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Annual Report 2018

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Annual Report 2018 IMPROVING HUMAN AND PLANETARY HEALTH IMPROVING HUMAN AND PLANETARY HEALTH CONTENTS HIGHLIGHTS 8 Key figures 12 Highlights 18 CEO letter THIS IS US 24 Our why – improving human and planetary health 25 Our how – integrated value chain, capital and a dedicated team 26 Our culture 28 Our what – krill and our products Superba, QRILL Aqua and QRILL Pet 29 Our products 32 Aker BioMarine's journey of innovation 34 Krill performance for all 40 Europe’s most innovative company 44 Heartbeats 50 Engaged to build equal opportunities for people with disabilities PRODUCTS 59 Superba 60 Krill tested on world’s toughest endurance athletes 63 Battling Lupus with krill 67 QRILL Aqua 72 Helping fish farming the world over 74 QRILL Pet 76 The QRILL Pet Mushing Team works to improve dog health and well-being PLANET 80 Reinforcing sustainable krill management 82 Support to safeguard Antarctica 83 Improving human and planetary health AKER BIOMARINE IS A BIOTECH INNOVATOR 89 Traceability – more than just location, location, location AND ANTARCTIC KRILL-HARVESTING COMPANY, DEDICATED TO IMPROVING HUMAN FINANCE AND PLANETARY HEALTH. 92 Material risks and opportunities 96 Board of Directors 98 Management team UNAUDITED SELECTED FINANCIAL INFORMATION 7 2018 KEY FIGURES Aker BioMarine is a biotech innovator and Antarctic krill-harvesting company on a mission to improve human and planetary health. The company develops krill-based ingredients for nutraceutical, aquaculture, and animal feed applications. PEOPLE PRODUCTS PROFIT Number of 1,28 Total revenues and other income (USD thousand) Profit for the year (USD thousand) Gender different balance nationalities billion doses of Superba 2018 Krill sold worldwide 2018 155,334 (1,022) 2017 378 23% 83% 2017 125,540 (17,765) 2016 325 2016 Number Gender of Aker million extra servings of 36% 32 116,737 (2,055) of balance in BioMarine’s seafood with QRILL Aqua 2015 employees management employees are 2015 positions passionate 105,121 805 about 2014 their job 2014 112,299 (17,258) 850,000 2013 2013 dogs ate QRILL Pet that improves 117,198 (19,340) health and performance 8 9 THIS IS AKER BIOMARINE Office PLANET OSLO, NORWAY EU AND NORWAY 60,0 301,212 KRILL CATCH (TONNES) USD million in revenues 1% PRECAUTIONARY KRILL QUOTA IN AREA 48 1 MILLION USD TO ANTARCTIC RESEARCH DURING A 5-YEAR PERIOD Factory & sales HOUSTON, TEXAS 2010-2020 CERTIFIED AS SUSTAINABLE BY MSC UNITED STATES 47,9 USD million in revenues 30% REDUCTION IN CO2 WITH ANTARCTIC ENDURANCE SFP “A” RATING FOUR YEARS IN A ROW Sales OTHER REGIONS 15,4 USD million in revenues EBITDA 2012-2018 Logistics Hub MONTEVIDEO, URUGUAY 15.5 million 6.0 million 25.7 million 35.5 million 17.2 million 33.1 million Sales ASIA AND AUSTRALIA 13% 5% 24% 30% 14% 21% 30,9 USD million in revenues ANTARCTICA Transportation Fishery 2013 2014 2015 2016 2017 2018 of goods: SOUTHERN OCEAN 109,6 MT CO₂ Fuel emissions from vessels: 72,160 MT CO₂ 10 11 HIGHLIGHTS From new technology to exciting science, here are some of the highlights from 2018. MOST INNOVATIVE WORLD'S FIRST "A" RATING TOP ATHLETES Aker BioMarine was Aker BioMarine has For the fourth year in Aker BioMarine, Team named the most commissioned the first a row, the Antarctic Pure Science, and innovative company krill harvesting vessel krill fishery received Norseman launched a after a year-long journey built from scratch, an “A” rating for its study that examines the in Europe’s biggest and Antarctic Endurance for well-managed fishery effects of krill oil omega- most prestigious business NOK 1,1 billion (USD 140 from the Sustainable 3s on athletic performance competition, the European million). The vessel was Fisheries Partnership and recovery. The results Business Awards. Aker PENGUIN PROTECTION built at the Norwegian ECOSYSTEM RESEARCH (SFP). The independent NEW LICENSE so far suggest that krill BioMarine was one of Nearly all krill fishing shipyard VARD, involving Aker BioMarine has report states that the Norway’s Directorate of oil can have a real impact 13 winners following companies operating in 900 people from 40 committed to supporting fish stocks are listed in Fisheries has assigned in the world of sports. a final live judging the Antarctic announced Norwegian companies. the Antarctic Wildlife “very good condition,” Aker BioMarine a fourth The study found that session, with over they would voluntarily Antarctic Endurance Research Fund (AWR) and the Antarctic krill license to harvest higher omega-3 levels 112,000 businesses from stop fishing in areas uses environmental with USD 1 million over fishery in the Atlantic Antarctic krill, following were associated with less 34 countries initially around the Antarctic technology to help reduce a period of five years. Southern Ocean is once a licensing round illness during training and considered. Peninsula, including the footprint of our The grant will further again singled out as commissioned by the better performance during ‘buffer zones’ around operations. The vessel strengthen AWR’s work on being particularly well- Norwegian government. the race. the breeding colonies began operations from promoting and facilitating managed. As of April 1st, 2019 the of penguins, in order the beginning of the 2019 research on the Antarctic decision is yet to become to protect Antarctic harvesting season. ecosystem. enforceable by the wildlife. The companies Norwegian Ministry of also pledged to support Fisheries. scientific and political efforts to create a network of large-scale marine protected areas in the Antarctic, including areas in which they currently operate. 12 13 PRODUCT OF THE YEAR GROWTH PERFORMANCE DOG HEALTH Manufactured by Enhanced production of AND WELL-BEING Laboratoires Yves Ponroy, high quality and healthy Aker BioMarine launched in partnership with Aker feed is a key driver for the Team QRILL Pet Dog BioMarine, Huile de Krill successful expansion of Mushing Team, the world’s Excellium took home the aquaculture industry. first professional long- the Omega-3 Product A new study focusing distance sled dog team. of the Year prize at the on gilthead seabream The team was created in BATTLING LUPUS NutraIngredients awards. GROWTH IN ASIA juveniles shows that if HEALTH AND QUALITY order to further our work EQUAL OPPORTUNITIES Aker BioMarine and the The award recognizes In 2018, Aker BioMarine’s krill meal is added to Aker BioMarine has on improving dogs’ health Aker BioMarine, together Lupus Research Alliance the most innovative, QRILL products saw their feed, the amount of conducted a study on the and well-being, along with 12 other companies, launched a new clinical effective and commercially solid growth in the Asian fishmeal can be reduced, effects of krill meal on the with building a strong helped establish The WE study, investigating how successful supplements, region. This growth was with growth performance health and fillet quality of foundation for the future Foundation (Stiftelsen VI) phospholipid-rich krill oil foods or beverages, driven by loyal customers actually improving. salmon. The first results of the sport. to improve the quality of can benefit people with containing omega-3 as and increased demand of Aker BioMarine’s life for Norwegians with lupus, with the aim to their core ingredient. from a new market, fundamental salmon study disabilities. The aim is lessen the severity of the India. Aker BioMarine’s show that krill improves to turn the foundation symptoms associated with strong focus on quality, fillet quality, both in terms into a knowledge the disease. Results are sustainability and of yield and texture. The and resource center expected in 2020. research have established study also shows that providing information QRILL as an attractive krill meal has a positive and knowledge about ingredient for feed effect on a large number opportunities and rights producers in the region. of immune genes in liver. for disabled people. This could explain why krill diets increase the resistance of the fish to various different diseases. 14 15 16 17 STATE OF AFFAIRS FROM EUROPE’S MOST INNOVATIVE COMPANY The Japanese proverb nanakorobi yaoki, translates to “fall down seven times and stand up eight”. I think this is a good way of explaining how we work at Aker BioMarine. We take big risks, and we fail, but in the end we succeed. This can-do attitude drives our continuous growth and innovation, which was recognized in 2018 when we were named Europe’s most innovative company in competition with 112.000 other companies. rom a business perspective, we met our from reduced costs and increased efficiency. Another exciting project we have in I am particularly proud of what we targets for 2018 performing strongly The construction of this next generation development is an autonomous sail drone. continue to accomplish with our people. Fin all our segments, this despite some of harvesting and support vessels marks Powered by the sun and wind it will collect We are able to attract great talent and we are headwinds in the market. Costs increased another huge step forward for Aker weather, water and biomass data from the consistently seen as a very attractive place to more than I ideally would like them to, BioMarine and the krill industry in general. Antarctic oceans. Linked to a big machine work. We have recruited internally for many driven both by external factors such as learning project, we will be able to create of our new leadership roles and our diverse high fuel prices, but also internal elements, INCREASING OUR STAKE IN advanced prediction models that can be used team scattered across the globe continues such as saying yes to more projects and new RESEARCH AND DEVELOPMENT both to make our operations more efficient, to excel every year. Through our real-time hires than we had originally planned for.
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