Reduced results in Austevoll Seafood

The Group reported operating income of NOK 2,610 million for the quarter (Q4 2010: NOK 3,504 million). The decline in turnover is mainly due to the change in Group structure resulting from the sale of Epax in Q4 2010 and the merger of Austevoll Fisk Group with Norway Pelagic ASA in July 2011. Both companies are included in the comparison figures for Q4 2010.

EBITDA before value adjustment for biomass in Q4 2011 was NOK 239 million (Q4 2010: NOK 754 million). The prices achieved for fishmeal and Atlantic salmon in Q4 2011 were lower than those in Q4 2010. For frozen products and fish oil, however, the Q4 2011 prices were higher than those in the same quarter of 2010. The reduction in EBITDA is mainly attributed to reduced earnings from fish farming and the change in Group structure with the sale of Epax and the Austevoll Fisk Group, as described above. The Austevoll Fisk Group is now part of Norway Pelagic ASA and is reported as an associate of AUSS.

EBIT before value adjustment for biomass in Q4 2011 was NOK 103 million (Q4 2010: NOK 573 million). EBIT after value adjustment for biomass in Q4 2011 was NOK 125 million (Q4 2010: NOK 700 million).

Income from associated companies for Q4 2011 totalled NOK 24 million (Q4 2010 NOK 60 million). This decline is mainly due to lower prices achieved for Atlantic salmon from associates involved in fish farming. The Group's net interest costs in Q4 2011 totalled NOK 37 million (Q4 2010: NOK 52 million).

The result before tax and biomass adjustment for Q4 2011 is NOK 92 million, with a corresponding figure for Q4 2010 of NOK 551 million. Profit before tax for the quarter totalled NOK 114 million (Q4 2010: NOK 678 million).