Austevoll Seafood ASA

FINANCIAL REPORT Q4 2016 AND PRELIMINARY FIGURES FOR 2016

Group operating revenue in Q4 2016 totalled NOK 5,330

million, compared with NOK 3,829 million in Q4 2015.

Revenue saw an increase in both the Farming segment

(Atlantic salmon/trout) and for fish caught in the wild

(pelagic/white fish).

EBITDA in Q4 2016 was NOK 1,301 million, up from NOK 503

million in the same quarter of 2015. The increase in EBITDA

was mainly generated by the Farming segment.

EBIT before fair value adjustment of biomass in Q4 2016 was

NOK 931 million (Q4 2015: NOK 178 million).

EBIT after fair value adjustment of biological assets in Q4

2016 was NOK 2,565 million (Q4 2015: NOK 942 million). Fair

value adjustment of biomass totalled NOK 1,634 million in Q4

2016 (Q4 2015: NOK 764 million). Write-downs were carried

out in the quarter on non-current assets that are not part

of scheduled production for 2017. Net write-downs in Q4 2016

were NOK 128 million.

Income from associates in Q4 2016 totalled NOK 152 million

(Q4 2015: NOK 94 million). The increase in income in Q4 2016

when compared with the same quarter of 2015 is mainly

generated by Norskott Havbruk AS. 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 associates are generating positive results and

represent substantial value.

The Group's net interest expense in Q4 2016 totalled NOK 74

million (Q4 2015: NOK 53 million).

Profit before tax and biomass adjustment for Q4 2016

amounted to NOK 1,005 million, compared with NOK 169 million

in Q4 2015.

Profit before tax for the quarter totalled NOK 2,658 million

(Q4 2015: NOK 941 million). Profit after tax was NOK 2,149

million (Q4 2015: NOK 809 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).

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