Austevoll Seafood ASA

Earnings Release • Feb 19, 2021

Financial report Q4 2020 and preliminary figures for 2020

Financial report Q4 2020 and preliminary figures for 2020

Group operating revenue in Q4 2020 totalled NOK 5,746 million, compared with NOK 5,931 million in Q4 2019.

Group EBIDTA in Q4 2020 totalled NOK 859 million compared with NOK 997 million in Q4 2019.

The global COVID-19 pandemic has a negative impact on demand for the Group's products and has resulted in lower prices for redfish and whitefish. The main factor behind the fall in earnings from Q4 2019 to Q4 2020 is the lower prices realised.

EBIT before fair value adjustment related to biological assets in Q4 2020 was NOK 464 million (Q4 2019: NOK 652 million).

Fair value adjustment related to biological assets in Q4 2020 was negative and totalled NOK -704 million. The corresponding figure in Q4 2019 was positive, at NOK 246 million.

EBIT after fair value adjustment related to biological assets in Q4 2020 was NOK -240 million (Q4 2019: NOK 898 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 Q4 2020 totalled NOK 140 million (Q4 2019: NOK 173 million). For Norskott Havbruk, fair value adjustment related to biological assets was negative and amounted to NOK -8 million in the quarter. The corresponding fair value adjustment for Q4 2019 was positive, at NOK 43 million. Please refer to note 5 for more detailed information on associates.

The Group’s net interest expense in Q4 2020 totalled NOK 67 million (Q4 2019: NOK 102 million). Net other financial expenses in the quarter totalled NOK 7 million. Net other financial expenses in Q4 2019 totalled NOK 34 million.

Profit before tax and fair value adjustment related to biological assets for Q4 2020 amounted to NOK 552 million, compared with NOK 715 million in Q4 2019.

The Group reported a loss before tax in the quarter of NOK 160 million (Q4 2019: profit of NOK 1,003 million). The loss figure after tax was NOK 108 million (Q4 2019: profit of NOK 802 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).