INTERIM REPORT 2015 SECOND QUARTER (Q2)

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1 INTERIM REPORT 2015 SECOND QUARTER (Q2) Summary - Revenue in the second quarter came to 519 million kroner, 122 million kroner higher than the second quarter of Higher revenue was a result of increased sales prices and sales volumes compared to the same period last year - EBIT came to -16 million kroner in the second quarter compared to -15 million kroner in the same period in Margins per kilo were reduced compared to the same period last year. Raw material prices increased more than sales prices and reduced costs in production and sales did not fully compensate for the reduction in gross margin. - Net interest-bearing debt decreased with 57 million kroner, from 374 million kroner on March 31 to 316 million kroner on June 30, primarily due to reductions in customer receivables and inventory - The equity ratio decreased from 13.1 per cent to 12.6 per cent over the quarter Main figures NOK million Year to date Year Q2 14 Q3 14 Q4 14 Q1 15 Q Operating revenues EBITDA (9) (1) (10) (5) 10 4 EBIT (15) (7) (8) 14 (16) (18) (2) (34) EBIT Margin -3,8 % -2,0 % -1,9 % 2,5 % -3,1 % (0) -0,2 % (0) Non-recurring items Net finance (3) (5) 5 (3) (2) (7) (5) (7) Profit before tax (18) (12) (4) 11 (18) (25) (7) (41) Net profit/loss continued operations (13) (9) (47) 11 (17) (18) (6) (74) Net profit/loss discontinued operations 0 (1) Net profit for the period (13) (10) (46) 11 (17) (17) (6) (73) Earning per share(eps) (øre) cont.op (16) (10) (56) 13 (20) (22) (7) (88) EPS - total (16) (11) (54) 13 (20) (20) (7) (86) Total assets Equity Equity ratio (%) 19,4 % 16,7 % 13,1 % 13,1 % 12,6 % 19,4 % 12,6 % 13,1 % Net interest bearing debt (287) (311) (296) (374) (316) (287) (316) (296) Working capital Norway Seafoods Group AS, Inkognitogaten 8, N-0256 Oslo, PO Box 1301 Vika, N-0112 Oslo, Norway Business ID: NO MVA Telephone:

2 Financial results Sales for Norway Seafoods came to 519 million kroner in the second quarter, compared to 397 million kroner for the same period in Sales prices as well as sales volumes increased, and this resulted in higher revenue. Raw material prices increased more than sales prices, and resulted in decreased gross margins compared to the same period last year. Cost in production and sales were reduced per kilo, but less than the reduction in gross margin per kilo. Losses on currency hedges influence the result negatively with 1 million kroner in the second quarter, compared to a negative impact of 8 million kroner in the same period last year. EBIT for the second quarter was -16 million kroner compared to -15 million kroner in the same period last year. Net financial items came to -2 million kroner in the second quarter, compared to -3 million kroner for the same period in The net financial items include net interest expenses as well as currency gains and losses. Sales and Market Sold volume of primary processed products from the Norwegian operations was tons in the second quarter compared to tons for the same period last year. Sales of whole unprocessed fish from the Norwegian operations increased from tons to tons in the quarter. According to the Norwegian Seafood Council, Norwegian export volumes of fresh whole cod increased by 0.8 per cent in the second quarter of 2015 compared to the same period last year. Prices on fresh cod fillets increased by 14 per cent in the second quarter of 2015 compared to the same period in 2014, and prices for frozen cod fillets (not block) increased by 29 per cent. Export volumes of fresh cod fillets from Norway increased by 7 per cent, and volumes of frozen cod fillets decreased by 7 per cent. Sales of fresh value added products were 694 tons in the first quarter compared to 705 tons in the corresponding period in 2013, while sales of frozen value added products increased from 881 to 1058 tons. Processing The volume of primary processed products from the Norwegian operations was tons in the second quarter compared to 3880 tons for the same period in Raw material prices for cod in the second quarter increased by 44 per cent compared to the same period last year. The proportion of fresh products increased from 23 per cent in the second quarter of 2014 to 37 per cent in the second quarter of 2015 for the Norwegian operations. The production of fresh value added products was 693 tons in the quarter compared to 704 2

3 tons in the second quarter of Norway Seafoods frozen value added factories increased the production volume during the quarter and produced 890 tons compared to 852 tons for the same period in Balance sheet and liquidity Total assets decreased with 105 million kroner in the second quarter to 624 million kroner compared to 729 million kroner on March 31. Investments in the second quarter came to 8 million kroner. Bank deposits, including drawing rights, totaled 83 million kroner on June 30, compared to 34 million on March 31. Working capital was 208 million kroner on June 30, a decrease of 77 million kroner from March 31. The working capital was 12 million kroner higher than in the same period last year. Net interest-bearing debt came to 316 million kroner on June 30, a decrease of 57 million from 374 million on March 31. Norway Seafoods equity on June 30 was 79 million kroner, representing an equity ratio of 12.6 per cent compared with 13.1 per cent on March 31. Cash flow Cash flow from operating activities was positive with 65 million kroner in the second quarter. Cash flow from investing activities was negative with 8 million kroner. Cash flow from financing activities was negative with 57 million kroner. Net cash flow was positive with 1 million kroner. Events in the quarter and after the balance sheet date A. Espersen A/S to take over Norway Seafoods VAP Frozen customer agreements On June 9 th, Norway Seafood announced that A. Espersen A/S, a leading Danish seafood company and Norway Seafoods A/S, the Danish subsidiary of Norway Seafoods Group AS, has entered an agreement whereas all customer agreements related Norway Seafoods frozen value added production (VAP Frozen) in Denmark will be transferred to A. Espersen A/S. The financial effect of the transaction at completion is expected to increase full year 2015 EBIT by NOK 5-10 million. Sales proceeds and working capital reduction is expected to give a positive cash flow effect for 2015 in the range of NOK million. The transaction will lead to a reduction of around 25 employees in production, sales and support functions. The transaction is expected to be completed on August 1 st. New Managing Director in Denmark Norway Seafoods has appointed Britt Vernegren-Kærn as Managing Director for the Norway Seafoods Danish subsidiary effective from August 3 rd. Ms. Vernegren-Kærn has 3

4 more than 25 years of experience from various international roles within the seafood industry. 4

5 Profit and loss accounts Group NOK million Year to date Year Q2 14 Q3 14 Q4 14 Q1 15 Q Operating revenues Operating expenses (406) (347) (432) (550) (530) (912) (1 079) (1 690) EBITDA (9) (1) (10) (5) 10 4 EBITDA Margin -2,1 % -0,2 % 2,3 % 3,6 % -2,0 % (0) 0,9 % 0 Depreciations (6) (6) (18) (6) (6) (13) (12) (38) EBIT (15) (7) (8) 14 (16) (18) (2) (34) EBIT Margin -3,8 % -2,0 % -1,9 % 2,5 % -3,1 % (0) -0,2 % (0) Non-recurring items Net finance (3) (5) 5 (3) (2) (7) (5) (7) Profit before tax (18) (12) (4) 11 (18) (25) (7) (41) Tax on ordinary profit 5 3 (44) (33) Net profit/loss continued operations (13) (9) (47) 11 (17) (18) (6) (74) Net profit/loss discontinued operations 0 (1) Net profit for the period (13) (10) (46) 11 (17) (17) (6) (73) Minority interest 0 (0) Majority interest (13) (9) (46) 11 (17) (17) (6) (73) 5

6 Norway Seafoods group Balance sheet Assets Amount in NOK million Intangible Assets Fixed tangible assets Total intangible/tangible assets Financial interest-bearing fixed assets Financial interest-free fixed assets Shares and other equity investments Total financial fixed assets Total fixed assets Biological assets Inventory Interest-free short-term receivables Interest-bearing short-term receivables Liquid assets Assets discontinued operations Total current assets Total assets Equity and liabilities Amount in NOK million Total shareholders equity Minority interests Total shareholders equity and minority interests Provisions and other interest-free long-term liabilities Interest-bearing long-term debt Total long-term liabilities Interest-free short-term debt Interest-bearing short term debt Liabilities discontinued operations Total short-term liabilities Total shareholders equity and liabilities

7 Cash Flow statement from continued operations NOK million Year to date Year Q2 14 Q3 14 Q4 14 Q1 15 Q Profit before tax (18) (12) (4) 11 (18) (25) (7) (41) Sales losses/gains (0) (0) - 11 Depreciations and amortisations Changes in other net operating assets 18 (14) 19 (90) 77 (15) (13) (10) Cash flow from operating activities 6 (20) 34 (73) 65 (28) (8) (14) Cash flow from investing activities (4) (2) (13) (7) (8) (3) (15) (19) Cash flow from financing activities (2) 21 (19) 77 (57) Total cash flow from reporting period (0) (1) 1 (3) 1 2 (2) 3 Effects on changes in exchangerates on cash 0 (0) 0 (0) 0 (0) (0) 0 Cash and cash equivalent at the beginning of the period Cash and cash equivalent at the end of the period Not utilised credit facilities Cash and cash equivalent at the end of the period, incl. credit facilities Oslo, July 16 th 2015 The Board of Directors and CEO, Norway Seafoods Group AS 7

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