BioMar Group reports below 1 FIFO ratio
June 30 2017
Advances in innovative technology by BioMar and a high priced fish oil and fishmeal market enabled the BioMar Group to average a below one FIFO ratio (Fish-In:Fish-Out) for its raw material usage in 2016 for the first time in its history. This is one of the many findings revealed in the yearly sustainability report released today.
BioMar Group today released its annual Sustainability Report. Last year's report achieved a "Top 5%" status by Seafood Intelligences' independent benchmarking report, World's Top 100 Seafood Firms in Sustainability Reporting and Transparency. The BioMar Sustainability Report this year is aligned with the UN Sustainable Development Goals and includes the results of an extensive materiality assessment undertaken by the company during 2016.
BioMar has over several years aimed to take the lead in researching alternative materials for fish oil and fishmeal including plant proteins and marine ingredients like micro algae. New alternative raw materials as well as high prices of fish oil and fishmeal in 2016 made it possible to formulate price competitive, high performance feed with a low FIFO ratio. This years' Sustainable Report showcases a few of these success stories including the partnership with Aker BioMarine in the sustainable harvesting krill from the lower trophic levels and an article on novel sources of marine omega-3s.
CEO Carlos Diaz, of BioMar Group states that the company will continue its search for innovative and sustainable solutions to issues facing the industry, "although it is unlikely that BioMar will achieve such a good FIFO ratio every year due to ever changing market conditions, this is a major milestone and shows that we are progressing towards an industry where sustainable and high performance alternatives to fish oil and fishmeal are accessible and becoming commercially viable".
The Sustainability Report indicates that sustainable issues continue to be at the core of BioMar operations, driving product development as well as a focus on minimising the environmental footprint and supporting human rights. However to align internal ambitions with external expectation the company has chosen to conduct an extensive external materiality assessment with stakeholders from the industry.
"Sustainability is a very broad topic so it's essential to us to understand what sustainability means to our stakeholders and what they expect from us. We have been out listening to the world around us and based on the feedback we have developed a materiality matrix that will guide our sustainability agenda", explains Vidar Gundersen, Global Sustainability Director, BioMar Group and continues:
"To us it is vital to be aligned with the industry as well as the global sustainability agenda. We have this year been taking a deep dive into the UN Sustainable Development Goals with particular focus on 'life below water' and 'life on land' for responsible sourcing of raw materials. Working in the field of sustainability is a never ending quest for taking care of the world around us and supporting the future generations. We simply need to be ambitious because it is the right thing to do".