Austevoll Seafood ASA

Earnings Release • Nov 11, 2020

Financial report Q3 2020

Financial report Q3 2020

Group operating revenue in Q3 2020 totalled NOK 5,538 million, compared with NOK 5,768 million in Q3 2019.

Group EBIDTA in Q3 2020 totalled NOK 789 million, compared with NOK 901 million in Q3 2019.

The fall in revenue and earnings can be attributed in the main to lower prices realised for Atlantic salmon, trout and whitefish compared with the same period in 2019.

EBIT before fair value adjustment related to biological assets in Q3 2020 was NOK 415 million (Q3 2019: NOK 559 million).

Fair value adjustment related to biological assets in Q3 2020 was positive and totalled NOK 57 million. The fair value adjustment for Q3 2019 was negative, at NOK

-584 million. EBIT after fair value adjustment related to biological assets in Q3 2020 was NOK 472 million (Q3 2019: NOK -25 million).

The largest associates are Norskott Havbruk AS and Pelagia Holding AS (Pelagia). The Group’s associates have generated good results over time, are significant enterprises in their segments and represent substantial values for Austevoll Seafood ASA. Income from associates in Q3 2020 totalled NOK 78 million (Q3 2019: NOK -4 million). For Norskott Havbruk AS, fair value adjustment related to biological assets was positive at NOK 7 million in the quarter. The corresponding fair value adjustment for Q3 2019 was NOK -49 million. Please refer to note 5 for more detailed information on associates.

The Group’s net interest expense in Q3 2020 totalled NOK 72 million (Q3 2019: NOK 72 million). Net other financial expenses in Q3 2020 were NOK 21 million, of which the main share is unrealised foreign exchange losses. Net other financial expenses in Q3 2019 totalled NOK 61 million.

Profit before tax and fair value adjustment related to biological assets for Q3 2020 amounted to NOK 393 million, compared with NOK 472 million in Q3 2019.

Profit before tax in the quarter totalled NOK 457 million (Q3 2019: loss of NOK 161 million). The profit figure after tax was NOK 363 million (Q3 2019: loss of NOK 133 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).