Financial Position and Performance - The interim condensed consolidated financial statements for Cadeler A/S for H1 2024 show an operating loss of EUR (1,363,000), compared to a profit of EUR 29,439,000 in H1 2023[120]. - EBITDA for H1 2024 is reported at EUR 21,727,000, a decrease of 47.6% from EUR 41,504,000 in H1 2023[120]. - Adjusted EBITDA for H1 2024, after accounting for transactional costs, is EUR 21,727,000, down from EUR 44,087,000 in H1 2023[120]. - The financial position of the Group at June 30, 2024, is deemed to provide a true and fair view of its operations and cash flows for the first half of the year[110]. Debt and Financing - As of June 30, 2024, the Group's debt to credit institutions increased to EUR 339.4 million from EUR 115.4 million in the previous year[90]. - The Group's total new debt facility amounts to EUR 550 million, with EUR 326 million utilized and EUR 224 million unused as of June 30, 2024[89]. - The Group raised EUR 155 million from a private placement completed on February 15, 2024, to finance the equity portion of a new vessel contract[97]. - The Group's Holdco Facility was increased from EUR 50 million to EUR 80 million to support wind installation activities[92]. - The Group successfully renegotiated the USD 436 million M-Class Facility on improved terms, securing up to EUR 420 million in post-delivery financing[108]. Currency and Liquidity Management - The Group's largest currency exposure is USD 1.6 billion related to future instalments for new P, A, and M-class vessels[86]. - The Group's liquidity risk is managed by maintaining sufficient cash and available funding through committed credit facilities[88]. - The fair value of derivative assets increased to EUR 5.47 million as of June 30, 2024, compared to EUR 0.34 million in the previous year[93]. - The Group's lease commitments decreased from EUR 6.07 million at the end of 2023 to EUR 0.30 million as of June 30, 2024[102]. Business Operations and Risks - The total contract amount for the new A-Class vessel is approximately EUR 373 million, with EUR 94 million paid in H1 2024[105]. - The contract backlog as of the reporting date includes all customer contracts not yet recognized as revenue, assuming 100% of counterparty options are exercised[123]. - The management review highlights material risks and uncertainties faced by the Group, although specific figures are not disclosed[111]. - Forward-looking statements in the report are subject to risks and uncertainties that may cause actual results to differ materially from forecasts[113]. - The company does not guarantee the accuracy of forward-looking statements and assumes no obligation to update them unless required by law[114]. Transactional Costs - The company incurred transactional costs of EUR 2,583,000 related to the business combination with Eneti, which closed on December 19, 2023[121]. - The company emphasizes the use of non-IFRS measures like EBITDA to provide greater transparency regarding its financial condition[119].
Cadeler A/S(CDLR) - 2024 Q2 - Quarterly Report