Aker Biomarine Annual Report 2021 XBRL ESMA-ESEF

Annual 
Report
2021 

 
2 
Table of contents 
1. This is Aker BioMarine
3
Letter from the CEO
…………………………………………………………………………..
4 
Company presentation………………………………………………………………………… 
………. 
5 
Organization…………………………………………………………………………………………… 
……. 
14 
Strategy…………………………………………………………………………….…………………… 
……... 
16 
2. Sustainability ………………………………………………………………….
20
Sustainability in Aker BioMarine………………………………………………………… 
………..
21
Environmental……………………………………………………………………………………… 
………. 
28 
TCFD……………………………………………………………………………………………………… 
……… 
29 
Social…………………………………………………………………………………………………… 
…….... 
31 
Corporate Governance………………………………………………………………………… 
………. 
37 
3. Finance…………………………………………………………………………..
40
Financial statements……………………………………………………………………… 
……………..
41
Board of directors report……………………………………………………………………… 
……… 
42 
Consolidated financial statements……….………..………..…………………………… 
……… 
48 
Notes to the consolidated financial statements…..……………………………… 
……… 
54 
Financial statements Aker BioMarine ASA…..….…………………………………… 
……… 
95 
Notes to the financial statements Aker BioMarine ASA……………………… 
………. 
100 
Responsibility statement……………………………………………………………………… 
………. 
109 
Independent auditors report………………………………………………………………… 
…….. 
110 
Our mission is to improve human and 
planetary health 
The artwork featured on the front page and throughout 
this report is created by Dr. 
Nils Hoem, our Chief 
Scientist. Once a year, Hoem travels 
to the Antarctic to do biological and ecological research 
on board our 
vessels. His watercolor art is inspired by these travels; from 
the stunning scenery surrounding the vessel to 
the everyday work life on board
.

 
3 
 
1. 
This 
is 
Aker 
BioMarine 

4 
All 
set 
for growth
During 
the 
year, 
we 
navigated 
safely 
through 
new 
waves 
of 
the 
pandemic. 
We 
faced 
Antarctic 
weather 
that 
disrupted 
our 
fishing 
season and hindered our harvest. And we experienced a Superba krill 
market 
collapse 
in 
South 
Korea. 
Despite 
these 
setbacks, 
we 
built 
a 
more 
robust 
company 
in 
2021, 
with 
better 
value 
propositions, 
new 
harvesting 
technology, 
stronger 
sales 
and 
marketing 
organizations, 
and more cost-efficient operations. The hard work and passion of our 
entire team 
is paying 
off, 
and towards 
the end 
of 
2021, we 
saw the 
improvements reflected in our results. 
Adverse weather is 
a natural part 
of the fishery 
business, though the 
conditions in 
2021 were 
more challenging than 
normal. Aker BioMarine 
aims to mitigate some of this volatility through the implementation of 
an Unmanned Surface 
Vehicle (USV), as this 
autonomous boat will 
give 
us greater accuracy in 
terms of where to 
harvest. We will also reduce 
harvest-related risks by adding more fishing days, running even more 
efficient and 
sustainable operations, and 
increasing volumes 
sold on 
the back of higher harvesting rates. 
One of 
our primary short-term priorities is 
to lift our 
Superba krill oil 
sales. The market collapse in South Korea led us to form the “Superba 
Acceleration” 
taskforce, 
and 
our 
aim 
is 
to 
rebuild 
this 
market 
and 
continue with our overall 
high global growth trajectory, 
outpacing that 
of 
the 
general 
market. 
We 
plan 
to 
achieve 
this 
by 
accelerating 
numerous products, sales, 
and marketing 
initiatives, while continuing 
to build our brand and secure consumer trust. 
In 
our 
strategy, 
we 
view 
sustainability 
and 
protecting 
ocean 
life 
as 
critical to not only securing the 
continuity of our business, but 
also the 
also the health of the planet. The United Nations released a landmark 
climate report in 2021, and another in early 2022, clearly outlining the 
severity of the climate 
emergency we face. 
At Aker BioMarine, we 
have 
had a 
strong sustainability 
focus that 
is rooted 
in science 
and data-
driven innovation since 
day one. We 
elevated this focus 
in 2021, setting 
bold sustainability commitments and correlating goals that we 
intend 
to meet by 
2030. We believe 
our solid ESG 
commitment will contribute 
to improved margins and growth in the years to come. 
Our sustainability commitments will 
also impact the 
way we 
operate, 
from new 
green fuel 
sources to 
power our 
vessels to 
decarbonizing 
our production processes. We 
also aim for full circularity 
on our waste, 
and we 
plan to 
be a 
key 
contributor to 
overall 
greater 
efficiency of 
aquaculture 
production. 
Achieving 
these 
goals 
will 
require 
technological innovation, employee 
commitment and a 
strategic focus 
on reaching 
net zero. 
We’ve long 
served as a 
leader in 
sustainability 
among 
fisheries, 
a 
position 
we 
intend 
to 
maintain 
and 
take 
even 
further, setting the bar even higher for the entire industry. 
In 2021, 
we put 
in operation 
our new 
vessel, the 
Antarctic 
Provider, 
which 
is 
perhaps 
the 
most 
advanced 
and 
environmentally 
friendly 
support vessel 
at sea in 
the Southern 
Ocean. And as 
a newly 
listed Oslo 
Stock 
Exchange 
company, 
we 
hosted 
our 
first-ever 
Capital 
Markets 
Update, an opportunity to 
tell the financial 
market how we 
intend to 
develop our business and meet our targets. 
As 
a 
company 
and 
with 
our 
partners, we 
continue 
to 
uncover 
new 
benefits 
and 
use 
cases 
for 
krill, 
which 
gives 
us 
much 
reason 
for 
optimism 
as 
we 
enter 
2022. 
We 
see 
the 
light 
at 
the 
end 
of 
the 
pandemic tunnel, and we are coming out of it as a different company. 
We have faced 
challenges and 
we come 
out even stronger. Our 
people 
have 
proven 
that 
nothing 
can 
keep 
them 
from 
innovating 
and 
developing. 
Aker BioMarine has 
built a 
strong position 
in the attractive 
markets for human 
and animal nutrition for 
krill. As a 
fully integrated 
producer, we target significant sales growth 
in all our main segments, 
and we seek improved results and 
cash flow. Krill harvesting is crucial 
for 
the 
company 
and 
with 
recent 
investments 
and 
measures 
for 
improved 
fisheries, 
we 
work 
to 
lift 
the 
average 
annual 
harvesting 
volumes. We 
have set 
ambitious targets for 
the coming years, 
and it 
now comes down to execution. 
We are only beginning to understand the full potential of this small 
crustacean called krill, and I want to extend a big thank you to all our 
employees, customers, suppliers, and investors, for believing in our 
potential and going on this journey with us. Together, you are 
what 
sparks the hard work and passion in all of us across the Aker 
BioMarine family. 
Matts Johansen, 
CEO Aker BioMarine

 
 
 
 
 
 
COMPANY 
PRESENTATION 
5 
About 
us 
KEY FIGURES
Aker BioMarine is a biotech innovator and Antarctic krill 
harvesting company, created because of our strong belief in 
the positive health effects of krill. 15 years later, we continue 
to develop our business as we take care of the ecosystem 
from which we harvest. Our fully integrated value chain 
stretches from sustainable krill harvesting in pristine 
Antarctic waters through our Montevideo logistics hub, 
Houston production plant, to customers around the world. 
The company has a strong position in its industry and is the 
world's leading supplier of krill. 
Admitted to trading on the Oslo Stock Exchange, Aker 
BioMarine consists of two business segments, Ingredients 
and Brands. 
Under Ingredients, the company develops krill-
based ingredients for human applications in the 
nutraceutical and dietary supplement space, and animal feed 
applications for aquaculture and pet food. 
Under Brands, 
Aker BioMarine has two companies: Lang Pharma Nutrition 
and Epion Brands. Lang Pharma Nutrition is a full service, 
mass market private label and corporate brand manufacturer 
within supplements, based in the US with large retailers as its 
primary customers. Epion Brands has its own consumer 
brand in the US market, Kori, being on the shelves of major 
retailers. Aker BioMarine’s strong focus on sustainability 
inspired the launch of AION by Aker BioMarine, a circularity 
company dedicated to helping companies to recycle and 
reuse waste. Other important innovations are the ongoing 
developments of INVI and LYSOVETA. 
PEOPLE 
429 
employees
42
number of different 
nationalities
40% 
women in Executive Management team
ESG-HIGHLIGHTS 
40%
of our trawls and big bags from Houston being 
recycled in 2021
Reduction in
product 
waste from 2020 to 2021 
was
94% 
A-rating
 
7
th
 
year in a row from the 
Sustainable Fisheries Partnership (SFP) and 
top rated by MSC 
REVENUE USD mill.
ADJUSTED EBITDA (USD mill) AND MARGIN (%) 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COMPANY 
PRESENTATION 
6 
Our fully integrated value chain 
As a fully vertically integrated 
krill supplier, Aker BioMarine has full control of its supply 
chain, with complete oversight of its operations from catch to delivery
Krill harvesting
Ingredient production
Research & development 
Krill oil 
production 
Sales & marketing 
Consumer 
brands 
65% 
of total global krill catch
 
~75% 
of volume produced packed 
and labeled onboard vessels
~200 
published studies
>80% 
of global krill oil production
>60 
countries we sell to 
>13m 
individual units sold to US customers 
the last year
Global leader in krill harvesting
Three state-of-the art 
harvesting vessels and one 
supply vessel secure high and 
stable krill meal production 
Our Antarctic krill fishery is 
awarded an A-rating for the 
seventh year in a row
Production of krill ingredients 
onboard vessels 
Implementation of initiatives, such 
as further data analysis higher up 
the value chain, reuse of energy 
and efficiency projects on the 
vessels 
Significant investments in R&D over 
almost two decades 
Research has proven several significant 
benefits of krill to human consumption 
and animal feed 
The positive results have created 
awareness around and demand for krill 
products
Purpose-built krill oil extraction 
plant in Houston, Texas 
Significantly increased total 
margins by owning the entire 
value chain from harvest to 
consumer brand 
Ownership of Lang Pharma 
Nutrition brings expertise in 
private label manufacturing of 
human supplements
Global B2B and B2C sales & 
marketing organizations 
In-house sales and distribution 
team for ingredients business 
enables deeper relationships and 
higher margins
Good inroads to the market through 
Lang’s 
long-standing relationships with the major US 
retailers 
Significant resources committed to 
developing the brand and consumer facing 
organization 

COMPANY 
PRESENTATION 
7 
Our products and brands 
Our business segments are categorized into four sectors: 
Human Health and Nutrition, Animal Health and Nutrition, 
Consumer Brands and Innovations 
Human and Animal Health and Nutrition
Omega-3s 
are 
an 
essential 
part 
of 
the 
diet 
for 
human 
health 
and 
wellbeing. However, 
an estimated 97 percent* 
of the population has 
less than optimal omega-3 levels, exposing them to an increased risk 
of various lifestyle diseases. Superba krill oil is a marine phospholipid 
complex 
of 
choline, 
omega-3s 
and 
the 
powerful 
antioxidant 
astaxanthin.
Clinical data shows that Superba krill has multiple health 
benefits 
for 
heart 
health 
and 
general 
health 
and 
can 
significantly 
increase 
the 
omega-3 
index 
level 
after 
just 
one 
month 
when 
consumed daily.
Superba will contribute to 
combat lifestyle diseases 
by delivering 5 billion doses of health promoting nutrients by 2030. 
*A 2016 study published in Progress in Lipid Research
Krill meal 
is a 
well-known, sustainable 
source of 
nutrition that 
improves 
feed quality for 
farmed fish and 
shrimp. Harvested 
from one of the 
world’s 
most well-managed fisheries (CCAMLR), QRILL Aqua is a 
clean ingredient 
for formulated feeds that leaves a 
low marine footprint and a continually 
declining carbon 
footprint, in 
addition to 
being fully 
traceable and 
certified 
by third parties 
such as MSC 
and Friends 
of the Sea. 
Scientific studies 
show 
that 
krill 
products, 
such 
as 
QRILL 
Aqua, 
QRILL 
High 
Protein 
and 
AstaOmega 
Oil, 
have 
high 
potential 
to 
improve 
aquaculture 
feeds, 
enhancing 
their 
nutritional 
composition 
and 
attractability, 
and 
in 
turn 
stimulating the growth and health of both shrimp and fish.
Omega-3s have 
recognized health 
benefits for 
dogs and 
humans 
alike. A pet food that contains 
omega-3 is the first step 
to ensuring 
that pets 
can benefit 
from this 
important nutrient 
on a 
regular basis. 
QRILL 
Pet 
is 
a 
functional 
marine 
ingredient 
made 
from 
whole 
Antarctic krill that is 
rich in marine omega-3s 
and is naturally rich 
in 
choline, 
astaxanthin 
and 
marine 
proteins. 
It 
is 
also 
sustainable, 
traceable, and sourced from some of 
the cleanest waters on Earth. 
Krill supports the health of several vital organs, including the 
heart, 
kidney, liver, brain, skin, and coat.
 

COMPANY 
PRESENTATION 
8 
Consumer brands 
Aker BioMarine have an independent company in the US, named Epion Brands Inc. Epion distributes the 
company’s Kori krill oil product 
to large retail chains, 
including Walmart, Target, CVS and Costco. 
Kori krill 
has established a 
large retailer footprint 
in a short period 
of time, at 
an unprecedented pace 
in the US 
supplement 
industry. 
Through 
its 
market 
presence, 
Epion 
gets 
first-hand 
consumer 
information 
and 
provides valuable insight into consumer behavior and needs for Aker BioMarine. 
Through an innovative 
and positive-oriented 
market approach, 
with a 
focus on 
younger generations, 
Epion maintains 
a solid 
footprint on US retail shelves.
Aker BioMarine acquired 
Lang Pharma Nutrition, Inc., 
a company with 
more than 35 
years of history and 
experience in the nutrition and dietary supplement industry, in 
2019. Lang Pharma is a key 
partner to the 
world’s 
leading 
mass 
market 
retail 
chains, 
with 
close 
to 
200 
different 
products 
on 
shelves 
of 
retailers, 
including 
Costco, 
Sam’s 
Club, 
Walmart, 
Target, 
CVS 
and 
Walgreens. 
The 
US 
vitamin 
and 
supplement 
industry is 
growing. Lang 
Pharma, with 
its lean, 
yet flexible 
market approach 
and responsive 
culture, 
is 
uniquely positioned to 
support Aker BioMarine’s 
ambitions to expand 
the company’s 
footprint in the 
US 
market. 
 

COMPANY 
PRESENTATION 
9 
Innovations 
With the 
new product 
area LYSOVETA™, 
Aker BioMarine 
targets 
the 
increasing 
need 
to 
care 
for 
our 
brain 
health. 
LYSOVETA 
contains 
important nutrients 
known to 
regulate important 
processes in 
the brain 
and 
has 
shown 
positive 
effects 
in 
pre-clinical 
studies. 
In 
2021 
the 
company 
has 
established 
collaborations 
with 
research 
institutes 
to 
increase 
scientific 
interest 
in 
the 
area 
as 
well 
as 
development 
collaborations 
with 
commercial 
parties. 
The 
company 
also 
obtained 
exclusive 
rights 
to 
University 
of 
Illinois 
Chicago’s 
(UIC) 
intellectual 
property (IP) related to LPC in 2021 
and will support the 
research team 
to explore 
its potential. 
Aker BioMarine 
is scaling 
up production 
of a 
LYSOVETA dietary supplement at its Houston manufacturing 
plant and 
aims for regulatory approval in late 2022.
AION by 
Aker BioMarine 
is leading 
the transition 
towards a 
circular 
economy 
in 
industrial 
plastics. 
Around 
260 
million 
tons 
of 
plastic 
waste is generated annually worldwide, 
and the EU has set a 
target to 
recycle 
55% 
of 
plastic 
packaging 
waste 
within 
2030. 
AION 
has 
established a value 
chain and 
is one 
of three 
Norwegian companies 
that 
has 
attained 
B-Corp 
certification, 
an 
important 
sustainability 
certification for US 
retail. As 
an example, 
McDonald’s is 
currently an 
AION customer, using serving 
trays made of 
recycled plastics from 
the 
ocean, 
along 
with 
NorgesGruppen’s 
high-end 
supermarket 
chain 
MENY, 
through 
a 
pilot 
project 
using 
AION 
carts of 
recycled 
ocean 
plastics in selected stores.
In 
2021, 
Aker 
BioMarine 
expanded 
its 
ingredient 
portfolio 
with 
the 
launch of INVI™, a family of 
high purity protein peptides products with 
complete amino 
acid profiles 
and naturally 
rich in 
nutritionally important 
minerals. 
These protein peptides are ideal for 
incorporation into ready-
to-mix and ready-to-drink beverages, as well 
as other premium formats 
for brands 
targeting the 
beauty, wellness, 
and sports/active consumer 
segments. 
INVI has received regulatory approval 
for sale in the 
Unites 
States, Australia, 
and New 
Zealand with processes 
on-going in 
the EU 
and 
other 
target 
geographies. 
Aker 
BioMarine 
plans 
to 
ramp 
up 
production in 
a new 
launch plant 
with first 
product in 
the market 
in 2023.

COMPANY 
PRESENTATION 
10 
Science and innovation to improve human and planetary health 
Since Aker BioMarine was founded in 2006, we 
have taken a leading role in the development and 
utilization of Antarctic krill resources through science 
and innovation. 
We harvest krill, 
study its biological 
effects, isolate important 
nutrients, 
and 
develop 
krill-derived 
products 
for 
the 
consumer 
health 
and 
animal 
nutrition 
markets. 
Over 
the 
years, we have contributed to building 
a large industry, filled 
with 
passionate 
people 
and 
innovation 
at 
the 
core 
of 
our 
business. 
Science 
and 
innovation 
are 
key 
parts 
of 
our 
strategy. 
We 
employ 
15 
scientists 
who 
hold 
PhDs 
to 
help 
drive 
our 
agenda, 
and 
we 
have 
contributed 
to 
more 
than 
200 
published articles. 
We invest significantly in 
science, building 
fundamental 
knowledge 
on 
krill 
and 
researching 
the 
biological effects 
of krill nutrients. 
As a 
result, Aker BioMarine 
has 
brought 
several 
new 
and 
important 
products 
to 
the 
market, and more are on the way.
Patents 
Aker 
BioMarine 
has,
since 
the 
establishment, 
been 
fully 
committed to scientific 
research and business 
development 
in the nutritional marine lipid 
field, specifically related to our 
krill products, 
through the development 
of our own 
patented 
technology 
and 
the 
acquisition 
of 
other 
technology. 
As 
a 
result, 
we 
currently 
have 
the 
world’s 
largest 
and 
most 
innovative 
patent 
portfolio 
in 
our 
area. 
This 
includes 
harvesting technology and production methods, via patents 
covering today’s commercially 
available krill 
products, as 
well 
as pharmaceutical and nutraceutical innovations that will be 
available 
to 
consumers 
in 
the 
years to 
come. 
In 
2021, 
we 
received 20 
new patents. 
In total 
we have 
102 patents 
per 
31.12.21. 
This 
includes 
a 
newly 
granted 
US-patent 
that 
provides broad 
protection for 
all marine 
LPC compositions 
with a content of 
from 20 to 100% 
LPC w/w with both LPC-
EPA and LPC-DHA. 
New technology 
In 
May 
2021, 
Aker 
BioMarine’s 
state 
of 
the 
art 
transport 
vessel Antarctic Provider was 
delivered and implemented in 
the company’s 
offshore operation. 
The 168-meter 
vessel is 
equipped 
with 
Wärtsilä 
31, 
four-stroke 
diesel 
engine, 
combined with a 
hybrid propulsion 
system. The engine 
holds 
a 
Guinness 
World 
Record 
for 
fuel 
efficiency 
and 
is 
also 
convertible for future 
greener fuels. The 
vessel is enhanced 
with 
Dynamic 
Positioning 
(DP) 
capabilities, which 
prevents 
the 
need 
for 
anchoring 
during 
transshipment. 
Aker 
BioMarine 
ordered 
a 
new 
Sounder 
USV 
(Unmanned 
Surface Vehicle) from 
Kongsberg Maritime 
in 2021, 
to further 
reduce our carbon footprint 
and optimize krill harvesting in 
Antarctica. 
The 
USV 
is 
also 
equipped 
to 
collect 
valuable 
scientific data. 
Research funding
 
We 
have 
invested 
over 
700 
million 
USD 
in 
research, 
technology, and logistics since its 
founding. In 2015, we co-
founded 
the 
Antarctic 
Wildlife 
Research 
Fund, 
to 
aid 
their 
efforts to 
facilitate 
and promote 
research 
on 
the 
Antarctic 
ecosystem. 
This 
fund 
was 
created 
to 
ensure 
a 
resilient 
Antarctica, where 
the management 
of all 
natural resources 
depends 
on 
precaution 
and 
thorough 
and 
up-to-date 
knowledge. Over the past six years, 
the fund has financed 20 
research 
projects 
and 
15 
host 
institutions, 
including 
three 
projects in 2021. 
Research and innovation center
 
In 2022, Aker 
BioMarine will 
open a 
pilot plant in 
Norway, the 
Ski Business Park, 
to develop a 
highly concentrated protein 
isolate. The factory will be 
built with an 
associated research 
and 
innovation 
center 
focused 
on 
long-term 
product 
development. By opening the 
factory in Norway, 
we aim to 
strengthen the local environment 
for marine biotechnology 
considerably, 
and 
create 
value 
and 
high 
competence 
jobs 
within a sustainable and innovative industry. 
 

 
COMPANY 
PRESENTATION 
11 
DATE 
HIGHLIGHTS AND PUBLICATIONS 
14. Jan. 2021 
Launch of INVI, a novel protein for human consumption
 
INVI is ideal for incorporation into powder and ready-to-drink beverages, as well as broader 
food and beverage applications for brands looking to grow their product portfolio with a high 
quality and sustainable protein source 
9. June 2021 
Aker BioMarine obtains regulatory approval for INVI protein 
in the US
 
Aker BioMarine announces a new milestone for its novel, sustainably produced krill protein 
hydrolysate product, INVI – which has now been determined Generally Recognized as Safe 
(GRAS) 
7. July. 2021 
New study confirms QRILL Aqua in European Seabass 
diets improves growth, feed efficiency 
and liver health status 
12.Sept. 2021 
New study reveals krill oil’s effectiveness in reducing 
liver and fat tissue inflammation 
related to obesity
27. Sept. 2021 
New study demonstrating how krill oil may reduce the 
risk of cardiovascular disease
17. Jan. 2022 
New study: Krill oil significantly reduces major cardiovascular 
risk factors
 
A study conducted in the US shows that krill oil significantly reduces the triglyceride levels in 
the blood, an important measure of heart health. 
21. Jan. 2022 
New study: Supplementing with krill oil can support 
intense power training
 
The study shows that krill oil is an effective nutritional strategy for athletes to increase omega-
3 and choline concentration of support intense power training. 
10. Feb. 2022 
Krill meal improves health and performance of salmonids
 
Researchers conclude that Antarctic krill products have a positive impact on the feed intake, 
growth performance, fillet quality and organ health in salmonids.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COMPANY 
PRESENTATION 
12 
Our journey: 
From the 
groundbreaking 
harvesting 
technology to 
innovative product 
portfolio 
SAGA SEA
 
Aker BioMarine puts its first 
krill vessel, Saga Sea into 
operations 
ECO-HARVESTING
 
One of our early innovations 
is Eco-Harvesting 
technology, that allows Aker 
BioMarine to harvest krill in a 
way that safeguards 
biodiversity and limits 
bycatch
SUPERBA 
The Superba krill line to 
bring phospholipid omega-
3s to humans, is born 
QRILL AQUA
 
Aker BioMarine enters the 
aquaculture market with 
QRILL Aqua, a phospholipid-
rich omega-3 fish feed 
LA MANCHE
Aker BioMarine 
commissioned its second 
vessel, La Manche. It was put 
into operations in 2009. 
MSC 
The company achieves the 
Marine Stewardship Council 
(MSC) certificate, a third 
party verification proving 
that the company adhered to 
the strongest standards for 
sustainability in wild-caught 
fisheries 
ANTARCTIC SEA
 
Aker BioMarine adds 
Antarctic Sea to its fleet 
QRILL PET
 
The company enters the pet 
market with the QRILL Pet 
product line 
2003-2006 
►
2006-2012
►
2012
►
2013
►
 
VOLUNTARY MEASURE
 
A voluntary krill industry-wide 
decision is reached to remove 
fishing effort from the coast 
as a precautionary measure to 
protect Antarctic wildlife 
during breeding season 
ENZYMOTEC 
Aker BioMarine and Frutarom 
establish a strategic 
partnership with Aker 
BioMarine acquiring 
Enzymotec’s krill business 
ANTARCTIC ENDURANCE
 
Aker BioMarine commissions 
a new, more environmentally 
friendly vessel exclusively 
constructed for krill harvest 
NEPTUNE 
Aker BioMarine and Neptune 
enter into an agreement in 
which Aker BioMarine 
acquires Neptune’s krill 
ingredient business 
PRODUCTION PLANT
Aker BioMarine acquires the 
Houston manufacturing 
facility and takes full control 
over its production 
SUPERBA BOOST
 
Using its newest technology 
Flexitech, Aker BioMarine 
launches its first krill oil 
concentrate, Superba Boost 
AWR 
Aker BioMarine establishes 
the Antarctic Wildlife 
Research Fund (AWR) 
together with WWF-Norway 
and The Antarctic and 
Southern Ocean Coalition 
(ASOC) to promote and 
facilitate research on the 
Antarctic ecosystem 
HOUSTON 
Aker BioMarine expands 
vertically by entering into a 
joint venture that transforms 
an old ice cream factory in 
Houston, Texas into a state-
of-the-art omega-3 oil 
facility 
2019 
2018 
2017 
2016 
2015 
2014 
ANTARCTIC PROVIDER
 
Aker BioMarine launches a 
new energy efficient support 
vessel, fitted out with 
efficiency improvements and 
environmentally focused 
technologies 
STOCK LISTING
 
Aker BioMarine's shares were 
admitted to trading on 
Euronext Growth 
AION 
Aker BioMarine launches 
AION, a new circularity 
company to recycle waste 
and re-use materials 
LYSOVETA 
Aker BioMarine launches 
LYSOVETA, a new delivery 
platform based on LPC-
bound EPA and DHA from 
krill 
INVI
Aker BioMarine launches 
INVI, a highly concentrated 
protein isolate with a protein 
purity above 90% 
OSLO STOCK EXCHANGE
Aker BioMarine transferred fr
om Euronext Growth to a 
new listing on Norway’s main 
market, the Oslo Stock 
Exchange 
CLIMATE AND 
DECARBONIZATION 
COMMITTEE (CDC)
The CDC was established to 
ensure we reach our 
decarbonization goals with a 
viable sustainable business 
model. The CDC illustrates 
the dedication in the entire 
organization to reach ESG 
targets. 
STRENGTENING OUR 
POSITION IN JAPAN 
Aker BioMarine has large 
growth ambitions in Asia. To 
better serve its business in 
the region, the company has 
established an office in 
Tokyo, Japan. 
2020
►
2021
►
2022
►

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COMPANY 
PRESENTATION 
13 
Our key milestones 2021 
Oslo Stock Exchange 
In April 2021, Aker BioMarine 
transferred from Euronext Growth to 
a new listing on Norway’s main 
market, the Oslo Stock Exchange. 
Climate and Decarbonization 
Committee 
Climate and Decarbonization 
Committee (the CDC) was 
established to ensure Aker 
BioMarine reach its decarbonization 
goals with a viable sustainable 
business model. 
Ocean data drone 
In June 2021, Aker BioMarine 
ordered a new Sounder Unmanned 
Surface Vehicle from Kongsberg 
Maritime, to help reduce emissions 
and optimize krill harvesting. 
Capital markets update 
Aker BioMarine’s first-ever Capital 
Markets Update was held in 
December 2021, giving investors a 
deep dive into the company’s 
growth and value creation strategy.
Antarctic Provider 
Aker BioMarine’s new support vessel, 
Antarctic Provider, was delivered in 
early 2021, offering improvements 
and greater efficiencies for offshore 
operations..
Prize-winning QRILL Pet 
QRILL Pet won the Triple Award for 
Best Pet Food Ingredient in 
December 2021, at the China 
International Companion Animal 
Food Ingredients Conference.
Game on 
Esports team Heroic and Aker 
BioMarine partnered in October 
2021. The Heroic athletes began 
taking krill oil to contribute to 
healthier, tournament ready brains.
Research collaboration with the use of LYSOVETA 
Aker Biomarine and University of Illinois Chicago (UiC) 
entered into an 
agreement granting Aker biomarine exclusive rights to the intellectual property 
(IP) UiC has obtained related to LPC in addition to a research collaboration with 
the use of LYSOVETA. 
Patent approved 
Aker BioMarine’s key patent for krill 
oil in Europe was re-approved in 
October 2021. The patent relates to 
the production and composition of 
krill oil and covers sales in the EU 
until 2028.
Launches INVI 
Aker BioMarine expanded its 
ingredient portfolio with the launch 
of INVI™, a hydrolyzed protein 
isolate
. 
INVI™ was also Generally 
Recognized as Safe (GRAS) for use in 
foods and beverages in the US after 
independent review.

ORGANIZATION 
14 
Our management team 
As of 1 January 2022 
1. 
2. 
3. 
4. 
5. 
6. 
7. 
8. 
9. 
10. 
1. Matts Johansen
 
Chief Executive Officer (CEO)
 
Before being named the CEO in 2015, Matts Johansen 
was the COO of Aker BioMarine. As CEO, Johansen is on 
a mission to improve human and planetary health. Prior 
to joining Aker BioMarine in 2009, he was the CMO at 
Telefonica O2. He has studied at Oslo University College 
and Columbia University. 
 
2. Katrine Klaveness
 
Chief Financial Officer (CFO)
 
Katrine Klaveness joined Aker BioMarine in 2018 as CFO, 
responsible for the company’s Finance and Accounting 
function, overseeing treasury, tax, legal, accounting and 
business intelligence. She joined Aker BioMarine from 
Yara where she was CFO for the Production segment, 
and prior to that she spent more than 10 years in the 
Aker system in different senior corporate financial 
positions, including Aker ASA and Aker BP (formerly Det 
Norske Oljeselskap ASA). Klaveness spent her first years 
in McKinsey & Company, and holds a Master's degree 
from BI Norwegian Business School. 
 
3. Simon Seward
 
EVP Human Health and Nutrition 
Joining Aker BioMarine in 2019, Simon is responsible for 
global sales and marketing of the company’s Human 
Nutrition & Health products. Simon was previously the 
SVP of Aqua Sales and VP of Aqua Sales Asia. Prior to 
joining Aker BioMarine, Simon worked as the SVP Sales 
& Marketing at Algalif and as a Commercial Director at 
NutraQ. Simon has an MSc Marketing from Staffordshire 
University. 
 
4. Webjørn Barstad
 
EVP Offshore
 
Webjørn Barstad joined Aker BioMarine in 2020 as 
Executive Vice President Offshore, responsible for 
Aker BioMarine’s offshore krill harvesting operations. 
Barstad has spent his entire career within the seafood 
industry, most recently serving as the CEO 
for Lerøy Havfisk (ocean fisheries) and Lerøy Norway 
Seafoods (shorebased processing), and COO 
at Lerøy Seafood Group. Barstad has an MSc in 
International Banking and Financial Studies from Heriot-
Watt University Business School, Edinburgh. 
5. Tone Lorentzen
 
EVP Supply Chain
 
Tone Lorentzen joined Aker BioMarine in 2015. She 
oversees Aker BioMarine’s entire supply chain, including 
global logistics, customer care, production at the krill oil 
factory in Houston, third party production, product qua 
lity and HSSE. Tone has 25 years of experience with 
global supply chain operations. Prior to joining Aker 
BioMarine, Lorentzen has worked 
at Nycomed, Amersham, GE Healthcare 
and Trygg Pharma. 
 
6. Shauna Cecilia McNeill
 
EVP Innovation
 
Shauna McNeill has been with Aker BioMarine since 
2017. She is responsible for the company’s new and on-
going programs to research, develop and commercialize 
krill derived products and applications. McNeill has 
worked in a variety of strategy, product and business 
development roles in companies such as at Ecolab and 
the Boston Consulting Group. McNeill holds both an 
MBA from Harvard Business School and a BS in 
Chemical Engineering from the University of Minnesota. 
7. Sigve Nordrum
 
EVP Animal Health and Nutrition
 
Sigve Nordrum has been with Aker BioMarine since 
2007. He is responsible for the sales and marketing for 
krill products for the animal and aquaculture markets 
globally. Prior to joining the company, Nordrum worked 
at BioMar and the Norwegian Ministry of Fisheries. 
Nordrum has a Master’s degree from the Norwegian 
School of Life Sciences and a PhD from the Norwegian 
Veterinary College. 
8. Todd Norton
 
EVP Special Advisor
 
Todd Norton has been with Aker BioMarine since 2010. 
He is responsible for strategic initiatives, as well as the 
company's operations in the US. Prior to joining Aker 
BioMarine, Norton was the President and COO 
at Sabinsa. He also has more than 40 years’ experience 
working in the nutraceutical industry. Norton has a BA in 
Business Management. 
9. Trond Atle Smedsrud 
EVP Strategic Investments
 
Trond Atle Smedsrud joined Aker BioMarine in 2015 and 
previously ran Aker BioMarine’s Marketing and 
Innovation department. In order to secure future 
relevance and financial growth for the 
company, Smedsrud is responsible for exploring, 
securing and growing new corporate investments in his 
current role. Prior to joining Aker 
BioMarine, Smedsrud worked in senior positions at 
Coca-Cola and PwC. Smedsrud has a Master’s degree 
from BI Norwegian Business School. 
 
10. Hege Spaun
 
Chief Officer People & External Affairs
 
Hege Spaun joined Aker BioMarine in 2016. She is 
responsible for increasing 
Aker BioMarine's transparency, connecting the day-to-
day operations with the company's strategy and 
transforming the business to meet increasing 
expectations from customers, employees and other 
stakeholders. Prior to joining Aker BioMarine, Spaun was 
a senior consultant for organizational development at 
DNV GL. Spaun has a Master’s degree in Psychology 
from the University of Oslo. 

ORGANIZATION 
15 
Board of Directors 
As of 1 January 2022 
1. 
2. 
3. 
4. 
5. 
6. 
7. 
1. Ola Snøve 
Chairman 
Ola Snøve been 
Chairman of the Board of 
Aker BioMarine 
since 2014. Snøve 
was Investment Director 
of Aker 
ASA 
for more than 
ten years and was 
previously President & 
CEO 
of Epax, 
a 
world-leading 
fish 
oil-based 
omega-3 
supplier. 
He 
is 
currently 
a 
Non-Executive 
Director 
in 
several 
innovative 
technology 
companies. 
Snøve 
holds 
both a MSc and a PhD from the Norwegian University of 
Science 
and Technology, 
and 
an 
MBA 
with 
Distinction 
from INSEAD. Snøve is a Norwegian citizen. 
 
2. Øyvind Eriksen 
 
Director 
Øyvind Eriksen joined Aker ASA as 
President and CEO in 
January 
2009. 
Eriksen 
holds 
a 
law 
degree 
from 
the 
University of Oslo. He joined the Norwegian law firm BA-
HR in 
1990, where 
he became 
a partner 
in 1996 
and a 
director/ chairman 
in 2003. 
As a 
corporate attorney 
he 
among 
other 
things 
worked 
with 
strategic 
and 
operational 
development, 
M&A 
and 
negotiations. 
Eriksen 
has 
held 
several 
board 
positions 
in 
different 
industries, 
including 
shipping, 
finance, 
asset 
management, 
offshore 
drilling, 
fisheries, 
media, 
trade 
and industry. 
As CEO 
of Aker 
ASA , 
Eriksen is 
currently 
chairman of the board 
in Aker BP ASA, Cognite AS, 
Aker 
Capital AS, Aker Kværner Holding 
AS, Aker Horizons 
AS, 
C4IR Ocean, and 
REV Ocean AS. 
He is also 
a director of 
several companies, 
including Aker 
Solutions 
ASA, Aker 
Energy 
AS, 
Aker 
Carbon 
Capture 
AS, 
Mainstream 
Renewable 
Power, 
The 
Resource 
Group 
TRG 
AS, 
TRG 
Holding 
AS, 
The 
Norwegian 
Cancer 
Society 
(Kreftforeningen), 
and 
a 
member 
of 
World 
Economic 
Forum C4IR Global Network 
Advisory Board. Eriksen is a 
Norwegian citizen. 
 
3. Anne Harris
 
Director 
Anne Harris has been 
CFO at Statkraft since 2019 and has 
nearly 
15 
years 
of 
experience 
as 
executive 
from 
companies 
like Norsk Hydro 
ASA, Entra Eiendom AS 
and Multiconsult ASA. 
Harris 
has 
served 
as 
board 
member at The Institute 
for Energy Technology (IFE) from 
2015 and 
has broad 
experience within 
finance, 
change 
management and business management, both nationally 
and internationally. Anne Harris holds 
an MSc, Economics 
and 
Management 
from 
BI, 
Norwegian 
School 
of 
Management. Harris is a Norwegian citizen.
4. Cilia Holmes Indahl
 
Director 
Cilia 
Holmes Indahl leads 
the 
foundation 
of 
the 
global 
investment company EQT and works in 
the cross section 
between 
philanthropy 
and 
investments 
to 
make 
a 
difference, so-called impact investing. She has worked as 
CEO of Katapult Group, which 
invests in companies 
that 
work to 
reach 
the UN's 
sustainability goals. 
Previously, 
she worked 
as sustainability 
director at 
Aker BioMarine 
and 
climate 
consultant 
at 
KPMG. Indahl started 
her 
career 
at 
the 
UN 
Delegation 
in 
New 
York, 
where 
she 
participated in the negotiations of the UN's sustainability 
goals. Indahl is 
also 
co-founder 
of 
Sustainability 
Hub 
Norway, 
Norwegian 
representative 
on 
the 
committee 
that publishes the Nordic Council's Environmental Award 
and 
also 
sits 
on 
the 
board 
of Amedia. 
Previous 
board 
experience 
from SoCentral, Vitenparken at 
NMBU, Katapult and 
the 
Norwegian 
School 
of 
Economics. 
Graduated 
in 
economics 
with 
a 
double 
master's degree in international business and 
sustainable 
innovation 
from 
NHH 
and 
HEC 
Paris. Indahl is 
a 
Norwegian citizen. 
5. Kjell 
Inge Røkke 
Director 
Kjell Inge 
Røkke, 
Aker 
ASA’s 
main 
owner, 
has 
been 
a 
driving force in the development of Aker since the 
1990s. 
Røkke launched his business career with the purchase of 
a 69-foot 
trawler in 
the United 
States in 
1982, and 
has 
gradually built a leading worldwide fisheries business. 
In 
1996, the Røkke controlled company, RGI, became Aker's 
largest shareholder, which later merged with Aker. Røkke 
is currently 
chairman of 
Aker ASA, 
The Resource 
Group 
TRG AS, 
TRG Holding 
AS, as 
well as 
director of 
several 
companies, including 
Aker BP 
ASA, Aker 
Solutions ASA, 
Ocean 
Yield 
ASA, Aker 
BioMarine AS, 
Aker 
Energy 
AS, 
Aker Horizons AS, 
Aker Offshore Wind 
AS, Aize Holding 
AS, 
REV 
Ocean 
AS 
and Mainstream 
Renewable 
Power. 
Røkke is a Norwegian citizen. 
6. Lise Wiger 
 
Director, elected by the employees 
Lise 
Wiger 
is 
a 
Financial 
Controller 
at 
Aker 
BioMarine 
ASA. 
She 
has 
been 
with 
Aker 
BioMarine 
since 
2017, 
working 
as 
an 
Accounting 
Associate, 
Accountant 
and 
Financial 
Controller. 
Before 
Aker 
BioMarine, 
Wiger 
studied at Santa Barbara 
City College and BI 
Norwegian 
Business School. Wiger is a Norwegian citizen 
7. Sindre Skjong 
 
Director, elected by the employees 
Sindre Skjong is the VP Technical Operations of Offshore 
Operations at Aker BioMarine Antarctic AS. 
Having been 
with Aker BioMarine since 2005, 
Skjong has worked as a 
sailing 
Chief 
Engineer, 
Project 
Manager 
and 
Site 
Manager, prior to his current role. Before Aker BioMarine 
he was the Chief Engineer 
at Skaregg AS and Technical & 
Operations Manager at Ramoen AS. Skjong has a Class 
I 
Chief Engineer education from Aalesund Maritime Skole, 
Coastal 
Captain 
education 
from Aukra Maritime 
Skole 
and 
Cooling 
Engineer 
education 
from 
Lade Videregående Skole. Skjong is 
a 
Norwegian 
citizen. 

 
 
 
 
 
 
 
 
 
 
 
 
 
STRATEGY 
16 
Our Mission
is to improve human and planetary health 
Our strategic pillars
Our capitals
PEOPLE
 
At Aker BioMarine, we do things that 
no one has ever before attempted. 
When confronted with challenges, most 
companies consider bringing in outside 
expertise. But for us, as a company 
operating on the frontiers of a niche 
industry, we are likely to already 
possess the best expertise in-house. 
Our people are our most valuable asset.
SOCIAL AND RELATIONSHIP CAPITAL
 
Our operations in Antarctic waters 
require constructive relationships with 
governmental and regulatory agencies, 
industry peers, the research community, 
and environmental NGOs. We actively 
engage and work with these key 
stakeholders.
FINANCIAL CAPITAL
 
In 2020, Aker BioMarine’s shares were 
admitted to trading on Euronext 
Growth and in 2021 to the main list of 
the Oslo Stock Exchange. Strong 
financial backing is crucial for the 
company’s growth and essential for 
across-the-board excellence. At Aker 
BioMarine, there is no doubt that 
strong financial and sustainable 
performance are interlinked and serve 
to reinforce each other.
INTELLECTUAL CAPITAL
 
Innovation is part of Aker BioMarine’s 
DNA. From pioneering the Eco-
Harvesting system to developing new 
product verticals, we are proud of our 
in-house expertise. Intellectual property 
rights are protected through the 
company’s patent and copyright 
strategy, while catch data and 
technology is shared for research 
purposes and to promote industry 
transparency.
MANUFACTURED CAPITAL
 
Aker BioMarine has made a number of 
major infrastructure investments 
throughout its value chain. Capital 
investments in our Antarctic factory 
vessels, as well as port facilities in 
Montevideo and the factory in 
Houston, are part of lifting our supply 
chain efficiency. We lease warehouses 
and office space at our headquarters in 
Oslo and for our sales offices in the 
United States, Latin America, Australia, 
and Asia. Our krill vessels, the support 
vessel, and the manufacturing plant in 
Houston are wholly owned by us.
NATURAL CAPITAL
 
Antarctic fishing licenses are issued by 
national governments, and Aker 
BioMarine holds Antarctic krill fishing 
licenses issued by our home country 
Norway. Our long-term access to the 
krill fishery depends on the krill 
industry as a whole acting responsibly, 
ensuring that there is scientific 
confidence that krill harvesting remains 
at sustainable levels and that we 
succeed with global efforts to combat 
climate change.
We take care of the resources on which our business depends, providing a clear strategy and building a culture of autonomy and trust. 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STRATEGY 
17 
Operational Risk & Opportunities 
Below is an overview of the company’s operational risks and opportunities. For a comprehensive risk and opportunity 
view, please also see the climate risks and opportunities in chapter 2, and financial risk in chapter 3 
(note 20 and the Board of Directors` Report). 
Strategy and risk management 
Risks 
Impact 
Risk mitigation and management 
Future sales growth 
Increased competition from other fisheries entering the market plus 
alternative sources of omega-3s, such as GMO plants and algae, could 
impact growth in the demand for krill products globally and also put 
pressure on prices. Entry into new Asian markets with different regulatory 
regimes could also impact sales short to medium term, whilst offering good 
long-term sales potential.
We work every day to increase awareness among our existing and potential customers to the benefits of 
krill. We employ local people that are close to customers and key decision makers in our larger markets 
that understand both the market dynamics and regulations. We continuously develop new research and 
science that underpins and supports the product claims and marketing messaging. 
Tight freight and logistic 
market
Continued low container availability and unpredictable sailing routes could 
affect the delivery of our products to customers around the world.
The company has built relationships with several freight suppliers, and we follow all shipments closely. 
We are also considering alternative options like using Antarctic Provider for product freight when idle or 
leasing additional freight vessel to secure delivery of products.
Access to harvesting in the 
Antarctic 
Changes in regulations from CCAMLR (Commission for the Conservation of 
Antarctic Marine Living Resources), new Marine Protected Areas (MPAs) 
affecting the fishing area, or broader regulatory bodies limiting the 
harvesting areas may reduce access to krill. Increased competition from new 
countries, e.g., China could also affect the company’s ability to harvest krill.
The krill biomass survey in 2019 showed an abundant healthy krill biomass. We invest in the 
development of Feedback Management: the future krill management system that gives CCAMLR higher 
scientific certainty that krill harvesting does not negatively 
impact the ecosystem. We drive responsible 
fishing practices through ARK and actively engage with scientists, regulators and NGOs as an observer 
in CCAMLR and a multitude of formal and informal venues and opportunities for dialogue. We see our 
vessels as an important platform for independent scientific research and support 
scientists in their 
sampling and field work. We established the Antarctic Research Fund (AWR) together with WWF-
Norway and ASOC. 
Operational breakdown
A major incident in our onshore facility in Houston or on any of our vessels 
due to technical issues, natural disasters or pandemic related could have 
serious operational, environmental, and financial impact. 
We conduct training, monitoring, compliance testing and vessel safety audits on a frequent basis, also 
with external parties. We have increased our product inventory safety stock in Houston to cater for 
potential downtime.
Product safety
Severe adverse test results of our product quality e.g., serious incidents due 
to toxins in product or rumors of dangerous product 
We have stringent and comprehensive QC processes for testing for contaminants and neurotoxins.
Climate change and extreme 
weather can affect the krill 
biomass with regards to 
availability, composition, and 
movement and create a 
challenging operational 
environment.
Availability of the krill and the patterns of movement and composition and 
could significantly affect the harvesting, wear and tear on equipment and 
affect Houston production with access to power and water 
Change in composition of the krill will affect the product and product 
seasonality.
We survey the krill biomass every season, showing an abundant healthy 
krill biomass. We collaborate 
with 
CCAMLR with providing scientific support, and drive responsible fishing practices through ARK. We 
actively engage with scientists, regulators and NGOs as an observer in CCAMLR. We also Investigate 
alternative (ways to get) raw material (e.g., harvest in other areas such as area 58). 
We adapt to composition changes by continuously monitoring products and having adaptive 
production set-ups to meet any changes. 
We invest in vessels and insurance of production facilities. 
We conduct training, monitoring, compliance testing and vessel safety audits on a frequent basis, also 
with external parties.
 

 
STRATEGY 
18 
 
Strategy and risk management
Opportunities 
Impact 
Capitalize on opportunities 
There is a political risk related 
to decarbonizing shipping 
with likely IMO regulations on 
carbon and taxes on fossil 
fuels which were suggested 
in 2021. 
The cost of fuel will increase with an urgent need of decarbonizing the fleet. 
We are actively working on decarbonization and have implemented several resources savings changes 
in 2021 and are planning implementation of more, including phasing in the use of alternative fuels. 
Krill nutrients to support 
health and nutrition
Increased understanding of the benefits of krill products to support healthy 
lifestyles and prevent lifestyle diseases can benefit society and our business.
We invest in scientific studies to identify and substantiate benefits and marketing campaigns to increase 
public awareness of the benefits of krill nutrients for human and animal health and nutrition
New krill derived products
Development and launch of new products with added health and nutrition 
benefits increases the value of krill raw material and positive societal impact
We are developing new lipid and protein products for human nutrition for launch into growing 
consumer product segments e.g. LYSOVETA and INVI
Attracting and retaining 
talent 
Attracting and retaining the right people is critical to reach our aspirations, 
and it is important to us that we build an organization that can provide our 
people with the right opportunities for growth.
Corporate brand of sustainability and biotech innovation, as well as competitive compensation & 
benefits. We have built a culture based on freedom and trust to retain talent and attract the new 
generation of job seekers. We have implemented a career model that ensures that all our employees 
have equal opportunities for advancement in their career no matter if it’s a managerial, professional or 
commercial role. 
Gender equality 
Companies where women account for over 15 percent of senior management 
show higher returns. This represents an opportunity for our company to 
ensure democratic representation and diversity in management.
We have structured our recruitment and internal promotion processes to ensure equal opportunities, 
implemented performance review and leadership development program. The management 
team has 
40% women. Increased focus on recruiting women into middle management positions.
Climate related 
opportunities 
Impact 
Capitalize on opportunities 
The climate change is driving 
a growing market demand 
for healthy and sustainable 
food.
Delivering high quality health nutrients in a sustainable way is both good for 
our business and society with a reduced carbon footprint.
We work together with customers to drive sustainability and increase awareness of marine ingredients 
as a source
Access to green finance
By proving ESG commitment, governance and progress, we can be more 
attractive to financial institutions and on the stock market
By ensuring adherence, excellent governance and progress towards, as well as adherence to 
sustainability linked loans and EU taxonomy, AKBM will capitalize on the positive opportunities 
connected with the increasing financial opportunities I the green shift.
Low carbon intensity in 
products and environmental 
focus from customers.
Consumer driven drive towards carbon and environmentally friendly 
products and transparency in CO
2
 
and resources usage
A thorough environmental declaration on our products and commitment to decarbonization in value 
chain benchmarked annually by third parties will be used to demonstrate our commitment to 
decarbonization and improvement of the environmental footprint of our products.
Metrics and Targets
Aker BioMarine has committed to ESG targets as described on page 23-27

STRATEGY 
19 
Our goals and ambitions
 
Short term
ESG
20%-25%
2022 targeted revenue growth and 
 
adj. EBITDA margin
55,000 
-60,000 
MT
in average annual krill meal production 
from our Antarctic harvesting
Be 
100% 
circular
 
in our principal 
waste streams 
by 2030
Reduce 
 
our CO
2
 
emissions by 
 
50% in 2030
 
and be 
net zero in 2050
Long term 
Trawl in water 
 
80% of time
 
on fishing ground 
in course of a season 
Maintain 
top rated certifications
 
for our sustainable krill fisheries
Nearly double revenues
towards 2025, with targeted annual 
growth rate of between 14% and 18%
~30%
targeted adjusted EBITDA margin 
for the group in 2025 

 
20 
2. 
Enviro
n
mental, 
Social 
and 
Governance

 
SUSTAINABILITY 
GOALS 
21 
Sustainability in Aker BioMarine 
Aker BioMarine is committed to having a positive impact on 
human health, without compromising the health of the 
planet. We believe that sustainability, transparency, and 
responsibility, with strong governance, is the only way to 
operate. It’s what ensures our long-term profitability and 
gives us license to operate. 
Aker BioMarine has set clear and measurable ESG targets 
towards 2030 and 2050, and we work in close collaboration 
with all stakeholders to ensure the well-being of the people 
and societies wherever we operate. We are committed to 
delivering products that support nutritious and sustainable 
diets, and we target a 50% emissions reduction by 2030, 
with the goal of being carbon neutral by 2050. 
We are on track to eliminate product waste and be fully 
circular in our plastic use by 2026. This target inspired the 
launch of AION by Aker BioMarine, a circularity company 
dedicated to helping companies recycle and reuse waste. In 
our efforts towards our ESG targets, we benchmark 
ourselves internally, and we are externally evaluated and 
audited. 
At Aker BioMarine, we are part of the solution to feed the 
growing population in a sustainable way. We continuously 
innovate to ensure that we maximize the use of our 
resources and cause minimal impact. We intend to be a 
front runner for innovation within sustainable food systems 
and take the lead in implementing sustainability in practice.
Our deliverables for human and planetary health towards 2030
KPI
Trend 
2030 commitment 
Extra servings of sustainable seafood 
We will make aquaculture production more efficient, by contributing to 1 billion extra servings of seafood produced annually 
R&D spent on sustainable diets 
We will develop innovative products that play an integral role in sustainable diets and the future food system 
Doses of marine nutrients* 
We will combat lifestyle diseases by delivering 5 billion doses of health promoting nutrients annually 
Avoided emissions in aquaculture (tonne CO
2
) 
We will decarbonize aqua and animal feed by delivering low-carbon marine ingredients 
USD spent on marine science and feedback management 
We will improve sustainability of fisheries through contributing to data and science driven regulation and ocean management 
MSC certification, 
Independent observer coverage on board 
while fishing and 
SFP rating of fishery 
We will maintain unconditional MSC certification and ensure transparency in vessel operations 
Waste* 
We will ensure full circularity on all of our principal waste streams 
CO
2
 
per tonne krill produced 
We will reduce our carbon intensity per ton krill produced by 50 percent from 2020 levels

 
 
 
 
SUSTAINABILITY 
GOALS 
22 
Tangible impact towards 2030 
Aker BioMarine’s sustainability agenda is aligned with our eight 2030 Sustainability Commitments 
made in 2021, ensuring that we continue to make a positive impact on Human and Planetary Health. 
Since our inception in 2006, sustainability has been at the core of Aker 
BioMarine, and we have achieved important milestones every 
year since. In 
2016, we introduced our vision of “Improving Human and Planetary Health” 
and integrated it into our corporate strategy. This vision represents an all-
important concept for us. It reflects our commitment to ensure sustainable 
operations, minimize our footprint and increase understanding and care of the 
ecosystem in which we operate. It also reflects the responsibility we take to 
ensure that our products, whether krill oil, krill meal or krill protein, improve 
human and animal health. 
We are in it for the long run in Aker BioMarine, and we are committed to 
ensuring that our activities and investments are sustainable and responsible 
now and in the future. To keep our eye on the ball, we took our commitment 
to sustainability a step further in 2021, 
to ensure alignment with our 
sustainability 
targets for 2030
 
and 2050
. Now we are focused on implementing 
measures and sound governance to support the entire organization in 
reaching these targets. 
Aker BioMarine will make aquaculture production more efficient, 
by contributing to 1 billion extra servings of seafood produced 
annually
●
By including krill meal in aquaculture feed, we have demonstrated increased feed intake, 
growth, better health, increased yield, and reduced mortality among farmed marine 
species.
 
●
By calculating the seafood serving in correlation to inclusion of krill, we can calculate our 
contribution to extra servings of seafood. 
Examples from 2021: 
We continued to demonstrate beneficial effects on krill and made significant efforts to 
ensure that krill is a preferred part of aquaculture feed. In one review study, published in 
February 2022, krill meal is shown to improve the health and performance 
of salmonids. 
 

 
 
 
 
 
 
SUSTAINABILITY 
GOALS 
23 
We will develop innovative products that play an integral 
role in sustainable diets and the future food system
Aker BioMarine will combat lifestyle diseases by delivering 5 
billion doses of health promoting nutrients annually
●
We continuously innovate to improve our existing products and create new 
products from the biomass we harvest. 
●
The latest addition to our product portfolio is INVI™ protein and LYSOVETA™, 
both innovative products that help us reduce waste, create value and increase 
the bioactivity of our products. 
●
In addition to creating new products, we continue to uncover new benefits from 
Antarctic krill across species through extensive scientific study. 
●
By correlating our sales results with doses of nutrients delivered, and by 
demonstrating the health effects of those nutrients, we will contribute to combatting 
lifestyle diseases. 
●
Our Superba Krill product has proven to have several health effects on the body and 
mind, most recently through a large study on how krill supports cardiovascular 
health. 
●
By enabling and participating in proactive health, we contribute to a sustainable food 
system for a more sustainable planet. 
Examples from 2021: 
In addition to creating new products, we continued to discover new benefits from 
Antarctic Krill through extensive scientific studies in 2021. A study published in Dec. 
2021 showed that supplementing with krill oil can support intense power training. 
To bring INVI to the market, we are progressing 
towards building a fully operational 
pilot plant for INVI production in Ski outside Oslo. This scaling is supported in part 
by Innovation Norway.
Examples from 2021: 
Our Superba product has demonstrated several positive health effects on the body and 
mind. We recently released a large study demonstrating how krill benefits 
cardiovascular health. 
*Due to a drop in Superba sales in South Korea the doses of marine nutritients delivered 
in 2021 dropped below benchmark. 
 

 
 
 
 
 
 
 
SUSTAINABILITY 
GOALS 
24 
We will actively help decarbonize aqua and animal feeds by 
delivering low-carbon marine ingredients
Aker BioMarine will improve sustainability of fisheries through 
contributing to data and science driven regulation and ocean 
management
●
We employ life analysis to monitor the environmental footprint of our ingredients. 
●
We employ a strategic and tactical approach to reducing our footprint in order to 
decarbonize our ingredients. 
●
Our ingredient has a lower carbon footprint than most plant derived ingredients. 
●
We have demonstrated that inclusion of krill in aquaculture feed increases growth 
and reduces mortality, thus reducing the footprint of the farmed species. 
●
The Antarctic krill fishery is uniquely positioned, consisting of 
a small cross-national 
compilation of companies, in which Aker BioMarine is the biggest player and willing to 
invest in the development of the fishery. 
●
When CCAMLR moves from today’s krill management regime to a more data-driven and 
evidence-based management system (feedback management), the krill industry 
will be 
key to providing science and monitoring data that feeds into the system. 
●
Technology is key to conduct monitoring at the right level and is required for the future 
management of krill. We plan to increase our investment in drones at sea for better 
oversight of krill, more efficient operations, and greater collection of scientific monitoring 
data. 
Examples from 2021: 
We continued to investigate the correlation between demonstrated health effects and 
reduction in CO2. In 2021, we began investigating the correlation between krill 
inclusion and the reduction of a number of environmental stressors.
Examples from 2021: 
In 2021, Aker BioMarine collected acoustic data during harvesting, called, “Project Sufiant”. 
It was conducted with partners from Institute of Marine Research and the Norwegian polar 
institute and the Norwegian Research Council. Together they facilitated fieldwork in 
Antarctica, in addition to sponsoring a postdoctoral position. 
2021 was another year of voluntary regulation of the krill fishery near penguin 
colonies 
during breeding season, called Voluntary Restricted Zones (VRZs). With this commitment, 
Aker BioMarine heads up the only spatial resolution for the krill fishery in the Antarctic 
Peninsula. With support from industry, VRZs could become an integral part of CCAMLR 
feedback management within the next few years. 
 

 
 
 
 
 
 
 
 
SUSTAINABILITY 
GOALS 
25 
We will maintain unconditional MSC certification and ensure 
transparency in vessel operations
We will ensure circularity and positive revenue on our principal 
waste streams
●
The Marine Stewardship Council (MSC) is the cornerstone of our sustainability 
credentials. Aker BioMarine was first certified in 2010, and has been re-certified 
twice since then, mostly recently in December 2020. 
●
About 15% of world fisheries are MSC certified, and Aker BioMarine has, with its 
unconditional certification, achieved a score that places its operations in the top 5% 
of the certified fisheries. Maintaining MSC certification is important, 
but Aker 
BioMarine places greater importance on continually raising its standards 
and 
ensuring that we meet new demands as the MSC standard develops. 
●
Maintaining transparency as our guiding principle can be challenging, but it makes 
both us and ocean management better overall, in the long run.
●
As part of our circularity ambitions, we launched AION to work towards that all plastic 
and waste produced from harvesting and production will be recycled by 2030. 
●
We have engaged a team dedicated to innovation who will push us towards our ultimate 
goal to eliminate waste from all packaging 
●
We have restructured our sales efforts to eliminate product waste. 
●
We are active supporters of UN global compact, we specifically participate in a dedicated 
global project to reduce food waste globally, financed by several nations, the Food and 
Agriculture Organization (FAO), and the International Maritime Organization (IMO). 
Examples from 2021: 
Transparency is a core value of our company. 
Nothing embodies transparency in Aker 
BioMarine more than the scientific observers onboard our vessels. We are still the only 
krill harvesting company with 100% coverage of international independent observers 
onboard, who are professionals deployed on our vessels under the auspices of 
CCAMLR protocol. When the unforeseen happens at sea, such as when one of our 
vessels hauled back three humpback whale carcasses over six weeks in 2021, these 
incidents are reported through the observer to CCAMLR and discussed and noted by 
its Scientific Committee. 
Aker BioMarine’s Antarctic krill fishery was awarded an A-rating from the Sustainable 
Fisheries Partnership (SFP). This marks the seventh consecutive year that the company 
received this recognition from SFP, 
an independent, non-profit organization 
responsible for the most up-to-date assessment of stocks and fisheries in the Pacific 
and Atlantic. 
Examples from 2021: 
We continued to eliminate product waste by focusing on alternative circular sales, ensuring 
the value of all biomasses, which resulted in a 94% reduction in discharge from 2020. 
We began delivering our trawls and big bags to AION, resulting in the recycling of 40% of 
our trawls and big bags from Houston in 2021, up from 0% in 2020. 
Through the UN Global Compact, we participate in an international project dedicated to 
reducing marine waste globally, financed by several nations, the Food and Agriculture 
Organization (FAO), and the International Maritime Organization (IMO). 
*Waste includes principal waste streams; fishing trawl nets, big 
bags from meal production 
and product waste. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SUSTAINABILITY 
GOALS 
26 
We will reduce our carbon intensity per ton krill produced by 50% from 
2020 levels
Emission totals
Global tonnes CO2e 
Scope 
2020 
2021 
DIRECT EMISSIONS (SCOPE 1) 
98 275 
96 750 
Fishery and offshore production 
94 229 
92 493 
Production at Houston Plant 
3 923 
4 124 
Production at Lang Pharma 
123 
133 
INDIRECT EMISSIONS (SCOPE 2) 
5 260 
5 407 
Purchased electricity Houston 
5 057 
5 190 
Purchased electricity Montevideo 
44 
45 
Purchased electricity other locations 
160
171 
INDIRECT EMISSIONS (SCOPE 3) 
15 256 
14 105 
Business travel 
212 
41 
Crewing travel 
885 
857 
Packaging used 
1 532 
1 489 
Transport of goods 
12 627 
11 718 
TOTAL 
118 791 
116 261 
*KPMG has provided limited assurance on scope 1, 2, and 3 emissions for 2020. Reported according to GRI Standards 305. 
●
We have mapped our entire value chain to identify our main sources of CO2 emissions and we aim to 
take a targeted approach to reduce the emissions from these sources. 
●
To achieve 50% carbon reduction by 2030 and net-zero by 2050, we must make significant 
investments in our harvesting and production operations, working 
to realize greater efficiencies and 
evaluate new measures, such as in how we transport goods and eliminate waste streams. 
●
We constantly explore the use of alternative green fuels on our vessels, including fuels from Aker 
Clean Hydrogen. 
●
We will reduce the amount of fuel used to locate krill by deploying ocean drones and flying drones. 
These devices minimize the time spent (by harvesting vessels) searching 
for krill. 
●
We will optimize our on-board production processes to reduce fuel consumption and as a result, 
lower our greenhouse gas emissions. 
●
We are reducing our transportation emissions by upgrading our transport vessel as well as by working 
closely with our transport suppliers. 
●
Our carbon reduction efforts are closely monitored by our climate and decarbonization committee
Examples from 2021: 
We established the climate and decarbonization committee in 2021. This is a dedicated climate program with a key working group, an advisory 
board and steering committee. They systematically map all CO2 
reduction efforts, aligning these with CAPEX, OPEX and strategic 
goals to establish a strategic and tactical approach to CO2 reduction. This is our way of ensuring that we can reach our ambitious 2030 and 2050 
goals, while ensuring a profitable business model. Our CO2-emission per ton krill produced has been stable from 2020 to 2021, despite a poor fishing season and the fact that until year-end, we had three 
transport vessels in use. The efforts to reduce our CO2 emissions are expected to be visible in 2022. 
In 2021, we have put in place specific measures to increase yield and optimize processing in our onboard production facilities. We replaced our transportation vessels 
going to and from the fishing ground with 
one modern and more efficient vessel, the Antarctic Provider, which emits significantly less CO2 than our previous vessels. We have also used this vessel for meal transportation to Europe, resulting in greener 
transport. We also committed to the first mover’s coalition which was announced in COP26 as an instrument to push green transportation. 
We began working with our transport suppliers to ensure greener transportation going 
forward. We also implemented supplier screening to ensure ESG-commitment is an important criterion when 
choosing 
suppliers. In addition, we have started working on more sustainable packaging on all 
our products.

 
 
 
 
 
 
SUSTAINABILITY 
GOALS 
27 
Sustainability as a business model 
Sustainability is integrated into our business model through the alignment of ESG targets with our 
business goals. We have established strict governance of our sustainability targets internally through 
continuous monitoring, as well as through external auditing. In addition, we have performed life cycle 
assessment to determine the CO
2
 
and water footprint of our products. We are now in the process of 
expanding our analysis of complete certified environmental footprint for our product portfolio. 
For our 
greenhouse gas (GHG) emissions, we have mapped all sources and use GHG protocol to map our hot 
spots for emission. 
Through this mapping, we have identified our most emitting activities and can be 
more targeted in our efforts to reduce our carbon footprint. 
As we work tactically and strategically towards our 2030 and our longer term 2050 emissions reduction 
goals, we have established a 
Climate and Decarbonization Committee. 
This is a program that works 
actively towards short-term and long-term goals, ensuring that we reduce our emissions within a 
profitable business model. 
Focus areas & results 2021:
Cicero Shades of Green
To rate our financial activities in terms of environmental robustness, we performed in 
2021 a Cicero Shades of Green evaluation. In this evaluation we included all activities 
related to fishing, processing and transport of krill. A Cicero Shades of Green 
evaluation ranges from dark, medium, light green, through yellow to red. Where the 
green shades represent increasing contribution to a low carbon and climate resilient 
future, while yellow is neutral and red activities have no role in a low-carbon future. 
In this evaluation, 32% of Aker BioMarine Group’s revenue, 
stemming from products 
sold to aquaculture, was given a medium green shading, while 68% of the group’s 
revenue was given yellow neutral shading. In evaluating our investments, Aker 
BioMarine Groups’s investments in 2020 were rated as 59% Light Green, 6% Medium 
Green and the remaining share Yellow. None of 
our activities were rated red. We also 
received an excellent governance score. 
Sustainability linked loan
As part of maintaining a sustainable course, Aker BioMarine has committed to a 
sustainability linked loan in 2021. For this loan, we have included two KPIs, in 
addition to two of our EGS targets. These KPIs push us beyond business as usual, as 
we are being measured against are reduction in GHG emission, reduction in water 
use during production and circularity in waste. In addition, safety training and 
education of our staff is monitored through reduction in lost time frequency rate. 
EU taxonomy
In aligning our finances with our ESG goals, we have started the process of assessing 
our activities according to the criteria of the EU taxonomy. As much as 99% of our 
activities are not currently covered in the first published EU taxonomy report and 
technical screening criteria, as this first report targets the top 80% most GHG-
emitting industries. 
However, based on published drafts, we expect to be eligible 
when the next criteria is published, and we plan to report on eligibility and alignment 
for 2022. 

 
 
ENVIRONMENTAL 
28 
Data-driven krill management in a time of climate change 
Aker BioMarine is a company that lives with the realities 
of climate change every day in Antarctica. We see the 
retreating ice and extreme weather. And we experience 
first-hand the urgency for us and others to turn this 
around. We believe that our industry must take 
responsibility when regulations come up short, and this 
goes for any activity around the globe that deals with 
industrial production of food and use of natural 
resources. 
A track record of industry best-practices and 
leadership 
Aker BioMarine believes in the importance of sharing 
best practices and promoting industry responsibility, 
which is why the company co-founded the Association 
of Responsible Krill Harvesting Companies (ARK) in 
2010. This global industry association was developed 
to 
promote research for the sustainable harvest of 
Antarctic krill and to generate scientific data from 
harvesting operations, leading to better management 
of the krill fishery. In 2018, ARK adopted its Voluntary 
Penguin Buffer Zones to protect penguins during their 
vulnerable breeding season. 
In 2020, these seasonal voluntary measures were 
expanded, with a year-round permanent closure of a 
4,500 square-kilometer area of ocean around Hope Bay 
in the Northern Antarctic Peninsula. To secure the year-
round protection of the largest Adélie penguin colony 
in the region.
Keeping our eye on the krill
The Antarctic krill biomass is healthy, but to reinforce 
sustainable krill management for the future and ensure that 
these much-needed marine proteins and nutrients are 
shared with the world, the industry must adapt to the 
changing needs of the Antarctic ecosystem. 
In 2019, Aker BioMarine and ARK-companies supported the 
large, international scientific synoptic survey of the krill 
biomass in Antarctica. The survey found an estimated 62.6 
million tons of krill in Area 48 off the Antarctic Peninsula, 
which is more krill than was found in the last large-scale krill 
survey conducted in year 2000. The krill stock has remained 
in healthy condition, largely stable in distribution and 
density over the nearly 20-year period, and it remains one 
of the best managed and underutilized marine resources in 
the world. 
CCAMLR is moving to revise the krill management system 
(Feedback Management) into a more data-driven 
management regime, ensuring that the Antarctic ecosystem 
of penguins, whales and seals has enough krill in time and 
space. This will require frequent monitoring and collection 
of acoustic data, as well as increased evaluation of the 
impact of the fishery on its environment. Aker BioMarine is 
an enabler of this change. 
In 2021, Aker BioMarine invested significantly in unmanned 
ocean vehicles and drone technology. We see this as key to 
delivering on our sustainability targets.
CCAMLR, Krill catch levels and quotas 
Antarctic krill harvesting is managed by the CCAMLR (Commission for 
the Conservation of 
Living Marine Resources), an international 
treaty organization with approximately 25 
member countries. Scientists and regulatory experts participate in this organization 
as part 
of their national delegation, and Aker BioMarine serves as observer to the Commission 
through the Association of Responsible 
Krill Harvesters (ARK). The CCAMLR hosts an 
annual meeting in Hobart, Australia. 
Krill is harvested around the Antarctic Peninsula 
and there is an annual quota of effectively 
620,000 metric tons since 2009, spread across the 
different sub-areas (Area 48.1, 48.2, 48.3, 
48.4) by CCAMLR CM-51-07. 
In 2019, the CCAMLR survey found there to be 63 million metric 
tons in the area where krill 
can be harvested – more than they found during the last survey in year 2000. 
Over the last few years, the catches have been moving steadily 
upwards, reaching 445,000 
metric tons in 2020 across Area 48
.

 
 
 
 
 
 
 
 
ENVIRONMENTAL 
29 
Task Force on Climate-related Financial Disclosures (TCFD) 
Aker BioMarine will systematically implement, track progress, 
and publicly disclose climate-
related 
efforts in 
alignment 
with 
the 
Task 
Force 
on 
Climate-related 
Financial 
Disclosures 
(TCFD). 
Aker BioMarine 
is committed 
to implementing 
the recommendations 
of the 
TCFD, 
and we 
will provide 
investors and 
other stakeholders 
with decision-useful 
information on 
climate-related risks and opportunities that 
are relevant to 
our business through the pillars 
of TCFDs framework for disclosure. 
The principal 
channel for 
Aker BioMarine’s 
TCFD 
disclosure to 
external stakeholders 
is our 
Annual Report. 
As part 
of our 
risk review, 
we conducted 
an updated 
climate risk 
analysis using 
the TCFD 
framework. In this process, we 
involved stakeholders from all 
parts of the organization 
and 
systematically 
mapped 
and 
assessed 
our 
exposure 
to 
climate 
risk. 
We 
are 
tracking 
our 
exposure to climate risk on an annual basis, and our company strives to cut carbon intensity 
in half by 2030, which is an 
essential metric for climate risk exposure. We 
continuously take 
climate risks and opportunities into account in our strategic decision-making. 
Climate related risks 
and opportunities 
are described 
in “Operational risks 
and opportunities” 
table on page 17. 
Our ESG metrics and targets are addressed on page 21 - page 25. 
GOVERNANCE 
Disclose the organization’s governance 
around climate-related risks and 
opportunities 
STRATEGY
Disclose the actual and potential 
impacts of climate-related risks and 
opportunities on the organization’s 
businesses, strategy, and financial 
planning where such information is 
material. 
RISK MANAGEMENT 
Disclose how the organization identifies, 
assesses, and manages climate-related 
risks.
METRICS AND TARGETS 
Disclose the metrics and targets used to 
assess and manage relevant climate-
related risks and opportunities where 
such information is material. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ENVIRONMENTAL 
30 
Climate risks and opportunities governance 
Aker BioMarine’s governance and continuous follow-up of climate-related risks and opportunities are structured in accordance with TCFDs framework recommendations. The 
responsibility for implementation is spread across the following units and roles: 
The Board of Directors in Aker BioMarine has strong oversight over climate-related risks and opportunities, 
with most Board members possessing knowledge about climate effects, ESG targets and governance. Aker 
BioMarine has identified climate-related operational and financial risks through the systematic mapping of 
operations and related risks, as well by identifying 
risk mitigation opportunities through internal and 
stakeholder collaboration. 
The Aker BioMarine management team functions as the steering group of the climate and decarbonization 
committee, which was established in 2021. This group monitors all climate-related activities and prioritizes 
and aligns climate strategy with the business strategy. The climate and decarbonization committee is a 
structured as a dedicated project within the company, consisting of an internal working group, an advisory 
board with key internal and selected external advisors, and steered by the executive management team. 
The company’s ESG targets are monitored and tracked through our Power BI reports, where goals are 
reported bi-monthly, semi-annually, or annually, depending on available granularity. Progress on ESG 
targets is reported bi-annually to the Board of Directors and presented to the audit committee quarterly. 
In addition to our ESG targets, we have committed to a sustainability linked loan which has associated KPIs 
that target the water usage in our production, as well as the reporting and training to reduce lot time for 
employees due to accidents in the workplace. The progress on these loans is linked to the interest rate of 
the loan and provides additional governance for our efforts to ensure that we meet our environmental and 
sustainability targets. 
Unit / Role 
Responsibility 
Chief Executive Officer
Overall responsibility for climate-related risks 
and 
opportunities, necessary strategic alignment, and updates to 
the Board of Directors.
Sustainability Team
Responsible for disclosing the actual and potential impact 
of 
climate-related risks and opportunities for the business 
model and operations, setting the frames for strategic 
alignment. Ensures continuous follow-up on targets 
and 
metrics across business units as chair for Climate and 
Decarbonization Committee and by reporting quarterly into 
the Board of Directors’ Audit Committee
Climate and Decarbonization Committee
Responsible for ongoing oversight of climate 
-related issues, 
monitoring quarterly progress on climate-related 
targets 
and metrics. Presents and evaluates new initiatives 
from the 
business units. Provides advice on significant investment 
decisions. Provides input on climate-related strategic 
alignment.
Chief Financial Officer
Responsible for the annual climate-related risk management, 
as an integrated part of Aker BioMarine’s 
overall risk 
management procedure.

 
SOCIAL 
31 
People, the heart of Aker BioMarine 
Our employees representing 
over 40 different nations are renowned for their passion and willingness to go the extra mile. 
Aker BioMarine views diversity as a prerequisite for innovation which is reflected in our workforce, from our fishermen to our science team. 
Caring for talent 
People are the heart of Aker BioMarine, which is why attracting, 
fostering, and building talent are key to our company's success. By 
bringing together teams of experienced fishermen and women, 
scientists, and former management consultants, we can create the 
right combination of business-case development, product 
innovation, marketing skills, and project management vital to our 
company’s growth. 
Employee development and a conscious commitment to talent is 
one of Aker BioMarine’s strategic pillars. To 
ensure that we 
facilitate an environment for great performance, open channels 
for feedback and dialogue are essential. This belief has resulted in 
our monthly employee survey, which is closely followed up by 
managers, as well as the Executive Management Team. Our 
employee performance review process encompasses a regular and 
positive dialogue between the individual employee and manager, 
in which they both evaluate their own performance and assess 
how valued by the company the employee feels. Employees also 
routinely evaluate the type of support needed from the company 
and the manager to do their best at work. This process has been 
implemented for all onshore employees. 
Gender equality & equal opportunity 
GRI 405-1 i. Gender 
2020 
2021 
Female 
Male 
% Female 
Female 
Male 
% Female 
Offshore harvesting 
20 
221 
8,30 % 
7 
95 
6,86 % 
US Houston manufacturing 
17 
51 
25,00 % 
18 
58 
23,68 % 
Sales 
Organization 
US 
50 
33 
60,24 % 
52 
35 
59,77 % 
Norway 
70 
66 
51,47 % 
70 
62 
52,67 % 
Rest of the world* 
10 
19 
34,48 % 
13 
19 
40,63 % 
Women earn % of men 
GRI 405-2* Ratio of the basic salary and remuneration of women 
to 
men for each employee category, by significant locations 
of operations 
2020 
2021 
Executive management 
102.06% 
91,11 % 
Middle management 
82.43% 
83,19 % 
Employee 
83.74% 
88,05 % 
*numbers for Norway 
GRI 405-1 ii. Age groups and %female 
2021 
Age groups 
Under 30 
30-50 
Above 50 
Gender
Female
Male
Sum
%female
Female
Male
Sum
%female
Female
Male
Sum
%female
Offshore
1
9
10
10.00%
3
35
38
7.89%
1
37
38
2.63%
US Houston 
Manufacturing
2
7
9
22.22%
12
34
46
26.09%
3
14
17
17.65%
Global sales offices
26
13
39
65.79%
90
74
164
54.94%
24
44
68
36.36%
Sum** 
29 
29 
58 
49.12% 
105 
143 
248 
42.28% 
28 
95 
123 
23.14% 
**Permanent employees are in our direct employment. Aker BioMarine defines temporary employees who are also in our direct employment but on short-term contracts. For onshore, 
there are 14 temporary employees who are mainly substitution for those who are on parental or sick leave and also students who work as interns. For offshore, 139 employees were 
transitioned to crewing management companies in 2021.

 
SOCIAL 
32 
Taking care of 
our people 
The pandemic continued to influence our global workforce throughout 2021, serving as a 
challenge for all Aker BioMariners. For our offshore crew, the burden of sustaining operations has 
been extra heavy. When working in the Antarctic, the nearest hospital can be seven days away, 
and consequently, risk mitigation is even more critical. Our offshore crew has been through 
rigorous Covid-19 testing, combined with strict isolation requirements prior to boarding our 
service vessels destined for the fishing ground. Our people have endured and stayed safe, and 
Aker BioMarine has succeeded in sustaining fishing operations throughout the pandemic. 
Our global office workers have spent most of the year working from home. As we prepare to 
return to the office, we believe that every Aker BioMariner should be empowered to structure 
their work in a way that aligns with the needs of their teams and the company. We continue to 
recognize and emphasize the value of physical co-presence for our people, to nurture our culture 
and team spirit, and spark creativity and innovation. At the same time, we acknowledge that each 
employee has different needs and preferred ways to achieve success, which is why we embrace a 
hybrid workplace model. 
Throughout 2021 and into 2022, we have sought feedback from employees using our pulse 
engagement tool. Our ambition is to learn how people perceive the company in terms of 
diversity and inclusion (D&I). The results from this mapping will serve as the 
basis for our future 
D&I initiatives. 
Provide a thriving workplace where people feel motivated and engaged
(GRI 404-3) Percentage of employees 
receiving 
regular performance and career development reviews 
2020 
2021 
(GRI 401) New employee 
hires and employee turnover 
2020 
2021 
Offshore 
Undertaking reorganization, performance 
review not yet implemented. 
A process to implement 
performance review will be 
initiated in 2022. 
New hires 
93 
80 
US Houston 
manufacturing 
56% 
42% 
Turn over 
46 
60 
US (Sales organization) 
Not all processes implemented after 
dramatic expansion with Lang and Epion. 
100% 
Norway 
100% 
100% 
Rest of the World 
100% 
100%

 
SOCIAL
33 
State of 
gender equality 
Women comprise 40% of our Executive Management Team (EMT). In addition, the CEOs of Aion, Houston 
Manufacturing and Epion Brands LLC are women. Overall, we have good gender balance in our offices, with 
52.67% female employees in Norway, and 53.60% of our sales organization globally. The female ratio in middle 
management positions is low (24%) and particular focus will be placed on improving the gender balance 
in 
management levels in the years coming. 
Fishery is generally a heavily male-dominated industry, as is the case in Aker BioMarine. The 7 females working on 
board our vessels are all hired in key crew positions 
such as for instance Fish Mate and Quality Control. 
Gender balance 
Temporary 
employees 
Parental leave 
Part-time 
workers** 
Involuntary 
part-time 
N 
N 
Average # weeks 
N 
N 
Organization 
Women 
Men 
Women 
Men 
Women 
Men 
Women 
Men 
Women 
Men 
Offshore Harvesting 
7 
95 
– 
– 
– 
2 
– 
– 
– 
– 
Houston 
Manufacturing 
18 
58 
1 
3 
NA* 
NA* 
– 
– 
– 
– 
North America 
52 
35 
– 
– 
NA* 
NA* 
– 
1 
– 
– 
Norway 
70 
62 
3 
4 
23 
6 
4 
1 
– 
– 
Rest of the world 
13 
19 
3 
– 
NA* 
NA* 
– 
– 
– 
– 
Total 
160 
269 
14 
– 
4 
1 
– 
– 
*Not tracked for our global employees, as different national laws apply 
**Part-time employees are interns who combine work with studies and employees working part-time on their own will 
Gender pay analysis 
Gender balance 
Gender pay gap* 
Number of employees 
Cash reward 
Non-cash reward 
Women 
Men 
Women 
Men 
Women 
Men 
Group 1 (EMT)** 
 
4 
 
4 
95% 
100% 
52% 
100% 
Group 2*** 
 
1 
 
6 
Group 3*** 
 
1 
 
12 
Group 4 
 
12 
 
8 
89% 
100% 
103% 
100% 
Group 5 
 
10 
 
11 
88% 
100% 
92% 
100% 
Group 6 
 
20 
 
8 
92% 
100% 
95% 
100% 
Group 7 
 
14 
 
6 
84% 
100% 
102% 
100% 
Group 8*** 
 
2 
 
2 
Group 9*** 
 
4 
Total 
68 
57 
75% 
100% 
78% 
100% 
Analysis for all Norway-based permanent employees. Cash reward includes salary, annual leave allowance, bonus. Non-cash reward include 
pension, insurance, newspaper, electronic communication. 
* Women percentage shows women's pay in relation to men 
** CEO excluded 
*** Privacy regulations. At least 5 employees of each gender needs to be represented in order to include in report. 
For our onshore office positions, HR and the EMT conducted a detailed job analysis for all positions in 
2021, on the factors of education and experience requirements, problem solving, social skills and -
contacts, financial responsibility, impact, and mental- and physical working environment. The analysis 
resulted in 19 different levels of job positions, which is an indication of the diversity of jobs in our 
company. With 125 employees in Norway, a group level analysis proved difficult due to the low number 
of employees in each level. To comply with privacy regulations in reporting we grouped 19 levels into 9, 
in line with our Career Model. Groups 2-4 represent senior managers, group 5-6; experienced 
professionals, 7-9; entry-intermediate level employees. A consequence of this grouping is that the level 
of job requirements, complexity and responsibility is not equal for all positions represented in the 
groups in the table above and thus naturally the salary level will vary. However, given that women are 
paid less than men in all the groups we cannot reject the notion that gender discrimination may be a 
factor in the gender pay gap. In 2020, we started to identify and analyze gender pay gaps for all 
employees in Norway. Particular focus has been placed on closing the gap between men and women 
during the annual salary adjustment process, which resulted in a reduction in gender difference of 3.4% 
for permanent employees in 2021 compared to 2020.

SOCIAL
34 
Our work 
for equality and 
non
-
discrimination 
Principles, procedures and standards for equality and non-discrimination 
Diversity at Aker BioMarine means all the differences and similarities that make us unique as individuals. Aker 
BioMarine shows respect for all individuals and act responsibly to prohibit discrimination or harassment of 
any kind, which is also clearly stated in our Code of Conduct. Aker BioMarine complies with recognized 
international conventions and is committed to respect basic human and trade union rights. We acknowledge 
the fundamental principles of human rights, as defined in the Universal Declaration of Human Rights, the ILO 
Declaration on Fundamental Principles and Rights at Work, as well as the OECD 
guidelines on Multinational 
Companies. Considerations of equality and non-discrimination is an integral part of our employee policy 
Our work to ensure equality and non-discrimination in practice 
HR and top management did an analysis of all onshore office positions to better compare positions across 
subject matter area and ultimately to get better quality in the analysis of unjustified differences in pay. 
HR proactively advices managers on equal pay for work of same value and quality in recruitment-, 
promotion- 
and annual salary adjustment processes 
We have done an analysis of the ‘gender appeal’ of job advertisements, results showing that the text 
advertisement appeals to both men and women 
To ensure equal opportunities for all our employees, we continued to put focus on implementing our Career 
Model, which provides a framework for career advancement in different tracks within the company. This 
ensures that all our employees have equal opportunities for advancement in their career no matter it is a 
managerial, professional or commercial role. 
Employee surveys include questions on fair treatment, respect and valuation of differences, unpleasant 
comment(s) or conduct(s) that was offensive, embarrassing or hurtful. 
Employees can anonymously raise a concern on misconduct, breaches, or potential violations through our 
webpage. The Whistleblower function is handled by an external party to secure anonymity. 
The office building was built in compliance with regulations on access for all, and is wheelchair accessible 
with elevator access to all levels, low thresholds, automatic door openers and dedicated toilet rooms. 
We discovered the following risks of discrimination and obstacles to equality 
Analysis of gender differences in pay and the gender balance in different job categories show that men 
generally have a higher average salary than women and men hold most of the senior level positions 
in the 
company, indicating a risk of discrimination in compensation terms as well as recruitment- and promotion 
processes. 
Employee survey results show that 12% of our responding employees have experienced unpleasant 
comment(s) or conduct(s) they felt was offensive, embarrassing, or hurtful. We do not know the severity of 
these experiences; however, we take this seriously and will ensure that employees know where to seek 
support and how and where to report it, so we can manage the situation in a proper way and continue to 
work towards our goal of zero discrimination. 
Possible causes of risks and obstacles, and measures initiated 
●
The pay gap between women and men is largely due to the fact that there is still a majority of men in 
middle management (76%) and the company's senior level positions. More focus is put on ensuring 
gender balance in recruitment processes for senior level positions, and in the period 2022-2023 our aim 
is that 50% of vacant management positions will be filled by women. 
●
There is a risk of gender discrimination in compensation terms. HR will continue to raise awareness and 
advice managers on gender pay gaps in salary adjustment processes and recruitment 
processes and 
focus on evening out differences. 
●
Only 2 cases were reported through our anonymous Whistleblower function during 2021, indicating 
that our employees are not fully aware of this reporting option. In 2022, we have added an additional 
anonymous Whistleblower function through &frankly, our employee survey tool. This will hopefully 
make this function more available and visible to our employees. 
Implemented measures in 2021 
●
During the 2021 salary adjustment process HR had particular focus 
on evening any salary differences 
between employees doing work of same value and quality. 
●
In the fall of 2021, we did a thorough and structured analysis of all roles in the onshore office 
organization, using 6 factors from the perspective of work of equal value, to better compare positions 
across subject matter area to give us better quality in the analysis of unjustified differences in pay. 
●
Results of the Equality & Discrimination survey results were discussed in department meetings as well as 
the Executive Management Team. 
●
We implemented a policy supporting a hybrid work model. Termed “AKBM Balance”, 
that allows our 
employees to structure their work in a way that balances their work and family life. 
●
Several work-life balance and employee wellbeing arrangements were introduced in our operations 
globally. Inspired by our Norwegian values, many of our locations offer health and wellness grants, 
training and development support, generous paid vacation and parental leaves as well as flexible 
working hours. 
●
Training on the topic ‘Unconscious bias’ was developed and carried out in 2021 for HR and hiring 
managers. 
Planned measures for 2022 
●
Implement policy of at least 50% women among qualified candidates in recruitment processes for 
leadership positions 
●
In the period 2022-2023 our goal is that 50% of vacant leadership positions are filled by women 
●
Further analysis of the roles & responsibilities mapping to determine whether any differences in salary 
are linked, directly or indirectly, to gender. 
The findings and results will guide our future efforts for 
evening gender pay gaps. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SOCIAL
35 
Results of the measures and expectations for the work ahead
●
The annual salary adjustment process resulted in a reduction of gender difference of 3.4% for 
permanent employees. 
●
Our employee surveys show a 7% reduction in experienced stress compared to previous years, which 
could be a result of better being able to balance work and family life through more use of home office
Success and challenges in the process and the measures 
●
In the coming year, greater emphasis will be placed on promoting equality particularly in recruitment 
processes. We will also strengthen the focus of our work on diversity and equality in the cooperation 
with our employee representatives and safety delegates. 
●
We will also work to formulate more concrete measures. 
●
It was easier to find risks of discrimination and possible causes related to gender as compared to more 
multifaceted discrimination. Here we see a need for skills development. 
Action overview and action plan 
HR area 
Background for measures 
Description of measures 
Goals and KPIs for measures 
Responsible 
Deadline / 
Status 
Result 
Recruitment 
Majority of men in 
management- 
and senior 
level positions
Implement policy of 50% women among 
qualified candidates in recruitment processes 
for leadership positions 
●
50% women among qualified 
candidates 
●
50% of vacant leadership positions 
are filled by women in the period 
2022-2023 
HR
Started 
Promotion- and 
development 
opportunities 
Majority of men in 
management- 
and senior 
level positions
●
Assess leadership aspirations and 
-competence for all new hires 
●
Encourage and promote women to 
pursue leadership career 
50% of vacant leadership positions are 
filled by women in the period 2022-
2023
HR 
Started 
Compensation terms 
Gender difference in pay on 
all levels for onshore 
positions in Norway 
●
Analysis of job complexity and 
●
-requirements 
●
Reduce gender difference during 
recruitments and salary adjustment 
process 
Equal pay for equal work of same 
quality 
HR 
Started 
Reduction of gender 
difference of 3.4% in 
Norway (2021)
Harassment 
12% of respondents have 
experienced unpleasant 
comment(s) or conduct(s) 
they felt was offensive, 
embarrassing, or hurtful. 
●
Add a more available anonymous 
Whistleblower function through our 
employee survey tool. 
●
Discuss survey result in departments 
and EMT 
Harassment claims are reported and 
managed appropriately 
HR/Compliance 
Officer 
Started 
Work/life balance 
Enable employees to 
balance work and family life 
●
Implemented ‘AKBM Balance’ policy on 
flexibility of work place 
Stress levels remain at current level 
HR 
Complete 
7% reduction in 
experienced stress 
compared to previous years 
Discrimination factors: gender, pregnancy, maternity leave or adoption, care responsibilities, ethnicity, religion, disability, sexual orientation, gender identity and gender expression and combinations of these factors 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SOCIAL 
36 
Operating with integrity 
We value diversity in Aker BioMarine. We don’t make promises or create policies for the sake of it. We do it because we believe 
that organizations can and should do better. Our words mean something: we care, we are driven, and we are proud, and this is 
reflected in our values, which we call our “Heartbeats”. In 2021, we created and launched a HSSE policy and management 
system that reflects our heartbeats, and in doing so, we encourage everyone 
in the company to embrace and embody our 
HSSE mindset in everything they do. When it comes to taking care of our people, we do not accept anything 
less. 
Our overall HSSE ambition is to empower our people to take appropriate risks and understand what it is required to succeed. 
Throughout 2021, COVID-19 restrictions afforded us the opportunity to look at the structure, documents, and details of our 
HSSE set-up and organization. We initiated a more global and holistic approach to integrating our production sites, vessels, 
and office spaces, building understanding and alignment between the strategic, tactical, and operational 
needs in the process. 
An example of this was the implementation of our global emergency preparedness manual and a global emergency response 
notification telephone system that allows our employees to report and/or notify 
of an emergency incident anywhere in the 
world, always. 
In our global operations, we encounter significant operational risks, most prominently due to our vessels at sea in the remote 
and often unforgiving Antarctic environment. In 2021, we handled a few serious incidents that led to medical evacuations and 
increased preparedness measures being taken. 
Although our handling was successful and no major impact occurred, we will 
continue to learn and improve based on these experiences. 
In 2021, we built the foundation for a robust and resilient HSSE culture across Aker BioMarine. As we look ahead, we see 2022 
as another year of opportunity to raise awareness, ramp up training and continue implementation. 
Our five-year HSSE plan is 
designed for continual performance improvement, and are confident that 2021 was the best possible 
start to reaching this 
goal. 
Ultimately, HSSE is all about keeping our people safe, at all times, and in everything we do in Aker BioMarine. 
Our HSSE policy is underpinned by six integrated principles: 
●
Anticipation –
 
We are forward thinking. We scan the horizon, network, and learn from historical incidents to see what the 
future holds. 
●
Assessment –
 
We are aware of the risks and threats facing us. 
●
Preparedness –
 
We understand the gaps we have and how to close them, with consistency over time. 
●
Planning –
 
We plan, train, and possess necessary supporting 
documents, such as work instructions and manuals. 
●
Response –
 
We are ready with our toolbox talks, work permits, stop work authorities, Crisis Management and Emergency 
Response and Preparedness. 
●
Recovery –
 
We learn from incidents and from others, and we make these lessons tangible so we can anticipate the future 
better.
Excellent occupational health & safety 
(GRI 403-2) Number of serious incidents 
reported (onshore and offshore) 
2020 
2021 
Sick leave 
0,76 % 
0,49 % 
LTI 
3 
2,34 
Fatalities 
0 
0 
Zero tolerance for discrimination, harassment, or unlawful 
behavior 
2020 
2021 
(AKBM KPI) Number of reported 
whistleblowing incidents
zero 
reports
2
(AKBM KPI) Number of reported incidents 
concluded to constitute a breach in 
governing rules and regulations
zero 
reports 
zero reports 

GOVERNANCE 
37 
CORPORATE 
GOVERNANCE REPORT 
Effective corporate governance provides the foundation for long-term, sustainable value creation. Corporate 
governance is therefore a key concern for Aker BioMarine ASA (“Aker BioMarine” or “the Company”). 
As a portfolio company within the Aker family, we believe in active ownership. Our main shareholder is active 
in setting clearly defined strategic goals for the Company and is involved through the boardroom and direct 
dialogue with company management, promoting shareholder value. The active ownership provides direction 
and purpose. Aker BioMarine’s main shareholder, Aker ASA (acting through Aker Capital AS), is actively 
involved in Aker BioMarine through having Kjell Inge Røkke, Frank Reite and Øyvind Eriksen on the board. 
Pursuant to section 3-3b of the Norwegian Accounting Act and the recommendations in the 
Norwegian 
Code of Practice for Corporate Governance, most recently revised in the autumn of 2021, the board has 
reviewed and updated the Company’s corporate governance principles. The individual recommendations of 
the Norwegian Corporate Governance Board (NUES) are discussed below. Aker BioMarine’s principles are 
largely consistent with the recommendations. 
CORPORATE GOVERNANCE 
Aker BioMarine’s 
corporate governance principles 
are established 
by the board. 
The purpose is 
to ensure 
a 
productive 
division 
of 
roles 
and 
responsibilities 
among 
Aker 
BioMarine’s 
owners, 
board 
and 
executive 
management, as well as to ensure satisfactory controls of the Company’s activities. 
AKER BIOMARINE’S BUSINESS 
Aker BioMarine’s business purpose is expressed in the Company’s Articles of Association: “The company’s 
purpose is to carry out sustainable krill fishing, develop, produce, transport, 
commercialize and market 
products from krill and other raw materials for use within human and animal health and nutrition, including 
investments in and operation of other businesses with similar purpose.” 
The board has prepared clear goals, strategies and a risk profile for the company’s business activities such 
that the Company creates value for shareholders in a sustainable manner. The Company has defined 
sustainability as a foundation for the entire operation, with an overall mission to “improve human and 
planetary health”. The Company reports on ESG - Environmental, Social, Governance – as part of its Annual 
Report. The board evaluates targets, strategies and its risk profile on an annual basis, at a minimum. 
EQUITY AND DIVIDEND 
Capital structure
The Aker 
BioMarine group had 
USD 370.3 
million in book 
equity as of 
31 December 2021, 
corresponding to 
an equity 
ratio of 
48.9 per 
cent. The 
capital structure 
is appropriate 
and adapted 
to the 
objectives, strategy and risk profile. 
Dividend 
policy
The 
Company 
has not 
established 
any 
dividend 
policy to 
date, 
but 
will 
strive 
to 
follow 
a 
dividend policy favorable to the shareholders. The 
Company has not paid any 
dividends on its shares during 
the financial years ended 31 December 2020, 2019 and 2018. 
Board authorizations
The board’s proposals for board authorizations comply with the relevant 
recommendation in the Norwegian Code of Practice for Corporate Governance. Board authorizations 
are 
limited to defined purposes and are dealt with as separate items at the annual general meeting. Board 
authorizations are limited in time to no later than the date of the next annual general meeting. 
EQUAL TREATMENT OF SHAREHOLDERS 
The Company has a single class of shares, and all shares carry equal rights. Aker BioMarine has developed 
principles and guidelines for transaction agreements and other agreements not forming part of ordinary 
operations involving companies in which Aker BioMarine and/or entities within the Aker group has significant 
ownership interests. Transactions involving own shares are executed on Oslo Børs. Buybacks of own shares 
are executed at the current market rate.
Additional information on transactions with related parties can be found in Note 22 to the 2021 consolidated 
accounts. 
SHARES AND NEGOTIABILITY 
There are no restrictions on owning, trading or voting for shares in Aker BioMarine. 
GENERAL MEETINGS 
Participation
.
 
Aker BioMarine encourages all its shareholders to participate in general meetings. Through the 
general meeting, shareholders exercise the highest authority in the Company. The annual general meeting in 
2022 will take place on 20 April. 
Aker BioMarine has decided to hold its general meeting as a digital meeting to ease participation and create 
a better meeting format compared to a hybrid meeting. Shareholders unable to attend the general meeting 
live may use electronic voting to vote directly on individual agenda items during the pre-meeting registration 
period. Shareholders unable to attend the meeting may also vote by proxy. The procedures for electronic 
voting and the proxy voting instructions are described in the meeting notification and published on the 
Company’s website. 
Meeting chair, voting, etc.
 
The Public Companies Act stipulates 
that a general meeting must 
be declared open 
by the 
chairman of 
the board 
of 
directors, 
or a 
person nominated 
by the 
board 
of 
directors. 
The general 
meeting then elects a chairman for the meeting. The NUES Code of Practice further stipulates that the 
board 
of directors should ensure that the general meeting 
is able to elect an independent chairman. 
Aker BioMarine 
follows this principle. 
Attendance.
 
The 
leader 
of 
the 
nomination committee 
and 
the 
Company’s 
auditor 
are 
expected 
to 
attend 
general meetings. The 
general meeting elects the 
members of the 
nomination committee and 
shareholder- 
elected board members. The nomination committee 
focuses on composing a board that works 
optimally, and 
on ensuring 
that board 
members’ experience and 
qualifications complement each 
other, 
and that 
statutory 
gender 
representation 
requirements 
are 
met. 
The 
general 
meeting 
will 
be 
requested 
to 
vote 
for 
board 
members individually. 

GOVERNANCE 
38 
NOMINATION COMMITTEE 
Aker BioMarine has a nomination committee as required by its articles of association. The nomination 
committee must comprise at least two members, and each member is normally elected for a two-year 
period. The members and chairman of the nomination committee are elected by the Company’s general 
meeting, which also determines the remuneration payable to committee members. Instructions for the 
nomination committee’s operations were adopted by the annual general meeting in 2021. The primary 
responsibilities of the nomination committee are to recommend candidates and remuneration for the 
Company’s board of directors and nomination committee, and remuneration for members of the audit 
committee. 
Svein Oskar Stoknes, CFO of Aker ASA, is Aker BioMarine’s current chairman of the nomination committee. 
The instructions to and the current composition of the nomination committee is in line with NUES’ Code of 
Practice. Shareholders who wish to contact the nomination committee can do so using the following email 
address: svein.stoknes@akerasa.com. 
BOARD OF DIRECTORS AND AUDIT COMMITTEE – COMPOSITION AND INDEPENDENCE 
Board of directors
. Employees’ rights to representation and participation in decision-making are safeguarded 
through employee representation on the board of directors. Pursuant to the Company’s articles of 
association, the board comprises between 3 and 9 members, of whom at least one-third are elected by and 
from Aker BioMarine group employees. The nomination committee also recommends a candidate for the 
position of board chairman, who must be approved by the general meeting. The majority of the shareholder-
elected board members are independent of the Company’s executive management and its significant 
business associates. 
Kjell Inge Røkke has indirect economic interests as owner of the Aker ASA’s 
main shareholder, TRG Holding 
AS. Neither the CEO nor any member of the executive management is a member of the board of directors. 
The current composition of the board is presented on the Company’s web pages and in our annual reports, 
as are board members’ qualifications and expertise. The current members of the board were elected in 2021 
for a term of two years. 
Audit committee
. The 
Company has 
established an 
audit committee 
comprising of 
two members 
from the 
board of directors. The composition of the audit committee 
fulfils the required qualifications and competence 
in accounting and auditing under the Norwegian Public Limited Liability 
Companies Act. 
The Company has resolved a mandate for the work to be carried out by the audit committee. The function of 
the audit committee is to prepare matters to be considered by the board of directors and to support the 
board of directors in the exercise of its management and supervisory responsibilities relating to financial 
reporting, statutory audit and internal control. The audit committee 
shall report and make recommendations 
to the board of directors, but the board of directors retains responsibility for implement such 
recommendations. 
THE WORK OF THE BOARD OF DIRECTORS 
The board of Aker BioMarine has established board instructions that regulate areas of responsibility, tasks 
and the division of roles between the board, the board chairman, and the CEO. 
The board carries out an annual self-evaluation. 
Aker BioMarine has an audit committee. The committee’s mandate regulates areas of responsibilities, tasks, 
relations with the external auditor and reporting to the board of directors. The composition of the committee 
is presented in the 2021 annual report. The board has considered whether Aker BioMarine should have a 
compensation committee but has concluded that it is currently not necessary. 
RISK MANAGEMENT AND INTERNAL CONTROL 
Governing principles
. The board of Aker BioMarine establishes the overall principles for governance and 
control in the Company through the adoption of various governing documents. For particularly important 
areas of group-wide relevance, the board ensures that governing documents of Aker BioMarine are aligned 
with the broader Aker group. For example, Aker’s Code of Conduct also expresses Aker’s expectations of the 
portfolio companies’ respective codes of conduct. The same applies to important areas such as anti-
corruption and supplier conduct. 
Aker BioMarine has established a compliance officer function with dual reporting duties to the 
Company’s 
CEO and audit committee. The compliance officer’s main task is to ensure that Aker BioMarine is compliant 
with relevant laws and regulations, including the internal regulations and guidelines of Aker BioMarine. Aker 
BioMarine has chosen a risk-based approach to the compliance officer’s mandate. The compliance officer 
contributes to and benefits from effective information and knowledge sharing between the various 
compliance departments in the broader Aker group. 
Aker BioMarine has implemented a whistleblowing channel for reporting of serious matters, such as potential 
breaches of ethical guidelines and violations of the law. Information about the whistleblowing channel, 
including contact information, is available on the Company’s website. 
Furthermore, the Company seeks to promote diversity and prevent gender discrimination in the workforce 
through clear recruitment requirements and the development of individuals and programs that support 
equal opportunity. This means that the Company is committed to both promote and pay employees fairly, 
regardless of individual characteristics, and that individuals with the same jobs, with equal professional 
experience, who perform equally well, shall receive the same pay in Aker BioMarine. 
Risk management and internal control.
 
The board carries out a bi-annual risk-based review of the 
Company’s operations. Prior to the bi-annual risk reporting to the board, the audit committee reviews the 
reported main risks and relevant risk-mitigating measures. The audit committee also reviews the Company’s 
internal controls and overall risk management. 
Aker BioMarine has established a procedure for internal control over financial reporting (ICFR). The ICFR 
framework is based on COSO Internal Control Integrated Framework. The ICFR framework is implemented 
through a risk-based and top-down approach, to provide appropriate organization of the financial reporting, 
ensuring that Aker BioMarine’s activities, accounts and management are subject to adequate control. 

GOVERNANCE 
39 
In connection with the process of preparing Aker BioMarine’s financial statements, clearing meetings are 
held with Aker ASA with the main purpose of ensuring the quality of the financial reporting. The clearing 
meetings focus on significant valuation items, off-balance sheet items, related transactions, new or modified 
accounting principles, ICFR, and special judgmental items in the annual report. External auditors 
are present 
at the meetings. 
The audit committee prepares a preliminary review to the board of the quarterly and annual financial 
statements, focusing on valuation items, judgmental items and the application of new accounting principles, 
as well as any material related-party transactions. 
BOARD REMUNERATION 
Board remuneration reflects the board’s responsibilities and expertise, time spent and the complexity of the 
business. Remuneration does not depend on Aker BioMarine’s financial performance, and there are no 
option programs for any of the board members. 
The annual general meeting determines board remuneration after considering recommendations by the 
Company’s nomination committee. The board members elected by and among the employees do not 
receive board remuneration. Additional information on remuneration paid to individual board members for 
2021 can be found in the financial statements and in the 2021 Remuneration report. 
REMUNERATION OF EXECUTIVE MANAGEMENT 
The board has adopted a declaration on the remuneration of executive management in accordance with 
section 6-16a of the Norwegian Public Limited Liability Companies Act. Furthermore, the 
Company has 
drafted a remuneration report in accordance with section 6-16b of the Norwegian 
Public Limited Liability 
Companies Act. Both documents are available on the Company’s website, and the 2021 remuneration report 
is attached to the Company’s annual report for 2021. The annual general meeting will hold an advisory vote 
over the remuneration report. 
The employment contract of the CEO has been approved by the board. The remuneration paid to the CEO is 
approved by the board after considering recommendations from the chairman of the board. The CEO 
determines the remuneration payable to key executives in accordance with board guidelines. Aker BioMarine 
has no stock option programs. 
INFORMATION AND COMMUNICATION 
Aker BioMarine’s reporting of financial figures and other information is based on transparency and equal 
treatment of stakeholders. All stock exchange notifications and press releases are published on the 
Company’s website, www.akerbiomarine.com. 
Stock exchange notices are also available at www.newsweb.no. 
The Company organizes presentations in connection with its financial reporting. These meetings 
are 
generally broadcasted directly via the internet (webcast) or run as a physical meeting. The Company’s 
financial calendar is published on Aker BioMarine’s website and www.newsweb.no. 
TAKEOVER 
Aker 
BioMarine does 
not have 
separate guidelines 
on how 
to respond 
in the 
event of 
a takeover 
bid. The 
Norwegian Code of 
Practice for 
Corporate Governance 
recommends the 
adoption of 
such guidelines. Aker 
Capital AS controls a total of 77.78 per cent of Aker BioMarine’s shares. In view of this, the board has deemed 
separate takeover guidelines as recommended by the Code to be unnecessary. 
AUDITOR 
The external auditor makes an annual presentation of the auditing plan to the audit committee. 
The external auditor participates in all meetings of the audit committee and in the board meeting when the 
annual accounts are approved. The minutes from the audit committee meetings are distributed to the board. 
The external auditor reviews, with the audit committee, any material changes in the Company’s accounting 
principles and assessments of material accounting estimates. There have been no disagreements between 
the external auditor and management on any material issues. 
The auditor reports to the audit committee on its assessment of the internal controls over financial reporting 
process. The outcome of this review is presented to the audit committee and the board. The audit committee 
meets with the auditor without representatives of executive management being present. 
The audit committee receives an overview of services rendered by the auditor to the Company. The audit 
committee also approves the fees paid to the auditor for material additional services. The remuneration paid 
to the auditor in 2021 for both audit and other services is presented in the financial statements. These details 
are also presented to the annual general meeting. Further, the external auditor has provided the audit 
committee with written confirmation that the requirement of independence is met. 
The new Public Audit Act was effective from 1 January 2021. Extended tasks related to selection of an external 
auditor, purchase of audit services and follow-up of the external auditor are handled by the audit committee. 
KPMG has been the auditor since the inception of the Group. The lead audit partner has been on the audit 
engagement since 2018.

 
40 
 
3. 
Financial 
statements 

41 
2021
Aker 
BioMarine 
Group
Consolidated 
Financial 
statements

BOARD OF DIRECTORS’ 
REPORT
42 
SUMMARY OF 2021 
Aker BioMarine reported Net sales of USD 
262.1 million for 2021 and a 
Net loss for the year of USD 8.0 million. The 
adjusted EBITDA for 2021 
was USD 48.0 million with a margin 
of 18%. The 9% reduction 
in sales 
from the previous year is largely explained by a drop in sales of krill oil 
in 
South 
Korea 
due 
to 
changed 
regulatory 
requirements. 
Aker 
BioMarine has 
a relatively 
high fixed 
cost base 
with high 
operational 
leverage, yielding 
higher earnings 
growth as the 
top line increases. 
Also 
in 
2021, 
the 
company 
handled 
the 
covid-19 
pandemic 
well 
and 
remained 
dedicated 
to 
the 
safety 
of 
all 
employees, 
without 
any 
significant disruption to operations.
Harvesting operations started well in 2021, with all three vessels in full 
operation and an all-time-high catch volume in the first quarter. In the 
remainder of the year, 
operations were more challenging, with limited 
krill available where 
our vessels were 
operating and 
in the third 
quarter, 
ice 
was 
blocking 
the 
entrance 
to 
sub-area 
48.2, 
preventing 
fishing 
during much of this 
period. For the full 
year, the offshore production of 
krill meal was 
43,800 MT, down from 45,000 
in 2020. In 
2021, important 
improvements 
for 
increased 
production 
the 
coming 
years 
were 
performed. Most 
notable 
improvements are 
the 
delivery of 
the 
new 
service 
vessel 
Antarctic 
Provider, 
the 
ordering 
of 
a 
Sounder 
USV 
(Unmanned Surface Vehicle) from 
Kongsberg Maritime to optimize 
krill 
search in 
Antarctica and 
further reduce 
the carbon 
footprint, in 
addition 
to important upgrades on Antarctic Sea. 
Aker BioMarine’s competitive position remains solid. In krill harvesting, 
the company accounts for 
the majority of all the 
global krill catch, even 
while 
holding a 
minority 
of 
the 
total 
number 
of 
fishing 
vessels. 
The 
onshore 
operation 
in 
Houston, 
USA, 
made 
also 
in 
2021 
significant 
improvements, 
and 
approximately 
80% 
of 
the 
world’s 
krill 
oil 
production goes through Aker BioMarine’s factory. 
In 
the 
animal 
health 
and 
nutrition business, 
QRILL 
Aqua 
ingredients 
continued 
with 
good 
sales 
development. 
Aker 
BioMarine 
entered 
in 
2021 into the pet food market in China by, 
amongst others, signing of 
an agreement with China's leading producer of pet 
food. In the human 
health and 
nutrition business, 
total krill 
oil sales 
are impacted 
by the 
shortfall of 
volumes in South 
Korea but increased 
in other geographies. 
Aker BioMarine’s own krill 
oil brand, Kori, is sold on the 
shelves of the 
largest retailers in the US. In 2021, 
significant sales progress was made, 
especially towards 
the 
end of 
the year. 
A 
full national 
physical store 
distribution to both Sam’s 
Club and Costco in 2022 
is a key milestone 
for the 
growth of 
the Kori 
brand. The 
brand will 
be found 
in all 
550 
Costco 
warehouses and 
588 Sam’s 
Club 
warehouses in 
the 
US. Both 
retailers will feature pallet promotions 
as part of a launch in 
early 2022. 
Aker BioMarine has for 
many years invested in innovation 
and research 
and 
development 
(R&D). 
Innovation 
is 
an 
integral 
part 
of 
the 
company’s DNA and 
is at the 
core of the 
company culture. In 
2021, Aker 
BioMarine 
and 
others 
published 
several 
studies 
documenting 
the 
benefits 
of 
both 
krill 
oil 
for 
human 
consumption 
and 
krill 
meal 
for 
animal feed. 
These studies 
equip Aker 
BioMarine and 
our customers 
with more information about their krill-based products, which 
enables 
greater awareness and sales. 
During 
the 
year, 
there 
has 
been 
a 
good 
progress 
in 
the 
ongoing 
strategic 
innovation 
projects. 
For 
LYSOVETA, 
the 
development 
continues, 
including 
scale-up 
of 
commercial 
and 
manufacturing 
activities in 
the US, the 
first target 
market. For INVI, 
the pilot production 
continued 
in 
providing batches 
for 
R&D 
and 
first 
commercialization 
purposes. 
For 
AION, 
there 
is 
an 
ongoing 
process 
to 
spin 
off 
the 
company. 
In 
2021, 
Aker 
BioMarine 
further 
developed 
the 
company’s 
ESG 
framework and 
is committed 
to its 
ambitious 2030 
and 2050 
targets. 
Our environmental ESG targets 
concern the reduction of CO
2 
emissions 
by 
50% 
in 
2030 
and 
to 
be 
net 
zero 
in 
2050. 
In 
its 
2021 
review, 
Sustainable Fisheries 
Partnership awarded 
Aker BioMarine’s 
Antarctic 
krill fishery 
an A-rating 
for the 
7
th
 
consecutive year, and 
hence, it 
is rated 
as one of the world’s most sustainable fisheries. 
 
BUSINESS OVERVIEW 
Aker 
BioMarine 
is 
a 
biotech 
innovator 
and 
Antarctic 
krill-harvesting 
company, 
dedicated 
to 
improving 
human 
and 
planetary health. 
The 
company has a strong 
position in its industry 
and is the world's leading 
supplier 
of 
krill-based 
ingredients 
for 
nutraceutical 
(Superba), 
aquaculture (QRILL Aqua), and animal feed applications (QRILL Pet). In 
addition, the 
company develops 
a new 
potential product, 
LYSOVETA, 
for targeted transporter of 
EPA 
and DHA from 
krill. Aker BioMarine 
is 
also targeting the global 
protein market with 
the new product INVI, 
a 
highly concentrated protein isolate from krill. 
The company’s business 
is supported by research, 
and there are 
around 200 published studies 
showing the benefits of krill for humans and animals.
Aker BioMarine’s fully integrated 
value chain starts 
with our sustainable 
krill harvesting 
in Antarctica. Our catch technology 
ensures very limited 
bycatch 
and 
utilizes 
100% 
of 
the 
raw 
material. 
The 
three 
harvesting 
vessels 
are 
outfitted 
to 
simultaneously 
produce 
ingredients 
while 
catching 
krill. From 
the 
logistics hub 
in 
Montevideo, Aker 
BioMarine 
distributes 
products 
to 
customers 
globally, 
and 
ships 
ingredients 
to 
Houston for the production of krill oil. The company has inhouse sales 
and distribution 
teams locally in 
all the large 
markets where it operates, 
selling products 
to customers 
in more 
than 61 
countries, including 
a 
private label business in the United States, Lang Pharma Nutrition, and 
the company’s own krill oil brand, Kori. 
Aker BioMarine’s purpose 
is to Improve 
Human and Planetary Health, 
and this 
guides all 
employees and 
management when 
making decisions 
and 
setting 
priorities. 
Aker 
BioMarine 
adapted 
its 
strategy 
to 
UN’s 
Sustainable Development Goals (SDG) back in 2015, and the 
company 
focuses on four of the SDGs: 
●
GOOD 
HEALTH 
AND 
WELL-BEING 
by 
combating 
lifestyle 
deceases through its Superba krill oil products. 
●
ZERO HUNGER by making aquaculture more 
efficient through 
its QRILL Aqua products. 
●
RESPONSIBLE 
CONSUMPTION 
AND 
PRODUCTION 
through 
mapping 
out 
CO
2
 
and 
waste 
stream 
and 
implementing 
new 
initiatives to reduce the footprint each year. 
●
LIFE BELOW WATER by building the most sustainable fishery 
in 
the world, 
and being 
transparent, responsible, 
and contributing 
to science in Antarctica. 
Aker BioMarine owns and operates three krill harvesting vessels under 
Norwegian flag: Saga Sea, Antarctic Sea and Antarctic Endurance. The 
vessels produce krill feed products and intermediates onboard. In 
addition, the company owns the newbuilt support vessel Antarctic 
Provider, that was delivered in February 2021. Antarctic Provider 
transports krill products, crew, fuel and consumables between the 

 
BOARD OF DIRECTORS’ 
REPORT
43 
harvesting vessels and the logistics hub in Montevideo, Uruguay. Aker 
BioMarine holds four krill harvesting licenses issued by 
the Norwegian 
Government, three of which are in use today. The company also owns 
and operates its onshore krill oil factory in Houston, Texas. 
The Aker BioMarine headquarters are located at Fornebu, Norway. In 
April 2021, the shares of Aker BioMarine were transferred from 
trading on Euronext growth to Oslo Børs. 
FINANCIAL INFORMATION 
Consolidated results 
In 2021, 
Net sales 
decreased by 
9% to 
USD 262.0 
million, from 
USD 
288.6 million 
in 2020, 
mainly driven 
by lower 
sales in 
the Ingredients 
segment. Net loss for 
the year was USD 8.0 
million, down from USD 5.5 
million in 2020. Lower harvesting than expected significantly impacted 
the 2021 
results with 
lower gross 
margins for 
the QRILL 
category, as 
well 
as 
limited 
availability 
of 
the 
QRILL 
product. 
Adjusted 
Group 
Earnings before 
Interest, 
Tax, 
Depreciation, Amortization 
and special 
operating 
items 
(“adjusted 
EBITDA”) 
was 
USD 
48.0 
million 
in 
2021, 
compared 
to 
USD 
78.1 
million 
in 
2020. 
In 
2020, 
cost 
related 
to 
the 
launch of Kori in the US of USD 17 million was excluded from adjusted 
EBITDA. However, from 2021 all marketing cost of Kori is included, and 
hence, this change 
explains part of 
the decrease. The 
decrease is also 
due to a 
drop in sales 
of krill oil 
in South 
Korea and lower 
harvesting 
volumes. 
Cash flow 
Cash 
flow from 
operations was 
USD 
0.7 million 
in 
2021, 
an 
increase 
from USD 
-51.0 million 
in 2020, 
mainly due 
to release 
of receivables 
and several effects in 
2020 not recurring in 2021, 
such as the contract 
payment and payment of accrued interest to Aker 
ASA. The difference 
between cash 
flow from 
operations and 
the operating 
profit (loss) 
in 
the statements of 
profit or loss 
mainly represents changes 
in working 
capital, 
depreciation 
and 
amortization, 
as 
well 
as 
financial 
expenses 
such 
as 
interest 
and 
guarantee 
fees 
included 
in 
cash 
flow 
from 
operations. Cash flow from investing activity include the acquisition of 
Antarctic 
Provider 
as 
well 
as 
growth 
and 
maintenance 
capital 
expenditures 
on 
existing 
assets. 
Total 
investments 
were 
USD 
79.2 
million compared to USD 
2.0 million in 
2020, where 2020 
was impacted 
by the sale 
of harvesting 
vessel Juvel 
for USD 21.6 
million. Net cash 
flow 
from financing activity 
was USD 78.9 
million (2020: USD 
50.2 million), 
mainly in relation 
to the 
acquisition of Antarctic 
Provider. 
In addition, 
the Group 
refinanced its 
external debt 
by drawing 
USD 335.0 
million 
combined 
with 
a 
down 
payment 
of 
USD 
260.3 
million 
on 
existing 
facilities. 
Financial position 
As of 31 December 
2021, the equity ratio was 
49%, compared to 
53% 
at 
year-end 
2020 
after 
the 
private 
placement 
was 
completed 
in 
connection with the admittance to Euronext Growth in July 2020. Cash 
and cash equivalents amounted to USD 11.1 
million, compared to USD 
10.7 
million 
as 
of 
year-end 
2020. 
In 
addition, 
the 
fuel 
hedge, 
now 
assessed 
under 
hedge 
accounting, 
amounted 
to 
USD 
12.5 
million 
where a significant part 
is prepaid. Total assets amounted to USD 
757.5 
million and 
total 
equity was 
USD 
370.4 
million. Corresponding 
2020 
figures were USD 700.4 million in total assets and USD 373.2 million in 
total equity. The 
increased asset base mainly comprised of 
acquisition 
of Antarctic Provider as well 
as higher inventory 
values following build-
up of krill oil inventory. 
Interest-bearing debt amounted to USD 324.8 
million as 
of 31 
December 2021, 
of which 
USD 294.1 
million is 
long-
term interest-bearing debt and USD 30.7 million is 
short-term interest-
bearing debt. The 
available liquidity under 
the company’s debt facilities 
amounted to USD 106.3 million as of 31 December 2021. 
AKER BIOMARINE ASA 
The parent 
company Aker 
BioMarine ASA is 
a holding company, 
with 
financial activities 
and with 
corporate functions. 
Aker BioMarine 
ASA 
had a Net gain 
of USD 5.1 
million in 2021, compared 
to Net loss USD 
1.7 million 
in 2020. 
The reduction 
in Net loss 
is primarily 
driven by lower 
interest 
and guarantee 
expenses on 
debt facilities. 
Total 
assets were 
USD 523.48 million 
as of 31 
December 2021, compared 
to USD 572.4 
million in 2020. 
Cash and cash 
equivalents were USD 
0.5 million as of 
31 December 2021, the same 
level as in 2020. 
During 2021 the Group 
signed 
and 
executed 
a 
new 
financing 
structure 
with 
a 
bank 
group 
consisting of DNB Bank, Cooperative Rabobank and Nordea Bank. The 
financing structure is 
placed in Aker 
BioMarine Antarctic AS, 
implying 
that 
interest 
bearing 
loans 
in 
the 
Company 
is 
transferred 
to 
Aker 
BioMarine Antarctic AS. 
The Board of Directors has proposed that the Net loss for the period is 
allocated to retained earnings. 
FINANCIAL RISK AND RISK MANAGEMENT 
Aker 
BioMarine 
is 
exposed 
to 
credit, 
liquidity 
and 
interest 
risk 
in 
addition to 
operational risks 
and uncertainties 
related to 
harvesting and 
offshore 
processing 
technologies, 
fluctuations 
in 
annual 
krill 
harvesting, onshore production 
processes and product 
quality, ability 
to 
develop 
new 
products, 
and 
general 
market 
risk, 
which 
includes 
product 
sales. 
The 
Covid-19 
pandemic 
inherently 
increased many 
of 
these risk factors, as 
markets become more 
uncertain, and operations 
become more complex, 
expensive, and less 
robust to interruption. 
Aker 
BioMarine 
has 
implemented 
measures 
to 
mitigate 
the 
risk 
for 
operational disruptions 
due to 
the 
Covid-19 
situation, both 
offshore 
and onshore, as well as in the offices. 
Other key operational risks and uncertainties 
Future 
sales 
growth
: 
Increased 
competition 
from 
e.g., 
China 
could 
impact the 
ability to 
grow the 
demand for krill 
products globally, 
but 
also putting 
pressure 
on 
prices. New 
and stricter 
regulatory regimes 
could also impact sales 
short to medium term, 
similar to the situation 
the company experienced in South Korea during 2020. 
Access to 
harvesting in the 
Antarctic
: Changes in 
any regulations from 
CCAMLR (Commission for the Conservation of 
Antarctic Marine Living 
Resources), new 
Marine Protected 
Areas (MPAs) 
affecting the 
fishing 
area, or 
transitional climate 
risk of 
broader regulatory bodies 
limiting 
the harvesting areas may reduce access to krill. 
Increased competition 
from 
other 
harvesting 
countries, 
e.g., 
China 
could 
also 
affect 
the 
company’s 
ability to 
harvest krill. 
Weather- 
and ice 
conditions might 
also affect harvesting from year to year. 
Climate 
change
: 
Any 
climate 
change affecting 
the 
krill 
biomass 
with 
regards to availability 
and fat composition, 
could significantly 
affect the 
harvesting. In addition, 
ice and weather conditions 
could create a more 
challenging operational 
environment both 
offshore, 
and also 
for the 
onshore plant in Houston. 

 
BOARD OF DIRECTORS’ 
REPORT
44 
Operational breakdown
: A major 
disaster or incident, 
due to technical 
issues 
or 
natural 
disasters, 
in 
the 
Houston 
plant 
or 
on 
any 
of 
the 
harvesting vessels could have serious 
operational, environmental, and 
financial impact. 
Key financial risk and uncertainties 
The company’s activities create exposure to various types of risk which 
are associated 
with the 
financial instruments 
and markets 
in which 
it 
operates. 
The 
most 
significant 
types 
of 
financial 
risk 
are 
credit 
risk, 
liquidity risk, and market risks Risk management is carried out in order 
to create predictability 
and stability 
for operating 
cash flows 
and values. 
Management can 
use financial 
derivatives to hedge 
against risk 
relating 
to 
operations, 
financing, 
and 
investment 
activities 
if 
the 
financial 
derivative has 
been approved 
by the 
Board of 
Directors. In 
2020 the 
company entered into 
a fuel hedge contract 
with DNB for hedging 
of 
bunkers oil for the period 2021-2024. 
Credit risk
: Relates to receivables from 
customers and is monitored on 
a routine basis 
with credit evaluations being 
performed on customers 
as 
appropriate. 
When 
entering 
significant 
sales 
contracts, 
the 
sales 
department 
seeks 
to 
reduce 
credit 
risk 
through 
more 
stringent 
payment 
terms 
including 
requirement 
of 
up-front 
payments. 
The 
company has had low losses on receivables as the 
sales department is 
maintaining close contact 
with each customer 
and routine billing 
and 
cash collection is performed. 
Liquidity risk
: Inability 
to meet 
financial liabilities as 
they mature. 
The 
company has not 
hedged against exposure 
to interest-rate fluctuations 
on debt 
and is 
therefore exposed 
to fluctuations 
on the 
variable rate 
amount of 
interest-bearing 
liabilities, which was 
USD 311.6 
million as 
of 31 December 2021 (2020: USD 145 million). 
Other financial risk
: 
These are 
described in 
more 
detail in 
Note 
20 
(Financial risk) 
to 
the 
consolidated financial statements, but include: 
●
Currency: Aker BioMarine operates in a global market and is 
exposed to currency fluctuations, primarily in the USD, NOK and 
EUR exchange rates with USD as its functional currency. The 
company seeks to ensure that revenues and expenses are in the 
same currency. The company periodically assesses the need for 
foreign currency hedging. Currency risk is managed on an overall 
Group level. 
●
Interest rate: The majority of the Group’s debt facilities is 
floating. Aker BioMarine is therefore exposed to interest rate 
volatility and development, and the company periodically 
assesses the need for interest rate swaps or fixed papers when 
entering new debt facilities. 
●
Fuel price: Fuel cost is one of the company’s largest operating 
costs. In June 2020 the company entered into a hedging 
arrangement for MGO fuel by using call options for 2021-2024. 
Total volume over the four-year 
period is 143 077 metric ton of 
MGO with the purpose of securing the future cash-flows from 
operating the company’s fleet. 
The Group has adopted 
a risk management policy 
to identify, measure, 
and mitigate risks. 
HEALTH AND SAFETY 
The 
krill-harvesting vessels, 
as well 
as the 
support vessel, 
operate 
in 
rough Antarctic waters. Crew health 
and the working environment are 
important 
concerns 
for 
the 
company. 
Despite 
the 
demanding 
conditions, illness and accident rates onboard are low. ‘Safety first’ is a 
key focus 
throughout the 
company’s value 
chain. Sick 
leave rates 
are 
low both 
onboard 
the 
vessels, at 
the 
factory in 
Houston, 
and 
in 
the 
global office locations. 
Throughout 2021 we have started 
a more Global and holistic approach 
to 
integrate 
our 
production 
sites, 
vessels, 
and 
office 
spaces, 
plus 
understand and 
align between 
the strategic, 
tactical, and 
operational 
needs. 
We 
have 
implemented 
a 
Global 
emergency 
preparedness 
manual 
and 
a 
global 
emergency 
response 
notification 
telephone 
system, 
which 
allows 
our 
employees 
to 
report/notify 
us 
of 
an 
emergency incident anywhere in the world 24/7, 365 days a year. 
Aker 
BioMarine has put in place systems to ensure that crew members have 
access to medical attention, in case 
of injury or illness when 
vessels are 
operating 
far 
from 
shore. 
The 
onboard 
working 
environment 
is 
reported as good, as evidenced by the low crew turnover rate 
Aker 
BioMarine’s 
objective 
is 
to 
minimize 
personnel 
injuries, 
environmental 
harm, 
and 
vessel 
or 
property 
damage. 
The 
company 
conducts 
systematic 
safety 
drills 
that 
prepare 
crew 
and 
onshore 
personnel for handling demanding scenarios that may occur on board 
or onshore. Personnel 
safety is important 
and efforts 
to further 
improve 
safety are ongoing. 
During 
2021 
the 
offshore 
operations 
had 
four 
employee 
injuries 
leading to lost time. One of the 
incidents required medical evacuation 
due to a broken leg, the other three incidents were milder and did not 
require external medical treatment. In 
total, the offshore operation 
had 
23 recordable 
incidents of 
various 
nature 
across all 
4 vessels. 
At 
the 
plant in 
Houston there 
were 5 
recordable incidents, 
of which 
4 were 
injuries 
which 
resulted 
in 
lost 
time. 
None 
of 
the 
4 
injuries 
were 
considered serious incidents. 
There are no reports 
of significant injuries 
caused by other conditions associated with the company’s operations. 
The 
company 
views 
accidents 
and 
hazardous 
conditions 
with 
great 
concern. 
Incidents 
and 
procedures 
are 
reviewed 
regularly, 
and 
measures are implemented to avoid recurrence. 
The registered sick leave 
in the company’s offshore operation 
was 0.6% 
in 2021, up 
from 0.3% in 
2020. At the 
Houston plant sick 
leave was 0.5% 
in 2021, 
down from 
1.5% in 
2020. In the 
global offices, 
the sick 
leave 
was 1.0% in 2021, down from 1.7% in 2020. 
ENVIRONMENT 
The 
most 
significant 
environmental 
effects 
of 
Aker 
BioMarine’s 
activities relates 
to climate 
change, biodiversity, 
recycling, and 
waste 
management. The main 
resources utilized are 
krill, energy, 
water, 
and 
land use. The 
activities that affect 
the environment are 
the capture of 
krill, energy consumption and emissions from the three vessels fishing 
in Antarctica and the support vessel that transports krill 
and crew from 
the fishing vessels 
to the mainland, energy 
consumption and emissions 
from the 
manufacturing facilities 
that produce 
krill products 
and the 
transport of these products to customers mainly in the US, Europe and 
Asia. 
Sustainability has been an integral part of Aker BioMarine’s operations 
and business model since 
the company’s 
inception. Aker BioMarine is 

BOARD OF DIRECTORS’ 
REPORT
45 
known 
for 
its 
proprietary Eco-Harvesting 
technology, 
which 
reduces 
by-catch to a minimum. Known for its fully transparent operations, the 
company was 
the first 
krill fishery 
to receive 
the Marine 
Stewardship 
Council (MSC) 
certification in 
2010, and 
it received 
re-certification in 
2015 for another five 
years and was once 
again rated as state-of 
-the-
art both 
on sustainability 
of the 
stock, limited 
ecosystem impact 
and 
effective management at the end of 2021. 
For the seventh year 
in a row, the Antarctic krill fishery 
has received the 
highest 
score, 
an 
"A" 
rating 
in 
2021, 
from 
Sustainable 
Fisheries 
Partnership 
for 
having 
a 
biomass 
that 
is 
rated 
as 
in 
‘very 
good’ 
condition. 
The 
Antarctic 
krill 
fishery 
is 
the 
only 
reduction 
fishery 
to 
receive an "A" rating. 
Aker BioMarine has 
contributed to 
the establishment of 
the Antarctic 
Wildlife Research 
Fund (AWR), 
which exists 
to facilitate 
and promote 
Antarctic marine ecosystem research. 
Aker BioMarine 
has developed 
an ESG 
framework and 
committed to 
several 
ambitious 
2030 
and 
2050 
targets. 
Our 
environmental 
ESG 
targets concern the reduction of CO
2
 
emissions by 50% in 2030 and to 
be net 
zero in 
2050. In 
addition, we 
have set 
a target to 
be 100% 
circular 
in our principal waste streams by 2030 and to protect biodiversity and 
the 
environments 
we 
operate 
in 
by 
ensuring 
we 
retain 
top 
rated 
certification for our fisheries. 
We employ a 
tracking and reporting system 
in order to 
work towards 
progress 
on 
our 
environmental 
targets. 
In 
2021 
we 
established 
the 
Climate 
and 
Decarbonization 
Committee 
(CDC) 
that 
is 
dedicated 
to 
work 
strategically and 
tactically 
on 
our 
identified 
environmental 
hot 
spots to ensure CO
2
 
emission reduction. The committee is overseen by 
the 
executive 
management. 
The 
CO
2
 
emissions 
are 
disclosed 
in 
a 
separate section of the Annual Report. 
Aker 
BioMarine 
has 
established 
a 
circular 
solution 
company, 
called 
AION. With 
AION, the 
company’s 
own plastic 
streams and 
biological 
residue will be recycled to new products, driving the company towards 
its zero-waste 
vision. In 
addition, in 
2021 Aker 
BioMarine has 
nearly 
eliminated product 
waste through 
circular sales 
and re-purposing 
of 
traditional products. 
Aker BioMarine also 
maintains an extensive 
stakeholder collaboration 
with authorities, science institutions and environmental NGOs that are 
engaged 
in 
the 
Antarctica 
specifically, 
as 
well 
as 
the 
broader 
community, 
in 
order 
to 
position 
marine 
resources 
as 
an 
important 
component into future foods and nutrients. 
ORGANIZATION 
Driving equality and diversity through an engaged and well-respected 
workforce 
is 
a 
key 
enabler 
to 
delivering 
on 
the 
company’s 
overall 
strategy. Therefore, it is fundamental for Aker 
BioMarine to maintain a 
working 
environment 
with 
equal 
opportunities 
for 
all 
based 
on 
qualifications, 
regardless 
of 
gender, 
ethnicity, 
religion, 
age, 
sexual 
orientation, or 
disability. Aker BioMarine’s diverse workforce 
consists of 
approximately 
around 
40 
nationalities 
and 
includes 
a 
wide 
range 
of 
competencies and insights, 
which serves 
to benefit both 
customers and 
the overall business. 
Aker 
BioMarine 
seeks 
to 
promote 
diversity 
and 
prevent 
gender 
discrimination in 
the workforce through 
clear recruitment requirements 
and the development 
of individuals and programs 
that support equal 
opportunity. 
This 
means 
that 
the 
company 
is 
committed 
to 
both 
promote 
and 
pay 
employees 
fairly, 
regardless 
of 
individual 
characteristics, 
and 
that 
individuals 
with 
the 
same 
jobs, 
with 
equal 
professional 
experience, 
who 
perform 
equally 
well, 
shall 
receive 
the 
same 
pay 
in 
Aker 
BioMarine. 
Salary 
reports 
identified 
certain 
differences 
with 
respect 
to 
equal 
pay, 
and 
the 
company 
is 
currently 
making necessary adjustments to 
align the identified 
differences, and 
in 2021 
we were 
able to 
reduce the 
gap by 
3.4 % 
through the 
salary 
adjustment process. Further 
analysis is needed 
to evaluate whether any 
differences 
in 
salary are 
linked, 
directly 
or 
indirectly, 
to 
gender. 
The 
female 
ratio 
in 
middle 
management 
positions 
is 
low 
(24%) 
and 
particular 
focus 
will 
be 
placed 
on 
improving 
the 
gender 
balance 
in 
leadership positions in the years coming. 
Aker 
BioMarine 
has 
a 
low 
percentage 
of 
women 
in 
its 
fisheries 
in 
Antarctica and manufacturing in 
Houston. However, 
the company has 
a 
more 
balanced mix 
of 
women and 
men 
in 
its other, 
global offices 
where 54% are women among the 251 employees. 
In 2021, women held 
37% (2020: 26%) of the 
positions in the company. 
The share 
of 
women on 
the Board 
of 
Directors was 
40% among 
the 
shareholder-elected 
board 
members 
(2020: 
0%), 
while 
it 
was 
50% 
among the employee-elected members (2020: 50%), totaling 43%. The 
share of women in the executive management team was 40%. In total, 
Aker BioMarine had 429 
employees in 2021 (2019: 551), 
of whom 132 
employees were 
based in 
Norway (2020: 
129), 163 
in the 
US (2020: 
151), 
and 102 
employees were 
located onboard 
the vessels 
(2020: 241). 
In 
addition, Aker 
BioMarine has 
32 employees 
(2020: 29) 
located across 
seven 
different 
countries. 
The 
reason 
for 
the 
reduced 
number 
of 
employees onboard the vessels, 
is that the company 
from 2021 made 
use of contract outsourcing for parts of the crew. 
CORPORATE 
GOVERNANCE 
Aker BioMarine 
is a 
public limited 
liability company 
organized under 
Norwegian law and with 
a governance structure 
based on Norwegian 
corporate law and other regulatory requirements. 
The company's corporate 
governance model is 
designed to provide a 
foundation for long-term value creation and 
to ensure good oversight. 
Aker BioMarine 
has seven 
board members, none 
of whom are 
members 
of 
the 
company's 
management 
and 
two 
of 
whom 
are 
employee 
representatives. Three 
of the board 
members are female 
and four are 
male. 
A 
majority 
of 
the 
board 
members 
are 
independent 
of 
the 
company management 
and significant 
business partners, 
and two 
of 
the shareholder-elected board members are independent of Aker ASA. 
The Chairman is elected by the General Meeting. 
The 
Board 
of 
Aker 
BioMarine 
establishes 
the 
overall 
principles 
for 
governance and control 
in Aker BioMarine 
ASA through the 
adoption 
of 
various 
governing 
documents. 
Aker 
BioMarine 
follows 
the 
Norwegian Code of Practice 
for Corporate Governance. The 
company's 
practice 
is 
largely 
in 
accordance 
with 
these 
recommendations. 
Aker 
BioMarine 
ASA 
holds 
a 
Directors 
and 
Officers 
Liability 
Insurance 
on 
behalf of the Board of Directors and the CEO 
Reference 
is 
made 
to 
the 
Corporate 
Governance 
Report, 
which 
is 
approved by the Board of Directors. 
As of 31 
December 2021, Aker 
Capital AS held 
77.8% of the 
shares in 
Aker 
BioMarine, 
and 
the 
CEO, 
through 
his 
wholly 
owned 
subsidiary 
KMMN Invest II AS, held 1.19%. 

BOARD OF DIRECTORS’ 
REPORT
46 
EVENTS AFTER THE END OF THE 
REPORTING PERIOD 
Important 
study 
shows 
that 
krill 
oil 
significantly 
reduces 
major 
cardiovascular risk factors 
On 6 January 
2022, in a 
publication on 
JAMA network, 
leading scientists 
presented the effects of krill 
oil supplementation on 520 patients with 
severely 
high triglyceride 
levels 
in 
their 
blood (hypertriglyceridemia). 
The findings show 
that patients 
consuming the 
krill oil experienced 
a 
26.0% 
reduction 
in 
blood 
triglyceride 
levels 
from 
baseline, 
versus 
a 
15.1% 
reduction 
among the 
placebo group 
after 
12 
weeks, 
giving a 
significant treatment difference of -10.9%. After 26 weeks, the patients 
consuming 
the 
krill 
oil 
experienced 
a 
33.5% 
reduction 
in 
blood 
triglyceride levels from baseline, versus a 20.8 % 
reduction among the 
placebo group, giving a significant treatment difference of -12.7% 
Russian invasion of Ukraine 
On 24 
February 2022, Russia initiated 
an invasion 
of Ukraine 
and this 
has resulted in 
international sanctions on 
Russia. The cut 
of Russia from 
the 
SWIFT 
system 
has 
a 
direct 
impact 
on 
Aker 
BioMarine’s 
offshore 
activity as there are many crew members from Russia. As 
per now, the 
company is operating 
as normal and 
is closely monitoring 
the situation. 
The global oil- and 
fuel prices have increased significantly 
as a result of 
the situation. 
However, 
the Group’s 
exposure to 
fuel cost 
increases is 
limited due to fuel hedge positions in the period 2022-2024. 
Employee share program 
In 
March 
2022 
the 
Company 
invited 
employees 
to 
participate 
in 
an 
employee share purchase program. The program 
offers employees on 
active payroll in 
the Norwegian 
Group Companies to purchase 
ordinary 
shares in the 
Company at a 
reduced offer price. 
The main purpose 
of 
the program is to align the 
interest between the shareholders and the 
Aker 
BioMarine 
employee 
and 
encourage 
participation 
in 
the 
long-
term value creation of Aker BioMarine. 
BUSINESS OUTLOOK 
The global 
omega-3 supplement 
market is, 
according to 
Grand View 
Research, expected to grow 
at an annual compounded rate 
of around 
8% 
towards 
2026 
largely 
impacted 
by 
a 
growing 
health 
awareness 
among 
Asian 
and 
US 
consumers 
and 
the 
growth 
in 
the 
geriatric 
population, especially in developed economics. Further, krill and algae 
are 
expected 
to 
be 
the 
main 
growth 
drivers 
due 
to 
the 
declining 
availability 
of 
fish 
as 
the 
main 
ingredient. 
Aker 
BioMarine 
expects 
healthy 
demand 
in 
the 
aqua 
market 
with 
high 
omega-3 
prices, 
especially driven 
by a 
tight salmon 
supply, 
but also 
a general 
strong 
post Covid-19 recovery within most seafood species. 
Aker BioMarine will continue to expand its sales and marketing efforts 
to develop 
the company’s 
existing and new 
markets with 
prospective 
leads and new 
customers, in addition 
to further increasing 
sales among 
its current customer-base. Asia is expected 
to be an important growth 
region for 
both Superba™ 
and QRILL 
Aqua. The 
company targets 
higher 
sales in its consumer brands business in the US. 
The 
good performance 
at the 
krill oil 
plant in 
Houston 
continued in 
2021, 
and 
production 
reached 
a 
new 
all-time-high 
of 
21% 
higher 
output than in 2020. As a result of the high volumes, the company has 
sufficient safety stock of krill oil, 
and will use the opportunity 
for a 4–6-
months 
plant 
shutdown 
in 
the 
second 
half 
of 
2022 
to 
carry 
out 
upgrades, both 
related to flexibility 
in the production 
process to enable 
production of new 
product lines like 
LYSOVETA, and implementation of 
efficiency and quality enhancements. 
Aker 
BioMarine 
has 
historically 
observed 
annual 
variations 
in 
catch 
volumes, due to both weather conditions and the occurrence of krill in 
the 
various 
sub-areas 
in 
Antarctica. 
The 
company 
plans 
for 
average 
annual 
harvesting volumes 
of 
55,000 – 
60,000 
metric tons, 
although 
there will still be seasonal and operational variations from year to year. 
For the 
full year 
2022, Aker 
BioMarine targets 
a sales 
growth of between 
20-25% and Adjusted EBITDA margin of 20-25%. 
The company focus’ on 
the ongoing strategic innovation projects. 
For 
LYSOVETA, 
the 
development 
continues, 
including 
scale-up 
of 
commercial 
and 
manufacturing 
activities 
in 
the 
US, 
the 
first 
target 
market. Aker 
BioMarine aims to 
have regulatory approval 
for product 
sale 
in 
the 
US 
by 
the 
end 
of 
2022 
with 
technical 
samples 
already 
available for 
research. 
For the 
pharmaceutical sector, 
discussions are 
still 
ongoing 
for 
potential 
new 
partnerships. 
Aker 
BioMarine 
is 
also 
exploring other partnership options. 
For AION, there is an ongoing process 
to spin off the 
company that is 
expected to be concluded during first half of 2022. 
For INVI, the pilot production continues 
in providing batches for R&D 
and commercialization purposes. 
The protein launch 
plant construction 
in Norway is scheduled to start in the second quarter 
2022. 
GOING CONCERN ASSUMPTION 
Aker 
BioMarine 
had 
at 
year-end 
a 
total 
equity 
of 
USD 
370 
million, 
implying an equity 
ratio of around 50%. This 
combined with availability 
under the refinanced debt facilities, the assessment is that the entity is 
able to continue as a going concern. Therefore, pursuant to section 3-
3a of the 
Norwegian Accounting Act, the 
Board of 
Directors confirms 
that the going concern assumption, on 
which the financial statements 
have been prepared, is deemed appropriate. 
For AION, there is an ongoing process 
to spin off the 
company that is 
expected to be concluded during first half of 2022. 
For INVI, the pilot production continues 
in providing batches for R&D 
and commercialization purposes. 
The protein launch 
plant construction 
in Norway is scheduled to start in the second quarter 
2022. 

 
 
 
 
 
 
 
 
BOARD OF DIRECTORS’ 
REPORT
47 
Fornebu, 22 March 2022 
The Board of Directors and CEO of Aker BioMarine ASA 
Ola Snøve 
Board Chairman 
Kjell Inge Røkke 
Director 
Øyvind Eriksen 
Director 
Sindre Skjong 
Director, 
elected by the employees 
Lise Wiger 
Director, 
elected by the employees 
Anne Harris 
Director 
Cilia Holmes Indahl 
Director 
Matts Johansen 
CEO 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
48 
CONSOLIDATED 
STATEMENTS 
OF PROFIT OR LOSS
for the year ended December 31 
USD Thousands 
Note 
2021 
2020 
Net sales 
2 
262,062
288,588
Cost of goods sold 
12 
(174,002)
(179,010)
Gross profit 
88,060
109,578
Selling, general and administrative expense 
4 
(85,705)
(86,847)
Depreciation, amortization and impairment (non-production assets) 
9,10,11 
(19,170)
(17,125)
Other operating income 
2 
3,149
2,348
Other operating cost 
4 
-
(954)
Operating profit 
(13,666)
7,000
Financial income 
5 
21,275
16,794
Financial expenses 
5,7,18 
(15,660)
(22,827)
Net foreign exchange gain/loss 
5,18 
647
(279)
Profit (loss) before tax 
(7,404)
688
Tax expense 
8 
(604)
(6,151)
Net loss 
(8,008)
(5,463)
Earnings per share to equity holders of Aker BioMarine ASA 
25 
Basic 
(0.09)
(0.07)
Diluted 
(0.09)
(0.07)

 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
49 
CONSOLIDATED 
STATEMENTS 
OF COMPREHENSIVE INCOME
for the year ended December 31 
USD Thousands 
Note 
2021 
2020 
Net loss 
(8,008)
(5,463)
Other comprehensive income (loss) 
Defined benefit plan income gains (losses) 
4 
(21)
(79)
Total items that will not be reclassified to profit and loss 
(21)
(79)
Translation differences 
-
(11)
Change in fair value cash flow hedges 
20 
5,230
–
Total items that may be reclassified to profit and loss 
5,230
(11)
Total other comprehensive income (loss) 
5,209
(90)
Total comprehensive income (loss) 
(2,799)
(5,553)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
50 
CONSOLIDATED 
STATEMENT 
OF FINANCIAL POSITION
for the year ended December 31 
USD Thousands 
Note 
2021 
2020 
ASSETS 
Property, plant and equipment 
9,11,20 
327,852
266,556
Right-of-use assets 
18 
11,262
13,145
Intangible assets and goodwill 
10,11 
171,536
180,552
Contract cost 
2 
7,179
9,167
Derivative assets, non-current 
7,20 
-
7,743
Other non-interest-bearing non-current receivables 
20 
10
18
Investments in equity-accounted investee 
106
130
Total non-current assets 
517,945
477,311
Inventories 
12 
138,225
114,559
Trade receivable and other current assets 
13,20 
77,699
97,885
Derivative assets 
7,20 
12,486
-
Cash and cash equivalents 
14,20 
11,132
10,678
Total current assets 
239,541
223,121
Total assets 
757,486
700,432
LIABILITIES AND OWNERS' EQUITY 
Share capital 
24 
75,853
75,853
Other paid-in equity 
493,555
493,555
Total paid-in equity 
569,408
569,408
Translation differences and other reserves 
5,352
143
Retained earnings 
(204,389)
(196,380)
Total equity 
370,371
373,170
Interest-bearing debt 
15,18,20 
294,111
210,578
Derivative liabilites, non-current 
7,20 
-
8,996
Deferred tax liability 
8 
4,879
4,817
Other non-interest-bearing non-current liabilities 
16 
10,807
31,929
Total non-current liabilities 
309,797
256,319
Interest-bearing current liabilities 
15,18,20 
30,731
32,222
Accounts payable and other payables 
17,20 
46,587
38,721
Total current liabilities 
77,318
70,943
Total liabilities 
387,115
327,262
Total equity and liabilities 
757,486
700,432

 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
51 
Fornebu, 22 March 2022 
The Board of Directors and CEO of Aker BioMarine ASA 
Ola Snøve 
Board Chairman 
Kjell Inge Røkke 
Director 
Øyvind Eriksen 
Director 
Sindre Skjong 
Director, 
elected by the employees 
Lise Wiger 
Director, 
elected by the employees 
Anne Harris 
Director 
Cilia Holmes Indahl 
Director 
Matts Johansen 
CEO 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
52 
CONSOLIDATED 
STATEMENTS 
OF CASH FLOW 
for the year ended December 31 
USD Thousands 
Note 
2021 
2020 
Net loss 
(8,008)
(5,463)
Tax expenses 
8 
604
6,151
Net interest and guarantee expenses 
5 
13,658
17,861
Interest paid 
(12,799)
(30,749)
Interest received 
19
871
Taxes paid 
8 
3,317
(2,332)
Impairment charges 
11 
5,807
43
Depreciation and amortization 
9,10 
51,082
48,247
Fuel hedge and new market tax credit 
5,7,15,20 
–
(6,547)
Foreign exchange loss (gain) 
(259)
314
Change in non-current interest free asset and liabilities 
(22,374)
(29,459)
Change in inventory 
12 
(23,667)
(20,545)
Change in accounts receivable, other current receivables, accounts payable and other current 
liabilities 
(6,650)
(29,435)
Net cash flow from operating activities 
729
(51,043)
Payments for property, plant and equipment 
9 
(78,686)
(21,654)
Payments for intangibles 
10 
(2,421)
(2,055)
Proceeds from sales of property,plant and equipment 
1,906
22,012
Investments in subsidiary and associated companies 
6 
(10)
(356)
Net cash flow from investing activities 
(79,210)
(2,053)
Change in overdraft facility 
15,20 
4,192
(16,462)
New long-term debt, external 
15,20 
335,000
10,000
Instalments long-term debt, external 
15,20 
(260,277)
(93,757)
Loan from owners 
15 
–
23,000
Payments to owners 
–
(96,795)
Net repayment and issue of interest-bearing debt 
78,915
(174,014)
Capital increase 
19
224,178
Net cash flow from financing activities 
15 
78,935
50,163
Net change in cash and cash equivalents 
454
(2,933)
Cash and cash equivalents as of January 1 
14 
10,678
13,610
Cash and cash equivalents as of December 31 
14 
11,132
10,678

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
53 
CONSOLIDATED 
STATEMENTS 
OF CHANGES IN EQUITY
for the year ended December 31 
USD Thousands 
Share capital 
Share premium 
Other paid-in 
capital 
Translation and 
other reserves 
Retained 
earnings 
Total 
Balance as of December 31, 2020 
75,853
529,896
(36,341)
143
(196,380)
373,170
Balance as of January 1, 2021 
75,853
529,896
(36,341)
143
(196,380)
373,170
Net profit (loss) for the year 
-
-
-
-
(8,008)
(8,008)
Other comprehensive income (loss) 
-
-
-
5,209
-
5,209
Total comprehensive income (loss) 
-
-
-
5,209
(8,008)
(2,799)
Total transactions with owners, recognized 
directly in equity 
-
-
-
-
-
-
Balance as of December 31, 2021 
75,853
529,896
(36,341)
5,352
(204,389)
370,371

 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
54 
Note 1 – General 
Information
These consolidated financial statements are for 
the 
reporting entity 
Aker BioMarine ASA (the 
“Company”) and its subsidiaries (together, the 
“Group”)
. 
The 
Company 
is 
a 
limited liability 
company
 
domiciled 
in 
Norway
 
with 
its 
registered 
office 
at 
Oksenøyveien 10, 1366 
Lysaker, Norway
. 
The Group 
is a 
global supplier of krill-derived 
products, with a fully owned supply chain
. The 
operations of the Group spans from harvesting 
krill in the Antarctica with vessels 
owned by the 
Group, 
includes 
distribution 
world-wide 
from 
Uruguay, and further processing 
of the krill into 
oil-products in the United States. 
These 
consolidated 
financial 
statements 
were 
authorized for issue by 
the Board of 
Directors’ 
and 
the 
CEO 
on 
March 
22, 
2022. 
The 
consolidated 
financial 
statements 
will 
be 
submitted to 
Aker BioMarine’s 
annual General 
Assembly on April 20, 2022 for final approval. 
Basis for preparation 
The 
consolidated 
financial 
statements 
have 
been prepared in 
accordance with IFRS and 
the 
IFRS 
Interpretations 
Committee 
(IFRIC) 
interpretations 
as 
approved 
by 
the 
IASB 
and 
adopted by 
the 
EU 
as 
of 
December 
31, 
2021. 
The 
consolidated financial 
statements of 
Aker 
BioMarine AS
 
have been prepared 
on a 
going 
concern 
basis 
under 
the 
historical 
cost 
convention, 
except 
as 
otherwise 
described 
in 
the sections below where fair 
value is required 
for 
derivatives 
and 
contingent 
consideration. 
Certain comparative figures 
may be reclassified 
to conform to the presentation adopted in 
the 
current year. 
In 
these 
consolidated 
financial 
statements 
amounts 
have 
been 
rounded 
to 
the 
nearest 
thousand 
USD, 
unless 
otherwise stated. 
As 
a 
result 
of 
rounding 
differences, 
amounts 
may 
not add up to the total. 
Covid-19 impacts 
Covid-19 has continued to negatively 
affect the 
Group’s operations throughout 2021, 
but not 
to 
the 
same 
extent 
as 
in 
2020. 
In 
particular 
the 
offshore operations where the 
risk of Covid-19 
in 
such 
an 
isolated, 
confined 
and 
remote 
environment 
increases 
significantly. 
Throughout the year the Group’s management 
has 
actively 
promoted 
vaccination 
campaigns 
and booster shots which enabled the Group to 
move 
from 
a 
preventive 
strategy, 
to 
a 
more 
preparedness 
stance 
as 
society 
learn 
to 
live 
with 
the 
virus 
and 
its 
effects. 
The 
alignment 
between 
our 
requirements 
and 
those 
set 
by 
Governments and 
Local Authorities 
continues 
to be challenging to 
navigate though we have 
always 
complied 
with 
these 
as 
a 
minimum 
standard and ensured the safety of our staff to 
the 
best 
of 
our 
abilities. 
Travel 
has 
been 
restricted 
in 
2021 
with 
only 
business 
critical 
activities being authorised and for the majority 
of the year home 
office has been 
implemented. 
The 
Group 
has 
a 
robust 
communication 
and 
support system which has 
matured throughout 
2021 and we have 
‘stepped up’ 
to take care 
of 
colleagues all around the world; an example of 
this 
is 
opening 
a 
mental 
health 
hotline 
and 
running workshops 
with medical 
doctors who 
completed 
Q 
& 
A 
sessions 
for 
Global 
teams. 
These initiates 
have 
created 
a great 
cohesion 
across 
the 
organisation 
and 
have 
improved 
general working conditions, trust and empathy 
for 
each 
other. 
We 
anticipate 
further 
lock 
downs 
in 
2022 
due 
to 
the 
potential 
for 
new 
variants 
to 
be 
identified, 
however 
we 
remain 
agile, 
motivated 
and 
in 
a 
good 
state 
of 
preparedness, rather than exhausted 
from 2021 
we are more resilient to take the learning 
from 
2021 into 2022 and beyond. 
Summary of Group accounting policies 
Accounting 
policies 
that 
relate 
to 
the 
consolidated financial 
statements in 
general are 
set 
out 
below, 
while 
the 
accounting 
policies 
related to 
specific assets, 
liabilities or 
financial 
statements 
line 
items 
are 
included 
in 
the 
corresponding note 
disclosure. All 
accounting 
policies 
have 
been 
consistently 
applied 
to 
all 
the years presented, except for the accounting 
policies related to 
leasing agreements. IFRS 
16 
Leases 
was implemented as of 
January 1, 2019. 
See Note 18 for additional information. 
Functional and presentation currency 
Transactions 
recorded 
in 
the 
financial 
statements of 
each 
subsidiary are 
done 
in 
its 
functional currency, 
i.e. the 
currency that 
best 
reflects the 
primary economic 
environment in 
which 
the 
entity 
operates. 
The 
consolidated 
financial statements 
are presented in 
US Dollars 
(“USD”), 
which 
is 
the 
Group’s 
presentation 
currency 
as 
the 
Group’s 
cash 
flow 
and 
economic returns 
are principally 
denominated 
in USD 
and is 
the functional 
currency of 
each 
key 
subsidiary. 
The functional 
currency of 
the 
parent company 
Aker BioMarine ASA
 
is USD. 
Foreign 
currency 
transactions 
are 
translated 
into the functional 
currency using the 
exchange 
rates prevailing at the date of each transaction. 
Receivables, 
liabilities 
and 
other 
monetary 
items in 
foreign currencies 
are 
translated into 
the entity’s functional currency at 
the exchange 
rates 
on 
the 
balance 
sheet 
date. 
Foreign 
currency 
exchange 
gains 
or 
losses 
resulting 
from 
such 
transactions 
are 
recognized 
in 
the 
consolidated statement of profit or loss. 
Consolidation 
Subsidiaries 
are 
all 
entities 
over 
which 
the 
Group has control. 
The Group 
controls an 
entity 
where the Group is 
exposed to, or 
has rights to, 
variable returns 
from its 
involvement with 
the 
entity and has the ability 
to affect those returns 
through its power to direct the activities of 
the 
entity. Subsidiaries 
are fully 
consolidated from 
the date on which 
control is transferred 
to the 
Group. 
Subsidiaries 
are 
deconsolidated 
from 
the date that control ceases. 
The 
Group 
uses 
the 
acquisition 
method 
of 
accounting 
to 
account 
for 
business 
combinations. 
The 
consideration 
transferred 
for the 
acquisition of 
a subsidiary undertaking 
is the 
fair values 
of the 
assets transferred 
and 
the liabilities 
incurred by 
the Group, 
including 
those 
from 
any 
contingent 
consideration 
arrangement. 
Acquisition-related 
costs 
are 
expensed 
as 
incurred. 
Identifiable 
assets 
acquired and liabilities 
and contingent 
liabilities 
assumed 
in 
a 
business 
combination 
are 
measured 
initially 
at 
their 
fair 
value 
at 
the 
acquisition 
date. 
The 
excess 
of 
the 
consideration 
transferred, 
the 
amount 
of 
any 
non-controlling interest in 
the acquiree and 
the 
acquisition 
date 
fair 
value 
of 
any 
previous 
equity 
interest 
in 
the 
acquiree 
over 
the 
fair 
value 
of 
the 
Group’s 
share 
of 
the identifiable 
net assets acquired is recognized as goodwill. 
An acquisition 
of a 
group of 
assets that 
does 
not constitute a business 
is accounted for as an 
asset 
acquisition 
in 
accordance 
with 
the 
applicable IFRS accounting standards. 
Inter-company 
transactions, 
balances 
and 
unrealized 
gains 
and 
losses 
on 
transactions 
between 
Group 
companies 
are 
eliminated. 
Accounting policies of subsidiary undertakings 
have been changed where necessary to ensure 
consistency 
with 
the 
accounting 
policies 
adopted by the Group. 

 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
55 
Critical accounting estimates and significant 
judgments 
The 
preparation 
of 
consolidated 
financial 
statements 
in 
conformity 
with 
IFRS 
requires 
management 
to 
make 
estimates 
and 
assumptions that 
affect the 
reported amounts 
of revenue, expenses, assets and liabilities. The 
estimates 
and 
judgments 
are 
based 
on 
historical 
experience 
and 
other 
factors, 
including expectations of future events 
that are 
believed 
to 
be 
reasonable, 
and 
constitute 
management’s 
best 
judgment 
at 
the 
date 
of 
the 
consolidated 
financial 
statements. 
In 
the 
future, 
actual 
results 
may 
differ 
from 
those 
estimates. 
Where 
appropriate, 
present 
values 
are 
calculated 
using 
discount 
rates 
reflecting 
the 
currency 
and 
maturity 
of 
the 
items 
being 
valued. Further details of 
critical estimates and 
significant judgments are set out in the related 
notes to the consolidated financial statements. 
The critical estimates that 
have a significant risk 
of 
resulting 
in 
a 
material 
adjustment 
to 
the 
carrying amounts of assets and liabilities within 
the next financial year results relate to: 
●
Technical assessments when estimating 
the useful life of the Group’s vessels and 
machinery (see Note 9), 
●
Estimating the recoverable amount of the 
tangible and intangible assets, goodwill 
and RoU (no explained) assets allocated 
to the Krill cash generating unit when 
conducting impairment tests (see Note 
10 and 11). 
●
Measurement of the fair value of the 
contingent consideration based on 
management’s judgements related to the 
probability of meeting earn-out targets 
related to the acquisition of Lang during 
2019 (see Note 16), 
●
Allocation of production cost between 
products produced in the Ingredients 
segment (see Note 12) 
●
The significant judgements that 
management has made in the process of 
applying the entity’s accounting policies 
and that have the most significant effect 
on the amounts recognized in the 
financial statements relate to: 
●
Expenses included as part of the indirect 
production costs capitalized as a part of 
the inventory and the measurement of 
the krill- based products held as 
Inventories at year end (see Note 12), 
●
Recognition and measurement of 
expenditure on vessels and machinery 
included in 
Property, plant and 
equipment
 
(see Note 9) 
Changes in accounting policies and new 
pronouncements 
There are no 
changes in 
the accounting 
policies 
for 
the 
consolidated 
financial 
statements 
for 
the 
year 
ending 
December 
31, 
2021 
as 
compared 
to 
the 
accounting 
policies 
for 
the 
2020 
reporting 
year. 
The 
new 
IFRS 
standards 
applicable 
for 
reporting 
periods 
on 
or 
after 
January 1, 2021 adopted 
by the Group have not 
had a material impact for 
the Group’s 
financial 
reporting. 
None 
of 
the 
issued, 
not 
yet 
effective 
IFRS 
standards, 
amendments to 
such 
standards 
or 
IFRIC 
interpretations 
are 
expected 
to 
have 
significant 
effects 
for 
the 
Group’s 
financial 
reporting. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
56 
Note 2 – Revenue and Other income 
Revenue 
represents 
amounts 
recoverable 
primarily 
from 
the 
sale 
of 
Qrill™ branded 
ingredients, or 
Krill oil 
during the 
year, 
used either 
in 
the 
feed 
industry 
or 
within 
human 
health 
and 
nutrition. 
Lang, 
the 
distributor of private labels within the Brands segment operates within 
the 
human 
health 
and 
nutrition 
markets 
but 
also 
sells 
other 
natural 
supplements 
in 
addition 
to 
Krill 
oil. 
The 
Group’s 
main 
performance 
obligation is related 
to the 
delivery of 
agreed volumes 
of the 
above-
mentioned 
products. 
Some 
customers 
have 
longer 
term 
frame 
agreements, agreeing the 
prices of the 
product per MT/KG, but 
all sales 
are 
based 
on 
individual purchase 
orders detailing 
the 
volume 
to 
be 
delivered at a certain point in time, at a designated location. 
The 
Group 
recognizes 
as 
revenue 
the 
agreed 
transaction 
price 
in 
a 
contract 
with 
a 
customer 
at 
the 
time 
when 
the 
Group 
transfers 
the 
control 
of 
a 
distinct 
product 
or 
service 
to 
the 
customer. 
Ordinary 
purchase orders 
are normally 
the contracts 
with the 
customer which 
create 
enforceable 
rights 
and 
obligations. 
Volume 
discounts 
are 
the 
dominant 
sales 
incentives 
used 
by 
Aker 
BioMarine. 
These 
discounts 
may have 
prospective or 
retrospective 
effect. Volume 
discounts with 
retrospective 
effect 
are 
systematically 
accrued 
and 
recognized 
as 
reduction 
of 
revenue 
based 
on 
the 
best 
estimate 
of 
the 
amounts 
potentially due to the customer. 
Under IFRS 
15 the 
Group’s 
revenue from 
sale of 
Krill oil 
and Qrill™ 
is 
recognized at a point in time, when the customer obtains control over 
the goods. Control is transferred to the 
customer according to agreed 
delivery terms, which 
is based 
on standardized 
contract templates 
as 
published by the International Chamber of Commerce (set forth in the 
Incoterms 2010). All sales are conducted using F-terms (delivery terms 
where the 
risk and 
responsibility for 
any cost 
of 
transport, insurance 
etc. 
are 
transferred 
to 
the 
buyer 
when 
the 
goods 
are 
on 
board 
the 
vessel/truck) or C-terms (delivery 
terms where seller pays 
the costs and 
freight to bring the goods to the port of destination), meaning the risk 
is transferred upon handing the goods over to 
the carrier engaged by 
either the customer or Group, respectively. 
The main performance 
obligations for the 
Group are related to the 
sale 
of 
goods 
of 
specified 
amounts 
and 
quality 
to 
customers. 
For 
a 
significant part of the sales, 
the Group organizes and pays for shipping 
of the 
goods (C-terms). 
The Group 
has assessed 
that for 
these sales, 
there are two 
performance obligations, and that the 
Group acts as an 
agent 
for 
the 
shipping 
services. 
As 
a 
result, 
shipping 
revenue 
and 
related 
shipping 
costs 
are 
netted 
in 
the 
consolidated 
statement 
of 
profit 
or 
loss. 
The 
shipping 
commission 
for 
transport 
of 
goods 
is 
considered 
by 
the 
Group 
to 
be 
immaterial 
and 
further, 
the 
Group's 
delivery obligation is 
satisfied at 
the same 
time as 
the control 
of the 
goods 
is 
transferred 
to 
the 
customers. 
Consequently, 
the 
shipping 
commission is not separated from the revenues of sale of goods. 
The 
goods 
are 
sold 
with 
standard 
warranties 
that 
the 
goods 
sold 
comply with agreed upon specification and condition. The Group does 
not 
have 
any 
significant 
obligations 
for 
returns 
or 
refunds, 
and 
any 
warranties would be accounted for using IAS 37 
Provisions, contingent 
liabilities and contingent assets
. 
Payment terms 
are usually 
between 30-60 
days. The 
Group does 
not 
have any contracts with a significant financing component. 
The 
introduction of 
Lang 
in the 
Group 
in 
2019 did 
not 
result in 
any 
significant new interpretations 
or changes in 
the application of IFRS 
15. 
Like the Krill 
oil and Qrill™ 
products in the 
ingredients segment, Lang 
sells private 
label supplements and 
recognizes revenues 
at a 
point in 
time, 
predominantly in 
the US 
market 
applying the 
same 
criteria for 
transfer of control as described previously. 
Geographical allocation of revenue 
Revenues from sale of 
products 
USD Thousands 
2021 
2020 
Norway 
22,938 
20,758 
EMEA 
54,009 
35,301 
Americas 
138,554 
146,862 
Asia Pacific 
46,561 
85,668 
Total 
262,062 
288,588 
During 
the 
reporting 
periods 
the 
Group 
has 
had 
one 
customer 
exceeding 12,6% 
of Net 
sales. In 
2021, 
10% of 
the Net 
sales was 
towards 
this 
customer. 
The revenue 
from this 
customer is 
attributable to 
the 
Ingredients segment. The Group’s 
three largest customers 
in terms of 
revenue 
accounted 
for 
32.8% 
of 
the 
revenue 
in 
2021 
(2020: 
24.6%). 
North America is the Group’s largest 
market which accounted for USD 
130.7 million of total Net sales (2020: USD) 139.3 million. 
Assets and liabilities related to contracts with customers 
The Group has 
recognized an incremental 
cost of obtaining 
customer 
contracts, 
which 
the 
Group 
expects 
to 
recover. 
The 
USD 
10 
million 
addition in 
2020 relates 
to a 
success fee 
paid 
upon completion 
of 
a 
significant 
contract 
in 
the 
Brands 
segment. 
The 
contract 
cost 
is 
amortized over 5 
years. The 
carried amount 
as of 
31 December 
2021 
was USD 7.2 
million. The Group expects 
to recover this cost 
from future 
sales and the Group 
would not have incurred these 
incremental costs if 
a certain contract had not been obtained. 
Liabilities with 
customers is 
USD 0.1 
million as 
of 31 
December 2021 
(2020: 
USD 
0.5 
million), 
the 
liabilities 
relate 
to 
prepayments 
from 
customers. 
The timing of revenue recognition, billings and cash collections results 
in 
billed 
trade 
receivables 
(Note 
13 
and 
20) 
and 
prepayments 
from 
customers 
(contract 
liabilities). 
Prepayments 
up 
front 
is 
common 
practice to reduce price risk for new customers. 
Other operating income comprise of the following: 
 
Other income 
USD Thousands 
2021 
2020 
Gain from sale of fixed asset 
429 
1,307 
Insurance refund 
Other 
2,720 
141 
Total 
3,149 
2,348 
In 
September 
2021 
the 
supply 
vessel 
La 
Manche 
was 
sold 
with 
a 
transaction price of USD 1.8 
million. This resulted in a gain 
of USD 0.4 
million. Other consist of the rebalancing effects from the fuel hedge. 
In 
April 
2020 
the 
vessel 
Juvel 
was 
sold 
as 
a 
whitefish 
trawler 
with 
transaction price 
USD 20.5 
million. This 
resulted in 
a gain 
of USD 
1.3 
million, partly reflecting lower removal cost than initially estimated. 

 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
57 
Note 3 – Operating segments and adjusted 
EBITDA 
The 
Group 
discloses 
segment 
information 
and 
identifies 
reportable 
segments 
in 
accordance 
with 
IFRS 
8 
Operating 
Segments
. 
IFRS 
8 
requires management to report segment information according to the 
organization 
and 
reporting 
structure 
used 
by 
the 
chief 
operating 
decision maker (CODM). The 
Group defines the 
CODM as the Executive 
Management Team (EMT) and the CEO. 
The 
Group’s 
operations 
have 
historically 
occurred 
in 
one 
reportable 
segment 
with 
the 
production 
and 
sale 
of 
krill 
products. 
This 
is 
the 
Ingredients business segment. 
Following the acquisition of 
Lang on 
1 
March 2019, the 
Group has two 
reportable segments. The production 
and sale of krill products remains the same, but with Lang there is now 
a 
distribution 
segment, 
the 
Brands 
business. 
The 
two 
segments 
are 
operated and managed separately, 
and financial results are 
measured 
and reported on 
a stand-alone basis 
for the two 
operating segments. 
The key financial metric that 
management uses for decision making is 
Adjusted EBITDA. 
In the 
‘Adjustments’ 
column transactions 
between the 
two segments 
are 
eliminated 
as 
well 
as 
group 
adjustments 
in 
relation 
to 
financial 
items (such 
as changes 
in earn-outs) 
and depreciation 
and amortization 
on group assets such as customer lists acquired in a transaction. 
The 
Ingredients 
business 
consists 
of 
offshore 
harvesting 
and 
production 
activities, 
the 
logistical 
operations 
and 
the 
onshore 
manufacturing and sale of krill oil products 
globally to distributors and 
feed producers. This segment sells the products Krill oil and Krill Meal. 
This was 
the Group’s core business 
and only 
identified segment 
up until 
the acquisition of Lang on 1 March 2019. 
The Brands segment is the 
human consumption distribution business. 
As 
of 
31 
December 
2021, 
the 
Brands segment 
comprises 
the 
group 
legal 
entities 
Lang 
Pharma 
Nutrition 
LLC 
(Lang), 
Epion 
Brands 
LLC 
(Epion) 
and 
the 
holding 
company 
New 
Ride 
LLC. 
Lang 
acquires 
raw 
materials 
derived 
from 
krill, 
fish 
and 
plants. 
These 
raw 
materials 
are 
then processed and 
packaged, labeled and 
sold to 
retailers in the 
US 
market. The Brands segment sells the products under 
the brand name 
Qrill
TM
 
Pet and other brand names. 
Recognition 
and 
measurement 
applied 
to 
the 
segment 
reporting 
is 
consistent with the 
accounting principles applied when 
preparing the 
financial statements. 
Transactions between segments 
are conducted 
on 
market terms and conditions. The geographical 
distribution of revenue 
is 
presented 
in 
Note 
2. 
This 
is 
not 
part 
of 
the 
monthly/ 
bi-monthly 
segment reporting 
to management. 
Segment financial 
information is 
given in the tables below for the years 2021 and 2020. 
Operating segments 2021: 
USD Thousands 
Ingredients 
Brands 
Adjustments 
Total 
Net sales 
169,565 
110,371 
(17,874) 
262,062 
Operating profit 
(12,598) 
188 
(1,257) 
(13,667) 
Net financial 
items 
(12,615) 
(2,665) 
21,542 
6,261 
Tax expense 
1,197 
(1,801) 
– 
(604) 
Net profit (loss) 
(24,016) 
(4,278) 
20,285 
(8,009) 
Depreciation, 
amortization 
and impairment 
(note 9) 
54,894 
2,012 
(15) 
56,891 
EBITDA 
42,297 
2,200 
(1,272) 
43,225 
Adjusted 
46,017 
2,500 
(572) 
47,945 
Balance sheet items 
Property, plant 
and 
equipment 
327,497 
355 
– 
327,852 
Right to use 
asset (leasing) 
10,818 
444 
– 
11,262 
Intangible 
108,178 
2,628 
60,730 
171,536 
Cash and cash 
equivalents 
5,920 
5,212 
– 
11,132 
Interest-
bearing debt 
(324,842) 
– 
– 
(324,842) 
Inventory 
104,207 
39,415 
(5,397) 
138,225 
Net interest 
free asset and 
liabilities 
80,079 
6,346 
(51,218) 
35,207 
Total equity 
311,857 
54,400 
4,111 
370,371 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
58 
Operating segments 2020: 
USD Thousands 
Ingredients 
Brands 
Adjustments 
Total 
Net sales 
198,398 
104,416 
(14,226) 
288,588 
Operating profit 
14,590 
(2,808) 
(4,782) 
7,000 
Net financial 
items 
(12,337) 
(652) 
6,677 
(6,312) 
Tax expense 
(2,811) 
(3,340) 
– 
(6,151) 
Net profit (loss) 
(557) 
(6,801) 
1,895 
(5,463) 
Depreciation, 
44,772 
261 
4,610 
49,643 
EBITDA 
59,362 
(2,547) 
(172) 
56,643 
Adjusted 
63,809 
14,469 
(172) 
78,106 
Balance sheet items 
Property, plant 
and 
equipment 
266,248 
308 
– 
266,556 
Right to use 
asset (leasing) 
12,561 
584 
– 
13,145 
Intangible 
114,617 
2,132 
63,803 
180,552 
Cash and cash 
equivalents 
7,774 
2,903 
– 
10,678 
Interest-
bearing debt 
(179,879) 
(65,770) 
2,850 
(242,799) 
Inventory 
80,502 
36,729 
(2,672) 
114,559 
Net interest 
free asset and 
liabilities 
72,146 
10,639 
(52,304) 
30,480 
Total equity 
373,968 
(12,475) 
11,677 
373,170 
Adjusted EBITDA 
The 
Executive 
Management 
Team 
(EMT) 
evaluates 
the 
performance 
based on 
Adjusted EBITDA. 
This metric 
is defined 
as operating 
profit 
before depreciation, 
amortization, write-downs and impairments, 
and 
special operating items. Special 
operating items include gains 
or losses 
on sale of assets, if material, restructuring expenses and other material 
items which 
are not 
primarily related 
to the 
period in 
which they 
are 
recognized 
or 
special 
in 
nature 
compared 
to 
ordinary 
operational 
income 
or 
expenses. 
See 
description of 
the 
Alternative 
Performance 
Measures (APM) attached to the consolidated financial statement. 
The EMT has provided 
the following information at 
December 31, 2021 
and 2020: 
USD Thousands 
2021 
2020 
Krill oil 
163,805 
105,847 
Krill meal 
83,106 
82,877 
Qrill™ Pet and other products 
15,350 
99,863 
Other income 
3,149 
2,348 
Total revenue and other income 
265,410 
290,936 
Total operating expenses before 
depreciation, amortization and 
impairment 
(222,186) 
(234,292) 
Special operating items 
4,720 
21,462 
Adjusted EBITDA 
47,944 
78,106 
The following table reconciles Adjusted EBITDA to Net loss in the 
consolidated statements of profit or loss. 
USD Thousands 
2021 
2020 
Net loss 
(8,008) 
(5,463) 
Tax expense 
604 
6,151 
Financial income 
(21,275) 
(16,794) 
Financial expenses 
15,660 
22,827 
Net foreign exchange gain/loss 
(647) 
279 
Operating profit 
(13,666) 
7,000 
Depreciation, amortization and 
impairment 
56,891 
49,644 
EBITDA 
43,225 
56,644 
Special operating items 
4,720 
21,462 
Adjusted EBITDA 
47,944 
78,106 
The following table reconciles Special operating items. 
USD Thousands 
2021 
2020 
Juvel gain and operating cost 
- 
690 
Restructuring/Legal costs 
(3,612) 
- 
Kori national brand US launch 
- 
(17,016) 
Oslo Børs listing 
(1,108) 
(2,155) 
Charter cost 
- 
(1,519) 
Crew cost 
- 
(1,462) 
Special operating items 
(4,720) 
(21,462) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
59 
Note 4 – Selling, General & Administration 
expenses and Other operating cost 
The presentation of 
operating expenses in 
the consolidated statements 
of profit or 
loss is based 
on function of 
the expenses. Production and 
operating 
expenses 
are 
recognized 
in 
the 
same 
period 
as 
the 
corresponding revenue from 
sale of product is 
recognized. Salaries and 
payroll expenses not 
related to production, sales 
and distribution 
costs, 
and other general 
and administrative costs 
are recognized when 
they 
occur or when the Group has a liability for future expenses. 
Production 
and operating expenses allocated to product is presented within Note 
12 Inventories. 
Selling, General and Administrative expenses consists of: 
Year ended 31 December, 
USD Thousands 
2021 
2020 
Sales and Distribution Costs 
(63,568) 
(65,735) 
Research and Development 
(2,955) 
(3,905) 
Administrative Costs 
(19,182) 
(17,206) 
Total 
(85,705) 
(86,847) 
Sales and Distribution 
costs are all 
costs related to 
selling, marketing, 
and distributing and storing the goods world-wide. 
Research and Development costs 
represent the Innovation department 
where 
ongoing 
studies 
within 
the 
application 
and 
use 
of 
krill 
as 
an 
ingredient both for human and for animal feed is being expensed. The 
department also 
works on 
early phase 
product development, 
finding 
new 
application 
for 
the 
raw 
material, 
and 
bringing 
this 
out 
to 
the 
market. 
Administrative costs represent the head office 
costs which includes the 
management 
group, 
finance, 
and 
Transformation 
(sustainability, 
strategy and IT), providing services to the entire Group. 
Government grants 
During 2021 the Group received grants of USD 0.68 million (2020: USD 
0.5 
million). 
The 
grants 
are 
partly 
included 
in 
the 
Research 
and 
Development and partly 
‘Asset under construction’ to 
net the costs 
that 
the grants 
are intended 
to compensate. 
There are 
not any 
unfulfilled 
conditions or other contingencies on 
these grants. The Group 
did not 
benefit directly from any other forms of government assistance. 
Salary specification by function 
The 
below 
schedule 
describes 
the 
total 
salary 
costs 
of 
the 
Group. 
Salaries from the 
onshore and offshore 
part of the 
Group is allocated 
to 
inventory, 
as 
presented 
in 
Note 
12. 
Selling, 
general 
and 
administrative salaries specifies the salary part of the total expenses of 
USD 85.7 
million (2020: 
USD 86.8 
million), as 
also presented 
within Note 
4. 
Salary specification by function 
Year ended 31 December, 
USD Thousands 
2021 
2020 
Offshore - inventoriable 
(27,197) 
(25,178) 
Onshore - inventoriable 
(12,426) 
(9,382) 
Selling, general and administrative 
(31,998) 
(30,651) 
Juvel - Other operating income/(cost), net 
– 
(180) 
Total 
(71,621) 
(65,390) 
Number of employees at year-end 
589 
551 
Full time Equivalent 
568 
549 
Total salary cost comprises of the following: 
Year ended 31 December, 
USD Thousands 
2021 
2020 
Salaries 
(61,808) 
(54,963) 
Employer's social security contribution 
(1,065) 
(3,359) 
Pension expenses 
(1,917) 
(1,512) 
Other benefits 
(6,831) 
(5,556) 
Total 
(71,621) 
(65,390) 
Pension plans 
The 
Group 
has a 
defined contribution 
plan that 
cover 
all employees 
except one employee 
who has a 
defined benefit plan. 
The plans 
comply 
with 
laws 
and 
regulations 
set 
forth 
in 
the 
different 
countries 
of 
operations. At the end of the year the 
defined benefit obligations were 
USD 0.6 million 
and the assets 
were USD 0.4 
million. The fair 
value of 
the net 
obligation has been 
calculated using an 
appropriate discount 
rate. 
During 
the 
year 
the 
Group 
expensed 
USD 
0.05 
million, 
net 
of 
settlements and 
curtailment, on 
the defined 
benefit plan 
(2020: 0.05 
million), 
and 
USD 
1.9 
million 
for 
the 
contribution 
plan 
(2020: 
1.5 
million). In 
addition, USD 
0.02 million 
related to 
changes in 
actuarial 
assumptions is 
expensed in 
other comprehensive 
income (2020: 
USD 
0.1 million loss). 
Remuneration to the Group auditors (excluding VAT): 
KPMG is the Group auditor of Aker BioMarine 
ASA. The following table 
shows the fees to the appointed 
auditors for 2021 and 2020. For both 
categories the reported fee is the recognized expense for the year. 
Year ended 31 December, 
USD Thousands 
2021 
2020 
Audit fees 
(264) 
(333) 
Other audit and attestation services 
(132) 
(74) 
Fees for tax services 
- 
- 
Total 
(396) 
(407) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
60 
Note 5 – Financial income and expenses 
Financial income 
comprises interest 
income 
on 
financial investments 
and foreign exchange gains recognized in the 
consolidated statement 
of 
profit 
or 
loss. 
Financial 
expenses 
include 
interest 
expense 
and 
guarantee fees. 
Year ended 31 December, 
USD Thousands 
2021 
2020 
Interest income, bank deposits 
21 
53 
Interest income loans and receivables 
(amortized cost) 
- 
823 
Other financial income 
21,255 
15,918 
Total financial income 
21,276 
16,794 
Interest expense on financial liabilities at 
amortized cost 
(13,678) 
(18,737) 
Other financial expenses 
(1,982) 
(4,091) 
Total financial expenses 
(15,660) 
(22,827) 
Foreign exchange gains/losses net 
647 
(279) 
Net financial expenses 
6,262 
(6,312) 
Other 
financial 
income 
in 
2021 
includes 
a 
negative 
fair 
value 
adjustment of contingent consideration of 
USD 21.3 million, 
see Note 
16. 
Other financial expenses include provision 
paid to DNB/GIEK as well as 
a guarantee fee for Aker ASA. 
Capitalized borrowing costs 
During the reporting periods the 
group has taken 
delivery of the new 
supply 
vessel 
Antarctic 
Provider 
and 
refinanced 
the 
interest-bearing 
debt. 
Borrowing 
and 
refinancing 
costs 
have 
been 
capitalized. 
The 
applied interest rate is the CIRR (Commercial 
Interest Reference Rates). 
USD Thousands 
2020 
2021 
Endurance 
Provider 
734 
– 
Refinancing - 
New Bank Syndicate 
– 
1,892 
Total 
734 
1,892 
Note 6 – Asset acquisition and business combinations 
During 2021 and 2020 there has been no material business combinations or asset acquisitions. 
Note 7 – Derivatives 
Year ended 31 December, 
USD Thousands 
2021 
2020 
Fuel hedge contracts assets 
12,486 
7,743 
Fuel hedge contracts liabilities 
– 
(8,996) 
Total 
12,486 
(1,253) 
In June 2020 the Group entered into a hedge contract for hedging risk related to variances in the fuel 
price. See Note 20 for 
further description of the derivative. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
61 
Note 8 – Income tax 
The Group is 
headquartered in Norway 
and pays taxes 
according to the 
rates applicable in 
the countries and states 
in which it 
operates. Most 
taxes are recorded in the statement of profit or loss and relate to taxes 
payable for the reporting period (current 
tax), but also deferred 
taxes. 
Deferred 
tax 
is 
calculated 
based 
on 
the 
differences 
between 
the 
accounting value and tax value of assets and liabilities at the reporting 
period date using the applicable tax rate. 
The major components of 
income tax expense for the 
years ended 31 
December 2021 and 2020 are: 
Reconciliation of nominal statutory tax rate to effective tax rate: 
USD Thousands 
Year ended 31 December, 
2021 
2020 
Profit (loss) before tax 
(7,404) 
688 
Calculated income tax at statutory rate of 
22% 
1,629 
(151) 
Tax differential Norway and abroad 
183 
(630) 
Unrecognized change in deferred tax 
assets 
6,877 
(5,497) 
Permanent differences 
(497) 
272 
Currency translation and other 
(1,392) 
(144) 
Total tax expense 
(604) 
(6,151) 
Effective tax rate 
8% 
-894% 
* The Group files its tax return in NOK 
Deferred tax assets comprise: 
USD Thousands 
Year ended 31 December, 
2021 
2020 
Property, plant and equipment and 
intangible assets 
(12,644) 
(12,531) 
Inventory 
1,510 
736 
Tax losses carried forward 
66,962 
59,054 
Interest rate deductability carry forward 
11,050 
11,867 
Other 
37 
40 
Deferred tax assets 
66,915 
59,166 
Unrecognized deferred tax assets 
(71,794) 
(63,983) 
Recognized deferred tax liabilities 
(4,879) 
(4,817) 
Current income tax expenses relate 
to subsidiaries in US (24% 
Federal 
tax rate) and 
Australia (30%). There 
were no changes 
in corporate tax 
rates in these countries 
over 2020 and 2021. 
In Norway the corporate 
tax rate 
was reduced 
from 23% 
to 22% 
in 2019 
and is 
unchanged in 
2021. The recognized deferred tax liability of USD 4.9 million relates to 
the entities in the US. 
The movement in deferred tax assets from USD 64.0 million in 2020 to 
USD 71.8 
million in 
2021 is 
mainly due 
to increase 
in taxable 
losses, 
interests 
where 
deductibility 
has 
been 
denied, 
and 
temporary 
differences related to the Group’s fixed and intangible assets. 
Based 
on 
the 
historical 
losses 
of 
the 
Group, 
it 
was 
concluded 
that 
deferred 
tax 
assets 
could 
not 
be 
recognized 
in 
the 
consolidated 
statement of financial position as of 31 December 2021 or 2020. 
Of the Group’s tax losses carried 
forward, USD 2.0 
million was in 
the US 
subsidiary Aker BioMarine Manufacturing 
LLC, whereas 
the remaining 
tax 
loss 
carried 
forward 
was 
with 
Aker 
BioMarine 
ASA 
and 
Aker 
BioMarine Antarctic AS, both Norwegian legal entities. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
62 
Note 9 – Property, plant and equipment 
Property, plant and equipment are 
recorded at cost, less any accumulated 
depreciation and any accumulated impairment losses. Depreciation is 
recognized on 
a straight-line 
basis over 
the estimated 
useful lives 
of each 
major component 
of property, 
plant and 
equipment. Assets 
under 
construction are not depreciated until the items are available for use as intended by management. 
Expenditures to replace a component of 
property, plant and equipment are 
capitalized if it is probable that 
future economic benefits associated 
with the asset will 
flow to the Group and 
the costs can be measured 
reliably. Gains and losses are recognized 
upon asset de-recognition. The 
costs 
of 
consumables 
used, 
and 
day-to-day 
maintenance 
of 
property, 
plant 
and 
equipment 
are 
expensed 
as 
incurred. 
Costs 
incurred 
for 
major 
inspections and overhauls or to improve a vessel’s operating efficiency, functionality or safety are capitalized. 
 
Movements in property, plant and equipment in 2021 
USD Thousands 
Vessels, 
transportation 
Asset under 
Buildings 
 
equipment, etc 
Machinery 
construction 
and Land 
Total 
Acquisition cost as of 1 January, 2021 
206,606 
157,337 
12,481 
18,623 
395,047 
Investments 
6,683 
6,360 
65,463 
180 
78,686 
Sale of vessel 
(1,374) 
(507) 
– 
– 
(1,881) 
Asset retirements 
– 
17 
– 
17 
Other reclassifications 
1)
73,534 
(7) 
(52,336) 
– 
21,191 
Acquisition cost as of 31 December, 2021 
285,449 
163,200 
25,608 
18,803 
493,060 
Acc. depreciation and impairment as of 1 January, 
2021 
(69,699) 
(52,883) 
(2,655) 
(3,255) 
(128,491) 
Depreciation for the year 
(18,886) 
(15,860) 
– 
(557) 
(35,303) 
Impairment 
(1,812) 
– 
– 
(271) 
(2,083) 
Asset retirements 
– 
(17) 
– 
– 
(17) 
Other reclassifications 
1)
609 
77 
– 
– 
686 
Acc. depreciation and impairment as of 31 
December, 2021 
(89,788) 
(68,682) 
(2,655) 
(4,083) 
(165,208) 
Book value as of 31 December, 2021 
195,661 
94,517 
22,953 
14,720 
327,852 
Depreciation period 
 
10-30 years 
 
3-20 years 
 
30-50 years 
Depreciation method 
Straight-line 
 
Straight-line 
 
Straight-line 
1) Net Other reclassifications include reclassifications 
payments related to construction of a new charter vessel 
from Asset under construction to prepayment. 
See Note 
13-Trade receivable 
and other current assets. 
Major inspections of vessels are performed on a 
regular basis as required by the 
classification society, such as Det 
Norske Veritas and according 
to laws 
and regulations. 
The costs 
of 
such inspections 
are, 
including replacement 
spares and 
labor costs, 
capitalized and 
amortized over 
the 
average expected life between major 
inspections. All other costs 
relating to maintenance of 
vessels is charged to the 
statement of profit or 
loss 
on consumption or as incurred. 
Assets that will be disposed, which are classified as held-for-sale, are reported at the lower 
of their book value and their fair value less cost to sell. 
Depreciation of vessels is included in the cost of inventory conversion (see Note 12). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
63 
Movements in property, plant and equipment in 
2020 
USD Thousands 
Vessels, 
transportation 
Asset under 
Buildings 
 
equipment, etc 
Machinery 
construction 
and Land 
2)
Total 
Acquisition cost as of 1 January, 2020 
215,303 
134,009 
41,222 
18,559 
409,092 
Investments 
4,145 
7,088 
10,355 
66 
21,654 
Investments from merger & acquisition 
– 
(26,336) 
– 
(26,336) 
Asset retirements 
(1,535) 
(2,793) 
(2) 
(4,330) 
Other reclassifications 
1)
(11,307) 
19,033 
(12,760) 
(5,034) 
Acquisition cost as of 31 December, 2020 
206,606 
157,337 
12,481 
18,623 
395,046 
Acc. depreciation and impairment as of 1 January, 2020 
(59,404) 
(36,312) 
(8,555) 
(2,454) 
(106,726) 
Depreciation for the year 
(15,751) 
(14,571) 
– 
(554) 
(30,875) 
Impairment 
(1,150) 
– 
– 
(246) 
(1,396) 
Other reclassifications 
1)
5,071 
(4,324) 
– 
– 
747 
Acc. depreciation and impairment as of 31 December, 
(69,699) 
(52,883) 
(2,655) 
(3,254) 
(128,490) 
Book value as of 31 December, 2020 
136,907 
104,454 
9,826 
15,369 
266,556 
Depreciation period 
 
10-30 years 
 
3-20 years 
 
30-50 years 
Depreciation method 
Straight-line 
 
Straight-line 
 
Straight-line 
1) Net Other reclassifications include reclassifications 
of fishing licenses related to Juvel and payments 
related to construction of a new charter vessel 
from Asset 
under construction to Intangible assets and prepayment, 
respectively. See Note 
11-Impairment and Note 13-Trade 
receivable and other current assets. 
2) Hereof USD 1.5 million related to Land 
Reconciliation depreciation and amortization 
USD Thousands 
2021 
2020 
Depreciation for the year of Property, plant & equipment 
(35,303) 
(30,875) 
Impairment Property, plant & equipment 
(2,083) 
(1,396) 
Amortization for the year of Intangible assets 
(11,936) 
(10,157) 
Amortization for the year of Contract cost 
(833) 
(833) 
Leasing (ROU) depreciation 
(5,563) 
(6,381) 
Total 
(55,718) 
(49,643) 
Depreciation and amortization related to production assets and 
included in cost to inventory 
(37,721) 
(32,518) 
Depreciation and amortization related to other assets 
(19,170) 
(17,125) 
The Group’s total 
depreciation, amortization, and impairment is presented in the above schedule. As compared to the consolidated statement of 
profit or loss the USD 19.2 million (2020: 
USD 17.1 million) relates to depreciation and amortization of assets not directly 
used in the production 
of goods, and therefore recognized as depreciation, amortization and impairment in the statement of profit or loss. 
Other assets primarily consist 
of 
the 
customer 
portfolios 
recognized 
following 
the 
business 
combinations 
/ 
asset 
acquisitions 
of 
Lang, 
Neptune 
and 
Enzymotec, 
and 
the 
impairment of customer portfolios 
and trademarks. Inventoriable 
depreciation mainly consists 
of the Group’s operating harvesting vessels 
and the 
manufacturing plant in Houston, Texas, amounting to USD 37.7 million (2020: 32.5 million). 
Investments in 2021: 
In February 2021, 
the subsidiary Aker 
BioMarine Antarctic 
AS took 
delivery of 
the supply 
vessel, the 
Antarctic Provider. 
Antarctic Provider 
was 
delivered at the 
CIMC Raffles yard 
in Yantai, 
China 5 February 2021 
and was operational 
from the second 
quarter 2021. The 
vessel replaced La 
Manche, the Group’s 
previous supply vessel. 
Compared with 
La Manche, Antarctic 
Provider offers 
several improvements and 
efficiencies to the 
Group’s offshore operation and is expected to generate savings for the years to come. 
Total project purchase price amounted to USD 75.0 million 
which was 80% debt financed, including a facility tranche from GIEK and Export Credit Norway. 
In addition to the investment in Antarctic Provider, the Group has had its annual shipyard in Q4-21 where all the vessels were upgraded. Shipyard 
expenses amounted to USD 6.1 million in 2021. 

 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
64 
Asset retirements in 2021: 
In October 2021, the Group sold its 
old supply vessel La Manche for USD 1.7 
million to Avsar Gemi Sokum Sanayii Ltd. During the 
year the vessels 
book value was adjusted down to its selling price, net of fees and proceeds payable to ship brokers. 
After the impairment 
in Q2-21 the 
sale resulted in 
a gain of USD 
0.4m in Q3-21 
which has been 
recognized under ‘Other 
income’ in the 
Condensed 
consolidated statements of profit or loss. 
See Note 18 Leasing of right-of-use assets. 
The increase in depreciation of fixed asset from 2020 to 2021 is mainly related to the inclusion of the service vessel Antarctic Provider in February 
2021. 
As of 31 December 2021, the Group has USD 10 million in commitments for further investments in property, plant and equipment (2020: USD 50 
million). For details on mortgages and pledging of security, see Note 15. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
65 
Note 10 – Goodwill and Intangible Assets
Intangible assets, acquired 
individually or 
as a group, 
are recognized at 
fair value when 
acquired. Intangible 
assets with finite 
useful lives are 
carried 
at cost less accumulated 
amortization, recognized on a straight-line basis 
over their estimated 
useful lives, and accumulated 
impairment losses. 
The estimated 
useful life 
and amortization 
method are 
reviewed at 
the end 
of each 
reporting period, 
and assets 
are tested 
for impairment 
if 
impairment indicators exist. 
Intangible assets acquired 
in a business 
combination are recognized 
at fair value 
separately from 
goodwill when they 
arise from contractual 
or 
legal rights or can be 
separated from the acquired 
entity and sold or transferred. 
Intangible assets with indefinite useful 
lives are carried at 
cost 
less accumulated impairment losses. These assets are not amortized, but are tested for impairment annually, and more 
frequently if indicators of 
possible impairment are observed, in accordance with IAS 36. 
Goodwill 
Goodwill arises on the acquisition 
of subsidiaries and represents 
the excess of 
the consideration transferred over the 
Group’s 
interest in net 
fair 
value of 
the net 
identifiable assets, 
liabilities and 
contingent liabilities 
of the 
acquiree and 
the fair 
value of 
the non-controlling 
interest in 
the 
acquiree. 
Goodwill 
is 
not 
amortized, and 
thus 
tested 
for 
impairment 
annually, 
and 
more 
frequently 
if 
indicators 
of 
possible impairment 
are 
observed. Goodwill is allocated to the cash generating units ("CGU"), which are expected to benefit from synergies of the combination. Each unit 
to which goodwill is allocated 
represents the lowest level within the 
Group at which goodwill is 
monitored for internal management purposes 
and 
reporting. 
Intangible assets 
Development
Expenditures for research activities performed to gain new scientific, technical or other knowledge are expensed 
when incurred. Development 
expenditures are capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, 
future economic benefits probable and the Group intends to and has adequate resources to complete development and to use or sell the asset. 
The amount capitalized includes the cost of materials and direct attributable expenses. Additions to development in 2021 include the capital 
expenditures on AION technology platform as well as INVI protein and other development projects. 
License agreements
License agreements acquired separately are measured at cost. Following initial recognition, the Group’s license agreements are recorded less any 
accumulated amortization and impairment losses. The license relates to the Group’s technology to extract purified krill oil at the facility in 
Houston, Texas. 
Fishing License
One of the Group’s fishing licenses is recognized at USD 10.5 million. The license relates to krill fishery in the Southern Ocean and will remain in 
the Group’s possession if all applicable requirements are met, and as such they are determined to have an indefinite life. 
Customer relation
Customer relation (customer contracts) were acquired as part of business combinations recognized at fair value. Following initial recognition, the 
customer relations are recorded less any accumulated amortization and impairment losses. In 2017, 2018 and 2019 the Group was part 
of 
business combinations where customer relations where part of the transaction. 
Trademark
Trademark are intangible assets with indefinite useful lives that are not amortized but carried at cost less accumulated impairment losses. The 
trademarks include NKO and KREAL. 
Movements in intangible assets and goodwill for 2021: 
USD Thousands 
Goodwill 
Development 
License 
agreements 
Fishing license 
Customer 
relation 
Trademark 
Total 
Acquisition cost as of 1 
January, 2021 
94,612 
5,318 
2,396 
10,500 
91,650 
5,675 
210,151 
Acquisition 
– 
2,921 
– 
– 
– 
– 
2,921 
Acquisition cost as of 31 
December, 2021 
94,612 
8,239 
2,396 
10,500 
91,650 
5,675 
213,072 
Amortization and impairment 
losses as of 1 January, 2021 
– 
(5,245) 
(959) 
– 
(23,395) 
– 
(29,599) 
Amortization for the year 
– 
(44) 
(532) 
– 
(10,461) 
(900) 
(11,936) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
66 
Reclassifications 
– 
(5,289) 
(1,491) 
– 
(33,855) 
(900) 
(41,535) 
Amortization and impairment 
losses as of 31 December, 
2021 
– 
(5,289) 
(1,491) 
– 
(33,855) 
(900) 
(41,535) 
Book value as of 31 
December, 2021 
94,612 
2,949 
906 
10,500 
57,795 
4,775 
171,536 
Amortization period 
 
5-10 years 
 
10-12 years 
7-10 years 
Amortization method 
Straight-line 
Straight-line 
Straight-line 
Movements in intangible assets for 2020: 
USD Thousands 
Goodwill 
Development 
License 
agreements 
Fishing license 
Customer 
relation 
Trademark 
Total 
Acquisition cost as of 1 
January, 2020 
94,557 
5,318 
2,396 
10,500 
91,293 
5,675 
209,739 
Additions - external cost 
55 
55 
Acquisition Lang 
– 
– 
– 
357 
– 
357 
Acquisition cost as of 31 
December, 2020 
94,612 
5,318 
2,396 
10,500 
91,650 
5,675 
210,151 
Amortization and impairment 
losses as of 1 January, 2020 
– 
(5,245) 
(578) 
– 
(13,619) 
– 
(19,442) 
Amortization for the year 
– 
– 
(532) 
– 
(9,625) 
– 
(10,157) 
Reclassifications 
– 
– 
151 
– 
(151) 
– 
– 
Amortization and impairment 
losses as of 31 December, 
2020 
– 
(5,245) 
(959) 
– 
(23,395) 
– 
(29,599) 
Book value as of 31 
December, 2020 
94,612 
73 
1,437 
10,500 
68,255 
5,675 
180,552 
Amortization period 
 
5-10 years 
 
10-12 years 
7-10 years 
Amortization method 
Straight-line 
Straight-line 
Straight-line 
Reclassified from asset under construction in property, plant and equipment, see Note 9 Property, plant and equipment. 
Segment allocation of goodwill and intangible assets: 
USD 
Thousands 
 
Goodwill * 
 
Development 
 
License 
 
Fishing license 
 
Customer relation 
 
Trademark 
Segment 
2021 
2020 
2021 
2020 
2021 
2020 
2021 
2020 
2021 
2020 
2021 
2020 
Ingredients 
66,402 
86,456 
2,377 
73 
906 
1,437 
10,500 
10,500 
24,588 
68,255 
4,775 
5,675 
Brands 
28,210 
8,156 
572 
 
- 
 
- 
 
- 
 
- 
 
- 
33,207 
 
- 
 
- 
 
- 
Total 
94,612 
94,612 
2,949 
73 
906 
1,437 
10,500 
10,500 
57,795 
68,255 
4,775 
5,675 
* in 2021 the Group revised the internal allocation 
of goodwill and intangible assets between the 2 segments 

 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
67 
Note 11 – Impairment assessment
Property, 
plant 
and 
equipment, 
RoU 
assets, 
intangible 
assets 
and 
goodwill 
are 
reviewed 
for 
impairment 
whenever 
events 
or 
changes 
in 
circumstances indicate that the 
carrying amount 
may not be recoverable, 
in accordance with IAS 
36 Impairment of Assets. Goodwill 
and intangible 
assets with 
indefinite life 
are required 
to be 
tested for 
impairment annually, 
in addition 
to any 
tests required 
when impairment 
indicators are 
determined to be present. 
When a Cash Generating Unit (CGU), the smallest 
identifiable group of assets that generates cash 
inflows that are largely independent from other 
assets or groups of assets, or an asset 
is tested for impairment, the recoverable amount 
is estimated as the higher of 
the CGU’s fair value less cost 
of disposal, or its value in 
use. The carrying amount is not recoverable if it 
exceeds the recoverable amount. An impairment loss is 
recognized in 
the amount that the carrying value exceeds its recoverable amount. Losses are reversed in the event 
of a subsequent increase in the recoverable 
amount of an impaired asset, however, impairment of goodwill is not reversed. 
Identification 
of 
CGU's 
involves 
judgment, 
considering 
if 
an 
active 
market 
exists 
for 
the 
output 
produced 
by 
an 
asset 
or 
group 
of 
assets, 
independent cash inflows as well as how management monitors the Group's 
operations or how management makes decisions about 
continuing 
or disposing of the Group's assets and operations. Based 
on a thorough analysis, a CGU for goodwill impairment testing 
is assessed to be the krill 
business as 
a whole (the 
"Ingredients" segment) 
as the offshore 
harvesting and 
production, the logistical 
operation and 
the onshore manufacturing 
and sale 
of krill 
oil products 
globally to 
distributors and 
feed producers 
form an 
integrated value 
chain where 
no independent 
prices for 
the 
intermediate 
products exist. 
This is 
also the 
level at 
which management 
monitors, makes 
strategies, operates, 
allocates resources 
and makes 
decisions 
on 
acquisitions, 
continuation 
or 
disposals. 
The 
other 
identified 
CGU 
for 
impairment 
testing 
is 
the 
"Brands" 
segment, 
the 
human 
consumption distribution business which comprises of 
Lang and Epion. Lang acquires 
products derived from krill, 
fish and plants and 
packages, 
labels and sells the products onwards to retailers in the US market. 
Indicators that could trigger an impairment test includes such conditions as significant underperformance in sales volumes or margins relative to 
historical or 
projected 
results, 
significant changes 
in 
the Group's 
planned use 
of 
the assets, 
obsolescence or 
physical damage 
of 
an asset 
or 
significant negative industry or economic trends. 
Fair 
value 
may be 
estimated based 
on recent 
transactions on 
comparable assets. 
Calculation of 
the value 
in use 
of 
an asset 
or CGU 
involves 
estimating the future cash inflows and outflows to be derived from continuing use of the asset/CGU and from its ultimate disposal. 
Impairment 
losses are 
only 
reversed 
to 
the 
extent 
that 
the 
asset’s 
carrying value 
does 
not 
exceed 
the 
carrying value 
that 
would 
have 
been 
determined, net of depreciation, if no impairment had been recognized. 
Goodwill Impairment testing 
Mandatory annual tests for impairment are performed for CGUs 
with allocated goodwill or assets with indefinite useful 
life, and for assets/CGUs 
where impairment indicators 
have been identified. 
Impairment tests are 
performed on 
Ingredients and Brands 
(both CGUs with 
allocated goodwill). 
The impairment test of the Ingredient segment also includes a fishing license and trademark assets with indefinite useful life. 
Main assumptions for the value-in-use calculation: 
The Group updates its 
Group Business Plan for 
the next five years 
on an annual basis. 
The purpose of the 
Group Business Plan process is 
to set 
overall goals 
for the 
business and 
defining the 
steps necessary 
to achieve 
these goals. 
The plan 
facilitates the 
strategic planning 
process and 
provides the 
Board of 
Directors/Executive Management with 
a structure 
to monitor 
progress towards these 
goals. It 
is a 
result of 
a bottom-up 
involvement of the organization, and the key 
goals and objectives are in turn communicated to the 
broader organization to set the direction for 
departments and employees. 
The Group 
Business Plan 
uses sensitivities 
and scenarios 
to analyze and 
understand how 
changes in 
one or 
more internal/external variables 
impacts 
the future of the 
group’s financials. 
Scenario planning and sensitivity analysis provides a 
rational and structured way to 
analyze the impact from 
altering key variables such as sales units, prices and timing, production volumes, 
COGS etc. The scenarios and sensitivities are used by the Board 
of Directors/Executive Management to measure and manage the risk profile. 
The discount rates used reflect the 
current market assessment of the risks specific 
to each CGU and are estimated based on the weighted average 
cost of capital. The discount rate is 
estimated based on a weighted average of equity 
return requirements and expected costs of debt, assuming 
a 
projected debt-to-equity ratio of 1. The basis for the discount rate is a risk-free interest rate set at 10 years US government bonds, and the credit 
risk premium has been 
set equal to the 
credit spread (compared to 
government bonds) for US 
corporate bonds with credit rating 
B. The Group 
has used different discount rates for the Ingredients CGU and the Brands CGU to reflect the different market operations. 

 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
68 
Climate risk has been assessed when performing the value-in-use calculation, primarily in the Ingredients CGU. Any climate 
change affecting the 
krill biomass with regards to availability and nutrients composition could significantly impact the harvesting. In addition, ice and general weather 
conditions could 
create 
operational difficulties. 
In 
the 
value-in-use 
calculations 
the 
normal 
production 
capacity 
of 
krill 
meal 
considers 
these 
uncertainties. 
Ingredients (CGU): 
Projected cash flows are based on management’s best estimates and the business plan for the ingredients segment for the subsequent five years 
period. The estimates are 
based on detailed forecast 
prepared by the 
various departments in the 
ingredients segment. For subsequent 
periods, 
the model 
is based 
on an 
estimated terminal 
growth. In 
the forecast 
for the 
period 2022-2025, 
revenue projections 
are based 
on agreements 
entered into, actual historical prices along with 
management’s evaluation of the potential for new agreements. The estimated operating 
margin is 
in accordance with management`s forecast 
which is based 
on the scalability in 
the business model. As 
approximately 65 percent 
of the Group’s 
operating expenses are fixed 
costs (in line with IAS2), 
increased sales levels will 
contribute to higher operating 
margins. Future product pricing 
has 
as per the 
above been based 
on historical prices and 
managements expectation with regards 
to new arrangements. 
The Group expects 
slightly 
lower krill oil sales prices as well 
as a moderate increase in the 
krill meal sales prices in the forecast 
period, compared to the sales price 
levels in 
2021. Sales volumes has been modelled to follow the production targets, however lagging as to allow for building and maintaining safety-stock. 
In the 
Ingredients impairment 
model the forecast 
period is 2022-2025. 
At the 
end of 
the forecast 
period there is 
an extrapolation 
period from 
2026-2030 (as no detailed budget is prepared after 2025). In the extrapolation period growth has been set to 5%. The discount rate is based on a 
WACC of 10% and in the terminal value it is assumed a long-term annual growth equal to 2%. 
Capital expenditure is based on 
the long-term technical and operations 
program and firm commitments. 
It is also assumed that 
the vessels will be 
replaced upon end of the assumed useful life. 
Brands (CGU) 
Projected cash 
flows are 
based on 
management’s best 
estimates and 
the business 
plan for 
the Brands 
segment for 
the subsequent 
five years 
period. The estimates are based on 
detailed forecast prepared by management in 
Lang and Epion. For subsequent 
periods, the model is based 
on 
an estimated terminal 
growth, that 
is not exceeding 
the growth for 
the products, industry 
or country 
(US) in which 
the CGU operates. 
In the forecast 
for the period 2022-2025, 
revenue projections are based on 
agreements entered into, actual historical 
prices along with management’s evaluation 
of the potential for new agreements. The estimated operating margin is in accordance with management`s forecast. 
In the Brands impairment model the 
forecast period is 2022-2025. At the 
end of the forecast period there 
is an extrapolation period from 2026-
2030. In the extrapolation period growth has been set to 5%. The discount rate is based on a WACC of 8% and in the terminal value it is assumed 
a long-term annual growth 
equal to 2%. Given the 
reduced asset specific risk 
that the Brands segment 
represents as well as lower 
observed WACC 
from a benchmark study, a Damodaran discount rate of 5.9% seems reasonable as a starting point when assessing the value in use of the Brands 
asset. To adjust 
higher borrowing rates in the Group, as well as 
a slightly higher risk profile of 
Brands compared to some of the peers, 
a prudent 
discount rate is set to 8% for the Brands segment. 
Segment 
 
WACC post-tax 
 
WACC pre-tax* 
2021 
2020 
2021 
2020 
Ingredients 
10.0 % 
10.0 % 
11.6 % 
12.8 % 
Brands 
8.0 % 
10.0 % 
11.5 % 
14.3 % 
* The pre-tax discount rate is the discount rate without tax charge in the cash flow yielding the same recoverable amount 
Sensitivities - impact of possible changes in key assumptions: 
Ingredients (CGU) 
The sensitivities of the 
value in use 
has been tested by 
using simulations of 
various combinations of discount 
rates, terminal value growth, 
changes 
in vessel production 
volumes, sales price, 
krill production and 
-sales in addition 
to fuel cost 
and EBITDA. 
The CGU’s 
value in use 
is significantly 
higher than the carrying amount. No reasonable possible 
change in any of the key assumptions would cause the unit’s recoverable amount to be 
lower than the carrying value. 
Brands (CGU) 
The sensitivities of the value 
in use has been tested 
by using simulations of various 
combinations of discount rates, terminal 
value growth, sales 
and EBITDA. 

 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
69 
The CGU’s value in use is 
significantly higher than the 
carrying amount. 
No reasonable possible 
change in any of 
the key assumptions would 
cause 
the unit’s recoverable amount to be lower than the carrying value. 
Intangible assets impairment testing: 
For customer 
relations cash 
inflows can 
be monitored 
at a 
lower level 
than the 
identified CGUs 
for goodwill 
impairment testing. 
During 2021, 
Management determined that there was 
an impairment indicator due to declining sale 
to certain customers included as 
an intangible asset under 
Customer 
relation. 
The 
recoverable amount 
of 
the 
customer relation 
was determined 
using 
a 
multi-period excess 
earnings 
method 
and 
was 
determined to be 
lower than the 
carrying 
value, resulting in 
an impairment 
of USD 0.9m 
for the customer 
relations and USD 
0.9m on 
the trademark. 
All other intangible assets have been assessed for impairment with the conclusion that the value in use is higher than the book value. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
70 
Note 12 – Inventories
Inventories are measured at the lower of cost and net 
realizable value. 
The 
cost 
of 
finished 
goods 
and 
raw 
material 
and 
goods 
under 
production comprises the costs 
of raw materials, direct labor 
and other 
direct costs, and related production overheads. Indirect 
costs allocated 
to inventories, include 
salaries, depreciation and 
certain other directly 
attributable operating expenses. 
The Group allocate cost 
of inventories 
using a weighted average cost formula. 
Net realizable value is 
the estimated selling 
price in the ordinary 
course 
of business less 
the estimated costs 
of completion and 
the estimated 
costs 
necessary to 
make 
the 
sale. 
The 
impairment 
from 
cost 
to 
net 
realizable 
value 
is 
recognized 
in 
‘Cost 
of 
goods 
sold’ 
in 
the 
Consolidated statement of Profit or loss. 
Ingredients: 
The production of 
krill derived products in 
the Ingredients segment is 
highly complex in several 
stages. First, the raw 
krill is harvested in the 
Southern Ocean using 
Eco-Harvesting. Then the raw 
krill is processed 
into krill meal and raw krill oil onboard the vessels. These products are 
subsequently 
shipped 
to 
the 
logistics 
hub 
in 
Montevideo, 
Uruguay. 
From Uruguay the meal 
is sent to feed 
customers or to the 
Group’s krill 
oil facility 
in Houston 
where krill 
oil is 
extracted from 
the meal. 
After 
the oil extraction 
the Group has 
a low fat/ 
high protein krill 
meal and 
krill oil, where krill oil 
is the main product. 
As part of the reprocessing 
of krill oil the 
Group get a neutral 
oil that can be 
blended into krill oil 
or used as ingredient into other applications. The low fat/ high protein 
krill meal is currently sold to 
feed customers. In future production 
this 
meal will 
be used 
as an ingredient 
to the Group’s novel 
protein product. 
At the 
start of the 
2021 fishing season 
in November 
2020, the Group 
changed 
its 
cost 
allocation 
method 
based 
on 
an 
assessment 
that 
producing 
food 
grade 
krill 
meal 
for 
further 
processing 
(and 
new 
applications 
such 
as 
Protein/INVI 
and 
LYSOVETA) 
require 
more 
offshore 
search 
activity 
and 
increased 
logistics 
costs 
which 
was 
not 
recognized under the previous volume 
allocation method. Based on 
an 
internal 
assessment, 
producing 
food 
grade 
krill 
meal 
for 
further 
processing 
is 
approximately 
10% 
more 
expensive 
than 
regular 
feed 
grade krill meal. Following this 
improved allocation method, additional 
cost was allocated to the 
production of krill oil, implying 
lower margins 
on future sale of krill oil, with corresponding improved margins on krill 
meal 
sale. 
As a 
continuation of 
the policy 
harmonization, 
the 
Group 
amended its 
allocation policy 
between Qrill 
Aqua and 
Qrill Pet, to 
better 
reflect the actual production 
cost of Qrill Pet. The 
underlying reason for 
the 
change 
increased 
packaging 
and 
logistics 
cost 
for 
Qrill 
Pet 
compared to Qrill Aqua. 
Brands: 
In the Brands segment raw materials and goods under production and 
finished goods 
inventory include 
processing cost 
incurred by 
the Group 
from outside manufacturing service providers. 
Inventory balances 
as of 31 
December 2021 
and 2020 are 
shown below: 
Year ended 31 
USD Thousands 
2021 
2020 
Raw materials and goods under production 
24,401 
24,195 
Finished goods 
113,825 
90,364 
Total 
138,225 
114,559 
Cost of inventories recognized at net 
realizable value 
37,210 
34,417 
Carrying value of inventories recognized at 
net realizable value 
30,346 
29,569 
Write-down of inventories recognized 
towards net change in inventories in the 
period* 
(6,864) 
(4,848) 
Carrying value of inventories pledged as 
security 
138,225 
79,382 
*) Includes weight corrections, replacements to 
customers and obsolesence 
The inventory balance 
as of 31 
December 2021 is 
pledged as security 
and is included in the book value of assets pledged as 
security, please 
refer to Note 15. 
Movements in inventory during the year comprise of: 
USD Thousands 
Ingredients 
Brand 
Elim 
2021 
Inventory at 1 January 
2021 
80,502 
36,729 
(2,672) 
114,559 
Acquired inventory for sale 
– 
84,395 
(19,381) 
65,014 
Production value 
169,830 
169,830 
Cost of goods sold 
(108,987) 
(81,709) 
16,694 
(174,002) 
Consumption and other 
changes 
(37,175) 
– 
– 
(37,175) 
Elimination of internal profit 
in inventory 
– 
– 
– 
Change in spare parts 
inventory 
– 
– 
– 
Inventory at 31 December 
2021 
104,170 
39,415 
(5,359) 
138,225 
Net change in inventories 2021 – reconciliation 
Net change in inventories - reconciliation 
2021 
Cost of goods sold before elimination of internal sales 
and internal profit 
(190,696) 
Produced inventory 
169,830 
Acquired inventory 
84,395 
Rework, consumptions and obsolete 
(37,175) 
Elimination of internal profit on stock 
(2,687) 
Net change in inventories 
23,667 
Cost of goods sold before elimination of internal sales 
and internal profit 
(190,696) 
Elimination of cost of internal sales 
16,694 
Cost of goods sold recognized in Profit and Loss 
(174,002) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
71 
Movements in inventory during 2020: 
USD Thousands 
Ingredients 
Brand 
Elim 
2020 
Inventory at 1 January 
2020 
60,147 
37,078 
(2,500) 
94,725 
Acquired inventory for sale 
81,998 
81,998 
Production value 
157,394 
157,394 
Cost of goods sold 
(115,490) 
(81,840) 
(197,330) 
Other changes 1) 
(21,718) 
(21,718) 
Elimination of internal 
profit in inventory 
(507) 
(172) 
(679) 
Change in spare parts 
inventory 
169 
169 
Inventory at 31 
December 2020 
80,502 
36,729 
(2,672) 
114,559 
1) Including USD 24 million in consumption and rework and 
USD 2 million in 
obsolete and other 
Net change in inventories 2020 – reconciliation 
Net change in inventories - reconciliation 
2020 
Cost of goods sold before elimination of internal sales 
and internal profit 
(197,330) 
Produced inventory 
157,394 
Acquired inventory 
81,998 
Changes sparepart inventory 
169 
Rework, consumptions and obsolete 
(21,718) 
Elimination of internal profit on stock 
(679) 
Net change in inventories 
19,834 
Cost of goods sold before elimination of internal sales 
and internal profit 
(197,330) 
Elimination of cost of internal sales 
18,999 
Elimination of internal profit on stock 
(679) 
Cost of goods sold recognized in Profit and Loss 
(179,010) 
The total production value of goods manufactured in the years 2021 
and 2020 can be specified as follows: 
Year ended 31 December 
USD Thousands 
2021 
2020 
Salaries 
(35,731) 
(34,559) 
Direct Production 
(7,924) 
(10,150) 
Fuel 
(17,169) 
(19,185) 
Consumables 
(4,157) 
(4,307) 
R&M 
(6,735) 
(2,541) 
Other 
(15,325) 
(14,832) 
Nutra Freight 
(2,335) 
(2,567) 
Capsulation 
(4,904) 
(3,611) 
Contract manufacturing 
(706) 
(5,995) 
Depreciation 
(37,706) 
(32,518) 
Consumption of krill raw materials 
(38,897) 
(27,129) 
Total costs allocated to inventory 
(171,589) 
(157,394) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
72 
Note 13 – Trade 
receivable and other current 
assets 
USD Thousands 
2021 
2020 
Accounts receivable 
50,311 
53,723 
Prepaid expenses 
17,296 
33,775 
Other current receivables 
10,092 
10,387 
Total 
77,699 
97,885 
The change in 
prepayments relates 
mainly to the 
delivery of Antarctic 
Provider that was 
classified as prepayment 
as of 31.12.2020. 
In addition, 
stock of fuel, packing material and other equipment related to the operation of the vessels and 
the factory in Houston is included as prepayment. 
Note 14 – Cash and cash equivalents 
Cash and cash equivalents in the consolidated statement of financial position and statement of cash flow comprise cash at banks, including 
restricted deposits, and cash on hand. 
USD Thousands 
2021 
2020 
Cash and bank deposits 
9,147 
9,094 
Restricted bank deposits 
1,985 
1,584 
Cash and cash equivalents 
11,132 
10,678 
Highly liquid derivative assets 
12,486 
– 
Cash and cash equivalents including options 
23,618 
10,678 
Restricted bank deposits relate to 
employee tax withholdings used to settle tax remittances 
with the tax authorities on a periodic basis. 
As of 31 
December 2021, the Group had drawn 
USD 16.9 million (2020: USD 
12.6 million) out of a total of USD 
40.0 million available in an 
overdraft facility. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
73 
Note 15 – Interest bearing debt
The Group recognizes interest-bearing debt initially at 
fair value, net of 
transaction 
costs 
incurred. 
Subsequently, 
the 
debt 
is 
carried 
at 
amortized 
cost. 
Any 
difference 
between 
the 
proceeds 
(net 
of 
transaction 
costs) 
and 
the 
redemption 
value 
is 
recognized 
in 
the 
consolidated statements 
of profit 
or loss 
over the 
period of 
the debt 
using the effective interest method. 
Year ended 31 December, 
USD Thousands 
2021 
2020 
Non-current liabilities 
Secured bank loans 
285,320 
203,010 
Non-current NOK-denominated loan from 
Antarctic Harvesting Holding AS 
1,334 
1,334 
Leasing liabilities 
7,457 
6,234 
Book value total interest-bearing non-
current liabilities 
294,111 
210,578 
Current liabilities 
Current portion of secured loans 
9,419 
12,010 
Overdraft facilities 
16,864 
12,673 
Leasing liabilities 
4,448 
7,539 
Book value total interest-bearing current 
liabilities 
30,731 
32,222 
Book value total interest-bearing 
liabilities 
324,841 
242,799 
Total interest-bearing 
debt was at USD 324.8 million, including IFRS 16 
leasing commitments 
of USD 11.9 
million as 
of 31 December 
2021. Cash 
amounted to 
USD 11.1 
million, implying 
net interest-bearing 
debt of 
USD 313.7 
million, up 
from USD 
232.1 million 
same period 
last year. 
The increase 
is mainly 
due to 
the inclusion 
of 
the Antarctic 
Provider 
loan facility 
in 2021. 
Total 
available liquidity 
as of 
31 December 
2021 
was 
USD 
106.3 
million 
(cash 
and 
available 
amounts 
under 
the 
debt 
facilities). 
The company 
signed and 
executed its 
new financing 
structure with 
a 
bank 
group 
consisting 
of 
DNB 
Bank, 
Cooperative 
Rabobank 
and 
Nordea 
Bank. 
The 
new 
facility 
has 
a 
more 
favorable 
structure 
with 
increased 
flexibility 
on 
covenants, 
dividends, 
and 
indebtedness. 
The 
amortization profile is changed 
as a result of moving 
from several term 
loans into a larger 
corporate revolving credit facility 
(RCF) and only one 
term loan for 
the Endurance vessel. For 
fourth quarter 2021 (and year 
2021) the company is compliant with the loan Covenants. 
 
Terms and debt repayment schedule per 31.12.2021: 
USD 
Thousands 
Year of 
maturity 
Loan 
Currency 
Nominal interest rate 
Instalments 
Secured bank loan - Bank syndicate 
USD 
86,629 
3,13 % (fixed) 
2031 
Quarterly 
Secured loan - Bank syndicate 
USD 
208,109 
SOFR + margin 
1) 
2024 
In full upon termination 
Antarctic Harvesting Holding AS 
NOK 
1,334 
7.0% 
- 
- 
Overdraft facility with DNB 
USD 
16,865 
NOWA+0,13% yearly 
framework agreement 
provision 
2) 
n/a 
n/a 
Leasing financing 
NOK/USD 
11,904 
6.4 - 7.3% 
< 2026 
Monthly 
1) SOFR 
Secured Overnight Financing Rate 
2) NOWA 
Norwegian Overnight Weighted Average 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
74 
The following table displays debt secured by mortgaged assets: 
Debt secured mortgage assets: 
Year ended 31 December, 
USD Thousands 
2021 
2020 
Secured bank loans 
294,739 
215,020 
Other secured debt 
Overdraft facility 
16,864 
12,673 
Total secured debt 
311,603 
227,693 
Book value of assets pledged as 
security 
Operating assets 
721,127 
563,752 
Asset pledged as security per company as of 31 December 2021: 
USD 
Thousands 
Group 
total 
Antarctic 
AS 
AKBM 
US 
Holding 
AKBM 
Manufact
uring 
New 
Ride 
Lang 
Ships/Rigs 
195,139 
195,139 
Customers 
43,189 
27,935 
15,254 
Shares 
239,284 
96,706 
89,659 
 
52,919 
Inventory 
112,034 
75,893 
36,141 
Other assets 
131,481 
77,271 
53,901 
309 
Total 
721,127 
472,944 
89,659 
53,901 
52,919 
51,704 
The following table reconciles the movements in liabilities to cash flow from financing activities in 2021: 
USD Thousands 
Secured bank 
loans 
Proceeds from 
owner 
Long term 
Lease 
Bank overdraft 
Short term 
lease 
Total 
Balance Interest bearing debt at 31 December, 
2020 
215,031 
1,334 
6,233 
12,662 
7,539 
242,799 
Changes in Financing cash flows 
Refinancing new bank syndicate 
210,000 
210,000 
Secured bank loan - RCF + TL NewRide - DNB/ 
RABO 
65,000 
65,000 
Secured bank loan - DNB and Eksportkreditt 
(Provider) 
60,000 
60,000 
Instalment Secured bank loan Bank syndicate 
(182,338) 
(182,338) 
Instalment bank loan Provider 
(60,000) 
(60,000) 
Instalment Innovation Norway 
(10,199) 
(10,199) 
Instalment Caterpillar Finance 
(1,396) 
(1,396) 
Lease payments 
(6,343) 
(6,343) 
Overdraft facility with DNB/RABO 
4,202 
4,202 
Net cash flow from financing activities 
81,067 
– 
– 
4,202 
(6,343) 
78,926 
Non-Cash changes 
Leasing financing (IFRS16) 
1,224 
3,302 
4,526 
Other changes, liability related 
Interest/fees charged to loan 
(1,454) 
(1,454) 
Effect of changes in foreign exchange rates 
95 
(51) 
44 
Total liability related changes 
(1,359) 
– 
– 
– 
(51) 
(1,410) 
Balance Interest bearing debt at 31 December, 
2021 
294,739 
1,334 
7,457 
16,864 
4,448 
324,841 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
75 
The following table reconciles the movements in liabilities to cash flow from financing activities 
in 2020: 
USD Thousands 
Secured 
bank loans 
Proceeds 
from owner 
Long term 
Lease and 
NMTC 
Bank 
overdraft 
Short term 
lease 
Share capital 
Reserves 
Total 
Balance at 1 January 2019 
283,401 
75,129 
25,754 
29,135 
6,646 
– 
– 
420,064 
Reclassification 
8,201 
(8,201) 
Changes in Financing cash flows 
New loan from owner 
23,000 
23,000 
Instalment loan from owner 
(96,795) 
(96,795) 
Secured bank loan - RCF + TL 
NewRide - DNB/ RABO 
(65,000) 
(65,000) 
Instalment Secured bank loan Bank 
syndicate 
(9,409) 
(9,409) 
Instalment Innovation Norway - 1 
(377) 
(377) 
Instalment Innovation Norway - 2 
(833) 
(833) 
Instalment Innovation Norway - 3 
(151) 
(151) 
Instalment Caterpillar Finance 
(932) 
(932) 
Lease payments 
(7,045) 
(7,045) 
Overdraft facility with DNB/RABO 
(9,472) 
(9,472) 
New/increase withdrawal overdraft 
facility- DNB 
(7,000) 
(7,000) 
Proceeds from Trading admittance 
7,850 
216,328 
224,178 
Net cash flow from financing 
activities 
(76,702) 
(73,795) 
– 
(16,473) 
(7,045) 
7,850 
216,328 
50,163 
Non-Cash changes 
Leasing financing (IFRS16) 
(3,520) 
7,795 
4,275 
NMTC loan settlement 1) 
(7,800) 
(7,800) 
– 
Other changes, liability related 
– 
Interest/fees charged to loan 
(53) 
(53) 
Effect of changes in foreign 
185 
144 
329 
Total liability related changes 
132 
– 
– 
– 
144 
– 
– 
275 
Balance Interest bearing debt at 
31 December, 2020 
215,031 
1,334 
6,233 
12,662 
7,539 
– 
– 
242,799 
1) The NMTC loan was forgiven and recognized 
as financial income in the Income statement. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
76 
Note 16 – Other non-current liabilities 
USD Thousands 
2021 
2020 
Contingent consideration 
10,638 
31,745 
Pension liabilities 
168 
183 
Total 
10,806 
31,928 
The earn-out period related to Lang 
Acquisition is from 2019 through 2022, and 
could if certain financial targets, 
EBITDA, are met result in a gross 
payment of USD 50 million over the next years, with the last payment in 2023. 
The fair 
value of 
the earn-out 
element of 
the contingent 
consideration arrangement was 
estimated calculating 
the present 
value of 
the future 
expected cash flows 
using on a 
discount rate of 11%. 
The Group recognized 
USD 21.1 million 
(2020: USD 8.0 
million) as financial 
income to account 
for the 
fair value 
adjustments as 
per 31 
December 2021. 
As per 
above this 
fair value 
adjustment was 
due to 
the discounting 
effect and 
lower 
EBITDA prognosis in the medium term. 
.
Note 17 – Accounts payable and other payables 
Accounts payable and other payment liabilities comprise the following items 
Year ended 31 December, 
USD Thousands 
2021 
2020 
Accounts payable 
25,248 
20,255 
Accrued expenses 
17,600 
15,223 
Other current liabilities 
3,739 
3,244 
Total 
46,587 
38,721 
Foreign exchange and liquidity risks are described in Note 20. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
77 
Note 18 – Leasing 
The Group implemented IFRS 16 
Leases as of January 
1, 2019 using the 
modified 
retrospective 
approach. 
The 
comparative 
information 
presented for 
2018 is therefore 
not restated. 
At implementation ROU 
assets and financial lease liabilities 
in the amounts of 
USD 4 940 were 
recognized. The 
accounting policy 
for lease 
agreements 
prior to 
the 
implementation 
of 
IFRS 
16 
was 
regulated 
by 
IAS 
17 
Leases. 
For 
the 
accounting 
period 
January 
1 
– 
December 
31, 
2018 
the 
Group’s 
accounting for leases when acting 
as lessor is the 
same as under IFRS 
16. 
When 
party 
to 
a 
lease 
agreement 
as 
lessee, 
all 
leases 
were 
recognized as operating leases and 
the lease payments were expensed 
as incurred in the profit or loss 
as an operating expense. IAS 
17 did not 
require the lessee to recognize a right-of-use asset or financial liability 
in connection with the lease agreement. 
The 
Group 
leases 
various 
types 
of 
assets, 
with 
the 
most 
significant 
monetarily 
being 
the 
leases 
for 
office 
buildings, 
warehouses 
and 
a 
tramper vessel. The smaller 
leases comprise mainly leases for 
housing 
for employees, IT equipment and production-related equipment in the 
factory. 
Management determines the 
lease term as 
the non-cancellable term 
of 
the lease, 
as well 
as any 
additional periods 
covered 
by an 
option to 
extend the lease if 
it is reasonably certain 
to be exercised. Time 
periods 
in 
the 
lease 
covered 
by 
an 
option 
to 
terminate 
the 
lease 
are 
also 
included in 
the 
lease 
term 
if 
it 
is 
reasonably 
certain the 
termination 
clause 
will 
not 
to 
be 
exercised. 
Management 
applies 
judgement 
in 
evaluating whether it 
is reasonably certain 
to exercise a 
renewal option, 
considering 
all 
relevant 
factors 
as 
well 
as 
the 
potential 
economic 
incentives 
related 
to 
the 
exercise 
of 
the 
renewal 
option. 
The 
lease 
period in the current 
leases held by the 
Group varies from 
one to five 
years. Several of the leases 
have a lease term that includes 
the optional 
renewal 
period. Most 
of 
the 
leases include 
a 
clause for 
annual 
price 
increases during the term of the lease agreement. 
The Group has elected not to recognize right-of-use (ROU) assets 
and 
lease liabilities for the following types of leases, as allowed under IFRS 
16: 
●
Short-term leases with 
a lease 
term of 
less than 12 
months 
from commencement that does not include any purchase or 
renewal options, and 
●
Leases of low- value assets. 
The Group 
recognizes a 
ROU asset 
as of the 
lease commencement 
date. 
The ROU 
asset is 
initially measured 
at cost, 
and subsequently 
at cost 
less 
any accumulated depreciation and impairment losses and adjusted for 
certain remeasurements of 
the lease liability. 
The initial measurement 
of the ROU asset includes the amount of lease liability recognized, any 
initial direct costs incurred, and the lease payments made 
at or before 
the commencement date 
less any 
lease incentives received. 
The ROU 
asset is generally depreciated on a 
straight-line-basis over the shorter 
of the estimated useful life of the asset 
or the lease term and is subject 
to impairment assessments of non-financial assets. 
The lease liability is 
initially measured at the present value 
of the future 
lease payments at commencement date discounted using either: 
●
The rate implicit in the 
lease, or if that cannot 
be determined 
●
The leasing entity’s incremental borrowing rate. 
The incremental borrowing rate is defined as the rate of interest that a 
lessee would 
have 
to 
pay 
to 
borrow, 
over 
a 
similar term 
and with 
a 
similar security, the funds 
necessary 
to obtain an 
asset of a 
similar value 
to the 
cost of 
the ROU 
asset in 
a similar 
economic environment. 
The 
Group is calculating the incremental borrowing 
rate in a model with an 
interest rate swap rate as a basis and adjustments reflecting: 
●
Credit worthiness of the lessee 
●
Lease term of the contract 
●
Acquisition cost of the ROU 
●
Type of asset and 
●
Jurisdiction and the contact’s currency. 
The Group’s ROU asset as at 31 December 2021 include: 
USD Thousands 
Buildings 
and vessel 
Machinery 
and 
equipment 
Total 
Balance as of 1 January 2021 
12,616 
530 
13,145 
Depreciation for the year 
(5,337) 
(226) 
(5,563) 
Additions to ROU assets 
3,485 
– 
3,485 
Adjustment of ROU asset 
195 
– 
195 
Reclassification 
(2) 
2 
Balance as of 31 December 
2021 
10,957 
304 
11,262 
Additions to 
ROU 
assets relates 
to the 
new lease 
of 
a factory 
in Ski, 
Norway, 
warehouses 
in 
India 
and 
Uruguay, 
and 
the 
annual 
CPI 
adjustments in some of the lease payments. 
The Group’s ROU asset as at 31 December 2020 include: 
USD Thousands 
Buildings 
and vessel 
Machinery 
and 
equipment 
Total 
Balance as of 1 January 2020 
16,389 
167 
16,556 
Depreciation for the year 
(6,133) 
(248) 
(6,381) 
Additions to ROU assets 
2,595 
611 
3,206 
Derecognition of ROU asset 
(235) 
(235) 
Balance as of 31 December 
2020 
12,616 
530 
13,146 
Additions to ROU assets relate to 
the new lease of the 
tramper vessel, 
an office contract in 
Shanghai, new employee housing lease 
contracts 
and the annual CPI adjustments in some of the lease payments. 

 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
78 
Amounts recognized in profit or loss 
USD Thousands 
2021 
2020 
Expenses related to short-term lease 
(1,786) 
(1,512) 
Expenses related to low-value asset, excl. 
short-term 
– 
(100) 
Leasing expenses related to variable 
payments not included in lease liabilities 
(111) 
(304) 
Interest on ROU lease 
(861) 
(1,069) 
Recognition of difference between lease 
liability and ROU asset per 1 Jan 2019 on 
derecognized asset 
– 
(1) 
Effect of changes in foreign exchange rates 
51 
(144) 
Total 
(2,707) 
(3,130) 
ROU assets recognized in cash flow 
statement: 
(6,343) 
(7,045) 
Future lease liability payments as of year-end 2021 and 2020 (IFRS 16
) 
USD Thousands 
2021 
2020 
Within one year 
4,161 
4,831 
1-2 years 
3,456 
3,116 
3-5 years 
3,974 
5,825 
More than 5 years 
313 
– 
Total 
11,904 
13,772 
Lease liabilities as of December 31, 2021 totaled kUSD 11.9 (December 
31, 2020: kUSD 13.8) of which kUSD 
4,4 (December 31, 2020: kUSD 
4.8) 
was classified as current and kUSD 
7.5 (December 31, 2020: kUSD 
8.9) 
as non-current. 

 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
79 
Note 19 – Foreign exchange rates 
In preparing the Group’s consolidated financial statements, the following exchange rates have been applied: 
in USD 
Country 
Denomination 
Average rate year ended 
31 December, 2021 
Closing rate at 31 
December, 2021 
Average rate year ended 
31 December, 2020 
Closing rate at 31 
December, 2020 
Norway 
NOK 
1 
0.1163 
0.1134 
0.1064 
0.1172 
European Union (EU) 
EUR 
1 
1.1821 
1.1326 
1.1405 
1.2271 
The monthly average 
exchange rates and 
the exchange rates 
as of 31 December 
2021 have been 
used in translating 
profit or loss and 
consolidated 
statement of 
financial position 
items, respectively. 
If the 
monthly average 
fails to 
provide a 
reasonable approximation 
of the 
exchange rate 
to 
apply to the nominal transaction price, then the exchange rate on the date of the transaction will be applied. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
80 
Note 20 – Financial risk
The 
Group's 
activities 
expose 
it 
to 
various 
types 
of 
risk 
which 
are 
associated with 
the financial 
instruments and 
markets in 
which it 
operates. 
The most 
significant types 
of financial 
risk the 
Group is 
exposed to 
are 
credit risk, liquidity 
risk, and 
market risks (including 
foreign exchange risk, 
interest rate risk 
and bunker 
risk. To manage 
these risks, 
risk management 
is carried out in 
order to create 
predictability and stability for 
operating 
cash 
flows 
and 
values. 
Management 
can 
use 
financial 
derivatives 
to 
hedge 
against 
risk 
relating 
to 
operations, 
financing, 
and 
investment 
activities if 
the financial 
derivative has 
been approved 
by the 
Board 
of 
Directors. In 2020 the company entered a fuel hedge contract with DNB, 
see further description of the contract below under iii) Fuel price risk. 
The recent Covid-19 crisis inherently increases many of these risk factors; 
markets become more uncertain, 
operations become more vulnerable 
to 
interruptions and policy makers around the world may gravitate towards 
stricter regulations 
impacting international 
trade. As 
the Covid-19 
virus 
develops across the 
world, Aker BioMarine is 
taking measures to mitigate 
the risk for 
operational disruptions and reduce 
risk of 
outbreaks and its 
consequences, both 
offshore and 
onshore on 
the production 
facility in 
Houston 
as 
well 
as 
in 
the 
offices. 
Even 
though 
the 
development 
is 
followed 
closely, 
a 
worst-case 
scenario 
with 
outbreak 
in 
the 
Houston 
facility 
or 
on 
the 
fishing 
vessels 
may 
have 
significant 
operational 
and 
financial impact. As the Covid-19 virus is having a growing impact on the 
world 
economy, 
including Aker 
BioMarine’s 
main market, 
the negative 
financial impact is uncertain with an unclear ending. 
 
Credit risk 
Credit 
risk 
is 
the 
risk 
of 
financial 
loss 
to 
the 
Group 
if 
a 
customer 
or 
counterparty 
to 
a 
financial 
instrument 
fails 
to 
meet 
its 
contractual 
obligations. 
The 
Group’s 
main 
credit 
risk 
relates 
to 
receivables 
from 
customers. Exposure 
to that 
risk is 
monitored on 
a routine 
basis and 
credit 
evaluations are performed on customers as appropriate. 
When entering 
significant sales 
contracts, the 
sales department 
seeks to 
reduce credit 
risk through more stringent payment 
terms including requirement of up-
front payments. The Group 
has had low losses 
on receivables as the 
sales 
department is maintaining close contact with each customer and routine 
billing and cash collection is performed. 
The 
book 
value 
of 
financial 
assets 
represents 
the 
maximum 
credit 
exposure. 
Receivables 
presented 
under 
Trade 
Receivables 
are 
ordinary 
account 
receivables generated through sales of goods, accounted for under IFRS 
15. The Group does not grant any payment terms more 
than 12 months, 
meaning that if the Group were 
to estimate expected credit losses (ECL) 
as according 
to general 
or simplified 
approach, 
the ECL 
would (for 
all 
material purposes) represent the lifetime expected credit losses. 
The Group 
has determined to 
apply the 
practical expedient 
for measuring 
ECL of the Account Receivable, mainly due to the large extent of smaller 
clients, and the limited amount of losses over the past years. 
The Group has designed a provision matrix based on the assessment on 
historical 
data 
over 
the 
last 
years 
to 
identify 
whether 
there 
are 
either 
geographical 
or 
market 
(Qrill 
/ 
Superba) 
indications 
of 
whether 
any 
additional breakdowns into 
sub-portfolios is required. 
The reasonability 
of the ECL 
accruals compared to prior 
years actual losses has 
also been 
assessed, to ensure it constitutes a reasonable expectation. 
The ECL 
rates per 
portfolio will 
be reviewed 
at each 
reporting date 
to 
assess if the 
matrix still reflects 
the current conditions, 
and if the 
provision 
still 
is 
at 
a 
reasonable 
and 
supportable 
level, 
reflecting 
the 
future 
economic conditions. 
Aging profile of accounts receivable and bad debt provisions: 
USD Thousands 
2021 
2020 
Not at maturity 
28,247 
47,248 
0-30 days overdue 
10,167 
6,326 
31-120 days overdue 
9,517 
254 
121- 365 days overdue 
3,276 
553 
Total trade receivable 
51,207 
54,381 
Bad debt provision 
(895) 
(658) 
Write off 
and allocation for 
loss on trade 
receivable are 
included under 
operating expenses in the consolidated profit and loss. 
Movements in allocation to loss on trade receivable and contract assets 
USD Thousands 
2021 
2020 
Balance at 1 January under IFRS 9 
(658) 
(185) 
Impairment loss (write-off) on trade and 
other receivables 
(402) 
(181) 
Provision/reversal of impairment loss on 
trade and other receivables 
- 
(278) 
Effects of changes in foreign exchange rates 
165 
(14) 
Allocation to loss on trade receivable and 
contract assets 
(895) 
(658) 
The Group`s two most significant customers account for USD 12.1 million 
of the receivables 
carrying amount as of 
31 December 2021 
(2020: USD 
16.7 million). 
Liquidity risk 
Liquidity risk is the 
risk that the Group will 
be unable to meet its 
financial liabilities as they mature. 
The Group does not 
hedge against exposure to 
interest-rate fluctuations 
on debt and is 
therefore exposed to fluctuations on 
the variable-rate amount of 
interest-bearing liabilities, which 
was USD 
311.6 million as of 31 December 2021 (2020: 
USD 145 million). 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
81 
Overview of maturities including estimated interest payments by category 
of liability: 
2021 maturity structure — loans and interest 
USD Thousands 
 
Book value at 31 
December 
Nominal values 
Up to 
6 months 
6-12 months 
1-2 years 
3-5 years 
More than 
5 years 
Secured bank loans 
294,738 
(325,771) 
(9,264) 
(9,184) 
(18,146) 
(247,966) 
(41,211) 
Other non-current interest 
bearing liabilities 
Interest bearing debt, non-
current, related parties 
1,334 
(1,801) 
(93) 
(93) 
(93) 
(93) 
(1,427) 
Overdraft facility 
16,864 
(16,850) 
(16,850) 
- 
- 
Leasing liabilities (IFRS16) 
11,904 
(11,905) 
(2,085) 
(2,085) 
(3,467) 
(3,963) 
(304) 
Total 2021 maturity of loans and 
interest on interest-bearing debt 
324,840 
(356,326) 
(28,292) 
(11,363) 
(21,706) 
(252,022) 
(42,942) 
Accounts payable and other 
current liabilities 
46,587 
(38,721) 
(38,721) 
- 
- 
- 
- 
Non-current non-interest-
bearing liabilities 
15,687 
(15,517) 
- 
- 
(10,638) 
- 
(4,879) 
Total liabilities 
387,115 
(410,564) 
(67,013) 
(11,363) 
(32,344) 
(252,022) 
(47,821) 
2020 maturity structure — loans and interest
USD Thousands
Book value at 31 
December
Nominal values
Up to 
6 months
6-12 months
1-2 years
3-5 years
More than 
5 years
Secured bank loans
207,102
(233,239)
(9,599)
(14,515)
(22,229)
(131,998)
(54,898)
Other non-current interest 
bearing liabilities
7,919
(8,589)
(134)
(134)
(134)
(8,187)
-
Interest bearing debt, non-
current, related parties
1,334
(1,801)
(93)
(93)
(93)
(93)
(1,427)
Overdraft facility
12,673
(12,662)
(12,662)
Leasing liabilities (IFRS16)
13,772
(15,499)
(3,720)
(3,080)
(3,235)
(5,464)
Total 2020 maturity of loans and 
interest on interest-bearing debt
242,799
(271,789)
(26,208)
(17,823)
(25,691)
(145,743)
(56,325)
Derivatives
8,996
(8,996)
(8,067)
(929)
Accounts payable and other 
current liabilities
38,721
(38,721)
(38,721)
Non-current non-interest-
bearing liabilities
36,745
(36,562)
(31,745)
(4,817)
Total liabilities
327,262
(356,068)
(72,996)
(18,752)
(25,691)
(177,488)
(61,142)
Market risk 
i.
Foreign exchange risk 
The Group operates 
in a global 
market and is 
exposed to currency 
fluctuations, primarily through 
fluctuations in the USD, 
NOK and EUR 
exchange 
rates. In addition, the Group has operations with exposure to local currencies in Uruguay, Australia, India, Thailand, New Zealand, Canada and China, 
but these exposures are regarded minimal. The Group has USD as 
its presentation and functional currency in the main group companies. The Group 
has NOK denominated financial instruments thus the consolidated statement of financial position is exposed to changes in NOK/USD exchange 
rate
.
The Group seeks to ensure that revenues and 
expenses are in the same currency. 
Future cash flows are estimated and offset. 
The Group periodically 
assesses the need for foreign currency hedging. Currency risk is managed on an overall Group level. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
82 
As of 31.12.2021 the Group recognized an asset of USD 12.5 million from a fuel hedge contract, see description under iii) Fuel price risk. 
The table below shows the Group's exposure to foreign exchange risk at year end. 
USD Thousands 
Year ended 31 December 
2021 
Year ended 31 December 
2020 
Euro 
NOK 
Euro 
NOK 
Accounts receivable 
334 
6,119 
2,856 
7,228 
Cash 
(25) 
(15,332) 
555 
(8,742) 
Secured bank loan 
2,512 
(22,593) 
(100) 
(4,448) 
Accounts payable 
(1,861) 
(11,873) 
(2,272) 
(7,591) 
Other balance sheet items 
(207) 
Gross balance sheet exposure 
960 
(43,886) 
1,039 
(13,553) 
Currency forwards 
Net exposure 
960 
(43,886) 
1,039 
(13,553) 
Sensitivity analysis 
A 10% 
increase or 
decrease in 
USD relative 
to the 
Euro and 
the NOK would 
have reduced 
or increased 
the Group’s 
profit before 
tax with 
USD 0.1 
million related to Euro and USD 0.5 million related to NOK, respectively. 
ii.
Interest rate risk
The Group’s 
borrowings and 
any surplus 
cash balances 
are held 
at variable 
and fixed 
interest rates 
linked to 
the Norwegian 
or London 
interbank 
offered rate (NIBOR and LIBOR, 3 or 6 months). A movement of 100 basis points in the interest rate on borrowings and surplus cash balances as of 31 
December 2021 would 
have affected the 
Group’s 
profit before 
tax with USD 
1.3 million. (2020: 
USD 1.2 million). 
This analysis assumes 
that all other 
variables, especially the exchange rates, remain constant. 
Interest rate profile 
At the close of the year, the interest- 
rate profile for the Group's interest-bearing financial instruments was as follows: 
USD Thousands 
Year ended 31 
December, 
2021 
Effective interest rate year 
ended 31 December, 2021 
Year ended 31 
December, 2020 
Effective interest rate year 
ended 31 December, 2020 
Fixed-interest instruments 
Secured loans from Innovasjon Norge 
Loan from Antarctic Harvesting Holding AS 
(1,334) 
7.00% 
(1,334) 
7.00% 
Secured bank loan - Bank syndicate 
(95,994) 
3.1 % 
(95,994) 
3.1 % 
Net fixed interest instruments 
(97,328) 
(97,328) 
Floating-interest instruments 
Financial assets 
Cash and cash equivalents 
11,132 
variable *) 
10,678 
variable *) 
Financial liabilities 
Secured bank loan - Bank syndicate 
(198,745) 
(52,919) 
3.11% 
Secured bank loan - Innovasjon Norge 
(527) 
4.0 % 
Secured bank loan - Innovasjon Norge 
(3,161) 
2.9 % 
Secured bank loan - Innovasjon Norge 
(6,406) 
2.9 % 
Secured bank loan - Caterpillar Finance 
(1,397) 
4.2 % 
Secured bank loan - DNB 
(54,616) 
3.7 % 
New Market Tax Credit US (NMTC 
loan) 
Settled 
Overdraft facility 
(16,864) 
variable **) 
(12,673) 
variable **) 
Leasing liabilities (IFRS16) 
(11,904) 
variable **) 
(13,772) 
variable **) 
Net variable interest instruments 
(216,381) 
(134,793) 
Total net interest-bearing debt 
(313,710) 
(232,121) 
*) different cash and cash equivalents carry different interest 
rates, as such no effective interest rate has 
been calculated 
**) different loans/ receivables carry different interest 
rates, as such no effective interest rate has been 
calculated 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
83 
 
CONTRACTS
(000)
STRIKE
(USD/MT) 
M2M 
,31
ST
 
OF DEC 2021 
(USDM) 
2022
25.9
410
6.
2023
25.5
550
3.3
2024
26.5
580
3.2
 
TOTAL
77.9
12.
iii.
Fuel price risk 
Marine 
Gasoil 
(“MGO”) 
fuel 
used 
for 
vessel 
propulsion 
and 
krill 
meal 
production is 
one of 
the Groups’ 
most significant 
operating costs. 
The 
profitability and cash flow of the 
Group will therefore be affected by the 
market 
price 
of 
MGO. 
To 
reduce 
Aker 
BioMarine’s 
exposure 
to 
fluctuations 
in 
the 
fuel 
price, 
the 
operating 
subsidiary Aker 
BioMarine 
Antarctic 
AS 
purchased 
call 
options 
on 
Gasoil 
0.1% 
at 
barges 
FOB 
Rotterdam in 
2020. These options give 
Aker BioMarine Antarctic 
AS the 
right to purchase Gasoil 
0.1% at barges FOB 
Rotterdam at defined 
price 
(“the strike”) 
each month 
until December 
2024. As 
of 
31 January 
2021, 
Aker BioMarine 
held 77 
934 call 
option contracts giving 
the Group 
the 
right to purchase 77 
934 MT of 
fuel between 2022 and 
2024. The value 
of these options is reflected in the mark-to-market (“M2M”) value, which 
at 31st of December 2021 was USD 12.5m. 
Contracts 
(000) 
Strike 
(USD/MT) 
M2M December 
31,2021 (USDM) 
2022 
25.9 
410 
6.2 
2023 
25.5 
550 
3.3 
2024 
26.5 
580 
3.2 
Total 
77.9 
12.7 
Classification of derivatives 
The Group uses fuel options for economic hedging purposes and not as 
speculative 
investments. 
From 
1 
January 
2021 
the 
Company 
met 
the 
requirements for 
using hedge 
accounting on 
its fuel 
options which 
means 
that the options are recognized in the balance sheet under the line item 
‘Derivative assets’ 
During 2021, the Group 
rebalanced its call option 
portfolio to align with 
an updated forecast of production 
and operations. As a 
result, the Group 
sold 21 974 call 
options. The sale has 
been recognized as a 
rebalancing 
effect 
of 
designated 
fuel 
volumes 
and 
have 
been 
accounted 
for 
in 
accordance 
with 
the 
requirements 
for 
discontinuation 
of 
hedge 
accounting. 
The 
gain 
from 
rebalancing 
was 
USD 
2.5 
million 
and 
was 
recognized as ‘Other operating 
income’ in the 
statement of profit or loss. 
Contracts not sold continue to follow hedge accounting 
In 
addition 
to 
the 
USD 
2.5 
million 
recognized 
from 
the 
rebalancing 
exercise, 
the Group 
also recognized 
profits 
from cash-settling 
expiring 
option contracts throughout the year. In 
total, the Group realized a gain 
of 
USD 
4.2m 
on 
cash 
settled 
contracts. 
However, 
given 
the 
Groups’ 
inventory accounting policy 
(see note 
11) a 
portion of this 
gain has 
not 
been realized in the 2021 P&L, 
but rather carried into 2022 in the 
form of 
a lower-valued fuel inventory 
In 2021, 
the Group 
also prepaid 
for fuel 
call options 
expiring between 
January 2022 and December 
2024. The total cost of the prepayment was 
USD 6.7 million, 
and this cost 
has been booked 
as a part 
of the ‘Derivative 
asset’ in the Statement of Financial Position. 
2021 fuel hedge cash flow overview 
Premium paid for 2021 - 2024 calls 
1)
(9) 
Hedge settlements 2021 
6.6 
Sale of surplus call options 
2.5 
M2M Hedge value 2022-2024 calls 
12.5 
Net cash equivalent 2022-2024 
2)
12.5 
1) 
Premiums for 2022-2024 were prepaid in January 
2) 
The mark-to-market value of call options are booked as 
‘Derivative asset’ in the statement of financial position. From a Group 
liquidity perspective, the mark-to-market value is viewed as a cash 
equivalent as the fuel options have proven to be highly liquid 
investments that are readily convertible to known amounts of cash and 
that are subject to an insignificant risk of changes in value. 
Hedge effectiveness 
The Group determines hedge effectiveness 
at the inception of the hedge relationship, and through periodic 
prospective effectiveness assessments, to 
ensure that an 
economic relationship 
exists between 
the hedged item 
and hedging instrument. 
As of 31 
December 2021, 
the hedge was 
found effective. 

 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
84 
Historic Fuel Prices - Gasoil 0.1% at barges FOB Rotterdam vs. AKBM actual paid 
In 2020, the 
difference between the 
value of 
the derivative asset 
and the premium 
amounting to USD 
1.3 million was recognized 
as Other financial 
expense in the Consolidated statement of profit or loss as the group did not follow hedge accounting. 
Fair values 
The Group had financial receivables that 
under IFRS 9, based on 
evaluation of business model applied, 
will be measured at fair 
value over the profit 
and loss; however, this is in line with how these assets previously have been accounted for, and the last applicable receivable was settled in 2019. 
Trade receivables are classified at amortized 
cost. An expected loss 
recognition process is used, utilizing 
the practical expedient. 
Expected credit losses 
(ECL) are calculated based on a matrix taking into consideration customer risk, and geographical segments 
and historical data. 
Based on 
the Group’s 
assessment, there 
were no 
new classification 
requirements following 
IFRS 9 
implementation, which 
had material 
impact on 
accounting for financial assets or liabilities upon implementation in 2018. 
The fair values quoted in the table below are categorized within the fair value hierarchy, 
described below, and based on the lowest level input that is 
significant to the fair value measurement as a whole: 
●
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities. 
●
Level 2 - Valuation techniques for which the 
lowest level input that is 
significant to the fair value measurement 
is directly or indirectly observable. 
●
Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. 
All fair values using Level 2 valuation techniques are based on discounted cash flow models. 
The short-term nature of financial instruments such as cash and bank deposits result in the book value 
approximating fair value. The same approach 
applies to receivables and debt associated with the business cycle. Financial assets that 
are classified as held for sale and financial assets at fair 
value 
through profit and loss are recorded at fair value. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
85 
Year ended 31 December 2021 
USD Thousands 
 
Fair value 
through 
P&L 
Derivates 
(not hedge 
accounting) 
Amortized 
cost 
 
Fair 
value 
through 
OCI 
Interest 
rate 
swaps 
 
Forward 
exchange 
contracts 
Other 
derivate 
contracts 
Total book 
value 
Level 2 
Level 3 
Total Fair 
value 
 
Fair value through P/L 
Qualified for hedge accounting 
Other non-interest-
bearing non-current 
assets 
104 
7,179 
7,283 
7,283 
7,283 
Accounts receivables 
50,311 
50,311 
Other foreward contracts 
12,486 
12,486 
Other non-interest-
bearing current 
receivables 
10,091 
10,091 
Cash and cash 
equivalents 
11,132 
11,132 
11,132 
11,132 
Total financial assets 
104 
– 
78,712 
– 
– 
– 
12,486 
91,302 
11,132 
7,283 
18,415 
Secured bank loans 
285,320 
285,320 
285,320 
285,320 
Interest-bearing current 
liabilities, external 
9,419 
9,419 
9,419 
9,419 
Other interest free 
liabilities, non-current 
(6) 
(6) 
Loan from Antarctic 
Harvesting Holding AS 
1,334 
1,334 
1,334 
1,334 
Leasing liabilities 
11,904 
11,904 
11,904 
11,904 
Overdrafts 
16,864 
16,864 
16,864 
16,864 
Accounts payable and 
other interest free 
liabilities 
40,253 
40,253 
Total 
financial liabilities 
– 
– 
365,088 
– 
– 
– 
– 
365,088 
324,841 
– 
324,841 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
86 
Year ended 31 December 2020 
USD Thousands 
 
Fair value 
through 
P&L 
Derivates 
(not hedge 
accounting) 
Amortized 
cost 
 
Fair 
value 
through 
OCI 
Interest 
rate 
swaps 
 
Forward 
exchange 
contracts 
Other 
derivate 
contracts 
Total book 
value 
Level 2 
Level 3 
Total fair 
value 
 
Fair value through P/L 
Qualified for hedge accounting 
Other non-interest-
bearing non-current 
assets 
145 
145 
145 
145 
Accounts receivables 
133 
49,454 
49,587 
49,454 
49,454 
Other non-interest-
bearing current 
receivables 
1,185 
1,185 
1,185 
1,185 
Cash and cash 
equivalents 
12,425 
12,425 
12,425 
12,425 
Total financial assets 
133 
– 
63,209 
– 
– 
– 
– 
63,342 
63,209 
– 
63,209 
Secured bank loans 
266,590 
266,590 
266,590 
266,590 
Interest-bearing non-
current liabilities 
7,919 
7,919 
7,919 
7,919 
Interest-bearing current 
liabilities, external 
24,611 
24,611 
24,611 
24,611 
Loan from AKER ASA 
73,795 
73,795 
73,795 
73,795 
Loan from Antarctic 
Harvesting Holding AS 
1,334 
1,334 
1,334 
1,334 
Leasing liabilities 
16,681 
16,681 
16,681 
16,681 
Overdrafts 
29,135 
29,135 
29,135 
29,135 
Accounts payable and 
other interest free 
liabilities 
89,390 
89,390 
89,390 
89,390 
Total financial liabilities 
– 
– 
509,454 
– 
– 
– 
– 
509,454 
509,454 
– 
509,454 
Capital management 
One objective of the Group’s 
asset management is to build and maintain 
financial flexibility to realize its strategic goals. The 
capital structure should 
reflect the Group’s operational risk and offer flexibility for potential investments. 
The Group manages its 
capital structure and makes 
any necessary modifications based on an 
ongoing assessment of the financial 
conditions under 
which the business operates, 
and short- 
to medium term projections. 
The Group is in 
a development and 
growth phase and 
thus subject to 
higher 
volatility in its net cash flows than a mature company in addition to re 
-investing any cash proceeds into further growth. As of 31 December 2021, the 
Group had USD 106.3 million in available liquidity. 
 
Note 21 – Contingencies and legal claims 
The Group recognizes a provision when it has a legal or constructive obligation as a result of a past event, when it is probable that payment or 
the transfer of other assets will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. 
With worldwide operations, the Group is involved in disputes in the ordinary course 
of its business activities. Provisions to cover projected losses 
arising from such disputes are made to the extent negative outcomes are probable and reliable estimates can be prepared. However, the 
outcome of any such dispute is inherently uncertain, and the resulting liability may exceed any provision made. 
As per 31 December 2021 no provisions were made for legal claims
.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
87 
Note 22 – Related parties 
The 
Group’s 
consolidated 
financial 
statements 
include 
the 
following 
transactions and intercompany balances 
with Aker ASA and 
companies 
controlled 
by 
Aker 
ASA. 
Refer 
to 
Note 
23 
for 
remuneration 
to 
key 
management. 
Aker ASA is the controlling shareholder of the Group. 
Year ended 31 December, 
USD Thousands 
2021 
2020 
Office rent, facilities services and IT 
(1,790) 
(1,513) 
Interest expenses and guarantee fee 
(268) 
(4,631) 
Total 
(2,058) 
(6,144) 
The interest expense 
relates to 
the interest-bearing 
debt to Aker 
ASA 
which were 
repaid 
in 
August 2020. 
The 
guarantee 
fee 
relates 
to 
the 
guarantee provided 
from Aker 
ASA related 
to the 
Group’s 
long-term 
loan with DNB/Rabobank (see Note 15).
 
Specification of transactions 
USD Thousands 
2021 
2020 
Office Rent Fornebu Næring 
(1,114) 
(1,018) 
Recharge Rev Ocean 
130 
122 
Management 
fee 
(806) 
(617) 
(1,790) 
(1,513) 
Guarantee fee Aker ASA 
(268) 
(4,631) 
Total 
(2,058) 
(6,144) 
Lang Pharma 
Nutrition Inc. 
rents its 
facility for 
kUSD 11.5 
per month 
from Tabat 
Schaberg LLC 
which is 
owned by 
David Lang, 
the former 
owner 
of 
Lang 
Pharma 
Nutrition Inc. 
and 
current 
president 
of 
Lang 
Pharma Nutrition Inc. 
Total rent 
paid to Tabat 
Schaberg LLC is kUSD 
138. The company also 
has a deposit of kUSD 11.5 with Tabat Schaberg LLC.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
88 
Note 23 – Salaries and other remuneration 
to the Board of Directors 
and executive 
management 
Board remuneration 
USD Thousands 
 
Year ended 31 
December, 
Board membership 
2021 
2020 
Ola Snøve 
Chairman of the Board 
60 
– 
Kjell-Inge Røkke* 
Board member 
– 
– 
Øyvind Eriksen* 
Board member 
– 
– 
Frank O. Reite* 
Board member 
30 
11 
Lise Wiger **** 
Employee 
– 
– 
Sindre Skjong** 
Employee 
– 
– 
Line Johnsen*** 
Employee 
– 
– 
Total 
90 
11 
* 
Elected at annual shareholder meeting February 2016 
** 
Employee representative from August 2019 
*** 
Employee representative from June 2020 to June 
2021 
**** Employee representative from June 2021 
There is 
no remuneration 
paid to 
the Board 
members and 
Employee 
representative other than ordinary salaries. 
Remuneration paid out during the year does not include accruals. 
Remuneration paid to the CEO and Executive management team (EMT) 
The CEO is member of the defined contribution pension and insurance 
plans that cover all employees. The 
Group uses standard employment 
contracts. The CEO may be 
dismissed upon three months' notice. 
If the 
company 
terminates 
the 
employment, 
the 
CEO 
is 
entitled 
to 
three 
months' severance pay after the end of the notice period. The pension 
is 
capped 
at 
a 
salary 
of 
12 
times 
the 
National 
Social 
Security 
base 
amount. 
Remuneration paid out during the year does not include accruals. 
The 
Group 
implemented 
share 
incentive 
programs 
for 
employees 
in 
February 2022. 
There is no bonus program for the employees. 
However, in relation to the admission 
to trading on Euronext 
Growth in 
July 2020, all employees received a 
bonus of NOK 15k each. 
Based on 
the company’s performance 
in 2020, management team was 
awarded 
a bonus totaling 
USD 1.2 million. 
No bonus 
awarded in 2021, 
except for 
one member of the EMT. 
Salary and compensation to EMT 
USD Thousands 
2021 
2020 
Name 
Current position within the Company 
Salary 
Bonus 
Pension 
Total 
Salary 
Bonus 
Pension 
Total 
Matts Johansen 
Chief Executive Officer (CEO) 
459 
– 
8 
467 
420 
200 
10 
630 
Katrine Klaveness 
Chief Financial Officer (CFO) 
335 
– 
8 
343 
240 
180 
10 
430 
Tim de Haas 
EVP Human Health and Nutrition 
250 
– 
9 
259 
200 
130 
10 
340 
Kristine Hartmann 
EVP Transformation (Jan-Sep 2020) 
– 
– 
– 
– 
140 
60 
10 
210 
Hege Spaun 
EVP Transformation (Oct-Dec 2020) 
161 
– 
8 
169 
30 
– 
– 
30 
Tone Lorentzen 
EVP Supply Chain 
289 
– 
8 
297 
230 
140 
10 
380 
Shauna McNeill 
EVP Innovation 
201 
– 
9 
210 
160 
120 
10 
290 
Sigve Nordrum 
EVP Animal Health and Nutrition 
235 
– 
45 
280 
190 
130 
30 
350 
Todd Norton 
EVP Special Advisor 
239 
– 
26 
265 
230 
110 
10 
350 
Webjørn Barstad 
EVP Offshore (from Dec 2020) 
248 
116 
10 
374 
20 
– 
– 
20 
Trond Atle Smedsrud 
EVP Strategic Investments 
251 
– 
8 
259 
250 
150 
10 
410 
Dave Lang 
CEO Lang Pharma Nutrition Inc. 
300 
– 
3 
303 
80 
– 
– 
80 
Seth French 
CEO Lang Pharma Nutrition Inc. 
135 
– 
4 
139 
– 
– 
– 
– 
TOTAL 
3,103 
116 
145 
3,364 
2,190 
1,220 
110 
3,520 

 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
89 
Note 24 – Group companies 
As of 31 
December 2021, Aker 
Capital AS held 
77.8% of the 
shares in 
Aker 
BioMarine, 
and 
the 
CEO, 
through 
his 
wholly 
owned 
subsidiary 
KMMN Invest II AS, held 1.19%. 
Assessment of non-controlling interests: 
Through 
its 
fully 
owned 
company 
Antarctic 
Harvesting 
Holding 
AS 
(AHH), The Resource Group TGR AS, subscribed to 555,900 new shares 
(the A-shares) in Aker BioMarine Antarctic 
AS for a cash consideration 
of 
NOK 
11 
million 
in 
September 
2015. 
The 
shares 
subscribed 
to 
constitute a 
separate share 
class with 
rights to 
an annual 
preferential 
dividend of 7% of the invested 
capital, but with no economic rights to 
any profits above this level. 
The 
structure 
enables 
the 
company 
to 
access 
foreign 
capital 
while 
remaining 
in 
compliance 
with 
its 
fishing 
licenses. 
Through 
the 
shareholders agreement, the company 
holds the majority of the voting 
rights for all matter except the reserved matters. The reserved matters 
give AHH some rights, 
but not power 
over the relevant activities. 
AHH’s 
rights 
are 
either 
protective 
or 
relates 
to 
activities 
that 
does 
not 
significantly affect 
the return. The 
company has 
power over 
the relevant 
activities, and has control over Aker BioMarine Antarctic AS. 
Based 
on 
the 
content 
of 
the 
shareholder 
agreement 
between 
the 
company and AHH, the company defines Aker 
BioMarine Antarctic AS 
as 
a 
subsidiary, 
even 
if 
the 
ownership 
is 
40% 
(the 
B-shares). 
It 
has 
therefore 
been 
assessed 
that 
the 
shareholders 
agreement 
does 
not 
give 
rise 
to 
any 
non-controlling 
interests 
in 
the 
Group 
financial 
statements. 
The consolidated financial statements for the Group in 2021 included the following subsidiaries: 
Administrative headquarters 
 
Shareholding in % 
Voting rights in % 
Location 
Country 
Aker BioMarine Antarctic AS 
 
40 
 
100* 
Lysaker 
Norway 
Aker BioMarine Antarctic US LLC 
 
100 
 
100 
Issaquah 
USA 
Aker BioMarine Antarctic Services AS 
 
100 
 
100 
Lysaker 
Norway 
Aker BioMarine Antarctic Australia Pty Ltd 
 
100 
 
100 
Melbourne 
Australia 
Aker BioMarine Manufacturing LLC 
 
100 
 
100 
Houston 
USA 
Aker BioMarine Financing LLC 
 
100 
 
100 
Houston 
USA 
Aker BioMarine Antarctic SA (former Odalson S.A.) 
 
100 
 
100 
Montevideo 
Uruguay 
Aker BioMarine US Holding Inc 
 
100 
 
100 
Issaquah 
USA 
Complector Ship Management 
AS 
 
100 
 
100 
Lysaker 
Norway 
Aker BioMarine Asia Ltd 
 
100 
 
100 
Hong Kong 
China 
Aker BioMarine Shanghai International Trading Co Ltd 
 
100 
 
100 
Shanghai 
China 
Aker BioMarine Canada Inc 
 
100 
 
100 
Vancouver 
Canada 
Euphausia LLC 
 
100 
 
100 
Wilmington 
USA 
Aker BioMarine (Thailand) Ltd 
 
100 
 
100 
Bangkok 
Thailand 
Aker BioMarine India Private Ltd 
 
100 
 
100 
Mumbai 
India 
NewRide LLC 
 
100 
 
100 
Issaquah 
USA 
Epion Brands LLC 
 
100 
 
100 
Issaquah 
USA 
Lang Pharma Nutrion Inc 
 
100 
 
100 
Middletown 
USA 
Wanaka BioMarine Ltd 
 
100 
 
100 
Nelson 
New Zealand 
Aion AS 
 
100 
 
100 
Lysaker 
Norway 
*) Aker BioMarine ASA has all voting rights except for certain fundamental matters which require consent from both shareholders 

 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
90 
The consolidated financial statements for the Group in 2020 included the following subsidiaries
: 
Administrative headquarters 
 
Shareholding in % 
Voting rights in % 
Location 
Country 
Aker BioMarine Antarctic AS 
 
40 
 
100* 
Lysaker 
Norway 
Aker BioMarine Antarctic US LLC 
 
100 
 
100 
Issaquah 
USA 
Aker BioMarine Antarctic Services AS 
 
100 
 
100 
Lysaker 
Norway 
Aker BioMarine Antarctic Australia Pty Ltd 
 
100 
 
100 
Melbourne 
Australia 
Aker BioMarine Manufacturing LLC 
 
100 
 
100 
Houston 
USA 
Aker BioMarine Financing LLC 
 
100 
 
100 
Houston 
USA 
Aker BioMarine Antarctic SA (former Odalson S.A.) 
 
100 
 
100 
Montevideo 
Uruguay 
Aker BioMarine US Holding Inc 
 
100 
 
100 
Issaquah 
USA 
Complector Ship Management 
AS 
 
100 
 
100 
Lysaker 
Norway 
Aker BioMarine Asia Ltd 
 
100 
 
100 
Hong Kong 
China 
Aker BioMarine Shanghai International Trading Co Ltd 
 
100 
 
100 
Shanghai 
China 
Aker BioMarine Canada Inc 
 
100 
 
100 
Vancouver 
Canada 
Euphausia LLC 
 
100 
 
100 
Wilmington 
USA 
Aker BioMarine (Thailand) Ltd 
 
100 
 
100 
Bangkok 
Thailand 
Aker BioMarine India Private Ltd 
 
100 
 
100 
Mumbai 
India 
NewRide LLC 
 
100 
 
100 
Issaquah 
USA 
Epion Brands LLC 
 
100 
 
100 
Issaquah 
USA 
Lang Pharma Nutrion Inc 
 
100 
 
100 
Middletown 
USA 
Wanaka BioMarine Ltd 
 
100 
 
100 
Nelson 
New Zealand 
Aion AS 
 
100 
 
100 
Lysaker 
Norway 
*) Aker BioMarine ASA has all voting rights except for certain fundamental matters which require consent from both shareholders 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
NOTES TO 
THE CONSOLIDATED 
FINANCIAL STATEMENTS
91 
Note 25 – Earnings per share 
USD Thousands 
2021 
2020 
Continued operations: 
Net profit (loss) 
(8,008) 
(5,463) 
Profit (loss) from continued 
operations attributable to Equity 
holders of the parent 
(8,008) 
(5,463) 
Number of shares 
Share outstanding as per 1 January 
69,053,544 
69,053,544 
Change from Trading admittance 
18,532,542 
18,532,542 
Shares outstanding as per 31 
December 
87,586,086 
87,586,086 
Weighted average number of shares 
as per 31 December 
87,586,086 
78,062,419 
Earnings per share 
Basic 
(0.09) 
(0.07) 
Dilluted 
(0.09) 
(0.07) 
Note 26 – Events after the end of the 
reporting period 
Tax refund 
On 27 
January 2022, Aker 
BioMarine Manufacturing LLC 
(in Houston, 
Texas) 
received USD 
5.7m in 
ethanol tax 
refund from 
the US 
Alcohol 
and Tobacco 
tax and 
Trade 
Bureau. The 
refund was 
calculated based 
on actual ethanol consumption in 2019 and 2020. The refund was filed 
in October 2021 after 
several revisions of actual 
ethanol consumption 
and period end balance. Remaining ethanol tax refund to be collected 
from 
2021 
consumption 
is 
USD 
4.0m 
(part 
of 
‘Trade 
receivable 
and 
prepaid expenses’ in the Statement of Financial position). 
Invasion of Ukraine 
On 24 
February 2022, Russia initiated 
an invasion 
of Ukraine 
and this 
has resulted in 
international sanctions on 
Russia. The cut 
of Russia from 
the 
SWIFT 
system 
has 
a 
direct 
impact 
on 
Aker 
BioMarine’s 
offshore 
activity as there are many crew members from Russia. As 
per now, the 
company is operating 
as normal and 
is closely monitoring 
the situation. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
ALTERNATIVE 
PERFORMANCE MEASURES (APMs)
92 
Alternative 
performance 
measures, 
meaning 
financial 
performance 
measures 
not 
included 
within 
the 
applicable 
financial 
reporting 
framework, are 
used by 
the Group to 
provide supplemental 
information 
by 
excluding 
items 
that 
in 
management’s 
view, 
does 
not 
give 
indications of 
the periodic operating 
results. Financial 
APMs are 
used 
to enhance comparability of the results from a 
period to the next, and 
management uses 
these measures internally 
when driving 
performance 
in terms of long- and short-term forecasts. The measures are adjusted 
IFRS measures, and are defined, calculated 
and consistently applied in 
the 
Group’s 
financial 
reporting. 
The 
Group 
focuses 
on 
EBITDA 
and 
Adjusted EBITDA 
when presenting 
the period’s financial 
result internally 
and externally. Adjusted EBITDA is 
adjusted for special 
operating items. 
Financial APMs should not be 
considered as substitute for measures of 
performance 
in 
accordance 
with 
applicable 
financial 
reporting 
framework. 
The Group uses the following APMs in the reporting: 
●
EBITDA: Operating profit before 
depreciation, amortization, write-
downs and impairments 
●
Adjusted 
EBITDA: 
Operating 
profit 
before 
depreciation, 
amortization, 
write-downs 
and 
impairments, 
and 
Special 
operating items 
●
EBITDA margin %: EBITDA as a percentage of Net sales 
●
Adjusted EBITDA margin 
%: Adjusted EBITDA 
as a percentage 
of 
Net sales 
●
Gross margin %: Gross profit as a percentage of Net sales 
●
CAPEX: The sum 
of Payments 
for property, 
plant and equipment 
and 
Payments 
for 
intangibles 
(included 
in 
the 
consolidated 
statement of cash flow) 
“EBITDA” 
and 
“Adjusted 
EBITDA” 
are 
used 
as 
APMs 
to 
facilitate 
operating performance 
comparisons 
from 
period to 
period, 
and 
the 
others are 
relevant key figures 
mainly in 
connection with 
the mentioned 
performance 
measures. 
The 
significant 
items 
of 
income 
and 
expenditure 
represent 
the 
difference 
between 
EBITDA 
and 
Adjusted 
EBITDA 
and 
are 
labeled "Special 
operating items" 
(which 
is 
also 
the 
wording used in the Group’s financing agreements). 
As per the 
Group’s 
APM guideline, 
Special operating items 
fall within 
these brackets: 
●
Restructuring costs:
 
In the event of the initiation of a restructuring 
program, 
IAS 
37 
defines 
a 
restructuring 
as 
a 
program 
that 
materially changes the 
scope of a 
business or the 
manner in which 
it is conducted, and any associated costs are non-recurring. 
●
Launch cost:
 
In the event of the 
launch of a new brand, 
the related 
costs 
are 
considered 
as 
non-recurring 
until 
the 
launch 
of 
the 
brand. 
Examples 
of 
relevant 
costs 
are 
employment 
of 
management 
team, 
R&D 
on 
packaging 
and 
capsules, 
general 
start-up cost, and significant market development costs. 
●
Transaction related costs:
 
These costs include fee to legal 
and tax 
advice related to a share issue (unless not carried towards equity) 
or M&A 
valuation fee, 
underwriting fee, roadshow 
costs, certain 
bonus schemes directly linked to the transaction.
●
Settlements:
 
In the event 
where the company 
has paid settlements 
to other parties. 
●
Legal 
expenses:
 
Litigation 
expenses 
in 
the 
form 
of 
a 
lawsuit 
settlement, 
legal 
and 
consultancy 
fees 
are 
all 
nonrecurring 
expenses.
●
Gains/ losses on sale of assets:
 
The sale of assets is not part of the 
company's normal operations, 
and any 
(material) gains or 
losses 
are considered non-recurring. 
●
Impairments:
 
When the (reversal of) 
impairment is the result of an 
isolated, non–recurring event, this is considered non-recurring. 
●
Other: 
Other material transactions of 
either non-recurring nature 
or special in nature 
compared to ordinary operational 
income or 
expenses. 
As per the 
Group’s APM guidelines, the materiality 
level for recognizing 
a Special operating item is USD 1.0 million. 
The following table 
reconciles Adjusted EBITDA 
to Operating profit and 
Net 
income 
(loss) 
in 
the 
consolidated 
statements 
of 
Profit 
or 
loss. 
‘Depreciation, amortization and impairment non-production 
assets’ in 
the 
below 
table 
is 
derived 
directly 
from 
the 
Profit 
or 
loss 
line 
item 
‘Depreciation, 
amortization 
and 
impairment’. 
‘Depreciation, 
amortization and impairment production 
assets’ in the below table 
can 
be 
reconciled 
with 
information 
in 
Note 
10 
‘Property, 
plant 
and 
equipment’ 
under 
line 
items 
‘Depreciation 
for 
the 
year’ 
and 
‘Impairment’. 
The following 
comprises the 
items included 
Special Operating 
Items 
over 2021 and 2020. 
 
Year ended 31 
December 
USD Thousands 
2021 
2020 
Net loss 
 
(8,008) 
 
(5,463) 
Tax expense 
 
604 
 
6,151 
Financial income 
 
(21,276) 
 
(16,794) 
Financial expenses 
 
15,660 
 
22,827 
Net foreign exchange gain/loss 
 
(647) 
 
279 
Operating profit 
(13,667) 
7,000 
Depreciation, amortization and impairment 
 
56,877 
 
49,644 
EBITDA 
43,210 
56,644 
Special operating items 
 
4,720 
 
21,462 
Consisting of: 
Juvel gain and operating cost - 'Gains/ 
losses on sale of assets'/ 'Other' 
 
- 
 
(690) 
La Manche operating costs and gain from 
 
(428) 
 
- 
Restructuring costs 
 
2,681 
 
- 
Legal expenses SG&A 
 
1,359 
Kori national brand US launch - 'Launch 
 
- 
 
17,016 
Oslo Børs listing - 'Transaction related costs' 
 
1,108 
 
2,155 
Private charter flights - 'Other' 
 
- 
 
1,519 
Crew cost - 'Other' 
 
- 
 
1,462 
Adjusted EBITDA 
47,944 
78,106 
La Manche operating cost and gain from sale (2021): 
In October 
2021, the 
Group sold 
the supply 
vessel La 
Manche with 
a 
booked gain of USD 0.4 million. 

 
 
 
CONSOLIDATED FINANCIAL STATEMENTS
AKER BIOMARINE GROUP ACCOUNTS 
ALTERNATIVE 
PERFORMANCE MEASURES (APMs)
93 
Restructuring cost (2021): 
As 
part 
of 
the 
Superba 
turnaround 
and 
other 
initiatives 
the 
Group 
incurred 
restructuring 
and legal 
related 
costs amounting 
to 
USD 2.7 
million 
Admission to Euronext growth (2020) and Oslo Børs listing (2021): 
The company 
was admitted 
to trading 
on Euronext 
Growth (previous 
name: Merkur Market) on 6 July 2020 and is currently in the process of 
listing 
on 
Oslo 
Børs. 
Costs 
directly 
attributable 
to 
the 
admission 
on 
Euronext 
Growth 
has 
been 
netted 
against 
the 
raised 
amount 
and 
recognized in equity. Other substantial 
costs the company has 
incurred 
such as 
audit, investor 
presentations and 
roadshow in 
relation to 
the 
Euronext Growth 
admission or 
preparatory work to 
be listed 
on Oslo 
Børs 
has 
been 
considered 
a 
Special 
Operating 
Item. 
The 
company 
changed listing venue to Oslo Børs main list with first listing day on 14 
April 2021. 
Juvel gain, operating cost and legal expenses (2020): 
In 2018 there was a fire 
in the superstructure when 
the vessel Juvel was 
docked in 
Montevideo. In 
2019, the 
vessel had 
not in 
any way 
been 
used in the 
ordinary course of 
business as intended 
by management. 
As part of the repair work the Group incurred significant costs while in 
Montevideo. These costs are recognized in 
the Profit or loss 
and have 
been reimbursed from 
the Group’s 
insurer. 
The vessel 
was sold in 
Q2 
2020, 
yielding 
a 
net 
gain 
which 
has 
been 
adjusted 
out 
as 
a 
Special 
operating Item. 
For 
further details 
concerning the 
sale of 
the 
vessel, 
please refer to Note 4 In addition, during 2019 and 2020 the company 
has 
been 
in 
certain 
legal 
disputes 
regarding 
the 
Juvel 
production 
related 
assets. 
Given 
the 
complexity 
of 
the 
legal 
proceedings, 
costs 
have been material. 
Kori national brand US launch including start-up cost (2020): 
As part of the 
Lang transaction, the 
Group is launching its 
own national 
brand 
in 
the 
US. 
The 
incurred 
costs 
are 
material 
and 
will 
continue 
through 2020. These costs include employment of Epion management 
team, 
R&D 
on 
packaging 
and 
capsules, 
general 
start-up 
cost, 
and 
significant 
market 
development 
costs. 
Furthermore, 
these 
costs 
are 
deemed material and non-recurring after the launch of Kori. 
Private charter flights 
(2020): 
The Group is 
dependent on getting 
crew in and 
out of Antarctica safely. 
With 
significant 
restrictions 
on 
global 
travel 
for 
large 
parts 
of 
2020 
limiting the 
availability of 
commercial flight options, 
the Group 
made 
extensive use 
of private 
charter flights from 
one specific 
vendor. 
This 
was done 
to ensure 
that the 
harvesting operation 
could continue 
as 
planned whilst maintaining the safety of the crew. In total, planes were 
chartered for 
6 trips 
between Oslo 
and Montevideo 
and 3 
trips between 
Moscow and 
Oslo, resulting in 
a cost of 
USD 2.1 million 
during the year. 
These costs were recorded as cost to 
inventory (i.e. no impact on 
Profit 
or loss in that period) 
as per the Group’s accounting policy. The cost of 
flying the equivalent number of crew 
commercially is estimated at USD 
0.25 million, resulting in an 
estimated net incremental cost of USD 
1.85 
million. 
The 
‘Cost 
of 
goods 
sold’ 
impact 
after 
these 
expenses 
is 
estimated to 
USD 1.5 
million and 
is as 
such considered 
material and 
non-recurring 
in 
nature 
compared to 
ordinary operational 
expenses. 
See Note 2 for further details. 
Crew cost (2020): 
The Group’s crew are entitled to overtime payments for any amount of 
time 
worked 
beyond 
their 
contractually 
defined 
shift 
duration. 
A 
challenging 
travel 
environment 
in 
2020 
meant 
that 
it 
was, 
in 
some 
cases, 
logistically 
impossible 
to 
get 
crew 
home 
from 
the 
Southern 
Ocean 
before 
their 
shift 
ended. 
This 
resulted 
in 
a 
total 
of 
USD 
2.1 
million in overtime payments during the year. The ‘Cost of goods sold’ 
impact after these 
expenses is estimated 
to USD 
1.4 million and 
is as 
such 
considered 
material 
and 
non-recurring 
in 
nature 
compared 
to 
ordinary operational expenses.

 
94 
 
AKER 
BIOMARINE 
ASA

 
 
 
AKER BIOMARINE ASA 
95 
AKER BIOMARINE AS
A
FINANCIAL 
STATEMENT
2021

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AKER BIOMARINE ASA 
96 
Statement of profit or 
loss for the year ended 31 December
USD Thousands 
Note 
2021 
2020 
Operating revenues 
2 
223 
117 
Revenues from Group companies 
12 
16,770 
11,069 
Total revenues 
16,993 
11,186 
Salaries and other payroll expenses 
3, 14 
(10,807) 
(7,774) 
Other operating expenses 
4 
(8,924) 
(7,415) 
Operating expenses Group companies 
12 
(612) 
(356) 
Operating profit/loss before depreciation, amortization and 
impairment 
(3,349) 
(4,359) 
Depreciation, impairment, and amortization 
7 
(109) 
(136) 
Operating loss 
(3,459) 
(4,495) 
Interest income from Group companies 
12 
14,303 
14,300 
Net foreign exchange gain / loss (-) 
474 
303 
Other interest income and financial income 
13 
6 
5 
Interest and guarantee expenses to Group companies 
12 
(2,458) 
(6,714) 
Other financial expenses 
13 
(3,690) 
(5,089) 
Net financial items 
8,635 
2,806 
Net gain (loss) before tax expense 
5,177 
(1,689) 
Tax expense 
6 
- 
- 
Net gain (loss) 
5,177 
(1,689) 
Allocation of loss for the year 
Gain (loss) for the year 
5,177 
(1,689) 
Transferred to accumulated loss 
(5,177) 
1,689 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AKER BIOMARINE ASA 
97 
Balance Sheet as of 31 December
USD Thousands 
Note 
2021 
2020 
ASSETS 
Property, plant and equipment 
7 
289 
398 
Intangible assets 
7 
- 
- 
Shares in subsidiaries and other companies 
8 
305,831 
305,822 
Long-term receivables from Group companies 
12 
211,406 
226,352 
Total non-current assets 
517,526 
532,572 
Accounts receivable and other non-interest-bearing receivables 
496 
592 
Current receivables from Group companies 
12 
4,974 
38,978 
Cash and cash equivalents 
11 
481 
303 
Total current assets 
5,950 
39,873 
Total assets 
523,476 
572,444 
EQUITY AND LIABILITIES 
Share capital 
5 
75,853 
75,853 
Share premium 
5 
507,977 
472,718 
Total paid-in capital 
583,829 
548,571 
Accumulated loss 
5 
(66,114) 
(41,665) 
Total equity 
517,715 
506,906 
Interest-bearing loans 
9 
- 
54,616 
Pension liabilities 
10 
168 
183 
Other long term debt to Group companies and related parties 
12 
- 
– 
Total non-current liabilities 
168 
54,798 
Current debt to related parties 
12 
306 
954 
Accounts payable and other current liabilities 
5,287 
4,887 
Bank overdraft 
9 
- 
4,900 
Total current liabilities 
5,592 
10,740 
Total liabilities 
5,760 
65,539 
Total equity and liabilities 
523,476 
572,444 

 
 
 
 
 
 
 
 
 
 
 
 
 
AKER BIOMARINE ASA 
98 
Fornebu, March 22, 2022 
The Board of Directors and CEO of Aker BioMarine ASA 
Ola Snøve 
Chair of the Board 
Kjell Inge Røkke 
Director 
Øyvind Eriksen 
Director 
Sindre Skjong 
Director, 
elected by the employees 
Lise Wiger 
Director, 
elected by the employees 
Anne Harris 
Director 
Cila Holmes Indahl 
Director 
Matts Johansen 
CEO 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AKER BIOMARINE ASA 
99 
Cash flow for the year ended 31 December
USD Thousands 
Note 
2021 
2020 
Net gain (loss) before tax expense 
5,176 
(1,690) 
Net expensed interest, interest paid and received 
12,13 
21,422 
(6,940) 
Depreciation, impairment, and amortization 
7 
109 
136 
Unrealized foreign exchange (gain) / loss and other non-cash-generating items 
(23) 
61 
Changes in ordinary operating items 
18,410 
(39,576) 
Net cash flow from operating activities 
45,095 
(48,009) 
Payments for fixed and intangible assets 
7 
 
20 
Net cash flow from long term receivables 
12 
14,983 
(27,984) 
Net cash flow from investment activities 
14,983 
(27,964) 
Capital Increase 
 
224,182 
Proceeds, new short-term loans, related parties 
12 
 
(138,795) 
Change in bank overdrafts 
9 
 
(9,472) 
Change in bank loan 
9 
(59,900) 
– 
Net cash flow from financing activities 
(59,900) 
75,915 
Net change in cash and cash equivalents 
178 
(58) 
Effect of changes in foreign exchange rates on cash and cash equivalents 
Cash and cash equivalents as of January 1 
303 
361 
Cash and cash equivalents as of December 31 
481 
303 

 
 
 
AKER BIOMARINE ASA 
100 
Note 1 – Accounting principles
The annual report is prepared and presented according to the 
Norwegian Accounting Act of 1998 and generally accepted 
accounting practices in Norway. 
Subsidiaries and associated companies 
Subsidiaries are valued according to the cost method. Investments 
are valued at acquisition cost for the shares, unless a write-down 
has been necessary. Investments are written down to market value 
if the decline is viewed as not transitory in nature and when 
deemed necessary according to generally accepted accounting 
principles. Write-downs are reversed if the basis for the write-down 
is no longer present. 
Associated companies and investments in joint venture are valued 
according to the equity method in the parent company accounts. 
The latter Investments are initially valued at acquisition cost for the 
shares, and subsequently adjusted to reflect the investor's share of 
the net assets of the associate. 
Classification and valuation of balance sheet items 
Current assets and short-term liabilities include items that are due 
within one year. Other items are classified as non-current assets or 
long-term liabilities. Current assets are valued at the lower of 
acquisition cost or market value. Current liabilities are recorded in 
the balance sheet at face value at the time of the transaction. 
Non-current assets are recorded at acquisition cost. Upon a 
change in value not deemed to be temporary, the affected fixed 
asset is written down to market value. Long-term liabilities are 
recorded in the balance sheet at face value at the date they are 
assumed. 
Receivables 
Accounts receivable and other receivables are recorded in the 
balance sheet at face value after provision for expected losses. 
Provisions for losses are made based on individual assessment of 
receivables. 
Functional currency and foreign currency 
Aker BioMarine AS has U.S. Dollars as functional currency and the 
financial statements are presented in U.S. Dollars. Foreign-
currency-denominated monetary items are valued at the year-end 
exchange rate, and currency translation effects are presented 
within net foreign exchange gain/loss in the financial statement. 
Property, plant and equipment, and intangible assets 
Other acquired intangible assets are recognized in the balance 
sheet at acquisition cost, less any accumulated amortization and 
impairment losses. 
Estimated useful lives for the current and comparative reporting 
periods are as follows: 
●
Property, plant and equipment: 0–5 years 
●
Intangible assets: 0–3 years
Revenue recognition 
Income arising from royalties and management services provided 
to subsidiaries shall be recognized if all the following conditions 
are satisfied: 
●
It is probable that the economic benefits associated with the 
transaction will flow to the Company; and 
●
The amount of revenue can be measured reliably. 
Taxes 
Tax expenses in the profit and loss account comprise taxes payable 
for the period and any change in deferred tax/deferred tax benefit. 
In 2021, deferred tax is calculated as 22% of the temporary 
differences between accounting and tax values, as well as the tax 
deficit carryforward at the end of the accounting. Tax increasing 
and tax reducing temporary differences that are reversed or can be 
reversed in the same period, are offset. Net deferred tax benefit is 
recorded in the balance sheet to the extent it is likely that it will be 
used. 
 
Cash flow statement 
The cash flow statement has been prepared using the indirect 
method. Cash and cash equivalents comprise cash, bank deposits, 
and other short-term liquid placements. 
Use of estimates 
Preparation of the financial statement in accordance with generally 
accepted accounting practices requires management to make 
estimates and assumptions that affect the reported amounts in the 
profit and loss statement, the measurement of assets and liabilities, 
and the disclosure of contingent assets and liabilities on the 
balance sheet date. Actual results may differ from estimates. 
Contingent losses deemed probable and quantifiable are expensed 
as incurred.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AKER BIOMARINE ASA 
101 
Note 2 – Operating revenues
Operating revenues in 2021 are distributed as follows: 
North 
USD Thousands 
Norway 
EU 
America 
Other 
Total 
Other revenue 
221 
– 
– 
– 
221 
Management fee from Group companies 
16,738 
– 
18 
16 
16,772 
Total operating revenues 
16,959 
– 
18 
16 
16,993 
Operating revenues in 2020 are distributed as follows: 
North 
USD Thousands 
Norway 
EU 
America 
Other 
Total 
Other revenue 
117 
– 
– 
– 
117 
Management fee from Group companies 
11,034 
– 
18 
16 
11,068 
Total operating revenues 
11,151 
– 
18 
16 
11,185 
Note 3 – Salaries and other payroll expenses:
Salaries and payroll expenses comprise of the following: 
USD Thousands 
2021 
2020 
Salaries 
(8,698) 
(6,081) 
Other personnel costs 
(699) 
(205) 
Employer's social security contribution 
(1,019) 
(903) 
Pension expenses 
(390) 
(585) 
Total 
(10,806) 
(7,774) 
Average number of employees 
54 
50 
Note 4 – Other operating expenses
Other operating expenses comprise the following: 
USD Thousands 
2021 
2020 
Professional services 
(4,870) 
(3,330) 
Office rent 
(1,114) 
(1,018) 
Travel 
(291) 
(73) 
Other operating expenses 
(2,648) 
(2,995) 
Total other operating expenses 
(8,924) 
(7,415) 
Remuneration paid to auditor included in 
other operating expenses 
1):
USD Thousands 
2021 
2020 
Ordinary auditing services 
144 
213 
Other services 
130 
8 
Tax advisory 
42 
9 
Total 
316 
229 
1) Remuneration to the auditor is presented excluding VAT. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AKER BIOMARINE ASA 
102 
Note 5 – Equity
The Company's share capital amounts to NOK 525 516 516 distributed as 87 586 086 shares issued, each with a par value of NOK 6.00. All shares 
are equal in all respects. 
As of December 31, 2021, Aker ASA owns 77.8% of the shares in the Company, 1.2% are owned by the Company’s CEO through a holding 
company (ref. note 14), and the remaining 21% shares by other investors. 
Changes in equity are set forth below: 
Accumulated 
Total 
USD Thousands 
Share capital 
Share premium 
loss 
equity 
Equity as of December 31, 2019 
68,003 
256,386 
(35,193) 
289,194 
Acturial gain (loss) 
– 
– 
(80) 
(79) 
Capital Increase 
7,850 
216,332 
– 
224,182 
Correction from last year 
– 
– 
(4,703) 
(4,702) 
Loss for the year 
– 
– 
(1,689) 
(1,689) 
Equity as of December 31, 2020 
75,853 
472,718 
(41,665) 
506,906 
Acturial gain (loss) 
– 
– 
(22) 
(22) 
Correction from last year 
– 
– 
5,656 
5,655 
Loss for the year 
– 
– 
5,176 
5,176 
Equity as of December 31, 2021 
75,853 
472,718 
(30,855) 
517,716 
The 20 largest shareholders as per 31 December 2021: 
Shareholder 
Number of shares 
Per cent 
AKER CAPITAL AS 
68,132,830 
77.79 
The Bank of New York Mellon SA/NV 
1,803,769 
2.05 
KMMN INVEST II AS 
1,040,714 
1.18 
Skandinaviska Enskilda Banken AB 
829,666 
0.94 
CASESIS Bank 
802,252 
0.91 
Carnegie Investment Bank AB 
775,000 
0.88 
DANSKE INVEST NORSKE INSTIT. II. 
666,249 
0.76 
Danske Bank A/S 
614,152 
0.70 
STORBREA AS 
565,000 
0.64 
CitibankN.A 
445,000 
0.50 
Danske Invest Norge Vekst 
435,870 
0.49 
TIGERSTADEN MARINE AS 
400,000 
0.45 
BECK ASSET MANAGEMENT AS 
400,000 
0.45 
CENTRA CAPITAL AS 
330,000 
0.37 
VERDIPAPIRFONDET DNB MILJØINVEST 
316,997 
0.36 
DANSKE INVEST NORSKE AKSJER INST 
307,100 
0.35 
VERDIPAPIRFONDET DNB NORGE 
288,108 
0.32 
HAADEM INVEST AS 
270,000 
0.30 
Skandinaviska Enskilda Banken AB 
240,727 
0.27 
LOE EQUITY AS 
240,000 
0.27 
Total 
78,903,434 
90 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AKER BIOMARINE ASA 
103 
Note 6 – Tax 
expense and deferred tax
USD Thousands 
2021 
2020 
Income tax expense 
Change in deferred tax 
2,915 
4,800 
Unrecognized change in deferred tax assets 
(2,915) 
(4,800) 
Tax base 
Profit (loss) before tax 
5,177 
(1,689) 
Tax base (statutory tax purposes) 
5,177 
(1,689) 
Tax base (statutory tax purposes) 
5,177 
(1,689) 
Expenses not tax deductible 
21 
37 
Change in deferred tax 
641 
1,056 
Tax base 
5,839 
(597) 
Tax loss carried forward 
(5,839) 
597 
Temporary differences 
2,021 
2,020 
Property, plant and equipment and intangible assets 
(31) 
115 
Gain and loss accounts 
67 
87 
Post employment benefit liabilities 
(168) 
(183) 
Net deferred tax assets 
(132) 
19 
Tax losses carried forward 
(155,069) 
(104,417) 
Interest rate deductability carry forward 
(16,491) 
(17,044) 
Basis for deferred tax asset 
(171,692) 
(121,442) 
Deferred tax asset (22%) 
(37,772) 
(26,717) 
Unrecognized deferred tax assets 
37,772 
26,717 
Deferred tax has not been capitalized as it is not considered probable that the Company will have future taxable profit available, against which 
the unused tax losses and unused tax credits can be utilized. 

 
AKER BIOMARINE ASA 
104 
Note 7 – Fixed assets and Intangible assets
Furnitures 
USD Thousands 
& fixtures 
Total 
Acquisition cost as of January 1, 2021 
632 
632 
Investments 
 
– 
 
– 
Retirement 
 
– 
 
– 
Acquistion cost as of December 31, 2021 
632 
633 
Accumulated amortization and impairment as of January 
1, 2021 
(234) 
(234) 
Depreciation for the year 
(109) 
(109) 
Retirement 
 
– 
 
– 
Accumulated amortization and impairment as of December 
31, 2021 
(343) 
(344) 
Book value as of December 31, 2021 
289 
289 
Furnitures 
USD Thousands 
& fixtures 
Total 
Acquisition cost as of January 1, 2020 
659 
659 
Investments 
20 
20 
Retirement 
(47) 
(47) 
Acquistion cost as of December 31, 2020 
632 
632 
Accumulated amortization and impairment as of January 
1, 2020 
(97) 
(97) 
Depreciation for the year 
(136) 
(136) 
Accumulated amortization and impairment as of December 
31, 2020 
(234) 
(234) 
Book value as of December 31, 2020 
398 
398 
All fixed assets are depreciated using the straight-line method and have estimated useful life of 5 years. 
Operating lease expense amounted to USD 1.3 million in 2021 and USD 1.2 million in 2020. The Company’s lease commitments under non-
cancellable leases amounts to approx. USD 1.0 million annually, until 2025. 
Operating lease costs are expensed as incurred. The Company has no financial lease arrangements.

 
 
 
 
 
 
 
 
 
 
 
 
 
AKER BIOMARINE ASA 
105 
Note 8 – Shares in subsidiaries
Through its fully owned company Antarctic Harvesting Holding AS, The Resource Group Trg AS, owns 555,900 A-shares in Aker BioMarine 
Antarctic AS. The remaining 370,600 B-shares are held by Aker Biomarine ASA. Based on the content of the shareholder agreement between the 
Company and Antarctic Harvesting Holding, the Company defines Aker BioMarine Antarctic AS as a subsidiary 
for accounting purposes, even if 
the ownership is 40%. 
Shares in subsidiaries and other companies comprised the following as of 31 December 2021: 
USD Thousands 
Ownership in % 
1) 
Headquarter 
Equity as of 
December 31, 
2021 
Profit/loss 
before tax 
Book value 
December 31, 
2021 
Aker BioMarine Antarctic AS 
40 
Bærum, Norway 
49,561 
(32,430) 
305,447 
Aion AS 
100 
Bærum, Norway 
100 
110 
357 
Complector Ship Management AS 
100 
Bærum, Norway 
2 
(9) 
27 
Shares in subsidiaries and other companies 
305,831 
1) Share of voting rights equals share of 
ownership. 
Shares in subsidiaries and other companies comprised the following as of 31 December 2020: 
USD Thousands 
Ownership in % 
1) 
Headquarter 
Equity as of 
December 31, 
2020 
Profit/loss 
before tax 
Book value 
December 31, 
2020 
Aker BioMarine Antarctic AS 
40 
Bærum, Norway 
76,766 
(26,135) 
305,447 
Aion AS 
100 
Bærum, Norway 
(18) 
(22) 
357 
Complector Ship Management AS 
100 
Bærum, Norway 
2 
(9) 
18 
Shares in subsidiaries and other companies 
305,821 
1) Share of voting rights equals share of 
ownership. 

 
 
 
 
 
 
 
 
 
 
 
 
AKER BIOMARINE ASA 
106 
Note 9 – Interest-bearing loans from external parties:
USD Thousands 
2021 
2020 
Non-current liabilities 
Loan from DNB ASA 
– 
54,616 
Current liabilities 
Working capital facility from DNB ASA 
– 
4,900 
Total interest-bearing current liabilities 
– 
59,515 
In November 2021, Aker BioMarine Antarctic AS entered into a new sustainability-linked multicurrency term and revolving facility, and all loans 
in Aker BioMarine ASA were repaid. 
Note 10 – Pension expenses and liabilities
The Company has a combination of defined contribution and defined benefit plans that cover virtually 
all employees. These schemes comply 
with laws and regulations set forth in the different countries of operations. The Company’s defined benefit obligation cover one employee. At 
the end of the year the defined benefit obligations were USD 0.59 million and the assets were USD 0.44 million. The fair value of the net 
obligation has been calculated using an appropriate discount rate. During the year the Company expensed USD 0.4 million, net of settlements 
and curtailment, on the defined benefit plan (2020: 0.3 million). In addition, 
USD 0.02 million related to changes in actuarial assumptions is 
expensed in other comprehensive income (2020: USD 0.1 million). 
Pension expenses and liabilities relating to the defined-benefit plan are discussed in Note 4 to the consolidated financial statements for Aker 
BioMarine Group. The Company complies with all requirements for coverage by a collective pension plan, and all relevant laws and regulations. 
Note 11 – Restricted funds
The Company has USD 338 thousand in restricted funds associated with employee tax withholdings as of December 31, 2020 (2020: USD 303 
thousand). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AKER BIOMARINE ASA 
107 
Note 12 – Transactions with subsidiaries and related parties
In 2021 and at year-end 2021, Aker BioMarine ASA recognized the following transactions in the statement of profit and loss and the balance 
sheet with other Group companies and related parties: 
USD Thousands 
Aker ASA 
Aker BioMarine 
Antarctic AS 
Other 
subsidiaries 
Fornebu 
Gateway 
Felleskost AS 
Cognite 
Other related 
parties 
Total 
Transactions recorded in profit and loss 
Management fee (income) 
16,675 
95 
127 
16,897 
Mangement fee (costs) 
(79) 
(188) 
(317) 
(28) 
(612) 
Interest income 
14,257 
45.9 
14,303 
Guarantee fee 
(268) 
(2,190) 
(2,458) 
Transactions recognized in balance sheet at year-end 
Long-term interest bearing receivable 
209,415 
1,990 
1 
211,406 
Current recivables 
4,861 
112 
4,974 
Current liabilities 
221 
70 
14 
305 
In 2020 and at year-end 2020, Aker BioMarine ASA recognized the following transactions in the statement of profit and loss and the balance 
sheet with other Group companies and related parties: 
USD Thousands 
Aker ASA 
Aker BioMarine 
Antarctic AS 
Lang Pharma 
Nutrition LLC 
Other 
subsidiaries 
Aker 
Solutions 
Other related 
parties 
Total 
Transactions recorded in profit and loss 
Management fee (income) 
11,034 
34 
11,068 
Mangement fee (costs) 
(81) 
(275) 
(356) 
Office rent (income) 
Interest income 
14,273 
27 
14,300 
Interest expenses 
(2,994) 
(2,994) 
Guarantee fee 
(1,637) 
(2,082) 
(3,719) 
Transactions recognized in balance sheet at year-end 
Long-term interest bearing receivable 
226,352 
226,352 
Current recivables 
20,403 
9 
108 
34 
38,978 
Accrued guarantee/interests fees, long-
 
Long term interest bearing debt 
 
Current liabilities 
955 
955 
Note 13 – Other financial income and expenses
Other interest- 
and financial income 
USD Thousands 
2021 
2020 
Interest income, bank 
- 
5 
Other financial income 
6 
- 
Total 
6 
5 
Other financial expenses 
USD Thousands 
2021 
2020 
Interest expenses 
(3,146) 
(4,371) 
Other financial expenses 
(544) 
(718) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AKER BIOMARINE ASA 
108 
Total 
(3,690) 
(5,089) 
Note 14 – Salaries and other remuneration to the Board of Directors and executive 
management 
Remuneration paid to the Board of Directors for the year ended December 31: 
USD Thousands 
Board membership 
2021 
2020 
Ola Snøve 
Chairman of the Board 
60,276 
– 
Frank O. Reite* 
Board member (Deputy) 
30,138 
10,638 
Line Johnsen*** 
Employee representative 
Total 
90,414 
10,638 
* Elected at annual shareholder meeting February 2016 
**Employee representative from August 2019 
***Employee representative from June 2020 to June 2021 
****Employee representative from June 2021 
There is no remuneration paid to the Board members and Employee representative other than ordinary salaries. 
Remuneration paid to the CEO 
The CEO is member of the defined contribution pension and insurance plans that cover all employees. The Group uses standard employment 
contracts. The CEO may be dismissed upon three months' notice. If the Company terminates the employment, the CEO is entitled 
to three 
months' severance pay after the end of the notice period. The pension is capped at a salary 
of 12 times the National Social Security base 
amount. 
The Group implemented share incentive programs for employees in February 2022. 
There is no bonus program for the employees. However, in relation to the admission to trading on Euronext Growth in July 2020, all employees 
received a bonus of NOK 15k each. Based on the company’s performance in 2020, management team was awarded a bonus totaling USD 1.2 
million. No bonus awarded in 2021, except for one member of the EMT. 
Payments to the CEO for the year ended December 31: 
USD Thousands 
2021 
2020 
Fixed salary 
459 
420 
Bonus 
– 
197 
Other remuneration 
– 
1 
Net pension cost 
8 
8 
Total 
467 
627 

 
 
 
 
 
 
 
 
109 
Directors’ responsibility statement
Today, 
the board of directors and the chief executive officer reviewed and approved the board of directors’ report and the consolidated and 
separate annual financial statements of Aker BioMarine ASA, consolidated and parent company for the year ending and as of 31 December 2021. 
Aker BioMarine ASA’s consolidated financial statements have been prepared in accordance with IFRSs and IFRICs adopted by the EU as well as 
additional disclosure requirements in the Norwegian Accounting Act and as such 
are to be applied per 31 December 2021. The separate financial 
statements of Aker BioMarine ASA have been prepared in accordance with the Norwegian Accounting Act and Norwegian 
accounting standards 
as at 31 December 2021. The board of directors’ report for the group and the parent company satisfy with the requirements of the Norwegian 
Accounting Act and Norwegian accounting standard no. 16, as at 31 December 
2021. 
To the best of our knowledge: 
●
The consolidated and separate annual financial statements for 2021 have been prepared in accordance with applicable accounting 
standards. 
●
The consolidated and separate annual financial statements give a true and fair overall view of the assets, liabilities, financial position and 
profit/loss of the group and for the parent company as of 31 December 2021. 
●
The board of directors’ report provides a true and fair review of the development and performance of the business and the position of the 
group and the parent company, the principal risks and uncertainties the group and the parent company may face. 
Fornebu, 22 March 2022 
The Board of Directors and CEO of Aker BioMarine ASA 
Ola Snøve 
Board Chairman 
Kjell Inge Røkke 
Director 
Øyvind Eriksen 
Director 
Sindre Skjong 
Director, 
elected by the employees 
Lise Wiger 
Director, 
elected by the employees 
Anne Harris 
Director 
Cilia Holmes Indahl 
Director 
Matts Johansen 
CEO 

110

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113

114

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116

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