72 results
20-F
2023 FY
CADLF
Cadeler A/S
26 Mar 24
Annual report (foreign)
10:17am
The following table sets forth the Cadeler Group’s financial debt as of the dates indicated:
| | | | | | |
| December 31, | |||||
| | 2023 | | 2022 | | 2021 |
| | | | | | |
| (EUR million) | |||||
Cash and cash equivalents | 96.6 | 19.0 | 2.3 | |||
Liquidity | 96.6 | 19.0 | 2.3 | |||
Current debt to credit institutions | (0.8) | (0.8) | (28.6) | |||
Current financial indebtedness | (0.8) | (0.8) | (28.6) | |||
Net current financial indebtedness | 95.8 | 18.2 | (26.3) | |||
Non-current debt to credit institutions | (204.8) | (114.2) | (44.5) | |||
Non-current financial indebtedness | (204.8) | (114.2) | (44.5) | |||
Net total financial indebtedness | (109.0) | (96.0) | (70.8) |
20-F
2023 FY
CADLF
Cadeler A/S
26 Mar 24
Annual report (foreign)
10:17am
The following table sets forth the Cadeler Group’s lease liabilities for the years indicated:
| | | | | | |
| | Year ended December 31, | ||||
| | 2023 | | 2022 | | 2021 |
| | | | | | |
| | (EUR million) | ||||
Lease liabilities at January 1 (current and non-current lease) | 0.3 | 0.5 | 0.8 | |||
Acquisition of businesses | 1.3 | — | — | |||
Cash paid for lease obligations | (0.6) | (0.2) | (0.3) | |||
Lease liabilities at end of period (current and non-current lease) | 1.0 | 0.3 | 0.5 |
20-F
2023 FY
CADLF
Cadeler A/S
26 Mar 24
Annual report (foreign)
10:17am
Where the Cadeler Group enters into foreign currency hedges, it seeks to match critical terms between the hedged item and the relevant hedge instrument. When it enters into a hedging transaction, the Cadeler Group assesses terms related to the payment date of the instalment to be paid in a foreign currency and the maturity of the hedged item and the relevant hedge instrument. The principal expected causes of hedging ineffectiveness relate to changes to the expected date of delivery of the New Build vessels. The below table shows the profile of the nominal amount of the interest rate swaps and the fair values.
| | | | | | | | | | | ||||||||||
| Less than 1 | Between 1 | Between 2 | Fair Value | ||||||||||||||||
| | year | | and 2 years | | and 5 years | | Asset | | Liability | ||||||||||
| | (Notional amount USD million) | | (EUR million) | ||||||||||||||||
2023 | | | | | | | | | | | ||||||||||
FX forward contracts – U.S. dollar | 150.0 | 50.0 | — | — | (5.3) | |||||||||||||||
Option collars – U.S. dollar | — | 250.0 | 50.0 | — | (4.4) | |||||||||||||||
2022 | ||||||||||||||||||||
FX forward contracts – U.S. dollar | — | 200.0 | — | — | (1.8) |
20-F
2023 FY
CADLF
Cadeler A/S
26 Mar 24
Annual report (foreign)
10:17am
The following table presents information regarding the total amount of Cadeler Shares directly or indirectly owned by members of the Cadeler Board and Cadeler’s senior management as of February 29, 2024 (excluding shares underlying incentive programs):
| | | | | |
Name of shareholder | Number of shares | %(1) | | ||
Cadeler Board | | | | | |
Andreas Sohmen-Pao(2) | 68,671,728 | 19.57 | % | ||
Andrea Abt | — | — | | ||
Ditlev Wedell-Wedellsborg | — | — | | ||
Emanuele Lauro(3) | * | * | | ||
James B. Nish | * | * | | ||
Jesper T. Lok | — | — | | ||
| | | | | |
Executive management | | ||||
Mikkel Gleerup | — | — | | ||
Peter Brogaard Hansen | — | — | |
20-F
2023 FY
CADLF
Cadeler A/S
26 Mar 24
Annual report (foreign)
10:17am
| | | | | |
EUR’000 | Note | 2023 | 2022 | 2021 | |
Cost of sales | | | | | |
Right of use asset depreciation | | 19 | 30 | — | — |
Insurance | | 1,573 | 1,933 | 1,772 | |
Vessel depreciation | 18 | 22,484 | 21,664 | 16,077 | |
Impairment of property, plant and equipment | | 18 | 5,000 | — | — |
Crewing costs paid to a related party and an external party | 27 | — | 61 | 11,517 | |
Seafarer payroll | 7 | 15,921 | 13,089 | 1,159 | |
Fuel and oil | | 711 | 1,113 | 892 | |
Maintenance | | 5,121 | 4,039 | 2,305 | |
Messing costs | | 1,448 | 1,428 | 1,224 | |
Seafarer travel | | 2,835 | 2,589 | 1,876 | |
Specific charter costs | | 4,052 | 2,623 | 1,239 | |
Utilities | | 389 | 689 | 541 | |
Other operating expenses | | 294 | 309 | 260 | |
Tonnage tax | | — | — | 17 | |
Total cost of sales | | 59,858 | 49,537 | 38,879 | |
Administrative expenses | | ||||
Depreciation and amortisation | 17, 18, 19 | 534 | 1,020 | 414 | |
Employee compensation | 7 | 18,889 | 9,905 | 7,603 | |
Repair and maintenance expenses | | 1,123 | 796 | 161 | |
Legal and professional fees | | 2,122 | 1,047 | 564 | |
Transaction costs | | 6 | 7,707 | — | — |
Rental expenses | | 751 | 582 | 584 | |
Travel expense | | 985 | 612 | 305 | |
Management fees to related party | 27 | — | — | 115 | |
Marketing and entertainment expenses | | 602 | 788 | 159 | |
Other expenses | | 1,745 | 946 | 1,020 | |
Total administrative expenses | | 34,458 | 15,696 | 10,925 |
20-F
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26 Mar 24
Annual report (foreign)
10:17am
20-F
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26 Mar 24
Annual report (foreign)
10:17am
20-F
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26 Mar 24
Annual report (foreign)
10:17am
20-F
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26 Mar 24
Annual report (foreign)
10:17am
20-F
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26 Mar 24
Annual report (foreign)
10:17am
20-F
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26 Mar 24
Annual report (foreign)
10:17am
20-F
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26 Mar 24
Annual report (foreign)
10:17am
20-F
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26 Mar 24
Annual report (foreign)
10:17am
20-F
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26 Mar 24
Annual report (foreign)
10:17am
20-F
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26 Mar 24
Annual report (foreign)
10:17am
20-F
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26 Mar 24
Annual report (foreign)
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20-F
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26 Mar 24
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20-F
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26 Mar 24
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20-F
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26 Mar 24
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20-F
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26 Mar 24
Annual report (foreign)
10:17am