Austevoll Seafood ASA

Earnings Release • Nov 10, 2016

FINANCIAL REPORT Q3 2016

FINANCIAL REPORT Q3 2016

Subsequent to LSG's acquisition of Havfisk and NWSF at

end August, the two companies are wholly consolidated

in the Group as of September 2016. The interim result

therefore includes the results reported by Havfisk and

NWSF for September.

The Group reported operating revenue of NOK 4,611

million in the quarter, compared with NOK 3,791

million in Q3 2015.

The increase in revenue is attributed to the Atlantic

salmon/trout segment. Revenue within the pelagic

segment is down when compared with the same period in

2015. This can mainly be attributed to the reduced

catch volume during the first fishing season in Peru

and, as a result, lower production and sales volume

from this season compared with last year.

EBITDA in Q3 2016 was NOK 709 million, up from NOK 447

million in the same quarter of 2015. The increase in

EBITDA was mainly generated in the Atlantic

salmon/trout operating segment.

EBIT before value adjustment of biomass in Q3 2016 was

NOK 496 million (Q3 2015: NOK 255 million). EBIT after

value adjustment of biomass in Q3 2016 was NOK 398

million (Q3 2015: NOK 331 million). Value adjustment

of biomass totalled NOK -99 million in Q3 2016 (Q3

2015: NOK 76 million).

Income from associates in Q3 2016 totalled NOK 142

million (Q3 2015: NOK 69 million). The largest

associates are Norskott Havbruk AS (owner of the

Scotland-based fish farming company Scottish Sea Farms

Ltd.) and Pelagia AS. The increase in income for Q3

2016 when compared with the same quarter in 2015 is

mainly generated by Norskott Havbruk AS. The

associates in the Group are generating positive

results and represent substantial value.

The Group's net interest expense in Q3 2016 totalled

NOK 59 million (Q3 2015: NOK 57 million).

Profit before tax and biomass adjustment for Q3 2016

amounted to NOK 546 million, compared with NOK 264

million in Q3 2015.

Profit before tax for the quarter totalled NOK 458

million (Q3 2015: NOK 331 million). Profit after tax

was NOK 362 million (Q3 2015: NOK 269 million).

The Group is financially sound with an equity ratio of

55%.

The Group had net interest-bearing debt totalling NOK

4,777 million at the end of Q3 2016, compared with NOK

4,380 million at the end of the same quarter last

year.

Net interest-bearing debt at the end of Q3 2016 is

affected by the consolidation of Havfisk and NWSF in

the Group as of September. Net interest-bearing debt

from Havfisk and NWSF totalled NOK 985 million.

In Stock Exchange report dated 27 October 2016, LSG

reported that the company is exercising the option to

redeem other shareholdings in Havfisk and NWSF. The

investment in the shares acquired in Havfisk and NWSF

during the period after 30 September 2016 will amount

to NOK 1 billion.

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).