Austevoll Seafood ASA

Earnings Release • May 20, 2021

Financial report Q1 2021

Financial report Q1 2021

Group operating revenue in Q1 2021 totalled NOK 5,953 million, compared with NOK 5,856 million in Q1 2020.

Group EBIDTA in Q1 2021 totalled NOK 1,095 million compared with NOK 1,200 million in Q1 2020.

The global COVID-19 pandemic has a negative impact on demand for the Group's products and has resulted in significantly lower prices for redfish and whitefish when compared with Q1 2020. The spot prices for salmon were very high at the start of 2020, but were gradually impacted by effect on demand as the first quarter progressed, following restrictions introduced to combat the outbreak. The spot prices are down 24% in Q1 2021 when compared with Q1 2020. The main factor behind the fall in earnings from salmon and whitefish from Q1 2020 to Q1 2021 is therefore the lower prices realised.

Pelagic operations have seen an increase in revenue and earnings in the first quarter when compared with the same period in 2020. The main reason for this is that the Group's companies in Peru have had a successful second fishing season, starting in November 2020 and ending in January 2021. Good access to raw materials combined with a high sales volume of finished goods has produced significantly higher revenue and earnings in Q1 2021 when compared with Q1 2020.

EBIT before fair value adjustment related to biological assets in Q1 2021 was NOK 706 million (Q1 2020: NOK 834 million).

Fair value adjustment related to biological assets in Q1 2021 was positive and totalled NOK 400 million. The corresponding figure in Q1 2020 was negative at NOK -614 million.

EBIT after fair value adjustment related to biological assets in Q1 2021 was NOK 1,106 million (Q1 2020: NOK 220 million).

The largest associates are Norskott Havbruk AS and Pelagia Holding AS (Pelagia). The Group’s associates have generated good results over time, are significant enterprises in their segments and represent substantial values for Austevoll Seafood ASA. Income from associates in Q1 2021 totalled NOK 75 million (Q1 2020: NOK -50 million). The result reported for the first quarter of 2020 was significantly affected by negative biomass adjustment for Norskott Havbruk AS and currency effects for Pelagia Holding AS. Please refer to note 5 for more detailed information on associates.

The Group’s net interest expense in Q1 2021 totalled NOK 74 million (Q1 2020: NOK 73 million). Net other financial expenses in the quarter totalled NOK 6 million. Net other financial expenses in Q1 2020 totalled NOK 80 million.

Profit before tax and fair value adjustment related to biological assets for Q1 2021 amounted to NOK 682 million, compared with NOK 659 million in Q1 2020.

Profit before tax in the quarter was NOK 1,101 million (Q1 2020: NOK 17 million). Profit after tax was NOK 852 million (Q1 2020: a loss of NOK 4 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).