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Annual Report 2015 Home | Contents | This is Aker BioMarine | Corporate governance | Board of Directors | Directors' report | Financial statements | Contact 1 / 72 Annual report 2015 2015-AKBM-02.indd • Created: 09.10.2014 • Modified: 03.06.2016 : 19:22 All rigths reserved © 2016 Teigens Design Home | Contents | This is Aker BioMarine | Corporate governance | Board of Directors | Directors' report | Financial statements | Contact 2 / 72 Contents “In 2015, we set a clear course for our passionate and This is Aker BioMarine 3 capable organization: We 2015 in numbers 4 will be an integral part of our CEO's letter 6 customers’ success, we will Management 10 Growth 12 continue to drive scientific Production 16 discovery and innovation, and Innovation 20 Sustainability 24 we will further strengthen our product quality and cost Corporate governance 28 leadership.” Board of Directors 32 Matts Johansen, CEO, Aker BioMarine Directors' report 34 Financial statements 38 Directors’ responsibility statement 39 Group accounts 40 Parent company accounts 60 Auditor's report 68 Contact 70 Aker BioMarine AS annual report 2015 2015-AKBM-02.indd • Created: 09.10.2014 • Modified: 03.06.2016 : 19:22 All rigths reserved © 2016 Teigens Design Home | Contents | This is Aker BioMarine | Corporate governance | Board of Directors | Directors' report | Financial statements | Contact 3 / 72 This is Aker BioMarine: 2015 in numbers | CEO's letter | Management | Growth | Production | Innovation | Sustainability This is Aker BioMarine Aker BioMarine is a leading supplier of krill-derived products to the consumer health and wellness and animal nutrition markets. Aker BioMarine is dedicated to the sustainable harvest of krill and development of krill-derived products. The company supplies biomarine ingredients through a 100 percent traceable supply chain. Aker BioMarine was the first krill company to be awarded Marine Stewardship Council (MSC) certification. Contents 4 6 10 12 16 20 24 KEY FIGURES: CEO'S LETTER: MANAGEMENT: GROWTH: PRODUCTION: INNOVATION: SUSTAINABILITY: 2015 in numbers A historic year, Meet the What drives From catch Doing the Sustainable yet our journey new team our growth? to product impossible by default has just begun Aker BioMarine AS annual report 2015 2015-AKBM-02.indd • Created: 09.10.2014 • Modified: 03.06.2016 : 19:22 All rigths reserved © 2016 Teigens Design Home | Contents | This is Aker BioMarine | Corporate governance | Board of Directors | Directors' report | Financial statements | Contact 4 / 72 This is Aker BioMarine: 2015 in numbers | CEO's letter | Management | Growth | Production | Innovation | Sustainability PROFIT & LOSS ITEMS USD million 2015 2012 2013 2014 2015 Total revenues 140 and other income 120 100 in numbers 80 60 81.1 117.2 112.3 105.1 40 2% 13% 5% 24 % EBITDA and EBITDA-margin 1.6 15.5 6.0 25.7 MILLION MILLION MILLION MILLION Historical Facts Profit 2015 : Matts Johansen took over the position as Aker for the year (31.8) (19.3) (17.3) 0.8 BioMarine’s CEO. He appointed a new executive MILLION MILLION MILLION MILLION management team to set the company’s course for the future. The Houston manufacturing facility became fully operational, allowing the launch of a new and CASH FLOW improved krill oil extraction technology, Flexitech™. This patent-protected technology enables Aker BioMarine USD million to continually expand its product line and bring further 20 innovation to the krill oil market. Cash flow 10 from operating activities (8.2) (17.9) (11.1) 18.3 2014: Aker BioPharma merged with Aker Bio Marine. An 0 important strategic change with coordinating and strengthening science and innovation. -10 2013: Aker BioMarine ASA was de-listed from the Oslo Stock -20 Exchange. Aker BioPharma AS established to explore and develop krill based pharmaceutical products. BALANCE SHEET 2011: Aker BioMarine acquired the krill harvesting vessel Thorshøvdi, subsequently renamed Antarctic Sea. Interest bearing debt 2009: Commercial breakthrough for Superba™ krill oil in US 119.4 148.4 157.0 158.3 MILLION MILLION MILLION MILLION market; received Novel Food approval in the EU. 2006: Aker BioMarine AS established, merged with Natural ASA and listed on the Oslo Stock Exchange in 2007. Equity ratio 38% 33% 29% 29% 2003: Aker ASA initiated a project for harvesting and processing Antarctic krill leveraging its extensive fishing experience. Aker BioMarine AS annual report 2015 2015-AKBM-02.indd • Created: 09.10.2014 • Modified: 03.06.2016 : 19:22 All rigths reserved © 2016 Teigens Design Home | Contents | This is Aker BioMarine | Corporate governance | Board of Directors | Directors' report | Financial statements | Contact 5 / 72 This is Aker BioMarine: 2015 in numbers | CEO's letter | Management | Growth | Production | Innovation | Sustainability REVENUES – GEOGRAPHIC INFORMATION REVENUES – BY SOURCE USD million USD million 80 60 54.9 44.9 Nutraceuticals 40 (Superba™) Aquaculture 20 (Qrill™ Aqua) 5.4 Pet and other 0 2015 Norway and EU 80 77.7 United States 69.2 Australia 60 53.4 39.2 Asia 40 33.2 22.0 Other regions 20 5.7 6.2 4.0 0 2012 2013 2014 39.2 35.0 13.9 6.5 10.4 2015 OFFSHORE OPERATIONS 2014 44.2 43.1 5.6 9.4 9.5 Krill catch Krill meal produced — Metric Tons 2013 41.6 49.9 10.6 7.5 7.5 146 261 150 000 144 765 2012 20.4 35.5 13.8 5.9 5.6 117 444 120 000 0 25 50 75 100 125 90 000 82 675 60 000 23 815 25 217 30 000 17 185 215 22 16% 12 125 EMPLOYEES DIFFERENT NATIONALITIES OF EMPLOYEES ARE WOMEN 0 2012 2013 2014 2015 Aker BioMarine AS annual report 2015 2015-AKBM-02.indd • Created: 09.10.2014 • Modified: 03.06.2016 : 19:22 All rigths reserved © 2016 Teigens Design Home | Contents | This is Aker BioMarine | Corporate governance | Board of Directors | Directors' report | Financial statements | Contact 6 / 72 This is Aker BioMarine: 2015 in numbers | CEO's letter | Management | Growth | Production | Innovation | Sustainability CEO'S LETTER: A historic year, yet our journey has just begun By Matts Johansen, CEO Krill is one of our planet’s largest biomasses. This tiny crustacean, present in all oceans, holds a vital, albeit low position on the marine food chain. Through millions of years of evolution, krill’s bioactive components and molecules have sustained Nature’s diverse species. We are doing things no other company has done 2015 KEY FIGURES before — and have uniquely overcome previously unsolved industry challenges. Because Aker REVENUE: $105.1 million BioMarine is the leader in the krill category, the EBITDA: million responsibility falls on our shoulders to take our $25.7 industry forward on several levels. Meeting this OPERATING CASH FLOW: $2.8 million challenge influences how we build our organiza- tion, our culture, and our strategy. And it requires extraordinary performance. Aker BioMarine’s mission is to discover, develop, and commercialize Antarctic Krill’s valuable Success starts with our employees bioactive constituents. We strive to directly When we seek inspiration from comparable improve the health of people and animals, as well companies and industries, we generally find it as help feed the world’s growing population via at Silicon Valley technology firms. They make more efficient production of farmed seafood, in products and find solutions that are unique. particular. We are accomplishing our objectives They do things no one has done before, and by building a fully traceable, transparent, and they deliver products that meaningfully impact sustainable supply chain that reaches from our businesses and people. All these companies have Antarctic fishing vessels to the consumer. one thing in common: They place employees at In June 2015 Matts Johansen was appointed CEO of Aker BioMarine. Aker BioMarine AS annual report 2015 2015-AKBM-02.indd • Created: 09.10.2014 • Modified: 03.06.2016 : 19:22 All rigths reserved © 2016 Teigens Design Home | Contents | This is Aker BioMarine | Corporate governance | Board of Directors | Directors' report | Financial statements | Contact 7 / 72 This is Aker BioMarine: 2015 in numbers | CEO's letter | Management | Growth | Production | Innovation | Sustainability “In 2015, we started the journey to walk the talk by driving change in our culture, simplifying business processes, and align ing our organization towards one common goal and strategy.” the heart of everything they do. Their employees Today’s product lifecycles are getting shorter — What we need to do now is to drive R&D innovation show determination and make bold decisions. and rapid time-to-market is ever more critical for — from further discovery of bioactive components About Aker BioMarine They are proud and passionate about their jobs. success. With our passion for and focus on krill, and mechanisms through development of manu- They are diverse — and are strengthened by that we believe we are in the best position to combine facturing processes and commercialization. We ■ Aker BioMarine is a leading supplier of diversity. Determined, Proud, Diverse, along with comprehensive product knowledge with market are doing this by collaboratively engaging both krill-derived products to the consumer Sustainable, are Aker BioMarine’s values. Easy insight. Accordingly, in 2015, we decided to build talented PhD-level scientists possessing decades health and wellness and animal to say, difficult to live up to. In 2015, we started a new marketing and communication approach, of experience and analytical business development nutrition markets the journey to walk the talk by driving change in delivering insight-based concepts and ideas for our professionals. Furthermore, we have launched an ■ Aker BioMarine is dedicated to the our culture, simplifying business processes, and customers. Even if this is a new way of working for Open Innovation Program that enables external sustainable harvest of Antarctic aligning our organization towards one common Aker BioMarine and for many of our customers, we companies and institutions to innovate and Krill and development of krill-derived goal and strategy.
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