Norway Royal Salmon ASA: Q1 18 – Operational EBIT of MNOK 193

Today Norway Royal Salmon (NRS) reports an operational EBIT of MNOK 193 for the first quarter 2018 and EBIT per kg of NOK 18.78. Corresponding figures for the same quarter last year were MNOK 205 and NOK 28.60.

- The achieved salmon price was lower in the first quarter of 2018 compared to the same quarter last year. The price of salmon increased significantly during the quarter and demand for salmon is seen as strong, says CEO Charles Høstlund.

The operational cash flow in the first quarter was MNOK 316. Even though the Group paid MNOK 66 for an increased production capacity of 551 tonnes of MAB, net interest-bearing debt decreased in the quarter by MNOK 187 to MNOK 446. During the quarter equity increased to MNOK 2 120, which equates an equity ratio of 55 per cent. Return on capital employed for the last four quarters is 38 per cent.

Region North

Region North posted an operational EBIT of MNOK 184.4 in the quarter, compared with MNOK 150.1 in the corresponding quarter last year. Operational EBIT per kg gutted weight was NOK 19.22 compared with NOK 27.28 in the corresponding quarter last year.

Region South

Region South posted an operational EBIT of MNOK 20.9 in the quarter, compared with MNOK 55.3 in the corresponding quarter last year. Operational EBIT per kg gutted weight was NOK 15.64, compared with NOK 32.91 in the corresponding quarter last year.

NRS harvested its highest volume in a quarter of 10 935 tonnes gutted weight, which is 52 per cent higher than in the same quarter last year. 9 597 tonnes of the total volume were harvested in Region North and 1 338 tonnes in Region South. Estimated harvest volume is 40 000 tonnes for 2018, an increase of 25 per cent from 2017. The sales business sold 22 540 tonnes salmon during the quarter, an increase of 43 per cent from the corresponding quarter last year. This is the highest sold volume for a quarter in the history of NRS.

- NRS was awarded 8 development permits (5 990 tonnes MAB) for the development of Arctic Offshore Farming, an offshore facility that allows for farming in more exposed areas. This is a recognition of the active role in the development of the aquaculture industry for the future that Norway Royal Salmon takes, says Charles Høstlund.

For more information, please contact:

• CEO Charles Høstlund, +47 994 18 449
• CFO Ola Loe, +47 911 79 411.

Norway Royal Salmon in brief

Norway Royal Salmon (NRS) group owns 43 fish farming licenses (38 626 tonnes MAB) distributed between 37 licenses (33 946 tonnes MAB) in Region North located in West Finnmark and Troms and 6 licenses (4 680 tonnes MAB) in Region South in the area around Haugesund. 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. 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.