Austevoll Seafood ASA

Earnings Release • Nov 15, 2022

Financial report Q3 2022

Financial report Q3 2022

The Group reported operating revenue of NOK 9,094 million in the quarter, compared with NOK 7,390 million in Q3 2021. This growth is essentially a result of higher prices for the portfolio companies’ main products.

EBITDA after fair value adjustment related to biological assets in Q3 2022 was NOK 1,716 million, compared with NOK 1,146 million in Q3 2021.

EBIT before fair value adjustment related to biological assets was NOK 1,279 million in Q3 2022, compared with NOK 741 million in Q3 2021.

After a period of extremely strong price performance for salmon and trout in the first half of the year, prices fell significantly through Q3 2022, partly as a result of substantially higher harvest volumes in Norway. The NSI price in the quarter was NOK 68.7/kg, down from NOK 105.4/kg in Q2 2022 and up slightly from NOK 54.7/kg in Q3 2021. This is equivalent to a fall in price of NOK 37/kg compared with Q2 2022 and an increase of NOK 14/kg compared with Q3 2021. The Group’s total prices realised for salmon and trout are strongly influenced by prices realised on contracts, which are entered into long before the fish are harvested. Within the pelagic segment, prices realised for fishmeal were higher than in the same quarter of 2021. Prices realised for fish oil in the quarter show a significant uplift. Taken together, these factors have contributed to a substantial increase in revenue and earnings in Q3 2022 compared with the same period of last year.

Fair value adjustment related to biological assets for the quarter was NOK 94 million. The corresponding figure in Q3 2021 was NOK -185 million.

EBIT after fair value adjustment related to biological assets in Q3 2022 was NOK 1,373 million, compared with NOK 556 million in Q3 2021.

The largest associates are Norskott Havbruk AS and Pelagia Holding AS. Income from associates in Q3 2022 totalled NOK 107 million (Q3 2021: NOK 172 million). The decrease is partly explained by the negative fair value adjustment related to biological assets of NOK -67 million in the quarter. The corresponding adjustment in Q3 2021 was NOK -23 million. The Group’s associates have generated good results over time, are significant enterprises in their segments and represent substantial values for Austevoll Seafood ASA. Please refer to note 5 for more detailed information on associates.

The Group’s net interest expense in Q3 2022 totalled NOK -94 million (Q3 2021: NOK -67 million). The increase can be explained by rising interest levels and higher tied-up working capital. Net other financial items for the quarter were negative at NOK -19 million. Net other financial expenses in Q3 2021 totalled NOK -30 million.

Profit before tax and fair value adjustment related to biological assets for Q3 2022 amounted to NOK 1,340 million, compared with NOK 839 million in Q3 2021.

The Group reported profit before tax for the quarter of NOK 1,367 million (Q3 2021: NOK 631 million). Profit after tax was NOK 1,041 million (Q3 2021: NOK 517 million).

For further information please see attached report and presentation.

Questions and comments may be addressed to the company's CEO, Arne Møgster, or to the CFO, Britt Kathrine Drivenes.

This information is subject of the disclosure requirements acc. to Section 5-12 vphl (Norwegian Securities Trading Act).