Austevoll Seafood ASA

Earnings Release • May 8, 2018

Financial report Q1 2018

Financial report Q1 2018

The Group reported operating revenue of NOK 5,753 million in the quarter, compared with NOK 6,075 million in Q1 2017. The fall in revenue is due to a combination of lower sales volume for Atlantic salmon/trout and lower prices realised when compared with Q1 2017.

EBITDA achieved in the first quarter was NOK 1,445 million, down from NOK 1,555 million in the same quarter of last year. The fall in EBITDA can be attributed to the factors mentioned above. The EBITDA figure for the quarter includes an accounting gain of NOK 157 million from the sale of Maron AS. Maron AS was sold in January 2018. At the time of the transaction, the company owned a ring net vessel with a basic quota of 409 tonnes.

EBIT before fair value adjustment related to biological assets in Q1 2018 was NOK 1,217 million (Q1 2017: NOK 1,331 million).

EBIT after fair value adjustment related to biological assets in Q1 2018 was NOK 2,204 million (Q1 2017: NOK 310 million). This difference is attributed to positive fair value adjustment related to biological assets of NOK 987 million in Q1 2018. The fair value adjustment related to biological assets in Q1 2017 was negative at NOK 1,021 million.

Income from associates for Q1 2018 totalled NOK 162 million (Q1 2017: NOK 150 million). The largest associates are Norskott Havbruk AS and Pelagia AS. The Group's associates are generating positive results and represent substantial value.

The Group's net interest expense in Q1 2018 totalled NOK 62 million (Q1 2017: NOK 74 million).

Profit before tax and fair value adjustment related to biological assets for Q1 2018 amounted to NOK 1,327 million, compared with NOK 1,401 million in Q1 2017.

Profit before tax for the quarter totalled NOK 2,316 million (Q1 2017: NOK 416 million). Profit after tax was NOK 1,872 million (Q1 2017: NOK 343 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).