Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2024 | |
Document and Entity Information [Abstract] | |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2024 |
Entity Registrant Name | CADELER A/S |
Entity Central Index Key | 0001978867 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Interim condensed consolidated
Interim condensed consolidated statement of profit or loss and other comprehensive income - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Interim condensed consolidated statement of profit or loss and other comprehensive income | ||
Revenue | € 82,218 | € 67,773 |
Cost of sales | (57,398) | (25,222) |
Gross profit | 24,820 | 42,551 |
Other operating income and expenses | 747 | |
Administrative expenses | (26,930) | (13,112) |
Operating (loss)/profit | (1,363) | 29,439 |
Finance income | 4,862 | 441 |
Finance costs | (2,229) | (291) |
Profit before income tax | 1,270 | 29,589 |
Income tax expense | (1,117) | |
Profit for the period | 153 | 29,589 |
Profit for the period attributable to: | ||
Equity holders of the parent | € 153 | € 29,589 |
Earnings per share | ||
Basic, profit for the period attributable to ordinary equity holders of the parent (EUR per share) | € 0 | € 0.15 |
Diluted, profit for the period attributable to ordinary equity holders of the parent (EUR per share) | € 0 | € 0.15 |
Items that may be reclassified to profit or loss | ||
Exchange differences on translation of foreign operations | € 16,077 | |
Cash flow hedges - changes in fair value | 16,778 | € (3,467) |
Cash flow hedges - interest recycled | (59) | (519) |
Cash flow hedges - cost of hedging | 6,184 | (2,651) |
Other comprehensive income after tax | 38,980 | (6,637) |
Total comprehensive income for the period, net of tax | 39,133 | 22,952 |
Total comprehensive income attributable to: | ||
Equity holders of the parent | € 39,133 | € 22,952 |
Interim condensed consolidate_2
Interim condensed consolidated balance sheet - EUR (€) € in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Non-current assets | ||
Intangible assets | € 17,440 | € 16,947 |
Property, plant and equipment | 1,380,924 | 1,085,632 |
Right-of-use assets | 11,118 | 973 |
Leasehold deposits | 1,047 | 1,220 |
Derivative assets | 3,192 | 338 |
Total non-current assets | 1,413,721 | 1,105,110 |
Current assets | ||
Inventories | 947 | 1,836 |
Trade receivables | 39,681 | 30,552 |
Contract assets | 18,296 | 8,880 |
Prepayments | 21,555 | 9,562 |
Current derivative assets | 2,278 | |
Current income tax receivable | 12 | |
Cash and cash equivalents | 93,050 | 96,608 |
Total current assets | 175,807 | 147,450 |
Total assets | 1,589,528 | 1,252,560 |
Equity | ||
Share capital | 47,144 | 41,839 |
Share premium | 1,100,003 | 952,858 |
Reserves | 10,697 | (28,283) |
Retained earnings / (accumulated losses) | (6,529) | (7,373) |
Total equity | 1,151,315 | 959,041 |
Non-current liabilities | ||
Provisions | 4,813 | |
Lease liabilities | 9,859 | 392 |
Deferred tax liabilities | 11,236 | 10,191 |
Deferred charter hire income | 1,734 | 1,778 |
Debt to credit institutions | 335,028 | 204,773 |
Derivative liabilities | 3,609 | 17,957 |
Total non-current liabilities | 361,466 | 239,904 |
Current liabilities | ||
Trade and other payables | 42,279 | 32,636 |
Current provisions | 4,994 | 2,086 |
Payables to related parties | 79 | 162 |
Current deferred charter hire income | 23,186 | 12,103 |
Current lease liabilities | 1,262 | 601 |
Current income tax liabilities | 483 | 1,224 |
Current debt to credit institutions | 4,344 | 799 |
Current derivative liabilities | 120 | 4,004 |
Total current liabilities | 76,747 | 53,615 |
Total liabilities | 438,213 | 293,519 |
Total equity and liabilities | € 1,589,528 | € 1,252,560 |
Interim condensed consolidate_3
Interim condensed consolidated statement of changes in equity - EUR (€) € in Thousands | Share capital Capital increase February 2024 | Share capital Capital increase June 2024 | Share capital | Share premium Capital increase February 2024 | Share premium Capital increase June 2024 | Share premium | Hedging reserves | Cost of hedging reserves | Foreign currency translation reserve | (Accumulated losses)/ retained earnings | Capital increase February 2024 | Capital increase June 2024 | Total |
Beginning balance at Dec. 31, 2022 | € 26,575 | € 509,542 | € 1,343 | € 3,108 | € 540,568 | ||||||||
Profit for the period | 29,589 | 29,589 | |||||||||||
Other comprehensive income for the period | (3,986) | € (2,651) | (6,637) | ||||||||||
Total comprehensive profit for the period | (3,986) | (2,651) | 29,589 | 22,952 | |||||||||
Share-based payments | 307 | 307 | |||||||||||
Ending balance at Jun. 30, 2023 | 26,575 | 509,542 | (2,643) | (2,651) | 33,004 | 563,827 | |||||||
Beginning balance at Dec. 31, 2023 | 41,839 | 952,858 | (17,938) | (3,621) | € (6,724) | (7,373) | 959,041 | ||||||
Profit for the period | 153 | 153 | |||||||||||
Other comprehensive income for the period | 16,719 | 6,184 | 16,077 | 38,980 | |||||||||
Total comprehensive profit for the period | 16,719 | 6,184 | 16,077 | 153 | 39,133 | ||||||||
Capital increase | € 5,301 | € 4 | € 149,567 | € 84 | € 154,868 | € 88 | |||||||
Costs incurred in connection with capital increase | € (2,506) | € (2,506) | |||||||||||
Share-based payments | 691 | 691 | |||||||||||
Ending balance at Jun. 30, 2024 | € 47,144 | € 1,100,003 | € (1,219) | € 2,563 | € 9,353 | € (6,529) | € 1,151,315 |
Interim condensed consolidate_4
Interim condensed consolidated statement of cash flows - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flow from operating activities | ||
Profit for the period | € 153 | € 29,589 |
Adjustments for: | ||
Depreciation and amortisation | 23,080 | 12,063 |
Finance income | (2,461) | |
Interest expenses | 4,506 | 409 |
Income tax expense | 1,117 | |
Fair value change of derivative instruments through profit or loss | (403) | |
Share-based payment expenses | 691 | 307 |
Cash flows from operations before changes in working capital | 26,683 | 42,368 |
Changes in working capital: | ||
Inventories | 885 | 55 |
Trade receivables and contract assets | (28,599) | (22,439) |
Trade and other payables | 8,250 | (903) |
Provisions | (2,156) | |
Receivables from related parties | 5 | |
Payables to related parties | (87) | 182 |
Deferred charter hire income | 11,031 | (883) |
Net change in working capital | 10,671 | 23,988 |
Income tax paid | (1,172) | |
Interest received | 2,461 | |
Net cash provided by operating activities | 17,300 | 18,380 |
Cash flow from investing activities | ||
Additions to property, plant and equipment | (296,152) | (14,564) |
Additions to intangible assets | (8) | (40) |
Leasehold deposits | 173 | (970) |
Net cash (used in) investing activities | (295,987) | (15,574) |
Cash flow from financing activities | ||
Principal repayment of lease liabilities | (876) | (199) |
Interest paid | 5,485 | 2,567 |
Proceeds from issue of share capital | 154,956 | |
Transactional costs on issues of shares | (2,506) | |
Proceeds from borrowing net of bank fees (of EUR 1.7 million in H1 2024) | 128,286 | |
Net cash provided by/(used in) financing activities | 274,375 | (2,766) |
Net (decrease)/increase in cash and cash equivalents | (4,312) | 40 |
Cash and cash equivalents at beginning of the period | 96,608 | 19,012 |
Net foreign exchange difference | 754 | |
Cash and cash equivalents at end of the period | € 93,050 | € 19,052 |
Interim condensed consolidate_5
Interim condensed consolidated statement of cash flows (Parenthetical) € in Millions | 6 Months Ended |
Jun. 30, 2024 EUR (€) | |
Interim condensed consolidated statement of cash flows | |
Proceeds from borrowing net of bank fees | € 1.7 |
General information
General information | 6 Months Ended |
Jun. 30, 2024 | |
General information | |
General information | Note 1 General information Corporate information Cadeler A/S (the “Company”, “Parent Company” or the “Group”) is incorporated and domiciled in Denmark. The address of its registered office is Kalvebod Brygge 43, DK-1560 Copenhagen, Denmark. The Company is listed on the Oslo Stock Exchange (ticker code: CADLR) and on the New York Stock Exchange (ticker code: CDLR). The Group is a leading offshore wind farm transportation and installation (T&I) contractor headquartered in Copenhagen, Denmark. The Group owns and operates four offshore jack-up windfarm installation vessels, Wind Orca, Wind Osprey, Wind Scylla and Wind Zaratan. In addition to wind farm installation, these vessels can perform maintenance, construction, decommissioning, and other tasks within the offshore industry. The interim condensed consolidated financial statements of the Group are composed of the financial statements of Cadeler A/S and its subsidiaries (which are all wholly owned by the Parent Company Cadeler A/S). For more information on the subsidiaries of Cadeler A/S please refer to Note 28 to the consolidated financial statements for 2023. The interim condensed consolidated financial statements for the six months ended 30 June 2024 are unaudited. |
Significant accounting policies
Significant accounting policies | 6 Months Ended |
Jun. 30, 2024 | |
Significant accounting policies | |
Significant accounting policies | Note 2 Significant accounting policies 2.1. Basis for preparation The interim condensed consolidated financial statements for the six months ended 30 June 2024 have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as endorsed by the EU and additional Danish disclosure requirements for interim reports of listed companies. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as of 31 December 2023. The accounting policies, judgements and estimates are consistent with those applied in the annual report for 2023. For a complete description of accounting policies, see Note 2 to the consolidated financial statements for 2023. The interim condensed consolidated financial statements are presented in euros and all values are rounded to the nearest thousand (€000), except when otherwise indicated. Comparative figures Consolidated figures for the six months ended 30 June 2023 comprised the Parent Company, Cadeler A/S, Wind Osprey Ltd. and Wind Orca Ltd. In December 2023, Cadeler and Eneti merged, and from this point in time the consolidated figures comprised the Parent Company, Cadeler A/S and its subsidiaries (which are wholly owned by the Group). Therefore the activity of the Group is not fully comparable between H1 2024 and H1 2023. There have been no changes to the subsidiaries of Cadeler A/S in 2024 to date. For more information, please refer to Note 28 to the consolidated financial statements in the Annual Report 2023. Going concern assessment The interim condensed consolidated financial statements for the six months ended 30 June 2024 have been prepared in accordance with IAS 34 Interim Financial Reporting. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. The Board of Directors, the Audit Committee and the Executive Management consider that there are no material uncertainties that may cast significant doubt over this assumption. They have formed a judgement that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period. 2.2. New standards and interpretations The Group has adopted standards and interpretations effective as of 1 January 2024. Adoption of new and amended standards and interpretations had no material impact on the interim condensed consolidated financial statements. IASB has issued a number of amended accounting standards (IFRS) and interpretations (IFRIC). The Group has assessed these accounting standards and interpretations, and does not anticipate the amended standards to have any material impact on either the Group’s figures or disclosures. IFRS 18 Presentation and Disclosure in Financial Statements, which was issued in April 2024, becomes effective for reporting periods beginning on or after 1 January 2027 and thus has no impact on the Group’s interim condensed consolidated financial statements. The Group will assess the impact of these accounting standards on the Group’s figures and disclosures. The Group has not early adopted any standard, interpretation or amendments that have been issued but are not yet effective. 2.3. Material accounting judgements, estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that involve a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below. Note 2 Significant accounting policies Continued from previous page Income tax As of the reporting date, no changes have been identified to the estimates since the release of the Annual Report 2023. Refer to Note 2.10 to the consolidated financial statements for 2023. Due to uncertainty with respect to future utilization of tax loss carry-forward, deferred tax assets have not been recognized. As part of the Pillar Two Model Rules, the assessment remains unchanged from year-end 2023. The Group does not anticipate the new standards to have any material impact on either the Group’s figures or disclosures in 2024. Purchase price allocation As of the reporting date, no changes have been identified to the estimates and recognition since the release of Annual Report 2023. Adjustments may be applied to these amounts for a period of up to twelve months from the acquisition date in accordance with IFRS 3 (revised). The following accounting judgements, estimates and assumptions, which Management deems to be material to the preparation of the interim condensed consolidated financial statements, are unchanged from year-end 2023: ● Useful life of vessels ● Impairment of non-financial assets ● Identification of CGU for the purpose of goodwill impairment ● Revenue recognition ● Macroeconomic factors and climate risks Refer to Note 2.26 to the consolidated financial statements for 2023. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Revenue | |
Revenue | Note 3 Revenue Disaggregation of revenue from contracts with customers by activity The following table provides information about disaggregated revenue. EUR’000 H1 2024 H1 2023 Revenue disaggregation Time charter services and transportation and installation services 68,282 66,529 Other revenue, including fees earned for early termination of contracts by customers 13,936 1,244 Total revenue 82,218 67,773 For the six months ended 30 June 2024, the lease component, included within time charter services and transportation and installation, amounts to EUR 18 million (H1 2023: EUR 59 million). Time charter and time charter related revenue Revenues are recognised over time. Revenue from time charter hire services derives from contracts with customers where the Group utilises its vessels, equipment and crew to deliver a service to the customer based on either a fixed day rate or milestone deliverables. Contracts may also include other obligations such as mobilisation and demobilisation, catering and accommodation. Transportation and installation revenue Revenue from transportation and installation (T&I) derives from contracts with customers where the Group utilises its vessels, equipment and crew to perform the transportation and installation of offshore wind turbine foundations as well as heavy lifting operations, decommissioning and planning and engineering. Revenue from transportation and installation activities may, depending on the contract, represent one or more performance obligations. Usually, a fixed price milestone payment schedule will be agreed upon. The transaction price may include variable components, such as related to fuel, commodities, etc. Payment terms with customers are considered industry standard and do not include a significant financing component. To the extent possible we obtain payment guarantees to minimise the credit risk during the contract term. Refer to Note 2.3 to the consolidated financial statements for 2023 for further information regarding the Group’s accounting policies for each revenue stream. Lease and non-lease components of revenue Revenue from time charter and T&I services include both a lease component (use of the vessels) and a service component. These components are not treated or priced separately in the contracts, nor does the Group offer either of the services separately. The service component of time charter contracts is primarily derived from crewing costs with a markup, where the residual is deemed to be the lease component. Contract assets and liabilities Customers are typically invoiced on a monthly basis, when the vessels are on contract. Sometimes contracts will accrue revenue for work performed and it will be reported as a contract asset until it is invoiced. Note 3 Revenue Continued from previous page The contract liabilities relate to consideration received from customers for the unsatisfied performance obligation in the charter contracts. Revenue will be recognised when the related services are provided to the customers. EUR’000 H1 2024 H1 2023 Liabilities at 1 January 13,881 3,157 Deferred during the period 45,633 43,048 Recognised as revenue during the period (34,594) (43,931) Total liabilities at 30 June 24,920 2,274 Current deferred charter hire income 23,186 451 Non-current deferred charter hire income 1,734 1,823 Major customers For the six months ended 30 June 2024, revenue with three customers each exceeded 10% of total revenue. The revenue derived from these three customers was EUR 31.7 million, EUR 18.4 and EUR 14.3 million, respectively. For the six months ended 30 June 2023, revenue with two customers each exceeded 10% of total revenue. The revenue derived from these two customers was EUR 36 million and EUR 28 million respectively. Operating segments and geographical information The Group operates four windfarm installation vessels, which are viewed as one segment. The vessels operate in a global market and are often redeployed to different regions due to changing customers or contracts. Accordingly, we report our operations as a single reportable segment. Contract backlog The Group’s order backlog as of the reporting date amounted to EUR 1,915 million (H1 2023: EUR 1,359 million). The table below includes signed contracts as of 30 June. EUR 157 million (H1 2023: EUR 28 million) of the backlog pertains to contracts that the Company expects to recognise in 2024. EUR million Within 1 year After 1 year Total Contract backlog as of 30 June 2024 Firm 281 1,245 1,526 Subject to exercise of counterparty options 45 344 389 Total¹ 326 1,589 1,915 Contract backlog as of 30 June 2023 Firm 64 1,021 1,085 Subject to exercise of counterparty options 6 268 274 Total¹ 70 1,289 1,359 As of 1 January 2024, Cadeler changed the definition of contract backlog and decided to present options measured at 100% of contract value. Comparative information as of 30 June 2023 has been restated. 1 As of 30 June 2024, 86% of the contract backlog (an aggregate of EUR 1.642 m) relates to projects for which the relevant counterparty has taken a positive final investment decision (FID), and an aggregate of EUR 273 m remains subject to counterparty FID. As of 30 June 2023, 91% of the contract backlog (an aggregate of EUR 1.235 m) relates to projects for which the relevant counterparty has taken a positive final investment decision (FID), and an aggregate of EUR 124 m remains subject to counterparty FID. This refers to both firm and option line items. |
Earnings Per Share (EPS)
Earnings Per Share (EPS) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share (EPS) | |
Earnings Per Share (EPS) | Note 4 Earnings Per Share (EPS) Basic EPS is calculated by dividing the profit for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The following table reflects the income and share data used in the basic and diluted EPS calculations: EUR’000 H1 2024 H1 2023 Profit attributable to ordinary equity holders of the parent for basic earnings 153 29,589 Profit attributable to ordinary equity holders of the parent adjusted for the effect of dilution 153 29,589 Thousands H1 2024 H1 2023 Weighted average number of ordinary shares for basic EPS¹ 341,158 197,600 Effect of dilution from share-based payments programme 990 676 Weighted average number of ordinary shares adjusted for the effect of dilution¹ 342,148 198,276 H1 2024 H1 2023 Basic, (loss)/profit for the period attributable to ordinary equity holders of the parent (EUR per share) 0.00 0.15 Diluted, (loss)/profit for the period attributable to ordinary equity holders of the parent (EUR per share) 0.00 0.15 There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorisation of these financial statements. 1 The weighted average number of shares takes into account the weighted average effect of share-based payments during the period. |
Property, plant and equipment
Property, plant and equipment | 6 Months Ended |
Jun. 30, 2024 | |
Property, plant and equipment. | |
Property, plant and equipment | Note 5 Property, plant and equipment Other fixtures and Assets under EUR’000 Vessels Dry dock fittings construction Total Cost 2024 1 January 2024 566,360 9,135 979 571,745 1,148,219 Additions 2,590 7,630 2,614 288,803 301,637 Transfer from assets under construction 127,232 - 157 (127,389) - Disposals - - (306) - (306) Exchange differences 12,805 40 436 5,834 19,115 30 June 2024 708,987 16,805 3,880 738,993 1,468,665 Accumulated depreciation and impairment 1 January 2024 58,727 3,548 312 - 62,587 Depreciation charge 20,930 903 492 - 22,325 Disposals (306) - (306) Exchange differences 2,877 11 247 - 3,135 30 June 2024 82,534 4,462 745 - 87,741 Net book value, 30 June 2024 626,453 12,343 3,135 738,993 1,380,924 Additions during the first half of 2024 amounted to EUR 302 million (H1 2023: EUR 117 million) and were mainly driven by downpayments of EUR 250 million for the third A-class foundation installation vessels (EUR 94 million), the P-Class vessels (EUR 51 million), the M-class installation vessels (EUR 66 million) and the last instalments for the main cranes for both Wind Orca (EUR 17 million) and Wind Osprey (EUR 22 million), represented above on assets under construction. Additions during the first half of 2023 were mainly driven by instalments for the main cranes for both Wind Orca and Wind Osprey (EUR 7.5 million). Transfer from assets under construction during the first half of 2024 were mainly related to the main cranes for both Wind Orca (EUR 60 million) and Wind Osprey (EUR 54 million). In addition, assets under construction contains EUR 4 million (H1 2023: EUR 4 million) worth of guarantee fees to BW Group related to the A-class and P-class newbuild vessels. Borrowing costs for H1 2024 have been capitalised in the total amount of EUR 5.4 million (H1 2023: EUR 3.1 million). The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the Company’s general borrowings during the reported period, in this case 4% (H1 2023: 5%). Impairment test of vessels (excluding goodwill) For its assessment of the value of the vessels, the Company has considered impairment indicators and revised the considered most significant assumptions used in the fair value and value in use assessment in Annual Report 2023. Cadeler has assessed there were no significant changes to the value in use assumptions. The Company has identified neither internal nor external impairment indicators. Therefore, Management has not performed an impairment test of the value of the vessels as of 30 June 2024. For information on goodwill impairment, refer to Note 6. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill | |
Goodwill | Note 6 Goodwill At 30 June 2024, Management has concluded on the allocation of goodwill arising from the acquisition of Eneti to a single cash generating unit (CGU), being the transport and installation of offshore wind turbine generators and foundation installation vessels (WTGFIV) as it is from this CGU that the synergies are expected to arise. The WTGFIV CGU is comprised of Cadeler’s O-class vessels and Scylla. The recoverable amount of the WTGFIV CGU is determined based on the value of the vessels included in the CGU, which showed no indication of impairment. For assessment of the value of the vessels, the Company has considered impairment indicators and revised the considered most significant assumptions used in the fair value and value in use assessment in the Annual Report 2023. Cadeler has assessed there were no significant changes to the value in use assumptions. The Company has identified neither internal nor external impairment indicators. Therefore, as of 30 June 2024 Management has not performed an impairment test of neither the value of the vessels nor of goodwill. |
Financial risk management
Financial risk management | 6 Months Ended |
Jun. 30, 2024 | |
Financial risk management | |
Financial risk management | Note 7 Financial risk management Financial risk factors The Group’s activities expose the Group to market risk, including currency risk and interest rate risk, credit risk, and liquidity risk. The financial risk management of the Group is performed by the Management of Cadeler and overseen by the Board of Directors and Audit Committee. The fair value of the Group’s financial assets and liabilities as of 30 June 2024 does not deviate materially from the carrying amounts as of 30 June 2024. Financial risks and how the Group manages its risks, are addressed in Note 24 to the consolidated financial statements in Annual Report 2023. The risks in 2024 remain similar in nature. Quantitative and qualitative disclosures about market risk Currency risk The largest currency exposure of the Group is the future instalments for the new P, A and M-class vessels in USD (USD 1.6 billion). More details can be found in Note 25 to the consolidated financial statements in Annual Report 2023 with regard to the hedging instruments used to mitigate this currency risk. Management and the Board of Directors evaluate the potential cost and benefits of currency exposure on an ongoing basis. Interest rate risk The Group’s current exposure to the risk of changes in market interest rates relates primarily to the New Debt facility, the P-Class facility, M-Class facility and Holdco facility. More details can be found in Note 25 to the consolidated financial statements in Annual Report 2023 with regard to the hedging instruments used to mitigate this risk. The New Debt facility and Holdco facility are based on a EURIBOR 3M interest rate plus a margin. The EURIBOR interest rate has a floor of 0bps and was 3.8% and 3.6% at 30 June 2024 and 30 June 2023, respectively. Liquidity risk The Group manages liquidity risk by maintaining sufficient cash and available funding through committed credit facilities and guarantees to enable it to meet its operational requirements and instalments for the newbuild vessels signed. On 22 May 2024, the Group placed a new order for the third A-Class WFIV, Wind Apex. The intended equity portion of the contract value will be fully financed with a portion of the proceeds from the private placement completed on 15 February 2024. Please refer to Note 11 for a detailed disclosure of the contract obligation for the construction of the newbuild vessels. Note 7 Financial risk management Continued from previous page The following table shows a detailed disclosure of the Group’s current facilities: As of 30 June 2024 EUR Millions Utilised Unused Secured New Debt Facility (RCF + term loan) 262 188 New Debt Facility - Guarantee 64 36 Total New Debt Facility 326 224 P-Class Facility - 425 M-Class Facility (USD 436 million) - 403 Unsecured HoldCo Facility 80 - Total (excluding Guarantee facility) 342 1,016 Change in debt to credit institutions during the period: EUR’000 30 June 2024 30 June 2023 Debt to credit institutions at 1 January (205,572) (115,002) New loan (130,000) - Loan fees 499 - Interest expense (non-cash) (4,300) (409) Debt to credit institutions at 30 June (339,372) (115,411) Note 7 Financial risk management Continued from previous page Total fees paid in H1 2024 as per Consolidated Statement of Cash Flows amounts to EUR 1.7 million of which EUR 1.2 million have been included in Prepayments. On 7 February 2024, the Group secured additional capital, increasing the Holdco Facility from EUR 50 million to EUR 80 million. The proceeds from the Holdco Facility are intended to be used in part for the funding of the wind installation activities of the Group and in part for general corporate purposes. On 28 June 2024, the Group utilised the remaining EUR 30 million under the Holdco Facility. On 22 March 2024, the Group utilised EUR 50 million of the EUR 100 million term loan available under the New Debt Facility for the Wind Orca main crane upgrade. Additionally, on 3 April 2024, the Group utilised the remaining EUR 50 million for the Wind Osprey main crane upgrade. Fair value measurement The Group measures certain financial instruments at fair value at each balance sheet date. Currently, the Company has derivatives measured at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the balance sheet date. There are no significant changes in the methods and assumptions used in determining the fair value of the financial instruments. Please refer to note 25 to the consolidated financial statements in Annual Report 2023 for a detailed description of the derivative financial instruments of the Group. The table below shows the fair value of derivatives: EUR’000 30 June 2024 31 December 2023 Derivative assets measured at fair value Interest rate swap - recycled through OCI 397 338 Interest rate swap 441 - FX forward contracts 1,950 - Time value through OCI 2,682 - Total derivative assets 5,470 338 Derivative liabilities measured at fair value Interest rate swap 3,609 11,789 FX forward contracts - 5,338 Option collars - 810 Time value through OCI 120 3,621 Derivatives ineffective hedges - 403 Total derivative liabilities 3,729 21,961 As of 30 June 2024, the fair value of the derivative assets amounted to EUR 5,470 thousands compared to EUR 338 thousands in the comparative period, and derivative liabilities amounted to EUR 3,729 thousand, a decrease compared to EUR 21,961 thousands at 31 December 2023. The increase is mainly due to reduced expectations for rate cuts following persistent inflation and solid economic data, which led to higher rates and a stronger USD. As of June 30, 2024, derivatives liabilities measured at fair value through profit or loss amounted to EUR nil (FY 2023: EUR 403 thousand loss). The fair value hierarchy for the above derivative financial instruments is Level 2. |
Issued share capital
Issued share capital | 6 Months Ended |
Jun. 30, 2024 | |
Issued share capital | |
Issued share capital | Note 8 Issued share capital No. EUR’000 thousands) H1 2024 H1 2023 Ordinary shares at 1 January 311,409 41,839 26,575 Issued in February 2024 for capital increase 39,520 5,301 - Issued in June 2024 for capital increase 28 4 - Ordinary shares at 30 June 350,957 47,144 26,575 As of 1 January 2024, the Group had share capital amounting to DKK 311,409 thousand, equal to EUR 41,838 thousand, consisting of 311,409,868 shares of nominal DKK 1 each. On 15 February 2024, the Company completed a private placement, resulting in the issuance of 39.5 million shares of nominal DKK 1 each at a price of NOK 44.50 per share. Overall, the Company raised EUR 155 million after transactional costs of EUR 2.5 million. The proceeds from the private placement were substantially allocated to the financing of the intended equity portion of the contract value of the order placed on 22 May 2024 to build the third A-Class vessel. The remaining funds will be allocated towards acquiring mission equipment and building working capital. On 26 June 2024, the Company completed a capital increase of EUR 88 thousand as a result of the exercise of options under its employee equity incentive program resulting in the issuance of 27,715 shares of a nominal price of DKK 1 per share. All shares have equal rights. |
Business combination
Business combination | 6 Months Ended |
Jun. 30, 2024 | |
Business combination | |
Business combination | Note 9 Business combination The business combination with Eneti, for which the closing date of acquisition was 19 December 2023, and how the Group accounted for the transaction is addressed in Note 6 to the consolidated financial statements in Annual Report 2023. Adjustments may be applied to these amounts for a period of up to twelve months from the acquisition date in accordance with IFRS 3 (revised). As of the reporting date, no changes have been identified to the estimates and recognition since the release of Annual Report 2023. |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2024 | |
Related party transactions | |
Related party transactions | Note 10 Related party transactions The following significant transactions took place between the Company and related parties within the BW Group and Scorpio Holdings at terms agreed between the parties: EUR’000 H1 2024 H1 2023 Purchases of services from related parties (4,567) (5,350) BW Group Limited (including subsidiaries) (3,905) (5,350) Scorpio Holdings Limited (including subsidiaries) (662) - Note 10 Related party transactions Continued from previous page EUR’000 30 June 2024 31 December 2023 Receivables from related parties at reported period 601 592 Scorpio Holdings Limited (including subsidiaries) 601 592 Payables to related parties at reported period 79 162 BW Group Limited (including subsidiaries) - 10 Scorpio Holdings Limited (including subsidiaries) 79 152 Related party transactions over the reporting period are primarily linked to guarantee fees issued by the BW Group Limited, costs related to training expenses by BW Maritime and administrative expenses to Scorpio Services Holding. The BW Group has provided COSCO with a guarantee in respect of the sums payable by Cadeler in accordance with new contract signed for the construction of the third A-Class. Under this guarantee arrangement, certain fees are payable by the Group to BW Group until the guarantees are discharged in full. Aside from this, Cadeler has not had significant transactions with the members of its Board of Directors or Executive Management, apart from remuneration. Cadeler has not provided or granted any loans or guarantees to its directors or Executive Management members. |
Commitments and pledges
Commitments and pledges | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and pledges | |
Commitments and pledges | Note 11 Commitments and pledges The Group’s commitments are related to the future lease payments and instalments for the new P, A and M-class vessels. Lease commitments The future minimum lease payables under non-cancellable low value and short-term leases contracted for at the balance sheet date but not recognised as liabilities are as follows: EUR’000 30 June 2024 31 December 2023 Not later than one year 75 1,090 Between one and five years 226 4,984 301 6,074 As of 31 December 2023, the Company’s lease commitments included tenure of the new headquarters. These commitments were reflected on the balance sheet starting in Q1 2024 as ‘Right of Use Assets’ and ‘Lease Liabilities’ in accordance with IFRS 16. As of 30 June 2024, Right of use assets amount to EUR 11 million (2023: EUR 1 million), and lease liabilities amount to EUR 11 million (2023: EUR 1 million). The table below shows the remaining instalments for the newbuild vessels: As of 30 June 2024 Millions P-Class M-Class A-Class Total Contract amount in EUR 220 - 299 519 Contract amount in USD 390 655 794 1,839 Total contract amount translated to EUR 584 608 1,043 2,235 Commitment amount in EUR 27 - 105 132 Commitment amount in USD 390 458 724 1,572 Commitment amount translated to EUR 391 428 782 1,601 Note 11 Commitments and pledges Continued from previous page Wind Osprey & Wind Orca new crane contract In April 2024, the remaining payments were made upon completion of the upgrade project for the new cranes, while EUR 1 million remains outstanding for final installation-related activities. P-Class vessels In April 2024, EUR 27 million was paid. In June 2024, EUR 14 million was added to assets under construction. The remaining scheduled payments will fall due between 2024, upon delivery of the Wind Peak, and 2025 for Wind Pace. M-Class vessels In March 2024, EUR 31 million (USD 33 million) was paid. In June 2024, an additional EUR 31 million (USD 33 million) was paid. The remaining scheduled payments will fall due between 2024 and 2025. A-Class vessels In May 2024, the Company signed an additional contract with COSCO Shipping Shipyard (Nantong) Co., LTD (“COSCO”) to build the third A-Class Wind Foundation Installation Vessel (WFIV). The total sum of the contract for the new vessel is approximately EUR 373 million, of which a total of EUR 94 million has been paid in H1 2024, while the remaining amounts will fall due over the years from 2026 to 2027. Of the total contract, USD 298 million is paid in USD and EUR 94 million is paid in EUR. |
Events after reporting period
Events after reporting period | 6 Months Ended |
Jun. 30, 2024 | |
Events after reporting period | |
Events after reporting period | Note 12 Events after reporting period Amendment of New Debt Facility On 6 August 2024, the Group requested the extension and increase of its New Debt Facility (RCF-B) and uncommitted guarantee lines. The extension of the RCF-B facility by 12 months, will provide the Company with additional financial flexibility to seize market opportunities, including by funding the purchase of mission equipment and increased working capital. Further, the uncommitted guarantee lines has been increased from EUR 100 million to EUR 200 million, due to surging activity levels. Total drawings within the entire loan facility will offer a maximum of EUR 450 million until the maturity of RCF-B and then a maximum of EUR 350 million for the remaining period of the loan facility. Delivery of P-Class vessel On 16 August 2024, the Company took delivery of the fifth vessel in its fleet, Wind Peak, which was delivered in Qidong, China. Additionally, on 12 August 2024, the Company requested the utilisation of half of the P-Class Facility to pay the last instalment amounted to approximately EUR 184 million (USD 197 million). Refinancing of M-Class Facility On 16 August 2024, the Company has successfully renegotiated and replaced the USD 436 million Senior Secured Green Term Loan Facility (M-Class Facility) previously entered into by Eneti Inc. (“Eneti”) in respect of the two M-Class new builds the Group acquired upon the completion of its business combination with Eneti. The replacement facilities – one for each M-Class vessel – have been entered into on materially improved terms, reflecting Cadeler’s strong credit story and strengthened market position. This refinancing, supported by a broad banking group as well as several export credit agencies, secures an aggregate of up to EUR 420 million (approximately USD 456 million) in post-delivery financing. Additional capacity under unsecured HoldCo Facility On 26 August 2024, the Company has further increased the capacity available to it under its unsecured corporate term loan facility, with the lender commitments thereunder increased by EUR 45 million, bringing the total capacity available to EUR 125 million. With this upsizing, the Group has increased its financial flexibility and ability to seize market opportunities as they rise. This increase in unsecured, committed funds further strengthens Cadeler's financial position and growth prospects and will enable it to fund a variety of wind turbine installation activities. |
Significant accounting polici_2
Significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Significant accounting policies | |
Basis for preparation | 2.1. Basis for preparation The interim condensed consolidated financial statements for the six months ended 30 June 2024 have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as endorsed by the EU and additional Danish disclosure requirements for interim reports of listed companies. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as of 31 December 2023. The accounting policies, judgements and estimates are consistent with those applied in the annual report for 2023. For a complete description of accounting policies, see Note 2 to the consolidated financial statements for 2023. The interim condensed consolidated financial statements are presented in euros and all values are rounded to the nearest thousand (€000), except when otherwise indicated. Comparative figures Consolidated figures for the six months ended 30 June 2023 comprised the Parent Company, Cadeler A/S, Wind Osprey Ltd. and Wind Orca Ltd. In December 2023, Cadeler and Eneti merged, and from this point in time the consolidated figures comprised the Parent Company, Cadeler A/S and its subsidiaries (which are wholly owned by the Group). Therefore the activity of the Group is not fully comparable between H1 2024 and H1 2023. There have been no changes to the subsidiaries of Cadeler A/S in 2024 to date. For more information, please refer to Note 28 to the consolidated financial statements in the Annual Report 2023. Going concern assessment The interim condensed consolidated financial statements for the six months ended 30 June 2024 have been prepared in accordance with IAS 34 Interim Financial Reporting. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. The Board of Directors, the Audit Committee and the Executive Management consider that there are no material uncertainties that may cast significant doubt over this assumption. They have formed a judgement that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period. |
New standards and interpretations | 2.2. New standards and interpretations The Group has adopted standards and interpretations effective as of 1 January 2024. Adoption of new and amended standards and interpretations had no material impact on the interim condensed consolidated financial statements. IASB has issued a number of amended accounting standards (IFRS) and interpretations (IFRIC). The Group has assessed these accounting standards and interpretations, and does not anticipate the amended standards to have any material impact on either the Group’s figures or disclosures. IFRS 18 Presentation and Disclosure in Financial Statements, which was issued in April 2024, becomes effective for reporting periods beginning on or after 1 January 2027 and thus has no impact on the Group’s interim condensed consolidated financial statements. The Group will assess the impact of these accounting standards on the Group’s figures and disclosures. The Group has not early adopted any standard, interpretation or amendments that have been issued but are not yet effective. |
Material accounting judgements, estimates and assumptions | 2.3. Material accounting judgements, estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that involve a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below. Income tax As of the reporting date, no changes have been identified to the estimates since the release of the Annual Report 2023. Refer to Note 2.10 to the consolidated financial statements for 2023. Due to uncertainty with respect to future utilization of tax loss carry-forward, deferred tax assets have not been recognized. As part of the Pillar Two Model Rules, the assessment remains unchanged from year-end 2023. The Group does not anticipate the new standards to have any material impact on either the Group’s figures or disclosures in 2024. Purchase price allocation As of the reporting date, no changes have been identified to the estimates and recognition since the release of Annual Report 2023. Adjustments may be applied to these amounts for a period of up to twelve months from the acquisition date in accordance with IFRS 3 (revised). The following accounting judgements, estimates and assumptions, which Management deems to be material to the preparation of the interim condensed consolidated financial statements, are unchanged from year-end 2023: ● Useful life of vessels ● Impairment of non-financial assets ● Identification of CGU for the purpose of goodwill impairment ● Revenue recognition ● Macroeconomic factors and climate risks Refer to Note 2.26 to the consolidated financial statements for 2023. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue | |
Schedule of disaggregation of revenue from contracts with customers | EUR’000 H1 2024 H1 2023 Revenue disaggregation Time charter services and transportation and installation services 68,282 66,529 Other revenue, including fees earned for early termination of contracts by customers 13,936 1,244 Total revenue 82,218 67,773 |
Schedule of transaction price allocated to remaining performance obligations | EUR’000 H1 2024 H1 2023 Liabilities at 1 January 13,881 3,157 Deferred during the period 45,633 43,048 Recognised as revenue during the period (34,594) (43,931) Total liabilities at 30 June 24,920 2,274 Current deferred charter hire income 23,186 451 Non-current deferred charter hire income 1,734 1,823 |
Schedule of Contract backlog | EUR million Within 1 year After 1 year Total Contract backlog as of 30 June 2024 Firm 281 1,245 1,526 Subject to exercise of counterparty options 45 344 389 Total¹ 326 1,589 1,915 Contract backlog as of 30 June 2023 Firm 64 1,021 1,085 Subject to exercise of counterparty options 6 268 274 Total¹ 70 1,289 1,359 1 As of 30 June 2024, 86% of the contract backlog (an aggregate of EUR 1.642 m) relates to projects for which the relevant counterparty has taken a positive final investment decision (FID), and an aggregate of EUR 273 m remains subject to counterparty FID. As of 30 June 2023, 91% of the contract backlog (an aggregate of EUR 1.235 m) relates to projects for which the relevant counterparty has taken a positive final investment decision (FID), and an aggregate of EUR 124 m remains subject to counterparty FID. |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share (EPS) | |
Schedule of Calculation of EPS Basic and Diluted | EUR’000 H1 2024 H1 2023 Profit attributable to ordinary equity holders of the parent for basic earnings 153 29,589 Profit attributable to ordinary equity holders of the parent adjusted for the effect of dilution 153 29,589 Thousands H1 2024 H1 2023 Weighted average number of ordinary shares for basic EPS¹ 341,158 197,600 Effect of dilution from share-based payments programme 990 676 Weighted average number of ordinary shares adjusted for the effect of dilution¹ 342,148 198,276 H1 2024 H1 2023 Basic, (loss)/profit for the period attributable to ordinary equity holders of the parent (EUR per share) 0.00 0.15 Diluted, (loss)/profit for the period attributable to ordinary equity holders of the parent (EUR per share) 0.00 0.15 1 The weighted average number of shares takes into account the weighted average effect of share-based payments during the period. |
Property, plant and equipment (
Property, plant and equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, plant and equipment. | |
Schedule of reconciliation of changes in property, plant and equipment | Other fixtures and Assets under EUR’000 Vessels Dry dock fittings construction Total Cost 2024 1 January 2024 566,360 9,135 979 571,745 1,148,219 Additions 2,590 7,630 2,614 288,803 301,637 Transfer from assets under construction 127,232 - 157 (127,389) - Disposals - - (306) - (306) Exchange differences 12,805 40 436 5,834 19,115 30 June 2024 708,987 16,805 3,880 738,993 1,468,665 Accumulated depreciation and impairment 1 January 2024 58,727 3,548 312 - 62,587 Depreciation charge 20,930 903 492 - 22,325 Disposals (306) - (306) Exchange differences 2,877 11 247 - 3,135 30 June 2024 82,534 4,462 745 - 87,741 Net book value, 30 June 2024 626,453 12,343 3,135 738,993 1,380,924 |
Financial risk management (Tabl
Financial risk management (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Financial risk management | |
Schedule of disclosure of the Group's current facilities | As of 30 June 2024 EUR Millions Utilised Unused Secured New Debt Facility (RCF + term loan) 262 188 New Debt Facility - Guarantee 64 36 Total New Debt Facility 326 224 P-Class Facility - 425 M-Class Facility (USD 436 million) - 403 Unsecured HoldCo Facility 80 - Total (excluding Guarantee facility) 342 1,016 |
Schedule of changes in lease liabilities and change in debts to credit institutes during the year | EUR’000 30 June 2024 30 June 2023 Debt to credit institutions at 1 January (205,572) (115,002) New loan (130,000) - Loan fees 499 - Interest expense (non-cash) (4,300) (409) Debt to credit institutions at 30 June (339,372) (115,411) |
Schedule of fair value of derivatives | EUR’000 30 June 2024 31 December 2023 Derivative assets measured at fair value Interest rate swap - recycled through OCI 397 338 Interest rate swap 441 - FX forward contracts 1,950 - Time value through OCI 2,682 - Total derivative assets 5,470 338 Derivative liabilities measured at fair value Interest rate swap 3,609 11,789 FX forward contracts - 5,338 Option collars - 810 Time value through OCI 120 3,621 Derivatives ineffective hedges - 403 Total derivative liabilities 3,729 21,961 |
Issued share capital (Tables)
Issued share capital (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Issued share capital | |
Schedule of issued share capital | No. EUR’000 thousands) H1 2024 H1 2023 Ordinary shares at 1 January 311,409 41,839 26,575 Issued in February 2024 for capital increase 39,520 5,301 - Issued in June 2024 for capital increase 28 4 - Ordinary shares at 30 June 350,957 47,144 26,575 |
Related party transactions (Tab
Related party transactions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related party transactions | |
Transactions with Related Parties | EUR’000 H1 2024 H1 2023 Purchases of services from related parties (4,567) (5,350) BW Group Limited (including subsidiaries) (3,905) (5,350) Scorpio Holdings Limited (including subsidiaries) (662) - EUR’000 30 June 2024 31 December 2023 Receivables from related parties at reported period 601 592 Scorpio Holdings Limited (including subsidiaries) 601 592 Payables to related parties at reported period 79 162 BW Group Limited (including subsidiaries) - 10 Scorpio Holdings Limited (including subsidiaries) 79 152 |
Commitments and pledges (Tables
Commitments and pledges (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and pledges | |
Schedule of future lease payables under non-cancellable value and short-term leases contracted for at the balance sheet date but not recognized as liabilities | EUR’000 30 June 2024 31 December 2023 Not later than one year 75 1,090 Between one and five years 226 4,984 301 6,074 |
Schedule of remaining instalments for the newbuilds vessels | As of 30 June 2024 Millions P-Class M-Class A-Class Total Contract amount in EUR 220 - 299 519 Contract amount in USD 390 655 794 1,839 Total contract amount translated to EUR 584 608 1,043 2,235 Commitment amount in EUR 27 - 105 132 Commitment amount in USD 390 458 724 1,572 Commitment amount translated to EUR 391 428 782 1,601 |
General information (Details)
General information (Details) | 6 Months Ended |
Jun. 30, 2024 item | |
General information | |
Number of windfarm installation vessels | 4 |
Revenue - Disaggregation of rev
Revenue - Disaggregation of revenue from contracts with customers (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue | ||
Total revenue | € 82,218 | € 67,773 |
Time charter services and transportation and installation services | ||
Revenue | ||
Total revenue | 68,282 | 66,529 |
Other revenue, including fees earned for early termination of contracts by customers | ||
Revenue | ||
Total revenue | € 13,936 | € 1,244 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue | ||
Total revenue | € 82,218 | € 67,773 |
Revenue - Lease component included within time charter services and transportation and installation. | 18,000 | 59,000 |
Revenue exceeded 10% of total revenue - Customer 1 | ||
Revenue | ||
Total revenue | 31,700 | 36,000 |
Revenue exceeded 10% of total revenue - Customer 2 | ||
Revenue | ||
Total revenue | 18,400 | € 28,000 |
Revenue exceeded 10% of total revenue - Customer 3 | ||
Revenue | ||
Total revenue | € 14,300 |
Revenue - Contract assets and l
Revenue - Contract assets and liabilities (Details) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenue | |||
Beginning balance | € 13,881 | € 3,157 | |
Deferred during the period | 45,633 | 43,048 | |
Recognised as revenue during the period | (34,594) | (43,931) | |
Ending balance | 24,920 | 2,274 | |
Current deferred charter hire income | 23,186 | 451 | € 12,103 |
Non-current deferred charter hire income | € 1,734 | € 1,823 | € 1,778 |
Revenue - Contract backlog (Det
Revenue - Contract backlog (Details) - EUR (€) € in Thousands | Jan. 01, 2024 | Jun. 30, 2024 | Jun. 30, 2023 |
Revenue | |||
Contract backlog as of the reported date | € 1,915,000 | € 1,359,000 | |
Contract backlog expected to recognize | € 157,000 | € 28,000 | |
Percentage of contract value | 100% | ||
Percentage of Contract backlog | 86% | 91% | |
Value of Contract Backlog | € 1,642 | € 1,235 | |
Aggregate value of Contract Backlog | 273,000 | 124,000 | |
Firm | |||
Revenue | |||
Contract backlog as of the reported date | 1,526,000 | 1,085,000 | |
Subject to exercise of counterparty options | |||
Revenue | |||
Contract backlog as of the reported date | 389,000 | 274,000 | |
Within 1 year | |||
Revenue | |||
Contract backlog as of the reported date | 326,000 | 70,000 | |
Within 1 year | Firm | |||
Revenue | |||
Contract backlog as of the reported date | 281,000 | 64,000 | |
Within 1 year | Subject to exercise of counterparty options | |||
Revenue | |||
Contract backlog as of the reported date | 45,000 | 6,000 | |
After 1 year | |||
Revenue | |||
Contract backlog as of the reported date | 1,589,000 | 1,289,000 | |
After 1 year | Firm | |||
Revenue | |||
Contract backlog as of the reported date | 1,245,000 | 1,021,000 | |
After 1 year | Subject to exercise of counterparty options | |||
Revenue | |||
Contract backlog as of the reported date | € 344,000 | € 268,000 |
Earnings Per Share (EPS) (Detai
Earnings Per Share (EPS) (Details) - EUR (€) € / shares in Units, € in Thousands, shares in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share (EPS) | ||
Profit attributable to ordinary equity holders of the parent for basic earnings | € 153 | € 29,589 |
Profit attributable to ordinary equity holders of the parent adjusted for the effect of dilution | € 153 | € 29,589 |
Weighted average number of ordinary shares for basic EPS | 341,158 | 197,600 |
Effect of dilution from shared based payments programme | 990 | 676 |
Weighted average number of ordinary shares adjusted for the effect of dilution | 342,148 | 198,276 |
Basic, (loss)/profit for the period attributable to ordinary equity holders of the parent (EUR per share) | € 0 | € 0.15 |
Diluted, (loss)/profit for the period attributable to ordinary equity holders of the parent (EUR per share) | € 0 | € 0.15 |
Property, plant and equipment_2
Property, plant and equipment (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Property, plant and equipment | ||
Beginning of financial year | € 1,085,632 | |
Additions | 302,000 | € 117,000 |
End of financial year | 1,380,924 | |
Cost | ||
Property, plant and equipment | ||
Beginning of financial year | 1,148,219 | |
Additions | 301,637 | |
Disposals | (306) | |
Exchange differences | 19,115 | |
End of financial year | 1,468,665 | |
Accumulated depreciation and impairment | ||
Property, plant and equipment | ||
Beginning of financial year | (62,587) | |
Depreciation charge | (22,325) | |
Disposals | 306 | |
Exchange differences | (3,135) | |
End of financial year | (87,741) | |
Vessels | ||
Property, plant and equipment | ||
End of financial year | 626,453 | |
Vessels | Cost | ||
Property, plant and equipment | ||
Beginning of financial year | 566,360 | |
Additions | 2,590 | |
Transfer from assets under construction | 127,232 | |
Exchange differences | 12,805 | |
End of financial year | 708,987 | |
Vessels | Accumulated depreciation and impairment | ||
Property, plant and equipment | ||
Beginning of financial year | (58,727) | |
Depreciation charge | (20,930) | |
Exchange differences | (2,877) | |
End of financial year | (82,534) | |
Dry dock | ||
Property, plant and equipment | ||
End of financial year | 12,343 | |
Dry dock | Cost | ||
Property, plant and equipment | ||
Beginning of financial year | 9,135 | |
Additions | 7,630 | |
Exchange differences | 40 | |
End of financial year | 16,805 | |
Dry dock | Accumulated depreciation and impairment | ||
Property, plant and equipment | ||
Beginning of financial year | (3,548) | |
Depreciation charge | (903) | |
Exchange differences | (11) | |
End of financial year | (4,462) | |
Other fixtures and fittings | ||
Property, plant and equipment | ||
End of financial year | 3,135 | |
Other fixtures and fittings | Cost | ||
Property, plant and equipment | ||
Beginning of financial year | 979 | |
Additions | 2,614 | |
Transfer from assets under construction | 157 | |
Disposals | (306) | |
Exchange differences | 436 | |
End of financial year | 3,880 | |
Other fixtures and fittings | Accumulated depreciation and impairment | ||
Property, plant and equipment | ||
Beginning of financial year | (312) | |
Depreciation charge | (492) | |
Disposals | 306 | |
Exchange differences | (247) | |
End of financial year | (745) | |
Assets under construction | ||
Property, plant and equipment | ||
Additions | 250,000 | |
End of financial year | 738,993 | |
Assets under construction | Cost | ||
Property, plant and equipment | ||
Beginning of financial year | 571,745 | |
Additions | 288,803 | |
Transfer from assets under construction | (127,389) | |
Exchange differences | 5,834 | |
End of financial year | € 738,993 |
Property, plant and equipment -
Property, plant and equipment - Additional Information (Details) € in Thousands, $ in Millions | 1 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 EUR (€) | Jun. 30, 2024 USD ($) | Apr. 30, 2024 EUR (€) | Mar. 31, 2024 EUR (€) | Mar. 31, 2024 USD ($) | Jun. 30, 2024 EUR (€) | Jun. 30, 2023 EUR (€) | |
Property, plant and equipment | |||||||
Additions | € 302,000 | € 117,000 | |||||
Borrowing costs capitalized | € 5,400 | € 3,100 | |||||
Capitalization rate (in percent) | 4% | 5% | |||||
Down payments on Vessels | € 296,152 | € 14,564 | |||||
BW Group | |||||||
Property, plant and equipment | |||||||
Guarantee Fees Capitalized. | 4,000 | 4,000 | |||||
Assets under construction | |||||||
Property, plant and equipment | |||||||
Additions | 250,000 | ||||||
P-Class vessels | |||||||
Property, plant and equipment | |||||||
Additions | 51,000 | ||||||
Down payments on Vessels | € 14,000 | € 27,000 | |||||
A-Class vessels | |||||||
Property, plant and equipment | |||||||
Additions | 94,000 | ||||||
Down payments on Vessels | 94,000 | ||||||
M-Class vessels | |||||||
Property, plant and equipment | |||||||
Additions | 66,000 | ||||||
Down payments on Vessels | € 31,000 | $ 33 | € 31,000 | $ 33 | |||
Wind Orca and Wind Osprey | |||||||
Property, plant and equipment | |||||||
Additions | € 7,500 | ||||||
Wind Orca | |||||||
Property, plant and equipment | |||||||
Additions | 17,000 | ||||||
Transfer from assets under construction | 60,000 | ||||||
Wind Osprey | |||||||
Property, plant and equipment | |||||||
Additions | 22,000 | ||||||
Transfer from assets under construction | € 54,000 |
Financial risk management (Deta
Financial risk management (Details) € in Thousands, $ in Millions | 6 Months Ended | ||||||||||||||
Jun. 30, 2024 EUR (€) | Aug. 27, 2024 EUR (€) | Aug. 16, 2024 EUR (€) | Aug. 16, 2024 USD ($) | Aug. 12, 2024 EUR (€) | Aug. 12, 2024 USD ($) | Aug. 06, 2024 EUR (€) | Jun. 30, 2024 USD ($) | Jun. 28, 2024 EUR (€) | Mar. 22, 2024 EUR (€) | Feb. 07, 2024 EUR (€) | Feb. 06, 2024 EUR (€) | Dec. 31, 2023 EUR (€) | Jun. 30, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | |
Financial risk management | |||||||||||||||
Proceeds from borrowing | € 128,286 | ||||||||||||||
Borrowings Utilised | 342,000 | ||||||||||||||
Prepayments | 21,555 | € 9,562 | |||||||||||||
Currency risk | |||||||||||||||
Financial risk management | |||||||||||||||
Largest currency exposure | $ | $ 1,600 | ||||||||||||||
Unsecured Holdco Facility | |||||||||||||||
Financial risk management | |||||||||||||||
Maximum borrowing capacity | € 80,000 | € 50,000 | |||||||||||||
Borrowings Utilised | 80,000 | € 30,000 | |||||||||||||
New Debt Facility | |||||||||||||||
Financial risk management | |||||||||||||||
Maximum borrowing capacity | € 100,000 | ||||||||||||||
Borrowings Utilised | 326,000 | ||||||||||||||
Uncommitted guarantee facility | |||||||||||||||
Financial risk management | |||||||||||||||
Borrowings Utilised | 64,000 | ||||||||||||||
New Credit Facility | |||||||||||||||
Financial risk management | |||||||||||||||
Borrowings Utilised | 262,000 | ||||||||||||||
Debt to credit institutions | |||||||||||||||
Financial risk management | |||||||||||||||
Borrowings Utilised | 339,372 | € 205,572 | € 115,411 | € 115,002 | |||||||||||
Fees Paid | 1,700 | ||||||||||||||
Prepayments | € 1,200 | ||||||||||||||
Increased Funding Commitments | New Debt Facility | |||||||||||||||
Financial risk management | |||||||||||||||
Maximum borrowing capacity | € 200,000 | € 100,000 | |||||||||||||
Increased Funding Commitments | New Credit Facility | |||||||||||||||
Financial risk management | |||||||||||||||
Maximum borrowing capacity | € 420,000 | $ 456 | |||||||||||||
Increased Funding Commitments | P-Class Facility | |||||||||||||||
Financial risk management | |||||||||||||||
Borrowings Utilised | € 184,000 | $ 197 | |||||||||||||
EURIBOR [member] | Interest rate risk | |||||||||||||||
Financial risk management | |||||||||||||||
EURIBOR interest rate floor (in percent) | 0% | 0% | 0% | ||||||||||||
Borrowings, interest rate | 3.80% | 3.80% | 3.60% | ||||||||||||
Wind Osprey | New Debt Facility | |||||||||||||||
Financial risk management | |||||||||||||||
Borrowings Utilised | 50,000 | ||||||||||||||
Wind Orca | New Debt Facility | |||||||||||||||
Financial risk management | |||||||||||||||
Borrowings Utilised | € 50,000 |
Financial risk management - Dis
Financial risk management - Disclosure of the Group's current facilities (Details) € in Millions, $ in Millions | Jun. 30, 2024 EUR (€) | Jun. 30, 2024 USD ($) | Jun. 28, 2024 EUR (€) |
Financial risk management | |||
Committed unused | € 1,016 | ||
Borrowings Utilised | 342 | ||
New Debt Facility | |||
Financial risk management | |||
Committed unused | 224 | ||
Borrowings Utilised | 326 | ||
New Debt Facility (RCF + term loan) | |||
Financial risk management | |||
Committed unused | 188 | ||
Borrowings Utilised | 262 | ||
New Debt Facility - Guarantee | |||
Financial risk management | |||
Committed unused | 36 | ||
Borrowings Utilised | 64 | ||
P-Class Facility | |||
Financial risk management | |||
Committed unused | 425 | ||
M-Class Facility (USD 436 million) | |||
Financial risk management | |||
Committed unused | 403 | ||
Notional amount | $ | $ 436 | ||
HoldCo Facility | |||
Financial risk management | |||
Borrowings Utilised | € 80 | € 30 |
Financial risk management - Cha
Financial risk management - Change in debts to credit institutes (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Financial risk management | ||
Ending balance | € (342,000) | |
Debt to credit institutions | ||
Financial risk management | ||
Beginning balance | (205,572) | € (115,002) |
New loan | (130,000) | |
Loan interests | 499 | |
Interest expense (non-cash) | (4,300) | (409) |
Ending balance | € (339,372) | € (115,411) |
Financial risk management - Sch
Financial risk management - Schedule of fair value of derivatives (Details) - EUR (€) € in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives | Derivative liabilities measured at fair value | Level 2 of fair value hierarchy [member] | ||
Financial risk management | ||
Derivative financial liabilities | € 3,729 | € 21,961 |
Derivatives | Derivatives liabilities measured at fair value through profit or loss | ||
Financial risk management | ||
Derivative financial liabilities | 0 | (403) |
Interest rate swap | Derivative liabilities measured at fair value | Level 2 of fair value hierarchy [member] | ||
Financial risk management | ||
Derivative financial liabilities | 3,609 | 11,789 |
FX forward contracts | Derivative liabilities measured at fair value | Level 2 of fair value hierarchy [member] | ||
Financial risk management | ||
Derivative financial liabilities | 5,338 | |
Option collars | Derivative liabilities measured at fair value | Level 2 of fair value hierarchy [member] | ||
Financial risk management | ||
Derivative financial liabilities | 810 | |
Time value through OCI | Derivative liabilities measured at fair value | Level 2 of fair value hierarchy [member] | ||
Financial risk management | ||
Derivative financial liabilities | 120 | 3,621 |
Derivatives ineffective hedges | Derivatives liabilities measured at fair value through profit or loss | Level 2 of fair value hierarchy [member] | ||
Financial risk management | ||
Derivative financial liabilities | 403 | |
Derivatives | Derivative assets measured at fair value | Level 2 of fair value hierarchy [member] | ||
Financial risk management | ||
Derivative financial assets | 5,470 | 338 |
Interest rate swap - recycled through OCI | Derivative assets measured at fair value | Level 2 of fair value hierarchy [member] | ||
Financial risk management | ||
Derivative financial assets | 397 | € 338 |
Interest rate swap | Derivative assets measured at fair value | Level 2 of fair value hierarchy [member] | ||
Financial risk management | ||
Derivative financial assets | 441 | |
FX forward contracts | Derivative assets measured at fair value | Level 2 of fair value hierarchy [member] | ||
Financial risk management | ||
Derivative financial assets | 1,950 | |
Time value through OCI | Derivative assets measured at fair value | Level 2 of fair value hierarchy [member] | ||
Financial risk management | ||
Derivative financial assets | € 2,682 |
Issued share capital (Details)
Issued share capital (Details) - Share capital - EUR (€) € in Thousands, shares in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Issued share capital | ||
Beginning of financial year | 311,409 | |
End of financial year | 350,957 | |
Beginning of financial year | € 41,839 | € 26,575 |
End of financial year | € 47,144 | 26,575 |
February 2024 for capital increase | ||
Issued share capital | ||
Issued for capital increase | 39,520 | |
Issued for capital increase | € 5,301 | € 0 |
June 2024 for capital increase | ||
Issued share capital | ||
Issued for capital increase | 28 | |
Issued for capital increase | € 4 |
Issued share capital - Addition
Issued share capital - Additional Information (Details) kr / shares in Units, € in Thousands, kr in Thousands | 6 Months Ended | |||||||
Jun. 26, 2024 EUR (€) | Feb. 15, 2024 EUR (€) | Jun. 30, 2024 EUR (€) | Jun. 26, 2024 kr / shares shares | Feb. 15, 2024 kr / shares shares | Feb. 15, 2024 kr / shares shares | Jan. 01, 2024 EUR (€) shares | Jan. 01, 2024 DKK (kr) kr / shares shares | |
Issued share capital | ||||||||
Share capital issued | € 41,838 | kr 311,409 | ||||||
Number of share capital issued | shares | 311,409,868 | 311,409,868 | ||||||
Par value per share | (per share) | kr 1 | kr 44.50 | kr 1 | |||||
Shares issued | shares | 39,500,000 | 39,500,000 | ||||||
Amount raised by proceeds of share | € | € 155,000 | |||||||
Transaction costs | € | € 2,500 | € 2,506 | ||||||
Capital increase June 2024 | ||||||||
Issued share capital | ||||||||
Par value per share | kr / shares | kr 1 | |||||||
Shares issued | shares | 27,715 | |||||||
Issued for capital increase | € | € 88 | € 88 |
Related party transactions - Am
Related party transactions - Amount paid or received from related parties (Details) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Related party transactions | |||
Purchases of services from related parties | € (4,567) | € (5,350) | |
Receivables from related parties at reported period | 601 | € 592 | |
Payables to related parties at reported period | 79 | 162 | |
BW Group Limited (including subsidiaries) | |||
Related party transactions | |||
Purchases of services from related parties | (3,905) | € (5,350) | |
Payables to related parties at reported period | 10 | ||
Scorpio Holdings Limited (including subsidiaries) | |||
Related party transactions | |||
Purchases of services from related parties | (662) | ||
Receivables from related parties at reported period | 601 | 592 | |
Payables to related parties at reported period | € 79 | € 152 |
Commitments and pledges - Lease
Commitments and pledges - Lease commitments (Details) - EUR (€) € in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and pledges | ||
Future lease payables under non-cancellable value and short-term leases contracted for at the balance sheet date but not recognized as liabilities | € 301 | € 6,074 |
Right of use assets amount | 11,118 | 973 |
lease liabilities amount | 11,000 | 1,000 |
Not later than one year | ||
Commitments and pledges | ||
Future lease payables under non-cancellable value and short-term leases contracted for at the balance sheet date but not recognized as liabilities | 75 | 1,090 |
Between one and five years | ||
Commitments and pledges | ||
Future lease payables under non-cancellable value and short-term leases contracted for at the balance sheet date but not recognized as liabilities | € 226 | € 4,984 |
Commitments and pledges - Remai
Commitments and pledges - Remaining instalments for the newbuilds vessels (Details) € in Thousands, $ in Millions | Jun. 30, 2024 EUR (€) | May 31, 2024 EUR (€) | May 31, 2024 USD ($) |
Commitments and pledges | |||
Contract amount | € 2,235 | ||
Commitment amount | 1,601 | ||
EUR | |||
Commitments and pledges | |||
Contract amount | 519 | ||
Commitment amount | 132 | ||
USD | |||
Commitments and pledges | |||
Contract amount | 1,839 | ||
Commitment amount | 1,572 | ||
P-Class | |||
Commitments and pledges | |||
Contract amount | 584 | ||
Commitment amount | 391 | ||
P-Class | EUR | |||
Commitments and pledges | |||
Contract amount | 220 | ||
Commitment amount | 27 | ||
P-Class | USD | |||
Commitments and pledges | |||
Contract amount | 390 | ||
Commitment amount | 390 | ||
M-Class | |||
Commitments and pledges | |||
Contract amount | 608 | ||
Commitment amount | 428 | ||
M-Class | USD | |||
Commitments and pledges | |||
Contract amount | 655 | ||
Commitment amount | 458 | ||
A-Class | |||
Commitments and pledges | |||
Contract amount | 1,043 | € 373,000 | |
Commitment amount | 782 | ||
A-Class | EUR | |||
Commitments and pledges | |||
Contract amount | 299 | € 94,000 | |
Commitment amount | 105 | ||
A-Class | USD | |||
Commitments and pledges | |||
Contract amount | 794 | $ 298 | |
Commitment amount | € 724 |
Commitments and pledges - Pledg
Commitments and pledges - Pledge of Fixed Assets (Details) € in Thousands, $ in Millions | 1 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2024 EUR (€) | Jun. 30, 2024 USD ($) | Apr. 30, 2024 EUR (€) | Mar. 31, 2024 EUR (€) | Mar. 31, 2024 USD ($) | Jun. 30, 2024 EUR (€) | Jun. 30, 2023 EUR (€) | May 31, 2024 EUR (€) | May 31, 2024 USD ($) | |
Commitments and pledges | |||||||||
Sum of contract paid for new vessels | € 296,152 | € 14,564 | |||||||
Total sum of contract | € 2,235 | 2,235 | |||||||
Commitment amount | 1,601 | 1,601 | |||||||
Wind Osprey & Wind Orca | |||||||||
Commitments and pledges | |||||||||
Commitment amount | € 1,000 | ||||||||
P-Class vessels | |||||||||
Commitments and pledges | |||||||||
Sum of contract paid for new vessels | 14,000 | € 27,000 | |||||||
Total sum of contract | 584 | 584 | |||||||
Commitment amount | 391 | 391 | |||||||
A-Class vessels | |||||||||
Commitments and pledges | |||||||||
Sum of contract paid for new vessels | 94,000 | ||||||||
Total sum of contract | 1,043 | 1,043 | € 373,000 | ||||||
Commitment amount | 782 | 782 | |||||||
M-Class vessels | |||||||||
Commitments and pledges | |||||||||
Sum of contract paid for new vessels | 31,000 | $ 33 | € 31,000 | $ 33 | |||||
Total sum of contract | 608 | 608 | |||||||
Commitment amount | 428 | 428 | |||||||
EUR | |||||||||
Commitments and pledges | |||||||||
Total sum of contract | 519 | 519 | |||||||
Commitment amount | 132 | 132 | |||||||
EUR | P-Class vessels | |||||||||
Commitments and pledges | |||||||||
Total sum of contract | 220 | 220 | |||||||
Commitment amount | 27 | 27 | |||||||
EUR | A-Class vessels | |||||||||
Commitments and pledges | |||||||||
Total sum of contract | 299 | 299 | € 94,000 | ||||||
Commitment amount | 105 | 105 | |||||||
United States of America, Dollars | |||||||||
Commitments and pledges | |||||||||
Total sum of contract | 1,839 | 1,839 | |||||||
Commitment amount | 1,572 | 1,572 | |||||||
United States of America, Dollars | P-Class vessels | |||||||||
Commitments and pledges | |||||||||
Total sum of contract | 390 | 390 | |||||||
Commitment amount | 390 | 390 | |||||||
United States of America, Dollars | A-Class vessels | |||||||||
Commitments and pledges | |||||||||
Total sum of contract | 794 | 794 | $ 298 | ||||||
Commitment amount | 724 | 724 | |||||||
United States of America, Dollars | M-Class vessels | |||||||||
Commitments and pledges | |||||||||
Total sum of contract | 655 | 655 | |||||||
Commitment amount | € 458 | € 458 |
Events after reporting period (
Events after reporting period (Details) € in Millions, $ in Millions | Aug. 27, 2024 EUR (€) | Aug. 26, 2024 EUR (€) | Aug. 16, 2024 EUR (€) | Aug. 16, 2024 USD ($) | Aug. 12, 2024 EUR (€) | Aug. 12, 2024 USD ($) | Aug. 06, 2024 EUR (€) | Jun. 30, 2024 EUR (€) | Jun. 30, 2024 USD ($) | Mar. 22, 2024 EUR (€) |
Events after reporting period | ||||||||||
Borrowings | € 342 | |||||||||
New Debt Facility | ||||||||||
Events after reporting period | ||||||||||
Maximum borrowing capacity | € 100 | |||||||||
Borrowings | 326 | |||||||||
M Class Facility | ||||||||||
Events after reporting period | ||||||||||
Maximum borrowing capacity | $ | $ 436 | |||||||||
New Credit Facility | ||||||||||
Events after reporting period | ||||||||||
Borrowings | € 262 | |||||||||
HoldCo Facility | ||||||||||
Events after reporting period | ||||||||||
Maximum borrowing capacity | € 45 | |||||||||
Borrowings | € 125 | |||||||||
Increased Funding Commitments | P-Class Facility | ||||||||||
Events after reporting period | ||||||||||
Borrowings | € 184 | $ 197 | ||||||||
Increased Funding Commitments | New Debt Facility | ||||||||||
Events after reporting period | ||||||||||
Maximum borrowing capacity | € 200 | € 100 | ||||||||
Increased Funding Commitments | Aggregate debt facility. | Until the Maturity of RCF B | ||||||||||
Events after reporting period | ||||||||||
Maximum borrowing capacity | 450 | |||||||||
Increased Funding Commitments | Aggregate debt facility. | Remaining Period of the Loan Facility | ||||||||||
Events after reporting period | ||||||||||
Maximum borrowing capacity | € 350 | |||||||||
Increased Funding Commitments | New Credit Facility | ||||||||||
Events after reporting period | ||||||||||
Maximum borrowing capacity | € 420 | $ 456 |