Austevoll Seafood ASA

Earnings Release • May 14, 2019

Financial report Q1 2019

Financial report Q1 2019

Group operating revenue in Q1 2019 totalled NOK 5,563 million, compared with NOK 5,753 million in Q1 2018.

EBITDA for the Group in Q1 2019 was NOK 1,157 million, down from Q1 2018 (NOK 1,445 million). The decline in revenue and EBITDA was mainly generated by a lower sales volume for Atlantic salmon when compared with the same quarter in 2018.

EBIT before fair value adjustment related to biological assets in Q1 2019 was NOK 837 million (Q1 2018: NOK 1,217 million). The figures for Q1 2018 included a non-recurring sales gain on the sale of vessels and licences totalling NOK 157 million.

The Group implemented accounting standard IFRS 16 regarding leases with effect from 1 January 2019. According to the new standard, lease costs are now presented as depreciation and interest. These lease costs are no longer included in EBITDA. EBITDA, depreciation, EBIT and net financial costs will therefore not be directly comparable with corresponding accounting figures from previous periods. See note 1 for a more detailed description. The impact on the accounts of implementation of IFRS 16 in Q1 2019 is in line with that reported by the Group in the financial statements for 2018.

Value adjustment related to biological assets in Q1 2019 was NOK -174 million (Q1 2018: NOK 987 million). EBIT after fair value adjustment related to biological assets in Q1 2019 was NOK 663 million (Q1 2018: NOK 2,204 million).

Income from associates totalled NOK 131 million in the quarter (Q1 2018: NOK 162 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 Q1 2019 totalled NOK 58 million (Q1 2018: NOK 62 million).

Profit before tax and fair value adjustment related to biological assets for Q1 2019 amounted to NOK 939 million, compared with NOK 1,327 million in Q1 2018.

Profit before tax in the quarter was NOK 745 million (Q1 2018: NOK 2,316 million). Profit after tax was NOK 593 million (Q1 2018: NOK 1,872 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).