Austevoll Seafood ASA

Earnings Release • Feb 27, 2018

Financial report Q4 2017 and preliminary figures for 2017

Financial report Q4 2017 and preliminary figures for 2017

Group operating revenue in Q4 2017 totalled NOK 4,802 million, compared with NOK 5,330 million in Q4 2016.

Both fish farming and fisheries have reported a decline in revenue. The decline in fish farming is a result of lower prices realised for Atlantic salmon in Q4 2017 when compared with Q4 2016. Revenue from the wild catch segment is down, as the second fishing season in Peru was stopped only a few days after it opened on 23 November 2017. Fishing was stopped due to an excessive proportion of fish below the minimum size, and was not permitted to restart until January 2018. Due to the low catches reported in Peru in the second season, 2017 was the worst year for catch volumes from this region in AUSS's ownership period.

EBITDA achieved in the fourth quarter was NOK 819 million, down from NOK 1,301 million in the same quarter of 2016. The fall in EBITDA can also be attributed to the factors mentioned above.

EBIT before fair value adjustment related to biological assets in Q4 2017 was NOK 584 million (Q4 2016: NOK 931 million).

EBIT after fair value adjustment related to biological assets in Q4 2017 was NOK -418 million (Q4 2016: NOK 2,565 million). This major difference is due to negative fair value adjustment related to biological assets of NOK 1,002 million in Q4 2017. The fair value adjustment related to biological assets in Q4 2016 was positive at NOK 1,634 million.

Income from associates in Q4 2017 totalled NOK 143 million (Q4 2016: NOK 152 million). The largest associates are Norskott Havbruk AS and Pelagia AS. The Group's associates are generating positive results and represent substantial value.

The Group's net interest expense in Q4 2017 totalled NOK 67 million (Q4 2016: NOK 74 million).

Profit before tax and fair value adjustment related to biological assets for Q4 2017 amounted to NOK 651 million, compared with NOK 1,005 million in Q4 2016.

Profit before tax for the quarter totalled NOK -361 million (Q4 2016: NOK 2,658 million). The result after tax was a loss of NOK 181 million (Q4 2016: profit of NOK 2,149 million).

For further information please see attached report

and presentation.

Questions and comments may be addressed to the company's CEO, Arne Møgster, or to the CFO, Britt Kathrine Drivenes.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).