Bakkafrost P/F

BAKKA:NO FO0000000179
Key Information
HQ:
Faroe Islands
Market Cap:
$3.77bn
Primary Markets:
North America, Asia, Europe & Russia



Company Information

Company Summary

Bakkafrost, based in the Faroe Islands, is a vertically integrated salmon farming company with full control and responsibility over all aspects of production. Its primary sales are to the EU (44%), Eastern Europe (21%), US (18%) and Asia (17%).
Bakkafrost PF

Revenue

Total revenue:

$0.9bn

Revenue by Geography

Revenue by Protein

Revenue by Product Type

Note: This financial breakdown is based on Annual reports released in 2022, containing, in most cases, FY2021.


Disclosures

CDP ScoresLast Reviewed: 11/10/2023

CDP ClimateCDP ForestsCDP Water
YesNoYes

Science Based Target InitiativeLast Reviewed: 03/10/2023

Target classificationStatusDate
1.5°CTargets Set2022

Coller FAIRR Protein Producer Index

Analysis Overview

Index-Radar-2023
Greenhouse Gas Emissions Deforestation & Biodiversity Water Use & Scarcity Waste & Pollution Antibiotics Animal Welfare Working Conditions Food Safety Sustainability Governance Alternative Proteins

Analysis Breakdown

Risk Score

62/100
Low Risk



Greenhouse Gas Emissions

58/100

Scope 1, 2 & 3 Target
70/100
Type of Target
0/1.25
Strength of Target - Non-SBT
1.75/2
Strength of Target - SBT
1.75/1.75
Source(s): 2022 Sustainability Report; Annual Report 2022, page 7, 12, 21, 79; CDP Climate Report 2022, page 32, 33, 34, 35; Sustainability Report 2022, page 3, 4, 91, 92

Innovation on GHG Emission Reduction
56/100
Innovation to Reduce Agriculture Emissions
0.8/1
Feed Farming Innovation
0/2
Animal Farming Innovation
2/2
Source(s): 2022 Sustainability Report, page 28; CDP Climate Report 2022, page 2, 3, 5; Sustainability Report 2022, page 11, 19, 78, 88, 104

Quality of GHG Inventory
100/100
Quality and scope of GHG inventory Completeness
1.5/1.5
Feed & Animal Farming Emissions
2/2
Transparency of GHG Inventory
1.5/1.5
Source(s): Bakkafrost Climate Change 2022.pdf.pdf, page 4; CDP Climate Report 2022, page 2, 3, 52, 62, 73; Sustainability Report 2022, page 3, 97, 99, 109, 148

Emissions Performance
5/100
Overall Emission Performance
0.25/5
Source(s): Sustainability Report 2022, page 97

Climate-related Scenario Analysis
60/100
Climate-related Scenarios Analysis Conducted
1/1
Disclosure of Analysis Results on Material Risks
1/3
Disclosure of Financial Material Events & Alignment of CAPEX
1/1
Source(s): 2022 CDP Climate Change, page 13; Annual Report 2022, page 60, 63; CDP Climate Report 2022, page 15, 18, 19, 28, 75; Capital Market Day Presenration, page 12; Sustainability Report 2022, page 96



Deforestation & Biodiversity

69/100

Deforestation/Conversion-free Target - Soy for Animal Feed
75/100
Risk Assessment to Identify High-risk Locations
0/0.5
Strength of Deforestation Commitment
1.5/2
Regional & Operational Coverage of Commitment
1.25/1.25
Transparency - Progress Against Commitment
1/1.25
Source(s): Bakkafrost Climate Change 2022.pdf.pdf, page 80; CDP Climate Report 2022, page 80; Sustainability Report 2022, page 13, 108, 109, 111

Engagement, Monitoring & Traceability - Soy for Animal Feed
70/100
Supplier Engagement
0.25/1.25
Compliance monitoring & Traceability
3.25/3.25
Feed Innovation
0/0.5
Source(s): CDP Climate Report 2022, page 80; Feed Policy Statement 2022, page 1; Sustainability Report 2022, page 3, 12, 13, 21, 71, 74, 79, 108, 109

Aquaculture Certification (ASC, BAP, GlobalGAP, SSP)
100/100
Proportion of Farms Certified
5/5
Source(s): Certifications Webpage; Sustainability Data Webpage; Sustainability Report 2022, page 15, 50, 68, 70

Feed Ingredients & Conversion Ratios
78/100
Feed Disclosure
2/2
Performance of Feed Metrics
1.88/3
Source(s): ASC Salmon Standard 2019; GSI Faroe Islands Webpage; Sustainability Data Webpage; Sustainability Report 2022, page 3, 15, 68, 106, 107, 108, 111, 136

Feed Innovation
0/100
Strategy
0/2.75
Performance
0/2.25
Source(s): Sustainability Report 2022, page 14, 106, 108, 109

Sea Lice Management - Salmon (Fish at Sea Only)
79/100
Sea Lice Disclosure & Management
1.95/2
Cleaner Fish
2/3
Source(s): Sustainability Data Webpage; Sustainability Report 2022, page 55, 56, 65, 66

Ecosystem Impacts
80/100
Escapes
3.25/3.25
Reducing Biodiversity Impacts
0.75/1.25
Algal Blooms
0/0.5
Source(s): Sustainability Data Webpage; Sustainability Report 2022, page 3, 12, 16, 66, 74, 75, 76, 79, 80, 81



Water Use & Scarcity

30/100

Water Use & Scarcity in Facilities
50/100
Monitoring Water Consumption & Withdrawals
0.75/0.75
Target to Reduce Water Consumption & Withdrawals
0/1
Disclosure & Performance of Water Risks in Facilities
1.75/3.25
Source(s): CDP Climate Report 2022, page 11; CDP Water Security 2022, page 1, 2, 10, 11, 14, 17, 20, 21; GRI Index 2022, page 1; Sustainability Data Webpage; Sustainability Report 2022, page 3, 64, 89, 140, 148, 149

Water Use & Scarcity in Feed Farming
0/100
Supplier Engagement in Water Use in Feed Farming
0/2.5
Disclosure of Water Risks in Feed Farming
0/1.5
Source(s): Bakkafrost Freshwater Use Policy, page 1

Water Use & Scarcity in Animal Farming
39/100
Supplier Engagement in Water Use in Animal Farming
1.95/3
Disclosure of Water Risks in Animal Farming
0/2
Source(s): Bakkafrost Freshwater Use Policy; CDP Water Security 2022, page 17, 18, 19



Waste & Pollution

33/100

Wastewater at Facilities
53/100
Disclosure & Targets for Wastewater Quality & Volume Discharged
0.5/1.5
Transparency on Water Pollution Risks
1.75/2
Performance on Wastewater Quality & Volume Discharged
0.4/1.5
Source(s): CDP Climate Report 2022, page 1, 10, 11; CDP Water Security 2022, page 1; GRI Index 2022, page 1; Sustainability Data Webpage; Sustainability Report 2022, page 3, 4, 8, 79, 148

Nutrient Management in Feed Farming
0/100
Supplier Engagement in Nutrient Pollution Risks
0/4
Innovation to Improve Nutrient Management in Feed Farming
0/1
Source(s): Corporate Responsibility and Sustainability Statement, page 2; Sustainability Report 2022, page 106, 109

Nutrient Management in Aquaculture
45/100
Disclosure of Pollution Risks in Animal Farming Operations
2.25/4.5
Performance on Pollution Management
0/0.5
Source(s): Collaboration and Certification Webpage; Scotland Public Consultation; Sustainability Data Webpage; Sustainability Report 2022, page 121



Antibiotics

100/100

Policy on Antibiotics Use
100/100
Policy on Antibiotics Use
5/5
Source(s): Nutritious Webpage; Sustainability Report 2022, page 3, 6, 15, 29, 50, 55, 58, 64

Disclosure of Quantity of Antibiotics Used
100/100
Disclosure of Quantity of Antibiotics Used
5/5
Source(s): GRI Index 2022, page 1; Sustainability Report 2022, page 3, 30, 55, 148



Animal Welfare

50/100


Aquatic Animal Welfare
60/100
Welfare Policy
1.83/2.5
Reporting on Animal Welfare Metrics
1.16/2
Reporting on Measures to Improve Welfare
0/0.5
Source(s): Sustainability Report 2022, page 3, 10, 19, 52, 53, 54, 55, 56, 58, 59, 66, 68, 142

Disease Management - All Fish
39/100
Mortality Rates
1.46/3.5
Disease Outbreak
0.5/1.5
Source(s): 2022 Sustainability Report; Annual Report 2022; Community Investment Policy Webpage; Sustainability Data Webpage; Sustainability Report 2022, page 3, 53, 61, 63



Working Conditions

69/100

Human Rights
40/100
Strength of Policy
1/1
Due Diligence Process
1/3
Evidence of Remediation
0/1
Source(s): 2022 Sustainability Report, page 16, 22; Corporate Responsibility and Sustainability Policy Statement 2022, page 3; Sustainability Report 2022, page 16, 22, 37, 44, 46, 47, 124, 125

Fair Working Conditions
81/100
Policy for Direct Operations
2.3/3
Monitoring & Discosure
1.75/2
Source(s): Sustainability Report 2022, page 3, 16, 22, 36, 46, 47, 124, 125; Whistleblower System Webpage

Safety & Turnover Data
92/100
Committee representation of workers
1.98/2
Disclosure of safety and turnover data
2.6/3
Source(s): Sustainability Data Webpage; Sustainability Report 2022, page 3, 12, 15, 44, 45, 55

Freedom of Association
65/100
Strength of Policies
1.95/3
Disclosure of Collective Bargaining Metrics
1.3/2
Source(s): Sustainability Data Webpage; Sustainability Report 2022, page 3, 22, 46, 47



Food Safety

90/100

Food Safety System
90/100
Certifications
3.5/3.5
Performance
1/1.5
Source(s): Sustainability Report 2022, page 21, 44, 66, 68

Product Recalls & Market Bans
90/100
Product Recall Systems
2.5/3
Performance
2/2
Source(s): Sustainability Report 2022, page 22, 52



Sustainability Governance

59/100

Assessment of a Company's Sustainability Governance
59/100
Board Sustainability
1.63/2
Incentives & Policy Engagement
0.8/2.5
Innovation & Benchmarking
0.5/0.5
Source(s): Board of Directors Webpage; CDP Climate 2022; Leading sustainable innovation Webpage; Sustainability Report 2022, page 11, 16, 28, 29, 37, 68, 109, 113, 125, 128, 129, 134, 136, 147



Alternative Proteins

10/100

Diversification of Products to Alternative Protein Sources
10/100
Existing product portfolio
0/2.5
Investing for future growth
0.5/2.5
Source(s): Sustainability Report 2022, page 28

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