INTERIM REPORT Q2 AND FIRST HALF 2012

8/23/2012 1:07 AM EST

The Group reported operating income of NOK 2,881 
million for the quarter (Q2 2011: NOK 3,648 million). 

Austevoll Fisk Gruppen was consolidated during Q2 
2011 and turnover in Q2 2011 was NOK 391 million. 
Austevoll Fisk Gruppen was merged with Norway Pelagic 
ASA with effect from the third quarter of 2011. 

The fall in turnover for Q2 2012, when compared with 
Q2 2011 and adjusted for Austevoll Fisk Gruppen, is 
11.5%. 

EBITDA before value adjustment for biomass in Q2 2012 
was NOK 299 million (Q2 2011: NOK 795 million).

The fall in turnover and EBITDA is attributed to a 
lower sales volume for the pelagic business segment 
in the quarter. Moreover, prices achieved for 
Atlantic salmon, trout and fishmeal were lower during 
the quarter when compared with the same quarter in 
2011. The industry spot price for whole superior 
salmon fell by 24% when compared with the second 
quarter of 2011. The prices achieved for fish oil 
were higher in Q2 2012 than in Q2 2011.

EBIT before value adjustment for biomass in Q2 2012 
was NOK 164 million (Q2 2011: NOK 674 million).  EBIT 
after value adjustment for biomass in Q2 was NOK 80 
million (Q2 2011: NOK 130 million). 

Associated companies returned a total loss for Q2 of 
NOK 25 million (Q2 2011: profit of NOK 2 million). 
The decline in the profit from associated companies 
in the quarter, when compared with the same period in 
2011, is partly due to the lower prices achieved for 
Atlantic salmon and trout for the associated 
companies within the aquaculture segment. The pelagic 
business segment's associate, Norway Pelagic ASA, has 
reported a decline in profit for the quarter, when 
compared with the second quarter of 2011. The largest 
associated companies are Norskott Havbruk AS (owner 
of the Scotland-based fish farming company Scottish 
Sea Farms Ltd.), Norway Pelagic ASA and Brødrene 
Birkeland AS.

The Group's net interest expenses in Q2 2012 totalled 
NOK 46 million (Q2 2011: NOK 51 million). 

The profit before tax and biomass adjustment for Q2 
2012 is NOK 118 million, compared with a profit 
before tax and biomass adjustment in Q2 2011 of NOK 
633 million. 

The profit before tax for the quarter totalled NOK 34 
million (Q2 2011: NOK 89 million). 

For further information please see attached report 
and presentation.

Questions and comments may be addressed to the 
company's CEO, Arne Møgster, or to the CFO, Britt 
Kathrine Drivenes.

This information is subject of the disclosure 
requirements acc. to §5-12 vphl (Norwegian Securities 
Trading Act)