Austevoll Seafood ASA

Earnings Release • Aug 18, 2016

INTERIM REPORT Q2 AND FIRST HALF 2016

INTERIM REPORT Q2 AND FIRST HALF 2016

Group operating revenue in Q2 2016 totalled NOK 4,558

million, compared with NOK 4,108 million in Q2 2015.

Compared with the same period in 2015, there has been

an increase in revenue in Atlantic salmon/trout and a

decline in revenue in the pelagic segment. This can

mainly be attributed to the late start-up of the first

fishing season in Peru and, as a result, restricted

sales of finished products from this season compared

with last year.

EBITDA in Q2 was NOK 985 million, up from NOK 778

million in the same quarter of 2015. The increase in

EBITDA came within the Atlantic salmon/trout operating

segment. There has been a decline in total EBITDA from

the pelagic segment in Q2 2016 compared with the same

quarter of 2015, mainly because of the late start-up

of the fishing season in Peru.

EBIT before fair value adjustment of biomass in Q2

2016 was NOK 790 million (Q2 2015: NOK 605 million).

EBIT after fair value adjustment of biomass in Q2 2016

was NOK 639 million (Q2 2015: NOK 380 million). The

IFRS biomass adjustment for the quarter was negative

at NOK 150 million (Q2 2015: NOK -225 million).

Income from associates for Q2 2016 totalled NOK 69

million (Q2 2015: NOK 46 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 Q2 2016 totalled

NOK 58 million (Q2 2015: NOK 60 million).

Profit before tax and IFRS biomass adjustment for Q2

2016 amounted to NOK 810 million, compared with NOK

586 million in Q2 2015.

Profit before tax for the quarter totalled NOK 659

million (Q2 2015: NOK 353 million). Profit after tax

was NOK 504 million (Q2 2015: NOK 231 million).

The Group is financially sound with an equity ratio of

57%.

The Group had net interest-bearing debt totalling NOK

1,911 million at 30 June 2016, compared with NOK 4,560

million at the same time last year.

Net interest-bearing debt at the end of Q2 2016 was

impacted by Lerøy Seafood Group ASA (LSG) carrying out

a private placement in June worth a total of NOK 2,075

million. A total of 5 million new LSG shares were

issued at a price of NOK 415.00 per share. The

proceeds from the share issue will be used to part-

finance the acquisitions of 64.4% of Havfisk ASA and

73.6% of Norway Seafoods Group AS announced by LSG.

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).