Austevoll Seafood ASA

Earnings Release • Feb 17, 2022

Financial report Q4 2021 and preliminary figures for 2021

Financial report Q4 2021 and preliminary figures for 2021

Group operating revenue in Q4 2021 totalled NOK 7,028 million, compared with NOK 5,746 million in Q4 2020.

Group EBIDTA in Q4 2021 totalled NOK 1,307 million compared with NOK 859 million in Q4 2020.

The strong earnings growth is a result of a good level of activity in the quarter, strong demand for seafood and better prices realised for the Group’s products compared with Q4 2020.

EBIT before fair value adjustment related to biological assets was NOK 903 million in Q4 2021, compared with NOK 464 million in Q4 2020.

Fair value adjustment related to biological assets in Q4 2021 was positive and totalled NOK 246 million. The corresponding figure in Q4 2020 was negative at NOK -704 million.

EBIT after fair value adjustment related to biological assets in Q4 2021 was NOK 1,149 million, compared with a negative figure of NOK -240 million in Q4 2020.

The largest associates are Norskott Havbruk AS and Pelagia Holding AS. Income from associates in Q4 2021 totalled NOK 85 million (Q4 2020: NOK 140 million). The weaker earnings in the quarter were impacted in particular by weak biological performance in Norskott Havbruk’s subsidiary Scottish Sea Farms Ltd, as well as transaction costs related to Scottish Sea Farms Ltd’s acquisition of Grieg Seafood Hjaltland UK. 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 Q4 2021 totalled NOK 71 million (Q4 2020: NOK 67 million). Net other financial expenses in the quarter totalled NOK 10 million (Q4 2020: income of NOK 7 million).

Profit before tax and fair value adjustment related to biological assets for Q4 2021 amounted to NOK 905 million, compared with NOK 552 million in Q4 2020.

The Group reported profit before tax in the quarter of NOK 1,154 million (Q4 2020: loss of NOK 160 million). Profit after tax was NOK 909 million (Q4 2020: loss of NOK 108 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).