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    NRS   NO0010331838

NORWAY ROYAL SALMON AS

(NRS)
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Norway Royal Salmon (NRS): Q1 21 - Operational EBIT of MNOK 60

05/11/2021 | 12:26am EDT
Norway Royal Salmon (NRS) reports an operational EBIT of MNOK 60 for the first
quarter of 2021 and EBIT per kg of NOK 6.40. Corresponding figures for the same
quarter last year were MNOK 75 and NOK 16.53.

- This is the first quarter the Icelandic farming company Arctic Fish has been
consolidated in the NRS group. Arctic Fish has had a very good development in
production costs and the company is harvesting more and more salmon. Arctic Fish
is a growing company, and harvest volumes are expected to increase substantially
in the coming years. Recently, Arctic Fish was awarded new licenses, which will
support the company's future growth ambition to harvest      24 000 tonnes in
2025. For the farming operations in Norway, we are not satisfied with the
production cost in the quarter, and still have too much variation between our
best and worst sites. In the first quarter, the salmon price was significantly
lower than in the same quarter last year, but higher than in the previous
quarter. On the other hand, the price increased during the quarter and has
continued to increase after the end of the quarter, says CEO Charles Høstlund.

At the end of the first quarter, NRS has a solid financial position with MNOK
1 308 in unutilized credit facilities and MNOK 388 in bank deposits. Net
operational cash inflow in the quarter was MNOK 158. Payments for the growth
investments in Arctic Offshore Farming and the new smolt facility, as well as
the consolidation of Arctic Fish, are the main reasons for the increase in net
interest-bearing debt by MNOK 542 to MNOK 2 064. The equity at the end of the
quarter is MNOK 4 098, which equates an equity ratio of 53 %.

Farming Norway

Farming Norway posted an operational EBIT of MNOK 77.2 in the quarter, compared
with MNOK 89.4 in the corresponding quarter last year. Operational EBIT per kg
gutted weight was NOK 6.64 compared with NOK 16.53 in the corresponding quarter
last year. Farming Norway harvested 11 623 tonnes gutted weight in the quarter,
which is 115 % higher than in the same quarter last year. Sold volume from the
sales business in the quarter was 21 463 tonnes salmon, which is 20 % higher
than in the corresponding quarter last year.

Farming Iceland

Farming Iceland posted an operational EBIT of MNOK 21.5 in the quarter, compared
with MNOK 14.6 in the corresponding quarter last year. Operational EBIT per kg
gutted weight was NOK 5.67 compared with NOK 16.98 in the corresponding quarter
last year. Farming Iceland harvested 3 793 tonnes gutted weight in the quarter,
which is 340 % higher than in the same quarter last year.

For 2021, the total harvest volume of the group is expected to be 52 000 tonnes,
of which         40 000 tonnes in Norway and 12 000 tonnes on Iceland. This is
an increase of 31 % for Norway and 61 % for Iceland compared to 2020.

With an exemption from producing sterile salmon on green licenses by agreement
with the Ministry of Trade and Industry and the recent permission on an
interregional MAB between our three production areas in Norway, the company has
received clarification on two important prerequisites for achieving lower costs
and sustainable growth, says CEO Charles Høstlund.

For more information, please contact:

  · CEO Charles Høstlund, +47 994 18 449
  · CFO Ola Loe, +47 911 79 411

Norway Royal Salmon in brief

The Norway Royal Salmon (NRS) group owns 36 085 tonnes MAB for salmon farming
located in Troms and Finnmark, and 17 800 tonnes MAB for salmon farming and
5 300 MAB for trout farming on Iceland through the company Arctic Fish. In
addition, the group has minority interest in two associated Norwegian fish
farming companies which together own 9 fish farming licenses. NRS is an
attractively positioned fish farming group, which offers salmon to the market
through its own sales organisation. For further details, please visit
www.norwayroyalsalmon.com.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2021 6 482 M 779 M 779 M
Net income 2021 662 M 79,6 M 79,6 M
Net Debt 2021 2 265 M 272 M 272 M
P/E ratio 2021 11,7x
Yield 2021 2,22%
Capitalization 7 675 M 923 M 922 M
EV / Sales 2021 1,53x
EV / Sales 2022 1,36x
Nbr of Employees 204
Free-Float 36,1%
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 229,20 NOK
Last Close Price 178,00 NOK
Spread / Highest target 46,1%
Spread / Average Target 28,8%
Spread / Lowest Target 1,12%
EPS Revisions
Managers and Directors
NameTitle
Charles H°stlund Chief Executive Officer
Ola Loe Chief Financial Officer
Helge Gňs° Chairman
Marianne Elisabeth Johnsen Independent Director
Kristine Landmark Vice Chairman
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