Austevoll Seafood ASA

Earnings Release • Aug 19, 2021

Interim report Q2 and first half 2021

Interim report Q2 and first half 2021

Group operating revenue in Q2 2021 totalled NOK 6,263 million, compared with NOK 5,306 million in Q2 2020.

Group EBITDA in Q2 2021 totalled NOK 1,262 million, compared with NOK 827 million in Q2 2020.

The gradual easing of COVID-19-related restrictions in a number of key markets means stronger demand and higher prices realised for seafood. Better prices realised for Atlantic salmon and trout, together with a good level of pelagic activity in South America, are therefore the main factors in the higher earnings in Q2 2021 compared with Q2 2020.

EBIT before fair value adjustment related to biological assets in Q2 2021 was NOK 867 million (Q2 2020: NOK 446 million).

Fair value adjustment related to biological assets in Q2 2021 was positive and totalled NOK 653 million (Q2 2020: NOK 307 million).

EBIT after fair value adjustment related to biological assets in Q2 2021 was NOK 1,520 million (Q2 2020: NOK 753 million).

The largest associates are Norskott Havbruk AS and Pelagia Holding AS. Income from associates in Q2 2021 totalled NOK 62 million (Q2 2020: NOK 82 million). The Group’s associates have generated good results over time, are significant enterprises in their segments and represent substantial values for Austevoll Seafood ASA. Please refer to note 5 for more detailed information on associates.

The Group’s net interest expense in Q2 2021 totalled NOK -72 million (Q2 2020: NOK -83 million). Net other financial expenses in the quarter totalled NOK -21 million (Q2 2020: NOK -38 million).

Profit before tax and fair value adjustment related to biological assets for Q2 2021 amounted to NOK 829 million, compared with NOK 433 million in Q2 2020.

The Group reported a profit before tax for the quarter of NOK 1,489 million (Q2 2020: NOK 714 million). Profit after tax was NOK 1,159 million (Q2 2020: NOK 571 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 Section 5-12 vphl (Norwegian Securities Trading Act).