Austevoll Seafood ASA

Earnings Release • Feb 24, 2015

FINANCIAL REPORT Q4 2014 AND PRELIMINARY FIGURES FOR 2014

FINANCIAL REPORT Q4 2014 AND PRELIMINARY FIGURES FOR 2014

The Group reported operating revenue of NOK 3,705

million for the quarter (Q4 2013: NOK 3,726

million).

EBITDA in the fourth quarter totalled NOK 578

million (Q4 2013: NOK 656 million).

Turnover is on a par with the figure reported in Q4

2013. The Group reported an increase in turnover and

EBITDA within salmon/trout and a decline in turnover

and EBITDA within the pelagic business. The profit

figure for Q4 2014 includes start-up costs of NOK 25

million incurred when Brødrene Birkeland AS

introduced fishing for snow crab.

EBIT before value adjustment for biomass in Q4 2014

was NOK 374 million (Q4 2013: NOK 409 million). EBIT

after value adjustment for biomass in Q4 2014 was

NOK 991 million (Q4 2013: NOK 1,263 million).

The Group made write-downs in Q4 2014 totalling NOK

35 million. These are related to optimisation of the

Group's operations, including ships taken off-hire.

Write-downs in the same quarter in 2013 totalled NOK

95 million, of which NOK 90 million related to

changes to factory organisation in Peru at that

time.

Income from associates for Q4 2014 totalled NOK 86

million (Q4 2013: NOK 109 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 expense in Q4 2014 totalled

NOK 49 million (Q4 2013: NOK 47 million).

Profit before tax and biomass adjustment for Q4 2014

amounted to NOK 268 million, compared with NOK 471

million in the same quarter of 2013.

The profit before tax for the quarter totalled NOK

885 million (Q4 2013: NOK 1,325 million). Profit

after tax for Q4 2014 was NOK 616 million, compared

with NOK 1,011 million in the same quarter of 2013.

The Board of Directors will recommend a dividend

payment of NOK 2.00 per share to the company's

ordinary shareholders' meeting for 2014. The

corresponding dividend payment for 2013 was NOK 1.60

per share.

The Group is financially sound with an equity ratio

of 53%. The Group had net interest-bearing debt

totalling NOK 3,960 million at the close of Q4 2014.

At the end of 2013, NIBD amounted to NOK 5,103

million. AUSS completed its purchase of shares in

NPEL and Welcon at the end of 2013, totalling NOK

902 million in NIBD. This figure was settled to AUSS

in January 2014 in connection with the establishment

of Pelagia AS.

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).