Austevoll Seafood ASA

Earnings Release • May 14, 2014

FINANCIAL REPORT Q1 2014

FINANCIAL REPORT Q1 2014

The Group reported operating income of NOK 3,616

million for the quarter (Q1 2013 restated: NOK 2,755

million).

EBITDA in the first quarter totalled NOK 745 million

(Q1 2013 restated: NOK 485 million).

The substantial increase in turnover and EBITDA is

attributable to the Atlantic salmon and trout

segment. Considerably higher prices were achieved for

Atlantic salmon and trout in Q1 2014, compared with

the same quarter in 2013. This is also reflected in

the segment's excellent profit from operations.

The pelagic fisheries segments have also seen an

increase in turnover and EBITDA in the first quarter

of 2014 when compared with the same period in 2013.

EBIT before value adjustment for biomass in Q1 2014

was NOK 608 million (Q1 2013 restated: NOK 360

million). The IFRS value adjustment for biomass for

Q1 2014 was negative at NOK 478 million compared to a

positive adjustment of NOK 209 million in Q1 2013.

EBIT after value adjustment for biomass in Q1 2014

was NOK 130 million (Q1 2013 restated: NOK 569

million).

Income from associated companies totalled NOK 60

million in Q1 2014 (Q1 2013 restated: NOK 28

million). The first quarter result is strongly

affected by the negative IFRS value adjustment for

biomass which constitutes NOK 70 million for the

quarter.

The largest associated companies are Pelagia AS,

Norskott Havbruk AS (owner of the Scotland-based fish

farming company Scottish Sea Farms Ltd.), Villa

Organic AS and Brødrene Birkeland AS.

The Group's net interest expenses in Q1 2014 totalled

NOK 47 million (Q1 2013 restated: NOK 48 million).

Profit before tax and biomass adjustment for Q1 2014

amounted to NOK 628 million, compared with NOK 334

million in the same quarter of 2013.

The pre-tax profit for the quarter totalled NOK 151

million (Q1 2013 restated: NOK 543 million). Profit

after tax for Q1 2014 was NOK 133 million, compared

with NOK 412 million in the same quarter of 2013.

Austevoll Seafood ASA (AUSS) and Kvefi AS finalised

the merger of the two companies' operations in Europe

within pelagic fishery for human consumption,

fishmeal and fish oil in January 2014. For more

detailed information, please refer to AUSS's stock

exchange notification dated 21 January 2014. As a

result of this agreement, Norway Pelagic Holding AS

and Welcon Invest AS have been treated as a disposal

group held for sale in AUSS's consolidated financial

statements for 2013. Comparative figures for the four

quarters of 2013 have been restated accordingly.

The Group is financially sound with an equity ratio

of 54%. The Group had net interest-bearing debt

totalling NOK 3,159 million at the close of Q1 2014.

At the end of March 2013, NIBD amounted to NOK 3,414

million (restated).

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.