Austevoll Seafood ASA

Earnings Release • Nov 11, 2021

Financial report Q3 2021

Financial report Q3 2021

The Group reported operating revenue of NOK 7,390 million in the quarter, compared with NOK 5,538 million in Q3 2020.

Group EBIDTA in Q3 2021 totalled NOK 1,146 million, compared with NOK 789 million in Q3 2020.

The higher sales volume for Atlantic salmon, fishmeal and fish oil, and improved earnings from the land-based industry (whitefish), are the main factors behind the increase in earnings when comparing Q3 2021 with Q3 2020.

EBIT before fair value adjustment related to biological assets in Q3 2021 was NOK 741 million (Q3 2020: NOK 415 million).

Fair value adjustment related to biological assets in Q3 2021 was negative and totalled NOK -185 million. The corresponding figure in Q3 2020 was positive, at NOK 57 million.

EBIT after fair value adjustment related to biological assets in Q3 2021 was NOK 556 million (Q3 2020: NOK 472 million).

The largest associates are Norskott Havbruk AS and Pelagia Holding AS. Income from associates in Q3 2021 totalled NOK 172 million (Q3 2020: NOK 78 million). The profit figure for the third quarter includes a one-off gain of NOK 70 million, which was the effect of a so-called step acquisition. 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 2021 totalled NOK 67 million (Q3 2020: NOK 72 million). Net other financial expenses in the quarter totalled NOK 30 million. Net other financial expenses in Q3 2020 totalled NOK 21 million.

Profit before tax and fair value adjustment related to biological assets for Q3 2021 amounted to NOK 839 million, compared with NOK 393 million in Q3 2020.

The Group reported profit before tax in the quarter of NOK 631 million (Q3 2020: profit of NOK 457 million). The profit figure after tax was NOK 517 million (Q3 2020: NOK 363 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).