Bifogade filer
2024 Q4 Financial report
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Beskrivning
| Land | Norge |
|---|---|
| Lista | Euronext Growth Oslo |
| Sektor | Handel & varor |
| Industri | Dagligvaror |
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2025-02-13 07:00:00
Q4 2024 HIGHLIGHTS • 124 MNOK in revenues, up 47% from 83 MNOK in Q4-23 • 35 MNOK in operating loss, down 66% from 104 MNOK in Q4-23 • 2,390 tons WFE (Whole Fish Equivalent) harvested, up from 1,080 tons WFE in Q4-23 • The Jamnungen site has been granted an increase of MAB (Maximum Allowable Biomass) from 3,600 tons to 5,200 tons. • Stocking of 5 pens at the new location Bjørnvika (Nesna). • Strong market conditions have made the outlook for both farmed cod and Norcod more promising than ever. POST Q4 2024 HIGHLIGHTS • Revised and profitable growth strategy that aligns with the current favorable market dynamics, including funding of approximately 300 MNOK through a combination of increased debt commitment and a contemplated Private Placement. • The Company is contemplating an equity raise of minimum 150 MNOK to fund annual production capacity of up to 25,000 tons WFE. Some of Norcod’s largest shareholders have already indicated support covering the minimum amount in the equity raise. DNB Markets has been engaged as financial advisor. • Increased debt commitment from DNB Bank ASA of up to 150 MNOK, subject to completion of equity raise. OUTLOOK AND CONTEMPLATED PRIVATE PLACEMENT Driven by favorable market conditions and strong sales price trends, the company has seen improvements in its financial performance year-on-year. By maintaining a sharp focus on cod biology, optimizing the feeding regime, refining production processes, maximizing production capacity and capitalizing on scale-up effects, Norcod has developed a revised and profitable growth strategy that aligns with the current favorable market dynamics. This includes funding of approximately NOK 300 million through a combination of increased debt commitment and a contemplated Private Placement. The Company is contemplating an equity raise of minimum NOK 150 million to fund annual production capacity of up to 25,000 tons WFE. Some of Norcod’s largest shareholders have already indicated support covering the minimum amount in the equity raise. DNB Markets has been engaged as financial advisor. The contemplated Private Placement is expected to take place during Q1 2025. Subject to completion of the equity raise, Norcod has secured increased debt commitment from DNB Bank ASA of up to NOK 150 million. Norcod AS will present its Q4 and preliminary full year report for 2024 on Thursday 13th February 2025 at 10 AM CET. The live presentation will be available through webcast via the following link: https://events.teams.microsoft.com/event/33096d9e-ec57-465e-9580-b3327765df45@79 a58c32-6f4c-4071-a8b3-a1f3c4e97bfc For further details, please see the attached Q4 Financial Report. CONTACT Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail: [email protected] Stian Vollan-Hansen, Chief Financial Officer, phone: +47 481 78 846, E-mail: [email protected] ABOUT NORCOD Norcod AS' core business is commercial sea farming of cod. Norcod's existing fish farms are located in Mid-Norway with ideal conditions for cod. The company contributes to blue ocean value creation with minimal impact on the environment while supporting local communities. Norcod is listed on Oslo's Euronext Growth market.