Financial report Q3 2022

15 Nov 2022 07:00 CET

The Group reported operating revenue of NOK 9,094 million in the quarter,
compared with NOK 7,390 million in Q3 2021. This growth is essentially a result
of higher prices for the portfolio companies’ main products.

EBITDA after fair value adjustment related to biological assets in Q3 2022 was
NOK 1,716 million, compared with NOK 1,146 million in Q3 2021.

EBIT before fair value adjustment related to biological assets was NOK 1,279
million in Q3 2022, compared with NOK 741 million in Q3 2021.

After a period of extremely strong price performance for salmon and trout in the
first half of the year, prices fell significantly through Q3 2022, partly as a
result of substantially higher harvest volumes in Norway. The NSI price in the
quarter was NOK 68.7/kg, down from NOK 105.4/kg in Q2 2022 and up slightly from
NOK 54.7/kg in Q3 2021. This is equivalent to a fall in price of NOK 37/kg
compared with Q2 2022 and an increase of NOK 14/kg compared with Q3 2021. The
Group’s total prices realised for salmon and trout are strongly influenced by
prices realised on contracts, which are entered into long before the fish are
harvested. Within the pelagic segment, prices realised for fishmeal were
higher than in the same quarter of 2021. Prices realised for fish oil in the
quarter show a significant uplift. Taken together, these factors have
contributed to a substantial increase in revenue and earnings in Q3 2022
compared with the same period of last year.

Fair value adjustment related to biological assets for the quarter was NOK 94
million. The corresponding figure in Q3 2021 was NOK -185 million.

EBIT after fair value adjustment related to biological assets in Q3 2022 was NOK
1,373 million, compared with NOK 556 million in Q3 2021.

The largest associates are Norskott Havbruk AS and Pelagia Holding AS. Income
from associates in Q3 2022 totalled NOK 107 million (Q3 2021: NOK 172 million).
The decrease is partly explained by the negative fair value adjustment related
to biological assets of NOK -67 million in the quarter. The corresponding
adjustment in Q3 2021 was NOK -23 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 Q3 2022 totalled NOK -94 million (Q3 2021:
NOK -67 million). The increase can be explained by rising interest levels and
higher tied-up working capital. Net other financial items for the quarter were
negative at NOK -19 million. Net other financial expenses in Q3 2021 totalled
NOK -30 million.

Profit before tax and fair value adjustment related to biological assets for Q3
2022 amounted to NOK 1,340 million, compared with NOK 839 million in Q3 2021.

The Group reported profit before tax for the quarter of NOK 1,367 million (Q3
2021: NOK 631 million). Profit after tax was NOK 1,041 million (Q3 2021: NOK 517
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).

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575717_AUSS_Q3_2022.pdf
575717_Financial report Q3 2022 AUSS.pdf