Austevoll Seafood ASA

Earnings Release • Feb 23, 2016

FINANCIAL REPORT Q4 2015 AND PRELIMINARY FIGURES FOR 2015

FINANCIAL REPORT Q4 2015 AND PRELIMINARY FIGURES FOR 2015

Group operating revenue in Q4 2015 totalled NOK 3,829

million, compared with NOK 3,705 million in Q4 2014.

Turnover generated from salmon and trout is up in the

quarter, while turnover from pelagic business is down

when compared with the same quarter in 2014.

EBITDA achieved in the fourth quarter was NOK 503

million, down from NOK 578 million in the same quarter

of last year.

EBIT before value adjustment of biomass in Q4 2015 was

NOK 178 million (Q4 2014: NOK 374 million). EBIT

after value adjustment of biomass in Q4 2015 was NOK

942 million (Q4 2014: NOK 991 million). The IFRS

biomass adjustment for the quarter was positive at NOK

764 million (Q4 2014: NOK 617 million). In Q4, a write-

down of NOK 116 million was made to goodwill related

to the business in Chile.

Income from associates for Q4 2015 totalled NOK 94

million (Q4 2014: NOK 86 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 Q4 2015 totalled

NOK 53 million (Q4 2014: NOK 49 million).

Profit before tax and IFRS biomass adjustment for Q4

2015 amounted to NOK 169 million, compared with NOK

249 million in Q4 2014.

Profit before tax for the quarter totalled NOK 941

million (Q4 2014: NOK 885 million). Profit after tax

was NOK 809 million (Q4 2014: NOK 616 million).

The Group is financially sound with an equity ratio of

53%. The Group had net interest-bearing debt totalling

NOK 4,838 million at the end of Q4 2015, compared with

NOK 3,959 million at the end of the same quarter last

year.

The Board intends to recommend to the annual general

meeting in 2016 a dividend payment for financial year

2015 of NOK 2.20 per share. This represents 40% of the

net profit after biomass adjustment. Correspondingly,

a figure of NOK 2.00 per share was paid in 2015,

representing 32% of the net profit after biomass

adjustment.

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).