FINANCIAL REPORT

Q2 and H1 2023

Austevoll Seafood ASA

Alfabygget N-5392 Storebø

NORWAY www.auss.no

Financial report, Q2 and H1 2023 Austevoll Seafood ASA

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Index

p. 4

Result highlights

p. 5

Austevoll Seafood ASA

p. 6

Profit/loss

Q2 2023

p. 6

Operational review of segments for Q2 2023

p. 12

Joint venture

p. 12

Cash flow

Q2 2023

p. 13

Financial information H1 2023

p. 13

Cash flow

H1 2023

p. 14

Statement of financial position at 30 June 2023

p. 14

Other issues

p. 16

Shareholder information

p. 16

Austevoll Seafood ASA's focus areas for sustainability

p. 16

Market and outlook

p. 20

Income statement

p. 20

Condensed statement of comprehensive income

p. 21

Statement of financial position

p. 22

Condensed statement of changes in equity

p. 22

Cash flow statement

p. 23

Note 1 Accounting policies

p. 23

Note 2 Related party transactions

p. 23

Note 3 Biological assets

p. 26

Note 4 Segments

p. 27

Note 5 Associates

p. 27

Note 6 List of the 20 largest shareholders

p. 28

Note 7 Alternative performance measures

p. 30

Note 8 Right-of-use assets

p. 31

Note 9.New Resource rent tax on Aquaculture from 1 January 2023

Financial report, Q2 and H1 2023 Austevoll Seafood ASA

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Q2 IN BRIEF

  • Group's revenue growth driven by strong prices, partly because of the weak krone
  • Seasonally low harvest volume for salmon in Q2
    • Higher prices realised year on year
    • Cost pressure remains high as a result of inflation
  • Seasonally good level of activity within pelagic segment in the North Atlantic; FoodCorp in Chile continues to develop positively
  • Low level of activity within pelagic segment in Peru
    • No fishery in the first season, other than a few days of trial fishery
  • Issued new senior unsecured bond loans in Austevoll Seafood ASA and Lerøy Seafood Group ASA
  • The government's proposal on resource rent tax on aquaculture (in the sea) was adopted by the Storting on 31 May 2023
    • Tax in Q2 2023 includes a significant implementation effect linked to the value of biomass in the sea at 1 January 2023

RESULT HIGHLIGHTS

All figures in MNOK

Note

Q2 2023

Q2 2022

YTD 2023

YTD 2022

2022

Operating revenue and other income

8 452

7 852

16 454

14 417

31 150

Operational EBITDA

7

1 441

1 769

3 068

3 251

6 062

Operational EBIT

7

982

1 465

2 231

2 563

4 845

Profit before tax and biomass adjustments

774

1 116

1 890

2 160

4 226

Income tax expenses

-193

-471

-537

-784

-1 142

Implementation effects of resource tax (aquculture)

9

-1 803

-

-1 803

-

-

Net profit

-1 139

1 752

85

2 805

4 285

EPS adj. (NOK)

*

-3.2

2.5

-0.8

4.3

9.9

Total assets

51 933

47 748

48 062

Net interest bearing debt

6 930

5 902

5 140

Equity ratio

52%

56%

59%

Group operational EBITDA incl. 50% of Pelagia

1 606

1 900

3 426

3 474

6 906

Operational EBITDA Salmon/whitefish

1 307

1 249

2 644

2 459

4 797

Operational EBITDA Pelagic incl. proportional Pelagia

299

651

782

1 015

2 109

* Before fair value adjustments related to biological assets

Financial report, Q2 and H1 2023 Austevoll Seafood ASA

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AUSTEVOLL SEAFOOD ASA

Since it was established in 1981, Austevoll Seafood ASA (AUSS) has developed into an active and long-term owner of world-leading portfolio companies within aquaculture, fisheries, processing, sales and distribution. This is also reflected in the company's vision:

"Passionate owner of globally leading seafood companies"

The company's values - Look to the Future, Act with Integrity, Enhance Knowledge and Strive for Excellence - shall lay the foundations for the company's ownership and be reflected in the activities of the company's portfolio companies.

Financial report, Q2 and H1 2023 Austevoll Seafood ASA

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Disclaimer

Austevoll Seafood ASA published this content on 11 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 September 2023 08:24:03 UTC.