Norway Royal Salmon (NRS) – Financial statements for 2019 approved by the board of directors

At a meeting held on 2 April 2020, the board of directors of Norway Royal Salmon ASA has reviewed and approved the financial statements for 2019. The final accounts are not altered from preliminary figures published on 11 February 2020.

The Board of Directors of Norway Royal Salmon ASA has today decided to propose a dividend of NOK 5.00 per share for 2019 for the Annual General Meeting on June 4, 2020. This is a reduction from the previously announced dividend proposal of NOK 10.00 per share.

Over the past month, the COVID-19 pandemic has spread throughout the world and significantly impacted the logistics and market for salmon, but so far NRS productions has not been significantly impacted. This situation creates significant unpredictability and uncertainty both in terms of consequences and duration. The Board of Directors and the management of NRS have made a thorough assessment and concluded that it is most responsible to the shareholders, employees and the community to propose a reduced dividend at the next Annual General Meeting.

The board of NRS is committed to take the necessary actions to secure the company in the future, operationally, strategically and financially. NRS now has the highest priority for efforts to implement the necessary measures in a situation of great uncertainty. It is important for NRS's development and future profitability that the ongoing investment projects with a new smolt facility and Arctic Offshore Farming be implemented.

NRS has a strong balance sheet and low debt ratio. At the end of 2019, NRS had a net interest-bearing debt of NOK 33 million and an equity ratio of 72%. At the same time, NRS had unused credit facilities of MNOK 2,000 and bank deposits of MNOK 152. The Board's proposed dividend is therefore solely linked to the national and global uncertainty created by the COVID-19 pandemic and does not entail a change in the company's dividend policy.
An electronic version of the Annual Report will be published through Oslo stock exchange and www.norwayroyalsalmon.com 27 April 2020.

The annual general meeting is scheduled to Thursday 4 June 2020 in Trondheim. The notice with attachments will be published through Oslo Stock Exchange and www.norwayroyalsalmon.com.

For further information, please contact:

Charles Høstlund, CEO: +47 994 18 449

Ola Loe, CFO: + 47 911 79 411

Norway Royal Salmon in brief:

The Norway Royal Salmon (NRS) group owns 35 035 tonnes MAB located in Troms and Finnmark. In addition, the group has minority interest in three associated Norwegian fish farming companies which together own ten fish farming licenses, as well as Arctic Fish on Iceland that has licenses for 11 000 tonnes. 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.

This information is subject to the disclose requirements pursuant to section 5-12 of the Norwegian Securities Trading Act