Austevoll Seafood ASA

Earnings Release • Aug 21, 2014

INTERIM REPORT Q2 AND FIRST HALF 2014

INTERIM REPORT Q2 AND FIRST HALF 2014

Group revenue in Q2 2014 totalled NOK 3,571 million,

up from NOK 2,749 million in the same period in

2013. All segments have reported an increase in

turnover, with the highest increase achieved by the

segment for Atlantic salmon and trout.

The Group's operating profit before depreciation and

value adjustment for biomass (EBITDA) for Q2 2014 was

NOK 702 million compared with NOK 543 million in Q2

EBIT before value adjustment for biomass in Q2 2014

was NOK 566 million compared with NOK 416 million in

Q2 2013.

The improved profit is attributed to the increase in

sales volume for both the segment for salmon and

trout and for fishmeal and oil when compared with the

same quarter in 2013.

Value adjustment for biomass, in accordance with

IFRS, was negative at NOK 207 million during the

quarter, compared with the positive IFRS biomass

adjustment for the same period in 2013 of NOK 91

million.

Revenue from associated companies for Q2 totalled NOK

4 million (Q2 2013: NOK 33 million). The decline in

revenue from associated companies in the quarter,

when compared with the same period in 2013, is partly

due to a negative biomass adjustment reported by the

associated companies within aquaculture. The largest

associated companies are Norskott Havbruk AS (owner

of the Scottish fish farming company Scottish Sea

Farms Ltd.), Brødrene Birkeland AS, Villa Organic AS

(from April 2014) and Pelagia AS. In the summer of

2014, Villa Organic AS underwent a demerger, and

Lerøy Seafood Group ASA's shareholding in this

company will be reported as a wholly-owned Group

holding from the second half of 2014.

The Group's net interest expense in Q2 2014 totalled

NOK 42 million (Q2 2013: NOK 49 million).

Profit before tax and biomass adjustment for Q2 2014

amounts to NOK 533 million, compared with a profit

before tax and biomass adjustment in Q2 2013 of NOK

363 million.

The profit before tax for the quarter totalled NOK

326 million (Q2 2013: NOK 454 million).

The Group is financially strong with an equity ratio

of 54%. The Group's net interest-bearing debt at the

end of the quarter totalled NOK 3,588 million. The

Group paid a total dividend of NOK 571 million at the

end of June 2014, compared with NOK 405 million at

end of June 2013. NIBD at the end of June 2013 was

NOK 4,041 million.

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).