Brief: Norcod Announces Financial Consequence Of Process With Norwegian Directorate Of Fisheries

Norcod AS

13/02/2023 06:26

Feb 13 (Reuters) - Norcod AS  NCOD.OL :
    * NORCOD - FINANCIAL CONSEQUENCE OF PROCESS WITH THE
NORWEGIAN
DIRECTORATE OF FISHERIES
    * NORCOD IS IN PROCESS OF COOPERATING WITH NORWEGIAN
DIRECTORATE
OF FISHERIES
    * CHANGE IN HARVESTING AND PRODUCTION PLAN FOR 2021
GENERATION OF
FISH CURRENTLY AT SEA
    * FISH IS HEALTHY AND WAS PLANNED TO BE HARVESTED WITHIN
NEXT 6
MONTHS
    * ACCELERATED RATE OF HARVESTING, PROVISIONALLY AGREED WITH
FDIR,
WILL RESULT IN LOWER VOLUME PRODUCTION THAN EXPECTED.
    * ACCELERATED RATE OF HARVESTING, WILL RESULT IN  SMALLER
SIZE
FISH THAN EXPECTED
    * ACCELERATED RATE OF HARVESTING, WILL RESULT  IN SHORT
DELIVERY
ON LONG-TERM SALES CONTRACTS WITH CLIENTS
    * EFFECT ON CASHFLOW IS LIMITED TO REDUCED SALES INCOME,
SOMEWHAT
OFFSET BY LOWER PRODUCTION COSTS IN NEXT 6 MONTHS
    * OVERALL CONSEQUENCE IS A SIGNIFICANT DROP IN EARNINGS AND
SIMULTANEOUS INCREASE IN EXPENSED COSTS/KG
    * OUR GROWTH PLAN AND OVERALL 2025 TARGET IS STILL ON TRACK
AND
UNCHANGED

Source text for Eikon:  ID:nObi6CGVpa 
Further company coverage:  NCOD.OL 
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