Reporte de Sostenibilidad de Cermaq-grl

8/3/2019 Reporte de Sostenibilidad de Cermaq-grl

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ANNALEPO2010

CorporateRegister.com Limited 21-04-11


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CONEN ntegrated annual and sustanablty report

OCOmpn

Cq: GLOL L Cerma n bref: Key objectves, core valuesand map of locatons

Flap

CO Gi iSKSN Summary of 2010 and pontng out drecton 23

K FiGS 2010 Fnancal and sustanablty performance 2010 45

HiGHLiGHTS 2010 an events n 2010 4

STTG Cermas prortes and objectves for 2011 67

O HiSTO an events n the Cerma hstory 6

O OGNizTiON n overvew of our organaton 7

WHT W O How we work from feed to sh 89

Ov Chn

iNNOTiON: SCH NLOPNT

investng n future progress 1214

PLOS Cerma people: Cermas H polcy and key facts 1518

WOS Growng market shares n all regons 1923

iNST Hgh prces n all markets 2429

NON-CO SiNSS Overall stable year 3031

OppOCh

SSTiNL qCLT Our approach to sustanablty 34

STKHOLS NGGNT Our approach to stakeholders 35

COPLiNC Our pont of entry 3640

NGNT PPOCH Our approach to sustanablty aspects 41

TL OF iNiCTOS Our ndcators related to the aspects 42

SSTiNiLiT iW evew report from KPG 43

O

GOvnnC

COPOT GONNC ual treatment and transparency 4649

O OF iCTOS Photo and presentaton 5051

NGNT T Photo and presentaton 5253

Osts

O OF iCTOS POT year charactersed by strong operatonal growth 5664

NNL CCONTS 2010 ccounts and notes for Group and Parent Company 65113

SNiO NGNTSNTiON

Prncples for the companys senor managementpolcy

114115

SPONSiiLiT STTNT esponsblty statement from the oard and CO 116

iTOS POT Statement from KPG 117

NLTiCL iNFOTiON ackground on harvest, supply, prce development,

and export uanttes

118119

SHHOL iNFOTiON Cerma share nformaton 120122

Gi NiGTO Gude to the web report 123124


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Our wOrld

Cnd Campbell iver (anstream) surrey (WOS)Cermas operatons are located n rtsh

Columba. Here, Cerma employs a total of 328people n a wde varety of jobs. anstreamoperatons are headed out of Campbell ver onancouver island. Fsh farmng s a key employer n thenorthern part of ancouver island, manly supplyngthe S west coast market wth fresh salmon.The feed factory also supples enhancement hatcher-es for salmon located n Surrey south of ancouverrangng along the entre west coast of the S.

Cermaq: a glObCq sh be one of the leadng global supplers of feed to

salmon and trout, wth a complete product range and wth opera-

tons n all four man salmon producng regons of the world.

Cq sh be a sgncant player wthn farmng of salmond

speces n the two man farmng regons, Norway and Chle.

Cq sh be among the best players when t comes toresearch and development on sh feed and salmon farmng.

Cq sh mantan strong operatonal focus as a bassfor success and future growth.

ntGty We adhere to a code of ethcal values such as farness,loyalty and respect so that we mantan our prde and earn trust.

pdnC We are dscplned and reasoned. We depend on skll

and good judgement n use of resources, and we manage rskproactvely.

ppdnss We antcpate change and captale on growth

opportuntes through hard work and creatve thnkng.

Busnss nddnss We are always thnkng of generatng

cash and opportuntes for prot. ll other goals come to naught

f we fal.

shnG suCCss nd COnCns in order to create a postveworkng envronment where success s shared and problems are

solved, we encourage networkng, personal development, team-

work and open communcaton.

35%gLOAL fEE MAkE SAEWOS s growng n a very compettve market. esearchand nnovaton are key factors for the ncreasng recogntonof our products n the market.

ewOS: a leadng nternatonal player n the productonof feed for the sh farmng ndustry producng prmarly feed

for salmon and trout.

Mainstream:one of the largest players n the salmon

farmng ndustry. The group produces tlantc salmon, ran-bow trout and coho salmon.

Non-core business:the remanng assets that wllbe dvested over tme n order to streamlne Cerma as a pureauaculture company.

Cermaq is an international sh farming and sh feed grThe group has a diversied presence in the major salmoCreating values through sustainable aquaculture is theoperations. The company is listed on Oslo Stock Exchan

Ch puero mo (anstream)

Coroel (WOS) Colaco (WOS innovaton)

anstreams operatons are located n regon X and Xi andlead out of Puerto ontt, the sh farmng captal of Chle.ue to hgher producton of processed products, a largeproporton of employees work n processng. Feed productons located n Coronel n egon iii, where work opportun-tes are less dependent on sh farmng. WOS innovatonhas a research staton n Colaco, near Puerto ontt. in Chle,Cerma employs a total of 2462 people

key Objectives:

Core values:


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sCOtnd Wefel (WOS)

Cerma employs a total of 60 people through ts feed operatonslocated n Westeld. The feed producton n Scotland manly supples shfarmers n Scotland, where the market s the most dverse n specaltyfeeds. WOS Scotland also exports feeds to other uropean countres.

nOW Olo (Cerma) seige (anstream) Berge, Flor, Bergee, hala (WOS) diral, igal (WOS innovaton)

Cerma s located n Oslo, wth a lean head ofce of 46 employees.anstreams operatons are located n Nordland and n Fnnmark, andheaduartered from Stegen. WOS s lead out of ergen and the threefeed plants are located n Flor (Sogn og Fjordane), Halsa (Nordland)and ergneset (Troms). WOS innovaton has research facltes n rdal(ogaland) and Lnnngdal (Hordaland). Cerma employs a total of 683people n Norway.

l leader

NOK 9 991 milliONOPEAINg EENEShas ncreased 11 percent from 2009, drven by hgh prcesand strong market demand for farmed salmon and good marketcondtons for new feed products from WOS.

6%gLOAL fAMINg MAkE SAEanstream s one of the global leaders n farmng ofsalmon and trout, wth a balanced producton well sutedto meet market demands.

with its head ofce in Oslo, Norway.rming regions world wide.ion that underlies all of Cermaqs



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Our wOrld

Our wOrldCONTNTO WOL



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2Cerma nnual eport 2010

MC Of E ncrease s because sastradton of eatng raw sh n the form ofsush and sashm has also become popu-lar n the West. Ths trend s led by youngconsumers, and s very promsng for ourcontnued growth.

HIGH PRICESincreasng demand for salmon has con-

cded wth a stagnatng world supply. in

2010, world producton of salmon was two

percent lower than the prevous year. Ths

stuaton resulted n a prce level for salmon

n 2010 that we have not seen snce the early

days of the auaculture ndustry. Protabl-

ty n the ndustry has never been better.

For Cerma ths means that we can report our

ever best prots. in 2010 we had a turnover of

9 991 mllon Norwegan kroner, and acheved

operatng prot (iT) of 1 439 mllon Norwe-

gan kroner. The most protable of our sub-

Our COmpaNy GLOL LCeO meSSageK FiGS N HiGHLiGHTSSTTG/HiSTO/OGNizTiONWHT W O

CEO geir Isasen:

O ES EASalmon is an increasingly sought-after product.

Consumers around the world consider this pink shto be wholesome and extremely appetizing food.

In Norway, we consumed 70% more salmonin 2010 than in the previous year.



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Cerma nnual eport 2010 3

sdary companes was anstream Norway,

whch tself delvered an operatng prot

of 507 mllon Norwegan kroner. The other

anstream companes also performed well,

and total prots for the anstream group

was 913 mllon Norwegan kroner.

EWOS SCCESSin 2010 the WOS group acheved total

prots of 509 mllon Norwegan kroner.

Ths s the best prot ever generated by

WOS, whch carres out the most exten-

sve research and development work n the

auaculture ndustry. Ths & programme

creates value as t allows WOS to offer ts

customers an extensve portfolo of func-tonal sh feed that promote ncreased

growth and hgher resstance to dsease

n salmon. WOS customers have seen the

value of ths, and these products currently

account for a substantal porton of WOS

total sales.

GROWTH AMBITIONSanstream Norway has presented plans for

further growth n ts sh farmng operaton

n Fnnmark. The company does not currently

fully utlze ts exstng concessons, and wllexpand producton n the regon to 30 thou-

sand tonnes of salmon n 2013. Growth s also

planned n Chle, chey through the estab-

lshment of sh farmng n regon Xii.

in ecember 2010 the Cermaq board of

drectors approved the companys entry nto

the sh feed producton market n etnam

through a jont venture wth a local partner.

Ths means that WOS now has a poston n

the sh feed market for Pangasus, a whte

sh that has been n consderable demand

n the West durng the past 10 years. WOSwll contrbute ts expertse wthn food

safety and sustanablty. Gong forward,

WOS etnam wll leverage the WOS

groups research-based knowledge wthn

sh nutrton, raw materals and sh feed

producton to manufacture sh feed that s

more cost effectve than any currently aval-

able on the market n etnam.

POSITIVE RESLTS OF SSTAINABILITThe prce of salmon has vared consderably

through the years, and these uctuatonswll presumably contnue. Cermaqs long-

term protablty wll depend upon how

efcently we carry out our operatons. Our

bass s sustanable aquaculture; the man-

ner n whch we operate should reect a

long-term perspectve. The most mportantthng for Cermaq n 2010 s therefore our

excellent operatonal performance, rather

than our excellent prots.

To ensure that our operatonal footprnt s

wthn acceptable levels requres contnu-

ous efforts.

it s partcularly pleasng to see the mprove-

ments n anstream Chle. Chlean auacul-

ture was serously affected by the iL vrus

outbreak n 2007 and 2008. fter two yearsof extensve restructurng and mprovements,

anstream Chle s now demonstratng bet-

ter growth and lower salmon de-off than at

any tme snce ts establshment. Ths has

some effect on prots, but has a greater effect

on our future prospects and on our determ-

naton to create further mprovements.

in ths annual report we present the nan-

cal results of our operatons, but we also

nclude an extensve report-back on how

our operatons affect the envronment. it sgratfyng to see progress n many aspects

of ths work too. No salmon have escaped

from our sh farmng plants n 2010. Wth

regard to salmon louse, we have had one of

our best years ever, wth few cases of salmon

louse on our salmon. We have been able to

further reduce the use of pharmaceutcals,

ncludng antbotcs.

POSITIVE FOR WILD SALMON IN CANADAThe debate about the salmon farmng

ndustrys consequences for wld salmon

stocks s mportant, and we are nterestedn t beng an objectve and thorough ds-

cusson. in 2009 we were accused by the

Pure Salmon Campagn of contrbutng to

the extermnaton of Sockeye salmon n

the famous Fraser ver, whch runs close

to ancouver. The Campagn clamed that

salmon louse from our plants 150 klometres

further north had klled mgratng salmon

and caused a record low return of sh. it

nssted that we should close the plants. in

2010 we then experenced the bggest ever

ncrease of Sockeye n the Fraser ver. Webeleve that ths wll help to create a more

sober tone n the debate about the sh

farmng ndustrys envronmental mpact

and support the vew that salmon farmng

can successfully be acheved alongsde thrv-

ng stocks of wld salmon.

SALE OF MAINSTREAM SCOTLANDin 2010, after ten years of sh farmng opera-

tons, we sold our sh farmng busness n

Scotland to a lsted company, orpol. We had

made no secret of the fact that our Scottsh

operaton was too small to be capable of opt-

mal operaton. if we can acheve a protablesoluton, we wll be happy to re-enter the

Scottsh sh farmng ndustry n the future. in

the meanwhle, we reman content to delver

sh feed to our Scottsh customers.

EARTHAKE IN CHILEOn 27 February 2010 an extremely serous

earthquake ht Chle. The earthquakes ep-

centre was close to Coronel, where WOS

has the worlds largest plant for productonof salmon sh feed. The stuaton was dra-

matc, wth protracted power falures, loss

of communcatons and major socal unrest.

Luckly, none of our workforce was njured

durng the quake, but some lost close fam-

ly members and many suffered damageto ther homes. The plant sustaned some

damage, but was able to restart producton

two weeks after the earthuake. collecton

among the employees n Cermaqs other

companes helped nance the reconstruc-

ton and repar of local employees homes.

WOS Chle demonstrated a unue type ofsustanablty durng the crss.

A WONDERFL ACHIEVEMENTThe year of 2010 was fantastc for Cermaq,

not least due to consumers fath n salmon

as a good and wholesome food. in the longrun t s our colleagues optmsm, pro-

cency and efforts that wll determne the

success of our company. Our achevements

n 2010 renforce my optmsm. i would lke

to thank all our employees for the efforts

they made n 2010. They have created enor-mous value.

Ger isaksenChef xecutve Ofcer



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Our COmpaNy GLOL LCO SSGKey FigureS aNd h ighlightSSTTG/HiSTO/OGNizTiONWHT W O

kE fIgES 2010Amounts in NOK1 000

Income statement 2010 2009 2008 2007 2006

Operatng revenues 9 990 528 8 971 713 8 715 572 7 721 204 7 533 698iT 1) 1 778 299 857 910 331 825 1 008 332 1 568 383iT margn 17.8 % 9.6 % 3.8 % 13.1 % 20.8 %iT pre far value adjustments 2) 1 439 344 523 562 49 504 746 941 1 311 414iT pre far value adjustments margn 14.4 % 5.8 % 0.6 % 9.7 % 17.4 %iT 3) 1 951 516 545 755 139 582 493 044 1 287 671Net result contnung operatons 1 514 669 340 994 (55 080) 498 987 937 513Net result dscontnued operatons - (45 035) (2 938) - -Net result 1 514 669 295 959 (58 017) 498 987 937 513

Financial position 2010 2009 2008 2007 2006

Non-current assets 4 715 464 4 749 981 5 185 180 4 124 981 3 537 563Current assets 4 897 325 3 516 250 5 200 106 3 359 615 3 399 316Total assets 9 612 789 8 266 231 10 385 286 7 484 596 6 936 879uty, excludng non-controllng nterests 5 728 611 4 328 917 4 292 497 4 260 949 4 290 661Non-controllng nterests 23 247 24 091 66 438 28 531 -Non-current labltes 2 435 624 2 803 417 3 396 637 1 598 518 1 347 201Current labltes 1 425 307 1 109 806 2 629 714 1 596 595 1 299 017Total euty and labltes 9 612 789 8 266 231 10 385 286 7 484 596 6 936 879Captal employed pre far value adjustments 4) 6 214 328 5 897 582 7 237 142 5 385 287 4 649 793

Financing 2010 2009 2008 2007 2006

Total euty 5 751 858 4 353 008 4 358 935 4 289 480 4 290 661uty rato 5) 59.8 % 52.7 % 42.0 % 57.3 % 61.9 %Net nterest bearng debt 6) 1 180 506 1 809 766 3 128 344 1 257 780 738 083

IgLIgS 2010MAINStrEAMSfarmng operatons n

Chle recovered wth strong bologcal androbust nancal performance.

CEMAqrenewed a protocol agreement

wth housaht Frst Naton n Canada wthprncples for workng together and estab-lshng a sustanable and mutually bene-cal salmon farmng operaton. (January)

AN EAqAkEn Chle led to full stop

n our feed producton for two weeks and a

challengng recovery stuaton for our feedbusness. No employees were serously

njured.(February)

EWOS NOWAyset all tme hgh recordproducng more that 74 000 tonnes sh

feed n one month. (ugust)

E fAMINgactvtes n Scotland were

sold to orpol. (ugust)

CEMAq WAS awarded the Farmand prce,

as thrd pre n the category for lsted compa-

nes for ts annual report 2009. (September)

CEMAq ASAsold all shares n arne

Farms after a short term perod of ncreas-ng ownershp. (September)

CErMAq entered the etnamese

feed market through acqurng major-

ty of shares n a jont venture company.

(ecember)

CEMAqwas awarded 3rd prce for best

investor elatons contact n Norwegan

dCap-companes. (ecember)

thE NOrWEgIAN esearch Councl

apponted a sea lce center for nnovatve

research wth WOS innovaton as a key

research partner. (ecember)

SO fA2011...

MAINSEAM NOWAywas honored the

industry Federaton pre as the company n

Nordland county wth the best tranng prac-

tces 2010. (February)

1) iT: arnngs before nterest, taxes, deprecaton and amortsaton2) iT pre far value adjustments: arnngs before nterest, tax and far valueadjustments3) iT: arnngs before nterest and taxes

4) Captal employed: Total euty + net nterest bearng debt - far valueadjustment on bologcal assets5) uty rato: Total euty/total assets n percent



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Poftability 2010 2009 2008 2007 2006

Operatng margn 7) 19.5% 6.1% 1.6% 6.4% 17.1%PS adjusted. basc/dluted contnung operatons 8) 10.37 3.33 (1.37) 7.54 10.37/10.35vdend per share (pad and proposed) 5.40 1.50 - 2.25 4.25eturn on euty 9) 30.0% 7.8% (1.3)% 11.6% 23.7%eturn on captal employed 10) 21.7% 8.0% 0.8% 14.2% 28.4%iT pre far value adjustments/kg - sh farmng 11) 9.4 1.6 (1.3) 4.2 10.7iT pre far value adjustments/tonne - sh feed 12) 581 482 204 447 328

6) Net nterest bearng debt: Long term and short term nterest bearng debt - cash balance7) Operatng margn: iT/operatng revenues n percent8) PS: arnngs per share adjusted for unrealsed far value adjustments. luted PS reects the dlutve potental of share optons9) eturn on euty: Net result/average total euty n percent10) eturn on captal employed: (iT pre far value + ncome from assocates)/captal employed n percent

For 2010 and 2009 12-month average s used for captal employed, year end balances for pror years2010 gure excludes materal gans on sale of busness/assets11) iT pre far value per kg, gutted weght euvalent, n NOK12) iT pre far value per tonne n NOK

EWOS2010

Mainstream2010

Agri2010

20062007200820092010

0

2 000

4 000

6 000

8 000

10 000

12 000

89

729

991

87

16

77

21

75

34

EWOS2010

Mainstream2010

Agri2010

20062007200820092010

0

200

400

600

800

1 000

1 200

1 400

1 600

524

14

39

50

747

13

11

20062007200820092010

-2

0

4

2

6

8

10

12

14

16

3.6

16.4

(0.6

)

5.4

10.2

Sstainability 2010 2009 2008

mployees (number) 3 533 3 277 4 072Fataltes (number) 0 0 0*** injury rate (njures per 1 000 000 workng hours) 31.0 27.4 34.1* Workforce absence rate (% of total work days) 3.4% 3.1% 5.0%* Total energy consumpton (GJ) 1 368 484 1 251 123 1 460 947* Global GHG emssons (Tonnes of CO2e) 68 642 64 607 81 809

* Non-complance wthenvronmental regulatons 1 0 6

* Non-complance wth

food-safety regulatons 1 1 1* Non-complancewth other socetal regulatons 6 3 16

* Non-complancewth product and servce regulatons 0 - -

Note: 2009 gures for njury rate and abcence rate have been adjusted for an error n the gures reported n2009, related to anstream Chle. injures were n fact hgher than orgnally reported and absentee dayswere n fact lower than orgnally reported.mployee gures are the gures used n the q4 nancal reports. in 2010 ths ncludes eght employees nour non-core busness.

* Fgures adjusted to exclude anstream Scotland** in 2008, 2 contracted dvers ded whle carryng out work for anstream Chle

EWOS66%

AGRI

3%

MAINSTREAM

31%

Operating revenues by business areaPercent (%)

earnings per share (basic, cOntinuing)NOK

ebit pre fair value adjustmentNOK mllon

Operating revenuesNOK mllon



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Cermaq is an integrated aquaculture company

that focuses on sustainable production of feed

for and farming of salmonids. Presence in feed

and farming enables the group to diversify

risk and through research and coordination to

develop a broad knowledge base that can be

leveraged to reduce costs and improve perfor-

mance and quality throughout the value chain.

Cerma has two core busness areas: sh feed

and sh farmng. WOS s a leadng player n

the producton of feed for the sh farmng

ndustry, and focuses prmarly on feed for sal-monds. anstream s one of the largest play-

ers n the salmon farmng ndustry. Cerma has

a dversed exposure to salmon and salmon

feed markets worldwde through presence n

all the man producton regons for salmon.

producton base wth feed presence n the four

man regons; Norway, Chle, Scotland and Can-

ada and farmng presence n Norway, Chle, and

Canada, enables the group to dversfy opera-

tonal rsks related to envronmental and sh

health factors. Cerma stll sees consderable

and attractve opportuntes for further growth

n salmon farmng and salmon feed.

Cermaq has recently entered the etnam-

ese feed market for whte sh to utlse ourbroad competence n sh feed. Cermaq

expects the etnamese market to grow rap-dly, and has postoned tself to take part n

ths development.

Cerma wll contnue to create shareholdervalue n auaculture busnesses by:

Contnuously delverng good busness

results

Focused growth wthn salmon farmng

and feed

Sound nancng and readness to reap

benets of growth opportuntes

Commttng to sgncant research and

development nvestments to promote

efcency and ualty wthn sh feed andfarmng

antanng a robust system to meet the

challengng demands of the food sector

sng sound practces for managng anddocumentng qualty as well as for rsk

management ctng responsbly n relaton to sustana-

ble use of natural resources, envronmental

concerns and socal concerns n the com-

Our COmpaNy GLOL LCO SSGK FiGS N HiGHLiGHTSStrategy/hiStOry/OrgaNizatiONWHT W O

CEMAS SAEg

The history of Cermaq ASA starts where the Norwegian state monopoly on grain ended. What started outas an agricultural company has developed into a global leader within aquaculture. Here we present themost signicant events that have brought us to where we are today.

1995 Statkorn Holdng S was founded wth the gran tradng company Statkorn S as a fully owned subsdary1999 The Norwegan state sells 20 percent of the shares n the company

2000 The company takes over of the sh feed companes WOS S, WOS Ltd (K), WOS Chle S.. and WOS Canada Ltd captal ncrease of NOK 1,500 mllon s completed The company enters nto farmng operatons through acuston of the sh farmng companes Pacc NatonalGroup Ltd and Prme Pacc Seafarms Ltd n Canada, anstream Salmones lmentos S.. n Chle and anland

Salmon Ltd, Shetland Norse Ltd and uascot Group Ltd n Scotland

2001 The company changes ts name from Statkorn Holdng S to Cerma S2005 Cerma acures the remanng shares of Follalaks and becomes a sgncant player n Norwegan salmon farmng Cerma takes over the sh farmng company Hertage, and more than doubles ts producton n Canada

Cerma S s lsted at the Oslo Stock xchange 24. October

2008 Cermas & dvson, WOS innovaton, opens a research centre n Colaco, Chle2009 WOS Norway naugurates a new producton lne n the Flor plant. The plant becomes Norways largest feed factory

wth an annual capacty of 250 000 tonnes. The plant s the worlds most modern and envronmentally frendly wthn

sh feed plants

2010 Cerma sells out of sh farmng actvtes n Scotland WOS enters the Pangasus feed market n etnam, n a jont venture wth nova WOS innovaton s chosen as a key partner n a new nnovaton centre for sea lce research

THE CERMA GROPS HISTOR

6Cerma nnual eport 2010 CorporateRegister.com Limited 21-04-11


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muntes n whch we operate Takng care of occupatonal safety and health

and workng condtons of ts employees

PRIORITIESCerma wll contnue to develop ts poston

as a leadng global suppler of sh feed to the

salmon farmng ndustry wth operatons n

the major salmon growng regons, and as

a major salmon farmer focused on product

qualty and cost efcency. The group wll

contnue to montor emergng speces and

producton regons wth potental for ndus-tral-scale farmng and producton of feed. y

mantanng focus on a sold nancal struc-

ture and effectve operatonal management,

the group s well postoned to take advantage

of both ncreasng demand for aquaculture

products and contnued consoldaton n the

farmng ndustry. Cermas remanng owner-

shp n non-core busness wll be dsposed of

when the condtons are favourable. The most

mportant non-core holdng s Norgran S.

OECIES AN ESLSOBJECTIVES 2010 rESuTS 2010 OBJECTIVES 2011

ebuld farmng operatons n Chle iT pre far value adjustment ncreased from NOK -172mllon to NOK 206mllonll smolt of tlantc salmon moved to land based facltes.Strct preventve santary measures establshed and santary results are goodNumber of employees ncreased from 1870 to 2200

ebuld farmng operatonsn Chle.xpandng nto regon Xii

increase smolt and productoncapacty n Norway and thusfacltate future growth

custon of shares n anfjord Fskeprodukter, securng local smoltsupply correspondng to 10 000 tonnes harvest volume annually

Grow farmng volumes nNordland and Fnnmark, Norway

Seek structural solutons formprovng long term return on far-mng assets n Scotland

Farmng and processng busness n Scotland was sold to orpol for NOK350 mllon enterprse value

None

djust feed capacty n Scotlandand Norway to make sure WOScan meet ncreasng demand forWOS products

pgradng of the producton lnes n the rst half of the year allowed WOSScotland to meet record demand for products durng the peak months andto acheve ts hghest ever annual tonnage. in Norway the capactyexpanson from 2009 came nto full utlsaton n peak season 2010, andWOS Norway made producton record wth 74 000 tonnes n ugust

None

Solve more of the santarychallenges n the ndustry throughadvanced nutrton and actvenatural substances n the feed

WOS range of functonal feeds s fully accepted n all markets and usedas a tool n ntegrated pest management regmes n Norway and Chle,both for sea lce and for varous dseases. Sales volumes for functonalfeeds set new records

evelop and launch new andprotable products through &

Protect the framework condtons

for our operatons and strengthenthe corporate mage

New web ste and sustanablty report ncreased transparency about our

performance and actvtesStepped up dalogues wth stakeholders

Protect the framework condtons

for our operatons and demon-strate sustanablty performance

stablsh WOS etnam

FiSH FN &

ewos as(norway)

FiSH FiNG

mainstreamnorway

ewoscanada ltd

ewos chile s.a.

ewosinnovation as

ewos ltd(scotland)

ewos vietnam Jsc51% ownership

mainstreamcanada

a division oF ewos

canada ltd

mainstreamchile s.a

NON CO

norgrain as72.5% ownership

CEMA ASA

Minority shareholdings not included.

The establishing of the EWOS Vietnam jointventure was not completed at year end 2010



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Our COmpaNy GLOL LCO SSGK FiGS N HiGHLiGHTSSTTG/HiSTO/OGNizTiONwhat we dO

We increasingly use marine ingredi-ents made from seafood trimmings,making good use of by-productsthat could otherwise go to waste.

Cermaq is a global company spe-cialized in sh feed and farming ofsalmon and trout. Our goal is to be aleader in sustainable aquaculture.

The starting point of our operations isnding the right nutrients for the feed.We get our nutrients from renedproducts purchased worldwide.

Many of our key ingredients comefrom traditional farming and theagriculture industry.

Others come from sheries and by-products from the sh industry.

We apply our sustainability principles to allpurchases. Marine materials can be tracedback to sustainable stocks and legal quotas.

We combine these ingredients tomake an energy efcient and sus-tainable feed pellet, catering to thesh nutritional needs and likings.

Our sh feed is carefully composedto retain the health benets ofeating farmed trout and salmon.

We have tailored feeds for everygrowth stage, from small fry tomature, fully-grown sh.

8Cerma nnual eport 2010 CorporateRegister.com Limited 21-04-11


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Our production system is backed byunique R&D activities, which benetfrom knowledge transfer along the

value chain from feed to farming.

Our smolt is vaccinated and cau-tiously screened before being trans-

ferred to sea.

We give sh health and well-beingtop priority in our sh farmingactivities. Essentially, this means

fullling the basic needs of the shwhile avoiding stress.

We conduct extensive researchon functional feeds that preventdisease and support health and

growth.

Today, salmon has only one-tenth ofthe carbon footprint of beef. Becauseit lives in water, it spends little energy

on other things than growing.

Good operational procedures aredecisive for sh health and even-

tually for our productivity andresults.

Based on our leading position inaquaculture, we aim to secure futuresupplies of sustainable, healthy anddelicious farmed sh to consumersworldwide.

Cerma nnual eport 2010 9CorporateRegister.com Limited 21-04-11


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Our value ChaiN



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Our value ChaiNiNNOTiONPLOSWOSiNSTNON-CO



16/131


hOw we wOrk with research and innOvatiOn

Our value ChaiNiNNOvatiONPLOSWOSiNSTNON-CO

Operational research

Applied research(Incremental)

Strategic research

Radical innovationLONG TERM

NEW PRODUCTS/SERVICES

SUPPORT/EXISTING PRODUCT MAINTENANCE

ROUTINE WORK



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Research and development is an integratedpart of Cermaqs operations and value chain.It addresses key challenges in the industry fromsh health issues to more sustainable use ofresources, it delivers value added products toour operations and demonstrates a continuousurge to set ambitious targets.

INESINgIN fEPOgESS

EWOS INNOvAtION IS Cermaqs & com-

pany, lead out of rdal, Norway wth facltes

n Lnnngdal, Norway and Colaco, Chle. Wth

22 researchers and a total staff of 84, WOS

innovaton delvers a seres of research results

to be mplemented n our operatons, and

durng 2010 publshed 8 scentc artcles nreputed scentc journals. To facltate closecooperaton wth colleagues n other research

nsttutons several of the researchers n

WOS innovaton work out of unverstes nNorway and Scotland.

The research portfolo s dvded nto 4 areas

of research: routne work support projects/exstng products face

lft projects, new products/servces (strategc projects hgh rsk (long term) projects.

anstream has a research team workng

prmarly wth preventve sh health. Cer-

ma s also takng part n external researchsuch as the salmon genome project.

SEA LICE RESEARCH CENTREWOS innovaton wll be a key partner n a

new nnovaton centre for sea lce research

whch was granted SFi status by the Nor-

wegan esearch Councl as part of the SFi

programme (Centre of esearch ased inno-vaton). The headquarters wll be based at

the nversty of ergen. The centre, beng

the only one n the aquaculture sector, wll

be supported by sgncant publc fundngand the total value of the program s NOK

201 mllon over 8 years. Ths s a huge com-

mtment to nd efcent measures aganst

sea lce.

The centre wll focus on the development

of new medcnes, montor and control

resstance, develop novel mmune controls

as well as reduce the ntal attachment of

sea lce. key delverable wll be to provde

addtonal tools for effectve ntegrated pest

management of sea lce on salmon produc-

ton stes. WOS innovaton s a key partnerwth overall responsblty for 2 out of 6 workpackages (ant-attachment and mmunty

control) and nvolvement n a further 2

(medcne management and lce challenge

facltes).

WOS innovaton s also engaged n other

key research areas.

CLINICAL DIETS AGAINST INFLAMMATOR

DISEASES AND SEA LICEThe number of nammatory type ds-

eases (P, CS, HSi, iS) n Norway hasncreased from less than 100 affected stes

n 2001 to over 500 affected stes n 2009.

The nancal mpact of ths s consder-

able. For example, a pancreas dsease (P)

outbreak on a sngle ste costs on average

S 2.5 mllon. The cost to the Norwegan

ndustry from P alone s estmated at S660 mllon snce 2004 . accnes are gener-ally neffectve aganst these vral dseases

so clncal nutrton represents an mpor-

tant addtonal tool to reduce ther mpact.

Several clncal dets are beng developedn WOS innovaton for ths. in addton to

the P det already launched, HSi and iS



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dets are developed and currently under eld

testng. Ths has mportant mplcatons for

the control of HSi as well as other dseases

causng heart nammaton, such as pan-

creas dseases (P) and cardac myopathy

syndrome (CS). grant of S 700,000

has been receved from Chlean COFO to

develop these dets as well as to delver oral

iS vaccne through the feed.

Sea lce are stll sgncant pathogens n allproducton regons wth a global nancal

mpact of S 300 mllon per year. There

s ncreasng concern over the declne n

performance of some medcnes. There s

a general acceptance n academa and n

health authortes for feeds as tools n nte-grated sea lce management, wth the clear

benets of reduced use of medcnes, no

resstance, and stmulatng natural defence.

WOS innovaton s seekng further mprove-

ment of the successful oost feed. Two effects

are focused, mmune response aganst the

attached sea lce (ant-attachment product)

to reduce ntal attachment, and other sub-stances wth a drect effect aganst all stages

of the paraste . That natural ant-parastc

product was n plot scale commercal use nChle n 2010. The ant-attachment product s

stll under development.

METHODS AND TOOLSWe strve to ncrease speed n sh trals

because they are both tme consumng and

costly. Therefore we contnued to expand our

lab faclty n rdal and Colaco to develop

cost effectve, accurate, and hgh through-

put lab tools. The emphass has been on

nstruments whch reure mnmal sample

preparaton, and allow both rapd screenng

and some quanttatve data. We now have

several mult-use platforms and analyze

hundreds to thousands of samples of raw

materals, feed and sh. The man tech-

nues runnng n our lab are:

fmTool s a model to dene the ualty of shmeal. Fsh meal s by far the sngle bggest

raw materal cost n feed, and ts a key raw

materal to delver the ualty of the feed. et

the qualty of sh meal may vary a lot. et-

ter purchasng speccatons are needed to

ensure sourcng of the desred ualty. ased

on analyses of about 100 dfferent sh meal

batches from varous supplers and sh meal

factores and subseuently screenng of ther

growth performance, wos innovaton has

developed a decson support tool to predct

sh meal qualty at dfferent stages of thepurchase process.

The decson tool classes the sh meals

based on ther expected proportonal

growth ndex. The classes are Group 1

(>100% growth), Group 2 (90-100%), Group3 (80-90%) and Group 4 (


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Our value ChaiNiNNOTiONemplOyeeSWOSiNSTNON-CO

Our 3 533 employees represent a diverse groupboth in terms of culture and work conditions.Still, a common set of core values unite ourinternational and diversied activities.

CEMAPEOPLE



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Our value ChaiNiNNOTiONmpOsWOSiNSTNON-CO

emplOyees in cermaq

Cermaq ASA

EWOS Innovation

EWOS Scotland

EWOS Canada

EWOS Norway

EWOS Chile

MS Scotland

MS Canada

MS Norway

MS Chile

200520062007200820092010

0

500

1000

1500

2000

2500

3000

3500

4000

4500

The data relates to our workforce.

mployees n non-core busnessesare not ncluded.



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CEMA EPENS PON a loyal and mot-

vated work force to acheve long term

strategc goals. Strct standards for health,

safety and envronment ensure hgh lev-

els of safety and an nclusve work env-

ronment. Cermaq promotes equal work

opportuntes and just treatment of all ts

employees. Our employees are expected

to and allowed to contrbute wthout

dscrmnaton.

EMPLOMENT, RECRITMENT AND COM-

PENSATIONecrutng the rght people s essental for

the future success of our operatons. Com-

petent and dynamc human resources man-

agement plays a key role n our ndustry.

Our operatons are based on local recrut-

ment of management. in 2010 the pro-

porton of management hred from local

communtes averaged 93 percent (89 per-

cent n 2009), rangng from 71 percent to

100 percent. Ths s n lne wth Cermaqsphlosophy to trust local employees who

best know the local condtons and culture.Possbltes for nternatonal assgnments

contrbute to personal development as well

as developng our corporate culture.

The proporton of females n management

s low, n average 10 percent (17 percent n

2009). There s female representaton n the

management teams of ve of eght subsd-

ares. Low female management representa-

ton s qute typcal for the ndustry, andCermaq acknowledges that ths represents

a challenge as well as an opportunty.

Cermaq wll contnue to offer compettve

entry wage levels. We value sklls, compe-

tence and senorty n our wage system.

Some stakeholders have been concerned

about wage levels n processng plants n

Chle. t year end 2010 average monthly

payment was 325 thousand Chlean pesos.

The lowest entry wage was 215 thousand

Chlean pesos. in comparson, mnmum

wage n Chle s 172 thousand Chlean pesos.

Cerma has a protocol agreement wth the

housaht Frst Naton on the West Coast of

ancouver island. Ths agreement lays out

a framework for Cerma to operate n therterrtory. We drectly employ over 80 aborg-

nal people from the housaht Frst Naton.in addton, the housaht Frst Naton

receves economc and socal benets such

as sklls tranng, wld salmon enhancement

fundng and support, educaton and con-

tracts to supply servces.

HEALTH AND SAFETOur employees shall be safe and secure at

work. Cerma dd not experence fatal acc-dents amongst employees n our operatons

durng 2010, nor amongst contractors sup-

plyng servces to our operatons. espte

a lower rate of lost tme or absence due tonjures, the number of all njures ncreased

to 31.0 per mllon hours worked, compared

MAINStrEAM NOrWAy WAS awarded best

company n Nordland county to execute voca-

tonal tranng n 2010. Ths demonstrated the

mportant role anstream has for develop-

ng employment n the regon, offerng voca-

tonal tranng and career opportuntes n

the aquaculture ndustry. in 2010, nearly 50

of anstream Norways employees were

certcated as vocatonally traned personnel.

The company employs apprentces who need

tranng to be certed, and sees vocatonal

tranng as an mportant manner to recrut

sklled personnel. The pre s establshed by

Nordland County uncpalty, and the jury

appled the followng: Ths pre s a recogn-

ton of someone who n partcular has stoodout postvely wthn the vocatonal tranng,

whle also beng a stmulus for as many as

possble to enhance vocatonal tranng.Ths

years wnner s a busness that has promoted

vocatonal tranng n a postve way and who

has acknowledged the mportance of cert-

ed employees and apprentces for future

actvty. Ths years wnner today has 30

people n tranng and operatons managersare n the process of acurng a degree at the

nversty of od.

Competence at centre

I ThE O ru IT IS Our COEuES OPTIIS,PrOFICIEC D EFFOrTS ThT wI DETErIE ThESuCCESS OF Our COP.



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to 27.4 n 2009. Ths unfortunate develop-

ment wll receve our attenton n 2011.

The absence rate for employees was 3.4

percent n 2010 (3,1 percent n 2009). There

are sgncant regonal varatons between

operatng companes. ach operatng com-

pany dentes ther own relevant and suted

ntatves to reduce the level of njures and

absence due to llness.

HS ntatves form an ntegral part of the

groups system for rsk management. Cer-

maqs objectve s that all operatng compa-

nes wll be certed under the OHSS 18001

health and safety management system by

md 2011, and by end 2010 ve out of the

seven operatng companes were certed.

DEVELOPMENT THROGH TRAININGxpertse and qualcatons are man-

taned and developed through tranng

programmes n our busness areas and

operatng unts. mployees receve system-

atc tranng to buld competence accordng

to ther own and the organsatons needs.

in 2010 tranng programmes n Cermaq

amounted to an average for all employees

of 0.9 percent of total workng hours .

Cerma manages a global talent programfor selected employees wth hgh poten-

tal to buld future leadershp competence

as well as strengthenng our busnesses.

For 2011 Cermaq wll replace the talentprogram wth a global leadershp pro-

gram and wll gong forward alternate

between these tranngs. The objectve of

the global leadershp program s to further

buld our company culture throughout the

organsaton.

Tranng also takes place n nteracton wth

our partners. n example s anstream Chle

where a program for standardsng all suppl-

ers n accordance wth iSO and OHSS stand-

ards has been mplemented. The response

from supplers has been very postve.

LABOR-MANAGEMENT RELATIONSGood and constructve relatons wth

employees and labour unons are essental

to Cermaq, and are managed through well

establshed local management structures

and practces. ll employees are free to jonany labour unon.

The proporton of employees covered by a

collectve barganng agreement was 34 per-

cent n 2010 (33 percent n 2009). The numbervares sgncantly between operatng com-

panes n the Cerma Group, from 0 percent

n anstream Canada to 85 percent n an-

stream Norway. However, t s mportant to

note that collectve bargan agreements do

not necessarly reect the actual partcpa-

ton n unons.

rates Of injury, OccupatiOnal diseases, lOst days and absence, and tOtal number Of wOrk-related fatalities by regiOn

2010 2009 2008

Division units EwOSgopainsteam

gopTotal

CemaqEwOSgop

ainsteamgop

TotalCemaq

EwOSgop

ainsteamgop

TotalCemaq

Fataltes Number 0 0 0 0 0 0 0 0 0*

injury rate injures per mllonhours worked

15.6 36.8 31.0 15.6 31.2 27.4 26.2 37.6 34.1

Lost-tme njury rate Lost-tme njures permllon hours worked

10.9 27.5 24.1 - - - - - -

bsence rate % of total workdays 3.5% 3.5% 3.4% 3.9% 2.9% 3.1% 4.4% 5.4% 5.0%Occupatonaldsease cases

Number 1 6 7 - - - - - -

The above data relates only to our workforce, ncludng employees and supervsed workers.ata has been adjusted to exclude anstream Scotland.See www.cerma.com for detals e.g. dentons, formulas etc.* 2 contracted dvers ded whle carryng out work for anstream Chle.

Our value ChaiNiNNOTiONmpOsWOSiNSTNON-CO

Objectives 2010 reslts 2010 Objectives 2011

nsure full consstency n the regstraton oftranng across Cerma group

ttanedThe Group average for 2010 s 0.9% of worknghours commtted to tranng

None

ll operatng companes are workng towardsbecomng OHSS 18001 certed by md 2011

t the end of 2010, the followng operatonshave attaned certcaton aganst the OHSS18001 standard: anstream Canada;anstream Chle; WOS Canada; WOS Chle;and WOS Norway. The remanng operatonshave ongong processes towards ths goal

ll operatng companes should be OHSS18001 certed wthn 2011

Contnue reducng absentee rates and njury

rates. Target are beng set be each operatngcompany

bsence rate and njury rate ncreased,

but wth consderable varablty between thecompanes. Weaknesses n data regstratonwas corrected

stablsh and algn ndvdual goals of

operatng companes for; njury rate; lost tmenjury rate; lost day; and abcence

COMPLETE DATA

report2010.cermaq.com/sustainability



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Our value ChaiNiNNOTiONPLOSewOSiNSTNON-CO

EWOS successfully grew its market share in astable global salmon feed market. Harvestingfrom R&D investments enabled a large stepin lowering shmeal in all diets. A large portionof functional feed sales underscores broadacceptance of feeds in health management.Capacity investments in Scotland and Norwayreap benets in peak season.

gOWINgMAkESAES IN

ALL EgIONS



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Our value ChaiNiNNOTiONPLOSWOsiNSTNON-CO

CEMAS fIS fEE operatons are organ-

sed n the WOS busness dvson. WOS

s one of three major salmond sh feed

companes globally, wth a market share of

around 35 percent.

WOS supples extruded feeds for the full

lfe cycle from hatch to harvest of salmonds.

WOS s also a full-range suppler for a num-

ber of marne and fresh water speces and n a

poston to take part n the expected growthwthn these speces. Today we produce feedsfor 28 dfferent farmed sh speces.

WOS s present n all of the four large

salmon-producng countres, wth three

producton facltes n Norway, and one

each n Chle, Canada and Scotland. in add-ton to supplyng local markets, WOS also

exports feed nto a range of countres both

n urope, sa and n the S.

in 2010, WOS sold a total of 876 thousandtonnes of feed and had revenues of NOK

7388 mllon and an iT pre far value of 509

mllon. WOS has a total of 685 employeesncludng WOS innovaton.

COMPETITIVE ADVANTAGESWOS s recognsed n all markets on ve

mportant characterstcs; performance, sh

health and welfare, experence, servce, and

partnershp. Our ntegrated and consder-

able nvestment n research contrbuted to

our compettve edge especally n specalty

and functonal feeds. Our n depth knowl-

edge n feed and feedng s of fundamentalvalue n our customer relatons and support.

FRAMEWORK CONDITIONS

There have been no major regulatorychanges drectly nuencng the sh feed

busness n 2010.

New -regulatons on the placng on the

market and the use of feed (767/2009) wllmpact WOS product development and

marketng procedures, as the Comms-

son has gven member states more ex-

blty to am for lower levels of unntended

GO presence than the 0.9 percent thresh-

old. Natonal regulatons are not yet set, but

devatng natonal regulatons wthn

may complcate market adaptaton.

s new Common Fsheres Polcy (CFP)

s beng developed and s to be effectve1 January 2013. it wll focus on better con-

trol and management of sheres and wll

key figures ewOsNOK mllon

2010 2009 2008 2007 2006

Operatng revenues 7 388.4 6 250.6 6 859.0 5 922.2 5 336.3iT 670.9 510.3 300.1 491.3 384.1iT margn 9.1% 8.2% 4.4% 8.3% 7.2%iT before unrealsed far value adjustments 509.1 379.6 183.6 378.4 254.7iT margn before unrealsed far value adjustments 6.9% 6.1% 2.7% 6.4% 4.8%iT (operatng prot) 521.9 379.2 188.9 373.6 247.0olumes (ktonnes) 876.2 787.6 901.9 847.4 777.0

EwOS VIET wI EVErE ThE EwOS rOuPSrESErCh-BSED kOwEDE wIThI FISh uTrITIO, rwTErIS D FISh FEED PrODuCTIO TO uFCTurEFISh FEED ThT IS OrE COST EFFECTIVE Th y CurrETyVIBE O ThE rkET I VIET.



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help mprove the sustanablty of sheres.uaculture s to be part of CFP.

RISK CONSIDERATIONSWOS contnuously manages operatonal rsk

and uncertanty n order to reduce possble

negatve effects to our reputaton or to our

ablty to contnuously supply the market.

The man factors creatng rsk exposure to

WOS are: Food safety rsks aw materal prce volatlty rsks

aw materal avalablty rsks ecevables rsks usness nterrupton rsks

WOS s well prepared to maneuver n ths

challengng busness envronment, due to

our strct food safety management systems,hghly competent global purchasng team,

close follow up of customers and general rsk

assessment procedures and preparedness.

SSTAINABILIT

se of marne raw materals s the key sus-tanablty concern related to feed producton.

WOS promotes better utlsaton of marne

raw materal e.g. use of by-catch for feed pur-poses, and we source our marne raw materal

from regulated sheres. WOS supports the

iFFO Global Standard for esponsble Supply.

We judge the sustanablty of the feed ngre-

dents based upon the best avalable nforma-

ton. Trmmngs used as raw materal n feed

consttuted 21 percent of the marne ngred-

ents, an ncrease from 18 percent n 2009.

in addton to marne raw materals beng

sustanably sourced we focus on the ef-

cency n the use of marne ngredents, whch

s really of greater relevance than dependencyon marne raw materals. Farmed salmon are

well known to be very efcent n ther con-

verson of feed nto healthy and nutrtous

farmed salmon, and can actually be a net

producer of sh proten and ol. The carbon

footprnt of salmon s n lne wth chcken and

sgncantly lower than pork and beef.

MARKET OVERVIEWNorwayThe Norwegan sh feed market was stable

n 2010. WOS successfully ncreased tsmarket share from 36 to 38.5 percent wth

an annual producton of 519 000 tonnes. Key

success factors behnd the producton and

sales ncrease were hgh market acceptance

for WOSs growth enhancng products, ena-

blng customers to better adapt to produc-

ton regmes. n addtonal success factor was

the well tmed capacty expanson at WOSs

factory n Flor, completed n June 2009.

WOS produced as much as 74 550 tonnes of

feed n the peak month of ugust, the hgh-

est volume ever sold by one suppler n the

domestc salmon ndustry market. Sales of

functonal feeds were also at a hgh level n

2010, underscorng the effect of these prod-

ucts n strengthenng the salmons mmune

response aganst dseases and sea lce.

ScotlandThe total feed market for 2010 for all specesn the K and ireland remaned unchanged

at approxmately 240 000 tonnes. Scottsh

salmon accounted for 210 000 tonnes of ths

and WOS K ncreased ts share of ths mar-

ket to 32 percent wth the commencement

of new contracts and sgncant growth

n sales of functonal feeds. xport sales to

the and Norway were mantaned at hs-torc levels and total producton for the year

exceeded 80 000 tonnes for the rst tme. major 3 year nvestment programme s

underway focusng on mprovng plant ex-

blty, efcency and product qualty whch

wll support the strong volume growth that

has been acheved n K over recent years.

CanadaThere was no growth n the ndustry over

2010 and there s lttle expectaton for growth

n 2011. The farmng operatons are hghly

consoldated wth four companes account-

ng for more than 90 percent of total produc-

ton. WOS Canadas market share ncreasedapproxmately 3 percent durng the year.

Sales of feed to marne sh n sa and to

the salmon enhancement operatons n the

Pacc Northwest and laska showed goodgans for the year due to ncrease n feed

sold to customers n etnam and as a result

of good feed performance results n 2010.

Chile2010 wll be remembered as the year of the

recovery n Chle. Whle the Chlean salmonndustry was startng ts recovery from the

iS crss, the second largest earthquake n

Foage fs / Oigin Tonnes %

nchovy / Peru/Chle 152 065 39.6%Sand el / S 33 116 8.6%Sprat / enmark 32 320 8.4%enhaden / Norway/enmark 30 308 7.9%sc. Speces / sc.* 53 325 13.9%Foage Fis Total 301 135 78.4%

Timmings & bypodcts

Herrng trmmngs 43 527 11.3%sc. Speces* 38 122 9.9%Fis timmings /bypodcts Total 81 649 21.2%

Ote aine Ingedients

Krll 1507 0.4%

Ote aine Ingedients Total 1 507 0.4%

and Total 384 291 100.0%

Total feed produced, tonnes 913 000arne index 42.1 %

* Speces ncluded are; Hake, Capeln; tlantc mackerel; Pollock; lue whtng; Plchard; Norway pout; Sardne;Jack mackerel; and onterey sardne.

sOurcing Of marine raw materials



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Our value ChaiNiNNOTiONPLOSWOsiNSTNON-CO

Chlean hstory ht the central part of Chle,

drectly affectng WOS staff and the WOS

factory n Coronel. espte ths, WOS ended

2010 as the number one feed suppler, n

terms of market share. WOSs sales grew

wth a rsng market wth sales of more than

213 000 tons, a 16 percent ncrease from

2009. 2010 was a successful year for WOSs

functonal feed products, makng more than

35 percent of total sales. WOSs customers

could also boast the best productve results n

the ndustry. From a sh welfare pont of vew,

2010 was a year wth excellent productve and

santary results, wth low mortaltes, hgh

growth and excellent feed converson rates.

BSINESS DEVELOPMENTWOS ncreased ts market share n all four

man salmon aquaculture markets n 2010

whle the overall market growth was relatvely

stable. WOS had specal focus on Prebosal, a

prebotc based feed, wth benets for growth.

Ths feed enables sh farmer to optmse ther

producton wthn ther lcense constrants.

nother achevement n 2010 s that func-

tonal feed were hghly accepted wthn

academa and sh health authortes as a

tool for ntegrated pest management for

dseases and parastes. Functonal feeds rep-

CANADA

9%

SCOTLAND

9%

CHILE

24%

NORWAY

58%

CANADA

11%

SCOTLAND

9%

CHILE

38%

NORWAY

42%

200820092010

0

5

10

15

20

25

30

35

40

25%

16%

35%

sales vOlume per regiOnPercent (%)

number Of emplOyees per regiOnPercent (%)

functiOnal feedsPercent (%) of sales volume


Further dfferentate from peers on productperformance and protablty

WOS hgh performance products helpedncrease WOS market share n 2010, desptestagnant markets. WOS ended the year wthstrong protablty.

efocus our marketng and support organsa-ton to better reect our hgh competences andthe potental n our strong product range.We am to be the feed suppler that creates thehghest value for our customers.

Solve more of the santary challenges n thendustry through advanced nutrton and actvenatural substances n the feed

WOS range of functonal feeds s fullyaccepted n all markets and they are tools usedn ntegrated pest management regmes nNorway and Chle, both for sea lce and forvarous dseases. Sales volumes for functonalfeeds set new records.

evelop and launch new and protableproducts through &.

djust feed capacty n Scotland and Norway tomake sure WOS can meet ncreasng demandfor ts products

pgradng of the producton lnes n the rsthalf of the year allowed WOS Scotland to meetrecord demand for products durng the peakmonths and acheve ts hghest ever annualtonnage. in Norway the capacty expansonfrom n 2009 came nto full utlsaton n peakseason 2010, and WOS Norway madeproducton record wth 74000 tons n ugust.

None

efocus sourcng and purchasng based onunue knowledge n the nterface betweennutrtonal needs and raw materal propertes

WOS has completed t reorgansaton ofpurchasng functons on group level, whch hasresulted n ncreased procurementcompettveness.

tlse the competent purchasng team tooutperform competton n a complex rawmateral market, amng to create benets forour customers.

antan current market poston n all marketsand protablty as best n class.

stablsh our future growth platform n sa, bydevelopng WOS etnam to become one ofthe 10 largest feed supplers n the country.



27/131


resented 35 percent of total sales n 2010, an

ncrease from 25 percent n 2009.

The global markets for vegetable and marne

raw materals has ncreased both n prce

and complexty due to ncreased demand

and uctuatons n supply. The use of marne

raw materals has decreased the last years,

but they are stll an mportant source for

our feeds, and our efforts to develop other

sustanable sources as alternatves to sh-

meal and sh ol are contnung. Complexty

provdes new opportuntes and we see t as

a challenge and not a constrant.

iSO management standards 22000, 9001, and14001 as well as OHSS 18001 standard are

key elements n our feed operatons. WOS

has organsed all four standards wthn an

integrated anagement System, ensurng

that we are meetng our Sustanable ua-

culture dutes and also the opportunty for

constant mprovement.

WOS entered feed producton n etnam

at the end of 2010, through the sgnng of

a jont venture agreement wth nova Cor-

poraton. The venture partner s establshedn etnam wth a plant n the Long nh

provnce. WOS broad competence wthn

salmonds can be successfully transferred

to pangasus. WOS etnam has consder-

able ambtons for the etnamese market

and the goal s to utle the full capacty ofthe plant wthn the rst operatng year. The

farmng of pangasus n etnam s around

1.8 mllon tonnes. Farmng of pangasus s

predcted the hghest growth globally of

farmed speces the next decades.

OTLOOK FOR 2011The growth n the WOS markets for salmon

feed s restrcted by producton regulatons n

three markets; Canada, Scotland and Norway.

Hence lmted volume growth s expected n

those markets. The successful comeback of

the salmon producton n Chle, wthn new and

more sustanable farmng regmes, ndcates

that Chle wll be the strongest growng mar-

ket n 2011. s the market for salmon seems to

reman strong, farmers wll maxmse ther pro-

ducton wthn the regulatory frames. in order

to acheve maxmsed producton the WOSgrowth promotng feed, Prebosal, s expected

to ncrease ts proporton of the sales.The fact

that health promotng and paraste reduc-

ng dets have been well accepted not only

among customers, but also by academa and

sh health authortes, ndcates contnued

strong sales of functonal feed.

The uncertantes n the outlook for 2011 are

related to raw materal markets. We beleve

that sh meal markets wll come back to a

normal stuaton n the second half of the

year, n the aftermath of sheres restrctons

mposed n Peru n the early part of the year.

Fsh ol avalablty wll also come back, but

uncertantes are related to the development

of the competng omega 3 segment for human

consumpton. ll commodtes are expected toreman at rather hgh and unstable levels, very

much dependng on poltcs related to bofuels.

E EAqAkE A struck Chle on 27th February had ts epcentre close to the homes ofmany of the 250 employees n WOS. Fortunately no employees or drect relatves lost ther

lves or were njured as a result of the earthuake, but damages on homes were sgncant.

16 employees experenced total destructon or ther homes or that ther homes were dan-

gerous to stay n, and another 70 had sgncant damage of ther homes. Cerma ntated

a soldarty campagn among all employees n the Cerma group rasng more than NOK 1.4

mllon to fund the rebuldng of the homes of our colleagues.

group of employees workng nght shft when the earth uake struck stated after the recon-

structon was completed: Our country has suffered dreadful hardships at the hands of natural

forces which are beyond our control but we are a resilient people who will bounce back stronger.

We are grateful for all the sympathy received from the EWOS companies around the world and forall the help you have given us in order for us to rebuild our homes. All this help and assistance will

make us stronger so that we can face the future with condence.

Solidarity initiative to rebuildemployees homes

COMPLETE DATAreport2010.cermaq.com/sustainability



28/131


Our value ChaiNiNNOTiONPLOSWOSMAINSEAMNON-CO

2010 2009 2008 2007 2006

Operatng revenues 3 501.5 3 300.3 2 597.7 2 623.4 3 165.6iT 1 085.6 376.6 33.0 564.6 1 232.5iT margn 31.0% 11.4% 1.3% 21.5% 38.9%iT before unrealsed far value adjustments 913.3 175.1 (130.8) 418.1 1 106.5iT margn before unrealsed far value adjustments 26.1% 5.3% (5.0%) 15.9% 35.0%iT (operatng prot) 1 398.5 199.1 (27.9) 143.4 1 090.4olumes, GW (ktonnes) 96.7 108.3 102.1 99.8 103.1

key figures mainstreamNOK mllon



29/131


E fIS fAMINg actvtes n Cerma areexecuted by the anstream busness dv-

son, whch s one of the largest global play-

ers n the salmon farmng ndustry.

The dvson has operatons n Chle, Canada

and Norway, and produces tlantc salmon,

trout and coho salmon. anstream employs

2 794 people, and had an operatng revenuefor 2010 of NOK 3.5 bllon. Ths s an ncrease

of 6.1 percent from 2009 (NOK 3.3 bllon).

olume decreased by 10.7 percent, to a total

of 96 700 tonnes, gutted weght of salmon

and trout delvered durng the year. iT pre

far value was up from NOK 175 mllon to arecord hgh NOK 913 mllon n 2010.

Mainstream Chile produces all three speces

and covers the value chan from brood sh

to value added processng. The company has

6 land based freshwater stes and s present

n two lakes (coho and trout) for smolt pro-

ducton. For on-growng n sea the companyhas 62 sea stes/lcenses and two process-

ng plants. ost of the sea stes/lseces for

coho and trout are located n the area of

Chlo island, n regon X, whle most of thetlantc salmon s produced n regon Xi. llthe operatons are managed from the headofce n Puerto ontt n egon X.

Mainstream Canada operates both on the

west and east coasts of ancouver island,

rtsh Columba. The company has 27 sea

stes/lcences and three freshwater stes.ll operatons are managed from the head

ofce n Campbell ver. Salmon are pro-

cessed at a company-owned faclty n Tono

and under contract at a processng plant

near Campbell ver.

Mainstream Norway has operatons n Nord-

land (17 sea stes/lcenes and two processng

plants) and Fnnmark (27 sea stes/lcenses

and one processng plant). The companys

four freshwater stes are all located n Nord-

land. anstream Norway s managed from

the head ofce n Stegen n Nordland.

COMPETITIVE ADVANTAGESanstreams strategy of dversed pro-

ducton contrbutes to strong postonng

of the company as t provdes efcent rsk

management for the group. Ths was last

demonstrated durng the iS crses n Chlethat was a perod of great losses followed

by needs for sgncant nvestments. al-

anced producton n major salmon produc-

ng countres, sgncant producton of coho

and trout n addton to tlantc salmon,

hgh level of aquaculture competence and

years of busness experence makes an-

stream a stable and mportant suppler to

the global market, enablng hgh qualty

products at a compettve prce. The com-

pany has a lean management structure and

a strategy to focus on core busness based

on rsk adjusted cost leadershp.

FRAMEWORK CONDITIONSFramework condtons for sh farmng dffer

between the countres of operaton.

New regulatons n Chle mplemented

n 2010 wll generate a more sustanable

Global salmon prices remained high through 2010based on slight decrease in global supply ofsalmon. Mainstreams operations in Chile wererebuilt, delivering good biological performance.Signicant investment in smolt supply makesMainstream more self-sufcient and ensuresfuture growth opportunities. In 2010 we achievedour zero escape target and the level of antibioticuse was reduced signicantly.

Ig PICESIN ALLMAkES



30/131



ndustry for the future. The regulatons

have strengthened the authortes power

of nuence n several elds: handlng of

lcenses, mproved bosecurty and bod-

versty (ncludng area management), morefocus on envronment and sh welfare

and also mprovement of unon rghts. The

new regulaton wll reduce the producton

volume wthn an area, and farmng wll

expand further south to regons Xi and Xii.

in Norway, a 5 percent ncrease of T n

Troms and Fnnmark has been approved. For

anstream Norway ths euals an ncrease

of 1 215 tones. New regulatons related to sea

lce management are also mplemented, n

addton to local plans for area management

to address sea lce.

Fsh farmng n Canada was placed under

federal regulaton n 2010, but there are stll

areas of regulatons to be nalzed. class

acton n rtsh Columba regardng the

rghts of Frst Natons related to sh farmng

n ther terrtores s stll n process. The ndus-

try s not a part n the court case whereas the

outcome mght affect our actvty.

RISK CONSIDERATIONFsh health s one of the bggest rsk factor

wthn sh farmng, and covers both nfec-

tous dseases and producton related dam-

ages. Over the last years has anstream

dedcated research programs on preventvesh health work, and several new routnes

have been mplemented. anstream have

also strengthened the work wth central

coordnaton of best practce wthn preven-

tve sh health work and procedures. uchof ths work s based on knowledge acured

durng the iS epdemc n Chle.

s of 2010 all anstream companes are

certed for the iSO 9001 standard whch

secures a more systematcal approach to

qualty management system. ll three com-

panes are also amng for iSO certcaton

n management of: food and safety, envron-ment, occupatonal health and safety.

lgae blooms and low oxygen level n the

sea are naturally-occurrng events n rtsh

Columba that affect producton and may

cause hgh mortalty. However, anstream

has experence n managng these natural

events, and has not had any sgncant losses

as a result. in 2011, as part of efforts to reduce

rsks from low oxygen events, anstreamCanada wll run trals wth new systems to

nject oxygen nto the seawater at some stes.

Clmate change s not seen as a sgncant rsk

for salmon farmng n the short and medum

term. Local weather condtons are taken nto

consderaton when locatng sea stes.

Wth a producton cycle of approxmately

2 years, producton s not very adaptve to

changng prces. anstream addresses

ths rsk wth a good balance n geo-

graphcal spread of producton to dversfy

between markets n perods of fallng orvolatle prces.

SSTAINABILITSustanable aquaculture s our vson and

the bass for our operatons. iSO manage-

ment standards, sustanablty ndcators

and nternal reportng are central n our

management approach. anstreams

unts work wthn local envronmental rules,

ensurng that producton does not exceed

the sustanable lcensed ste capactes.

We reached our zero escapes target for2010. Total number of sh n the sea was

46.4 mllon at year end. Ths goal has been

reached through tranng procedures and

techncal mantenance on sh farmng stes.

Fish mortality s a key measure to evaluate

sh health n producton. Fsh mortalty was

down from 7.4 mllon sh lost n 2009 to 5.0

mllon sh n 2010. Fsh mortalty n Chle

represents 36 percent of all mortaltes.

Area management s crucal for effectvesh health measures because t gves pos-

sblty to work more preventve and wth

ThE OST PrOFITBE OF Our SuBSIDIr COPIESwS ISTrE Orw. ThE OThEr ISTrECOPIES SO PErFOrED wE, D TOT PrOFITSwS 913 IIO OrwEI krOEr.

CANADA

9%

CHILE

79%

NORWAY

12%CANADA

21%

SCOTLAND

2%

CHILE

39%

NORWAY

38%

CANADA

25%

SCOTLAND

2%

CHILE

33%

NORWAY

40%

Operating revenues per regiOnPercent (%)

sales vOlume per regiOnPercent (%)

number Of emplOyees per regiOnPercent (%)



31/131


long-term strateges. in 2010 69 percent

of our stes were engaged n area manage-

ment agreements or located n areas fully

controlled by anstream. Ths ncludes all

stes n Norway and Chle, but none of the

stes n Canada.

in accordance wth local regulatons sea licedata s reported regularly. anstream expe-

renced overall low sea lce levels n 2010, and

average treatments n 2010 was lower thann 2009. ll our treatments were done after

protocol n accordance wth local area man-

agement plans and wthout any resstance

ssues. Functonal feeds are mplemented as

one of the tools to mprove sh health and

growth, also n concernng to sea lce.

anstreams average fallowing periods forour sea stes spanned from 22 to 29 weeks,

and all operatons fully respected the fallow

perod dened n regulatons.

xperence from the iS crss n Chle have

made us work more systematcally wth

preventive health measures n all three

countres. Screenng programs for montor-

ng relevant pathogens, vaccnes, functonal

feeds, stress mappng, less use of antbotc,mprovng water qualty and more knowl-

edge are key elements n our approach to

ensure better sh health and welfare. Ths

has gven us more tools to better forecast

dsease events and knowledge to lower thersk for dsease outbreaks.

Antibiotics are only used when strctly needed,

and only for hghly dseased sh. easured

use of antbotcs per tonne produced per year

was 33.2 g Pi/t n 2009 to and 8.1 g Pi/t n

2010 (both lve weght) that s 76 percent

reducton. The Norwegan operatons have

not used antbotcs for several years.

MARKET CONDITIONSHgh prces due to reduced supply from

Chle were expected for 2010. When even

hgher than antcpated, ths was due to

strong demand n many mportant seg-ments and markets.

anstream Chles sales of trout and coho

have been stable n 2010. tlantc salmon

was sold to the razlan market n 2009,

based on supply of small sh at low prcesharvested due to the iS outbreak. Ths has

bult a new demand and razl s now an

mportant market for anstream Chle.

lso export to the S s mprovng, but

volumes only started rsng towards the

end of 2010.

anstream Canada has shown stable pro-

ducton towards a stable market. ost of

the sh produced were sold on the S westcoast and n Canada.

anstream Norway experenced strong

growth n ussa n 2010. Stll, France has

been the most mportant market n 2010.

BSINESS DEVELOPMENT2010 was a postve year for anstream,

wth healthy revenues n all countres. Fsh

health condtons have mproved. Systemsand procedures have been upgraded based

0

1

2

16

30

Total

EWOS

Innovation

Norway

Chile

Canada

2010 2009

0.0

9

0.0

8

0.0

6

0.0

3

1.1

2

2.9

9

25.7

5

5.1

2

1.0

8

8.5

9

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

200820092010

1326

80

14

54

0

present prOductiOn capacities per regiOn, 2010

regionSmolt

(millions)

Cent amingcapacity

(tonnes wE)

dditional amingpotential

(tonnes wE)

Total teoeticalaming capacity

(tonnes wE)Pocessing

(tonnes wE)

anstream Chle 24.5 55 000 10 000 65 000 70 000anstream Canada 6.0 26 000 - 26 000 20 700

anstream Norway 11.0 44 400 18 000 62 400 66 000WOS innovaton (Norway) 1.6 2 500 620 3 120 -Total 43.1 127 900 28 620 156 520 156 700

fish escapesNumber of escaped sh

sealice in feed treatmentG/Tonne lw produced

Total

EWOS

Innovation

Norway

Chile

Canada

0

10

20

30

40

50

60

70

80

90100

14.9

7

13.1

0

12.2

2

91

.61

0.0

0.0

0.05

.83

8.1

1

33.1

5

2010

2009

use Of antibiOticsg/Tonne LW produced

Note: The medcne use ratos for 2009 reported aboveare dfferent to those reported n the nnual eport

2009. Ths s due to a mstake n the sh productongures used to normalse the data n 2009.

Note: oth treatments are less used than feed treatments.

See www.cerma.com for nformaton on bath treatmens.

Note: The ero escapes targetwas attaned n 2010



32/131



on the Chlean experence. Cermaq sold ts

farmng operaton n Scotland as structuralsolutons for the sub scale busness.

The development n Mainstream Chile was

better than expected, manly due to growth

n volume and prces. The growth n sh

farmng of salmonds n Chle s controlled

and postve, but t s too early to declare the

producton normaled. in 2010 the planned

transfer of smolt was reduced from 6 ml-

lon to 5.1 mllon tlantc salmon smolt as

the avalablty of hgh qualty smolt was

lmted. anstream has already moved ts

producton of tlantc smolt to land based

facltes and has approved nvestment for

on land facltes also for the fresh water

producton of juvenle trout.

Mainstream Canadas volume developed as

expected. strong market resulted n sold

revenues. However costs are ncreasng n

Canada and producton s fallng due to

framework condtons. The transfer of regu-

laton to federal level was successful and

also ncluded completon of several pend-

ng ssues. anstream renewed a protocol

agreement wth housaht Frst Naton and

strve to make agreements wth all Frst

Natons n areas where anstream operates.

Mainstream Norway presented very good

bologcal results, and combned wth strong


stablsh a global farmng organsaton wthspecal focus on best practce exchange,preventatve santary measures and sustanablegrowth

central sh health functon and a team hasbeen establshed focusng on preventvesantary measures n Chle and benchmarkngthroughout the organsaton.

None

ebuld farmng operatons n Chle iT pre far value adjustment ncreased fromNOK -172mllon to NOK 206 mllon.ll smolt of TS moved to land based facltes.Strct preventve santary measures establshedand santary results are good.Number of employees ncreased from 1870 to 2200.

Seek ncreased producton of tlantc salmon nChle through establshment n egon Xii

ove producton of juvenle trout n Chle toland based freshwater stes

Seek structural solutons for mprovng longterm return on farmng assets n Scotland

Farmng and processng busness n Scotlandwas sold to orpol for NOK 350 mllonenterprse value.

None

increase smolt & producton capacty n Norway custon of shares n anfjord Fskeprodukter,securng local smolt supply correspondng to10 000 tonnes harvest volume annually

New smolt producton ste n Stegenincrease producton n Fnnmark wth two newstes utlng unused lcenses

Strengthen relatons to Frst Natons n theterrtores n whch we operate n rtshColumba

anstream Canada and housaht Frst Natonrenewed a new protocol agreement on Jan 8, 2010.The protocol gudes the prncples for workngtogether and establshng a sustanable andmutually benecal salmon farmng operaton.epresentatves from housaht Frst Natonand Cape udge Frst Naton n rtshColumba vsted Norway n ay 2010, to ganknowledge about Norwegan salmon farmng

Not speced. Wll contnue buldng onprogress n 2010 to strengthen relatons to FrstNatons.

antan ero escapes

EBIT Ok mill EBIT/g Ok

region 2010 2009 2008 2007 2006 2010 2009 2008 2007 2006Chle 205.8 (172.0) (332.3) 222.0 555.6 5.5 (3.5) (7.7) 4.7 10.3Canada 190.5 163.0 94.6 103.1 372.8 9.3 7.3 4.7 4.7 14.0Norway 506.7 182.5 103.5 96.7 153.6 13.7 5.9 3.4 4.2 9.9Scotland 10.3 1.6 3.5 (3.7) 24.4 6.1 0.2 0.4 (0.5) 3.5Total 913.3 175.1 (130.8) 418.1 1 106.5 9.4 1.6 (1.3) 4.2 10.7

ebit by regiOn and per kilOgram



33/131


market anstream acheved all tme hgh

revenues. evelopment was especally good

n Fnnmark, where most of the organc

growth s lkely to take place.

To ensure stable access to local smolt, an-

stream Norway acured 37.8 percent of the

smolt producer anfjord S. The new ste for

smolt producton n Stegen s expected to

gve access to approxmately 8 mllon smolt

when ready n 2011.

OTLOOK FOR 2011Postve development n demand of salmonand hgh prces s expected to contnue.

anstream s able to expand by organc

growth n the year to come, especally n Chle.

investments n 2011 wll be lnked to growth

for tlantc salmon n Chle and Norway.

Canada s expected to contnue at the

same level of producton, but wth some

cost ncrease.

ll anstream companes are well pos-

toned n the market and expected to ben-

et from strong market condtons.

fIS WELfAE IS vtal for ensurng premum

health and satsfactory bologcal results.

arous types of stress durng producton

can have a negatve mpact on salmon wel-fare. Ths s partcularly the case when the

salmon are n the smoltcaton process,

and due to be transferred from freshwater

to salt water.

in order to work systematcally on mprov-

ng sh welfare, anstream Norway uses a

method for montorng the stress levels of

salmon. Ths s done by measurng levels ofthe stress hormone cortsol n ther blood.

y takng perodc measurements at varous

steps n the producton process, we are ableto dentfy stress stuatons and to rectfy

ther underlyng causes. ontorng has

resulted n changes beng made to thngs

such as transport dstance, ppe dmensons,

unloadng methods, gas levels n the water,

and the choce of producton eupment.

s a result of these efforts, sh stress levels

fell by over 60 % from 2009 to 2010 and cor-

tsol s now down to what we beleve to be a

normal level for smoltyng salmonds. The

graph above shows the reducton from 2009

to 2010 of cortsol n sh pror to handlng,

.e. at restng level. The restng level should

be as low as possble and preferably less

than 50 n Cortsol.

Stress monitorin an importantsaeuard or sh welare

2004200520062007200820092010

0

20

40

60

80

100

120

73

15

15

66

20

11

77

21

11

78

13

11

79

12

9

11

16

35

9

12

58

Trout Coho Atlantic

mainstream grOup sales by speciesThousand tonnes GW

Stress monitoring is one o the tools Mainstream Norway uses to identiy bottlenecks, make the correct practi-cal choices during production and thereby to optimise fsh welare or salmonids.

20092010

Resting level

Cortiso

l(nM)

0

50

100

150

200

250

41.3

6

101.0

4

COMPLETE DATAreport2010.cermaq.com/sustainability



34/131


Our value ChaiNiNNOTiONPLOSWOSiNSTNON-COE

ssociated companies

key fges by company 2) key fges inclded in te gop acconts

revenes et eslt Onesip %Caying vale

31.12 2010

enofa S group 1 569 320 (1 437) 49% 75 799Norgran S 1) 295 258 922 72% -Hordafr S 569 245 74 740 35% 50 021nol S 1 759 (36 275) 40% -1) Norgran S s consoldated n the group accounts2) eported iFS-gures for the group accounts. These may devate from nal local statutory accounts

key figures nOn-cOre businessNOK 1000



35/131


KE ACTIVITIES Norgran decded to cease ther tradng

actvtes, concentratng n slo operatonsn Stavanger

Shares n arne Farms sold to orpol Land and buldngs n uvka sold to Norges-

mllene

CHANGES IN NORGRAINthE vOLuME SOLd n 2010 was 28 percent

down from the prevous year, and operatngrevenues were also consderably down, from

NOK 418 mllon n 2009 to NOK 295 mllon

n 2010. Ths decrease was a result of loss of

the companys man customer after the rst 6

months of 2010. ased on ths new stuaton,

t was decded to cease the tradng actvtes

wth effect from 2011, ncludng termnatngthe employment of the 5 employees n Oslo.

ll actvtes wll be concentrated around the

slo operatons n Stavanger.

The company had eght employees as of

31.12.10, located n Oslo and Stavanger. Cer-

ma holds 72.5 percent of the shares n thecompany.

STRONG RESLTS IN DENOFAenofa holds a strong poston wthn the

Nordc market, and s a hghly efcent pro-cessor of non-GO soybeans. The company

delvers soy bean meal, soy bean ol and lec-

thn. The operatons of enofa are n Fredrk-

stad, where there are 62 people employed.

enofa has entered nto an agreement to

sell the assets n the subsdary Lorgan n

Poland. Ths wll lead to a close-down of

the Polsh actvtes n 2011. Lorgan had 21

employees at year end 2010.

The enofa operatons performed very wellthrough 2010. espte a reducton n reve-

nue due to lower market prces for soybeanbased products, the iT ncreased from 57mllon n 2009 to 75 mllon n 2010. s a

consequence of Norgrans sale of majorty

shares n enofa, enofa was deconsol-

dated n the groups accounts wth effect

from 1 September 2009. Norgran has an

opton to sell ther remanng shares to themajorty shareholder magg n 2013 at a

predetermned prce. Cermas ownershp n

enofa s through ts ownershp n Norgran.

POSITIVE ACHIEVEMENTS FOR HORDAFRHordafr s one of the two major players nhandlng b-products from the salmon and

sh ndustry n Norway. The man products

are sh ol and proten concentrate. The

company has ts man operatons n uste-

voll n Western Norway and employs 64 peo-

ple. The company performed well n 2010.evenues reached NOK 569 mllon (2009:

352 NOK) up 62 percent from 2009, and net

result ncreased from NOK 34 mllon to NOK

75 mllon. Cermas share of ownershp was

35 percent, and was sold n arch 2011. Thesales prce was NOK 66 mllon.

OTHER INVESTMENTSquaGen S s a breedng company that

develops, produces and delvers genetc

materal to the global salmon farmng

ndustry. Cermaq holds 11 percent of the

shares n uaGen.

arne Farms S s a farmng company

engaged n salmon and farmng of non-

salmond speces. The C

Reporte de Sostenibilidad de Cermaq-grl

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