CODFARMERS ASA - RESULT 1. HALF-YEAR 2006

The Group achieved a total revenue
during the first half-year 2006 of
MNOK 5.3, compared with MNOK
0.3 for the corresponding period in
2005. The company had no fish
ready for slaughtering in the first
half-year 2005.

The result after tax for the first
half-year 2006 came to MNOK
-8.6, compared to MNOK -8.7 in
2005.MOST IMPORTANT EVENTS
DURING THE 1ST HALF-YEAR 2006:

* Applications to increase the
licensed biomass to a total of
14,040 tonnes were approved

* A total of 85 MNOK in new
equity was raised through share
issues at share prices of NOK 19
and 24

* 225 tonnes of third generation
fish were sold at an average
price ddp Boulogne of NOK 38.68

* Production started at our fourth
location

* We have after the first half year
about 2,2 mill fish in the sea

* The organisation was
strengthened by the appointment
of Production Director
Tore Laugsand, Sales Director
Henrik Andersen and Controller
Andreas Søraas Goldenheim

* There are plans to list the
company on the Oslo stock exchange
during the second half-year


RESULTS FIRST HALFYEAR 2006
The Group achieved a total revenue
during the first half-year 2006 of
MNOK 5.3, compared with MNOK
0.3 for the corresponding period in
2005. The company had no fish
ready for slaughtering in the first
half-year 2005.

The operating result before biomass
adjustments came to MNOK
-9.3, compared to MNOK -8.5 for
the equivalent period in 2005.
The operating result after biomass
adjustments equalled MNOK -9.2
for the first half-year 2006. The
biomass adjustments are a result
of the company reporting on the
basis of IAS 41 (IFRS). The transition
to IFRS is described in the notes
and in the annual accounts for
2005.

The result after tax for the first
half-year 2006 came to MNOK
-8.6, compared to MNOK -8.7 in
2005. The loss for the period is to
a large extent a result of the
company having increased administration
costs during the development
phase, a higher mortality rate
for some generations of fish and
increased slaughtering costs.

The net financial items for the first
half-year came to MNOK 0.6. This
includes the gain on the sale of shares
in Eurofisk AS (on-growing facility)
of MNOK 0.7.

The net cash flow from operations
for the first six months of 2006
was MNOK -14.5, compared to
MNOK -10.6 for the same period
last year. Changes in stocks of
MNOK -6.0 reflect some of the production
costs invested during the
period, while much of the change
in accruals of MNOK -4.9 is due to
pre-paid brood stocks.

The net cash flow from investment
activities for the first half-year
2006 came to MNOK -3.1, of which
MNOK -4.1 reflects investments to
upgrade the current production
and plant equipment and in the
Group`s new site at Skjetneset.
Payments of MNOK 1 received due
to the sale of fixed assets refer to
the sale of shares in Eurofisk AS.

The cash flow from financing
activities shows that the Group
reduced its net interest-bearing
debt by MNOK 0.5 during the first
half-year and increased its equity
by the net amount of MNOK 84.2
through a convertible loan and two
share issues in the spring.

At the end of the first half-year
2006, the Group had MNOK 68.1
in available liquid assets.


FINANCING, CAPITAL STRUCTURE
AND SHAREHOLDERS

At the end of the first half-year
2006, the Group had total assets
with a book value of MNOK 128.2
and interest-bearing debt of MNOK
3.3. The Group`s book equity
equalled MNOK 115.4, producing
an equity ratio of 90%. With such
an equity structure, the company is
in a good position to finance parts
of its future growth by bank loans.

Major changes in ownership took
place during the first half-year.
An American investor group ` ?In
Cod We Trust` ` is the largest
shareholder, while Odin Norge has
increased its shareholding through
the share issues this spring and is
now the second-largest shareholder.
The chairman of the board, Harald
Dahl, is the Group`s third-largest
shareholder through his company
Futurum Capital AS.

Please find a Half-year report for 2006
at our website: www.codfarmers.com

For further information, please contact:

Michael Malling
CFO
Codfarmers ASA
+ 47 22 40 33 94