Financial Performance - The Group reported a loss of EUR 21 million in Q1 2024, down from a profit of EUR 2 million in Q1 2023[2] - EBITDA for Q1 2024 showed a loss of EUR 10 million, compared to a gain of EUR 8 million in Q1 2023[4] - Gross loss for Q1 2024 was €(7,916,000), compared to a gross profit of €6,755,000 in Q1 2023, indicating a significant decline[31] - Operating loss for Q1 2024 was €(20,093,000), a decrease from an operating profit of €2,060,000 in Q1 2023[31] - The company reported a loss for the period of €(20,793,000) in Q1 2024, compared to a profit of €1,948,000 in Q1 2023[31] - EBITDA for Q1 2024 was €(10,060,000), down from €8,019,000 in Q1 2023, reflecting a decline in operational performance[54] Revenue and Projections - Revenue for Q1 2024 was EUR 19 million, consistent with the same period in 2023, aligning with the projected revenue range for the fiscal year 2024[3] - Revenue for Q1 2024 increased to €19,063,000 from €18,905,000 in Q1 2023, representing a growth of 0.83%[31] - The Group expects revenue for 2024 to range between EUR 225 million and EUR 245 million, with EBITDA projected between EUR 105 million and EUR 125 million[5] Costs and Expenses - Cost of sales in Q1 2024 was EUR 27 million, doubling compared to Q1 2023, primarily due to the business combination with Eneti and the addition of new vessels[4] Cash Flow and Equity - Net cash flow from operating activities was EUR 13 million in Q1 2024, an increase of EUR 8 million compared to Q1 2023[6] - Net cash provided by operating activities for Q1 2024 was €13,139,000, up from €4,746,000 in Q1 2023[37] - Cash and cash equivalents at the end of Q1 2024 were €209,130,000, a significant increase from €96,608,000 at the beginning of the period[40] - The Group's equity increased to EUR 1,115 million in Q1 2024, up EUR 156 million from EUR 959 million at the beginning of the period[10] - Total equity increased to €1,115,135,000 as of March 31, 2024, compared to €959,041,000 at the end of December 2023[33] Assets and Backlog - The total assets as of 31 March 2024 amounted to EUR 1,484 million, reflecting a EUR 232 million increase during the reporting period[17] - Total assets increased to €1,484,291,000 as of March 31, 2024, compared to €1,252,560,000 at the end of December 2023[33] - The contract backlog as of 28 May 2024 totaled EUR 1,818 million, with EUR 263 million expected within one year[27] Market Developments - Cadeler signed a contract with Ørsted and PGE for the transport and installation of wind turbines, marking its entry into the Polish market[30] Other Comprehensive Income - Other comprehensive income for Q1 2024 was €24,222,000, a recovery from a loss of €(6,696,000) in Q1 2023[31]
Cadeler A/S(CDLR) - 2024 Q1 - Quarterly Report