Price index for shrimp

Through negotiations between KNAPK, APK and ROYAL GREENLAND Ltd. January 10th 1995 it was agreed that the shrimp index should be changed. This change meant that the shrimp index is calculated based on the development of the realized marketing prices of Royal Greenland Ltd. The basis for the marketing prices in November/December 1994, and the starting point for the marketing prices are 7,11 DKK/kg for small shrimp, 8,11 DKK/kg for medium shrimp and 10,32 DKK/kg for large shrimp all top quality. The price-regulation is conducted in the middle of each month and is released with a full impact.

The three raw material numbers which is used are all iced top quality shrimp, small, medium and large respectively.

Prices per 15/1-1995 form the starting point for the commercial prices, i.e. index 100. All later calculations is set in relation to these prices.

NB: The commercial prices are excluded commercial subsidies.

Price Index for Halibut

Through negotiations between KNAPK and Royal Greenland Ltd. on December 30th 1990, it was agreed that the objective price regulation system on halibut should exactly follow the agreed principles for objective price fix on cod of December 29th 1989, but that the regulation should be set each quarter only.

On December 20th 1991 a new general agreement between KNAPK, APK and Royal Greenland Ltd. was made. In connection with the general agreement sub-agreements were made concerning objective price setting systems among other things. The agreement concerning objective price setting on halibut prices largely follow the agreement of December 29th 1989, but have been revised in such a way that the 4^th quarter 1999 is used as a basis (=index 100). On May 22^nd 1992 KNAPK and Royal Greenland Ltd. Made a new agreement on the price index for cod. The prices per May 25^th 1992 would thus constitute index 100.

On October 14th 1992 the agreement was suspended temporarily due to the fall of the $ exchange rate. On February 26^th KNAPK and Royal Greenland Ltd. decided to resume the objective price setting on halibut cf. earlier agreements, but the objective price setting being in March.

On June 24th 1993 a new agreement between KNAPK and Royal Greenland Ltd. Was made. According to this agreement the index for halibut should continue to be calculated every quarter, the first time in July 1993. The index is hereafter based on the prices Royal Greenland exports in Denmark in Danish Kroner on a variety of halibut products. The index has its basis in the first quarter of 1993 and all future price changes refer to the prices which was in force at that time. (Cf. NEWS FROM GSK 1993:6 of March 16th 1993). As in other indexes, the index sets off an adjustment when there is a change on 3 percentage points compared to the last adjustment.

At the price negotiations between KNAPK and Royal Greenland Ltd. in December 1999, a new agreement re. prices for halibut were made. In the agreement it was decided that January 1^st 2000 (1999 fourth quarter) should constitute the zero point of the system (= index 100), and all following calculations should be held against this. The details of the index calculation continues, as in the 1993 agreement.