Cadeler A/S: Cadeler provides update on contract backlog, earnings, expectations
and selected financials
Cadeler has secured several new contracts over the past 12 months, and with the
orders placed for two F-Class vessels and the newly announced contracts with
Ørsted for the Hornsea 3 offshore wind farm, Cadeler has expanded its business
scope into transportation and installation of turbine foundations to become a
full-service T&I provider in the foundation space, reference is made to the
stock exchange announcement of 25 April 2023.
By way of update, as of 30 April 2023 the order backlog was EUR 1,392 million
including all options, comprising of EUR 1,116 million from firm fixed term
contracts and EUR 276 million of contractual options.
EUR million* Within one year Between one and four years After
four years Total
Firm contract period 69 872 174 1,116
Option period 8 85 183 276
Total 78 957 357 1,392
*Rounded figures
The update on the contract backlog does not impact the expectations for the
financial performance of Cadeler for 2023 which remain unchanged from what was
communicated on 28 March 2023 in connection with the publication of the annual
report for 2022. Revenue for the financial year ending 31 December 2023 is still
expected to be between EUR 84 million and EUR 94 million. EBITDA for the
financial year ending 31 December 2023 is expected to be in the range EUR 32
million to EUR 42 million
Until 2026, Cadeler expects a revenue growth of CAGR of approx. 60% (from 2022),
which is above the industry's long-term growth expectations, however, noting
that the revenue guidance for 2023 is EUR 84-94 million and that 2024 revenue
will be negatively impacted by the crane upgrade in Q1 2024 due to off-hire
periods. The revenue growth is expected to fluctuate significantly over the
period with a majority of the growth being in 2025 and 2026. The revenue growth
will in particular be driven by the delivery of the two X-Class vessels and one
F-Class vessel in 2024 and 2025, as well as the execution of the Foundation T&I
Scope on the Hornsea 3 project in 2026. From 2026 to 2027, the revenue growth is
driven by expected Foundation T&I projects enabled by the two F-Class vessels.
The overall group EBITDA margin in 2027 is expected to increase to around 70%,
excluding Foundation T&I projects. In the period 2023-2024 the profitability
will be impacted negatively by the O-Class crane upgrade and costs related to
the increased capacity while the profitability in 2025 and 2026 is expected to
increase due to the execution of committed projects. If the anticipated
Foundation T&I projects in 2027 will be executed, it is expected to have a
positive impact on EBITDA despite lowering the overall EBITDA margin. However,
the exact impact cannot be estimated as it is highly dependent on the project
specific characteristics including, among others, location and scope.
As of 31 March 2023, Cadeler had a liquidity position of EUR 49 million (hereof
EUR 14 million in cash), debt of EUR 115 million and remaining CAPEX related to
the two new X-Class vessels, the two new F-Class vessels and the crane upgrade
of Wind Orca and Wind Osprey of EUR 984 million. In the period 2024-2026 Cadeler
has 1,305 uncontracted days, calculated across all vessels based on current
expected delivery date of the four newbuild vessels.
Cadeler's guidance for 2023 and the projections for the period 2024-2027 are
subject to risks and uncertainties, many of which are beyond Cadeler's control.
One-off market-shaping events such as strikes, embargoes, political instability,
or adverse weather conditions, could have a substantial impact on the business.
There could also be off-hire periods as a consequence of accidents, technical
breakdown and non-performance. The cancellation or postponement of one or more
vessel employment contracts or delay of delivery of the vessels could have a
material adverse impact on the earnings of the Company.
About Cadeler A/S:
Cadeler A/S is a key supplier with the offshore wind industry for installation
services and operation and maintenance works that provides marine and
engineering operations to the offshore wind industry with a strong focus on
safety and the environment. Cadeler's reputation as provider of high-quality
offshore wind support services, combined with an innovative vessel design,
positioning the company to deliver premium level services to the industry. As a
company, Cadeler continues to pursue new levels of efficiency, pushing beyond
the current boundaries of the supply chain. Cadeler enables and facilitates the
global energy transition towards a future built on renewable energy. Cadeler is
listed on the Oslo Stock Exchange (ticker CADLR).
To learn more, please visit www.cadeler.com.
Forward-looking information
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believe that these assumptions were reasonable
when made, these assumptions are inherently subject to significant known and
unknown risks, uncertainties, contingencies and other important factors which
are difficult or impossible to predict, and are beyond their control. Actual
events may differ significantly from any anticipated development due to a number
of factors, including without limitation, changes in public sector investment
levels, changes in the general economic, political and market conditions in the
markets in which the Company operates, the Company's ability to attract, retain
and motivate qualified personnel, changes in the Company's ability to engage in
commercially acceptable acquisitions and strategic investments, and changes in
laws and regulation and the potential impact of legal proceedings and actions.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements. The Company does not make any
guarantee that the assumptions underlying the forward-looking statements in this
announcement are free from errors nor does it accept any responsibility for the
future accuracy of the opinions expressed in this announcement or any obligation
to update or revise the statements in this announcement to reflect subsequent
events. You should not place undue reliance on the forward-looking statements in
this announcement. The information, opinions and forward-looking statements
contained in this announcement speak only as at its date, and are subject to
change without notice. The Company does not undertake any obligation to review,
update, confirm, or to release publicly any revisions to any forward-looking
statements to reflect events that occur or circumstances that arise in relation
to the content of this announcement.
Inside information
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published by Mikkel Gleerup at Cadeler
A/S on 16 June 2023 at 07.40 (CEST).