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2014-05-06

HAVFISK Q1: Results for the first quarter in 2014

(Ålesund, 6 Mai 2014) HAVFISK achieved an EBITDA of NOK 68 million in the
first quarter 2014, an increase of NOK 27 million compared to the first
quarter in 2013. Operating revenues in the first quarter totalled NOK 214
million, which is NOK 42 million higher compared to the same period in 2013.

The income per operating day is 15 per cent higher in the first quarter than
for the corresponding period last year. This is due to a record high volume
in a first quarter, higher prices and more operating days. The catch rate
(harvested volume per operating day) is 2 per cent lower compared to the same
period in 2013. The total catch volume is increased by 20 per cent in the
first quarter compared to the same period last year.
-We
are satisfied with the operations and we have fished a record high volume in a
first quarter. EBITDA and the income per operating day have increased
compared to the same period in 2013,
says CEO Olav Holst-Dyrnes.

-
The positive price trend has continued in the first quarter. The prices are
still very good for haddock, and are increasing for cod and saithe this
quarter,
continues Holst-Dyrnes.

Operating revenues for HAVFISK came to NOK 214 million in the first quarter
2014, against NOK 172 million in the corresponding period in 2013. The
increase in revenues is mainly due to higher volume, increased prices and
more operating days compared with the first quarter in 2013. EBITDA came to
NOK 68 million against NOK 41 million in the first quarter 2013. The EBITDA
margin was 32 per cent in the first quarter 2014 compared to 24 per cent in
the same period in 2013. EBIT in the first quarter 2013 came to NOK 38
million against NOK 16 million in the same period in 2013.

Cash flow from operating activities came to NOK 30 million in the first
quarter compared to NOK 19 million in the same period in 2012.

Net interest-bearing debt was NOK 1184 million at the end of the first quarter
2014. This is NOK 187 million higher than the end of the last quarter and is
related to the utilization of the loan facility with the delivery of the
vessel "Gadus Neptun".

HAVFISK had a total equity of NOK 719 million by the end of the first quarter
2014, corresponding 27.1 per cent.

-After the delivery of "Gadus Neptun" in February 2014, all three new-builds
are in operation. The new-builds, and the upgrade/re-build of existing fleet
have increased the capacity and flexibility substantially. The demand for all
species are good and the price-trend is positive
, says CEO Olav Holst-Dyrnes.

The Ministry of Trade, Industry and Fisheries have decided a temporary
withdrawal of the fishing licences for the vessels «Kongsfjord» and «Gadus
Neptun». The withdrawal is two weeks, and implies that the vessels cannot
fish in this period.

-The decision concludes a case that has lasted since 2011. We have earlier
acknowledged deviations in 18 of more than 2700 sales notes issued in 2011.
HAVFISK stands by the company's obligations and has initiated actions to
avoid such deviations to occur again,
says CEO Olav Holst-Dyrnes.

For further information, please contact:
Olav Holst-Dyrnes, CEO +47 70 11 86 00
Eldar Farstad, CFO +47 70 11 86 00

HAVFISK ASA is a fishing company that operates 11 trawlers and has 29.6 quotas
for cod trawling. HAVFISK ASA`s operating revenue in 2013 was NOK 779 million
and the company has 382 employees. For further information please visit
www.havfisk.no

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

HFISK Presentation Q1 2014
http://hugin.info/138690/R/1782720/610298.pdf
HFISK Interim report Q1 2014
http://hugin.info/138690/R/1782720/610297.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Havfisk via Globenewswire

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