FINANCIAL REPORT Q1 2013

The Group reported operating income of NOK 3,264
million for the quarter (Q1 2012: NOK 2,989 million).


On 6 February, AUSS acquired 1,720,000 shares in
NPEL, thus requiring a mandatory offer for all the
shares in the company. The offer document was
published on 5 March 2013 with a deadline for
acceptance of 3 April 2013. On expiry of the offer
deadline, AUSS owned 90.1% of the shares in NPEL.

As a result, NPEL has now been consolidated in the
Group with effect from February, and the increase in
turnover for Q1 2013, when compared with the same
quarter in 2012, is partly attributed to the addition
of NPEL to the Group. The Group has also reported an
increase in sales within Production, Sales &
Distribution of salmon and trout, as opposed to a
decline in sales within fishmeal, fish oil and
consumer products in the quarter.

All segments have reported lower sales volumes when
compared with Q1 2012. However, the prices achieved
for salmon, trout, fishmeal and fish oil have been
significantly higher in Q1 2013 when compared with
the same quarter last year. The industry spot price
for whole superior salmon rose by 36% in the first
quarter of 2013 when compared with the same period in
2012. The reduced sales volume for fishmeal and fish
oil is related to the considerably lower inventory of
these products (Peru) at the start of 2013 when
compared with the opening inventory at the start of
2012.

EBITDA before value adjustment for biomass in Q1 2013
was NOK 561 million (Q1 2012: NOK 435 million). The
increase in EBITDA results from the considerable
higher market prices achieved for Atlantic salmon and
trout in the quarter. Included in the EBITDA is a
gain on sales of NOK 54 million from sales of assets
related to the salmon segment.

The segments involved in pelagic fishing reported a
decline in EBITDA in the quarter when compared with
Q1 2012, due to significantly lower sales volumes in
the first quarter of 2013 as compared to the same
period last year.

EBIT before value adjustment for biomass in Q1 2013
was NOK 412 million (Q1 2012: NOK 270 million).
During the first quarter 2012, a figure of NOK 50
million was booked as other costs and write-downs
related to the closure of Lerøy Seafood Group's
slaughterhouse in Kristiansund.

The first quarter saw a positive IFRS biomass
adjustment of NOK 209 million. The corresponding IFRS
biomass adjustment for Q1 2012 was positive at NOK 89
million. EBIT after value adjustment for biomass in
Q1 2013 was NOK 621 million (Q1 2012: NOK 359
million).

Income from associated companies in Q1 2013 totalled
NOK 31 million (Q1 2012: NOK 9 million). In Q1 2013,
NPEL became a subsidiary of the Group, instead of an
associated company, and is no longer recognised in
the accounts as an associated company with effect
from February. The increased profit figure from
associated companies in the first quarter, when
compared with the same period in 2012, is due to the
higher prices achieved for Atlantic salmon and trout
for the associated companies within this segment. The
largest associated companies are Norskott Havbruk AS
(owner of the Scotland-based fish farming company
Scottish Sea Farms Ltd.) and Brødrene Birkeland AS.

The Group's net interest expenses in Q1 2013 totalled
NOK 57 million (Q1 2012: NOK 53 million).

The profit before tax and biomass adjustment for Q1
2013 is NOK 381 million, compared with a profit
before tax and biomass adjustment in Q1 2012 of NOK
227 million.

The profit before tax for the quarter totalled NOK
590 million (Q1 2012: NOK 316 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