Austevoll Seafood ASA

Earnings Release • Nov 9, 2017

Financial report Q3 2017

Financial report Q3 2017

The Group reported operating revenue of NOK 4,903 million in the quarter, compared with NOK 4,611 million in Q3 2016. The increase in revenue comes from both the operating segment for Atlantic salmon/trout/whitefish and the pelagic segment. Subsequent to LSG's acquisition of Havfisk and Norway Seafoods Group at the end of August 2016, both companies were consolidated with effect from September 2016.

EBITDA in Q3 2017 was NOK 1,051 million, up from NOK 709 million in the same quarter of 2016.

The increase in EBITDA was generated by the Atlantic salmon/trout/whitefish operating segment. The seasonal fluctuations in catch volumes for wild catches cause similar fluctuations in the quarterly key figures from year to year. The fall in EBITDA within the pelagic segment from Q3 2016 to Q3 2017 is mainly attributed to the early start for the first fishing season in Peru this year, as early as April. This resulted in a high catch volume in Q2 2017 and a correspondingly high sales volume of finished products in the same quarter. The fishing season started very late in 2016, at the end of June. The catch volumes were therefore reported in the third quarter and the sales volumes for finished products in the third quarter and late 2016.

EBIT before fair value adjustment related to biological assets in Q3 2017 was NOK 822 million (Q3 2016: NOK 496 million). EBIT after fair value adjustment related to biological assets in Q3 2017 was NOK 310 million (Q3 2016: NOK 398 million). Value adjustment related to biological assets was negative at NOK 512 million in Q3 2017 (Q3 2016: NOK -99 million).

Income from associates in Q3 2017 totalled NOK 89 million (Q3 2016: NOK 142 million). The largest associates are Norskott Havbruk AS (owner of the Scotland-based fish farming company Scottish Sea Farms Ltd.) and Pelagia AS. The Group's associates are generating positive results and represent substantial value.

The Group's net interest expense in Q3 2017 totalled NOK 73 million (Q3 2016: NOK 59 million).

Profit before tax and fair value adjustment related to biological assets for Q3 2017 amounted to NOK 873 million, compared with NOK 546 million in Q3 2016.

Profit before tax for the quarter totalled NOK 329 million (Q3 2016: NOK 458 million). Profit after tax was NOK 270 million (Q3 2016: NOK 362 million).

The Group is financially sound with an equity ratio of 55%.

The Group had net interest-bearing debt totalling NOK 4,411 million at the end of Q3 2017, compared with NOK 4,777 million at the end of the same quarter last year.

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).