Q4 Operational EBIT of EUR 213 million. Financial EBIT of EUR 230 million
High prices in all markets on strong demand
Seasonal and full-year record high sales volumes in Feed
Initiated new global EUR 30 million p.a. cost and procurement improvement program
Launched brand strategy, and company name changed to Mowi
Quarterly dividend of NOK 2.60 per share

HIGHLIGHTS - FOURTH QUARTER 2018

Operational EBIT of EUR 213.0 million. Financial EBIT of EUR 230.5 million.
High prices in all markets driven by strong demand.
Blended Farming cost somewhat up year-on-year.
Harvest volumes at 105 783 GWT, somewhat below the guidance for the fourth quarter. Harvested volume for the full year of 2018 at 375 237 GWT.
Biomass in sea per year end 2018 at 305 000 LWT (258 000 LWT per year end 2017), which is all-time high.
Strong earnings in Consumer Products in the fourth quarter impacted by EUR 10 million insurance income in Kritsen. However, profit for Consumer Products in the first quarter of 2019 will be negatively impacted by late Easter this year versus previous year and fierce competition in the Chilled segment in Europe.
Seasonally record high sales volume in Feed at 109 850 tonnes.
Completed 2018 cost savings program with annual savings of EUR 61 million p.a.
Initiated new global EUR 30 million p.a. cost and procurement improvement program.
Launched brand strategy, and company name changed to Mowi.
Net interest-bearing debt (NIBD) of EUR 1 037 million after completed conversion of the EUR 340 million convertible bond.
Exercised accordion option to increase bank facility by EUR 200 million to EUR 1 406 million.
Net cash flow per share of EUR 0.01 in the quarter.
Underlying earnings per share (EPS) of EUR 0.31 in the quarter.
26.6% Return on capital employed (ROCE) in the quarter.
A quarterly dividend of NOK 2.60 per share will be paid out to the shareholders as ordinary dividends.

Main figures 1) EUR million	Q4 2018	Q4 2017	2018	2017
Operational revenue 2)	1 073.7	1 010.0	3 814.5	3 653.8
Operational EBITDA 3)	252.3	219.0	906.2	942.5
Operational EBIT 3)	213.0	180.8	752.8	792.1
EBIT	230.5	-4.3	925.4	484.9
Net financial items	-55.0	7.7	-193.2	37.7
Profit or loss for the period	161.7	28.2	567.2	462.7
Cash flow from operations	107.5	89.7	620.9	632.4
Total assets	5 145.1	4 330.3	5 145.1	4 330.3
NIBD 4)	1 037.2	831.9	1 037.2	831.9
Basic EPS (EUR)	0.32	0.06	1.15	0.97
Underlying EPS (EUR) 5)	0.31	0.27	1.11	1.23
Net cash flow per share (EUR) 6)	0.01	0.01	0.51	0.74
Dividend declared and paid per share (NOK)	2.60	3.40	10.40	12.40
ROCE 7)	26.6%	12.8%	24.9%	26.7%
Equity ratio	56.0%	53.5%	56.0%	53.5%
Adjusted equity ratio 8)	54.0%	51.7%	54.0%	51.7%
Harvest volume (GWT)	105 783	112 628	375 237	370 346
Operational EBIT per kg (EUR) - Total 9)	2.01	1.61	2.01	2.14
Norway	2.44	1.77	2.37	2.20
Scotland	2.32	1.19	2.00	2.55
Canada	1.42	0.98	1.16	2.06
Chile	1.25	1.03	1.40	1.30
Ireland	2.45	2.86	3.16	3.07
Faroes	1.36	3.13	1.78	3.17

1) This interim report is unaudited. Please refer to part 4 of the Annual Report and the appendix to this quarterly report (available on-line on our web site) for detailed descriptions and reconciliations of Alternative Performance Measures (non-IFRS measures) including definitions of key figures and reconciliation to IFRS figures.

2) Operational revenue: Revenue and other income, including realized gain/loss from currency derivatives related to contract sales of Norwegian origin, and excluding change in unrealized salmon derivatives. 3) Calculated by excluding the following items from financial EBITDA/EBIT: Change in unrealized internal margin, change in unrealized gains/losses from salmon derivatives, net fair value adjustment on biomass, onerous contract provisions, restructuring costs, income from associated companies, impairment losses of fixed assets/intangibles and other non-operational items. Operational EBIT also includes realized gain/loss from currency derivatives related to contract sales of Norwegian origin. A reconciliation between Operational EBIT and financial EBIT is provided on the next page, and we also refer to the appendix to this quarterly report (available on-line) for further information. The largest individual difference between Operational EBIT and financial EBIT is usually the net fair value adjustment on biomass according to

IFRS (and the related onerous contracts provision), which is a volatile figure impacted by estimates of future salmon prices as well as other estimates. 4) NIBD: Total non-current interest-bearing financial debt, minus total cash, plus current interest-bearing financial debt and plus net effect of currency derivatives on interest-bearing financial debt.

5) Underlying EPS: Operational EBIT adjusted for accrued interest payable, with estimated weighted tax rate - per share.

6) Net cash flow per share: Cash flow from operations and investments (capex), net financial items paid and realized currency effects - per share.

7) ROCE: Annualized return on average capital employed based on EBIT excluding net fair value adjustment on biomass, onerous contract provisions and other non-operational items / Average NIBD + Equity, excluding net fair value adjustment on biomass, onerous contract provisions and net assets held for sale, unless there are material transactions in the period.

8) Adjusted equity ratio: Calculated by excluding net fair value adjustment on biomass and onerous contracts provision (both net after tax) from equity, and net fair value adjustment on biomass from sum of equity and liabilities.

9) Operational EBIT per kg including allocated margin from Feed and Sales & Marketing.

PROFIT - Financial results in the quarter

The Group's profits hinge on its ability to provide customer value from healthy, tasty and nutritious seafood, farmed both cost-effectively and in an environmentally sustainable way that maintains a good aquatic environment and respects the needs of wider society.

(Figures in parenthesis refer to the same quarter previous year.)

(EUR million)	Q4 2018	Q4 2017
Operational EBIT	213.0	180.8
Change in unrealized margin	-3.4	12.9
Gain/loss from derivatives	-1.9	-12.0
Net fair value adjustment on biomass including onerous contracts	11.8	-94.6
Restructuring costs	0.7	-2.5
Other non-operational items	-0.7	0.0
Income from associated companies	13.4	12.8
Impairment losses on fixed assets/ intangibles	-2.4	-101.7
EBIT	230.5	-4.3

Operational EBIT amounted to EUR 213.0 million. The increase of EUR 32.2 million compared with the fourth quarter of 2017 is mainly price-driven. The contribution from Feed was EUR 5.8 million (EUR -2.8 million), and Farming contributed EUR 158.3 million (EUR 124.8 million). Markets contributed EUR 16.8 million (EUR 26.4 million) and Consumer Products contributed EUR 38.0 million (EUR 29.1 million). Operational EBIT for Consumer Products includes insurance income of EUR 10 million related to property damages in Kritsen following the fire in 2018. Please see the "Profit - Operational performance" section for further information.

Earnings before financial items and taxes (EBIT) came to EUR 230.5 million (EUR -4.3 million). EBIT is positively impacted by net fair value adjustment on biomass including onerous contracts of EUR 11.8 million (EUR -94.6 million).

Financial items

(EUR million)	Q4 2018	Q4 2017
Interest expenses	-12.5	-11.6
Net currency effects	-18.6	-24.2
Other financial items	-23.9	43.5
Net financial items	-55.0	7.7

Other financial items include a negative fair value effect of EUR 26.0 million related to the EUR 340 million convertible bond before the conversion to equity. This effect was partly offset by positive development in other financial instruments.

Cash flow and NIBD

(EUR million)	Q4 2018	Q4 2017
NIBD beginning of period	-1 218.2	-664.0
Operational EBITDA	252.3	219.0
Change in working capital	-124.9	-99.9
Taxes paid	-14.4	-29.5
Other adjustments	-5.4	—
Cash flow from operations	107.5	89.7
Net Capex	-76.0	-69.7
Other investments and dividends received	-21.6	0.2
Cash flow to investments	-97.6	-69.4
Net interest and financial items paid	-9.7	-8.4
Other items	5.5	-14.0
Net convertible bonds converted	311.3	—
Dividend / return of paid in capital	-135.2	-173.7
Currency effect on interest-bearing debt	-0.8	8.1
NIBD end of period	-1 037.2	-831.9

Cash flow from operations amounted to EUR 107.5 million (EUR 89.7 million) after a seasonal build-up of working capital of EUR 124.9 million, of which EUR 10 million is related to insurance income in Kritsen.

Net Capex was EUR 76.0 million (EUR 69.7 million). Other investments and dividends received are mainly related to partial payment of EUR 21 million regarding Mowi's 50% share of the NOK 700 million share issuance in DESS Aquaculture Shipping. Mowi's remaining share of EUR 15 million is to be paid in the first quarter of 2019.

Net convertible bonds converted in the fourth quarter is the conversion of EUR 335.3 million of the EUR 340 million convertible bond to equity, less amortizations of EUR 23.8 million. Please see Note 10 for further details.

A quarterly dividend of EUR 135.2 million (EUR 173.7 million), as announced in the previous quarterly report, has been distributed as ordinary dividend.

GUIDING PRINCIPLE	AMBITION	ACHIEVEMENT
Profitability	ROCE exceeding 12%	Q4 26.6% YTD 24.9%
Solidity	Long term NIBD target:	December 31, 2018
	EUR 1 400 million	EUR 1 037 million
	Farming NIBD / kg EUR 2.2	Farming NIBD / kg EUR 1.4

PROFIT - Operational performance and analytical data

	Feed		Farming				Sales & Marketing		Other		Group 1)
					Markets		Consumer Products
EUR million	Q4 2018	Q4 2017	Q4 2018	Q4 2017	Q4 2018	Q4 2017	Q4 2018	Q4 2017	Q4 2018	Q4 2017	Q4 2018	Q4 2017
External revenue	8.2	4.0	36.4	23.4	413.4	444.0	615.7	538.6	0.0	0.0	1 073.7	1 010.0
Internal revenue	123.0	89.0	598.3	605.0	175.2	170.3	6.4	8.9	4.0	8.8	0.0	0.0
Operational revenue	131.2	93.0	634.7	628.4	588.6	614.2	622.1	547.5	4.0	8.8	1 073.7	1 010.0
Operational EBIT	5.8	-2.8	158.3	124.8	16.8	26.4	38.0	29.1	-5.9	3.3	213.0	180.8
Change in unrealized margin	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-3.4	12.9
Gain/loss from derivatives	0.0	0.0	9.0	17.4	0.1	-3.4	-9.9	-17.6	-1.2	-8.5	-1.9	-12.1
Net fair value adjustment on biomass, onerous contract provisions	0.3	0.0	11.6	-94.6	0.0	0.0	0.0	0.0	0.0	0.0	11.8	-94.6
Restructuring costs	0.0	0.0	0.7	-1.4	0.0	0.0	0.0	-1.1	0.0	0.0	0.7	-2.5
Other non-operational items	0.0	0.0	-0.8	0.0	0.0	0.0	0.1	0.0	0.0	0.0	-0.7	0.0
Income from associated companies	0.0	0.0	13.5	13.0	0.0	0.0	0.0	0.0	-0.1	-0.2	13.4	12.8
Impairment losses of fixed assets	0.0	0.0	-2.8	-101.7	-0.1	-0.1	0.4	0.2	0.0	0.0	-2.4	-101.7
EBIT	6.0	-2.8	189.5	-42.5	16.8	22.9	28.7	10.6	-7.2	-5.4	230.5	-4.3
Operational EBIT %	4.4%	(3.0)%	24.9%	19.9%	2.9%	4.3%	6.1%	5.3%	na	na	19.8%	17.9%

1) Group figures adjusted for eliminations.

Mowi monitors the overall value creation of the operations based on the salmon's source of origin. For this reason Operational EBIT related to our Feed and Sales & Marketing operations is allocated back to the country of origin. The table below and upcoming performance review provide information consistent with the value creation methodology.

Other units reported Operational EBIT of EUR -5.9 million in the quarter (EUR 3.3 million in the comparable quarter, of which EUR 5.2 million related to foreign currency transactions against EUR recognized as income/cost in Mowi ASA and Mowi Markets Norway respectively).

	SOURCES OF ORIGIN
EUR million	Norway	Scotland	Canada	Chile	Ireland	Faroes	Other	Group
Operational EBIT
Farming	100.2	17.9	15.7	17.1	2.5	4.9		158.3
Sales & Marketing
Markets	6.1	5.7	1.7	2.0	0.0	1.0	0.2	16.8
Consumer Products	29.3	3.8	0.0	2.4	1.4	0.0	1.2	38.0
Subtotal	135.6	27.3	17.4	21.5	4.0	5.9	1.4	213.1
Feed	7.4						-1.7	5.8
Other entities 1)							-5.9	-5.9
Total	143.0	27.3	17.4	21.5	4.0	5.9	-6.1	213.0
Harvest volume (GWT)	58 602	11 771	12 239	17 200	1 615	4 356		105 783
Operational EBIT per kg (EUR) 2)	2.44	2.32	1.42	1.25	2.45	1.36		2.01
- of which Feed	0.13	0.00	0.00	0.00	0.00	0.00		0.05
- of which Markets	0.10	0.48	0.14	0.12	0.00	0.23		0.16
- of which Consumer Products	0.50	0.32	0.00	0.14	0.87	0.00		0.36
Analytical data
Price achievement/reference price (%)	101%	126%	98%	106%	na	100%		104%
Contract share (%)	44%	68%	0%	19%	98%	0%		36%
Quality - superior share (%)	93%	97%	89%	90%	83%	86%		92%
Guidance
Q1 2019 harvest volume (GWT)	53 500	15 500	10 000	20 000	1 200	1 800		102 000
2019 harvest volume (GWT)	236 000	60 000	55 000	62 500	9 000	7 500		430 000
Q1 2019 contract share (%)	39%	55%	0%	27%	98%	0%		35%

1) Corporate and Holding companies

2) Including Corporate and Holding companies

MARKET OVERVIEW

Industry

Demand for salmon was strong in the quarter. Global consumption increased by 5% and salmon prices increased in all markets.

Global harvest of Atlantic salmon amounted to 619,500 tonnes in the fourth quarter, an increase of 5% compared with the same quarter in 2017. The increased global harvest volumes were higher than expected and driven by increased harvesting in Chile. Supply developments in the other regions were in line with guidance.

Supply	Q4 2018	Change vs	12 month	Q3 2018
	GWT	Q4 2017	change	GWT
Norway	321 000	-0.2%	3.8%	290 000
Scotland	40 600	0.5%	-13.4%	35 700
Faroe Islands	21 500	16.2%	-10.8%	11 200
Ireland	3 900	5.4%	-15.7%	3 400
Total Europe	387 000	0.7%	0.7%	340 300
Chile	170 600	17.3%	20.3%	147 200
North America	40 100	2.6%	2.0%	38 100
Total Americas	210 700	14.2%	16.3%	185 300
Australia	16 500	-2.4%	0.2%	13 300
Other	5 300	15.2%	-11.3%	3 800
Total	619 500	4.9%	5.5%	542 700

Supply from Norway were flat compared to the fourth quarter of 2017 which was in line with guidance. The number of fish harvested was slightly higher than expected in the period, whilst average weights declined as a larger share than expected of small sized fish was harvested. Despite increased feed sales in the period, the biomass increase of approx. 2% year-over-year only supports a modest supply increase going forward.

Harvest in Scotland increased by 1% compared to the fourth quarter of 2017 which was line with guidance. The current biomass in Scotland supports growth going forward. Volumes from the Faroe Islands increased by 16% in the quarter compared to the same quarter in 2017 which was more than expected. In tonnage terms, however, the higher than forecast harvesting was a modest 2,000 tonnes.

Volumes from Chile increased by 17% compared to the fourth quarter of 2017 on improved biology. The increase was more than expected and driven mainly by more than expected fish being harvested. The average harvest weight was record high and higher than expected but contributed only modestly to the supply beat.

In North America volumes increased by 3% which was in line with guidance.

Reference prices	Q4 2018 Market	Change vs Q4 2017	Q4 2018 NOK	Change vs Q4 2017
Norway 1)	EUR 5.78	12.5%	NOK 55.52	12.7%
Chile 2)	USD 5.05	6.8%	NOK 42.73	10.6%
Chile, GWE 3)	USD 5.95	9.8%	NOK 50.32	13.7%
North America West Coast 4)	USD 3.48	7.6%	NOK 29.47	11.4%
North America East Coast 5)	USD 3.68	5.4%	NOK 31.13	9.2%
North America, GWE, blended 3)	USD 7.27	8.0%	NOK 61.47	11.9%

In the market currency, EUR, prices in Europe increased by 13% compared to the fourth quarter of 2017. In USD terms, salmon prices increased by 7% in Miami, 8% in Seattle and 5% in Boston/ New York.

Market	Q4 2018	Change vs	12 month
distribution	GWT	Q4 2017	change
EU	274 900	2.5%	3.7%
Russia	24 300	4.7%	24.9%
Other Europe	22 900	-6.5%	3.0%
Total Europe	322 100	2.0%	5.1%
US	107 700	4.6%	7.6%
Brazil	24 000	10.1%	11.9%
Other Americas	38 600	24.5%	13.3%
Total Americas	170 300	9.3%	9.2%
China/Hong Kong	25 800	-5.5%	18.3%
Japan	16 300	2.5%	-6.6%
South Korea/Taiwan	15 600	28.9%	23.1%
Other Asia	22 200	3.7%	-12.5%
Total Asia	79 900	4.2%	4.4%
All other markets	32 900	8.2%	6.6%
Total	605 200	4.6%	6.3%

Global consumption increased by 5% in the fourth quarter compared with the same period in 2017.

Consumption in the EU increased by approximately 3% in the quarter. The market developments in the core French, German and UK markets were positive with increased consumption at higher prices. The growth in the Italian market continued to be driven by the buoyant sushi market and increased number of sushi restaurants. Russian consumption continued to grow as exports of Chilean frozen salmon increased.

US consumption increased by 5% compared with the same quarter in 2017. The convenient and consumer friendly pre-packed products continued to drive the category growth. Incremental retail chains and stores are sourcing and selling salmon and seafood in manner not seen before. The strong growth in Brazil continued not only due to increased Chilean supply, but also due to salmon being sold in new areas of the country and into new channels where salmon was not offered previously.

Consumption in the Asian market increased by 4% in the quarter compared to the same period last year. The consumption growth in South Korea was strong and driven by both more fresh and frozen volumes from both Europe and Chile. Lack of available large sized fish and certain trade restrictions temporarily impacted salmon consumption in China/Hong Kong. The underlying demand and growth rate in Greater China are very supportive.

Source: Kontali and Mowi

Notes to the reference price table:

1) NASDAQ average superior GWE/kg (gutted weight equivalent)

2) Urner Barry average D trim 3-4 lbs FOB Miami

3) Reference price converted back-to-plant equivalent in GWE/kg

4) Urner Barry average GWE 10-12 lbs FOB Seattle 5) Urner Barry average GWE 10-12 lbs FOB Boston/New York

Mowi

Geographic market presence

Revenues in the fourth quarter were distributed as shown in the graph below. Europe is by far the largest market for Mowi with its 71% (72%) revenue share. France, Germany and the UK are the main markets for our products in this region.

Sales by product

The Group's main species is Atlantic salmon. Revenues for our external sales channels in Sales & Marketing were distributed across product categories as follows:

Fresh bulk salmon represented 36% (39%), while smoked/marinated and elaborated salmon together accounted for 53% (51%).

Branding and product development efforts

In the fourth quarter, we launched our global branding strategy and company name change to Mowi. The MOWI-branded product line will offer customers added value in taste, convenience, nutrition and traceability. The launch of MOWI products will commence in selected markets this year. Mowi will invest EUR 35 million in brandbuilding over the next two years, with an objective to reach cash break-even by 2022 and EUR 1 billion in branded turnover and EUR 100 million in additional Operational EBIT by 2025.

We also continued other branding and product development efforts in the quarter.

In the US, our Ducktrap brand is experiencing solid growth, with an 8.2% increase in volumes compared with the fourth quarter of 2017. In order to meet increasing demand for value-added products, Consumer Products USA is moving its operations in Miami to a new plant twice the size of the existing site. The new Miami plant is expected to open in March.

The existing Mowi brand in Asia also developed positively, with 3.6% volume growth compared with the fourth quarter of 2017.

In Europe, Mowi Turkey will expand its operations in order to provide processed salmon products to a larger part of the Turkish domestic market.

Price achievement

The combined global price achieved was 4% above the reference price in the fourth quarter of both 2018 and 2017. Achieved prices were positively impacted by contract prices and favorable spot performance.

Global Price Achievement

Reference price for salmon of superior quality vs. price achieved in Norway, Scotland, Canada, Chile and Faroes.

Markets
Q4 2018	Norwegian	Scottish	Canadian	Chilean
Contract share	44%	68%	0%	19%
Quality - superior share	93%	97%	89%	90%
Price achievement	101%	126%	98%	106%

Average price achievement is measured against reference prices in all markets (NASDAQ for Norwegian, Scottish and Faroese salmon, and Urner Barry for Chilean and Canadian salmon).

PROFIT - Operational performance

Salmon of Norwegian origin

EUR million	Q4 2018	Q4 2017
Operational EBIT	143.0	117.3
EBIT	155.3	76.6
Harvest volume (GWT)	58 602	66 384
Operational EBIT per kg (EUR)	2.44	1.77
- of which Feed	0.13	-0.01
- of which Markets	0.10	0.13
- of which Consumer Products	0.50	0.31
Price achievement/reference price	101%	108%
Contract share	44%	39%
Superior share	93%	94%

Financial results

Operational EBIT amounted to EUR 143.0 million (EUR 117.3 million) in the fourth quarter. Operational EBIT per kg was EUR 2.44 per kg (EUR 1.77). Compared with the fourth quarter of 2017, achieved prices and margin allocated to salmon of Norwegian origin improved. In addition, non-seawater costs decreased. These effects were partly offset by lower volume and slightly increased seawater costs.

Financial EBIT amounted to EUR 155.3 million (EUR 76.6 million).

Price and volume development

The reference price of EUR 5.78 for salmon of Norwegian origin in the fourth quarter was 13% above the fourth quarter of 2017.

The overall price achieved was 1% above the reference price in the fourth quarter (8% above). Contribution from contracts relative to the reference price was positive in the fourth quarter of both 2018 and 2017. Mowi Norway had a contract share of 44% in the fourth quarter, compared with 39% in the fourth quarter of 2017.

Harvested volume in the fourth quarter was 58 602 tonnes gutted weight (66 384 tonnes gutted weight). Region South accounts for most of the decrease, mainly due to the low-performing 2017 generation.

Costs and operations

The cost level was stable compared with the fourth quarter of 2017, as increased biological costs1) were offset by decreased nonseawater costs.

Although sea lice mitigation costs are still at a high level, it is encouraging to see that for the fourth quarter in a row, health costs are lower than in the comparable quarter. Sea lice levels at the end of the fourth quarter of 2018 were lower than in the comparable quarter for both Region South and Region Mid. For Region North, the figure was stable.

Incident based mortality losses amounting to EUR 6.9 million were recognized in the quarter, mainly related to detection of PD SAV3 in Region Mid. Losses from incident-based mortality in the fourth quarter of 2017 amounted to EUR 3.0 million.

Costs are expected to increase somewhat in the first quarter of 2019.

¹⁾ As defined in the Annual Report 2017, section "Analytical information" p. 236: Total of feed cost and other seawater costs, before transportation to the processing plant.

Salmon of Norwegian origin by region

Regions	South	Mid	North	Total
EUR million	Q4 2018	Q4 2018	Q4 2018	Q4 2018
Operational EBIT	11.2	85.9	46.0	143.0
Harvest volume (GWT)	6 992	34 811	16 799	58 602
Operational EBIT per kg (EUR)	1.60	2.47	2.74	2.44
Superior share	94 %	93 %	94 %	93 %


Regions EUR million	South Q4 2017	Mid Q4 2017	North Q4 2017	Total Q4 2017
Operational EBIT	17.2	63.1	37.1	117.3
Harvest volume (GWT)	13 006	35 686	17 692	66 384
Operational EBIT per kg (EUR)	1.32	1.77	2.10	1.77

Region South

Operational EBIT totaled EUR 11.2 million in the fourth quarter (EUR 17.2 million), or EUR 1.60 per kg (EUR 1.32).
The cost per kg harvested fish was high in the quarter. Biological cost per kg harvested biomass in the fourth quarter increased by 10% compared with the fourth quarter of 2017 on negative scale effects from lower volumes.
A total of 6 992 tonnes gutted weight (13 006 tonnes) was harvested. The decrease is due to harvesting of the lowperforming 2017 generation and reduced harvest weights.
No incident based mortality was recognized in the quarter.
Seawater production was higher than in the fourth quarter of 2017 due to higher opening biomass and a better performing generation in sea than the year before.
The level of sea lice was lower at the end of the fourth quarter compared with the fourth quarter of 2017, with good results from non-medicinal treatments.

Region Mid

Operational EBIT totaled EUR 85.9 million in the fourth quarter (EUR 63.1 million), or EUR 2.47 per kg (EUR 1.77).
Biological cost per kg harvested biomass in the fourth quarter decreased by 2% from the fourth quarter of 2017 on harvesting from sites with better performance.
A total of 34 811 tonnes gutted weight (35 686 tonnes) was harvested.
Incident based mortality amounting to EUR 6.3 million was recognized in the quarter related to detection of PD SAV3.
Seawater production was lower than in the fourth quarter of 2017 due to lower opening biomass and some sites with a poor health situation.
The level of sea lice was lower at the end of the fourth quarter compared with the fourth quarter of 2017. However, the combination of lice and other biological challenges is still a challenge for the region.

Operational EBIT per kilo per region Q4 2018 vs Q4 2017 incl. sales margin

Region North

Operational EBIT totaled EUR 46.0 million in the fourth quarter (EUR 37.1 million), or EUR 2.74 per kg (EUR 2.10).
Biological costs per kg harvested biomass in the fourth quarter increased by 9% from the fourth quarter of 2017, mainly due to higher feed costs.
A total of 16 799 tonnes gutted weight (17 692 tonnes) was harvested. Volumes have been somewhat reduced in order to build biomass.
Incident based mortality amounting to EUR 0.1 million was recognized in the quarter (EUR 1.5 million in the fourth quarter of 2017).
Seawater production was higher than in the fourth quarter of 2017 due to higher opening biomass and a better performing generation than the year before.
The level of sea lice at the end of the quarter was stable compared with the fourth quarter of 2017. The fish health situation in the region is generally satisfactory.

Salmon of Scottish origin

EUR million	Q4 2018	Q4 2017
Operational EBIT	27.3	15.4
EBIT	39.4	-4.5
Harvest volume (GWT)	11 771	12 987
Operational EBIT per kg (EUR)	2.32	1.19
- of which Markets	0.48	0.29
- of which Consumer Products	0.32	0.52
Price achievement/reference price	126%	124%
Contract share	68%	56%
Superior share	97%	96%

Financial results

Operational EBIT amounted to EUR 27.3 million in the fourth quarter (EUR 15.4 million), the equivalent of EUR 2.32 per kg (EUR 1.19). The effects of increased prices and improved costs more than offset the effect of somewhat reduced volumes from the same quarter in 2017.

Financial EBIT amounted to EUR 39.4 million (EUR -4.5 million).

Price and volume development

The overall price achieved was 26% above the reference price in the quarter (24% above). Contribution from contracts relative to the reference price was positive in the fourth quarter of both 2018 and 2017. The contract share was 68% in the quarter compared to 56% in the fourth quarter of 2017.

The fourth quarter harvest volume was 11 771 tonnes gutted weight which is somewhat lower than the corresponding quarter in 2017 (12 987 tonnes). Harvested volume in the comparable quarter included early harvest due to biological challenges.

Operational EBIT Salmon of Scottish Origin Q4 2018 vs Q4 2017

Costs and operations

Full cost per kg decreased compared with the fourth quarter of 2017 on improved biology.

Biological costs per kg decreased by 2% from the corresponding quarter in 2017 on decreased feed and health costs.

Non-seawater costs have decreased by 32% on significantly reduced mortality losses. Incident based mortality losses in the amount of EUR 0.4 million were recognized in the quarter, compared to EUR 5.4 million in the fourth quarter of 2017.

Sea lice levels at the end of the quarter were lower than at the end of the corresponding quarter in 2017.

Production has been higher than in the fourth quarter of 2017 as a result of improved growth and less mortality.

Salmon of Canadian origin

EUR million	Q4 2018	Q4 2017
Operational EBIT	17.4	9.9
EBIT	23.4	11.9
Harvest volume (GWT)	12 239	10 036
Operational EBIT per kg (EUR)	1.42	0.98
- of which Markets	0.14	0.16
- of which Consumer Products	0.00	0.00
Price achievement/reference price	98%	98%
Contract share	0%	0%
Superior share	89%	90%

Financial results

Operational EBIT for Mowi Canada amounted to EUR 17.4 million in the fourth quarter (EUR 9.9 million), the equivalent of EUR 1.42 per kg (EUR 0.98). The increase from the corresponding quarter in 2017 was EUR 7.5 million, of which Mowi Canada East (Northern Harvest) contributed EUR 5.2 million.

Financial EBIT amounted to EUR 23.4 million (EUR 11.9 million).

Price and volume development

Market prices increased compared with the fourth quarter of 2017. Achieved prices were also positively affected by favorable prices for sales performed by Mowi Canada East. The combined price achievement for our Canadian operations was 2% below the reference price in the fourth quarter of 2018 and 2017.

There were no contracts for salmon of Canadian origin in the fourth quarter of 2018 or 2017.

The fourth quarter harvest volume was 12 239 tonnes gutted weight (10 036). The increase compared with the same quarter in 2017 is due to the acquisition of Northern Harvest.

Operational EBIT Salmon of Canadian Origin Q4 2018 vs Q4 2017

Costs and operations

The cost level in the fourth quarter of 2018 was higher than in the corresponding quarter in 2017 due to challenging biological conditions, mortality and extra costs related to protestor activities and license renewal processes.

The biological costs per kg salmon harvested in the quarter increased by 7% compared with the fourth quarter of 2017.

Incident based mortality of EUR 0.9 million (EUR 1.1 million) was recognized in the fourth quarter mainly due to environmental conditions and gill issues.

In the fourth quarter, Mowi Canada West successfully used the Hydrolicer mechanical treatment technology for the first time. Nonmedicinal treatments are expected to have a positive effect on lice levels going forward.

Costs are expected to increase in the first quarter of 2019.

Salmon of Chilean origin

EUR million	Q4 2018	Q4 2017
Operational EBIT	21.5	17.6
EBIT	30.0	-85.4
Harvest volume (GWT)	17 200	17 096
Operational EBIT per kg (EUR)	1.25	1.03
- of which Markets	0.12	0.39
- of which Consumer Products	0.14	0.01
Price achievement/reference price	106%	92%
Contract share	19%	11%
Superior share	90%	87%

Financial results

Operational EBIT amounted to EUR 21.5 million in the fourth quarter (EUR 17.6 million), the equivalent of EUR 1.25 per kg (EUR 1.03). The effect of increased prices more than offset the effects of somewhat increased costs from the same quarter in 2017.

Financial EBIT amounted to EUR 30.0 million (EUR -85.4 million).

Price and volume development

North America remains the most important market for salmon of Chilean origin. The Urner Barry reference price for Chilean salmon was up by 7% compared with the fourth quarter of 2017. The average price per lb fillet in the quarter (Urner Barry D-trim 3-4 lb) was USD 5.05.

Price achievement for Chilean salmon was 6% above the reference price in the quarter (8% below in the fourth quarter of 2017). Contribution from contracts relative to the reference price was positive in the fourth quarter of 2018, but negative in the corresponding quarter in 2017. The contract share was 19% in the quarter compared with 11% in the fourth quarter of 2017.

Operational EBIT Salmon of Chilean Origin Q4 2018 vs Q4 2017

Harvested volume was 17 200 tonnes gutted weight in the fourth quarter (17 096 tonnes).

Costs and operations

Costs per kg salmon harvested in the quarter increased by 5% from the corresponding quarter in 2017, mainly due to lower stocking density in several sites in Region XI as a consequence of previously announced regulatory changes.

Sea lice levels at the end of the fourth quarter have decreased compared with last year. Mowi Chile is coordinating several activities in order to improve common actions amongst industry companies against sea lice.

Reported mortality caused by SRS in the fourth quarter was at a lower level than in the same period last year, mainly due to our new vaccination strategy. This improvement is also reflected in the significant reduction in use of antibiotics in Mowi Chile in 2018.

Production volume has been higher in the fourth quarter of 2018 compared with the fourth quarter of 2017 due to higher opening biomass.

Salmon of Irish origin

EUR million	Q4 2018	Q4 2017
Operational EBIT	4.0	6.7
EBIT	2.9	7.9
Harvest volume (GWT)	1 615	2 358
Operational EBIT per kg (EUR)	2.45	2.86
- of which Markets	0.00	0.00
- of which Consumer Products	0.87	0.29
Price achievement/reference price	na	na
Contract share	98%	87%
Superior share	83%	89%

Salmon of Faroese origin

EUR million	Q4 2018	Q4 2017
Operational EBIT	5.9	11.8
EBIT	-0.7	4.9
Harvest volume (GWT)	4 356	3 767
Operational EBIT per kg (EUR)	1.36	3.13
- of which Markets	0.23	1.53
- of which Consumer Products	0.00	0.00

Price achievement/reference price	100%	154%
Contract share	0%	4%
Superior share	86%	92%

Operational EBIT amounted to EUR 4.0 million in the fourth quarter (EUR 6.7 million), which was EUR 2.45 per kg (EUR 2.86 per kg). The reduction in earnings from the same quarter in 2017 is due to lower volumes and increased costs, partly offset by improved prices.

Financial EBIT amounted to EUR 2.9 million (EUR 7.9 million).

Harvest volume was 1 615 tonnes gutted weight in the fourth quarter (2 358 tonnes). The reduction was due to biology at four sites.

Achieved prices including allocated margin from Sales & Marketing were 9% higher in the fourth quarter of 2018 than in the fourth quarter of 2017 as a consequence of strong market conditions for organic salmon.

Costs per kg harvested biomass increased by 20% compared with the fourth quarter of 2017 because of negative scale effects.

Operational EBIT amounted to EUR 5.9 million (EUR 11.8 million), which was EUR 1.36 per kg (EUR 3.13 per kg). The decrease from the fourth quarter of 2017 is due to lower prices and increased costs, partially offset by higher volume.

Financial EBIT amounted to EUR (0.7) million (EUR 4.9 million).

Harvest volume was 4 356 tonnes gutted weight in the fourth quarter (3 767 tonnes).

The majority of Mowi's salmon of Faroese origin was sold to customers in Eastern Europe. Due to increased supply from both domestic and foreign suppliers in these markets, achieved prices for Mowi Faroes including allocated margin from Sales & Marketing decreased by 19% from the corresponding quarter in 2017.

Costs per kg harvested biomass increased by 12% compared to the fourth quarter of 2018 mainly due to increased mortality and feed conversion ratio.

Consumer Products

EUR million	Q4 2018	Q4 2017
Operating revenues 1)	622.1	547.5
Operational EBIT 2)	38.0	29.1
Operational EBIT %	6.1%	5.3%
EBIT 3)	38.5	24.8
Volume sold (tonnes product weight)	46 436	41 234

1) The reporting segment includes Consumer Products in Europe, Asia and Americas.

2) Operational EBIT for salmon in Consumer Products is also included in the results per country of origin.

3) After elimination of unrealized gain/loss on group-internal hedging contracts.

Financial results

Operational EBIT for Consumer Products was EUR 38.0 million (EUR 29.1 million). The Operational EBIT margin was 6.1% (5.3%). Adjusted for trading and bulk activities, the Operational EBIT margin was 7.2% (5.7%).

Financial EBIT3) amounted to EUR 38.5 million (EUR 24.8 million).

Price, volume and operations

Consumer Products' operating revenues were EUR 622.1 million (EUR 547.5 million) in the quarter. Total volume sold was 46 436 tonnes product weight (41 234), which represents an all-time high. The increase compared with the fourth quarter in 2017 is partly explained by increased bulk volumes.

Consumer Products Europe

In Europe, volumes increased for Fresh compared with the fourth quarter of 2017. Volumes for Chilled were stable. Developments were particularly positive in the UK, Benelux and Eastern and Southern Europe.

In Fresh, earnings were reduced compared to the fourth quarter of 2017, as operations were impacted by social unrest in France and margin pressure in the UK. This was partially offset by strong results in Benelux following successful promotions and good volumes.

In our Chilled operations in Europe, Operational EBIT for Kritsen includes recognition of business interruption insurance in order to partly offset losses related to the fire in in 2018. Nevertheless, earnings were impacted by one-off costs and provisions for insurance deductibles. Operational EBIT also includes partial recognition of insurance income of EUR 10 million related to property damage. The future plans for Kritsen are as yet undecided. The final insurance settlements will depend on this decision.

Profit for the first quarter of 2019 will be negatively impacted by late Easter this year versus previous year and fierce competition in the Chilled segment in Europe.

Operational EBIT Consumer Products Q4 2018 vs Q4 2017

Consumer Products Asia

Our Asian operations were negatively affected by a challenging supply situation in the quarter. Earnings decreased from the corresponding quarter in 2017 on yield impact from smaller fish.

Consumer Products USA

Fresh in the Americas developed favorably compared with the corresponding quarter in 2017 driven by strong demand for our value-added products. Several new contracts with retailers were secured. Earnings in Chilled were somewhat lower than in the fourth quarter of 2017 as the factory extension in Ducktrap was not yet running at full capacity.

Consumer Products - Products		Q4 2018
EUR million	Fresh	Chilled	Total
Volume sold (tonnes prod wt)	31 378	15 059	46 436
Operational revenues	364.0	258.1	622.1
Operational EBIT	12.9	25.1	38.0
Operational EBIT %	3.6%	9.7%	6.1%

Consumer Products - Products	Q4 2017
EUR million	Fresh	Chilled	Total
Volume sold (tonnes prod wt)	26 000	15 234	41 234
Operational revenues	291.5	256.0	547.5
Operational EBIT	14.6	14.6	29.1
Operational EBIT %	5.0%	5.7%	5.3%

Consumer Products - Regions	Q4 2018
EUR million	Europe	Americas	Asia	Total
Volume sold (tonnes prod wt)	39 673	3 444	3 320	46 436
Operational revenues	518.3	56.0	47.8	622.1
Operational EBIT	32.6	2.5	2.9	38.0
Operational EBIT %	6.3%	4.4%	6.1%	6.1%

Consumer Products - Regions	Q4 2017
EUR million	Europe	Americas	Asia	Total
Volume sold (tonnes prod wt)	35 747	2 312	3 175	41 234
Operational revenues	464.7	45.9	36.9	547.5
Operational EBIT	25.8	0.0	3.4	29.1
Operational EBIT %	5.5%	0.0%	7.3%	5.3%

Feed

EUR million	Q4 2018	Q4 2017
Operating revenues	131.2	93.0
Operational EBIT	5.8	-2.8
Operational EBIT %	4.4%	-3.0%
EBIT	6.0	-2.8
Feed sold volume (tonnes)	109 850	82 772
Feed produced volume (tonnes)	91 583	84 578

Operational EBIT for Feed is also included in the results per country of origin (currently only Norway).

Financial results

Operational EBIT was EUR 5.8 million (EUR (2.8) million) in the fourth quarter of 2018. Operational EBIT margin was 4.4% (-3.0%). Operational EBIT was negatively impacted by EUR 1.7 million related to the new feed plant in Scotland.

Financial EBIT amounted to EUR 6.0 million (EUR -2.8 million).

Price and volume development

Operating revenues were EUR 131.2 million in the fourth quarter (EUR 93.0 million).

Produced volume in the fourth quarter was 91 583 tonnes (84 578). Volumes sold in the fourth quarter reached an all-time high, at 109 850 tonnes (82 772).

The volume delivered from Feed accounted for 96% of total feed delivered to Mowi Norway, compared with 77% in the fourth quarter of 2017.

Feed prices have improved in the fourth quarter of 2018 compared with the fourth quarter of 2017. The price increase is a consequence of the upward trend in raw material costs.

Feed prices are set at market terms and benchmarked against third parties.

Costs and operations

Raw material costs have increased compared with the fourth quarter of 2017, mainly related to fish oil, but also other input factors such as fish meal. Costs were also negatively impacted by the new feed plant in Scotland.

Following our self-sufficiency strategy on feed, Mowi Feed continues to develop its range of products, including fresh water, organic and cleaner fish diets.

Our new feed plant in Scotland is scheduled to start trial production in April.

Earnings are expected to be reduced in the first quarter of 2019. In general, there is fierce competition in the feed market in Europe with pressure on margins. The first quarter is also low season for our Feed operations.

PLANET - Sustainable and responsible development

Our operations and long-term profitability ultimately depend on sustainable and environmentally responsible interactions with the natural environment. We rely on qualified personnel to maintain fish health, avoid escapes and minimize the environmental impact of our operations.

Escape prevention

Mowi has a target of zero fish escapes and is constantly striving to prevent escapes and improve methods, equipment and procedures that can minimize or eliminate escapes. Unfortunately, there was one escape incident in the fourth quarter. This incident occurred in Scotland, with 24,572 escaped fish due to net failure during a storm. In the fourth quarter of 2017 there were five escape incidents with 1,933 escaped fish.

Fish health

Pancreas Disease (PD): 4 new sites were diagnosed with PD in the fourth quarter (the same as in the corresponding quarter in 2017); 3 in Norway and 1 in Ireland.

Infectious Salmon Anaemia (ISA): No new sites were diagnosed with ISA in the fourth quarter. In the comparable quarter of 2017, 1 new site was diagnosed with ISA. Our monitoring and surveillance continue and we maintain strict measures to harvest out sites with ISA immediately according to regulatory requirements.

Cardio Myopathy Syndrome (CMS): CMS is an increasing concern in our farming operations in Norway, Scotland and Ireland. CMS principally affects harvest size fish and causes heart failure. Currently there is no vaccine for CMS and control is achieved by early harvest and biosecurity measures to prevent transmission between sites.

Lice management

Mowi is actively working to reduce the sea lice load in all farming units. Employment of non-medicinal solutions has increased in the operating units, and extensive development and testing of nonmedicinal tools and methods continues in collaboration between Mowi's Global R&D and Technical department and the operating units.

As per the end of the fourth quarter, the share of fish having undergone medicinal treatments against sea lice was stable in Chile, and had decreased in all other regions except Region North in Norway compared with the same period in 2017. Mowi is working to reduce its overall dependency on medicinal treatments.

SRS in Chile

SRS (Salmonid Rickettsial Septicaemia) is caused by an intracellular bacterium which occurs mainly in Chile. Mortality caused by SRS is still a challenge in Chilean salmon farming. Reported mortality due to SRS at the end of the fourth quarter was at a lower level than in the same period last year. This is mainly down to our new vaccination strategy. In the fourth quarter, treatment was carried out at only a few sites in Chile. The improvements are also reflected in the significant reduction in use of antibiotics in Mowi Chile in 2018.

Medicine use

Mowi focuses on preventing the development and spread of infectious diseases. If fish get infected, they are treated with approved medicines. In the fourth quarter, our use of antibiotics was 7.8 grams per ton biomass produced, which is a significant decrease from 53.4 grams in the fourth quarter of 2017. Our use of antibiotics in the fourth quarter was mainly related to treatment of SRS in Chile and mouth rot in Canada.

Grams antibiotics per ton biomass produced	Q4 2018	Q4 2017
Norway	—	0.3
Scotland	5.4	108.8
Canada	34.6	23.8
Chile	23.5	366.9
Ireland	12.9	—
Faroes	—	—
Group	7.8	53.4

ASC certifications

As of the close of the fourth quarter of 2018 we had 78 sites certified: 49 in Norway, 23 in Canada, 4 in Ireland, 1 in Chile and 1 in the Faroes. This represents 34% of the total number of sites to be certified.

Several additional sites have been audited and are expected to be certified in 2019. Mowi is taking the lead in ASC implementation and we are committed to demonstrating an environmentally responsible development in our organization.

For further information regarding sustainability and biological risk management, reference is made to the Annual Report.

í J
PLANET

GUIDING PRINCIPLE	AMBITION	ACHIEVEMENT
Ensure sustainable wild-farmed interaction in the farming activity	Zero escapes	One escape incidents and 24 572 fish lost (five incidents with 1 933 fish lost in the fourth quarter of 2017)
Ensure healthy stocks minimizing diseases and losses in the farming activities	Monthly survival rate of at least 99.5% within 2020	Average monthly survival rate in the quarter of 98.8% (98.5% in the fourth quarter of 2017)

PEOPLE - Safe and meaningful jobs

The safety, self-respect and personal pride of our employees cannot be compromised if Mowi is to succeed as a company and maintain good relationships with local communities.

Employee Health and Safety

In the fourth quarter, the Group recorded 32 Lost Time Incidents (LTIs), which is a decrease from 44 in the fourth quarter of 2017.

Measured in LTIs per million hours worked (rolling average), the figure has improved to 5.18 from 6.56 in the fourth quarter of 2017, which is all-time low for Mowi.

Absenteeism has decreased to 4.5% from 4.9% in the same quarter in 2017.

GUIDING PRINCIPLE	AMBITION	ACHIEVEMENT
Safe jobs	No lost time incidents (LTI)	LTIs per million hours worked was 5.18. Programs are in place to reduce the number.
Healthy working environment	Absenteeism < 4%	Absenteeism of 4.5% in the quarter.

PRODUCT - Tasty and healthy seafood

We aim to deliver consistently healthy, tasty and responsibly produced seafood to our customers in order to deliver long-term financial profitability.

Global brand strategy launched

In the fourth quarter, we launched our global branding strategy and the company decided to change name to Mowi. The MOWIbranded product line will offer customers added value in taste, convenience, nutrition and traceability. Through implementing our MOWI branding strategy, we can communicate our integrated value-chain from feed to the consumer's plate.

The launch of MOWI products will commence in selected markets this year. Mowi will invest EUR 35 million in brand-building over the next two years, with an objective to reach cash break-even by 2022 and EUR 1 billion in branded turnover and EUR 100 million in additional Operational EBIT by 2025.

Our new company name Mowi is deep-rooted in our history. The company was originally founded as Mowi by Norwegian aquaculture pioneers more than 50 years ago. Mowi is an inspirational name alluding to our pioneering spirit we have developed over the past 50 years. Since the first salmon was farmed in 1964, Mowi has grown into a global fully integrated company, encompassing breeding, feed, farming, processing and sales. Throughout the past 50 years, we have always remained true to our core value - the care we have for our people, our fish, our customers and the environment.

Our new brand strategy recognizes the demand for high quality products, and is supported by the care and craftsmanship in everything we do. We will meet this demand for products by putting transparency and animal welfare first, and offer a superior product with a winning formula. We are launching a premium range of products designed to satisfy all consumer needs.

Artistic rendition of packaging concept for MOWI whole salmon

GUIDING PRINCIPLE	AMBITION	ACHIEVEMENT
Food quality and safety	Supply seafood with valuable health benefits for its quality and documented safety	Health targets met
Product innovation	Mowi wants to play an important role in the design and use of products to satisfy customer needs.	Global brand strategy launched

Events during and after the close of the quarter

Global brand strategy launched

In the fourth quarter, we launched our global brand strategy, and the company name change to Mowi. For more information, please see the Product section of this report.

New global cost and procurement improvement program

Mowi has initiated a new global cost and procurement improvement program with a target of EUR 30 million savings p.a. This program follows the 2018 cost savings program, which has now been completed with annual savings of EUR 61 million p.a. Mowi will ensure that the initiatives do not compromise safety, quality and growth.

Research licenses awarded to the Blue Revolution Center concept in Norway

The Directorate of Fisheries has awarded the Blue Revolution Center (BRC) concept three research licenses for a period of ten years, with MAB 780 tonnes per license. The BRC is a collaboration between Mowi Norway, SINTEF and the Norwegian University of Life Sciences. Its purpose is to perform research and trial activities in a cluster of sites exposed to harsh weather conditions. The application was for a total of six licenses, and the rejection of the remaining three licenses will be appealed to the Ministry of Fisheries.

New site in Scotland

Mowi Scotland has been awarded a new site with MAB of 2 500 tonnes at Sconser Quarry on the Isle of Skye.

License renewal process in Canada West

In December, the government of British Columbia announced a pathway forward regarding license tenures in the Broughton area that was jointly supported by three Broughton First Nations, the Industry, and the government. This decision will see Mowi's operations in the area change over time. To meet the planned transition and maintain the company's annual harvest volume over time, Mowi Canada West will need to apply for, and have approved, a number of license and tenure amendments to shift production from sites that will be decommissioned to other sites. Hence, the net harvest volume impact is expected to be limited. Mowi Canada West also intends to seek out new salmon farming sites where there are First Nations interest and consent.

Status for development licenses in Norway Status for the different concepts:

Mowi Norway has received a total of six licenses for the "Egg" concept, for the development of five units. Mowi and Hauge Aqua have applied for a change of building material. This request is not yet finally settled, as the initial rejection by the Directorate of Fisheries has been appealed.
The "Donut" concept has received 1.41 licenses for the production of 1,100 tonnes biomass. As the number of licenses received was significantly lower than in the application, Mowi has not yet concluded whether or not to proceed with the project. The final decision will depend on the ongoing process of identifying a potential site.
The rejection of the "Beck Cage" concept has been appealed to the Ministry of Fisheries.
The rejection of the "Ship" concept has been appealed to the Ministry of Fisheries.
Mowi Norway has not received any notifications regarding the application for the "AquaStorm" concept.

Mowi Chile awarded for efficient production

Mowi Chile won the 2018 BioMar Farmer of the Year award in Region X in Chile. The award goes to the company with the lowest biological feed conversion rate in 2018 (FCRb). Mowi Chile achieved a FCRb of 1.07 on the Rada Achao site, where the fish was put to sea in June 2017 and harvested after 17 months with an average weight of 6.3 kg.

New Managing Director of Mowi Feed

Atle Kvist will join Mowi Feed on 1 March to take on the position as Managing Director. He will report to Ben Hadfield, COO Mowi Feed. Mr Kvist will be active in in bringing the new Kyleakin feed plant up to its full production capacity and maintaining and enhancing the good manufacturing performance of the Bjugn plant. Mr Kvist was previously Managing Director of EWOS Norway and has a long career in salmon feed production.

Best employer award to Mowi Poland

In the annual competition hosted by regional newspaper Głos Dziennik Pomorze to name the best employer in Pomerania in Poland, Mowi Poland (Morpol) won the first prize. The jury included representatives of the business community, business support institutions and universities.

DESS Aquaculture Shipping

In the fourth quarter, Mowi's associated company DESS Aquaculture Shipping ("DESS") took delivery of the well boat "Aqua Tromøy" for a five-year charter contract with Mowi Canada West. In addition, DESS declared the last two Sefine well boat options in the quarter.

DESS currently operates the harvest vessel "Aqua Merdø" and the well boat "Aqua Tromøy". DESS also has a newbuilding program of ten vessels including the two options mentioned above. When the newbuilding program is completed, the fleet will consist of 12 aquaculture vessels.

Subsequent to the newbuilding program, DESS has resolved a share capital increase of NOK 700 million in the quarter, of which Mowi's share is 50%.

Conversion of the EUR 340 million convertible bond completed

The conversion of EUR 335.3 million to equity was completed in the fourth quarter. Mowi ASA issued 25,524,304 new shares, each with a nominal value of NOK 7.50. Following the registration of the share capital increase, the company's share capital is NOK 3,870,297,893 divided into 516,039,719 shares.

Exercised EUR 200 million accordion option

Further to the conversion of the EUR 340 million convertible bond in the fourth quarter, Mowi ASA has exercised the EUR 200 million accordion option of the bank facility. The bank facility has therefore been increased from EUR 1,206 million to EUR 1,406 million. The terms of the accordion option are the same as the original facility.

New accounting regulations regarding leases from 2019

From 2019, Mowi implements the new accounting standard regarding leases (IFRS 16). The new standard requires capitalization of all leasing agreements with duration exceeding 12 months, whereas the previous regulations only required capitalization of financial leases.

Preliminary calculations indicate that the total balance sheet value will increase by approximately EUR 350 million compared with the reported amount per year-end 2018, given the current leasing contract portfolio. The book equity ratio, proforma as of year-end 2018, will as such be reduced from 56% to 52%. The group's bank facility has a covenant of 35% book equity ratio, but the calculation of the ratio is to be adjusted for the effects of IFRS 16.

In the statement of profit and loss, leasing costs related to IFRS 16 will be replaced by depreciation costs of leasing assets and interest costs related to the lease liabilities. As interests costs are not part of Operational EBIT, proforma Operational EBIT for the full year of 2018 given the current contract portfolio would as such increase from EUR 753 million to EUR 761 million.

Please refer to Note 2 for further details.

Dividend of NOK 2.60 per share

The Board of Directors has decided to pay out a quarterly dividend of NOK 2.60 per share to the shareholders as ordinary dividends.

Outlook statement from the Board of Directors

2018 marked the second-best year financially for Mowi. Good salmon prices and stable costs resulted in strong earnings and dividend distributions. In the fourth quarter, salmon prices increased on the back of strong consumer demand. Good farming results were complemented by positive contributions from Consumer Products and Markets. Feed had seasonally record high sales volume. The outlook for 2019 is positive as the supply/ demand market balance is tight and forward prices are encouraging. Mowi's record high biomass in sea should facilitate significant farming volume growth and the company's improved cost position should support industry-leading margins going forward.

The Board commends the organization for executing on the many cost savings initiatives in 2018 and the achievement of EUR 61 million in realized annualized savings. The full saving effect will be realized in 2019. Many business units have experienced changed employee behavior, with the result of improved cost-conscious decision-making. The Board is pleased that the organization has initiated a new global cost improvement and procurement enhancement program for 2019 with a target of EUR 30 million savings per annum.

The total blended farming cost in box per kg was flat in 2018 versus 2017. Despite a high cost level for both Mowi and the industry, the Board is encouraged that the negative company cost trend in recent years is broken. Feed prices increased slightly in 2018, hence the non-feed related costs decreased, which is positive. Furthermore, farming costs in Norway, Mowi's most important farming region, were reduced in 2018 versus 2017.

Results in Farming Norway were satisfactory in the quarter on the back of increased prices. Despite reduced volumes costs were stable. The Board is pleased that health-related costs continue to trend down and that the shift in treatment type towards nonmedicinal is well underway. Biological conditions in Norway in 2018 were challenging and good farming husbandry at each site is extremely important.

Results in Farming Scotland were good in the quarter and improved substantially compared to the same period in 2017. Higher spot prices and decreased full costs per kg were the main drivers. Contributions from contract sales were also good, and contract sales will continue to support a healthy profit going forward. Biological performance improved in 2018 with reduced sea lice levels and reduced mortality rates. The biomass year-end supports a substantial increase in harvesting volumes in 2019.

Farming Canada delivered improved results in the quarter driven by higher prices and higher volumes. However, biological performance continues to be challenging which was the main driver for increased costs in the period. The ongoing expansion initiatives on the East Coast will gain pace in 2019 and beyond. The Board is pleased that an agreement was reached on the West Coast with respect to the Broughton area and our salmon farming operations there. Our farms in the area are expected to cease operations by 2023 and Mowi Canada will apply for a number of licenses and tenure amendments. Hence the net volume impact is expected to be limited.

Farming Chile delivered improved results on higher prices, partially offset by increased farming costs. The biology in Chile has improved recently mainly due to less SRS. The reduction in SRS outbreaks is mainly due to our new vaccination strategy which in turn has reduced mortality rates. Our usage of antibiotics has therefore been significantly reduced, which is encouraging.

Feed had another good operational quarter with record high feed sales of 110,000 tonnes. The factory efficiency and level of automation continues to be impressive. The new plant in Kyleakin, Scotland, is nearing completion and is expected to commence trial production in April.

Results from Consumer Products were good in the period, and the results for the year were record high. However, in the fourth quarter insurance income was recognized from Kritsen, one of our smokehouses in France, which impacted the results positively. Hence, underlying performance is slightly shy of expectations for the peak fourth quarter and is a result of fierce competition in the European Chilled segment. The Board expects this fierce competition and the late Easter this year versus 2018 to negatively impact results for Consumer Products in the first quarter.

In 2019 Mowi will continue to invest across its value chain to support organic growth and strengthen the asset base. The capital expenditure budget for 2019 is approximately EUR 290 million. Freshwater investments continue and a new hatchery in Canada East and expansion of an existing smolt facility in Chile have been sanctioned. Ongoing investments in several freshwater facilities in Norway will continue. Selected sea water expansions in Scotland, Canada and Norway will also be undertaken. Furthermore, Consumer Products expects to undertake several automation projects in Europe and US.

The biomass year-end in sea of 305,000 tonnes (LW) is record high and supports the harvest guidance of 430,000 tonnes in 2019. Mowi has significant potential to further grow our farming volumes based on the existing licenses footprint. As such, expected working capital investments in the region of EUR 115 million relate to further biomass growth, and also growth in Consumer Products and Feed.

The Board is pleased with the approval of the Blue Revolution Center concept in Norway. The application was for six licenses, and the rejection of the remaining three licenses will be appealed. It will be exciting to follow the progress of the research and trial activities of sites exposed to harsh weather conditions. Over the past years Mowi has spent considerable time and money on R&D projects, and 2019 will be another year of further developing and strengthening our R&D focus.

Mowi's financial position remains strong. The conversion of the remaining portion of the EUR 340 million convertible bond to equity was completed in the quarter. Further to this, Mowi partially refinanced the bond by exercising the EUR 200 million accordion option of the bank facility. Accordingly, the bank facility has been increased to EUR 1,406 million. As such, the group's financing now constitutes the aforementioned bank facility and a EUR 200 million senior unsecured bond.

At Mowi's Capital Markets Day in November, the company announced that it launched a brand strategy and that it changed its company name from Marine Harvest to Mowi. The company will launch the MOWI brand into selected markets. The branded product line, yet to be announced, will provide customers with added value in taste, convenience, nutrition and traceability. The Board is very excited about the many new opportunities the branding strategy represents. On 24 January, the company harvested its first MOWI salmon which has been fed with a superior feed and raised from a selected MOWI farm in Norway, marking a milestone for the company.

As demand for salmon continues to be strong coupled with a modest supply outlook, forward prices remain at a good level of EUR 6.3 kg (Nasdaq).

A quarterly dividend of NOK 2.60 per share will be paid as ordinary dividends.

Summary year to date

Operational EBIT of EUR 753 million, which is the second-best ever for Mowi. Financial EBIT of EUR 925 million.
High prices on strong demand.
Blended Farming costs stable in 2018 compared with 2017.
Harvest volumes at 375 237 GWT (370 346 GWT in 2017).
Biomass in sea per year end 2018 at 305 000 LWT (258 000 LWT per year end 2017), which is all-time high.
Acquisition of Northern Harvest completed in the beginning of July.
Launched brand strategy, and company name changed to Mowi.
Conversion of EUR 340 million convertible bond to equity.
Issue of EUR 200 million five-year senior unsecured bond with coupon of 3-months EURIBOR + 2.15% p.a.
Exercised accordion option to increase bank facility by EUR 200 million to EUR 1,406 million.
Net cash flow per share of EUR 0.51 excluding the acquisition of Northern Harvest.
Underlying earnings per share (EPS) of EUR 1.11 and EPS of EUR 1.15.
Return on capital employed (ROCE) 24.9%.
Net interest-bearing debt (NIBD) of EUR 1 037.2 million
Dividend of NOK 10.40 per share has been paid out in 2018 as ordinary dividends.

RISKS

Mowi has not identified any additional risk exposure beyond the risks described in note 3 of this report and the 2017 Annual Report.

Reference is also made to the Planet section and the Outlook section of this report for other comments to Mowi's risk exposure.

Bergen, February 12, 2019

The Board of Directors of Mowi ASA

Ole-Eirik Lerøy	Lisbet K. Nærø	Cecilie Fredriksen	Paul Mulligan
CHAIRMAN OF THE BOARD	DEPUTY CHAIR OF THE BOARD
Jean-Pierre Bienfait	Birgitte Ringstad Vartdal	Kristian Melhuus
Unni Sværen	Anders Sæther	Jørgen Wengaard	Alf-Helge Aarskog CHIEF EXECUTIVE OFFICER

Interim financial statements

Condensed Consolidated Statement of Comprehensive Income

Unaudited, in EUR million	Note	Q4 2018	Q4 2017	2018	2017
Revenue	4, 5	1 073.0	1 007.1	3 811.9	3 649.4
Cost of materials		-510.6	-500.2	-1 812.2	-1 688.5
Net fair value adjustment biomass	6	1.6	-106.0	146.4	-340.3
Salaries and personnel expenses		-141.4	-137.2	-505.0	-477.9
Other operating expenses		-174.1	-149.8	-589.9	-555.0
Depreciation and amortization		-39.3	-38.3	-153.4	-150.4
Onerous contract provisions		10.2	11.5	-6.1	119.8
Restructuring cost		0.7	-2.5	0.3	-2.5
Other non-operational items		-0.7	0.0	-1.0	0.3
Income from associated companies and joint ventures		13.4	12.8	45.5	33.7
Impairment losses		-2.4	-101.7	-11.0	-103.8
Earnings before financial items (EBIT)		230.5	-4.3	925.4	484.9
Interest expenses	8	-12.5	-11.6	-50.0	-46.7
Net currency effects	8	-18.6	-24.2	-17.7	-8.8
Other financial items	8	-23.9	43.5	-125.5	93.2
Earnings before tax		175.5	3.4	732.2	522.6
Income taxes		-13.9	24.8	-165.0	-59.9
Profit or loss for the period		161.7	28.2	567.2	462.7
Other comprehensive income
Currency translation differences		-16.0	-63.0	1.7	-192.6
Currency translation associated companies		-8.6	-5.6	-2.3	-12.1
Items to be reclassified to P&L in subsequent periods:		-24.6	-68.6	-0.6	-204.7
Actuarial gains (losses) on defined benefit plans, net of		0.2	5.3	0.2	5.3
tax Other gains and losses in comprehensive income		0.0	-0.7	0.0	-0.8
Items not to be reclassified to profit and loss:		0.2	4.6	0.2	4.5
Other comprehensive income, net of tax		-24.4	-64.0	-0.4	-200.3
Total comprehensive income in the period		137.2	-35.9	566.9	262.5

Profit or loss for the period attributable to
Non-controlling interests		0.2	0.1	0.6	0.3
Owners of Mowi ASA		161.5	28.1	566.6	462.5
Comprehensive income for the period attributable to
Non-controlling interests		0.2	0.1	0.6	0.3
Owners of Mowi ASA		137.1	-36.0	566.3	262.2

Basic earnings per share (EUR)	9	0.32	0.06	1.15	0.97
Diluted earnings per share (EUR)	9	0.32	-0.02	1.15	0.86
Dividend declared and paid per share (NOK)		2.60	3.40	10.40	12.40

Condensed Consolidated Statement of Financial Position

Unaudited, in EUR million	Note	31.12.2018	30.09.2018	31.12.2017
ASSETS

Licenses		781.4	776.5	615.2
Goodwill		289.3	287.8	255.7
Deferred tax assets		22.9	10.0	13.1
Other intangible assets Property, plant and equipment		26.2 1 216.1	25.7 1 173.9	26.1 1 082.7
Investments in associated companies and joint
ventures		220.6	193.7	170.7
Other shares and other non-current assets		1.6	1.7	3.3
Total non-current assets		2 558.1	2 469.3	2 166.7
Inventory		285.5	322.6	306.9
Biological assets	6	1 559.3	1 522.2	1 200.5
Current receivables		636.9	581.5	583.9
Cash		105.3	80.7	71.7
Total current assets		2 587.1	2 507.1	2 163.0
Asset held for sale		0.0	0.0	0.5
Total assets		5 145.1	4 976.4	4 330.3

EQUITY AND LIABILITIES
Equity		2 877.2	2 347.6	2 314.2
Non-controlling interests		1.7	1.6	1.2
Total equity		2 879.0	2 349.2	2 315.4
Deferred tax liabilities		413.6	426.0	353.9
Non-current interest-bearing debt		1 142.5	1 238.6	773.3
Other non-current liabilities		11.0	202.1	87.9
Total non-current liabilities		1 567.1	1 866.7	1 215.2
Current interest-bearing debt		0.1	60.3	130.3
Other current liabilities		699.0	700.2	669.4
Total current liabilities		699.1	760.5	799.7
Total equity and liabilities		5 145.1	4 976.4	4 330.3

Condensed Consolidated Statement of Change in Equity

2018 Attributable to owners of Mowi ASA
Unaudited, in EUR million	Share capital	Other paid in capital	Shared based payment	Foreign currency translatio n reserve	Foreign currency translation reserve associated companies	Other equity reserves	Total	Non controlling interests	Total equity
Equity 01.01.2018	383.9	931.5	5.4	51.3	-5.2	947.3	2 314.2	1.2	2 315.4
Comprehensive income
Profit						566.6	566.6	0.6	567.2
Other comprehensive income				30.5	-2.3	-28.6	-0.4		-0.4
Transactions with owners
Share based payment			0.5			-5.2	-4.7		-4.7
Bond conversion	20.1	319.5				194.2	533.8		533.8
Dividend						-532.4	-532.4		-532.4
Total equity end of period	404.0	1 251.0	5.9	81.8	-7.5	1 141.9	2 877.2	1.7	2 879.0

2017 Attributable to owners of Mowi ASA
Unaudited, in EUR million	Share capital	Other paid in capital	Shared based payment	Foreign currency translatio n reserve	Foreign currency translation reserve associated companies	Other equity reserves	Total	Non controlling interests	Total equity
Equity 01.01.2017	351.8	657.5	4.6	209.8	6.9	837.7	2 068.4	0.9	2 069.3
Comprehensive income
Profit						462.5	462.5	0.3	462.8
Other comprehensive income				-158.5	-12.1	-29.6	-200.3		-200.3
Transactions with owners
Share based payment			0.8			-5.5	-4.7		-4.7
Bond conversion	32.0	596.5					628.5		628.5
Repayment of paid in capital		-322.5				-317.8	-640.3		-640.3
Total equity 31.12.2017	383.8	931.5	5.4	51.3	-5.2	947.3	2 314.2	1.2	2 315.4

Condensed Consolidated Statement of Cash Flow

Unaudited, in EUR million	Q4 2018	Q4 2017	2018	2017

Earnings before taxes (EBT)	175.5	3.4	732.2	522.6
Interest expense	12.5	11.6	50.0	46.7
Currency effects	18.6	24.2	17.7	8.8
Other financial items	23.9	-43.5	125.5	-93.2
Net fair value adjustment and onerous contracts	-11.8	94.6	-140.2	220.5
Income/loss from associated companies	-13.4	-12.8	-45.5	-33.7
Depreciation and impairment losses	41.7	139.9	164.4	254.2
Change in working capital	-124.9	-99.9	-147.7	-114.6
Taxes paid	-14.4	-29.5	-129.8	-177.4
Restructuring and other non-operational items	0.0	2.2	-2.4	1.4
Other adjustments	-0.2	-0.6	-3.4	-2.8
Cash flow from operations	107.5	89.7	620.9	632.4

Proceeds from sale of fixed assets	1.8	0.6	6.5	6.2
Payments made for purchase of fixed assets	-77.8	-70.3	-346.2	-254.9
Proceeds from associates and other investments	0.1	0.2	29.0	34.7
Purchase of shares and other investments	-21.7	0.0	-253.1	-20.7
Cash flow from investments	-97.6	-69.5	-563.7	-234.7

Proceeds from new interest-bearing debt	152.7	158.7	534.8	308.2
Down payment of interest-bearing debt	0.0	0.0	0.0	-42.0
Net interest and financial items paid	-9.7	-8.4	-38.4	-27.5
Realized currency effects	6.5	-8.9	14.1	-17.1
Dividend paid to owners of Mowi ASA	-135.2	-173.7	-532.4	0.0
Repayment of paid in capital	0.0	0.0	0.0	-640.3
Other financing items	0.0	0.0	0.0	-6.7
Cash flow from financing	14.3	-32.3	-22.0	-425.5

Change in cash in the period	24.2	-12.1	35.2	-27.8
Cash - opening balance 1)	70.1	71.9	59.1	88.0
Currency effects on cash - opening balance	-0.4	-0.7	-0.4	-1.1
Cash - closing balance 1)	93.9	59.1	93.9	59.1

1) Excluded restricted cash

SELECTED NOTES TO THE INTERIM FINANCIAL STATEMENTS

Note 1 GENERAL INFORMATION

Mowi (the Group) consists of Mowi ASA and its subsidiaries, including the Group's interests in associated companies.

These interim financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The interim financial statements do not include all of the information and disclosures required by International Financial Reporting Standards (IFRSs) for a complete set of financial statements, and these interim financial statements should be read in conjunction with the annual financial statements. The interim report is unaudited.

Note 2 ACCOUNTING PRINCIPLES

All significant accounting principles applied in the consolidated financial statements are described in the Annual Report for 2017 (as published on the Oslo Stock Exchange on March 20, 2018).

Two new accounting standards have been implemented with effect from 1 January 2018:

The Group has adopted IFRS 15, the new IFRS standard regarding revenue from customers. This standard does not have any material effects on the Group's financial reporting. The reason for this is that the Group's main revenue derives from sales of goods (fish and elaborated fish products), and there are no significant changes between the old and the new standard regarding recognition of such revenue. The revenue is recognized when the control of the goods have passed to the buyer, usually on delivery (i.e. a certain point in time). Thus, no changes have been made to comparative information or the opening balance of equity per 1 January 2018.
The Group has adopted IFRS 9, the new IFRS standard regarding classification and measurement of financial instruments. This standard does not have any material effects on the Group's financial reporting, and no changes have been made to comparative information or the opening balance of equity per 1 January 2018.

Significant fair value measurements in accordance with IFRS 13:

Biological assets

Biological assets are, in accordance with IAS 41, measured at fair value, unless the fair value cannot be measured reliably. Broodstock and smolt are measured at cost less impairment losses, as the fair value cannot be measured reliably. Fair value of biological assets is calculated based on a cash flow-based present value model, which does not rely on historical cost. Cash inflows are calculated as functions of estimated volume multiplied with estimated price. Fish ready for harvest (mature fish) is valued at expected sales price with a deduction of cost related to harvest, transport etc. Sales costs are not deducted. For fish not ready for harvest (immature fish), the model uses an interpolation methodology where the known data points are the value of the fish when put to sea and when recognized as mature fish.

In accordance with IAS 41.16, a provision for onerous contracts is recorded by assessing if there are contracts in which the unavoidable costs of meeting the Group's obligations under the contract (where fair value adjustment of biological assets is included in the unavoidable costs) exceed the economic benefits expected to be received.

Derivative financial instruments and other shares

Derivative financial instruments (including interest swaps, currency swaps and salmon derivatives) are valued at fair value on Level 2 of the fair value hierarchy, in which the fair value is calculated by comparing the terms agreed under each derivative contract to the market terms for a similar contract on the valuation date.

Conversion liability component of convertible bond

The conversion liability component is, subsequent to initial recognition, measured at fair value. The measurement is categorized into Level 2 in the fair value hierarchy, using a valuation technique based on observable data. Note that there are no remaining convertible bonds per 31.12.2018.

Significant changes in accounting principles after the end of the quarter (no impact on 2018 figures):

• From 2019, the Group implements the new accounting standard regarding leases (IFRS 16). The new standard requires recognition of right-of-use assets and liabilities related to all leasing agreements with duration exceeding 12 months. The asset and liability to be recognized for each leasing agreement is the present value of the lease payments. Preliminary calculations indicate that total assets and total liabilities in the statement of financial position will increase by approximately EUR 350 million compared with the reported amount per year-end 2018, given the current leasing contract portfolio. The group's bank facility has a covenant of 35% book equity ratio, but the calculation of the ratio is to be adjusted for the effects of IFRS 16. In the statement of comprehensive income, leasing costs related to IFRS 16 will be replaced by depreciation costs of right-of-use assets and interest costs related to the lease liabilities. As interests costs are not part of EBIT, proforma EBIT (both Operational EBIT and Financial EBIT) for 2018 would increase by approximately EUR 8.5 million (given the current leasing contract portfolio) compared to reporting based on the previous accounting regulations. In the statement of cash flow, cash outflows related to leases previously included in the cash flow from operations will be replaced by cash outflows related to repayment of lease liabilities included in the cash flow from financing. The Group plans to implement IFRS 16 using the modified retrospective approach, i.e. without restating comparative information, and by recognizing the same amount as rightof-use assets and lease liabilities per 1 January 2019. Consequently, opening book value of equity will not be impacted.

Note 3 ESTIMATES AND RISK EXPOSURE

The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting principles and recognized amounts of assets, liabilities, income and expenses. The most significant estimates relate to the valuation of biological assets and intangible assets. Estimates and underlying assumptions are reviewed on an ongoing basis, and are based on the management's best assessment at the time of reporting. All changes in estimates are reflected in the financial statements as they occur.

Mowi is exposed to a number of risk factors: Operational risks, strategic risk, reporting risk and compliance risk. The Risk Management section in the Annual Report contains a detailed description of risks and mitigation actions.

Note 4 BUSINESS SEGMENTS

For management purposes, Mowi is organized into three Business Areas: Feed, Farming and Sales & Marketing. Feed and Farming are separate reportable segments. Sales & Marketing is divided in two reportable segments, Markets and Consumer Products.

The performance of the segments is monitored to reach the overall objective of maximizing the Operational EBIT per kg. Consequently, reporting is focused towards measuring and illustrating the overall profitability of harvested volume based on source of origin (Operational EBIT/kg).

The same accounting principles as described for the Group financial statements have been applied for the segment reporting. Inter-segment transfers or transactions are entered into under normal commercial terms and conditions, and the measurement used in the segment reporting is the same as used for the actual transactions.

Unrealized internal margin from sale of fish feed from Feed to Farming is eliminated in the Group financial statements until the fish that consumed the feed is sold. In the segment reporting the internal profit is included for Business Area Feed.

BUSINESS AREAS	Feed	Farming		Sales & Marketing	Other	Eliminations	TOTAL
EUR million			Markets 1)	Consumer Products 1)
Q4 2018
External revenue	8.2	36.4	413.4	615.7	0.0	0.0	1 073.7
Internal revenue	123.0	598.3	175.2	6.4	4.0	-906.9	0.0
Operational revenue	131.2	634.7	588.6	622.1	4.0	-906.9	1 073.7
Gain/loss from derivatives	0.0	9.0	0.1	-0.8	0.1	-9.0	-0.7
Revenue in profit and loss	131.2	643.7	588.7	621.2	4.1	-915.9	1 073.0
Operational EBITDA	7.7	188.7	16.9	44.0	-5.0	0.0	252.3
Operational EBIT	5.8	158.3	16.8	38.0	-5.9	0.0	213.0
Change in unrealized internal margin	0.0	0.0	0.0	0.0	0.0	-3.4	-3.4
Gain/loss from derivatives	0.0	9.0	0.1	-9.9	-1.2	0.0	-1.9
Net fair value adjustment on biological assets	0.3	1.4	0.0	0.0	0.0	0.0	1.6
Onerous contract provisions	0.0	10.2	0.0	0.0	0.0	0.0	10.2
Restructuring cost	0.0	0.7	0.0	0.0	0.0	0.0	0.7
Other non-operational items	0.0	-0.8	0.0	0.1	0.0	0.0	-0.7
Income from associated companies and joint ventures	0.0	13.5	0.0	0.0	-0.1	0.0	13.4
Impairment losses and write-downs	0.0	-2.8	-0.1	0.4	0.0	0.0	-2.4
EBIT	6.0	189.5	16.8	28.7	-7.2	-3.4	230.5

Q4 2017
External revenue	4.0	23.4	444.0	538.6	0.0	0.0	1 010.0
Internal revenue	89.0	605.0	170.3	8.9	8.8	-881.9	0.0
Operational revenue	93.0	628.4	614.2	547.5	8.8	-881.9	1 010.0
Gain/loss from derivatives	0.0	17.4	-3.4	0.0	0.7	-17.6	-2.9
Revenue in profit and loss	93.0	645.8	610.9	547.5	9.5	-899.6	1 007.1
Operational EBITDA	-0.5	153.2	26.5	35.8	4.1	0.0	219.0
Operational EBIT	-2.8	124.8	26.4	29.1	3.3	0.0	180.8
Change in unrealized internal margin	0.0	0.0	0.0	0.0	0.0	12.9	12.9
Gain/loss from derivatives	0.0	17.4	-3.4	-17.6	-8.5	0.0	-12.1
Net fair value adjustment on biological assets	0.0	-106.0	0.0	0.0	0.0	0.0	-106.0
Onerous contract provisions	0.0	11.5	0.0	0.0	0.0	0.0	11.5
Restructuring cost	0.0	-1.4	0.0	-1.1	0.0	0.0	-2.5
Other non-operational items	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income from associated companies and joint ventures	0.0	13.0	0.0	0.0	-0.2	0.0	12.8
Impairment losses and write-downs	0.0	-101.7	-0.1	0.2	0.0	0.0	-101.7
EBIT	-2.8	-42.5	22.9	10.6	-5.4	12.9	-4.3

BUSINESS AREAS	Feed	Farming		Sales & Marketing	Other	Eliminations	TOTAL
EUR million			Markets 1)	Consumer Products 1)
2018
External revenue	15.5	119.5	1 559.5	2 119.9	0.0	0.0	3 814.5
Internal revenue	403.8	2 174.6	671.6	30.0	18.8	-3 298.8	0.0
Operational revenue	419.3	2 294.1	2 231.1	2 149.9	18.8	-3 298.8	3 814.5
Gain/loss from derivatives	0.0	-0.5	-2.6	0.0	0.0	0.5	-2.6
Revenue in profit and loss	419.3	2 293.6	2 228.5	2 149.9	18.8	-3 298.3	3 811.9
Operational EBITDA	17.1	742.9	51.6	112.3	-17.6	0.0	906.2
Operational EBIT	9.6	625.2	51.0	88.0	-21.0	0.0	752.8
Change in unrealized internal margin	0.0	0.0	0.0	0.0	0.0	-5.9	-5.9
Gain/loss from derivatives	0.0	-0.5	-2.6	0.5	7.0	0.0	4.4
Net fair value adjustment on biological assets	0.5	145.8	0.0	0.0	0.0	0.0	146.4
Onerous contract provisions	0.0	-6.1	0.0	0.0	0.0	0.0	-6.1
Restructuring cost	0.0	-0.1	0.5	0.0	0.0	0.0	0.3
Other non-operational items	0.0	-0.8	0.0	-0.1	0.0	0.0	-1.0
Income from associated companies and joint ventures	0.0	45.7	0.0	0.0	-0.2	0.0	45.5
Impairment losses and write-downs	0.0	-2.8	0.0	-8.2	0.0	0.0	-11.0
EBIT	10.2	806.3	48.8	80.2	-14.1	-5.9	925.4


2017
External revenue	20.3	80.2	1 671.0	1 882.3	0.0	0.0	3 653.8
Internal revenue	333.5	2 234.4	649.9	34.8	22.8	-3 275.4	0.0
Operational revenue	353.8	2 314.6	2 320.9	1 917.1	22.8	-3 275.4	3 653.8
Gain/loss from derivatives	0.0	57.7	-5.7	0.0	4.0	-60.5	-4.4
Revenue in profit and loss	353.8	2 372.3	2 315.2	1 917.1	26.9	-3 335.9	3 649.4
Operational EBITDA	16.3	772.5	59.5	102.4	-8.3	0.0	942.5
Operational EBIT	8.5	660.5	59.0	75.9	-11.8	0.0	792.1
Change in unrealized internal margin	0.0	0.0	0.0	0.0	0.0	5.7	5.7
Gain/loss from derivatives	0.0	57.9	-5.7	-60.8	-11.6	0.0	-20.2
Net fair value adjustment on biological assets	1.1	-341.4	0.0	0.0	0.0	0.0	-340.3
Onerous contract provisions	0.0	119.8	0.0	0.0	0.0	0.0	119.8
Restructuring cost	0.0	-0.8	-0.1	-1.4	-0.2	0.0	-2.5
Other non-operational items	0.0	0.3	0.0	-0.1	0.0	0.0	0.3
Income from associated companies and joint ventures	0.0	34.2	0.0	0.0	-0.5	0.0	33.7
Impairment losses and write-downs	0.0	-103.1	-0.2	0.1	-0.5	0.0	-103.8
EBIT	9.6	427.4	52.9	13.8	-24.5	5.7	484.9

1) Until 2018 the Consumer Products reporting segment consisted of Consumer Products Europe. From 2018 Consumer Products also includes the value-added operations in Asia and Americas, that were previously included in the Markets reporting segment. Comparison figures have been re-presented accordingly.

Note 5 DISAGGREGATION OF REVENUE

BUSINESS AREAS		Feed		Farming		Sales & Marketing		TOTAL
EUR million	Q4 2018	Q4 2017	Q4 2018	Q4 2017	Q4 2018	Q4 2017	Q4 2018	Q4 2017
Geographical markets
Europe	8.2	4.0	14.2	19.9	750.5	729.9	773.0	753.8
Americas	0.0	0.0	22.0	3.4	176.3	159.7	198.3	163.1
Asia	0.0	0.0	0.0	0.0	91.1	81.7	91.1	81.7
Rest of the world	0.0	0.0	0.2	0.2	11.2	11.1	11.3	11.3
External operational revenue	8.2	4.0	36.4	23.4	1 029.1	982.6	1 073.7	1 010.0

Source of revenue

The main source of revenue for the Group is sales of Atlantic salmon, including elaborated products.

The business area Sales & Marketing represents the majority of the Group's external revenue. The revenue distribution for Sales & Marketing according to product categories was as follows in the fourth quarter of 2018 (fourth quarter of 2017): Fresh bulk 36% (39%), smoked/marinated 22% (24%), fresh MAP 13% (10%), fresh prepared 11% (12%), frozen prepared 7% (5%), frozen bulk 3% (2%) and other 9% (9%).

The business area Feed sells some feed to external parties. In the fourth quarter of 2018 (fourth quarter of 2017), the business area Farming has external revenue of EUR 8.2 million (EUR 4.0 million) related to sales of Atlantic salmon, and also other revenue which includes insurance income and rental income from sales of surplus primary processing capacity.

BUSINESS AREAS	Feed			Farming		Sales & Marketing	TOTAL
EUR million	YTD 2018	YTD 2017	YTD 2018	YTD 2017	YTD 2018	YTD 2017	YTD 2018	YTD 2017
Geographical markets
Europe	15.5	20.3	59.8	72.2	2 639.2	2 535.5	2 714.5	2 628.0
Americas	0.0	0.0	59.0	7.1	644.6	646.8	703.6	653.9
Asia	0.0	0.0	0.0	0.0	348.0	327.6	348.0	327.6
Rest of the world	0.0	0.0	0.7	0.9	47.6	43.4	48.3	44.3
External operational revenue	15.5	20.3	119.5	80.2	3 679.4	3 553.3	3 814.5	3 653.8

Note 6 BIOLOGICAL ASSETS

EUR million	Norway	Scotland	Canada	Chile	Other	TOTAL
Fair value adjustment on harvested fish in the statement of comprehensive income
Q4 2018	-119.9	-21.5	-25.2	-18.8	-11.7	-197.1
Q4 2017	-133.4	-16.9	-20.2	-17.0	-14.7	-202.2
YTD Q4 2018	-480.7	-54.5	-80.9	-69.7	-32.0	-717.8
YTD Q4 2017	-540.0	-160.3	-102.3	-64.7	-46.0	-913.4
Fair value adjustment on biological assets in the statement of comprehensive income
Q4 2018	100.7	32.8	31.7	30.0	5.0	200.3
Q4 2017	56.2	-1.6	21.8	14.2	8.9	99.5
YTD Q4 2018	574.8	95.2	83.6	87.3	32.7	873.5
YTD Q4 2017	323.8	70.5	74.2	68.1	48.8	585.5

Fair value adjustment on incident based mortality in the statement of comprehensive income
Q4 2018	0.0	-0.2	-0.5	0.0	-0.8	-1.5
Q4 2017	-2.1	-1.7	0.4	0.0	0.0	-3.4
YTD Q4 2018	-3.9	-0.6	-2.9	0.0	-2.0	-9.4
YTD Q4 2017	-7.1	-3.0	0.0	-0.9	-1.4	-12.4
Net fair value adjustment biomass in the statement of comprehensive income
Q4 2018	-19.2	11.1	6.0	11.2	-7.5	1.6
Q4 2017	-79.3	-20.2	2.0	-2.8	-5.7	-106.0
YTD Q4 2018	90.2	40.2	-0.3	17.6	-1.3	146.4
YTD Q4 2017	-223.3	-92.7	-28.1	2.5	1.5	-340.3
Volumes of biomass in sea (1 000 tonnes)
31.12.2018						305.0
30.09.2018						288.5
31.12.2017						258.0
Fair value adjustment on biological assets in the statement of financial position
31.12.2018
Fair value adjustment on biological assets	278.0	60.0	69.0	38.1	14.0	459.1
Biomass at cost*						1 100.2
Total biological assets						1 559.3

30.09.2018
Fair value adjustment on biological assets	297.3	49.7	65.4	26.3	21.5	460.2
Biomass at cost*						1 062.0
Total biological assets						1 522.2
31.12.2017
Fair value adjustment on biological assets	187.9	21.0	46.7	19.0	15.3	289.9
Biomass at cost*						910.5
Total biological assets						1 200.5
* Includes costs related to seawater, freshwater, broodstock and cleanerfish

Reconciliation of changes in carrying amount of biological assets
Carrying amount as of 30.09.2018						1 522.2
Cost to stock						427.0
Net fair value adjustment						1.6
Mortality for fish in sea						-9.6
Cost of harvested fish						-371.6
Currency translation differences						-10.4

Total carrying amount of biological assets as of 31.12.2018 1 559.3

Q4|2018

EUR million	Norway	Scotland	Canada	Chile	Other	TOTAL
Price sensitivities effect on fair value
The sensitivities are calculated based on a EUR 0.1 change of the salmon price in all markets.
	10.1	2.1	2.7	3.0	0.6	18.5
Onerous contracts provision (included in other current liabilities in the statement of financial position)
30.09.2018						17.5
Change in onerous contracts provision in the statement of comprehensive income						-10.2
31.12.2018						7.3

Note 7 EXCEPTIONAL ITEMS

EUR million	Q1 2018	Q2 2018	Q3 2018	Q4 2018	YTD 2018

Incident based mortality Mowi Norway	2.8	2.1	4.9	6.9	16.7
Incident based mortality Mowi Scotland	1.0	0.0	1.2	0.4	2.5
Incident based mortality Mowi Canada	1.1	1.9	3.2	0.9	7.1
Incident based mortality Mowi Chile	0.1	0.0	1.4	0.0	1.4
Incident based mortality Mowi Faroes	0.0	0.0	0.0	0.0	0.0
Incident based mortality Mowi Ireland	0.4	1.4	1.0	1.9	4.8
Incident based mortality	5.3	5.4	11.7	10.1	32.5
Exceptional sea lice mitigation Mowi Norway	16.3	17.9	21.1	21.4	76.7
Sum exceptional items	21.6	23.3	32.8	31.5	109.2

Note 8 FINANCIAL ITEMS

EUR million	Notes	Q4 2018	Q4 2017	2018	2017

Net interest expenses		-12.5	-11.6	-50.0	-46.7
Net currency effect on long term positions		10.1	14.5	-2.0	25.0
Net currency effects on short term positions		-4.9	-13.7	-11.9	-9.1
Net currency effects on short term currency hedges		-4.8	-7.2	-4.2	-2.7
Net currency effects on long term currency hedges		-18.9	-17.8	0.5	-21.9
Net currency effects		-18.6	-24.2	-17.7	-8.8
Change in fair value financial instruments		0.5	4.4	14.6	14.5
Change in fair value conversion liability component of convertible bonds	10	-26.0	39.8	-142.3	82.4
Net other financial items		1.5	-0.7	2.3	-3.8
Other financial items		-23.9	43.5	-125.5	93.2
Total financial items		-55.0	7.7	-193.2	37.7

Note 9 EARNINGS PER SHARE

Basic Earnings per share (EPS) is calculated on the weighted average number of shares outstanding during the period.

Convertible bonds that are "in the money" are considered to have a dilutive effect if EPS is reduced when assuming a full conversion into shares at the beginning of the period and reversing all its effects on earnings for the period. On the other hand, if the effect of the above increases EPS, the bond is considered anti-dilutive, and is then not included in diluted EPS. The adjustments to earnings are interest expenses, currency gains/losses and changes in fair value of conversion liability component, adjusted for estimated taxes. Average diluted number of shares is also affected by the share price based bonus call options to senior executives.

There are no remaining convertible bonds at year-end 2018 as the EUR 340 million convertible bond was converted during the fourth quarter. Accordingly, no effects related to convertible bonds are included in diluted EPS.

Note 10 CONVERTIBLE BOND

EUR million
	Statement of financial position		Statement of comprehensive income
	Interest-bearing debt	Conversion liability component	Net interest expenses	Other financial items
Initial recognition
EUR 340 mill 2015-bond	283.1	51.6
Subsequent measurement
Recognized 2015, 2016 and 2017
Interest effects	23.2		-24.1
Change in fair value of conversion liability components		24.3		24.3
Net recognized 2015, 2016 and 2017			-24.1	24.3
Recognized 2018
Q1, Q2 and Q3 2018
Coupon interest			-0.3
Amortized interest	8.5		-8.5
Conversion of bond	-4.6	-2.4
Change in fair value of conversion liability components		116.4		116.4
Q4 2018
Coupon interest			—
Amortized interest	1.3		-1.3
Effect of conversion on amortization element	23.8
Conversion of bond	-335.3	-215.8
Change in fair value of conversion liability components		26.0		26.0
Net recognized end of period	—	—	-10.0	142.3

The value of the debt liability component and conversion liability component was determined when the bond was issued. The fair value of the debt liability component was calculated using a market interest rate for an equivalent, non-convertible bond. The residual amount was the fair value of the conversion liability component at initial recognition. The carrying amount of the debt liability component of the convertible bond is classified as non-current interest-bearing debt, and the conversion liability component is classified as other non-current financial liabilities in the consolidated statement of financial position.

During the fourth quarter Mowi completed the conversion of the EUR 340 million convertible bond issued in 2015. The conversion in the fourth quarter was performed by issuing 25 524 304 new shares, of which 9 318 241 shares was issued at a conversion price of 13,2321 and 16 206 063 shares was issued at a conversion price of 13.0630. In the third quarter, 347 638 shares was issued at a conversion price of 13.2121.

There are no remaining convertible bonds at year-end 2018.

	No of shares	Share capital (EUR million)	Other paid in capital (EUR million)
Share capital
Issued at the beginning of 2018	490 167 777	383.8	931.5
New shares issued through bond conversion (see note 10)	25 871 942	20.1	319.5
Issued at the end of period 1)	516 039 719	404.0	1 251.0
Treasury shares			Cost (EUR million)
Treasury shares at the beginning of 2018	0
Treasury shares purchased in the period	717 815		12.2
Treasury shares sold in the period	-717 815		-5.2
Treasury shares end of period	0	Trade loss 2)	7.1

1) Per 31 December 2018 Mowi ASA had a share capital of NOK 3,870,297,982.50 divided into 516,039,719 shares, each with a par value of NOK 7.50.

2) The trade loss arises from sale of shares under the share option scheme for senior executives from 2014.

Note 12 SHAREHOLDERS

Major shareholders as of 31.12.2018:

Name of shareholder	No. of shares	%
Geveran Trading Co Ltd	79 551 603	15.42%
Folketrygdfondet	40 727 519	7.89%
Clearstream Banking S.A.	24 329 236	4.71%
Jupiter European Fund	11 545 670	2.24%
State Street Bank and Trust Comp	10 552 633	2.04%
State Street Bank and Trust Comp	9 919 510	1.92%
State Street Bank and Trust Comp	9 894 418	1.92%
Citibank, N.A.	8 476 161	1.64%
State Street Bank and Trust Comp	8 329 130	1.61%
State Street Bank and Trust Comp	7 774 777	1.51%
UBS Switzerland AG	6 662 651	1.29%
J.P. Morgan Chase Bank, N.A., London	6 239 796	1.21%
J.P. Morgan Chase Bank, N.A., London	5 954 859	1.15%
The Bank of New York Mellon SA/NV	5 825 392	1.13%
The Northern Trust Comp, London Br	5 042 891	0.98%
J.P. Morgan Chase Bank, N.A., London	4 594 811	0.89%
J.P. Morgan Bank Luxembourg S.A.	4 560 967	0.88%
Euroclear Bank S.A./N.V.	4 097 499	0.79%
State Street Bank and Trust Comp	4 033 715	0.78%
Citibank, N.A.	4 000 000	0.78%
Total 20 largest shareholders	262 113 238	50.79%
Total other	253 926 481	49.21%
Total number of shares 31.12.2018	516 039 719	100.00%

Note 13 SHARE PRICE DEVELOPMENT

Share price development at Oslo Stock Exchange (ticker MOWI)

Note 14 BUSINESS COMBINATIONS

In December 2017, Mowi entered into a conditional agreement to acquire 100% of the shares in the salmon farmer Northern Harvest located on the East Coast of Canada, for CAD 315 million (approximately EUR 210 million). The transaction was subject to approval by the Canadian Competition Bureau and customary closing conditions. In June 2018, Mowi obtained a No Action Letter from the Canadian Competition Bureau. The transaction was closed on 3 July 2018, and this date has been identified as the acquisition date.

Northern Harvest is fully integrated with its own broodstock, smolt/hatchery, farmings sites and processing operations. Northern Harvest harvested 18 200 GWT of salmon in 2018, and currently has 45 farming licenses in Newfoundland and New Brunswick. The company has an additional 13 farming licenses in application mode. The purchase of Northern Harvest is of strategic importance, and the benefits include expansion into a new region for Mowi, as well as improved market access to the Eastern Canadian and US seafood markets. In 2017 we completed the purchase of the Gray Aqua Group assets located in the same region, and we expect synergies through the combination of these assets and Northern Harvest.

The provisional aggregated goodwill of EUR 34.0 million recognized arises from expected synergies from combining the assets and activities of Northern Harvest with Mowi. Goodwill is not deductible for income tax purposes. The table below summarizes the consideration paid for Northern Harvest and the preliminary assessed fair value of the assets acquired and liabilities assumed, recognized at the acquisition date. Note that Northern Harvest's external long term debt was settled in July. Acquisition-related costs of EUR 1.7 million have been recognized as other operating expenses in the consolidated statement of comprehensive income in accordance with IFRS 3, of which EUR 1.6 million in 2018.

Q4|2018

Recognized amounts of identifiable assets acquired and liabilities assumed	CAD million	EUR million
Provisional fair value
Licenses	144 884	94 418
Property, plant and equipment	57 307	37 346
Inventory	7 664	4 994
Biological assets	120 779	78 709
Trade receivables	21 491	14 005
Other receivables	5 072	3 305
Cash and cash equivalents	2 068	1 348
Deferred tax liabilities	(66 926)	(43 614)
Other long term debt	(124 228)	(80 957)
Other current liabilities	(9 212)	(6 003)
Total identifiable net assets	158 899	103 551
Goodwill	52 233	34 039
Cash consideration	211 132	137 590

If Northern Harvest had been consolidated from 1 January 2018, revenue for the Group would have been increased by EUR 66.1 million and profit before fair value adjustment would have been increased by EUR 4.9 million in the consolidated statement of comprehensive income for the six months ended 30 June 2018.

Forward looking statements

This report may be deemed to include forward-looking statements, such as statements that relate to Mowi's goals and strategies, salmon prices, ability to increase or vary harvest volume, production capacity, future capital expenditures and investments and the expected returns therefrom, trends in the seafood industry, restructuring initiatives, exchange rate and interest rate fluctuations, expected research and development expenditures, business prospects and positioning with respect to market, demographic and pricing trends, strategic initiatives, financial target (including ROCE and NIBD), planned operational expenses, product demand and trends, supply trends, expected price levels, and the effects of any extraordinary events and various other matters (including developments with respect to laws, regulations and governmental policies regulating the industry and changes in accounting policies, standards and interpretations) on Mowi's business and results. Forward-looking statements are typically identified by words or phrases, such as "believe," "expect," "anticipate," "intend," "estimate," "may increase," "may fluctuate," "plan," "goal," "target," "strategy," and similar expressions or future or conditional verbs such as "may," "will," "should," "would," and "could." Forward-looking statements are Mowi's current estimates or expectations of future events or future results. Actual results could differ materially from those indicated by these statements because the realization of those results is subject to many risks and uncertainties. Mowi ASA's annual report contains additional information about factors that could affect actual results, including: changes to the price of salmon including the value of our biological assets; hedging risks; risks related to fish feed; economic and market risks; environmental risks; operational risks; risks related to escapes, disease and sea lice; product risks; risks related to our acquisitions; financing risks; regulation risks including relating to food safety, the aquaculture industry, processing, competition and anti-corruption; trade restriction risks; litigation risks; tax and accounting risks; strategic and competitive risks; and reputation risks. All forwardlooking statements included in this report are based on information available at the time of the release, and Mowi assumes no obligation to update any forward-looking statement.

AI Terminal

Mowi ASA

3665_rns_2019-02-13_4185ec2e-f86a-465f-911b-96cda800ff03.pdf

HIGHLIGHTS - FOURTH QUARTER 2018

PROFIT - Financial results in the quarter

Financial items

Cash flow and NIBD

PROFIT - Operational performance and analytical data

MARKET OVERVIEW

Industry

Mowi

Geographic market presence

Sales by product

Branding and product development efforts

Price achievement

PROFIT - Operational performance

Salmon of Norwegian origin

Financial results

Price and volume development

Costs and operations

Salmon of Norwegian origin by region

Region Mid

Salmon of Scottish origin

Financial results

Price and volume development

Costs and operations

Salmon of Canadian origin

Financial results

Price and volume development

Costs and operations

Salmon of Chilean origin

Financial results

Price and volume development

Costs and operations

Salmon of Irish origin

Salmon of Faroese origin

Consumer Products

Financial results

Price, volume and operations

Consumer Products Europe

Consumer Products Asia

Consumer Products USA

Feed

Financial results

Price and volume development

Costs and operations

PLANET - Sustainable and responsible development

Escape prevention

Fish health

Lice management

SRS in Chile

Medicine use

ASC certifications

PEOPLE - Safe and meaningful jobs

Employee Health and Safety

PRODUCT - Tasty and healthy seafood

Global brand strategy launched

Events during and after the close of the quarter

Global brand strategy launched

New global cost and procurement improvement program

Research licenses awarded to the Blue Revolution Center concept in Norway

New site in Scotland

License renewal process in Canada West

Mowi Chile awarded for efficient production

New Managing Director of Mowi Feed

Best employer award to Mowi Poland

DESS Aquaculture Shipping

Conversion of the EUR 340 million convertible bond completed

Exercised EUR 200 million accordion option

Dividend of NOK 2.60 per share

Outlook statement from the Board of Directors

Summary year to date

RISKS

Interim financial statements

Condensed Consolidated Statement of Comprehensive Income

Condensed Consolidated Statement of Financial Position

Condensed Consolidated Statement of Change in Equity

Condensed Consolidated Statement of Cash Flow

SELECTED NOTES TO THE INTERIM FINANCIAL STATEMENTS

Note 1 GENERAL INFORMATION