Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2022-12-31	670030000	vEUR
ifrs-full:Assets	2021-12-31	424766000	vEUR

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2022-01-01	2022-12-31	106424000	vEUR
ifrs-full:Revenue	2021-01-01	2021-12-31	60938000	vEUR

XML

See the xml submitted here:

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   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx31" id="fact1252" xml:lang="en">Statement by Management The Board of Directors and the Executive Board have today discussed and approved the annual report of Cadeler A/S for 2022. The consolidated financial statements have been prepared in accordance with Interna- tional Financial Reporting Standards as adopted by the EU. The Parent Company finan- cial statements are prepared in accordance with the Danish Financial Statements Act. Further, the annual report is prepared in accordance with additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2022 and of the results of their operations and the consoli- dated cash flows for the financial year 1 January – 31 December 2022. In connection with digital filing under the ESEF regulation, in our opinion, the annual re- port for the financial year ended 31 December 2022, has been prepared in all material re- spects in compliance with the ESEF regulation. Further, in our opinion, the management's review gives a fair review of the development in the Group's and the Parent Company's activities and financial matters, results for the year, consolidated cash flows and financial position as well as a description of material risks and uncertainties that the Group and the Parent Company face. We recommend that the annual report be approved at the annual general meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
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   <arr:IndependentAuditorsReportsAudit contextRef="ctx31" id="fact1274" xml:lang="en">Independent Auditor's Report Independent Auditor's Report Continued from previous page Independent Auditor's Report Continued from previous page Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review. Independent Auditor's Report Continued from previous page • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to con- tinue as a going concern. If we conclude that a material uncertainty exists, we are re- quired to draw attention in our auditor's report to the related disclosures in the finan- cial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the con- solidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have com- plied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the Parent Company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter. Independent Auditor's Report Continued from previous page • The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all finan- cial information required to be tagged using judgement where necessary; • Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human readable format; and • For such internal control as Management determines necessary to enable the prepa- ration of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is pre- pared, in all material respects, in compliance with the ESEF Regulation based on the evi- dence we have obtained, and to issue a report that includes our opinion. The nature, tim- ing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: • Testing whether the annual report is prepared in XHTML format; • Obtaining an understanding of the Company’s iXBRL tagging process and of internal control over the tagging process; • Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes; • Evaluating the appropriateness of the Company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; • Evaluating the use of anchoring of extension elements to elements in the ESEF tax- onomy; and • Reconciling the iXBRL tagged data with the audited Consolidated Financial State- ments. In our opinion, the annual report for the financial year 1 January – 31 December 2022 with the file name cadeler-2022-12-31-en is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:IndependentAuditorsReportsAudit>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx31" id="fact1383" xml:lang="en">Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the Parent Company financial state- ments" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have ful- filled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014. Appointment of auditor We were initially appointed as auditor of Cadeler A/S on 20 November 2020 for the fi- nancial year 2020. We have been reappointed annually by resolution of the general meeting for a total consecutive period of 3 years up until the financial year 2022. 144</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx31" id="fact1361" xml:lang="en">To the shareholders of Cadeler A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx31" id="fact1362" xml:lang="en">Opinion We have audited the consolidated financial statements and the Parent Company finan- cial statements of Cadeler A/S for the financial year 1 January – 31 December 2022 (page 68 – 148), which comprise statement of profit and loss, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated statement of comprehensive income and a consolidated cash flow statement. The consolidated financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional re- quirements of the Danish Financial Statements Act, and the Parent Company financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements give a true and fair view of the fi- nancial position of the Group at 31 December 2022 and of the results of the Group's op- erations and cash flows for the financial year 1 January – 31 December 2022 in accord- ance with International Financial Reporting Standards as adopted by the EU and addi- tional requirements of the Danish Financial Statements Act. Further, in our opinion the Parent Company financial statements give a true and fair view of the financial position of the Parent Company at 31 December 2022 and of the results of the Parent Company's operations for the financial year 1 January – 31 December 2022 in accordance with the Danish Financial Statements Act. Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx31" id="fact1404" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the financial year 2022. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the "Auditor's responsibilities for the audit of the financial statements" section, including in relation to the key audit matters below. Our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters be- low, provide the basis for our audit opinion on the financial statements. Valuation of vessels The accounting principles and disclosures about the Group’s two vessels are included in Note 2 and Note 16 to the consolidated financial statements. The carrying amount of vessels amounts to EUR 243 million at 31 December 2022. The valuation of vessels is significant to our audit due to the carrying value of the vessels as well as Management’s judgement in relation to the identification of indicators that the value of the vessels may be impaired at 31 December 2022. If indications exist, Manage- ment shall estimate the recoverable amount of the vessels being the higher of fair value less costs of disposal and value in use. As of 31 December 2022, Management has not identified any indications that the vessels may be impaired. However management have performed an impairment test anyway and received two external and independent ship valuations. Both are described in Note 16 to the consolidated financial statements. As part of our audit procedures, we obtained an understanding of Management’s pro- cess for the identification of indicators that the value of the vessels may be impaired. We went through the impairment test prepared by Management especially Managements assumptions, WACC, growth etc. Further, we considered supporting documentation pro- vided by Management including the development in the order backlog. We also tested the mathematical in the impairment test. We examined Management’s comparison of the carrying values of the vessels with the available fair value estimates prepared by the external and independent ship valuation specialists. We examined the adequacy of dis- closures in Note 16 to the consolidated financial statements compared to applicable ac- counting standards. Statement on the management's review Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. 145</arr:KeyAuditMattersAudit>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx31" id="fact1464" xml:lang="en">Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance as to whether the financial state- ments as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are consid- ered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial state- ments. As part of an audit conducted in accordance with ISAs and additional requirements ap- plicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Compa- ny's internal control. 146</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx31" id="fact1449" xml:lang="en">Management's responsibilities for the financial statements Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for the preparation of Parent Company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act. Moreover, Management is responsible for such internal control as Management deter- mines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of ac- counting in preparing the financial statements unless Management either intends to liq- uidate the Group or the Parent Company or to cease operations, or has no realistic alter- native but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx31" id="fact1490" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the consolidated financial statements and Parent Company finan- cial statements of Cadeler A/S, we performed procedures to express an opinion on whether the annual report for the financial year 1 January – 31 December 2022 with the file name cadeler-2022-12-31-en is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial State- ments including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: • The preparing of the annual report in XHTML format; 147</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx31" id="fact1504" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx31" id="fact1505">2023-03-28</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx40" id="fact1516" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx41" id="fact1527" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx40" id="fact1518" xml:lang="en">Mikkel Sthyr</cmn:NameAndSurnameOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx41" id="fact1522" xml:lang="en">Heidi Brander</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx41" id="fact1523" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx41" id="fact1525" xml:lang="en">mne33252</cmn:IdentificationNumberOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx40" id="fact1519" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx40" id="fact1521" xml:lang="en">mne26693</cmn:IdentificationNumberOfAuditor>
</xbrli:xbrl>