Income Statement Norcod

Stocks

NCOD

NO0010892912

Fishing & Farming

Market Closed - Oslo Bors 10:45:00 2026-09-02 EDT			5-day change	1st Jan Change
12.55 ^NOK	-2.71%		+15.14%	-9.71%

08-27	Norcod AS Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
08-27	Norcod AS, Q2 2026 Earnings Call, Aug 27, 2026

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Published financial data: NORCOD

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (NOK)	2022 (NOK)	2023 (NOK)	2024 (NOK)	2025 (NOK)
Revenues	72.63M	171M	269M	397M	444M
Total Revenues	72.63M	171M	269M	397M	444M
Cost of Goods Sold, Total	74.37M	338M	299M	355M	342M
Gross Profit	-1.73M	-167M	-29.19M	42.59M	102M
Selling General & Admin Expenses, Total	25.11M	43.86M	65.89M	87.56M	79.21M
Depreciation & Amortization - (IS)	8.74M	16.03M	29.1M	36.55M	44.38M
Other Operating Expenses	29.8M	53.55M	91.7M	94.55M	113M
Other Operating Expenses, Total	63.66M	113M	187M	219M	236M
Operating Income	-65.39M	-281M	-216M	-176M	-134M
Interest Expense, Total	-9.35M	-11.82M	-17.27M	-23.9M	-21.78M
Net Interest Expenses	-9.35M	-11.82M	-17.27M	-23.9M	-21.78M
Income (Loss) On Equity Invest.	-418K	1.8M	1.49M	-	-
Currency Exchange Gains (Loss)	-	-3.92M	-8.25M	-2.15M	-2.19M
Other Non Operating Income (Expenses)	-	-1.88M	-9.4M	-3.48M	-2.84M
EBT, Excl. Unusual Items	-75.16M	-297M	-249M	-206M	-161M
Gain (Loss) On Sale Of Investments	-	-502K	-	-502K	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-1.75M
Other Unusual Items	-	-	-	-28.9M	-72.96M
EBT, Incl. Unusual Items	-75.16M	-297M	-249M	-235M	-235M
Income Tax Expense	-	-	-3.12M	-	-
Earnings From Continuing Operations	-75.16M	-297M	-246M	-235M	-235M
Net Income to Company	-75.16M	-297M	-246M	-235M	-235M
Net Income - (IS)	-75.16M	-297M	-246M	-235M	-235M
Net Income to Common Incl Extra Items	-75.16M	-297M	-246M	-235M	-235M
Net Income to Common Excl. Extra Items	-75.16M	-297M	-246M	-235M	-235M
Per Share Items
Net EPS - Basic	-	-15.5	-10.54	-5.85	-3.87
Basic EPS - Continuing Operations	-	-15.5	-10.54	-5.85	-3.87
Basic Weighted Average Shares Outstanding	-	19.18M	23.36M	40.16M	60.8M
Net EPS - Diluted	-	-15.5	-10.54	-5.85	-3.87
Diluted EPS - Continuing Operations	-	-15.5	-10.54	-5.85	-3.87
Diluted Weighted Average Shares Outstanding	-	19.18M	23.36M	40.16M	60.8M
Normalized Basic EPS	-	-9.67	-6.67	-3.2	-1.65
Normalized Diluted EPS	-	-9.67	-6.67	-3.2	-1.65
Supplemental Items
EBITDA	-61.66M	-274M	-203M	-158M	-110M
EBITA	-65.16M	-281M	-216M	-176M	-134M
EBIT	-65.39M	-281M	-216M	-176M	-134M
EBITDAR	-	-271M	-201M	-155M	-105M
Effective Tax Rate - (Ratio)	-	-	1.25	-	-
Normalized Net Income	-46.97M	-185M	-156M	-129M	-100M
Interest on Long-Term Debt	-	2.42M	10.94M	23.9M	21.78M
Supplemental Operating Expense Items
Net Rental Expense, Total	-	2.53M	2.03M	3.75M	4.49M
Imputed Operating Lease Interest Expense	-	1.25M	1.04M	2.13M	2.35M
Imputed Operating Lease Depreciation	-	1.28M	995K	1.62M	2.13M
Maintenance & Repair Expenses, Total	-	11.45M	21.79M	28.19M	39.37M

Fiscal Period: December	2021 (NOK)	2022 (NOK)	2023 (NOK)	2024 (NOK)	2025 (NOK)
Assets
Cash And Equivalents	29.42M	3.41M	18.78M	22.53M	12.31M
Total Cash And Short Term Investments	29.42M	3.41M	18.78M	22.53M	12.31M
Accounts Receivable, Total	49.41M	46.43M	46.34M	32.72M	62.33M
Total Receivables	49.41M	46.43M	46.34M	32.72M	62.33M
Inventory	241M	8.71M	8.09M	13.24M	11.42M
Other Current Assets, Total	1K	207M	272M	264M	172M
Total Current Assets	320M	265M	345M	333M	258M
Gross Property Plant And Equipment	175M	227M	439M	467M	513M
Accumulated Depreciation	-11.79M	-26.88M	-91.63M	-128M	-173M
Net Property Plant And Equipment	163M	201M	347M	339M	340M
Long-term Investments	34.58M	34.01M	505K	3K	3K
Goodwill	-	-	-1.19M	-	870K
Other Intangibles, Total	8.04M	2M	3.19M	2M	2M
Loans Receivable Long-Term	30M	40M	-	-	-
Other Long-Term Assets, Total	1M	-1K	-1K	1K	-
Total Assets	557M	542M	695M	674M	601M
Liabilities
Accounts Payable, Total	88.22M	114M	136M	120M	51.75M
Short-term Borrowings	-	-	-	188M	108M
Current Portion of Long-Term Debt	-	158M	119M	17.21M	-
Current Portion of Leases	15.95M	16.28M	32.64M	34.66M	36.75M
Other Current Liabilities	10.9M	15.54M	28.66M	29.8M	19.66M
Total Current Liabilities	115M	304M	317M	390M	216M
Long-Term Debt	74.65M	-	29.28M	17.02M	48.56M
Long-Term Leases	57.55M	60.94M	124M	111M	103M
Other Non Current Liabilities	-	-	-2K	1K	1K
Total Liabilities	247M	365M	470M	518M	368M
Common Stock, Total	8.52M	9.61M	14.71M	21.9M	35.18M
Additional Paid In Capital	387M	553M	846M	1.01B	1.3B
Retained Earnings	-82.16M	-382M	-632M	-867M	-1.1B
Treasury Stock	-3.71M	-3.71M	-3.71M	-3.71M	-3.71M
Comprehensive Income and Other	-	-	1K	-	-1K
Total Common Equity	309M	177M	225M	156M	233M
Total Equity	309M	177M	225M	156M	233M
Total Liabilities And Equity	557M	542M	695M	674M	601M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	-	19.18M	43.76M	43.76M	78.84M
ECS Total Common Shares Outstanding	-	19.18M	29.39M	43.76M	70.33M
Book Value / Share	-	9.21	7.65	3.57	3.31
Tangible Book Value	301M	175M	223M	154M	230M
Tangible Book Value Per Share	-	9.11	7.58	3.52	3.27
Total Debt	148M	235M	305M	368M	297M
Net Debt	119M	232M	287M	346M	284M
Debt Equivalent Oper. Leases	-	20.25M	16.27M	29.98M	35.89M
Equity Method Investments, Total	34.58M	33.51M	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Land - (BS)	-	3.09M	34.17M	34.66M	34.62M
Machinery, Total	54.86M	79.35M	170M	183M	211M
Full Time Employees	26	28	93	83	111
Part Time Employees	-	-	-	3	2

Fiscal Period: December	2021 (NOK)	2022 (NOK)	2023 (NOK)	2024 (NOK)	2025 (NOK)
Net Income	-75.16M	-297M	-246M	-235M	-235M
Depreciation & Amortization - CF	8.59M	16.03M	27.9M	36.55M	44.38M
Amortization of Goodwill and Intangible Assets - (CF)	231K	-	-	-	-
Depreciation & Amortization, Total	8.82M	16.03M	27.9M	36.55M	44.38M
(Gain) Loss From Sale Of Asset	-	-	-	-	1.75M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	502K	-
Asset Writedown & Restructuring Costs	-	-	1.19M	-	-
(Income) Loss On Equity Investments - (CF)	-	-1.8M	-1.49M	-	-
Other Operating Activities, Total	17.45M	158M	-41.74M	-17.74M	-21.48M
Change In Accounts Receivable	-31.32M	929K	3.24M	15.68M	551K
Change In Inventories	-130M	-133M	-23.9M	20.22M	116M
Change In Accounts Payable	74.72M	26.04M	19.83M	-15.88M	-68.24M
Change in Other Net Operating Assets	49.86M	28.99M	30.13M	9.56M	-34.64M
Cash from Operations	-85.2M	-202M	-231M	-186M	-197M
Capital Expenditure	-58.2M	-36.98M	-24.55M	-15.34M	-28.85M
Sale of Property, Plant, and Equipment	-	-	25.15M	4.23M	21.82M
Cash Acquisitions	-20M	-	-8.91M	-	-870K
Sale (Purchase) of Intangible assets	-2.14M	-	-	-	-
Investment in Marketable and Equity Securities, Total	893K	-	35M	-	-
Other Investing Activities, Total	-4.45M	-10M	40M	1K	1K
Cash from Investing	-83.89M	-46.98M	66.69M	-11.11M	-7.89M
Short Term Debt Issued, Total	-	70.14M	50.86M	68.7M	-
Long-Term Debt Issued, Total	-	-	-	3.5M	48M
Total Debt Issued	-	70.14M	50.86M	72.2M	48M
Short Term Debt Repaid, Total	-	-	-	-	-80.08M
Long-Term Debt Repaid, Total	-13.33M	-12.52M	-47.09M	-26.19M	-78.83M
Total Debt Repaid	-13.33M	-12.52M	-47.09M	-26.19M	-159M
Issuance of Common Stock	-	168M	185M	166M	312M
Repurchase of Common Stock	-3.71M	-	-	-	-
Other Financing Activities, Total	-2.72M	-2.42M	-8.99M	-11.32M	-6.28M
Cash from Financing	-19.76M	223M	180M	201M	195M
Miscellaneous Cash Flow Adjustments	-	-	1K	-	-
Net Change in Cash	-189M	-26.01M	15.36M	3.76M	-10.23M
Supplemental Items
Cash Interest Paid	2.72M	2.42M	8.99M	11.32M	6.28M
Levered Free Cash Flow	-122M	-145M	-172M	-102M	-95.33M
Unlevered Free Cash Flow	-116M	-138M	-161M	-87.47M	-81.72M
Change In Net Working Capital	23.39M	-58.91M	29.87M	-1.36M	13.64M
Net Debt Issued / Repaid	-13.33M	57.62M	3.78M	46.01M	-111M

Fiscal Period: December	2021 (NOK)	2022 (NOK)	2023 (NOK)	2024 (NOK)	2025 (NOK)
Profitability
Return on Assets	-8.01	-31.97	-21.82	-16.08	-13.12
Return on Total Capital	-8.94	-40.38	-28.64	-20.87	-15.87
Return On Equity %	-21.55	-122.33	-122.63	-123.39	-121.02
Return on Common Equity	-21.55	-122.33	-122.63	-123.39	-121.02
Margin Analysis
Gross Profit Margin %	-2.39	-98.19	-10.83	10.72	23.06
SG&A Margin	34.57	25.72	24.46	22.05	17.82
EBITDA Margin %	-84.89	-160.61	-75.22	-39.89	-24.68
EBITA Margin %	-89.71	-164.71	-80.12	-44.33	-30.11
EBIT Margin %	-90.03	-164.71	-80.12	-44.33	-30.11
Income From Continuing Operations Margin %	-103.47	-174.28	-91.37	-59.17	-52.95
Net Income Margin %	-103.47	-174.28	-91.37	-59.17	-52.95
Net Avail. For Common Margin %	-103.47	-174.28	-91.37	-59.17	-52.95
Normalized Net Income Margin	-64.67	-108.74	-57.83	-32.35	-22.59
Levered Free Cash Flow Margin	-167.43	-85.01	-63.93	-25.78	-21.45
Unlevered Free Cash Flow Margin	-159.39	-80.68	-59.92	-22.02	-18.39
Asset Turnover
Asset Turnover	0.14	0.31	0.44	0.58	0.7
Fixed Assets Turnover	0.69	0.94	0.98	1.16	1.31
Receivables Turnover (Average Receivables)	1.57	3.56	5.81	10.05	9.35
Inventory Turnover (Average Inventory)	0.4	50.01	35.54	33.24	27.73
Short Term Liquidity
Current Ratio	2.78	0.87	1.09	0.85	1.19
Quick Ratio	0.69	0.16	0.21	0.14	0.35
Operating Cash Flow to Current Liabilities	-0.74	-0.66	-0.73	-0.48	-0.91
Days Sales Outstanding (Average Receivables)	232.23	102.56	62.84	36.43	39.04
Days Outstanding Inventory (Average Inventory)	914.79	7.3	10.27	11.01	13.16
Average Days Payable Outstanding	101.42	108.09	153.19	130.15	92.15
Cash Conversion Cycle (Average Days)	1.05K	1.77	-80.08	-82.71	-39.96
Long Term Solvency
Total Debt/Equity	47.91	133.22	135.88	235.83	127.42
Total Debt / Total Capital	32.39	57.12	57.61	70.22	56.03
LT Debt/Equity	42.75	34.49	68.27	82.11	65.25
Long-Term Debt / Total Capital	28.9	14.79	28.94	24.45	28.69
Total Liabilities / Total Assets	44.43	67.39	67.64	76.84	61.26
EBIT / Interest Expense	-7	-23.76	-12.5	-7.37	-6.14
EBITDA / Interest Expense	-6.05	-22.41	-10.89	-5.84	-4.1
(EBITDA - Capex) / Interest Expense	-12.28	-25.53	-12.31	-6.48	-5.43
Total Debt / EBITDA	-2.62	-0.89	-1.63	-2.64	-3.32
Net Debt / EBITDA	-2.1	-0.88	-1.53	-2.48	-3.18
Total Debt / (EBITDA - Capex)	-1.29	-0.78	-1.44	-2.38	-2.51
Net Debt / (EBITDA - Capex)	-1.03	-0.77	-1.35	-2.23	-2.4
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	905.3	134.8	57.98	47.42	11.88
Gross Profit, 1 Yr. Growth %	-104.23	1.35K	-82.57	-245.93	140.56
EBITDA, 1 Yr. Growth %	-641.79	344.2	-26.01	-19.67	-30.77
EBITA, 1 Yr. Growth %	-725.33	331.09	-23.15	-16.33	-24.02
EBIT, 1 Yr. Growth %	-728.99	329.57	-23.15	-16.33	-24.02
Earnings From Cont. Operations, 1 Yr. Growth %	-1.43K	295.47	-17.17	-4.54	0.13
Net Income, 1 Yr. Growth %	-1.43K	295.47	-17.17	-4.54	0.13
Normalized Net Income, 1 Yr. Growth %	-1.43K	294.8	-15.98	-15.69	-21.89
Diluted EPS Before Extra, 1 Yr. Growth %	-	295.41	-32	-44.48	-33.87
Accounts Receivable, 1 Yr. Growth %	14.87	-6.04	-0.18	-29.41	90.53
Inventory, 1 Yr. Growth %	82.3	81.31	-7.11	63.62	-13.78
Net Property, Plant and Equip., 1 Yr. Growth %	239.07	22.76	73.06	-2.29	0.27
Total Assets, 1 Yr. Growth %	19.86	-2.64	28.23	-3	-10.86
Tangible Book Value, 1 Yr. Growth %	-21.19	-42.01	27.55	-30.84	49.2
Common Equity, 1 Yr. Growth %	-20.32	-42.87	27.24	-30.57	49.13
Cash From Operations, 1 Yr. Growth %	-39.93	136.81	14.49	-19.44	5.92
Capital Expenditures, 1 Yr. Growth %	162.19	-36.46	-33.61	-37.53	88.09
Levered Free Cash Flow, 1 Yr. Growth %	-	16.98	18.79	-41.06	-6.91
Unlevered Free Cash Flow, 1 Yr. Growth %	-	18.85	17.33	-44.65	-6.57
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	385.84	92.6	52.61	28.43
Gross Profit, 2 Yr. CAGR %	-	102.16	58.95	-49.57	87.36
EBITDA, 2 Yr. CAGR %	-	390.58	81.29	-23.95	-25.43
EBITA, 2 Yr. CAGR %	-	419.2	82.02	-20.83	-20.26
EBIT, 2 Yr. CAGR %	-	419.8	81.69	-20.83	-20.26
Earnings From Cont. Operations, 2 Yr. CAGR %	-	623.95	80.99	-11.08	-2.23
Net Income, 2 Yr. CAGR %	-	623.95	80.99	-11.08	-2.23
Normalized Net Income, 2 Yr. CAGR %	-	623.34	82.13	-16.76	-18.85
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	63.97	-38.55	-39.41
Accounts Receivable, 2 Yr. CAGR %	-	3.89	-3.15	-16.06	15.97
Inventory, 2 Yr. CAGR %	-	-74.31	29.78	23.29	18.77
Net Property, Plant and Equip., 2 Yr. CAGR %	-	104.02	45.76	30.03	-1.02
Total Assets, 2 Yr. CAGR %	-	8.03	11.73	11.53	-7.01
Tangible Book Value, 2 Yr. CAGR %	-	-32.4	-13.99	-6.08	1.58
Common Equity, 2 Yr. CAGR %	-	-32.53	-14.74	-6.01	1.76
Cash From Operations, 2 Yr. CAGR %	-	19.27	64.66	-3.96	-7.62
Capital Expenditures, 2 Yr. CAGR %	-	29.07	-35.05	-35.6	8.4
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	17.88	-15.96	-25.93
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	18.09	-20.27	-28.09
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	234.09	76.18	37.61
Gross Profit, 3 Yr. CAGR %	-	-	-10.69	54.48	-15.11
EBITDA, 3 Yr. CAGR %	-	-	161.13	36.96	-26.29
EBITA, 3 Yr. CAGR %	-	-	174.65	39.29	-21.91
EBIT, 3 Yr. CAGR %	-	-	174.86	39.12	-21.91
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	251.45	46.23	-7.49
Net Income, 3 Yr. CAGR %	-	-	251.45	46.23	-7.49
Normalized Net Income, 3 Yr. CAGR %	-	-	252.93	39.86	-18.51
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	14.29	-37.03
Accounts Receivable, 3 Yr. CAGR %	-	-	2.52	-12.84	10.32
Inventory, 3 Yr. CAGR %	-	-	-60.57	40.2	9.43
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	93.13	27.56	19.24
Total Assets, 3 Yr. CAGR %	-	-	14.38	6.59	3.5
Tangible Book Value, 3 Yr. CAGR %	-	-	-16.46	-20.02	9.59
Common Equity, 3 Yr. CAGR %	-	-	-16.64	-20.38	9.63
Cash From Operations, 3 Yr. CAGR %	-	-	17.66	29.75	-0.77
Capital Expenditures, 3 Yr. CAGR %	-	-	3.42	-35.89	-7.94
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-6.16	-13.04
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-8.92	-15.94
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	-	127.92
Gross Profit, 5 Yr. CAGR %	-	-	-	-	20.12
EBITDA, 5 Yr. CAGR %	-	-	-	-	57.32
EBITA, 5 Yr. CAGR %	-	-	-	-	66.61
EBIT, 5 Yr. CAGR %	-	-	-	-	66.69
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	-	110.67
Net Income, 5 Yr. CAGR %	-	-	-	-	110.67
Normalized Net Income, 5 Yr. CAGR %	-	-	-	-	95.17
Accounts Receivable, 5 Yr. CAGR %	-	-	-	-	7.7
Inventory, 5 Yr. CAGR %	-	-	-	-	-38.71
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	-	47.82
Total Assets, 5 Yr. CAGR %	-	-	-	-	5.29
Tangible Book Value, 5 Yr. CAGR %	-	-	-	-	-9.67
Common Equity, 5 Yr. CAGR %	-	-	-	-	-9.72
Cash From Operations, 5 Yr. CAGR %	-	-	-	-	6.8
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	5.38