Austevoll Seafood ASA

Earnings Release • Aug 21, 2019

Interim report Q2 and first half 2019

Interim report Q2 and first half 2019

Group operating revenue in Q2 2019 totalled NOK 6,079 million, compared with NOK 6,001 million in Q2 2018.

EBITDA for the Group in Q2 2019 was NOK 1,206 million, down from Q2 2018 (Q2 2018: NOK 1,570 million). Lower prices realised and higher release from stock costs for Atlantic salmon and trout, and lower catch volumes and sales volumes for pelagic operations are the main factors in the reduction in EBITDA when compared with the same period last year.

EBIT before fair value adjustment related to biological assets in Q2 2019 was NOK 874 million (Q2 2018: NOK 1,335 million).

Value adjustment related to biological assets in Q2 2019 was NOK 207 million (Q2 2018: NOK 481 million). EBIT after fair value adjustment related to biological assets in Q2 2019 was NOK 1,081 million (Q2 2018: NOK 1,816 million).

Income from associates totalled NOK 151 million in the quarter (Q2 2018: NOK 117 million). The largest associates are Norskott Havbruk AS and Pelagia AS. The Group’s associates generate good results, are significant enterprises in their segments and represent substantial values for Austevoll Seafood ASA.

The Group’s net interest expense in Q2 2019 totalled NOK -67 million (Q2 2018: NOK -83 million).

Profit before tax and fair value adjustment related to biological assets for Q2 2019 amounted to NOK 955 million, compared with NOK 1,344 million in Q2 2018.

Profit before tax in the quarter was NOK 1,170 million (Q2 2018: NOK 1,831 million). Profit after tax was NOK 935 million (Q2 2018: NOK 1,395 million).

The Group implemented accounting standard IFRS 16 regarding leases with effect from 1 January 2019. The profit figures are therefore not directly comparable to the corresponding figures from former periods. See note 1 for a more detailed description of the accounting impact implementation of IFRS 16 in 2019.

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).