Austevoll Seafood ASA

Earnings Release • Nov 11, 2015

FINANCIAL REPORT Q3 2015

FINANCIAL REPORT Q3 2015

Group operating revenue in Q3 2015 totalled NOK 3,791 million,

compared with NOK 3,391 million in Q3 2014.

EBITDA for Q3 2015 was NOK 447 million, up from NOK 440 million

in Q3 2014.

The company reported an increase in turnover from the segments

for salmon and trout, and pelagic fish. The pelagic segment

also reported an increase in EBITDA when compared with Q3 2014,

while salmon and trout saw a fall in EBITDA when compared with

the same period in 2014.

The EAEU customs union (Eurasian Economic Union) - covering

several of Russia's neighbouring countries - introduced

restrictions on the import of salmon and trout in August 2015.

These trade barriers have had a substantially negative impact

on the salmon market, and even more so on the trout market. The

previous interim report notified sustained extraordinarily high

release from stock costs for salmon and trout on an historical

scale. This trend has remained in the third quarter, based as

expected on high production costs during the previous winter in

Hordaland. The release from stock costs throughout Q3 were,

however, higher than expected due to the imposed slaughter of

fish in Central Norway during the late summer and autumn.

EBIT before value adjustment for biomass in Q3 2015 was NOK 255

million (Q3 2014: NOK 281 million). EBIT after value adjustment

for biomass in Q3 2015 was NOK 331 million (Q3 2014: NOK 28

million). The IFRS biomass adjustment for the quarter was

positive at NOK 76 million (Q3 2014: negative at NOK 254

million).

Income from associates in Q3 2015 totalled NOK 69 million (Q3

2014: NOK 56 million).

The largest associates are Norskott Havbruk AS (owner of the

Scottish fish-farming company Scottish Sea Farms Ltd.) and

Pelagia AS.

The Group's net interest expense in Q3 2015 totalled NOK 57

million (Q3 2014: NOK 51 million).

Profit before tax and IFRS biomass adjustment for Q3 2015

amounted to NOK 264 million, compared with NOK 277 million in

Q3 2014.

Profit before tax for the quarter totalled NOK 331 million (Q3

2014: NOK 14 million). Profit after tax was NOK 269 million (Q3

2014: NOK 34 million).

The Group is financially sound with an equity ratio of 52%. The

Group had net interest-bearing debt totalling NOK 4,380 million

at 30 September 2015, compared with NOK 3,970 million at 30

September 2014.

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).