Austevoll Seafood ASA

Earnings Release • Nov 15, 2019

Financial report Q3 2019

Financial report Q3 2019

The Group reported operating revenue of NOK 5,768 million in the quarter, compared with NOK 5,317 million in Q3 2018.

Group EBIDTA in Q3 2019 totalled NOK 901 million compared with NOK 1,008 million in Q3 2018. Lower prices realised and higher release from stock costs for Atlantic salmon and trout, and lower sales volumes for the pelagic operations are the most significant reasons behind the lower earnings when compared with the same period last year.

EBIT before fair value adjustment related to biological assets in Q3 2019 was NOK 559 million (Q3 2018: NOK 771 million).

Value adjustment related to biological assets in Q3 2019 was negative, at NOK -584 million. The corresponding figure for Q3 2018 was positive, NOK 72 million. EBIT after fair value adjustment related to biological assets in Q3 2019 was NOK -25 million (Q3 2018: NOK 843 million).

Income from associates totalled NOK -4 million in the quarter (Q3 2018: NOK 42 million). Value adjustment related to biological assets was negative and amounted to NOK -49 million in the quarter. The corresponding value adjustment for Q3 2018 was NOK -32 million. The largest associates are Norskott Havbruk AS and Pelagia AS. The Group’s associates have generated good results over time, are significant enterprises in their segments and represent substantial values for Austevoll Seafood ASA.

The Group’s net interest expense in Q3 2019 totalled NOK 72 million (Q3 2018: NOK 76 million).

Profit before tax and fair value adjustment related to biological assets for Q3 2019 amounted to NOK 472 million, compared with NOK 758 million in Q3 2018.

The Group reported a loss before tax in the quarter of NOK -161 million (Q3 2018: profit of NOK 798 million). The loss figure after tax was NOK -133 million (Q3 2018: profit of NOK 608 million).

The Group implemented accounting standard IFRS 16 regarding leases with effect from 1 January 2019. The profit figures are therefore not directly comparable to the corresponding figures from former periods. See note 1 for a more detailed description of the accounting impact implementation of IFRS 16 in 2019.

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).