Financial report Q4 2022 and preliminary financial statements for 2022

21 Feb 2023 07:00 CET

Group operating revenue in Q4 2022 totalled NOK 7,639 million, compared with NOK
7,028 million in Q4 2021. The growth in revenue essentially comes from the
farming companies.

EBITDA before fair value adjustment related to biological assets in Q4 2022 was
NOK 1,069 million, compared with NOK 1,307 million in the same quarter in 2021.

EBIT before fair value adjustment related to biological assets was NOK 630
million in Q4 2022, compared with NOK 903 million in Q4 2021.

The decrease in earnings can mainly be attributed to lower earnings from the
companies in South America. The business in Peru experienced a challenging
second fishing season with significantly lower catch and production volumes, but
also had reduced sales volumes of finished products in the quarter compared with
Q4 2021.
For the farming companies, the seasonal increase in harvest volume in Norway in
the second half of 2022 meant lower prices for salmon and trout than in the
first half. The high harvest volume generated good earnings despite lower
margins.

The rebound in demand following the reopening of society plus high contract
shares and significant seasonal fluctuations in export volumes of salmon and
trout resulted in extremely volatile developments in the spot prices for salmon
and trout through 2022. The average price for salmon in Q4 2022, measured
according to NSI (sales price FCA Oslo), was NOK 72.1/kg, compared with NOK
68.7/kg in Q3 2022 and NOK 59.7/kg in Q4 2021. This represents a price increase
of NOK 4.0/kg compared with Q3 2022 and NOK 12.0/kg compared with Q4 2021. These
prices are testimony to a strong underlying market.

As expected, lower outstanding quotas in Q4 led to lower catch volumes and
earnings for the whitefish operations compared with the same period in 2021. In
Q4 2022, prices rose by 25% for cod, 6% for haddock and 8% for saithe compared
with Q4 2021. Despite higher prices realised, the lower catch volume led to a
lower catch value in Q4 2022 compared with the same period in 2021.

Fair value adjustment related to biological assets in Q4 2022 was negative at
NOK -210 million. The corresponding figure in Q4 2021 was positive at NOK 246
million.

EBIT after fair value adjustment related to biological assets in Q4 2022 was NOK
421 million, compared with NOK 1,149 million in Q4 2021.

The largest associates are Norskott Havbruk AS and Pelagia Holding AS. Income
from associates in Q4 2022 totalled NOK 94 million (Q4 2021: NOK 85 million).

Earnings from Pelagia for the quarter were significantly up on the same period
in 2021. Good access to raw material, cost focus/rationalisation, high sales
volumes for finished products, and higher prices realised for fishmeal, protein
concentrate and fish oil all contributed to the earnings improvement. Earnings
from Norskott were weak and significantly lower than in the same period in 2021.
Norskott’s results were severely impacted by an acutely challenging biological
situation in Scotland. 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 2022 totalled NOK -81 million (Q4 2021:
NOK -71 million). The increase is a result of rising interest rate levels and
higher tied-up working capital. Net other financial items for the quarter were
positive at NOK 37 million (Q4 2021: negative at NOK -10 million).

Profit before tax and fair value adjustment related to biological assets for Q4
2022 amounted to NOK 727 million, compared with NOK 905 million in Q4 2021.

The Group reported profit before tax in the quarter of NOK 471 million (Q4 2021:
profit of NOK 1,154 million). Profit after tax was NOK 405 million (Q4 2021: NOK
909 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 CFO, Britt Kathrine Drivenes.

This information is subject of the disclosure requirements acc. to Section 5-12
vphl (Norwegian Securities Trading Act).

More information:
Access the news on Oslo Bors NewsWeb site

583031_AUSS_Q4_2022.pdf
583031_Financial report Q4 2022 AUSS.pdf