Cadeler A/S

04/06/2021 | Press release | Distributed by Public on 04/05/2021 23:00

Cadeler A/S: Annual report 2020 - Poised for significant growth following IPO

On the back of strong strategic decisions designed to anchor its platform for growth, Cadeler A/S (The Company or Cadeler) today announced publication of the annual report for 2020, revealing that the key supplier to the offshore wind industry has built capacity for robust growth. The total revenue for 2020 was EUR 20m, impacted by upgrades to the fleet lowering operational capacity. For 2021, Cadeler expects significantly increased revenue in the range EUR 56-63m. Mikkel Gleerup, CEO of Cadeler, said: 'We are operating in a rapidly growing market and by virtue of our successful IPO and subsequent substantial fleet upgrades, Cadeler is poised to deliver strong growth in 2021. The past year was an unprecedented one in many ways, but our strategic vision and the outstanding efforts of our crew and staff ensures that we ready to deliver our best-in-class offshore services at a much greater volume.' The EBITDAR for 2020 reflected several one-off costs in relation to the rebranding and IPO along with costs following contract renegotiations to ensure a higher yielding contract in 2021. The EBITDAR for 2020 landed at EUR -10 million. For 2021 Cadeler expects a significantly improved EBITDAR of EUR 26-33m. 'We are set for a year with greater utilization of our fully operational fleet. We have contracted higher yielding projects that will lead to much greater profitability and revenue. However, we have only seen the beginning of Cadeler's long-term growth trajectory fueled by a historically strong backlog over EUR 310m. I have never been more excited about Cadeler's prospects,' comments Mikkel Gleerup. The offshore wind market is growing rapidly. From 2021-2025 alone, the Global Wind Energy Council (GWEC) expects more than 70 GW of offshore wind to be added worldwide. In 2020, the growth in the industry resulted in significant contract backlog growth and an improvement of day rates on future projects for Cadeler. The strong backlog reflects that Cadeler has a state-of-the art fleet. In addition, in the coming months, Cadeler expects to announce news around a newbuilt X-class installation vessel to serve the future offshore wind market. Platform for growth 2020 was a transitional year for Cadeler with a complete rebranding and name change ahead of the IPO raising NOK 883m to acquire crane upgrades and a new, best-in-class installation vessel to serve the future offshore wind market. Richard Sell, Chairman of the Board at Cadeler says: 'The past year, we have set up Cadeler for future success with a major milestone being the IPO which raised NOK 883m. We are supported by strong shareholders taking part in Cadeler's contribution to the fact that societies of the future will operate on renewable energy. We are grateful for the trust placed in Cadeler, the management team and our many dedicated employees. A copy of the annual report can be downloaded here: https://www.cadeler.com/media/1606/cadeler-annual-report-2020.pdf A webcast for the investment community to talk through the annual results will be held on 6 April 2021 at 9:00 CET time. Webcast registration: https://attendee.gotowebinar.com/register/1411544645622459664 - End - KEY FIGURES: REVOLUTIONIZING OFFSHORE CONSTRUCTION • 310,000 EUR'000 backlog • 883,000 NOK'000 raised through IPO • 19,501 EUR'000 revenue in 2020 • 30+ offshore sites served since 2012 • 414 foundations installed since 2013 • 287 wind turbines installed since 2014 About the Company: Cadeler provides marine and engineering operations to the offshore wind industry with a strong focus on safety and the environment. Our reputation as provider of high-quality offshore wind support services, combined with innovative vessel design, positions us to provide prime level services to the industry. We continue to pursue new levels of efficiency, pushing the boundaries of the supply chain. We enable and facilitate the global energy transition to a future built on offshore renewable energy. For further information, please contact: Mikkel Gleerup, CEO +45 32463102 [email protected] Mark Konrad, CFO +45 3246 3100 [email protected]