Norwegian cod farming venture Norcod is in a “strong position” to start commercial sales this summer, the company said. Reporting on results for the fourth quarter of 2020, Norcod said biological performance had been “exceptional”.
Norcod has not completed its first production cycle and so reported no revenue or operating profit for 2020. The business started up 18 months ago and listed on Oslo’s Euronext stock exchange in November.
Net cash flow from financing activities was NOK 420m in 2020 versus NOK 43m in 2019. The company had cash and cash equivalents of NOK 199m at the end of 2020 as against NOK 8m at the same time the previous year. Investment and financing activities generated positive cash flow of NOK 420.5m, up from NOK 378.9m in 2019.
During Q4 last year, Christian Riber came in as Chief Executive Officer, replacing Hilde Storhaug, who continues as Chief Sustainability Officer. Aquaculture industry veteran Marit Solberg was appointed as Chair of the Board.
“We are in a very good position to continue our planned growth according to plan,” said Christian Riber. “Plus, we succeeded in keeping operating costs under budget by NOK 12m for the entire year. Our team have done a fantastic job.”
Other highlights for 2020, the company said, included getting a second production cycle underway with the transfer of a new batch of fry to growth facilities, and the ordering of equipment and feeding barges.
Norcod plans to use more samples of its cod to promote the product in the second quarter of this year, with its first commercial harvest taking place this summer. The company aims to produce 6,000 tonnes of fresh farmed cod in the first cycle, and a harvest volume of 10,000 tonnes in 2022.