Austevoll Seafood ASA

Earnings Release • May 11, 2017

Financial report Q1 2017

Financial report Q1 2017

The Group reported operating revenue of NOK 6,075 million in

the quarter, compared with NOK 4,412 million in Q1 2016.

The significant increase in revenue is attributed to Farming

and whitefish operations. The acquired businesses, Havfisk

ASA (Havfisk) and Norway Seafoods Group AS - later renamed

Lerøy Norway Seafoods AS (LNWS) - were consolidated as of

and including September 2016, and are therefore not included

in the comparative amounts for Q1 2016 in this report.

EBITDA in Q1 2017 was NOK 1,555 million, a significant

increase from NOK 886 million in the same quarter of 2016.

The most important drivers behind the increase in revenue

and EBITDA - in addition to the acquisition of Havfisk and

LNWS - are the record high prices for Atlantic salmon and

the 11% increase in the harvest volume of salmon and trout

when compared with Q1 2016.

EBIT before fair value adjustment of biological assets in Q1

2017 was NOK 1,331 million (Q1 2016: NOK 696 million). EBIT

after fair value adjustment of biological assets in Q1 2017

was NOK 310 million (Q1 2016: NOK 860 million). The fair

value adjustment of biological assets for the quarter was

negative at NOK 1,021 million (Q1 2016: NOK 164 million).

Reference is made to note 3 of the report for further

details regarding the fair value adjustment of biological

assets.

Income from associates for Q1 2017 totalled NOK 150 million

(Q1 2016: NOK 96 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 net interest expense in Q1 2017 totalled NOK 74

million (Q1 2016: NOK 60 million).

Profit before tax and fair value adjustment of biological

assets for Q1 2017 amounted to NOK 1,401 million, compared

with NOK 724 million in Q1 2016.

Profit before tax for the quarter totalled NOK 416 million

(Q1 2016: NOK 908 million). Profit after tax for the quarter

totalled NOK 343 million (Q1 2016: NOK 693 million).

The Group is financially sound with an equity ratio of 54%.

The Group had net interest-bearing debt totalling NOK 4,156

million at the end of Q1 2017, compared with NOK 3,253

million at the end of the same quarter last year. Net

interest-bearing debt at the end of Q1 2016 was affected by

the parent company, AUSS, having sold 2,750,000 shares in

Lerøy Seafood Group ASA in March 2016. The proceeds of this

sale, totalling NOK 976 million, were used to pay dividends

to the shareholders in June 2016.

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).