q3 2015 financial presentation - austevoll seafoodq3 2015 financial presentation arne møgster –...

Q3 2015 Financial presentation Arne Møgster – CEO Britt Kathrine Drivenes – CFO

Highlights

www.auss.no Austevoll Seafood ASA 2

Q3 2015 • EBITDA MNOK 549* (Q3 2014: MNOK 516*)

o Salmon MNOK 365 (Q3 2014: MNOK 398) o Pelagic MNOK 184 (Q3 2014: MNOK 118)

YTD Q3 2015 • EBITDA MNOK 1 989* (YTD Q3 2014: MNOK 2 095*)

o Salmon MNOK 1 336 (YTD Q3 2014: MNOK 1 626) o Pelagic MNOK 653 (YTD Q3 2014: MNOK 469)

All figures in NOK 1,000

Q3 2015 Q3 2014 (restated)

YTD Q3 2015 YTD Q3 2014 (restated)

2014

Revenue 3 791 291 3 391 342 11 444 921 10 639 488 14 344 177

EBITDA 446 661 439 580 1 741 353 1 938 174 2 516 189

Total assets 24 268 413 21 461 308 24 268 413 21 461 308 23 343 997 - -

Equity 12 723 625 11 305 484 12 723 625 11 305 484 12 360 106 - -

Equity ratio 52 % 53 % 52 % 53 % 53 %

Net interest bearing debt (NIBD) 4 380 395 3 969 855 4 380 395 3 969 855 3 959 866

* Incl. proportional consolidation of Pelagia (50%)

2015


Company overview

AUSS value chain Raw materials > Processing > distribution

Salmon farming (including Brood stock and smolt production on land)

Transport of live salmon

Salmon processing

To consumer market

VAP processing

Consumer market

Pelagic fishing

Pelagic fish processing

Offcuts to fishmeal/oil

Fishmeal/oil production

To commodity market

Costumer VAP plants

Consumer market

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Salmon Pelagic

Operation overview


Harvesting 400,000 - 500,000 MT of pelagic fish annually (30 vessels)

AUSTEVOLL SEAFOOD GROUP

Salmon 180,000 - 190,000 MT of salmon

Processing 58 processing plants Intake of 1.5 - 1.8 mill MT of pelagic fish annually

Sales Wholesale with global sales & distribution

PERU

7% of anchovy quota centre-north 21 fishing vessels

7 Processing plants

Own sales organisation

CHILE

9.1% of pelagic fishing quota 5 fishing vessels

4 Processing plants


NORTH ATLANTIC

4 fishing vessels

Norway: 150 salmon licenses

Salmon operation UK*

47 Processing plants


* Associated companies

Pelagic Austral Group S.A.A Foodcorp Chile S.A Pelagia AS (associated)

Anchovy biomass in Peru North/Centre of Peru (MT) period 2003 - 2015


Source: IMARPE

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Mill

ions

of t

ons

NORTH-CENTRE ANCHOVY BIOMASS ACCORDING TO IMARPE CRUISES


Quota system

Source: ENFEN and IMARPE

Diagram Source: IMARPE

Sea surface temperature in Peru TSM PERU 08.11.2015

Chart1

Summer cruise 2003

Winter cruise 2003

Summer cruise 2004

Winter cruise 2004

Summer cruise 2005

Winter cruise 2005

Summer cruise 2006

Winter cruise 2006

Summer cruise 2007

Winter cruise 2007

Summer cruise 2008

Winter cruise 2008

Summer cruise 2009

Winter cruise 2009

Summer cruise 2010

Winter cruise 2010

Summer cruise 2011

Winter cruise 2011

Summer cruise 2012

Winter cruise 2012

Summer cruise 2013

Winter cruise 2013

Summer cruise 2014

Winter cruise 2014

Summer cruise 2015

Winter cruise 2015


Millions of tons

7.6

8

10.3

7.5

10.5

7.7

7.6

6.8

7.7

7.7

9.8

6.3

7.6

6.7

6.5

7.2

10.5

10.6

9.1

5.4

12.1

10.3

9.7

1.45

9.4

6.07

Cuota 2000-2009

INSTITUTO DEL MAR DEL PERU

Unidad de Dinámica de Poblaciones

BIOMASA Y CUOTAS PERMISIBLES DE ANCHOVETA EN REGION NORTE-CENTRO 2000 - 2011

AñoTemporadaRegión Norte-CentroCUOTA (Millones de toneladas)Biomasa total disponible (millones toneladas)% Rate

(millones de toneladas)USE BIOMASS RATEUTILIZATION BIOMASS RATE

1998Summer cruise 1998N+C1.81.8

Winter cruise 1998N+C2.02.7

1999Summer cruise 1999N+C5.0

Winter cruise 1999N+C5.3







2003Summer cruise 2003N+C3.007.639%39%39%

Winter cruise 2003N+C3.508.044%44%44%

2004Summer cruise 2004N+C5.0010.349%49%49%

Winter cruise 2004N+C2.507.533%33%33%

2005Summer cruise 2005N+C4-4.510.540%40%366152%

Winter cruise 2005N+C2.507.732%32%32%

2006Summer cruise 2006N+C3.007.639%39%39%

Winter cruise 2006N+C2.006.829%29%29%

2007Summer cruise 2007N+C3.007.739%39%39%

Winter cruise 2007N+C2.307.730%30%30%

2008Summer cruise 2008N+C3.009.831%31%31%

Winter cruise 2008N+C2.006.332%32%32%

2009Summer cruise 2009N+C3.507.646%46%46%

Winter cruise 2009N+C2.006.730%30%30%

2010Summer cruise 2010N+C2.506.538%38%38%

Winter cruise 2010N+C2.077.229%29%29%

2011Summer cruise 2011N+C3.6710.535%35%35%

Winter cruise 2011N+C2.5010.624%24%24%

2012Summer cruise 2012N+C2.70009.130%30%30%

Winter cruise 2012N+C0.815.415%15%15%

2013Summer cruise 2013N+C2.0512.117%17%17%

Winter cruise 2013N+C2.3010.322%22%22%

2014Summer cruise 2014N+C2.539.726%26%26%

Winter cruise 2014N+C0.001.50%0%0%

2015Summer cruise 2015N+C2.589.427%27%27%


En el Reg. Provisional se aplicaba manejo biologico (vedas reproductivas y vedas por juveniles)

R.M. 074-2000-PE y R.M. 266-2000-PE


}Cruceros de veranoCrucero de invierno

AñoTemporadaRegión Norte-CentroCUOTA (Millones de toneladas)Biomasa total disponible (millones toneladas)Biomasa total disponible (millones toneladas)

(millones de toneladas)

20031era temporadaN+C3.007.68.0


20051era temporadaN+C4-4.510.57.7








&Z&F

Biomasa Sur

INSTITUTO DEL MAR DEL PERU

Unidad de Dinámica de Poblaciones

CAPTURAS Y CUOTAS PERMISIBLE DE ANCHOVETA EN REGION NORTE-CENTRO Y SUR 2000 - 2009

Año

Rg. Sur **

20000.381

20010.136

20021.478

20030.491

20041.019

20052.177

20060.401

20070.569

20081.063

20090.500

En el Reg. Provisional se aplicaba manejo biologico (vedas reproductivas y vedas por juveniles)

R.M. 074-2000-PE y R.M. 266-2000-PE

** = Biomasa acústica referencial considerando que es un stock conjunto Sur Perú - Norte Chile

&Z&F

Operation in Peru Austral Group S.A.A


'000 MT Q3 2015 Q3 2014 YTD 2015 YTD 2014 2015E 2014

Own catch - anchovies 3 32 190 165 264 165 Own catch - mackerel and jack mackerel - - - 10 - 10 Purchase - anchovies 3 8 42 56 63 56 Purchase - Human Consumption - - - 3 3 3

Total ('000 MT) 7 40 231 134 330 234

Centre / North

• IMARPE September cruise found a biomass highly impacted by the Coastal Niño, identifying a biomass of 3.3 million MT

• During second half of October, joint investigations (IMARPE & industrial vessels) identified a biomass of 6.1 million MT

• On this basis, a second season quota of 1.11 million MT was announced starting 17th November 2015.

South

• 1st season quota of 375,000 MT ended 31st July with an Austral catch of 11,580 MT, representing 4.10%.

• 2nd season started on 4th August and ends 31st December with a quota of 450,000 MT. No catch during last month, due to difficult fishing conditions.

CHD

• Annual quota for jack mackerel and mackerel was set on 96,000 MT and 44,000 MT respectively, however no catch so far due to difficult fishing conditions.

Operation in Chile Foodcorp Chile S.A


Jack mackerel: • Smaller average fish sizes, compared with Q2

• 100% of our quota caught

Anchovy/sardine: • Sea conditions affected fish availability and size, with lower than average quotas set

• Initial 2015 TAC for Centre-South was 357,000 MT, reviewed to 393,000 MT in May, and to 512,000 in October.(2014: 601,800 MT -Centre/South)

Joint operation: • The joint operation agreement between Foodcorp and Alimar ends by December 2015, and from 2016 onwards each party will run

their assets separately

000 MT Q3 2015 Q3 2014 YTD 2015 YTD 2014 2015 E 2014

Own catch - Mackerel and other species 17 2 74 64 75 72 Purchase - Sardine/Anchovy 5 7 70 88 93 102 Purchase - Giant Squid 2 7 6 17 6 19

Total ('000) 23 16 150 170 173 193

Mackerel Own catch 16 - 53 48 54 53 (*) 100% Marfood Volume

North Atlantic pelagic quotas (2007-2015 est)


Source: NORGES SILDESALGSLAG

1 280 1 518 1 643 1 483

988 833 619

418 283

275 200

171 164

189 405 465

470 445

500 456

569 572

672 586 542

1 240

1 054

150 180

177 180

181 211

126

126

100

1 700 1 250 606

540

41 391

643

1 279

1 204

-

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390

360

380

320 200

65

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423

209 20

146

435

700

510

160 580

219

432

340 374

381

40

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250 437

5

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143 161

8

- 393

216

326

18 25

84 139

33 82

82

127

53

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500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

2007 2008 2009 2010 2011 2012 2013 2014 2015 E

‘000

MT

(TAC

)

Boar

Norway Pout

Sand Eel

Capelin Iceland

Capelin Barent sea

Blue Whiting

Horse Mackerel

Mackerel

NS-Herring

NVG-Herring

• Seasonal low raw material intake in Q3, but substantially higher raw material intake YTD 2015 vs. YTD 2014

• Positive price development during Q3

Fishmeal and fish oil


Fishmeal and fish oil factories

Pelagia AS

Norway, UK and Ireland ('000 MT) Q3 2015 Q3 2014 YTD 2015 YTD 2014 2015 E 2014

Raw material for fishmeal and fish oil 90 87 601 501 693 634 Raw material for protein concentrate/oil 44 44 166 142 198 205

Total ('000 MT) 134 131 767 643 891 839

All volume based on 100%

Sheet1

Norway, UK and Ireland ('000 MT)Q3 2015Q3 2014YTD 2015YTD 20142015 E2014 2013(P)2013(P)

Raw material for fishmeal and fish oil9087601501693634482483

Raw material for protein concentrate/oil4444166142198205202201

Total ('000 MT)134131767643891839684684

All volume based on 100%

Volum ('000 MT) Q3 2015 Q3 2014 YTD Q3 2015 YTD Q3 2014 2015 E 2014

Raw material intake 80 96 214 247 350 453

(incl Sir Fish and NC Honningsvåg)

• Main mackerel season started in September

• Less quantities for the quarter due to reduced mackerel quota

• Sales at 62,300 MT frozen and marinated products vs. 76,000 MT in 2014

• Main African markets remain challenging due to foreign currency restrictions.

Human consumption


Pelagia AS

Pelagic factories

Sheet1

Volum ('000 MT)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142015 E2014 2013(P)2013(P)

Raw material intake8096214247350453482483

(incl Sir Fish and NC Honningsvåg)

Pelagia AS (100% figures)


Associated company, AUSS share = 50%

(MNOK) Q3 2015 Q3 2014 YTD Q3 2015

YTD Q3 2014

2014

Revenue 1 420,7 1229,1 3 986,1 3 592,9 5 645,6 EBITDA 205,3 153,4 496,1 312,8 589,3 EBIT 166,4 113,4 376,1 191,3 419,9

Sales volumes (tonnes):

Frozen 62 300 75 880 173 550 222 140 389 600

FM/FPC/Oil 63 422 46 352 150 456 132 272 174 900

157,1

60,2

116,2

186,3

119,2

40,2

153,4

276,5

131,9 158,9

205,3

0

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100

150

200

250

300

Q1 2013 P Q2 2013 P Q3 2013 P Q4 2013 P Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

EBITDA (MNOK)

Br. Birkeland AS


Salmon

• 7 salmon licenses in Norway

• Harvested volume (GWT) 700.1 MT Q3/15 vs. 1,325.5 in Q3/14

• Harvested volume (GWT) 5,455.0 MT YTD Q3/15 vs. 5,389.7 in YTD Q3/14

• EBIT/kg NOK – 6.07 in Q3/15 vs. NOK 4.33 in Q3/14

• EBIT/kg NOK 1.67 in YTD Q3/15 vs. NOK 9.73 in YTD Q3/14

Fleet • 3 fishing vessels in Norway

o Started up fishing mackerel in September

• Invested in a new crab fishing vessel in 2014 >

Salmon Lerøy Seafood Group ASA

Lerøy Seafood Group ASA


Lerøy Aurora 26 licenses

Lerøy Midt 55 licenses

Lerøy Sjøtroll 62 licenses

* Before biomass adjustment

NOKm Q3 2015 Q3 2014 % ch. Sales 3 295 2 962 11 %

Other gains and losses -3 75

EBITDA 365 398 -8 %

Depreciation & amortisation 112 95

EBIT* 253 303 -16 %

Income from associates* 15 21

Net finance -37 -29

Pre-tax profit* 231 295 -21 %

EPS (NOK)* 3,4 4,5 -25 %

Harvested Volume (GWT) 40 682 41 499 -2 %

EBIT*/kg all inclusive (NOK) 6,2 7,3 -15 %

ROCE* (%) 11 % 14 % -25 %

Lerøy Seafood Group ASA Salmon/trout farming


*) Included harvested volume from Villa Organic after split July 2014 **) LSG’s share of Villa Organic’s volume in H1 2014, not consolidated ***) LSG’s share, not consolidated

Licences

Smolt cap.

2011 GWT

2012 GWT

2013 GWT

2014 GWT

2015E GWT

2016E GWT

Lerøy Aurora AS* 26 11,5 18 100 20 000 24 200 26 800 30 000 34 000

Lerøy Midt AS 55 22,0 62 300 61 900 58 900 68 300 70 000 65 000

Lerøy Sjøtroll 62 22,6 56 200 71 600 61 700 63 200 59 000 71 000

Total Norway 143 52,1 136 600 153 400 144 800 158 300 159 000 170 000

Villa Organic AS** 6 000

Norskott Havbruk (UK)*** 10 900 13 600 13 400 13 800 14 000 15 000

Total 147 500 167 100 158 200 178 100 173 000 185 000

Financials Q3 2015

Catch and purchase (100% volumes)


Figures in 1,000 tonnes Q3 2015 Q3 2014 YTD Q3 2015 YTD Q3 2014 2015 E 2014

Group companies: Chile own catch 17 2 74 64 75 72 Chile purchase 6 14 76 105 98 121 Peru own catch 3 32 190 175 264 175 Peru purchase 3 8 42 60 66 60 Total Group companies 30 56 381 405 503 428

Joint ventures: Europe purchase (HC) 80 96 214 247 350 453 Europe purchase (FM/FPC/Oil) 134 131 767 643 891 839 Total Joint venture: 214 227 981 890 1 241 1 292

TOTAL GROUP 244 283 1 363 1 295 1 744 1 720

(NOK 1,000) Q3 2015 Q3 2014 (restated) Δ% Q3 2015 ** Q3 2014 (restated) ** Δ%

Revenue 3 791 291 3 391 342 11,8 % 4 501 642 4 005 893 12,4 %

EBITDA 446 661 439 580 1,6 % 549 309 516 262 6,4 %

Depreciation/Impairment 191 634 158 174 211 106 178 176

EBIT* 255 027 281 406 -9,4 % 338 203 338 087 0,0 %

Income from associates* 77 389 64 707

Net finance -68 593 -69 163

Pre-tax* 263 823 276 950 -4,7 %

Net profit 269 120 33 649

EPS (NOK) 0,87 0,24

EPS (NOK)* 0,73 0,83

Key financial figures


** AUSS including proportional 50% of Pelagia AS

Income from associates ex. biomass adjustment: Q3 15 Q3 14 Pelagia AS NOK 61 838 42 445 (AUSS) Norskott Havbruk NOK 14 159 19 489 (LSG) Others NOK 1 392 2 773 Total NOK 77 389 64 707

Q3 2015 Q3 2014 (restated)

Biomass adj group company 76 002 -253 670

Biomass adj group associated companies -8 613 -9 068

* Before biomass adjustment ** AUSS incl. proportional 50% of Pelagia AS

(NOK 1,000) YTD Q3 2015 YTD Q3 2014

(restated) Δ% YTD Q3 2015 ** YTD Q3 2014

(restated) ** Δ%

Revenue 11 444 921 10 639 488 7,6 % 13 437 969 12 435 946 8,1 %

EBITDA 1 741 353 1 938 174 -10,2 % 1 989 407 2 094 550 -5,0 %

Depreciation/Impairment 532 503 455 970 592 499 516 684

EBIT* 1 208 850 1 482 204 -18,4 % 1 396 908 1 577 866 -11,5 %

Income from associates* 186 309 206 388

Net finance -230 840 -155 019

Pre-tax* 1 164 319 1 533 573 -24,1 %

Net profit 473 847 384 210

EPS (NOK) 1,68 1,38

EPS (NOK)* 2,90 3,84



** AUSS including proportional 50% of Pelagia AS

Income from associates ex. biomass adjustment: YTD Q3 15 YTD Q3 14 Pelagia AS NOK 131 471 67 588 (AUSS) Norskott Havbruk NOK 43 782 81 271 (LSG) Villa Organic AS NOK 53 602 (LSG) Others NOK 11 056 3 927 Total NOK 186 309 206 388

YTD Q3 2015YTD Q3 2014

(restated)

Biomass adj group company -517 375 -996 863

Biomass adj group associated companies -15 867 -75 260

* Before biomass adjustment ** AUSS incl. proportional 50% of Pelagia AS



• Spot prices above last year

o NOS Q3/15 NOK 40.2 vs. NOK 34.5 in Q3/14 (+16%)

o Up NOK 2.9/kg vs. Q2/15, and up NOK 5.6/kg vs. Q3/14

o Large differences on pricing of different sizes

o Price realisation impacted by low average harvest weights

• Contract prices above spot prices

• Challenging market for trout

o Imports to neighbouring countries of Russia stopped from late August

• Significant cost increase q-o-q

o Challenging situation in Lerøy Midt

• Biomass at sea

o End Q3/15 at 104,840 tonnes vs. 106,847 tonnes end Q3/14 (-2%)

(MNOK)

Q3 2015 Q3 2014 YTD Q3 2015

YTD Q3 2014

2014

Revenue 3 291,3 3 036,5 9 921,5 9 393,2 12 696,9 EBITDA 365,2 397,8 1 336,3 1 626,3 2 160,1 EBIT* ex. Impairment 253,2 302,8 1 027,2 1 353,4 1 790,6 EBIT* 253,2 302,8 1 027,2 1 353,1 1 788,7

Harvested volume (GWT) 40 682 41 499 116 000 115 779 158 258

EBIT/kg* (NOK) 6,2

7,3 8,9

11,7 11,3 * before biomass adj.

443,7 538,2

450,8 505,7

638,9 589,7

397,8

533,8 500,8 470,3 365,2

0

100

200

300

400

500

600

700

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

EBITDA (MNOK)

Austral Group S.A.A


• Close to 100% of the quota was caught by end Q2, and as normal low activity in Q3

• Of the total fishmeal production from 1st

season 98% are sold by end September

• 2nd season quota was announced November 4th, and the total quota was set at 1.11 million MT.

o Season starts November 17th and ending 31st January 2016

(MNOK) Q3 2015 Q3 2014 YTD Q3 2015 YTD Q3 2014 2014 Revenue 323,4 244,7 1 020,5 842,2 1 067,3 EBITDA 50,1 24,2 298,9 163,8 180,1

EBIT ex.impairment 6,7 -8,7 177,5 65,8 42,0

EBIT 8,8 -6,9 183,8 71,5 39,0

Raw material intake (tonnes): 6 670 39 520 231 591 234 832 234 832 Sales volumes: Fishmeal (tonnes) 17 162 13 176 54 320 56 284 67 033

Fish oil (tonnes) 3 922 6 038 6 018 11 078 12 042

Canned fish (cases) 58 356 126 141 297 753 475 621 557 046

Frozen/fresh (tonnes) - 739 26 1 489 2 626

5,3 -7,4

172,1

92,2 82,5 57,1 24,2 16,3 7,3

241,6

50,1

-50

0

50

100

150

200

250

300

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

EBITDA (MNOK)

Foodcorp Chile S.A


• 16,776 tonnes of horse mackerel/ mackerel was caught in Q3 and 100% of the quota for 2015 were caught by end September.

• The sardine/ anchoveta quota for 2015 has been increased from 393,000 MT up to 512,000 MT, and second season started up November 4th.

• The «joint operation» agreement between Foodcorp and Alimar ends by December 2015, from 2016 onwards each party will run their assets separately.

(MNOK) Q3 2015 Q3 2014 YTD Q3

2015 YTD Q3

2014 2014

Revenue 140,0 101,2 347,4 372,3 500,7 EBITDA 11,2 -4,7 49,9 72,5 79,5 EBIT ex.impairment -5,2 -17,8 2,6 31,6 26,3 EBIT -5,2 -19,0 2,6 32,8 1,2

Rawmaterial intake (100% of Marfood volumes in tonnes): 22 967 16 090 149 892 169 713 193 125

Sales volumes (46% of Marfood volumes): Fishmeal (tonnes) 3 382 4 010 5 592 13 987 16 682 Fish oil (tonnes) 728 635 1 011 4 575 5 312 Canned fish (cases) 7 597 17 972 18 019 50 807 60 021 Frozen (tonnes) 3 553 3 640 9 858 13 915 16 823

38,0

9,1

-19,4 -6,9

24,4

52,8

-4,7 6,9 -0,8

39,6

11,2

-40,0

-20,0

-

20,0

40,0

60,0

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

EBITDA (MNOK)

Br. Birkeland AS


Salmon Q3 • Harvested volume (GWT):

o Q3/15 700.1 MT vs. 1,325.5 in Q3/14

• EBIT/kg: o NOK – 6.7 in Q3/15 vs. NOK 4.3 in Q3/14

• Harvested volume (GWT): o YTD Q3/15 5,455 MT vs. 5,390 in YTD Q3/14

• EBIT/kg: o NOK 1.67 in YTD Q3/15 vs. NOK 9.73 in YTD

Q3/14

• Expects high release from stock cost (Spring 14 generation) also in Q4

Pelagic Q3 • The pelagic vessels have been catching mackerel in

September and had good performance • The snow crab vessel experienced lower catch in the

quarter due to ecdysis process.

(MNOK) Q3 2015 Q3 2014 YTD Q3

2015 YTD Q3

2014 2014

Revenue 85,4 71,2

338,3

276,4

429,2

EBITDA 20,1 18,1 56,4 69,6 91,5

EBIT* 3,3 4,7 10,7 31,3 39,1

25,8

38,6

25,9

63,7

24,7 26,8 18,1 21,9 15,5

20,8 20,1

0

10

20

30

40

50

60

70

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

EBITDA (MNOK)

* before biomass adj.


Balance sheet

Pelagia is an associated company and are included in the line Financial non-current assets in the Group balance sheet. As such the Group balance sheet does not include proportional consolidation of Pelagia (50%)

(NOK 1,000) 30.09.201530.09.2014 (restated) 31.12.2014

Intangible assets 7 975 535 7 286 688 7 480 567

Tangible fixed assets 5 287 694 4 609 533 4 949 287

Financial non-current assets 1 727 237 1 483 003 1 663 735

Total non-current assets 14 990 466 13 379 224 14 093 589

Biological assets at cost 3 364 334 2 997 069 3 074 910

Fair value adjustment biomass 291 408 191 705 807 669

Other inventory 903 736 837 923 839 410

Receivables 2 298 389 2 062 929 2 330 271

Cash and cash equivalents 2 420 080 1 992 458 2 198 148

Total current assets 9 277 947 8 082 084 9 250 408

Total assets 24 268 413 21 461 308 23 343 997

NIBD 4 380 395 3 969 855 3 959 866 Equity 12 723 625 11 305 484 12 360 106

Equity ratio 52 % 53 % 53 %

Forklaring

Arkfaner merket medskal inn i Finansiell rapport(kvartal)

Arkfaner merket medskal inn i Presentasjon(kvartal)

Arkfaner merket medhjelpeark som ikke skal inn i noen offisielle rapporter

Tall fra PELAGIA som Arne skal snakke under sin presentasjon av selskapene

Nøkkeltall

Key figures for the Group

All figures in NOK 1,000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014Brukes i Finansiell rapportengelsk

Operating revenue3,791,2913,391,34211,444,92110,639,48814,344,177

EBITDA446,661439,5801,741,3531,938,1742,516,189

EBITDA %12%13%15%18%18%

EBIT255,027281,4061,208,8501,482,2041,855,768

Pre tax profit331,20914,212631,075461,4501,346,473

Earnings per share (EPS) from continuing operations0.870.241.681.382.76

Total assets24,268,41321,461,30823,343,997

Equity12,723,62511,305,48412,360,106

Equity ratio52%53%53%

Net interest bearing debt (NIBD)/4,380,3953,969,8553,959,866

Nøkkeltall for konsernet

Alle tall i NOK 1.000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014Brukes i Finansiell rapportnorsk

Driftsinntekter3,791,2913,391,34211,444,92110,639,48814,344,177

EBITDA446,661439,5801,741,3531,938,1742,516,189

EBITDA %12%13%15%18%18%

EBIT255,027281,4061,208,8501,482,2041,855,768

Resultat før skatt331,20914,212631,075461,4501,346,473

Resultat pr. aksje fra videreført virksomhet0.870.241.681.382.76

Sum eiendeler24,268,41321,461,30823,343,997

Egenkapital12,723,62511,305,48412,360,106

Egenkapitalandel52%53%53%

Netto rentebærende gjeld (NIBD)4,380,3953,969,8553,959,866

Resultat

Income Statement (unaudited)

All figures in NOK 1,000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014Brukes i Finansiell rapportQ1 2015Q2 2015

Operating revenue3,791,2913,391,34211,444,92110,639,48814,344,1773,545,8294,107,801

Raw material and consumables used2,378,8492,134,7627,023,2846,364,0238,529,3162,217,9042,426,531

Salaries and personnel expenses477,202424,7371,291,4201,149,0191,607,412408,042406,176

Other operating expenses488,579392,2631,388,8641,188,2721,691,260402,918497,367

Operating profit before depreciation (EBITDA)446,661439,5801,741,3531,938,1742,516,189516,965777,727

Depreciation and amortisation193,721158,852538,768460,391630,308170,407174,640

Impairment-2,087-678-6,265-4,42130,113-2,149-2,029

EBIT before fair value biomass adjustment255,027281,4061,208,8501,482,2041,855,768348,707605,116

Fair value adjustment biomass76,002-253,670-517,376-996,863-379,758-368,222-225,156

Operating profit331,02927,736691,474485,3411,476,010-19,515379,960

Income from associated companies68,77355,639170,441131,128217,38155,94345,725

Net interest expenses-57,308-51,067-169,778-147,594-197,074-52,329-60,141

Net other financial items (incl. agio/disagio)-11,285-18,096-61,062-7,425-149,844-37,724-12,053

Profit before tax331,20914,212631,075461,4501,346,473-53,625353,491

Income tax expenses-62,08919,437-157,228-77,240-345,80227,313-122,452

Net profit269,12033,649473,847384,2101,000,671-26,312231,039

Profit to non-controlling interest93,724-14,648135,395107,209445,561-5,71347,387

Profit to controlling interests175,39648,297338,452277,001555,110-20,599183,652

Earnings per share (EPS)0.870.241.681.382.76

Diluted EPS0.870.241.681.382.76

Average no of shares200,995200,995200,995200,995200,995

Diluted no of shares200,995200,995200,995200,995200,995

HJELPEKOLONNER:

EBIT before fair value biomass adjustment255,027281,4061,208,8501,482,2041,855,768

Fair value adjustment biomass

Operating profit255,027281,4061,208,8501,482,2041,855,768

Income from associated companies68,77655,639170,442131,128217,381Hentes fra TS note

biomassadjustment8,6139,06815,86775,26055,988Hentes fra TS note

Income from associated companies77,38964,707186,309206,388273,369

Net finance-68,593-69,163-230,840-155,019-346,918

Profit before tax263,823276,9501,164,3191,533,5731,782,219

Lerøy biomassejustering62,840-221,884-500,633-906,226-327,414Fylles inn manuelt-348,134

BRBI biomassejustering13,162-31,786-16,742-90,637-52,344Fylles inn manuelt-20,088

SUM KONSERN76,002-253,670-517,375-996,863-379,758-368,222

Norskott Havbruk

Resultat e.skatt5,54610,42127,91565,03195,540

biomassejustering8,6139,06815,86716,240-3,032

Nytt resultat e.skatt14,15919,48943,78281,27192,508

Endring8,6139,06815,86716,240-3,032

AUSS andel endring5,3885,6739,92610,160-1,897

Villa Organic

Resultat e.skatt- 0- 0- 0-5,418-5,418

biomassejustering- 0- 0- 059,02059,020

Nytt resultat e.skatt- 0- 0- 053,60253,602

Endring- 0- 0- 059,02059,020

AUSS andel endring- 0- 0- 036,92336,923

AUSS andel av resultat175,39648,297338,452277,001555,110

Biomassejustering-33,502112,933234,744446,944168,631

Norskott/Villa biomassejustering5,3885,6739,92647,08335,026

AUSS andel resultat ex. Biomassejustering147,282166,903583,122771,028758,767

EPS (NOK)*0.730.832.903.843.78

AVSTEMMING

Profit before tax adjusted263,823276,9501,164,3191,533,5731,782,219

Biomass adj76,002-253,670-517,376-996,863-379,758

Biomass adj Associated-8,613-9,068-15,867-75,260-55,988

Profit before tax IFRS331,21214,212631,076461,4501,346,473

From line 18331,20914,212631,075461,4501,346,473

Deviation-3- 0-1- 0- 0

inkl. Pelagia

Income Statement (unaudited)50%50%50%50%

Pelagia AS

All figures in NOK 1,000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014AUSS incl. Pelagia Q3 2015 (P)AUSS incl. Pelagia Q3 2014AUSS incl. Pelagia YTD Q3 2015AUSS incl. Pelagia YTD Q3 2014AUSS incl. Pelagia 2014 (P)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014YTD Q3 2015Q3 2015H1 2015Q2 2015Q1 2015

Operating revenue3,791,2913,391,34211,444,92110,639,48814,344,1774,501,6424,005,89313,437,96912,435,94617,166,983710,351614,5511,993,0481,796,4582,822,8063,986,0961,420,7022,565,3941,293,4261,271,968

Raw material and consumables used2,378,8492,134,7627,023,2846,364,0238,529,3162,922,8082,553,1738,594,4197,609,29810,488,729543,959418,4111,571,1351,245,2751,959,4133,142,2691,087,9182,054,3511,028,8231,025,528

Salaries and personnel expenses477,202424,7371,291,4201,149,0191,607,412506,207483,7141,364,0901,321,2461,873,11629,00558,97772,670172,227265,704145,34058,01087,33039,48247,848

Other operating expenses488,579392,2631,388,8641,188,2721,691,260523,319452,7451,490,0541,410,8531,994,31534,74060,482101,190222,581303,055202,37969,479132,90066,21366,687

Operating profit before depreciation (EBITDA)446,661439,5801,741,3531,938,1742,516,189549,309516,2621,989,4072,094,5502,810,824102,64876,682248,054156,376294,635496,108205,295290,813158,908131,905

Depreciation and amortisation193,721158,852538,768460,391630,308213,193178,854598,764521,105715,00119,47220,00259,99660,71484,693119,99238,94481,04849,11031,938

Impairment-2,087-678-6,265-4,42130,113-2,087-678-6,265-4,42130,113- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

EBIT before fair value biomass adjustment255,027281,4061,208,8501,482,2041,855,768338,203338,0871,396,9081,577,8662,065,71083,17656,681188,05895,662209,942376,116166,351209,765109,79899,967

Fair value adjustment biomass76,002-253,670-517,376-996,863-379,758

Operating profit331,02927,736691,474485,3411,476,010

Income from associated companies68,77355,639170,441131,128217,381

Net interest expenses-57,308-51,067-169,778-147,594-197,074

Net other financial items (incl. agio/disagio)-11,285-18,096-61,062-7,425-149,844

Profit before tax331,20914,212631,075461,4501,346,473

Income tax expenses-62,08919,437-157,228-77,240-345,802

Net profit from continuing operations269,12033,649473,847384,2101,000,671

I Q3 rapport var internavskrivninger på 2,037 tatt med for Welcon

Utvidet resultat

Condensed Statement of Comprehensive income (unaudited)

All figures in NOK 1,000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014Brukes i Finansiell rapport

Net earnings in the period269,12033,649473,847384,2101,000,671

Other comprehensive income

Currency translation differences178,23558,814359,09898,995562,141

Other comprehensive income from associated companies10-15-16

Cash flow hedges-25,080-8,81946,675-39,896-72,200

Change in value available for sale financial assets- 0

Others incl. tax effect-11,777-5,488-12,920-6,895- 0

Total other comprehensive income141,37844,517392,85352,189489,925

Comprehensive income in the period410,49878,166866,700436,3991,490,596

Allocated to;

Minority interests120,865-22,133179,69966,988501,732

Majority interests289,633100,299687,001369,411988,864

Britt Drivenes:Lagt inn plugg fra EK med 1,723

Balanse

Statement of Financial Position (unaudited)

All figures in NOK 1,0009/30/1530.09.2014 (restated)12/31/14Brukes i Finansiell rapport

Assets

Intangible assets7,975,5357,286,6887,480,567

Vessels707,944626,095699,923

Property, plant and equipment4,579,7503,983,4384,249,364

Investments in associated companies1,637,5731,375,2521,563,187

Investments in other shares33,41532,31335,773

Other long-term receivables56,24975,43864,775

Total non-current assets14,990,46613,379,22414,093,589

Inventories4,559,4784,026,6974,721,989

Accounts receivable1,618,0561,462,4791,637,571

Other current receivables680,333600,450692,700

Cash and cash equivalents2,420,0801,992,4582,198,148

Total current assets9,277,9478,082,0849,250,408

Total assets24,268,41321,461,30823,343,997

Equity and liabilities

Share capital101,359101,359101,359

Own shares-35,306-35,306-35,306

Share premium3,713,5493,713,5493,713,549

Retained earnings and other reserves4,826,4793,899,4404,541,467

Non-controlling interests4,117,5443,626,4424,039,037

Total equity12,723,62511,305,48412,360,106

Deferred tax liabilities2,357,1152,117,3202,407,445

Pensions and other obligations163,342118,024169,447

Borrowings5,351,1114,855,1064,794,922

Other long-term liabilities15,81213,49216,104

Total non-current liabilities7,887,3807,103,9427,387,918

Short term borrowings796,050631,338741,009

Overdraft facilities653,314475,869622,083

Account payable1,258,8661,094,7291,172,648

Other current liabilities949,178849,9461,060,233

Total current liabilities3,657,4083,051,8823,595,973

Total liabilities11,544,78810,155,82410,983,891

Total equity and liabilities24,268,41321,461,30823,343,997

NIBD4,380,3953,969,8553,959,866


HJELPEKOLONNER:

Biological assets at cost3,364,3342,997,0693,074,910

Fair value adjustment biomass291,408191,705807,669

Other inventory903,736837,923839,410

Total4,559,4784,026,6974,721,989

Balanse tall4,559,4784,026,6974,721,989

Avvik- 0- 0- 0

Egenkapital

Condensed Statement of changes in equity (unaudited)

All figures in NOK 1,0009/30/1530.09.2014 (restated)12/31/14

Equity period start12,360,10611,464,19111,464,191

Comprehensive income in the period866,700436,3991,490,596

Dividends-684,061-594,024-593,599

Business combinations/acquisition180,880- 0

Transactions with non-controlling interest- 0-1,082-1,082

Effect option programme- 0- 0- 0

Other- 0- 0- 0

Total changes in equity in the period363,519-158,707895,915

Equity at period end12,723,62511,305,48412,360,106

Bokført EK fra Balanse linje 2712,723,62511,305,48412,360,106

Avstemming12,723,62511,305,48412,360,106

Avvik- 0- 0- 0

Kontantstrøm

Condensed Consolidated Cash flow statement (unaudited)

All figures in NOK 1,000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014

Brukes i Kvartals presentasjon

Net cash flow from operating activities412,09190,1741,131,3311,283,1691,794,738

Net cash flow from investing activities-1,753-95,707-494,436653,463374,603

Net cash flow from financing activities-208,445380,199-414,963-1,387,488-1,414,507

Net change in cash and cash equivalents*201,893374,666221,932549,144754,834

Cash and cash equivalents at beginning of period2,218,1871,617,7922,198,1481,443,3141,443,314

Cash and cash equivalents at period end2,420,0801,992,4582,420,0801,992,4582,198,148

* incl.exchange gains/losses

Cash flow statement (unaudited)

All figures in NOK 1,000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014Brukes i Finansiell rapport

Cash flow from operating activities

Profit before income taxes331,20914,212631,075461,4501,346,472

Fair value adjustment of biological assets-76,002253,669517,376996,863379,758

Taxes paid in the period-21,144-17,747-400,366-394,736-438,602

Depreciation and amortisation193,721158,850538,768460,391630,307

Impairments-2,087-678-6,265-4,42130,114

Associated companies - net-68,773-55,639-170,441-131,128-217,381

Interest expense64,86056,803195,438166,021244,673

Interest income-7,552-9,733-25,660-30,387-47,599

Change in inventories-242,792-255,379-339,053-222,940-316,082

Change in receivables-56,16058,63075,574333,42263,834

Change in payables184,872109,64573,960-96,64610,168

Other operating cash flow incl currency exchange111,939-222,45940,925-254,720109,076

Net cash flow from operating activities412,09190,1741,131,3311,283,1691,794,738

Cash flow from investing activities

Purchase of intangible and fixed assets-231,122-242,674-639,909-642,801-994,489

Purchase of shares and equity investments- 0195-129,343-1,746-64,418

Proceeds from sale of fixed assets/equity investments44,1014,87749,0391,129,5541,191,035

Cash inflow from business combinations4,605133,55712,337133,557133,656

Dividend received174,000- 0174,00017,49936,250

Interest income7,5529,73325,66030,38747,599

Other investing activities - net-889-1,39513,780-12,98724,970

Net cash flow from investing activities-1,753-95,707-494,436653,463374,603

Cash flow from financing activities

Proceeds from new long term debt133,861608,471983,299752,920881,174

Repayment of long term debt-178,304-136,841-605,960-1,200,714-1,394,642

Change in short term debt-109,402-35,84072,431-191,603-106,721

Interest paid-64,860-55,544-195,514-157,359-238,067

Dividends paid- 0- 0-684,061-593,679-592,222

Other finance cash flow - net- 0-1,082-1,082-1,082

Net cash flow from financing activities-218,705379,164-429,805-1,391,517-1,451,560

Net change in cash and cash equivalents191,633373,631207,090545,115717,781

Cash, and cash equivalents at start of period2,218,1871,617,7922,198,1481,443,3141,443,314

Exchange gains/losses (-)10,2601,03514,8424,02937,053

Cash and cash equivalents at period end2,420,0801,992,4582,420,0801,992,4582,198,148

Biologiske eiendeler (mal)

Bokført verdi biologiske eiendeler / Carrying amount of biological assetsYTD Q3 2015YTD Q3 20142014

Fisk i sjø til kostpris / fish in sea at historic cost193,829184,640177,463

Virkelig verdijustering fisk i sjø / Fair value adjustment fish in sea6,380-15,17023,123

Virkelig verdi på fisk i sjø / Fair value fish in sea- 0- 0200,209169,470200,586

Rogn, yngel og smolt / Fry, brood and smolt- 0- 0- 0

Bokført verdi på biologiske eiendeler / Carrying amount of biological assets- 0- 0200,209169,470200,586

Virkelig verdijustering i perioden / Fair value adjustmentQ3 2015Q3 2014YTD Q3 2015YTD Q3 20142014

Endring IFRS just. beholdn / Change IFRS adj. biolocigal assets13,162-31,785-16,743-90,637-52,344

Endring IFRS just. derivater/Change IFRS adj. derivatives- 0- 0- 0- 0- 0

Verdijustering biomasse / Fair value adj. biological assets13,162-31,785-16,743-90,637-52,344

Mengde fisk i sjø (LWT)/ Volume of fish in sea (LWT)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014

Mengde ved periodens begynnelse / Volume at beginning of period3,8224,9015,8935,9155,915

Vekst i perioden/ growht during the period2,8082,9656,0446,7898,847

Høstet volum i perioden / Harvested volume during the period-833-1,577-6,140-6,415-8,869

Mengde ved periodens slutt / Volume at end of period5,7976,2895,7976,2895,893

Herav fisk > 4kg / Fish > 4kg- 01,954- 01,9541,489

TS

Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2,014Brukes i Finansiell rapport

Norskott Havbruk AS50.0 %5,54610,42127,91565,03195,540

Pelagia AS50.0 %61,83842,445131,47167,588124,744

Villa Organic AS47.8 %- 0- 0- 0-5,418-5,418

Others1,3922,77311,0563,9272,515

Total income from ass.companies68,77655,639170,442131,128217,381

Total investment1,637,5731,375,2521,563,187

Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2,014

Biomassejustering:

Norskott Havbruk AS-8,613-9,068-15,867-16,2403,032

Villa Organic AS- 0- 0- 0-59,020-59,020

Totalt-8,613-9,068-15,867-75,260-55,988

Resultat ex.biomassejustering

Norskott Havbruk AS14,15919,48943,78281,27192,508

Villa Organic AS- 0- 0- 053,60253,602

Pelagia AS61,83842,445131,47167,588124,744

Others1,3922,77311,0563,9272,515

Totalt77,38964,707186,309206,388273,369

Segment Q3_15

(ikke inkl. 50% av Hordafor i 2014)

All figures in NOK 1,000Lerøy Seafood Group ASAAustral Group S.A.AFoodcorp Chile S.ABr. Birkeland ASOther/ eliminationsTotal GroupPelagia AS (50% of figures and volumes)Total Group incl. Pelagia AS (50%)

Q3 2015

Operating revenue3,291,271323,351139,96985,380-48,6803,791,291710,3514,501,642

EBITDA365,17150,05211,15320,143142446,661102,647549,308

EBITDA %11%15%8%24%12%14%12%

EBIT ex. Impairment253,2376,713-5,1653,306-5,151252,94083,175336,115

EBIT253,2378,800-5,1653,306-5,151255,02783,175338,202

Volumes sold:

Salmon (gwt tonnes)40,68270041,38241,382

Fishmeal/oil/FPC (tonnes)21,0844,11025,19431,71156,905

Frozen fish (tonnes)- 03,5533,55334,02537,578

Canning (cases)58,3567,59765,95365,953

Q3 2014 (restated)


EBITDA397,76424,244-4,69818,0934,177439,58076,682516,262

EBITDA %13%10%-5%25%13%12%13%

EBIT ex. Impairment302,758-8,741-17,8024,704-191280,72856,681337,409

EBIT302,758-6,855-19,0104,704-191281,40656,681338,087

Volumes sold:

Salmon (gwt tonnes)41,4991,32642,82542,825


Frozen fish (tonnes)7393,6904,42937,94042,369

Canning (cases)126,14117,972144,113- 0144,113

YTD Q3 2015

Operating revenue9,921,4581,020,489347,387338,305-182,71811,444,9211,993,04813,437,969

EBITDA1,336,261298,89749,94756,405-1571,741,353248,0541,989,407

EBITDA %13%29%14%17%15%12%15%

EBIT ex. Impairment1,027,193177,4952,63810,700-15,4411,202,585188,0581,390,643

EBIT1,027,193183,7602,63810,700-15,4411,208,850188,0581,396,908

Volumes sold:



Frozen fish/fresh (tonnes)269,8589,88489,23799,121

Canning (cases)297,75318,019315,772315,772

YTD Q3 2014 (restated)

Operating revenue9,393,161842,226372,271276,443-244,61310,639,4881,796,45812,435,946

EBITDA1,626,292163,82572,54269,6095,9061,938,174156,3762,094,550

EBITDA %17%19%19%25%18%9%17%


EBIT1,353,43371,45632,80931,272-6,7661,482,20495,6621,577,866

Volumes sold:


Fishmeal (tonnes)67,36218,56285,92466,136152,060

Frozen fish/fresh (tonnes)1,48913,91515,404111,070126,474

Canning (cases)475,62150,807526,428- 0526,428

2014


EBITDA2,160,138180,13779,48391,5234,9072,516,188294,6342,810,822

EBITDA %17%17%16%21%18%10%16%


EBIT1,788,67638,9771,24339,117-12,2471,855,766209,9422,065,708

Volumes sold:


Fishmeal/oil/FPC (tonnes)79,07521,9947,520108,58987,432196,021


Canning (cases)557,04660,021617,067- 0617,067

Segment Q2_15


All figures in NOK 1,000Lerøy Seafood Group ASAAustral Group S.A.AFoodcorp Chile S.ABr. Birkeland AS**Other/ eliminationsTotal GroupPelagia AS * (50% of figures and volumes)Total Group incl. Pelagia AS (50%)

Q2 2015


EBITDA470,255241,57239,55620,7835,561777,72779,454857,181

EBITDA %14%45%30%15%19%12%18%

EBIT ex. Impairment370,054202,41824,1976,195223603,08754,898657,985

EBIT370,054204,44724,1976,195223605,11654,898660,014

Volumes sold:




Canning (cases)102,2554,185106,440106,440

Q2 2014 (restated)


EBITDA589,67657,12752,84026,8192,700729,16220,081749,243

EBITDA %19%24%30%23%20%4%18%

EBIT ex. Impairment500,31528,86140,29914,305-1,511582,269-1,128581,141

EBIT500,31526,99240,29914,305-1,511580,400-1,128579,272

Volumes sold:



Frozen fish (tonnes)5715,6896,26026,60732,867

Canning (cases)146,37927,981174,360- 0174,360

H1 2015


EBITDA971,090248,84538,79436,262-2991,294,692145,4071,440,099

EBITDA %15%36%19%14%17%11%16%

EBIT ex. Impairment773,957170,7827,8037,394-10,290949,646104,8821,054,528

EBIT773,957174,9607,8037,394-10,290953,824104,8821,058,706

Volumes sold:




Canning (cases)239,39710,422249,819249,819

FPC/Oil (tonnes)- 0

H1 2014 (restated)


EBITDA1,228,528139,58177,24051,5151,7291,498,59379,6941,578,287

EBITDA %19%23%28%25%21%7%19%


EBIT1,050,67578,31151,81926,565-6,5751,200,79538,9811,239,776

Volumes sold:




Canning (cases)349,48032,835382,315- 0382,315

2014


EBITDA2,160,138180,13779,48391,5234,9072,516,188294,6342,810,822

EBITDA %17%17%16%21%18%10%16%


EBIT1,788,67638,9771,24339,117-12,2471,855,766209,9422,065,708

Volumes sold:


Fishmeal/oil/FPC (tonnes)79,07521,9947,520108,58987,432196,021


Canning (cases)557,04660,021617,067- 0617,067

Segment Q4_14


All figures in NOK 1,000Lerøy Seafood Group ASAAustral Group S.A.AFoodcorp Chile S.ABr. Birkeland AS**Other/ eliminationsTotal GroupPelagia AS * (50% of figures and volumes)Total Group incl. Pelagia AS (50%)

Q4 2014


EBITDA533,84616,3126,94121,914-998578,015138,259716,274

EBITDA %16%7%5%14%16%13%15%

EBIT ex. Impairment437,225-23,782-7,6767,845-5,479408,133114,280522,413

EBIT435,243-32,479-31,5667,845-5,479373,564114,280487,844

Volumes sold:


Fishmeal (tonnes)10,7492,69513,44415,17028,614

Fish oil (tonnes)9647381,7024,9426,644


Canning (cases)81,4259,21490,639- 090,639

FPC/Oil (tonnes)1,1841,184

Q4 2013 (restated)


EBITDA505,69792,193-6,90763,7461,726656,45593,135749,590

EBITDA %16%28%-11%39%18%9%16%

EBIT ex. Impairment430,10647,542-22,23751,310-2,673504,04869,550573,598

EBIT424,606-41,526-22,23751,310-2,673409,48068,800478,280

Volumes sold:


Fishmeal (tonnes)21,5292,02023,54915,65039,199

Fish oil (tonnes)7,0715017,5723,48911,061

Frozen fish (tonnes)- 081181179,10679,917

Canning (cases)169,6347,626177,260- 0177,260


2014


EBITDA2,160,138180,13779,48391,5234,9072,516,188294,6342,810,822

EBITDA %17%17%16%21%18%10%16%


EBIT1,788,67638,9771,24339,117-12,2471,855,766209,9422,065,708

Volumes sold:


Fishmeal (tonnes)67,03316,6827,52091,23565,224156,459

Fish oil (tonnes)12,0425,31217,35418,30035,654


Canning (cases)557,04660,021617,067- 0617,067


2013


EBITDA1,938,474262,16920,838153,9834,6272,380,091259,9092,640,000

EBITDA %18%20%6%36%19%9%17%

EBIT ex. Impairment1,631,299112,660-34,604104,301-12,7211,800,935174,0451,974,980

EBIT1,625,79928,619-34,604104,301-12,7211,711,394174,0451,885,439

Volumes sold:


Fishmeal (tonnes)84,2828,5197,425100,22657,310157,536

Fish oil (tonnes)12,4661,69014,15618,99533,151


Canning (cases)1,067,84458,5521,126,3961,126,396


* Figures and volumes Q4 13 and full year 2013 are proforma figures for Pelagia Group as if the transaction had taken place January 1st. 2013.

** Br. Birkeland AS owns two pelagic purse seiners with quota of 650 basiston and 7 salmon licenses, all in Norway.

Result highligts

Result highlights


All figures in NOK 1,000Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014

Revenue3,791,2913,391,34211,444,92110,639,48814,344,177

EBITDA446,661439,5801,741,3531,938,1742,516,189

Total assets24,268,41321,461,30824,268,41321,461,30823,343,997

- 0- 0

Equity12,723,62511,305,48412,723,62511,305,48412,360,106

- 0- 0

Equity ratio52%53%52%53%53%

- 0- 0

Net interest bearing debt (NIBD)4,380,3953,969,8554,380,3953,969,8553,959,866

Volum


Figures in 1,000 tonnesQ3 2015Q3 2014YTD Q3 2015YTD Q3 20142015 E2014

Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014

Group companies:Raw Material HC219765520316079106207

Chile own catch17274647572Raw Material FM/FPC/ Oil305336147407298482179210

Chile purchase6147610598121524412202610458561285417

Peru own catch332190175264175

Peru purchase3842606660

Total Group companies3056381405503428423

Joint ventures:

Europe purchase (HC)8096214247350453

Europe purchase (FM/FPC/Oil)135131767643891839

Totalt Joint venture:2152279818901,2411,292

TOTAL GROUP2452831,3631,2951,7441,720

Volum

Raw Material HC

Raw Material FM/FPC/ Oil

'000 MT

Volum spec


Figures in 1,000 tonnesQ1 2015Q2 2015Q3 2015Q4 20152015Q1 2014Q2 2014Q3 2014Q4 20142014Q1 2013*Q2 2013*Q3 2013*Q4 2013*2013*

Group companies:

Chile own catch2236177424382872251611758

Chile purchase11596764250141612116107740

Peru own catch118531902611832- 01753213513143323

Peru purchase0383427458- 06029551750151

Total Group companies3431830- 038199250562342810221638217572

Joint ventures:

Europe purchase (HC)88468021412335961994531855754197492

Europe purchase (FM/Oil)321311135767236276133194839238138111197684

Totalt Joint venture:409357215- 09813593112293931,2934231951643941,176

TOTAL GROUP443675245- 01,3634585612854171,7215254112026111,748

Volum (2)


Figures in 1,000 tonnesQ1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015

Chile:

Own catch HC23.5712.85- 03.2224.3132.942.116.1515.5035.54

Purchase HC- 02.650.661.034.335.647.141.724.20- 0

Own FM/Oil1.123.100.5313.77- 04.86- 01.476.14- 0

Purchase FM/Oil15.917.706.455.8737.6143.946.8414.086.4659.10

Total Group companies40.6026.307.6323.8866.24287.38116.0923.4132.2994.64- 0- 0

Peru

Own catch HC7.511.50- 00.026.923.34- 0- 00.22- 0

Purchase HC3.121.750.622.441.891.79- 0- 0- 0- 0

Own FM/Oil24.27133.4513.27142.8018.92114.1931.78- 01.20185.06

Purchase FM/Oil25.3953.5116.3347.435.1643.117.75- 00.2938.15

Total Group companies60.29190.2130.22192.6832.889162.42339.52- 01.72223.21- 0- 0

Joint ventures:

Europe purchase (HC)185.0056.9253.51196.77122.9135.2496.33198.7587.5346.06

Europe purchase (FM/Oil)238.00138.45110.56196.89236.44275.60132.91194.44321.41311.10

Totalt Joint venture:423.00195.37164.06393.65359.35310.84229.24393.20408.94357.16- 0- 0

TOTAL GROUP523.89411.87201.91610.22458.48560.65284.85416.61442.95675.01- 0- 0

Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015

Rawmaterial HC21976552031607910620710782- 0- 0

Rawmaterial FM/Oil305336147407298482179210335593- 0- 0

Volum (2)

Rawmaterial HC

Rawmaterial FM/Oil

'000 MT

Key financial figures Q


(NOK 1,000)Q3 2015Q3 2014 (restated)Δ%Q3 2015**Q3 2014 (restated)**Δ%

Revenue3,791,2913,391,34211.8 %4,501,6424,005,89312.4 %

EBITDA446,661439,5801.6 %549,309516,2626.4 %

Depreciation/Impairment191,634158,174211,106178,176

EBIT*255,027281,406-9.4 %338,203338,0870.0 %

Income from associates*77,38964,707

Net finance-68,593-69,163

Pre-tax*263,823276,950-4.7 %

Net profit269,12033,649

EPS (NOK)0.870.24

EPS (NOK)*0.730.83


** AUSS incl. proportional 50% of Pelagia AS

Q3 2015Q3 2014 (restated)

Biomass adj group company76,002-253,670

Biomass adj group associated companies-8,613-9,068

Key financial figures H


(NOK 1,000)YTD Q3 2015YTD Q3 2014 (restated)Δ%YTD Q3 2015**YTD Q3 2014 (restated)**Δ%

Revenue11,444,92110,639,4887.6 %13,437,96912,435,9468.1 %

EBITDA1,741,3531,938,174-10.2 %1,989,4072,094,550-5.0 %

Depreciation/Impairment532,503455,970592,499516,684

EBIT*1,208,8501,482,204-18.4 %1,396,9081,577,866-11.5 %

Income from associates*186,309206,388

Net finance-230,840-155,019

Pre-tax*1,164,3191,533,573-24.1 %

Net profit473,847384,210

EPS (NOK)1.681.38

EPS (NOK)*2.903.84


** AUSS incl. proportional 50% of Pelagia AS

YTD Q3 2015YTD Q3 2014 (restated)

Biomass adj group company-517,375-996,863

Biomass adj group associated companies-15,867-75,260

Balance sheet

Balance sheet


(NOK 1,000)9/30/1530.09.2014 (restated)12/31/14

Intangible assets7,975,5357,286,6887,480,567

Tangible fixed assets5,287,6944,609,5334,949,287

Financial non-current assets1,727,2371,483,0031,663,735

Total non-current assets14,990,46613,379,22414,093,589

Biological assets at cost3,364,3342,997,0693,074,910

Fair value adjustment biomass291,408191,705807,669

Other inventory903,736837,923839,410

Receivables2,298,3892,062,9292,330,271

Cash and cash equivalents2,420,0801,992,4582,198,148

Total current assets9,277,9478,082,0849,250,408

Total assets24,268,41321,461,30823,343,997

NIBD4,380,3953,969,8553,959,866

Equity12,723,62511,305,48412,360,106


Cash flow

Cash flow


(NOK 1,000)Q3 2015Q3 2014 (restated)YTD Q3 2015YTD Q3 2014 (restated)2014

Pre tax profit331,20914,212631,075461,4501,346,472

Biomass adjustment-76,002253,669517,376996,863379,758

Paid tax-21,144-17,747-400,366-394,736-438,602

Depreciaton and impairments191,634158,172532,503455,970660,421

Associated companies-68,773-55,639-170,441-131,128-217,381

Interest (net)57,30847,070169,778135,634197,074

Working capital-2,141-309,563-148,594-240,884-133,004

Cash from operating activities412,09190,1741,131,3311,283,1691,794,738

Net investment in capex-231,122-242,674-639,909-642,801-994,489

Acquisitions and divestments48,706138,629-67,9671,261,3651,260,273

Others180,6638,338213,44034,899108,819

Cash from investing activities-1,753-95,707-494,436653,463374,603

Change in long term loans-44,443471,630377,339-447,794-513,468

Change in short term loans-109,402-35,84072,431-191,603-106,721

Dividends- 0- 0-684,061-593,679-592,222

Others-64,860-56,626-195,514-158,441-239,149

Cash from financing activities-218,705379,164-429,805-1,391,517-1,451,560

Cash at the beginning of the period2,218,1871,617,7922,198,1481,443,3141,443,314

Net change in cash (incl.exchange gain/losses)201,893374,666221,932549,144754,834

Cash at the end of the period2,420,0801,992,4582,420,0801,992,4582,198,148

LSG


(MNOK)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014

Revenue3,291.33,036.59,921.59,393.212,696.9

EBITDA365.2397.81,336.31,626.32,160.1

EBIT* ex. Impairment253.2302.81,027.21,353.41,790.6

EBIT*253.2302.81,027.21,353.11,788.7

Harvested volume (GWT)40,68241,499116,000115,779158,258

EBIT/kg* (NOK)6.27.38.911.711.3


EBITDA

Q1 2013443.7

Q2 2013538.2

Q3 2013450.8

Q4 2013505.7

Q1 2014638.9

Q2 2014589.7

Q3 2014397.8

Q4 2014533.8

Q1 2015500.8

Q2 2015470.3

Q3 2015365.2

LSG

EBITDA (MNOK)

Austral

Austral Group S.A.A

(MNOK)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014

Revenue323.4244.71,020.5842.21,067.3

EBITDA50.124.2298.9163.8180.1

EBIT ex.impairment6.7-8.7177.565.842.0

EBIT8.8-6.9183.871.539.0

Rawmaterial intake (tonnes):6,67039,520231,591234,832234,832

Sales volumes:

Fishmeal (tonnes)17,16213,17654,32056,28467,033

Fish oil (tonnes)3,9226,0386,01811,07812,042

Canned fish (cases)58,356126,141297,753475,621557,046

Frozen/fresh (tonnes)- 0739261,4892,626

EBITDA

Q1 20135.3

Q2 2013-7.4

Q3 2013172.1

Q4 201392.2

Q1 201482.5

Q2 201457.1

Q3 201424.2

Q4 201416.3

Q1 20157.3

Q2 2015241.6

Q3 201550.1

Austral

EBITDA (MNOK)

FC

Foodcorp Chile S.A.

(MNOK)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014

Revenue140.0101.2347.4372.3500.7

EBITDA11.2-4.749.972.579.5

EBIT ex.impairment-5.2-17.82.631.626.3

EBIT-5.2-19.02.632.81.2

Rawmaterial intake (100% of Marfood volumes in tonnes):22,96716,090149,892169,713193,125

Sales volumes (46% of Marfood volumes):

Fishmeal (tonnes)3,3824,0105,59213,98716,682

Fish oil (tonnes)7286351,0114,5755,312

Canned fish (cases)7,59717,97218,01950,80760,021

Frozen (tonnes)3,5533,6409,85813,91516,823

EBITDA

Q1 201338.0

Q2 20139.1

Q3 2013-19.4

Q4 2013-6.9

Q1 201424.4

Q2 201452.8

Q3 2014-4.7

Q4 20146.9

Q1 2015-0.8

Q2 201539.6

Q3 201511.2

FC

EBITDA (MNOK)

BRBI

Br. Birkeland AS

(MNOK)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014

Revenue85.471.2338.3276.4429.2

EBITDA20.118.156.469.691.5

EBIT*3.34.710.731.339.1


EBITDA

Q1 201325.8

Q2 201338.6

Q3 201325.9

Q4 201363.7

Q1 201424.7

Q2 201426.8

Q3 201418.1

Q4 201421.9

Q1 201515.5

Q2 201520.8

Q3 201520.1

BRBI

EBITDA (MNOK)

Pel

Pelagia AS (100% figures)

AUSS`s share = 50%

(MNOK)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014

Revenue1,420.71,229.13,986.13,592.95,645.6

EBITDA205.3153.4496.1312.8589.3

EBIT166.4113.4376.1191.3419.9

Net interest bearing debt1,3011,4921,818

EBITDA

Q1 2013 P157.1

Q2 2013 P60.2

Q3 2013 P116.2

Q4 2013 P186.3

Q1 2014119.2

Q2 201440.2

Q3 2014153.4

Q4 2014276.5

Q1 2015131.9

Q2 2015158.9

Q3 2015205.3

Pel

EBITDA (MNOK)

Norskott

Norskott Havbruk AS (100% figures)

LSG`s share = 50%

(MNOK)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014

Revenue4633731,1311,0961,385

EBITDA5764173247293

EBIT*3648116203232

Volumes (gwt)8,5888,10820,73322,00727,508

EBIT/kg* (NOK)4.25.95.69.28.4

Net interest bearing debt446147249


EBIT*/kg

Q1 20135.9

Q2 20137.9

Q3 20139.5

Q4 20139.1

Q1 201412.0

Q2 201410.2

Q3 20145.9

Q4 20145.3

Q1 20157.7

Q2 20155.7

Q3 20154.2

Norskott

EBIT*/kg (NOK)

Pelagia

Pelagia Group (100% figures)

(MNOK)Q3 2015Q3 2014YTD Q3 2015YTD Q3 20142014

Revenue1,420.71,229.13,986.13,592,916.05,645.6

EBITDA205.3153.4496.1312.8589.3

EBIT166.4113.4376.1191.3419.9

Sales volumes (tonnes):

Frozen68,05075,880178,474222,140389,600

FM/FPC/Oil63,42246,352150,456132,272174,900

EBITDA

Q1 2013 P157.1

Q2 2013 P60.2

Q3 2013 P116.2

Q4 2013 P186.3

Q1 2014119.2

Q2 201440.2

Q3 2014153.4

Q4 2014276.5

Q1 2015131.9

Q2 2015158.9

Q3 2015205.3

Pelagia

EBITDA (MNOK)

Inkl.Pelagia 2014

100%50%-50%100%50%-50%100%50%-50%

PelagiaElimin.HordaforPelagia inkl. HordaforJustertElimin.Pelagia til AUSS konsernPelagia (P)Pelagia (P)PelagiaElimin.HordaforPelagia inkl. HordaforJustertElimin.Pelagia til AUSS konsernPelagia (P)Pelagia (P)PelagiaElimin.HordaforPelagia inkl. HordaforJustertElimin.Pelagia til AUSS konsernPelagia Q1 13 (P)Pelagia Q1 13 (P)

H1 2014H1 2014H1 2014H1 2014H1 2014H1 201350%Q2 2014Q2 2014Q2 2014Q2 2014Q2 2014Q2 201350%Q1 2014Q1 2014Q1 2014Q1 2014Q1 2014Q1 201350%

Operating revenue2,363,813124,1312,487,944-1,243,9721,243,9722,501,6841,250,8421,070,777- 073,5621,144,339-572,170572,1701,036,650518,3251,293,03650,5691,343,605-671,802671,8021,465,034732,517

Raw material and consumables used1,653,72856,6861,710,414-855,207855,2071,715,221857,611761,407- 036,543797,950-398,975398,975720,901360,451892,32120,143912,464-456,232456,232994,320497,160

Salaries and personnel expenses226,49916,158242,657-121,329121,329257,501128,751106,121- 08,031114,152-57,07657,076114,49757,249120,3788,127128,505-64,25364,253143,00471,502

Other operating expenses324,19936,186360,385-180,193180,193311,628155,814163,087- 018,442181,529-90,76590,765141,04970,525161,11217,744178,856-89,42889,428170,57985,290

Operating profit before depreciation (EBITDA)159,387- 015,101174,488-87,244- 087,244217,334108,66740,162- 010,54750,709-25,354- 025,35460,20330,102119,225- 04,554123,779-61,890- 061,890157,13178,566

Depreciation and amortisation81,4254,24085,665-42,83342,83383,72941,86542,417- 02,08444,501-22,25022,25041,80920,90539,0082,15641,164-20,58220,58241,92020,960

Impairment- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

EBIT before fair value biomass adjustment77,962- 010,86188,823-44,412- 044,412133,60566,803-2,255- 08,4636,208-3,104- 03,10418,3949,19780,217- 02,39882,615-41,308- 041,308115,21157,606

Fair value adjustment biomass- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

Operating profit77,962- 010,86188,823-44,412- 044,412133,60566,803-2,255- 08,4636,208-3,104- 03,10418,3949,19780,217- 02,39882,615-41,308- 041,308115,21157,606

Income from associated companies37,293-3,357- 033,936-16,968-25,143-8,175-1,433-71724,370-2,330- 022,040-11,0207,62118,640-9,387-4,69412,923-1,027- 011,896-5,948-32,764-26,8167,9543,977

Net interest expenses-60,935-1,456-62,39131,196-31,196-65,717-32,859-34,803- 0-1,362-36,16518,082-18,082-35,640-17,820-26,132-94-26,22613,113-13,113-30,077-15,039

Net other financial items (incl. agio/disagio)3,812-1,2682,544-1,2721,272- 0- 0-5,289- 0-1,268-6,5573,279-3,279- 0- 09,101- 09,101-4,5514,551- 0- 0

Profit before tax58,132-3,3578,13762,912-31,456-25,1436,31366,45533,228-17,977-2,3305,833-14,4747,2377,621384-26,633-13,31776,109-1,0272,30477,386-38,693-32,7645,92993,08846,544

Income tax expenses-5,790-2,235-8,0254,013-4,013-10,255-5,1283,480- 0-1,6131,867-9339339,1594,580-9,270-622-9,8924,946-4,946-19,414-9,707

Net profit from continuing operations52,342-3,3575,90254,887-27,444-25,1432,30156,20028,100-14,497-2,3304,220-12,6076,3037,6211,317-17,474-8,73766,839-1,0271,68267,494-33,747-32,76498373,67436,837

Net profit from discontinued operation

Net profit52,342-3,3575,90254,887-27,444-25,1432,30156,20028,100-14,497-2,3304,220-12,6076,3037,6211,317-17,474-8,73766,839-1,0271,68267,494-33,747-32,76498373,67436,837

Profit to minority interests2,0552,5464,601-2,3012,301- 0742- 01,8912,633-1,3161,316- 01,3136551,968-9849842,4281,214

Profit to equity holder of parent from continuing operations50,286-3,3573,35750,286-25,143-25,143028,100-15,241-2,3302,330-15,2417,6207,6210-8,73765,527-1,0271,02765,527-32,763-32,764-171,24635,623

- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

Net profit to equity holder of parent from cont. and discont. operations50,286-3,3573,35750,286-25,143-25,1430- 028,100-15,241-2,3302,330-15,2417,6207,6210- 0-8,73765,527-1,0271,02765,527-32,763-32,764-171,24635,623

100%50%-50%100%50%-50%

PelagiaElimin.HordaforPelagia inkl. HordaforJustertElimin.Pelagia til AUSS konsernPelagia (P)Pelagia (P)PelagiaElimin.HordaforPelagia inkl. HordaforJustertElimin.Pelagia til AUSS konsernPelagia (P)Pelagia (P)

YTD Q3 2014YTD Q3 2014YTD Q3 2014YTD Q3 2014YTD Q3 2014YTD Q3 201350%Q3 2014Q3 2014Q3 2014Q3 2014Q3 2014Q3 201350%

Operating revenue3,592,915226,0683,818,983-1,909,4911,909,4913,803,3231,901,6621,229,102- 0101,9371,331,039-665,519665,5191,301,639650,820

Raw material and consumables used2,490,549112,6582,603,207-1,301,6041,301,6042,676,2601,338,130836,821- 055,972892,793-446,397446,397961,039480,520

Salaries and personnel expenses344,45324,994369,447-184,724184,724360,408180,204117,954- 08,836126,790-63,39563,395102,90751,454

Other operating expenses445,16250,537495,699-247,849247,849433,106216,553120,963- 014,351135,314-67,65767,657121,47860,739

Operating profit before depreciation (EBITDA)312,751- 037,879350,630-175,315- 0175,315333,549166,775153,364- 022,778176,142-88,071- 088,071116,21558,108

Depreciation and amortisation121,4286,359127,787-63,89463,894124,56062,28040,003- 02,11942,122-21,06121,06140,83120,416

Impairment- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

EBIT before fair value biomass adjustment191,323- 031,519222,842-111,421- 0111,421208,989104,495113,361- 020,658134,019-67,010- 067,01075,38437,692

Fair value adjustment biomass- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

Operating profit191,323- 031,519222,842-111,421- 0111,421208,989104,495113,361- 020,658134,019-67,010- 067,01075,38437,692

Income from associated companies46,630-17,245- 029,385-14,69314,693-7,025-3,5139,337-13,888- 0-4,5512,276-2,276-5,592-2,796

Net interest expenses-88,713-2,259-90,97245,486-45,486-95,652-47,826-27,778- 0-803-28,58114,291-14,291-29,935-14,968

Net other financial items (incl. agio/disagio)9,1711,12410,295-5,1485,148- 0- 05,359- 02,3927,751-3,8763,876- 0- 0

Profit before tax158,411-17,24530,384171,550-85,775- 085,775106,31253,156100,279-13,88822,247108,638-54,319- 054,31939,85719,929

Income tax expenses-20,457-8,241-28,69814,349-14,349-4,640-2,320-14,667- 0-6,006-20,67310,336-10,3365,6152,808

Net profit from continuing operations137,954-17,24522,143142,852-71,426- 071,426101,67250,83685,612-13,88816,24187,965-43,983- 043,98345,47222,736


Net profit137,954-17,24522,143142,852-71,426- 071,426101,67250,83685,612-13,88816,24187,965-43,983- 043,98345,47222,736

Profit to minority interests2,7794,9007,679-3,8403,840- 0724- 02,3543,078-1,5391,539- 0

Profit to equity holder of parent from continuing operations135,174-17,24517,245135,174-67,587- 067,58750,83684,888-13,88813,88884,888-42,444- 042,44422,736

- 0- 0- 0- 0- 0- 0- 0- 0- 0

Net profit to equity holder of parent from cont. and discont. operations137,953-17,24522,145142,853-71,427- 071,427- 050,83685,612-13,88816,24287,966-43,983- 043,983- 022,736

100%50%-50%100%50%-50%

PelagiaElimin.HordaforPelagia inkl. HordaforJustertElimin.Pelagia til AUSS konsernPelagiaElimin.HordaforPelagia inkl. HordaforJustertElimin.Pelagia til AUSS konsernPelagia (P)Pelagia (P)

2014201420142014YTD Q3 2014Q4 2014Q4 2014Q4 2014Q4 2014Q4 2014Q4 201350%

Operating revenue5,645,612312,5945,958,206-2,979,1032,979,1032,052,697- 086,5262,139,223-1,069,6121,069,6121,301,639650,820

Raw material and consumables used3,918,826153,5114,072,337-2,036,1682,036,1681,428,277- 040,8521,469,129-734,565734,565961,039480,520

Salaries and personnel expenses531,40835,510566,918-283,459283,459186,955- 010,516197,471-98,73598,735102,90751,454

Other operating expenses606,10971,047677,156-338,578338,578160,947- 020,510181,457-90,72990,729121,47860,739

Operating profit before depreciation (EBITDA)589,269- 052,527641,796-320,898- 0320,898276,518- 014,648291,166-145,583- 0145,583116,21558,108

Depreciation and amortisation169,3858,794178,179-89,08989,08947,957- 02,43450,391-25,19625,19640,83120,416

Impairment- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

EBIT before fair value biomass adjustment419,884- 043,733463,617-231,809- 0231,809228,561- 012,214240,775-120,387- 0120,38775,38437,692

Fair value adjustment biomass- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0

Operating profit419,884- 043,733463,617-231,809- 0231,809228,561- 012,214240,775-120,387- 0120,38775,38437,692

Income from associated companies36,586-21,006- 015,580-7,7907,790-10,044-3,761- 0-13,8056,903-6,903-5,592-2,796

Net interest expenses-107,189-9,047-116,23658,118-58,118-18,476- 0-6,787-25,26312,632-12,632-29,935-14,968

Net other financial items (incl. agio/disagio)-16,606-16,6068,303-8,303-25,777- 0-1,124-26,90113,451-13,451- 0- 0

Profit before tax332,675-21,00634,687346,356-173,178- 0173,178174,264-3,7614,302174,805-87,403- 087,40339,85719,929

Income tax expenses-78,607-9,365-87,97243,986-43,986-58,150- 0-1,124-59,27429,637-29,6375,6152,808

Net profit from continuing operations254,068-21,00625,321258,383-129,192- 0129,192116,114-3,7613,178115,531-57,765- 057,76545,47222,736


Net profit254,068-21,00625,321258,383-129,192- 0129,192116,114-3,7613,178115,531-57,765- 057,76545,47222,736

Profit to minority interests4,579- 0- 0

Profit to equity holder of parent from continuing operations249,489-21,006- 0- 022,736

- 0- 0- 0- 0

Net profit to equity holder of parent from cont. and discont. operations254,068-21,006- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 022,736

bridri:Eliminering av TS føring av Hordafor

bridri:Eliminering av TS føring i AUSS










Pelagia 2014

Pelagia Group - 2014

All figures in NOK 1,000Q1 2014Q2 2014Q3 2014Q4 2014YTD Q2 2014YTD Q3 2014YTD Q4 2014

Operating income1,293,0361,070,7771,229,1022,052,6972,363,8133,592,9155,645,612

Raw material and consumables used892,321761,407836,8211,428,2771,653,7282,490,5493,918,826

Salaries and personnel expenses120,378106,121117,954186,955226,499344,453531,408

Other operating expenses161,112163,087120,963160,947324,199445,162606,109

Operating profit before depreciation (EBITDA)119,22540,162153,364276,518159,387312,751589,269


Impairment- 0- 0- 0- 0- 0- 0- 0

EBIT before fair value biomass adjustment80,217-2,255113,361228,56177,962191,323419,884

Fair value adjustment biomass- 0- 0- 0- 0- 0- 0- 0

Operating profit80,217-2,255113,361228,56177,962191,323419,884

Income from associated companies12,92324,3709,337-10,04437,29346,63036,586


Net other financial items (incl. agio/disagio)9,101-5,2895,359-25,7773,8129,171-16,606

Profit before tax76,109-17,977100,279174,26458,132158,411332,675

Income tax expenses-9,2703,480-14,667-58,150-5,790-20,457-78,607

Net profit from continuing operations66,839-14,49785,612116,11452,342137,954254,068

Minority1,3137427241,8002,0552,7794,579

50%50%50%50%50%50%50%

Pelagia incl. Proportional Hordafor (50%)Q1 2014Q2 2014Q3 2014Q4 2014YTD Q2 2014YTD Q3 2014YTD Q4 2014

Operating income1,343,6051,144,3391,331,0392,139,2232,487,9443,818,9835,958,206

Raw material and consumables used912,464797,950892,7931,469,1291,710,4142,603,2074,072,337





Impairment- 0- 0- 0- 0- 0- 0- 0

EBIT before fair value biomass adjustment82,6156,208134,019240,77588,823222,842463,617


Operating profit82,6156,208134,019240,77588,823222,842463,617

Income from associated companies11,89622,040-4,551-13,80533,93629,38515,580


Net other financial items (incl. agio/disagio)9,622-7,0757,747-26,9002,54710,294-16,606

Profit before tax77,386-14,471108,635174,80562,915171,550346,356

Income tax expenses-9,8921,867-20,673-59,274-8,025-28,698-87,972

Net profit from continuing operations67,494-12,60487,962115,53154,890142,852258,383

HORDAFOR GROUPQ1 2014Q2 2014Q3 2014Q4 2014YTD Q2 2014YTD Q3 2014YTD Q4 2014

Operating income101,138147,124203,873173,053248,262452,135625,188

Raw material and consumables used40,28773,085111,94481,705113,372225,316307,021





Impairment- 0- 0- 0- 0- 0- 0- 0

EBIT before fair value biomass adjustment4,79616,92641,31724,42721,72263,03987,466


Operating profit4,79616,92641,31724,42721,72263,03987,466

Income from associated companies- 0- 0- 0- 0- 0- 0- 0


Net other financial items (incl. agio/disagio)1,042-3,5724,776-2,246-2,5302,246- 0

Profit before tax4,60711,67344,4888,60516,28060,76869,373

Income tax expenses-1,244-3,226-12,012-2,249-4,470-16,482-18,731

Net profit from continuing operations3,3638,44732,4776,35611,81044,28750,642

Minority1,3103,7864,7015,0969,797

Majority2,0534,66127,7766,71434,490

Hordafor etter egenkapitalametoden1,0272,33013,8883,7613,35717,24521,006

Disco

CombinedCombined

YTD July 13aug/sep

YTD Q3 13

Salgsinntekter2,091,1981,412,558678,640

Kostnader-2,071,588-1,389,195-682,393

Resultat før skattekostnad før ny måling av eiendeler klassifisert som holdt for salg19,61023,363-3,753

Skattekostnad11,347-2,60913,956

Resultat etter skattekostnad før ny måling av eiendeler klassifiert som holdt for salg30,95720,75410,203

Resultat etter skattekostnad til majoritet19,44810,7278,721

Gevinst/tap før skattekostnad ved ny måling av eiendeler klassifisert som holdt for salg-258,117-249,396-8,721

Skattekostnad- 0- 0- 0

Gevinst/tap etter skattekostnad ved ny måling av eiendeler klassifisert som holdt for salg-258,117-249,396-8,721

Resultat etter skattekostnad for avviklet virksomhet-238,669-238,669- 0

Q4 13

YTD Q3 13Q4 132013MinorietMajoritet

Revenue2,091,1981,649,3713,740,569NPEL606

Expenses-2,071,588-1,530,140-3,601,728Welcon1,972

Profit before tax of discontinued operations19,610119,231138,841Totalt2,57884,048

Tax11,347-32,605-21,258

Profit after tax of discontinued operations30,95786,626117,583

Profit after tax to majority19,44884,048103,496

Pre-tax gain/(loss) recognised on the re-measurement of assets of disposal group-258,117-84,048-342,165

Tax- 0- 0- 0

After tax gain/(loss) recognised on the re-measurement of assets of disposal group-258,117-84,048-342,165

Profit for the year from discontinued operations-238,669- 0-238,669

Pelagia 2013(P)

Proforma tall 2013 - Pelagia Group

All figures in NOK 1,000Q1 2013Q2 2013Q3 2013Q4 2013YTD Q2 2013YTD Q3 2013YTD Q4 2013

Operating income1,465.0341,036.6501,301.6392,141.0262,501.6843,803.3235,944.349

Raw material and consumables used994.320720.901961.0391,594.7451,715.2212,676.2604,271.005

Salaries and personnel expenses143.004114.497102.907155.501257.501360.408515.909

Other operating expenses170.579141.049121.478204.511311.628433.106637.617

Operating profit before depreciation (EBITDA)157.13160.203116.215186.269217.334333.549519.818

Depreciation and amortisation41.92041.80940.83147.16983.729124.560171.729

Impairment- 0320.269- 01.500320.269320.269321.769

EBIT before fair value biomass adjustment115.211-301.87575.384137.600-186.664-111.28026.320


Operating profit115.211-301.87575.384137.600-186.664-111.28026.320

Income from associated companies7.954-9.387-5.59230.408-1.433-7.02523.383

Net interest expenses-30.077-35.640-29.935-33.901-65.717-95.652-129.553

Net other financial items (incl. agio/disagio)- 0- 0- 0- 0- 0- 0- 0

Profit before tax93.088-346.90239.857134.107-253.814-213.957-79.850

Income tax expenses-19.41422.5995.615-36.7783.1858.800-27.978

Net profit from continuing operations73.674-324.30345.47297.329-250.629-205.157-107.828

Sheet1

Cash flow


(NOK 1,000) Q3 2015 Q3 2014 (restated) YTD Q3 2015 YTD Q3 2014

(restated) 2014

Pre tax profit 331 209 14 212 631 075 461 450 1 346 472 Biomass adjustment -76 002 253 669 517 376 996 863 379 758 Paid tax -21 144 -17 747 -400 366 -394 736 -438 602 Depreciaton and impairments 191 634 158 172 532 503 455 970 660 421 Associated companies -68 773 -55 639 -170 441 -131 128 -217 381 Interest (net) 57 308 47 070 169 778 135 634 197 074 Working capital -2 141 -309 563 -148 594 -240 884 -133 004 Cash from operating activities 412 091 90 174 1 131 331 1 283 169 1 794 738

Net investment in capex -231 122 -242 674 -639 909 -642 801 -994 489 Acquisitions and divestments 48 706 138 629 -67 967 1 261 365 1 260 273 Others 180 663 8 338 213 440 34 899 108 819 Cash from investing activities -1 753 -95 707 -494 436 653 463 374 603

Change in long term loans -44 443 471 630 377 339 -447 794 -513 468 Change in short term loans -109 402 -35 840 72 431 -191 603 -106 721 Dividends - - -684 061 -593

q3 2015 financial presentation - austevoll seafoodq3 2015 financial presentation arne møgster –...

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