Havfisk ASA : Results for the fourth quarter in 2015

(Ålesund, 22 February 2016) HAVFISK achieved operating revenues of NOK 361 million in the fourth quarter 2015, which is NOK 47 million higher than the same period in 2014. EBITDA came to NOK 142 million in the fourth quarter 2015. The total operating revenues in 2015 came to NOK 1 131 million and EBITDA was NOK 403 million. Profit before tax in 2015 came to NOK 228 million.

The results reflect increased prices, increased volume and more operating days in the quarter, simultaneously with weaker fishery than normal in a fourth quarter. The catch rates (catch volume per operating day) decreased with 2 percent compared with the same period in 2014. Income per operating day was 4 percent higher in the fourth quarter 2015 compared with the corresponding period in 2014. EBITDA per kilo increased from NOK 6.94/kilo in the fourth quarter 2014 to NOK 8.46/kilo in fourth quarter 2015. The increase is a results of increased prices and lower operating costs.

- HAVFISK has had good operations and favourable conditions throughout 2015. Both in the fourth quarter and for the full year the operating result are the highest in the company`s history, says CEO Webjørn Barstad.

Operating revenues for HAVFISK came to NOK 361 million in the fourth quarter 2015, against NOK 314 million in the corresponding period in 2014. EBITDA came to NOK 142 million against NOK 98 million in the fourth quarter 2014. EBIT in the fourth quarter 2015 came to NOK 111 million against NOK 63 million in the same period in 2014. The profit before tax was NOK 99 million for the quarter, compared with NOK 220 million in the fourth quarter of 2014. The result in the fourth quarter 2014 included reversal of provisions related to the Glitnir-case.

In 2015 HAVFISK`s operating revenues totalled NOK 1 131 million, up from NOK 1 049 million in 2014. EBITDA came to NOK 403 million compared to NOK 299 million in 2014. The increase is explained by higher prices and increased utilisation of the company`s fishing rights. Earnings before tax were NOK 228 million.

The Board proposes to pay a dividend of NOK 1.50 per share for the year 2015.

- A solid cash flow gives us the opportunity both to invest in the fleet and pay dividends to our shareholders, says Barstad.

HAVFISK's available liquidity, including drawing rights, totalled NOK 320 million at the end of the fourth quarter of 2015, compared with NOK 146 million at the end of the third quarter of 2015.

Net interest-bearing debt was NOK 766 million at the end of the fourth quarter 2015. This is NOK 193 million lower than the end of the last quarter.

HAVFISK had a total equity of NOK 986 million by the end of the fourth quarter 2015, corresponding 38 per cent.

On 21 February 2016, HAVFISK entered into an agreement with Vard to build a new vessel. The contract value is approximately NOK 325 million. The new vessel will be a combination trawler (fresh and frozen). The vessel will have good catch capacity for both white fish and shrimp, and all residual raw material will be made use of.

- HAVFISK has in recent years renewed and upgraded the fleet, and contiues the process with this newbuild. The vessel will be an attractive and modern workplace for our employees, says Barstad.

For further information, please contact:

Webjørn Barstad, CEO [phone]

Eldar Farstad, CFO [phone]

HAVFISK ASA is a fishing company that operates 10 trawlers and has 29.6 quotas for cod trawling. HAVFISK ASA`s operating revenue in 2015 was NOK 1 131million and the company has 381 employees. For further information please visit www.havfisk.no

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