Austevoll Seafood ASA

Earnings Release • May 13, 2015

FINANCIAL REPORT Q1 2015

FINANCIAL REPORT Q1 2015

The Group reported operating revenue of NOK 3,546

million in the quarter, compared with NOK 3,642

million in Q1 2014.

EBITDA achieved in the first quarter was NOK 517

million, down from NOK 769 million in the same

quarter of last year.

The Group reported an increase in revenue from

salmon and trout but a lower EBITDA. This was caused

by the decline in market prices and higher release

from stock costs in the quarter when compared with

Q1 2014. The businesses in South America reported a

decline in both revenue and EBITDA due to a

significantly lower sales volume during the quarter,

when compared with Q1 2014. This is attributed to

the extraordinarily difficult situation involving

quotas in Peru in 2014, resulting in a very low

inventory at the start of 2015 when compared with

the start of 2014.

EBIT before value adjustment of biomass in Q1 2015

was NOK 349 million (Q1 2014: NOK 620 million). EBIT

after value adjustment of biomass in Q1 2015 was

NOK -20 million (Q1 2014: NOK 101 million). The IFRS

biomass adjustment for the quarter was negative at

NOK 368 million (Q1 2014 was negative at NOK 520

million).

Income from associates in Q1 2015 totalled NOK 56

million (Q1 2014: NOK 70 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 expenses in Q1 2015

totalled NOK 52 million (Q1 2014: NOK 51 million).

Profit before tax and IFRS biomass adjustment for Q1

2015 amounted to NOK 314 million, compared with NOK

686 million in the same quarter of 2014.

The Group reported a loss before tax in Q1 2015 of

NOK 54 million (Q1 2014: profit of NOK 127 million).

The loss after tax was NOK 26 million (Q1 2014 NOK

118).

The Group is financially sound with an equity ratio

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

totalling NOK 3,967 million at the close of Q1 2015.

The comparative figure at the end of Q1 2014 was NOK

3,380 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).