Currency Exposure - As of December 31, 2023, the Cadeler Group's largest currency exposure is future instalments for new builds amounting to USD 1.3 million[233]. - A 10% deterioration in the USD:EUR exchange rate would decrease profits before tax by EUR 4.6 million, while a similar change in the GBP:EUR exchange rate would decrease profits by EUR 1.4 million[234]. - As of December 31, 2023, the total coverage of foreign currency risk for upcoming USD instalments is effectively mitigating around 50% of the Cadeler Group's exposure[280]. - The average USD:EUR rate secured for foreign currency hedging is between 0.8695 and 0.9466 for an additional USD 300 million of notional amount[280]. - The fair value adjustment for the year related to foreign currency hedging resulted in a loss of EUR (3.5) million[283]. Debt Facilities - The Cadeler Group's Debt Facility was amended in 2023, increasing the guarantee facility to EUR 60 million and the committed revolving credit facility to EUR 250 million, totaling EUR 310 million[250]. - The New Debt Facility entered on December 7, 2023, will be used to repay USD 59.4 million under the Eneti Credit Facility and EUR 115 million under the existing Debt Facility[251]. - The Cadeler Group expects to require approximately EUR 450 million of additional funding for the A-Class New Builds starting in 2025[253]. - The Cadeler Group entered into a new senior secured credit facility of up to EUR 550 million on December 7, 2023, in connection with a Business Combination[270]. - The Holdco Facility was increased from EUR 50 million to EUR 80 million on March 7, 2024, to support wind installation activities[269]. Interest Rate Exposure - The Cadeler Group's interest rate exposure is primarily related to the New Debt Facility, which is based on a 3-month EURIBOR interest rate plus a margin, with the EURIBOR rate at 3.9% as of December 31, 2023[237]. - If the EURIBOR interest rate increased by 100 basis points, the cost would have increased by EUR 24.1 million over the last twelve months[238]. - The Cadeler Group's exposure to changes in the 3-month EURIBOR rate has expanded due to new credit facilities[273]. - The average fixed rate of interest rate swaps is 2.82%, which will be effective until October 5, 2027[268]. - The Cadeler Group's interest rate swap liability at December 31, 2023, is EUR (11.83) million, compared to EUR (0.3) million in 2022[277]. Cash Management - The Cadeler Group's cash and cash equivalents are primarily held in banks with high credit ratings, resulting in immaterial credit loss as of December 31, 2023[249]. - The cumulative fair value change of cash flow hedges at December 31, 2023, is EUR (21.6) million, compared to EUR 1.3 million in 2022[266]. - The Cadeler Group uses forward exchange contracts and interest rate swaps as cash flow hedges to mitigate currency and interest rate risks[263].
Cadeler A/S(CDLR) - 2023 Q4 - Annual Report