-Class Facility \u00a0
have been borrowed by WIND N1064 Limited and Wind Pace Limited (the future owners \u00a0
of the P-Class newbuilds) and may not be reborrowed once repaid. \u00a0
On 12 August 2024, the Company has drawn EUR 210 million under the P-Class Facility to \u00a0
finance the final instalment for the delivery of the first P-Class Vessel in the same month. \u00a0
Covenants \u00a0
The Group debt facilities include the following covenants: \u00a0
All debt facilities \u00a0
\u2013
Minimum Free Liquidity: Freely available cash and cash equivalents 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 is 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
\u2013
Equity Ratio: The ratio of book equity to total assets at all times to be minimum \u00a0
35%. \u00a0
\u2013
Working capital: the working capital shall be higher than zero (0). \u00a0
\u2013
Minimum security value (loan-to-value for individual debt facilities). \u00a0
Additional items included in Green Corporate Facility \u00a0
\u2013
if at any reported quarter the aggregated loans exceed 80% of the forward-look- \u00a0
ing expected cash revenues from legally binding contracts, the Contracted Cash \u00a0
Flows, the Borrower shall prepay the exceeding part of the Loans within five (5) \u00a0
Business Days. \u00a0
Additional items included in Holdco Facility \u00a0
\u2013
the Group is subject to a debt service coverage ratio where cash flow available \u00a0
for debt service (including available liquidity covering cash, cash equivalents and \u00a0
undrawn Green Corporate Facility) at the Parent Company must be above Debt \u00a0
service cash flow related to the Holdco Facility (2:1). \u00a0
Additional items included in M-Class Facility I & II \u00a0
\u2013
the Group is required to maintain a certain number of the employees in Denmark. \u00a0
All covenants are tested half-yearly, at 30 June and 31 December. The Group is in compli- \u00a0
ance with all covenants. \u00a0
As of the reporting date, M-Class facility I & II remain unutilised. Given their non-utilisa- \u00a0
tion, no assessment of compliance with associated covenants has been necessary up to \u00a0
this point. These covenants, if applicable, will require assessment upon utilisation of the \u00a0
facilities and contain customary financial and other covenants, including certain change \u00a0
of control provisions, similar to those disclosed for the utilised facilities. \u00a0
Additionally, the Group is in compliance with the below requirements: \u00a0
Restriction on dividends: the Company is not permitted to pay any dividends or other \u00a0
distributions without lenders written consent. Across the Group\u2019s Debt Facilities, divi- \u00a0
dends and distributions should not exceed 50% of the consolidated net profit for the re- \u00a0
spective year and the net interest bearing debt to EBITDA ratio should not be lower than \u00a0
2.75:1. Further, in the Holdco Facility, the Company is not allowed to make any distribu- \u00a0
tions before the delivery of the P-Class, the first two A-Class and M-Class vessels. \u00a0
Change of control: If any person or group of persons (other than Swire Pacific, Scorpio \u00a0
Group or the BW Group) acting in concert directly or indirectly gains control of 25% or \u00a0
more of the voting and/or ordinary shares of the Borrower, the Agent (acting on instruc- \u00a0
tions from the majority lenders) may by written notice of sixty (60) days cancel the total \u00a0
commitments and demand prepayment of all amounts outstanding under the facilities. \u00a0
Accounting policies \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 statement of profit and \u00a0
loss under 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
Note 28 \u00a0
Commitments and Pledges \u00a0
Lease commitments \u00a0
The future minimum lease payables under non-cancellable low value and short-term \u00a0
leases contracted for at the balance sheet date but not recognised as liabilities are as \u00a0
follows: \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Not later than one year \u00a0
117 \u00a0
1,090 \u00a0
53 \u00a0
Between one and five years \u00a0
219 \u00a0
4,984 \u00a0
9
336 \u00a0
6,074 \u00a0
62 \u00a0
As of 31 December 2023, the Company\u2019s lease commitments included tenure of the new \u00a0
headquarters. These commitments were reflected on the balance sheet starting in Q1 \u00a0
2024 as 'Right-of-Use Assets' and 'Lease Liabilities' in accordance with IFRS 16. \u00a0
Pledge of Fixed Assets \u00a0
The Green Corporate Facility detailed in Note 25 is secured by, inter alia, a first priority \u00a0
mortgage over the Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR \u00a0
639 million carrying amount, see Note 13), first priority assignment of the earnings of the \u00a0
vessel owning entities, including certain change of control provisions which are similar to \u00a0
those included in the P-Class Facility. \u00a0
The P-Class facility, detailed in Note 25, is secured by a first priority mortgage over the P- \u00a0
Class newbuilds, first priority assignments of the insurances and earnings of the P-Class \u00a0
newbuilds by Cadeler and the two borrowers and contain customary financial and other \u00a0
covenants, \u00a0
including certain change of control provisions. There will be a change of control under \u00a0
the P-Class Facility if any person or group of persons acting in concert (other than Swire \u00a0
Pacific 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
Pace Limited (formerly referred as to N1063 Ltd ) or Wind N1064 Limited ceases to be a \u00a0
wholly owned (direct or indirect) subsidiary of Cadeler. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
In April 2024, the remaining payments were made upon completion of the upgrade pro- \u00a0
ject for the new cranes. \u00a0
Commitments on newbuilds vessels: \u00a0
As of 31 December 2024 \u00a0
Millions \u00a0
P-Class \u00a0
M-Class \u00a0
A-Class \u00a0
Total \u00a0
Contract amount in EUR \u00a0
220 \u00a0
-
299 \u00a0
519 \u00a0
Contract amount in USD \u00a0
390 \u00a0
655 \u00a0
794 \u00a0
1,839 \u00a0
Total Contract amount translated to EUR \u00a0
581 \u00a0
618 \u00a0
1,062 \u00a0
2,261 \u00a0
Commitment amount in EUR \u00a0
-
-
105 \u00a0
105 \u00a0
Commitment amount in USD \u00a0
193 \u00a0
425 \u00a0
724 \u00a0
1,342 \u00a0
Remaining commitment translated to \u00a0
EUR \u00a0
185 \u00a0
409 \u00a0
801 \u00a0
1,395 \u00a0
Maturity of total payments are disclosed in note 23. \u00a0
P-Class vessels \u00a0
Since 30 June 2021, the Company had a contract with COSCO SHIPPING Heavy Industry \u00a0
CO. Ltd. (\u201cCOSCO\u201d) to build two new P-Class WTIVs. On 14 August 2024, Wind Peak has \u00a0
been delivered and the final instalments were made upon delivery. \u00a0
The total sum of the contract for the two P-Class Vessels was approximately EUR 581 \u00a0
million, of which EUR 137 million was paid in 2021, EUR 14 million was paid in 2023 and \u00a0
EUR 245 million was paid in 2024. Of the total contract value, USD 390 million is to be \u00a0
paid (or has been paid) in USD and EUR 220 million has been paid in EUR. The remaining \u00a0
scheduled payments will fall due in 2025, upon delivery. \u00a0
A-Class vessels \u00a0
On 9 May 2022 and 22 November 2022, the Company signed contracts with COSCO \u00a0
SHIPPING Heavy Industry to build a total of two new A-Class foundation installation ves- \u00a0
sel. In May 2024, the Company signed an additional contract with COSCO to build the \u00a0
third A-Class Wind Foundation Installation Vessel (WFIV). \u00a0
The total sum of the contracts for the three vessels are approximately EUR 1.1 billion, of \u00a0
which approximately a total of EUR 167 million was paid in 2022 and EUR 94 million was \u00a0
paid in 2024. The remaining amounts are due in 2025, 2026 and 2027 with expected de- \u00a0
livery in Q3/Q4 2025, Q3 2026 and Q2 2027. \u00a0
Of the total contract value, USD 794 million is to be paid (or has been paid)
in USD and \u00a0
EUR 299 million is to be paid (or has been paid) in EUR. \u00a0
M-Class vessels \u00a0
The Company, due to the business combination with Eneti, is under contract with \u00a0
Hanwha for the construction of two next generation offshore WTIVs. \u00a0
The total sum of the contracts is approximately EUR 618 million, of which of which EUR \u00a0
29.6 million, EUR 59.4 million, EUR 29.3 million and EUR 91.7 million were paid in 2021, \u00a0
2022, 2023 and 2024, respectively. The remaining scheduled payments will fall in 2025 \u00a0
with expected delivery for Wind Mover in the fourth quarter of 2025 while Wind Maker \u00a0
was delivered on schedule in January 2025. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14929": {
"value": "Lease liabilities \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
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
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 low-value leases. Lease pay- \u00a0
ments relating to these leases are expensed to profit or loss on a straight-line basis over \u00a0
the lease term. Short-term and low-value leases consists of cars, coffee machines, office \u00a0
premises and AV equipment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14930": {
"value": "Lease liabilities \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
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
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 low-value leases. Lease pay- \u00a0
ments relating to these leases are expensed to profit or loss on a straight-line basis over \u00a0
the lease term. Short-term and low-value leases consists of cars, coffee machines, office \u00a0
premises and AV equipment. \u00a0
Accounting policies \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. Trade \u00a0
and other payables are initially recognised at fair value, and subsequently carried at \u00a0
amortised cost, using the effective interest method. \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
Accounting policies \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 statement of profit and \u00a0
loss under 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14931": {
"value": "Lease liabilities \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
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
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 low-value leases. Lease pay- \u00a0
ments relating to these leases are expensed to profit or loss on a straight-line basis over \u00a0
the lease term. Short-term and low-value leases consists of cars, coffee machines, office \u00a0
premises and AV equipment. \u00a0
Accounting policies \u00a0
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 respec- \u00a0
tive financial assets. \u00a0
(i) 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: financial assets of the Group mainly comprise of cash \u00a0
and bank balances, trade receivables 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 a forward-looking basis the expected credit losses associated \u00a0
with its financial assets carried at amortised cost. For trade and other receivables, the \u00a0
Group applied the simplified approach permitted by IFRS 9, which requires expected life- \u00a0
time losses to be recognised from initial recognition of the receivables. \u00a0
Accounting policies \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. Trade \u00a0
and other payables are initially recognised at fair value, and subsequently carried at \u00a0
amortised cost, using the effective interest method. \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
Accounting policies \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 statement of profit and \u00a0
loss under 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14934": {
"value": "Lease liabilities \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
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
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 low-value leases. Lease pay- \u00a0
ments relating to these leases are expensed to profit or loss on a straight-line basis over \u00a0
the lease term. Short-term and low-value leases consists of cars, coffee machines, office \u00a0
premises and AV equipment. \u00a0
Accounting policies \u00a0
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 respec- \u00a0
tive financial assets. \u00a0
(i) 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: financial assets of the Group mainly comprise of cash \u00a0
and bank balances, trade receivables 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 a forward-looking basis the expected credit losses associated \u00a0
with its financial assets carried at amortised cost. For trade and other receivables, the \u00a0
Group applied the simplified approach permitted by IFRS 9, which requires expected life- \u00a0
time losses to be recognised from initial recognition of the receivables. \u00a0
Change in debts to credit institutions \u00a0
during the year \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Debt to credit institutions at 1 January \u00a0
(205,572) \u00a0
(115,002) \u00a0
(73,075) \u00a0
Overdraft facility drawn \u00a0
-
(16,067) \u00a0
Loans repayment \u00a0
10,630 \u00a0
115,000 \u00a0
65,000 \u00a0
Overdraft repayment \u00a0
-
-
25,065 \u00a0
New loan \u00a0
(385,234) \u00a0
(211,934) \u00a0
(115,000) \u00a0
New loan fees \u00a0
11,100 \u00a0
8,262 \u00a0
1,541 \u00a0
New loan interest \u00a0
(3,303) \u00a0
-
-
Non cash interest \u00a0
1,362 \u00a0
-
-
Write off of loan fees \u00a0
-
(1,898) \u00a0
(923) \u00a0
Others \u00a0
-
-
(1,543) \u00a0
Debt to credit institutions at 31 December \u00a0
2024 \u00a0
(571,017) \u00a0
(205,572) \u00a0
(115,002) \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 Green Corporate Facility, the Company is not permitted to pay any \u00a0
dividends or other distributions without DNB Bank ASA\u2019s written consent. \u00a0
Note 25 \u00a0
Financial Liabilities: Interest-bearing Loans and Borrowings \u00a0
As of 31 December 2024 \u00a0
Committed (EUR millions) \u00a0
Related derivatives contracts \u00a0
IRS nominal (EUR \u00a0
EUR Millions \u00a0
Interest rate \u00a0
Maturity \u00a0
Covenants \u00a0
Utilised Repayments \u00a0
Unutilised \u00a0
Average IRS rate \u00a0
millions) \u00a0
Secured \u00a0
3 months EURIBOR + 2% \u00a0
Yes - refer to \u00a0
Green Corporate Facility (RCF + term loan) \u00a0
- 2.75% \u00a0
2031 \u00a0
page 213 \u00a0
262 \u00a0
(6) \u00a0
188 \u00a0
2.7% \u00a0
247 \u00a0
Green Corporate Facility - Guarantee \u00a0
0.80% - 1.20% \u00a0
2026 \u00a0
119 \u00a0
-
81 \u00a0
Total New Debt Facility \u00a0
381 \u00a0
(6) \u00a0
269 \u00a0
3 months EURIBOR + \u00a0
Yes - refer to \u00a0
P-Class Facility\u00b9 \u00a0
1.5% \u00a0
2035 \u00a0
page 213 \u00a0
210 \u00a0
(4) \u00a0
211 \u00a0
3.0% \u00a0
105.1 \u00a0
3 months EURIBOR + \u00a0
Yes - refer to \u00a0
M-Class Facility I & II \u00a0
2.5% \u00a0
2035 \u00a0
page 213 \u00a0
-
-
420 \u00a0
Unsecured \u00a0
Yes - refer to \u00a0
HoldCo Facility \u00a0
3 months EURIBOR + 4% 2028 \u00a0
page 213 \u00a0
125 \u00a0
-
-
Total (excluding Guarantee facility) \u00a0
5972 \u00a0
(10) \u00a0
819 \u00a0
Green Corporate Facility (formerly referred to as \u201cNew debt Facility\u201d) \u00a0
On 29 June 2022, the Company entered into a Senior Secured Green Revolving Credit \u00a0
Facility (\u201cRCF\u201d) of a 3-year term loan of EUR 185 million with DNB Bank ASA. In June 2023, \u00a0
the Debt Facility was amended to increase the guarantee facility to EUR 60 million and \u00a0
to increase the committed revolving credit facility to EUR 250 million, resulting in an in- \u00a0
crease of the aggregate Debt Facility to EUR 310 million. The above was refinanced and \u00a0
the Group entered into the new RCF, as explained below. \u00a0
In connection with the Business Combination, on 7 December 2023 the Company en- \u00a0
tered into a new senior secured credit and guarantee facilities (the \u201cGreen Corporate Fa- \u00a0
cility\u201d) of up to EUR 550 million providing for (i) a revolving credit facility of up to EUR \u00a0
250 million (5 year tenor) (RCF-A), (ii) a revolving credit facility of up to EUR 100 million (18 \u00a0
months tenor) (RCF-B), (iii) a term loan of up to EUR 100 million (8.5 year tenor) guaran- \u00a0
teed by The Danish Export and Investment Fund of Denmark (EIFO) and (iv) an uncom- \u00a0
mitted guarantee facility of up to EUR 100 million. The Green Corporate Facility has simi- \u00a0
lar terms and conditions as the existing Debt Facility. The change of control provisions \u00a0
are similar to those included in the P-Class Facility (as described below). \u00a0
On 6 August 2024, the Group achieved an extension of the RCF-B to 19 June 2027
and \u00a0
the increase from EUR 100 million to EUR 200 million in uncommitted guarantee lines. \u00a0
Total drawings within the entire loan facility will offer a maximum of EUR 450 million until \u00a0
the maturity of the RCF-B and thereafter a maximum of EUR 350 million for the remain- \u00a0
ing period of the loan facility. \u00a0
The Company has utilised EUR 262 million of the total EUR 450 million available under \u00a0
the RCF. These funds were used to finance the main crane upgrades for Wind Orca and \u00a0
Wind Osprey. \u00a0
In 2023, the Group repaid the outstanding amounts of Eneti\u2019s previous Credit Facility, \u00a0
which amounted to USD 59.4 million (of which Eneti repaid USD 12.6 million in October \u00a0
2023 from the proceeds from the sale of Seajacks Hydra, Seajacks Leviathan and the \u00a0
Seajacks Kraken). In addition, the Group has repaid the amounts under its own Debt Fa- \u00a0
cility amounting to EUR 115 million. The full repayment of the senior debt facility gener- \u00a0
ated a finance cost for the write off of borrowing costs of approximately EUR 1.8 million \u00a0
in 2023. \u00a0
At the end of the reporting period, EUR 188 million remains unutilised from the RCF. \u00a0
Holdco Facility \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
On 7 February 2024, the Group secured additional capital, increasing the Holdco Facility \u00a0
from EUR 50 million to EUR 80 million. On 26 August 2024, the Company further in- \u00a0
creased the capacity available to it under its unsecured corporate term loan facility, with \u00a0
the lender commitments thereunder increased by EUR 45 million, bringing the total ca- \u00a0
pacity available to EUR 125 million. As of 31 December 2024, the full funding available un- \u00a0
der the Holdco Facility was utilised. \u00a0
M-Class Facility I & II \u00a0
On 16 August 2024, the Company successfully refinanced the USD 436 million Senior Se- \u00a0
cured Green Term Loan Facility (M-Class Facility) previously entered into by Eneti in re- \u00a0
spect of the two M-Class newbuilds the Group acquired upon the completion of its busi- \u00a0
ness combination with Eneti. The replacement facilities \u2013 one for each M-Class vessel \u00a0
(M-Class Facility I and M-Class Facility II) \u2013 have been entered into on materially im- \u00a0
proved terms, reflecting Cadeler\u2019s strong credit story and strengthened market position. \u00a0
This refinancing, supported by a broad banking group as well as several export credit \u00a0
agencies, secures an aggregate of EUR 420 million in post-delivery financing. \u00a0
P-Class Facility \u00a0
Further, Cadeler A/S and two of its subsidiaries, WIND N1064 Limited and Wind Pace \u00a0
Limited (formerly referred as to N1063 Ltd ), entered into a Sinosure-backed green term \u00a0
loan facility of up to EUR 425 million (12 year tenor) (the \"P-Class Facility\") in December \u00a0
2023 to finance the purchase of P-Class newbuilds. The funds under the P-Class Facility \u00a0
have been borrowed by WIND N1064 Limited and Wind Pace Limited (the future owners \u00a0
of the P-Class newbuilds) and may not be reborrowed once repaid. \u00a0
On 12 August 2024, the Company has drawn EUR 210 million under the P-Class Facility to \u00a0
finance the final instalment for the delivery of the first P-Class Vessel in the same month. \u00a0
Covenants \u00a0
The Group debt facilities include the following covenants: \u00a0
All debt facilities \u00a0
\u2013
Minimum Free Liquidity: Freely available cash and cash equivalents 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 is 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
\u2013
Equity Ratio: The ratio of book equity to total assets at all times to be minimum \u00a0
35%. \u00a0
\u2013
Working capital: the working capital shall be higher than zero (0). \u00a0
\u2013
Minimum security value (loan-to-value for individual debt facilities). \u00a0
Additional items included in Green Corporate Facility \u00a0
\u2013
if at any reported quarter the aggregated loans exceed 80% of the forward-look- \u00a0
ing expected cash revenues from legally binding contracts, the Contracted Cash \u00a0
Flows, the Borrower shall prepay the exceeding part of the Loans within five (5) \u00a0
Business Days. \u00a0
Additional items included in Holdco Facility \u00a0
\u2013
the Group is subject to a debt service coverage ratio where cash flow available \u00a0
for debt service (including available liquidity covering cash, cash equivalents and \u00a0
undrawn Green Corporate Facility) at the Parent Company must be above Debt \u00a0
service cash flow related to the Holdco Facility (2:1). \u00a0
Additional items included in M-Class Facility I & II \u00a0
\u2013
the Group is required to maintain a certain number of the employees in Denmark. \u00a0
All covenants are tested half-yearly, at 30 June and 31 December. The Group is in compli- \u00a0
ance with all covenants. \u00a0
As of the reporting date, M-Class facility I & II remain unutilised. Given their non-utilisa- \u00a0
tion, no assessment of compliance with associated covenants has been necessary up to \u00a0
this point. These covenants, if applicable, will require assessment upon utilisation of the \u00a0
facilities and contain customary financial and other covenants, including certain change \u00a0
of control provisions, similar to those disclosed for the utilised facilities. \u00a0
Additionally, the Group is in compliance with the below requirements: \u00a0
Restriction on dividends: the Company is not permitted to pay any dividends or other \u00a0
distributions without lenders written consent. Across the Group\u2019s Debt Facilities, divi- \u00a0
dends and distributions should not exceed 50% of the consolidated net profit for the re- \u00a0
spective year and the net interest bearing debt to EBITDA ratio should not be lower than \u00a0
2.75:1. Further, in the Holdco Facility, the Company is not allowed to make any distribu- \u00a0
tions before the delivery of the P-Class, the first two A-Class and M-Class vessels. \u00a0
Change of control: If any person or group of persons (other than Swire Pacific, Scorpio \u00a0
Group or the BW Group) acting in concert directly or indirectly gains control of 25% or \u00a0
more of the voting and/or ordinary shares of the Borrower, the Agent (acting on instruc- \u00a0
tions from the majority lenders) may by written notice of sixty (60) days cancel the total \u00a0
commitments and demand prepayment of all amounts outstanding under the facilities. \u00a0
Accounting policies \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 statement of profit and \u00a0
loss under 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:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14962": {
"value": "Note 15 \u00a0
Inventories \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Fuel and oil \u00a0
1,039 \u00a0
1,836 \u00a0
549 \u00a0
As of 31 December 2024, the Company's inventories include fuel and oil totalling EUR 1 \u00a0
million. \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
Accounting policies \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:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14965": {
"value": "Accounting policies \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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14968": {
"value": "Note 16 \u00a0
Trade and Other Receivables \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Trade receivables from non-related parties \u00a0
51,467 \u00a0
26,802 \u00a0
17,635 \u00a0
Contract assets \u00a0
37,609 \u00a0
8,880 \u00a0
19,999 \u00a0
Receivables from related parties \u00a0
214 \u00a0
592 \u00a0
-
Other receivables \u00a0
11,305 \u00a0
3,158 \u00a0
600 \u00a0
Total trade receivables \u00a0
100,595 \u00a0
39,432 \u00a0
38,234 \u00a0
As of 31 December 2024, the Company's receivables include contract assets totalling \u00a0
EUR 38 million, a significant increase from EUR 8.9 million in 2023 (2022: EUR 20 million). \u00a0
These contract assets represent the Company's entitlement to proportional considera- \u00a0
tion for ongoing projects as of the balance sheet date. Typically, these contract assets \u00a0
are reclassified to trade receivables when the Company fulfils its obligations and the \u00a0
right to consideration becomes unconditional. \u00a0
The balance of other receivables includes contract fulfilment costs amounted to \u00a0
EUR 8.5 million (2023 and 2022 nil). These costs represent expenditures directly incurred \u00a0
in fulfilling contracts with customers, such as direct labour, materials, and other costs \u00a0
necessary to complete the performance obligations under the contracts. These costs \u00a0
are recognized as assets as they are expected to be recovered over the life of the re- \u00a0
spective contracts. Contract cost are amortised on a systematic basis that is consistent \u00a0
with the transfer of the related goods or services to the customer. For accounting policy, \u00a0
refer to Note 3. \u00a0
The table below outlines movements in contract assets during the year: \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Contract assets at 1 January \u00a0
8,880 \u00a0
19,999 \u00a0
843 \u00a0
Acquisition of businesses \u00a0
8,266 \u00a0
Recognised during the period \u00a0
37,710 \u00a0
614 \u00a0
19,999 \u00a0
Transfer to receivables \u00a0
(8,880) \u00a0
(19,999) \u00a0
(843) \u00a0
Exchange differences \u00a0
(101) \u00a0
-
-
Total contract assets at 31 December \u00a0
37,609 \u00a0
8,880 \u00a0
19,999 \u00a0
Current \u00a0
37,609 \u00a0
8,880 \u00a0
19,999 \u00a0
Non-current \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
Accounting policies \u00a0
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 respec- \u00a0
tive financial assets. \u00a0
(i) 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: financial assets of the Group mainly comprise of cash \u00a0
and bank balances, trade receivables 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 a forward-looking basis the expected credit losses associated \u00a0
with its financial assets carried at amortised cost. For trade and other receivables, the \u00a0
Group applied the simplified approach permitted by IFRS 9, which requires expected life- \u00a0
time losses to be recognised from initial recognition of the receivables. \u00a0
Trade \u00a0
Contract \u00a0
Expected \u00a0
EUR\u2019000 \u00a0
receivables \u00a0
assets \u00a0
loss \u00a0
Total \u00a0
31 December 2024 \u00a0
Not due \u00a0
49,029 \u00a0
37,609 \u00a0
-
86,638 \u00a0
Overdue 1-30 days \u00a0
-
-
-
-
Overdue 31 to 60 days \u00a0
2,373 \u00a0
-
-
2,373 \u00a0
Overdue +61 days \u00a0
65 \u00a0
-
-
65 \u00a0
Total \u00a0
51,467 \u00a0
37,609 \u00a0
-
89,076 \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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14976": {
"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
Accounting policies \u00a0
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 respec- \u00a0
tive financial assets. \u00a0
(i) 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: financial assets of the Group mainly comprise of cash \u00a0
and bank balances, trade receivables 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 a forward-looking basis the expected credit losses associated \u00a0
with its financial assets carried at amortised cost. For trade and other receivables, the \u00a0
Group applied the simplified approach permitted by IFRS 9, which requires expected life- \u00a0
time losses to be recognised from initial recognition of the receivables. \u00a0
Trade \u00a0
Contract \u00a0
Expected \u00a0
EUR\u2019000 \u00a0
receivables \u00a0
assets \u00a0
loss \u00a0
Total \u00a0
31 December 2024 \u00a0
Not due \u00a0
49,029 \u00a0
37,609 \u00a0
-
86,638 \u00a0
Overdue 1-30 days \u00a0
-
-
-
-
Overdue 31 to 60 days \u00a0
2,373 \u00a0
-
-
2,373 \u00a0
Overdue +61 days \u00a0
65 \u00a0
-
-
65 \u00a0
Total \u00a0
51,467 \u00a0
37,609 \u00a0
-
89,076 \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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14981": {
"value": "Accounting policies \u00a0
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 respec- \u00a0
tive financial assets. \u00a0
(i) 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: financial assets of the Group mainly comprise of cash \u00a0
and bank balances, trade receivables 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 a forward-looking basis the expected credit losses associated \u00a0
with its financial assets carried at amortised cost. For trade and other receivables, the \u00a0
Group applied the simplified approach permitted by IFRS 9, which requires expected life- \u00a0
time losses to be recognised from initial recognition of the receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact14983": {
"value": "Accounting policies \u00a0
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 respec- \u00a0
tive financial assets. \u00a0
(i) 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: financial assets of the Group mainly comprise of cash \u00a0
and bank balances, trade receivables 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 a forward-looking basis the expected credit losses associated \u00a0
with its financial assets carried at amortised cost. For trade and other receivables, the \u00a0
Group applied the simplified approach permitted by IFRS 9, which requires expected life- \u00a0
time losses to be recognised from initial recognition of the receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15004": {
"value": "Interest income from these financial assets are recognised using the effective interest \u00a0
rate method. \u00a0
The Group assesses on a forward-looking basis the expected credit losses associated \u00a0
with its financial assets carried at amortised cost. For trade and other receivables, the \u00a0
Group applied the simplified approach permitted by IFRS 9, which requires expected life- \u00a0
time losses to be recognised from initial recognition of the receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15038": {
"value": "Note 17 \u00a0
Prepayments \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Prepayments \u00a0
16,643 \u00a0
9,562 \u00a0
1,699 \u00a0
Prepayments include deferred costs like bank loan fees, commitment fees of uncommit- \u00a0
ted facilities, annual insurance premiums and annual software subscriptions. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15041": {
"value": "Note 18 \u00a0
Cash and cash equivalents \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Cash at bank and on hand \u00a0
58,464 \u00a0
96,608 \u00a0
19,012 \u00a0
The Company is holding cash by 31 December 2024 with the intention of paying asset \u00a0
under construction related instalments in the first half of 2025. \u00a0
The balance of cash at bank includes restricted cash amounted to EUR 7 million (2023 \u00a0
and 2022 nil). \u00a0
Accounting policies \u00a0
Cash and cash equivalents consist of cash offset by short-term bank overdrafts, as they \u00a0
are considered an integral part of the Group\u2019s cash management. Cash and cash equiva- \u00a0
lents are measured at amortised cost. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15045": {
"value": "Accounting policies \u00a0
Cash and cash equivalents consist of cash offset by short-term bank overdrafts, as they \u00a0
are considered an integral part of the Group\u2019s cash management. Cash and cash equiva- \u00a0
lents are measured at amortised cost. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15049": {
"value": "Note 19 \u00a0
Statement of Cash Flows specifications \u00a0
EUR\u2019000 \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Adjustments of non-cash items \u00a0
Depreciation and amortisation \u00a0
12,13,14 \u00a0
56,595 \u00a0
23,048 \u00a0
22,684 \u00a0
Impairment of fixed assets \u00a0
13 \u00a0
-
5,000 \u00a0
-
Non-cash disposals of property, \u00a0
plant and equipment and intangible \u00a0
assets \u00a0
12,13 \u00a0
183 \u00a0
-
-
Other operating income and ex- \u00a0
penses, net \u00a0
5
-
(137) \u00a0
-
Finance income \u00a0
9
(3,294) \u00a0
-
-
Interest expenses \u00a0
9
428 \u00a0
1,898 \u00a0
923 \u00a0
Finance costs \u00a0
9
2,589 \u00a0
-
-
Income tax expense \u00a0
1,264 \u00a0
-
-
Fair value change of derivative in- \u00a0
struments through profit or loss \u00a0
9
(427) \u00a0
766 \u00a0
-
Share-based payment expenses \u00a0
1,662 \u00a0
1,134 \u00a0
352 \u00a0
Total adjustments of non-cash \u00a0
items \u00a0
59,000 \u00a0
31,709 \u00a0
23,959 \u00a0
Changes in working capital \u00a0
Note \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Inventories \u00a0
788 \u00a0
(1,140) \u00a0
(109) \u00a0
Trade receivables, contract assets, \u00a0
prepayments and other receivables \u00a0
(62,706) \u00a0
28,541 \u00a0
(18,029) \u00a0
Trade and other payables \u00a0
380 \u00a0
(16,087) \u00a0
660 \u00a0
Provisions \u00a0
(6,059) \u00a0
-
-
Receivables from related parties \u00a0
414 \u00a0
-
-
Payables to related parties \u00a0
51 \u00a0
73 \u00a0
26 \u00a0
Deferred tax liabilities \u00a0
1,137 \u00a0
-
-
Deferred revenue \u00a0
33,482 \u00a0
8,787 \u00a0
(12,999) \u00a0
Net change in working capital \u00a0
(32,513) \u00a0
20,174 \u00a0
(30,451) \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15052": {
"value": "Note 20 \u00a0
Provisions, Trade and Other Payables \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Trade and other payables: \u00a0
Trade payables \u00a0
11,577 \u00a0
8,399 \u00a0
3,979 \u00a0
Other payables \u00a0
32,018 \u00a0
24,237 \u00a0
4,843 \u00a0
Total trade and other payables \u00a0
43,595 \u00a0
32,636 \u00a0
8,822 \u00a0
The increase in other payables is attributed to year-end activity and timing in payments \u00a0
processing. \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Provisions at 1 January: \u00a0
6,899 \u00a0
-
-
Acquisition of businesses \u00a0
-
6,987 \u00a0
-
Utilised during the year \u00a0
(4,570) \u00a0
-
-
Reversed during the year \u00a0
(1,576) \u00a0
-
-
Exchange differences \u00a0
88 \u00a0
(88) \u00a0
-
Total provisions at 31 December \u00a0
841 \u00a0
6,899 \u00a0
-
Current \u00a0
841 \u00a0
2,086 \u00a0
-
Non-current \u00a0
-
4,813 \u00a0
-
The provisions relate to an onerous contract. For additional information, please refer to \u00a0
Note 4. \u00a0
Accounting policies \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. Trade \u00a0
and other payables are initially recognised at fair value, and subsequently carried at \u00a0
amortised cost, using the effective interest method. \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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15057": {
"value": "Accounting policies \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. Trade \u00a0
and other payables are initially recognised at fair value, and subsequently carried at \u00a0
amortised cost, using the effective interest method. \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:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15067": {
"value": "Note 22 \u00a0
Issued Share Capital \u00a0
No. of shares (in \u00a0
EUR\u2019000 \u00a0
thousands) \u00a0
Total \u00a0
Beginning of financial year 2022 \u00a0
138,574 \u00a0
18,641 \u00a0
Issued in May 2022 for capital increase \u00a0
26,176 \u00a0
3,518 \u00a0
Issued in October 2022 for capital increase \u00a0
32,850 \u00a0
4,416 \u00a0
End of financial year 2022 \u00a0
197,600 \u00a0
26,575 \u00a0
Issued in December 2023 for capital increase \u00a0
113,809 \u00a0
15,263 \u00a0
End of financial year 2023 \u00a0
311,409 \u00a0
41,838 \u00a0
Issued in February 2024 for capital increase \u00a0
39,520 \u00a0
5,301 \u00a0
Issued in June 2024 for capital increase \u00a0
28 \u00a0
4
End of financial year 2024 \u00a0
350,957 \u00a0
47,143 \u00a0
As of 1 January 2024, 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 nominal DKK 1 each. \u00a0
On 15 February 2024, the Company completed a private placement, resulting in the issu- \u00a0
ance of 39.5 million shares of nominal DKK 1 each at a price of NOK 44.50 per share. \u00a0
Overall, the Company raised EUR 155 million before transactional costs of EUR 3 million. \u00a0
The proceeds from the private placement were substantially allocated to the financing of \u00a0
the intended equity portion of the contract value of the order placed on 22 May 2024 to \u00a0
build the third A-Class vessel. The remaining funds will be allocated towards acquiring \u00a0
mission equipment and building working capital. \u00a0
On 26 June 2024, the Company completed a capital increase of EUR 88 thousand as a \u00a0
result of the exercise of options under its employee equity incentive programme result- \u00a0
ing in the issuance of 27,715 shares of a nominal price of DKK 1 per share. \u00a0
All shares have equal rights. \u00a0
Treasury shares \u00a0
On 4 July 2024, the Company completed the share buy-back program to fulfil share- \u00a0
based incentive obligations resulting in the repurchase of 214,791 shares of a nominal \u00a0
price of DKK 1 each at an average price of NOK 68.28 and corresponding to an aggregate \u00a0
amount of EUR 1.3 million. At 31 December 2024, the Company holds 93,538 shares. \u00a0
Accounting policies \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
Share premium reserve signifies the capital contributed by investors exceeding the nom- \u00a0
inal value of the shares issued, net of any incremental costs directly associated with the \u00a0
issuance of new shares. \u00a0
Own equity instruments that are reacquired (treasury shares) are recognised at cost and \u00a0
deducted from equity. No gain or loss is recognised in profit or loss on the purchase, \u00a0
sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference be- \u00a0
tween the carrying amount and the consideration, if reissued, is recognised in equity. \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 Green Corporate Facility, the Company is not permitted to pay any \u00a0
dividends or other distributions without DNB Bank ASA\u2019s written consent. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15068": {
"value": "Note 22 \u00a0
Issued Share Capital \u00a0
No. of shares (in \u00a0
EUR\u2019000 \u00a0
thousands) \u00a0
Total \u00a0
Beginning of financial year 2022 \u00a0
138,574 \u00a0
18,641 \u00a0
Issued in May 2022 for capital increase \u00a0
26,176 \u00a0
3,518 \u00a0
Issued in October 2022 for capital increase \u00a0
32,850 \u00a0
4,416 \u00a0
End of financial year 2022 \u00a0
197,600 \u00a0
26,575 \u00a0
Issued in December 2023 for capital increase \u00a0
113,809 \u00a0
15,263 \u00a0
End of financial year 2023 \u00a0
311,409 \u00a0
41,838 \u00a0
Issued in February 2024 for capital increase \u00a0
39,520 \u00a0
5,301 \u00a0
Issued in June 2024 for capital increase \u00a0
28 \u00a0
4
End of financial year 2024 \u00a0
350,957 \u00a0
47,143 \u00a0
As of 1 January 2024, 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 nominal DKK 1 each. \u00a0
On 15 February 2024, the Company completed a private placement, resulting in the issu- \u00a0
ance of 39.5 million shares of nominal DKK 1 each at a price of NOK 44.50 per share. \u00a0
Overall, the Company raised EUR 155 million before transactional costs of EUR 3 million. \u00a0
The proceeds from the private placement were substantially allocated to the financing of \u00a0
the intended equity portion of the contract value of the order placed on 22 May 2024 to \u00a0
build the third A-Class vessel. The remaining funds will be allocated towards acquiring \u00a0
mission equipment and building working capital. \u00a0
On 26 June 2024, the Company completed a capital increase of EUR 88 thousand as a \u00a0
result of the exercise of options under its employee equity incentive programme result- \u00a0
ing in the issuance of 27,715 shares of a nominal price of DKK 1 per share. \u00a0
All shares have equal rights. \u00a0
Treasury shares \u00a0
On 4 July 2024, the Company completed the share buy-back program to fulfil share- \u00a0
based incentive obligations resulting in the repurchase of 214,791 shares of a nominal \u00a0
price of DKK 1 each at an average price of NOK 68.28 and corresponding to an aggregate \u00a0
amount of EUR 1.3 million. At 31 December 2024, the Company holds 93,538 shares. \u00a0
Accounting policies \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
Share premium reserve signifies the capital contributed by investors exceeding the nom- \u00a0
inal value of the shares issued, net of any incremental costs directly associated with the \u00a0
issuance of new shares. \u00a0
Own equity instruments that are reacquired (treasury shares) are recognised at cost and \u00a0
deducted from equity. No gain or loss is recognised in profit or loss on the purchase, \u00a0
sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference be- \u00a0
tween the carrying amount and the consideration, if reissued, is recognised in equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15077": {
"value": "Accounting policies \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
Share premium reserve signifies the capital contributed by investors exceeding the nom- \u00a0
inal value of the shares issued, net of any incremental costs directly associated with the \u00a0
issuance of new shares. \u00a0
Own equity instruments that are reacquired (treasury shares) are recognised at cost and \u00a0
deducted from equity. No gain or loss is recognised in profit or loss on the purchase, \u00a0
sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference be- \u00a0
tween the carrying amount and the consideration, if reissued, is recognised in equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15087": {
"value": "Note 23 \u00a0
Financial Risk Management \u00a0
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 performed 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 2024 does not deviate materi- \u00a0
ally from the carrying amounts as of 31 December 2024. \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), United States Dollar (\u201cUSD\u201d), New Taiwan Dollar (\u201cTWD\u201d), \u00a0
and Japanese Yen (\u201cJPY\u201d), as certain operating expenses are denominated in these cur- \u00a0
rencies. The Company will look to use financial instruments to reduce currency risk when \u00a0
there is significant liability or income in a non-EUR or DKK-denominated currency and \u00a0
there is a cost-effective solution. \u00a0
The functional currency of Cadeler A/S is EUR, while the largest currency exposure of \u00a0
the Group is the future instalments for the new P, A, and M class vessels, denominated in \u00a0
USD, amounting to USD 1.3 billion. More details can be found in Note 24 with regard to \u00a0
the current instruments used to mitigate this currency risk. Management and the Board \u00a0
of Directors will evaluate the potential cost and benefits of currency exposure on an on- \u00a0
going 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 1.8 million (EUR 4.6 million in \u00a0
2023; EUR 30 thousand in 2022) based on the USD cash holdings as of 31 December \u00a0
2024. \u00a0
The Group holds cash balances in GBP. If the GBP:EUR exchange rate deteriorated by 10% \u00a0
the result before tax would have decreased by EUR 0.7 million (EUR 1.4 million in 2023) based \u00a0
on the GBP cash holdings as of 31 December 2024. \u00a0
As the DKK is pegged to EUR, no material currency risk has been identified against the DKK \u00a0
even though the Cadeler Group has costs denominated in DKK. As of 31 December 2024, the \u00a0
Cadeler Group did not have any material NOK, JPY, or TWD cash holdings. \u00a0
Currency risk associated with other financial instruments denominated in different currencies \u00a0
is limited and therefore excluded from the analysis. \u00a0
Interest rate risk \u00a0
The Group\u2019s current exposure to the risk of changes in market interest rates relates pri- \u00a0
marily to the Green Corporate Facility, the P-Class facility, M-Class facility and Holdco fa- \u00a0
cility. More details can be found in Note 24 with regard to the hedging instruments used \u00a0
to mitigate this risk. \u00a0
The Green Corporate Facility and Holdco facility are based on a EURIBOR 3M interest \u00a0
rate plus a margin. The EURIBOR interest rate has a floor of 0bps and was 2.9%, 3.9% \u00a0
and 2.0% at the end of 2024, 2023 and 2022, respectively. \u00a0
If the EURIBOR interest rate increased 100bps, and the loans had been provided \u00a0
throughout the entire period of 2024, the cost would have increased by EUR 5.9 million \u00a0
(EUR 2.1 million in 2023; EUR 1.5 million in 2022). This variation could potentially qualify as \u00a0
capitalisable borrowing costs and minimise the impact on the result before tax. If the in- \u00a0
terest rate decreases, the result before tax would not change due to capitalisation of \u00a0
borrowing costs. \u00a0
Management and the Board of Directors will evaluate the potential cost and benefits of fixed \u00a0
interested rate borrowings on an ongoing basis. \u00a0
Credit risk \u00a0
Risk management \u00a0
Credit risk refers to the risk that a 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 \u00a0
are recognised in profit or loss.
As of this date, no receivables have been written off. \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 16 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 of 31 December 2024, 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 of 31 December 2024, 2023 and 2022. \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 newbuild vessels signed. \u00a0
The Cadeler Group\u2019s management anticipates seeking further debt financing in connec- \u00a0
tion with milestone payments for the delivery of the third A-Class New Build. Please refer \u00a0
to Note 25 for a detailed disclosure of the current facilities 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
2024 \u00a0
Obligation in USD \u00a0
651 \u00a0
496 \u00a0
195 \u00a0
1,342 \u00a0
Obligation in USD (in EUR) \u00a0
626 \u00a0
476 \u00a0
188 \u00a0
1,290 \u00a0
Obligation in EUR \u00a0
65 \u00a0
40 \u00a0
-
105 \u00a0
Total obligations (in EUR) \u00a0
6911 \u00a0
516 \u00a0
188 \u00a0
1,395 \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
1 Of the total obligations due within the next year, EUR 455 million is expected to be paid during the first half of \u00a0
2025. \u00a0
The table below analyses the maturity profile of the financial liabilities of the Company \u00a0
based on contractual undiscounted cash flows excluding newbuild payments. \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
2024 \u00a0
Trade and other payables \u00a0
43,595 \u00a0
-
-
43,595 \u00a0
Payables to Related parties \u00a0
223 \u00a0
-
-
223 \u00a0
Lease liabilities \u00a0
1,274 \u00a0
2,337 \u00a0
7,360 \u00a0
10,971 \u00a0
Debt to credit institutions \u00a0
31,163 \u00a0
54,339 \u00a0
485,515 \u00a0
571,017 \u00a0
Derivatives \u00a0
209 \u00a0
-
16,205 \u00a0
16,414 \u00a0
76,464 \u00a0
56,676 \u00a0
509,080 \u00a0
642,220 \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
Change in debts to credit institutions \u00a0
during the year \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Debt to credit institutions at 1 January \u00a0
(205,572) \u00a0
(115,002) \u00a0
(73,075) \u00a0
Overdraft facility drawn \u00a0
-
(16,067) \u00a0
Loans repayment \u00a0
10,630 \u00a0
115,000 \u00a0
65,000 \u00a0
Overdraft repayment \u00a0
-
-
25,065 \u00a0
New loan \u00a0
(385,234) \u00a0
(211,934) \u00a0
(115,000) \u00a0
New loan fees \u00a0
11,100 \u00a0
8,262 \u00a0
1,541 \u00a0
New loan interest \u00a0
(3,303) \u00a0
-
-
Non cash interest \u00a0
1,362 \u00a0
-
-
Write off of loan fees \u00a0
-
(1,898) \u00a0
(923) \u00a0
Others \u00a0
-
-
(1,543) \u00a0
Debt to credit institutions at 31 December \u00a0
2024 \u00a0
(571,017) \u00a0
(205,572) \u00a0
(115,002) \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 Green Corporate Facility, the Company is not permitted to pay any \u00a0
dividends or other distributions without DNB Bank ASA\u2019s written consent. \u00a0
Fair value measurement \u00a0
The Group measures derivatives at fair value at each balance sheet date. Fair value is \u00a0
the price that would be received to sell an asset or paid to transfer a liability in an orderly \u00a0
transaction between market participants at the balance 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, maximising the use of relevant \u00a0
observable inputs and minimising 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 follows: \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 of the Group\u2019s assets and liabilities: \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Derivative assets measured at fair value \u00a0
Interest from IRS recycled through OCI \u00a0
228 \u00a0
-
-
Interest rate swap \u00a0
1,287 \u00a0
338 \u00a0
3,013 \u00a0
FX forward contracts \u00a0
6,849 \u00a0
-
-
FX Option collars \u00a0
4,764 \u00a0
-
-
Time value of FX Option collars through OCI \u00a0
5,340 \u00a0
-
-
Derivatives ineffective hedges \u00a0
-
-
363 \u00a0
Total derivative assets \u00a0
18,468 \u00a0
338 \u00a0
3,376 \u00a0
Derivative liabilities measured at fair value \u00a0
Interest rate swap \u00a0
16,231 \u00a0
11,789 \u00a0
287 \u00a0
FX forward contracts \u00a0
-
5,338 \u00a0
1,821 \u00a0
FX Option collars \u00a0
-
810 \u00a0
-
Time value of FX Option collars through OCI \u00a0
209 \u00a0
3,621 \u00a0
-
Derivatives ineffective hedges \u00a0
(26) \u00a0
403 \u00a0
-
Total derivative liabilities \u00a0
16,414 \u00a0
21,961 \u00a0
2,108 \u00a0
As of 31 December 2024, the fair value of the derivative assets amounted to EUR 18,468 \u00a0
thousand (2023: EUR 338 thousand; 2022: EUR 3,376 thousand) and derivative liabilities \u00a0
amounted to 16,414 thousand (2023: EUR 21,961 thousand; 2022: EUR 2,108 thousand). \u00a0
The variation primarily reflects reduced expectations for rate cuts following persistent in- \u00a0
flation and solid economic data, which led to higher rates and a stronger USD. \u00a0
As of 31 December 2024, derivatives measured at fair value through profit or loss \u00a0
amounted to EUR 26 thousand gain (2023: EUR 403 thousand loss; 2022: EUR 363 thou- \u00a0
sand gain). \u00a0
The fair value hierarchy for the above derivative financial instruments is Level 2. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15088": {
"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 performed 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 2024 does not deviate materi- \u00a0
ally from the carrying amounts as of 31 December 2024. \u00a0
Credit risk \u00a0
Risk management \u00a0
Credit risk refers to the risk that a 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15089": {
"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 performed 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 2024 does not deviate materi- \u00a0
ally from the carrying amounts as of 31 December 2024. \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 newbuild vessels signed. \u00a0
The Cadeler Group\u2019s management anticipates seeking further debt financing in connec- \u00a0
tion with milestone payments for the delivery of the third A-Class New Build. Please refer \u00a0
to Note 25 for a detailed disclosure of the current facilities of the Group. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15092": {
"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), United States Dollar (\u201cUSD\u201d), New Taiwan Dollar (\u201cTWD\u201d), \u00a0
and Japanese Yen (\u201cJPY\u201d), as certain operating expenses are denominated in these cur- \u00a0
rencies. The Company will look to use financial instruments to reduce currency risk when \u00a0
there is significant liability or income in a non-EUR or DKK-denominated currency and \u00a0
there is a cost-effective solution. \u00a0
The functional currency of Cadeler A/S is EUR, while the largest currency exposure of \u00a0
the Group is the future instalments for the new P, A, and M class vessels, denominated in \u00a0
USD, amounting to USD 1.3 billion. More details can be found in Note 24 with regard to \u00a0
the current instruments used to mitigate this currency risk. Management and the Board \u00a0
of Directors will evaluate the potential cost and benefits of currency exposure on an on- \u00a0
going 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 1.8 million (EUR 4.6 million in \u00a0
2023; EUR 30 thousand in 2022) based on the USD cash holdings as of 31 December \u00a0
2024. \u00a0
The Group holds cash balances in GBP. If the GBP:EUR exchange rate deteriorated by 10% \u00a0
the result before tax would have decreased by EUR 0.7 million (EUR 1.4 million in 2023) based \u00a0
on the GBP cash holdings as of 31 December 2024. \u00a0
As the DKK is pegged to EUR, no material currency risk has been identified against the DKK \u00a0
even though the Cadeler Group has costs denominated in DKK. As of 31 December 2024, the \u00a0
Cadeler Group did not have any material NOK, JPY, or TWD cash holdings. \u00a0
Currency risk associated with other financial instruments denominated in different currencies \u00a0
is limited and therefore excluded from the analysis. \u00a0
Interest rate risk \u00a0
The Group\u2019s current exposure to the risk of changes in market interest rates relates pri- \u00a0
marily to the Green Corporate Facility, the P-Class facility, M-Class facility and Holdco fa- \u00a0
cility. More details can be found in Note 24 with regard to the hedging instruments used \u00a0
to mitigate this risk. \u00a0
The Green Corporate Facility and Holdco facility are based on a EURIBOR 3M interest \u00a0
rate plus a margin. The EURIBOR interest rate has a floor of 0bps and was 2.9%, 3.9% \u00a0
and 2.0% at the end of 2024, 2023 and 2022, respectively. \u00a0
If the EURIBOR interest rate increased 100bps, and the loans had been provided \u00a0
throughout the entire period of 2024, the cost would have increased by EUR 5.9 million \u00a0
(EUR 2.1 million in 2023; EUR 1.5 million in 2022). This variation could potentially qualify as \u00a0
capitalisable borrowing costs and minimise the impact on the result before tax. If the in- \u00a0
terest rate decreases, the result before tax would not change due to capitalisation of \u00a0
borrowing costs. \u00a0
Management and the Board of Directors will evaluate the potential cost and benefits of fixed \u00a0
interested rate borrowings on an ongoing basis. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15114": {
"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 Green Corporate Facility, the Company is not permitted to pay any \u00a0
dividends or other distributions without DNB Bank ASA\u2019s written consent. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15122": {
"value": "Fair value measurement \u00a0
The Group measures derivatives at fair value at each balance sheet date. Fair value is \u00a0
the price that would be received to sell an asset or paid to transfer a liability in an orderly \u00a0
transaction between market participants at the balance 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, maximising the use of relevant \u00a0
observable inputs and minimising 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 follows: \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 of the Group\u2019s assets and liabilities: \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15204": {
"value": "Note 26 \u00a0
Business Combination \u00a0
On 19 December 2023, the Group completed the acquisition of Eneti. \u00a0
As of the reporting date, no adjustments or changes to the initial estimates and recogni- \u00a0
tion have been identified. The business combination is considered final and will not result \u00a0
in further modifications to the financial statements. \u00a0
The fair value of identified net assets and goodwill recognised in the Eneti acquisition \u00a0
comprises as follows: \u00a0
19 December \u00a0
2023 \u00a0
EUR\u2019000 \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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15222": {
"value": "Note 28 \u00a0
Commitments and Pledges \u00a0
Lease commitments \u00a0
The future minimum lease payables under non-cancellable low value and short-term \u00a0
leases contracted for at the balance sheet date but not recognised as liabilities are as \u00a0
follows: \u00a0
EUR\u2019000 \u00a0
2024 \u00a0
2023 \u00a0
2022 \u00a0
Not later than one year \u00a0
117 \u00a0
1,090 \u00a0
53 \u00a0
Between one and five years \u00a0
219 \u00a0
4,984 \u00a0
9
336 \u00a0
6,074 \u00a0
62 \u00a0
As of 31 December 2023, the Company\u2019s lease commitments included tenure of the new \u00a0
headquarters. These commitments were reflected on the balance sheet starting in Q1 \u00a0
2024 as 'Right-of-Use Assets' and 'Lease Liabilities' in accordance with IFRS 16. \u00a0
Pledge of Fixed Assets \u00a0
The Green Corporate Facility detailed in Note 25 is secured by, inter alia, a first priority \u00a0
mortgage over the Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan Vessels (EUR \u00a0
639 million carrying amount, see Note 13), first priority assignment of the earnings of the \u00a0
vessel owning entities, including certain change of control provisions which are similar to \u00a0
those included in the P-Class Facility. \u00a0
The P-Class facility, detailed in Note 25, is secured by a first priority mortgage over the P- \u00a0
Class newbuilds, first priority assignments of the insurances and earnings of the P-Class \u00a0
newbuilds by Cadeler and the two borrowers and contain customary financial and other \u00a0
covenants, \u00a0
including certain change of control provisions. There will be a change of control under \u00a0
the P-Class Facility if any person or group of persons acting in concert (other than Swire \u00a0
Pacific 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
Pace Limited (formerly referred as to N1063 Ltd ) or Wind N1064 Limited ceases to be a \u00a0
wholly owned (direct or indirect) subsidiary of Cadeler. \u00a0
Wind Osprey & Wind Orca new crane contract \u00a0
In April 2024, the remaining payments were made upon completion of the upgrade pro- \u00a0
ject for the new cranes. \u00a0
Commitments on newbuilds vessels: \u00a0
As of 31 December 2024 \u00a0
Millions \u00a0
P-Class \u00a0
M-Class \u00a0
A-Class \u00a0
Total \u00a0
Contract amount in EUR \u00a0
220 \u00a0
-
299 \u00a0
519 \u00a0
Contract amount in USD \u00a0
390 \u00a0
655 \u00a0
794 \u00a0
1,839 \u00a0
Total Contract amount translated to EUR \u00a0
581 \u00a0
618 \u00a0
1,062 \u00a0
2,261 \u00a0
Commitment amount in EUR \u00a0
-
-
105 \u00a0
105 \u00a0
Commitment amount in USD \u00a0
193 \u00a0
425 \u00a0
724 \u00a0
1,342 \u00a0
Remaining commitment translated to \u00a0
EUR \u00a0
185 \u00a0
409 \u00a0
801 \u00a0
1,395 \u00a0
Maturity of total payments are disclosed in note 23. \u00a0
P-Class vessels \u00a0
Since 30 June 2021, the Company had a contract with COSCO SHIPPING Heavy Industry \u00a0
CO. Ltd. (\u201cCOSCO\u201d) to build two new P-Class WTIVs. On 14 August 2024, Wind Peak has \u00a0
been delivered and the final instalments were made upon delivery. \u00a0
The total sum of the contract for the two P-Class Vessels was approximately EUR 581 \u00a0
million, of which EUR 137 million was paid in 2021, EUR 14 million was paid in 2023 and \u00a0
EUR 245 million was paid in 2024. Of the total contract value, USD 390 million is to be \u00a0
paid (or has been paid) in USD and EUR 220 million has been paid in EUR. The remaining \u00a0
scheduled payments will fall due in 2025, upon delivery. \u00a0
A-Class vessels \u00a0
On 9 May 2022 and 22 November 2022, the Company signed contracts with COSCO \u00a0
SHIPPING Heavy Industry to build a total of two new A-Class foundation installation ves- \u00a0
sel. In May 2024, the Company signed an additional contract with COSCO to build the \u00a0
third A-Class Wind Foundation Installation Vessel (WFIV). \u00a0
The total sum of the contracts for the three vessels are approximately EUR 1.1 billion, of \u00a0
which approximately a total of EUR 167 million was paid in 2022 and EUR 94 million was \u00a0
paid in 2024. The remaining amounts are due in 2025, 2026 and 2027 with expected de- \u00a0
livery in Q3/Q4 2025, Q3 2026 and Q2 2027. \u00a0
Of the total contract value, USD 794 million is to be paid (or has been paid)
in USD and \u00a0
EUR 299 million is to be paid (or has been paid) in EUR. \u00a0
M-Class vessels \u00a0
The Company, due to the business combination with Eneti, is under contract with \u00a0
Hanwha for the construction of two next generation offshore WTIVs. \u00a0
The total sum of the contracts is approximately EUR 618 million, of which of which EUR \u00a0
29.6 million, EUR 59.4 million, EUR 29.3 million and EUR 91.7 million were paid in 2021, \u00a0
2022, 2023 and 2024, respectively. The remaining scheduled payments will fall in 2025 \u00a0
with expected delivery for Wind Mover in the fourth quarter of 2025 while Wind Maker \u00a0
was delivered on schedule in January 2025. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15264": {
"value": "Note 30 \u00a0
Events After Reporting Period \u00a0
Delivery of M-Class vessel \u00a0
On 31 January 2025, the Company took delivery of the sixth vessel in its fleet, Wind \u00a0
Maker, which was delivered at the Hanwha Ocean Shipyard in Korea. Additionally, on 23 \u00a0
January 2025, the Company drew down half of the M-Class Facility to pay the last instal- \u00a0
ment amounted to approximately EUR 212 million. \u00a0
Utilisation Request under P-Class Facility \u00a0
On 17 March 2025, the Company requested the utilisation of EUR 211 million under the P- \u00a0
Class Facility to finance the final instalment for the second P-Class Vessel, which is ex- \u00a0
pected to be delivered imminently. \u00a0
A-Class Facility signed \u00a0
On 21 March 2025, Cadeler and two of its subsidiaries, Wind Ally Limited and Wind Ace \u00a0
Limited, entered into a Sinosure-backed Green Term Loan Facility of up to EUR 575 mil- \u00a0
lion (with a 12 year tenor) (the \u201cA-Class Facility\u201d) with a group of banks led by DNB and \u00a0
supported by Credit Agricole, CIC, HSBC, KfW-IPEX, OCBC, Rabobank, Santander, So- \u00a0
ci\u00e9t\u00e9 G\u00e9n\u00e9rale, Sparebank 1 SR-Bank and Standard Chartered Bank, to finance the pur- \u00a0
chase of the first two of the Cadeler Group\u2019s three A-Class Vessels. The terms of the A- \u00a0
Class Facility are substantially identical to those of the P-Class Facility and the M-Class \u00a0
Facility, except that the effectiveness of the A-Class Facility is contingent upon the re- \u00a0
ceipt by the lenders thereunder of written confirmation from Sinosure, prior to May 31, \u00a0
2025, that each of the insurance policies to be issued by Sinosure in connection with \u00a0
such facility are approved for issuance. Sinosure has issued a letter indicating its inten- \u00a0
tion to obtain such approval and the Cadeler Group\u2019s management expects to receive \u00a0
the relevant written confirmation and to confirm the effectiveness of the A-Class Facility \u00a0
prior to May 31, 2025. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15268": {
"value": "Note 31 \u00a0
Authorisation of Financial \u00a0
Statements \u00a0
These financial statements were authorised for issue in accordance with a resolution of \u00a0
the Board of Directors and Executive Management of Cadeler A/S on 25 March 2025 \u00a0
and will be recommended for approval by the shareholders of the Company at the an- \u00a0
nual general meeting to be held on 22 April 2025. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15270": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact15271": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:9845008439EUED140282",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}