Norcod — Capital/Financing Update 2023

Jun 29, 2023

Norcod AS: Norcod granted 50 million NOK in additional credit – improving financial and operational headroom

Norcod AS: Norcod granted 50 million NOK in additional credit – improving financial and operational headroom

Norcod today announces that it has been granted 50 million NOK in additional credit from Export Finance Norway. The additional credit increases the company’s financial headroom to invest in biomass and growth initiatives, and adds on to the financial measures that the company has achieved and previously announced during the first half of 2023.

“This additional credit of 50 million NOK granted today comes on top of our financial achievements during the last months, amounting to a total of 480 million NOK. Given the challenging situation in global capital markets with increased interest rates and higher macroeconomic uncertainty, this truly shows that our shareholders and financial partners have strong believe in Norcod. The world is looking for pure and sustainable sources of food to serve increased human demand, and our product clearly demonstrates its market potential and naturally fits in. I am excited to see that our shareholders and financial partners share this vision”, says Christian Riber, CEO of Norcod.

“During the last months, we have worked diligently to improve our financial capacity and establish a robust equity base to enable further growth. In April, we successfully increased our operational liquidity by 225 million NOK. At the same time, we improved our equity situation by appx. 90 million NOK in debt restructuring. In May, we extended our credit line with our main bank, utterly securing 75 million NOK in liquid funds. This additional credit of 50 million NOK granted today comes on top of these initiatives. All this, combined with the vertical integration of Kråkøy slakteri that we acquired in June, Norcod has taken a large step on its growth journey” says Arne Kristian Hoset, CFO of Norcod.

The additional credit is facilitated by Norcod’s main bank DNB, and holds the same terms as the credit line granted from DNB in Q3 2022.

For further information, please contact:

Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail: cr@norcod.no

Arne Kristian Hoset, Chief Financial Officer, phone: +47 988 10 282, E-mail: arne.hoset@norcod.no

About Norcod:

Norcod AS' core business is commercial sea farming of cod but through ownership and partnerships is involved in the entire value chain. Norcod's existing fish farms are located in Mid-Norway with ideal conditions for cod. The Company is contributing to blue ocean value creation with minimal impact on the environment while supporting local communities. Norcod is listed on Euronext Growth Oslo.