2022 was another good year for the offshore wind shipping company Cadeler. The company thus continued its growth for the second year in a row and at the same time strengthened its order book. This is evident from the annual accounts published by Cadeler.
Specifically, the total revenue for 2022 landed at 106.4 million euros, which is an increase of 74 percent compared to 2021 (60.9 million euros). The growth is primarily due to a high utilization rate of 87 percent for the company's two O-class vessels, and the fact that the contracts were realized at higher rates than in the previous year, Cadeler informs.
These results led to Cadeler experiencing an increase in its operating profit (EBITDA) in 2022 by 129 percent. compared to 2021 to a total of 63.9 million euros, which was within the company's own expectations, which were 60-69 million euros.
- I am pleased to see a strong result for 2022, with Cadeler reaching an EBITDA close to 64 million euros, which is the highest result ever. This is the second year in a row that Cadeler has delivered positive results, we have created a strong order backlog and made investments in line with what we have promised our investors, says Mikkel Gleerup, CEO of Cadeler, in a press release.
Lower growth in 2023
Cadeler's order backlog also increased by 91 percent last year compared to 2021, from 409 million euros to 780 million euros, when options are included with a factor of 50 percent. The current contracts constitute a stable and continuous stream of projects from 2023 to 2031. The company has also focused on strengthening the organization. This will also be the case in the coming year.
Based on the current contract scope and a planned upgrade of cranes on two ships, which will begin in the fourth quarter of 2023, Cadeler expects a slight decrease in revenue, which is expected to land at 84-94 million euros and an EBITDA between 32-42 million euros in 2023.
According to the ongoing growth journey, which will both support an upgrade and expansion of the fleet and at the same time a strategic expansion of the business area, so that Cadeler can take on even more tasks in connection with the installation of foundations for wind turbines, the so-called T&I projects, in the future.
- Our order book for 2023 is full until the two O-class ships have their cranes upgraded later this year, making it possible to execute even more complex projects in the future. We have signed many high-profile projects in recent years and in order to deliver them on time, it is crucial that our ships are future-proof, says Mikkel Gleerup
Capital expansions to be used for new ships
During 2022, Cadeler completed two capital raisings. The first in May raised approximately 85 million euros in gross proceeds and the second in October approximately 98 million euros in gross proceeds. The money will, among other things, will be used to finance an expansion of the fleet with two so-called F-class vessels, which are expected to be delivered in late 2025 and mid-2026, respectively. This means a tripling of the Cadeler fleet.
The vessels are designed with the flexibility to both perform foundation work and transport and install wind turbines.
- When our new vessels are in operation, Cadeler will have the largest jack-up fleet in the wind industry. Based on current forecasts, we will thus have the necessary capacity to both install the next generation of wind turbines and at the same time ensure our customers unique flexibility, says Mikkel Gleerup.
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