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ANNALEPO2010
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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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4Cerma nnual eport 2010
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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Cerma nnual eport 2010 5
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
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Cerma nnual eport 2010 7
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.
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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.
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Our value ChaiN
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Our value ChaiNiNNOTiONPLOSWOSiNSTNON-CO
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12Cerma nnual eport 2010
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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Cerma nnual eport 2010 13
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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14Cerma nnual eport 2010
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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Cerma nnual eport 2010 15
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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16Cerma nnual eport 2010
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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Cerma nnual eport 2010 17
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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18Cerma nnual eport 2010
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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Cerma nnual eport 2010 19
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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20Cerma nnual eport 2010
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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Cerma nnual eport 2010 21
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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22Cerma nnual eport 2010
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
Objectives 2010 reslts 2010 Objectives 2011
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.
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Cerma nnual eport 2010 23
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
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24Cerma nnual eport 2010
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
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Cerma nnual eport 2010 25
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
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26Cerma nnual eport 2010
Our value ChaiNiNNOTiONPLOSWOSMAINSEAMNON-CO
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 (%)
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Cerma nnual eport 2010 27
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
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28Cerma nnual eport 2010
Our value ChaiNiNNOTiONPLOSWOSMAINSEAMNON-CO
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
Objectives 2010 reslts 2010 Objectives 2011
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
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Cerma nnual eport 2010 29
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
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30Cerma nnual eport 2010
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
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Cerma nnual eport 2010 31
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