(Ålesund 12 March 2015) HAVFISK  ASA wins the appeal in the lawsuit brought by the administration committee in Glitnir.  

HAVFISK refers to earlier notifications and statements in interim- and annual reports regarding the lawsuit from the administration committee in Glitnir hf. concerning HAVFISKs interest-, inflation- and currency swap agreement signed with Glitnir in 2005. HAVFISK did not win the case in the district court, but appealed the judgement that was concluded in Reykjavik District Court in December 2013. HAVFISK`s appeal was ruled in the Supreme Court of Iceland 4 March 2015, and judgement fell on 12 March 2015. The Court concluded that HAVFISK did have the right to terminate the swap agreement in 2008.  HAVFISK is acquitted from the entire claim from Glitnir, and is awarded legal costs at ISK 3 million. The Court`s ruling is final.

HAVFISK has made accounting provisions for a possible negative outcome of the case that in the preliminary annual accounts for 2014 amounted to NOK 195 million, included interest rates and currency loss. This provision will be reversed in the completion of the final annual accounts for 2014. This will result in an increase in profit before tax with NOK 195 million and an improvement in the equity of about NOK 143 million.

- We are very satisfied with the outcome in this case. HAVFISK was of the opinion that the District Court in Reykjavik made an incorrect judgment, and we are glad that the Supreme Court of Iceland has concluded that HAVFISK is acquitted,says CEO Webjørn Barstad. 

- We have been looking forward to a final conclusion in this case, and will now use all our resources to go forward, continues Barstad.  

For more information, please contact:
Webjørn Barstad, CEO                                      +47 70 11 86 00
Eldar Farstad, CFO                                       +47 70 11 86 00

HAVFISK ASA is a fishing company that operates 10 trawlers and has 29.6 quotas for cod trawling. HAVFISK ASA`s operating revenue in 2014 was NOK 1 049 million and the company has 390 employees. For further information please visit www.havfisk.no

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

distributed by