Austevoll Seafood ASA

Earnings Release • May 13, 2022

Financial report Q1 2022

Financial report Q1 2022

Group operating revenue in Q1 2022 totalled NOK 6,565 million, compared with NOK 5,953 million in Q1 2021.

Group EBIDTA in Q1 2022 totalled NOK 1,444 million, compared with NOK 1,095 million in Q1 2021.

The first quarter saw a strong development in seafood prices, including salmon and trout. This boosted earnings from this segment and is the main factor behind the significantly higher earnings in the quarter when compared with the same quarter of 2021.

EBIT before fair value adjustment related to biological assets was NOK 1,002 million in Q1 2022, compared with NOK 706 million in Q1 2021.

Fair value adjustment related to biological assets in Q1 2022 was positive and totalled NOK 252 million. The corresponding figure in Q1 2021 was NOK 400 million.

EBIT after fair value adjustment related to biological assets in Q1 2022 was NOK 1,254 million, compared with NOK 1,106 million in Q1 2021.

The largest associates are Norskott Havbruk AS and Pelagia Holding AS. Income from associates in Q1 2022 totalled NOK 129 million (Q1 2021: NOK 75 million). The increase in income from associates is partly attributed to a positive fair value adjustment related to biological assets amounting to NOK 71 million in the quarter. The corresponding fair value adjustment in Q1 2021 was NOK 19 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 Q1 2022 totalled NOK 70 million (Q1 2021: NOK 74 million). Net other financial items in the quarter were positive at NOK 53 million, compared with NOK -6 million in Q1 2021.

Profit before tax and fair value adjustment related to biological assets for Q1 2022 amounted to NOK 1,044 million, compared with NOK 682 million in Q1 2021.

The Group reported profit before tax in the quarter of NOK 1,366 million (Q1 2021: profit of NOK 1,101 million). The profit figure after tax was NOK 1,053 million (Q1 2021: NOK 852 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 §5-12 vphl (Norwegian Securities Trading Act).