Austevoll Seafood ASA

Earnings Release • Nov 12, 2014

FINANCIAL REPORT Q3 2014

FINANCIAL REPORT Q3 2014

Group revenue in Q3 2014 totalled NOK 3,351 million,

up from NOK 3,283 million in the same period in

2013. The increase in turnover is attributed to a

higher sales volume for the segment for Atlantic

salmon and trout. The fishmeal and fish oil segment

reported a fall in turnover when compared with the

same period in 2013, caused by lower sales volume.

The Group's operating profit before depreciation and

value adjustment of biomass (EBITDA) for Q3 2014 was

NOK 421 million compared with NOK 605 million in Q3

2013. As previously notified, the Group's share of

Villa Organic AS is now reported as a wholly-owned

interest with effect from Q3 2014, and the business

combination generated a gain of NOK 75 million.

EBIT before value adjustment of biomass in Q3 2014

was NOK 277 million compared with NOK 473 million in

Q3 2013.

All the Group's segments reported a lower profit

figure for the quarter when compared with the same

quarter in 2013. For fishmeal and fish oil, the

reduction has been caused by a decline in sales

volume. For Atlantic salmon and trout, the decline is

due to the seasonal reduction in prices realised and

the ban on imports imposed by Russia. Moreover, and

as expected, the profit figure was negatively

impacted by the increase in output costs for Atlantic

salmon and trout.

Value adjustment of biomass in accordance with IFRS

was negative by NOK 222 million during the quarter,

compared with the negative IFRS biomass adjustment

for the same period in 2013 of NOK 319 million.

Revenue from associates for Q3 2014 totalled NOK 45

million (Q3 2013: NOK 35 million). The largest

associates are Norskott Havbruk AS (owner of the

Scottish fish farming company Scottish Sea Farms

Ltd.), Brødrene Birkeland AS and Pelagia AS. Villa

Organic AS was an associate up to the end of the

first half of 2014, and was demerged in the summer of

2014. Lerøy Seafood Group ASA's share is reported as

a wholly-owned Group holding from and including Q3

The Group's net interest expense in Q3 2014 totalled

NOK 47 million (Q3 2013: NOK 56 million).

Profit before tax and biomass adjustment for Q3 2014

was NOK 256 million, compared with a profit before

tax and biomass adjustment in Q3 2013 of NOK 452

million.

The profit before tax for the quarter totalled NOK 35

million (Q3 2013: NOK 133 million).

The Group is financially sound with an equity ratio

of 53%. The Group's net interest-bearing debt at the

end of the quarter totalled NOK 3,641 million. At the

end of September 2013, NIBD amounted to NOK 4,530

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).