Financial Performance - The Group's revenue for the first nine months of 2024 was EUR 163 million, a 79% increase from EUR 91 million in the same period of 2023[3] - EBITDA for the first nine months of 2024 reached EUR 70 million, up 43% from EUR 49 million in the comparative period of 2023[3] - The Group's profit for the first nine months of 2024 was EUR 28 million, a decrease of 7% compared to EUR 30 million in the same period of 2023[3] - For the nine months ended 30 September 2024, the company reported a profit of €27,816 million, down from €30,199 million in the same period of 2023, representing a decrease of approximately 4.3%[15] - The total comprehensive income for the period, net of tax, is €21,529 million, compared to €38,498 million in the same period of 2023, indicating a decline of approximately 44%[15] - EBITDA for 9M 2024 increased to EUR 70,158,000 from EUR 49,466,000 in 9M 2023, reflecting a growth of approximately 41.8%[24] - Adjusted EBITDA for 9M 2024 was EUR 70,158,000, compared to EUR 53,293,000 in 9M 2023, indicating an increase of about 31.7%[24] - The company reported an operating profit of EUR 31,841,000 for 9M 2024, up from EUR 30,101,000 in 9M 2023[24] Cash Flow and Financing - Net cash flow from operating activities was EUR 45 million, down 15% from EUR 53 million in the first nine months of 2023[3] - Cash flow from operating activities for the nine months ended 30 September 2024 is €44,770 million, compared to €52,848 million for the same period in 2023, reflecting a decrease of approximately 15.3%[18] - Cash flow from investing activities for 9M 2024 was a net outflow of EUR 549,092,000, significantly higher than EUR 23,385,000 in 9M 2023[19] - Net cash provided by financing activities in 9M 2024 was EUR 502,448,000, compared to a net outflow of EUR 9,066,000 in 9M 2023[19] - The company incurred EUR 10,155,000 in interest paid during 9M 2024, an increase from EUR 4,672,000 in 9M 2023[19] - Principal repayment of lease liabilities rose to EUR 1,330,000 in 9M 2024 from EUR 259,000 in 9M 2023[19] Assets and Equity - The Group's total assets increased by 46% to EUR 1,828 million as of 30 September 2024, driven by a EUR 527 million rise in property, plant, and equipment[8] - The Group's equity increased to EUR 1,132 million as of 30 September 2024, up EUR 173 million from EUR 959 million at the beginning of the year[7] - Total assets as of 30 September 2024 amount to €1,827,571 million, an increase from €1,252,560 million as of 31 December 2023[16] - The company’s total equity as of 30 September 2024 is €1,132,400 million, an increase from €959,041 million at the end of 2023[16] - The firm’s total non-current assets increased to €1,641,857 million as of 30 September 2024, compared to €1,105,110 million at the end of 2023[16] - The company’s share capital increased to €47,144 million as of 30 September 2024, up from €41,839 million at the beginning of the year[17] Workforce - The average number of employees increased significantly, with onshore employees rising from 113 to 236 and offshore employees from 182 to 351[9] Contracts and Backlog - The order backlog as of the reporting date amounted to EUR 2,054 million, with EUR 64 million expected to be recognized in 2024[13] - As of 30 September 2024, the total contract backlog is €2,054 million, with €342 million firm contracts and €1,712 million subject to counterparty options[14] Strategic Outlook - The company plans to continue focusing on strategic growth and market expansion, as indicated in their forward-looking statements[20] Depreciation and Expenses - The company reported a significant increase in depreciation and amortization expenses to €32,992 million for the nine months ended 30 September 2024, compared to €13,516 million in the same period of 2023[18]
Cadeler A/S(CDLR) - 2024 Q3 - Quarterly Report