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 ANNUAL REPORT
2010
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CONTENT
– integrated annual and sustainability report
 
OUR COMPANY
CERMAQ: A GLOBAL LEADERCermaq in brief: Key objectives, core values and map of locations
FLAP
CEO GEIR ISAKSENSummary of 2010 and pointing out direction
2–3
KEY FIGURES
2010
 Financial and sustainability performance 2010
4–5
HIGHLIGHTS
2010
Main events in 2010
4
STRATEGYCermaqs priorities and objectives for 2011
6–7
OUR HISTORYMain events in the Cermaq history
6
OUR ORGANIZATIONAn overview of our organization
7
WHAT WE DOHow we work from feed to sh
8–9
OUR  VALUE CHAIN
INNOVATION: RESEARCH AND DEVELOPMENTInvesting in future progress
12–14
EMPLOYEESCermaq people: Cermaqs HR policy and key facts
15–18
EWOSGrowing market shares in all regions
19–23
MAINSTREAMHigh prices in all markets
24–29
NON-CORE BUSINESSOverall stable year
30–31
OUR  APPROACH
SUSTAINABLE AQUACULTUREOur approach to sustainability
34
STAKEHOLDERS ENGAGEMENTOur approach to stakeholders
35
COMPLIANCEOur point of entry
36–40
MANAGEMENT APPROACHOur approach to sustainability aspects
41
TABLE OF INDICATORSOur indicators related to the aspects
42
SUSTAINABILITY REVIEWReview report from KPMG
43
OUR GOVERNANCE
CORPORATE GOVERNANCEEqual treatment and transparency
46–49
BOARD OF DIRECTORSPhoto and presentation
50–51
MANAGEMENT TEAMPhoto and presentation
52–53
OUR RESULTS
BOARD OF DIRECTORS’ REPORTA year characterised by strong operational growth
56–64
ANNUAL ACCOUNTS 2010Accounts and notes for Group and Parent Company
65–113
SENIOR MANAGEMENT’S REMUNERATION
 
Principles for the company’s senior management policy
114–115
RESPONSIBILITY STATEMENT Responsibility statement from the Board and CEO
116
AUDITORS REPORTStatement from KPMG
117
ANALYTICAL INFORMATIONBackground on harvest, supply, price development, and export quantities
118–119
SHAREHOLDER INFORMATIONCermaq share information
120–122
GRI NAVIGATORGuide to the web report
123–124
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OUR WORLD
CANADA
• Campbell River
(Mainstream)
• Surrey
(EWOS)
 Cermaq’s operations are located in British Columbia. Here, Cermaq employs a total of 328 people in a wide variety of jobs. Mainstream operations are headed out of Campbell River on Vancouver Island. Fish farming is a key employer in the northern part of Vancouver Island, mainly supplying the US west coast market with fresh salmon. The feed factory also supplies enhancement hatcher-ies for salmon located in Surrey south of Vancouver ranging along the entire west coast of the US.
CERMAQ: A GLOB
CERMAQ SHALL
be one of the leading global suppliers of feed to salmon and trout, with a complete product range and with opera-tions in all four main salmon producing regions of the world.
 CERMAQ SHALL
be a significant player within farming of salmonid species in the two main farming regions, Norway and Chile.
CERMAQ SHALL
 be among the best players when it comes to research and development on fish feed and salmon farming.
CERMAQ SHALL
 maintain strong operational focus as a basis for success and future growth.
INTEGRITY
We adhere to a code of ethical values such as fairness, loyalty and respect so that we maintain our pride and earn trust.
PRUDENCE
We are disciplined and reasoned. We depend on skill and good judgement in use of resources, and we manage risk proactively.
PREPAREDNESS
We anticipate change and capitalize on growth opportunities through hard work and creative thinking.
BUSINESS MINDEDNESS
We are always thinking of generating cash and opportunities for profit. All other goals come to naught if we fail.
SHARING SUCCESS AND CONCERNS
In order to create a positive working environment where success is shared and problems are solved, we encourage networking, personal development, team-work and open communication.
35%
GLOBAL FEED MARKET SHARE
EWOS is growing in a very competitive market. Research and innovation are key factors for the increasing recognition of our products in the market.
EWOS:
 
a leading interna tional player in the production of feed for the fish farming industry producing primarily feed for salmon and trout.
Mainstream:
 
one of the largest players in the salmon farming industry. The group produces Atlantic salmon, rain-bow trout and coho salmon.
Non-core business:
 
the remaining assets that will be divested over time in order to streamline Cermaq as a pure aquaculture company.
Cermaq is an international fish farming and fish feed grThe group has a diversified presence in the major salmoCreating values through sustainable aquaculture is the operations. The company is listed on Oslo Stock Exchang
CHILE • Puerto Montt
(Mainstream)
• Coronel
(EWOS)
• Colaco
(EWOS Innovation)
Mainstream’s operations are located in region X and XI and lead out of Puerto Montt, the fish farming capital of Chile. Due to higher production of processed products, a large proportion of employees work in processing. Feed production is located in Coronel in Region VIII, where work opportuni-ties are less dependent on fish farming. EWOS Innovation has a research station in Colaco, near Puerto Montt. In Chile, Cermaq employs a total of 2462 people
Key Objectives:Core values:
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