Milarex is an international seafood company, focusing on salmon value-added products. The company was established in 2016 and has taken a leading position within value-added processing. Milarex seeks to advance sustainable production and consumption of salmon by ensuring a sustainable source-to-product process and providing a healthy and affordable source of protein through its fish products.
Milarex
Overview
Milarex at a glance
Key developments 2022
Milarex continued to deliver solid growth (17%), driven by key growth markets such as North America, Italy, and the UK, amid a challenging year for the entire industry with raw material prices at all-time-high. Furthermore, Milarex strengthened the board with strong industry experience, and initiated multiple operational improvement projects.
Sector
Seafood
Location
Norway, Poland, Germany, Italy, France, UK, U.S.
SDG aligment
Revenue (EURm)
% change from ‘21-’22
2022
+0%
387
2021
329
2020
280
Environmental
Carbon intensity: Tons CO₂e per EUR m revenue
Total tons CO₂ emitted
% change from '21-'22
2022
-0%
194 213
2021
210 039
2020
191 959
Monetized climate impact
-EURm
The figure represents the monetized value the company has on the environment. See chapter 4 for methodology.
Social
Full time employees
Turnover26%
Unadjusted gender pay gap27%
Gender balance, % females
%
Board
%
Management
%
All employees
Monetized employment impact (EURm)
EURm
The figure represents the monetized value the company has as a quality employer. See chapter 4 for methodology.
Governance
Via Summa Compliance
%
✔ Code of conduct
✔ Supplier code of conduct
✔ Economic Sanctions
✔ Competition Law/Antitrust
✔ Data Protection/IT Security
✔ Anti-curruption
✔ Whistleblower
How Milarex is advancing ESG
During 2022, Milarex became fully compliant to Via Summa policies and implemented the use of 100% green licensed energy to reduce its Scope 2 emissions. Going forward, Milarex will focus on energy & water reduction activities, circular solutions for plastics in its production and take action towards increased recyclable plastics in consumer packaging.
Science Based Targets
Milarex has initiated process to set Science Based Targets, with expected target validation by Q1 2024.
Board Gender Diversity
Milarex has reached its initial target of 40% board gender diversity and is currently reviewing targets.
What are the challenges Milarex addresses?
0%
of all GHG emissions are from livestock
0%
lower GHG emissions per kg from salmon production relative to emissions from beef
How does Milarex help?
Reality today
Consumers have limited access to affordable and sustainable protein like salmon despite the increasing need to bolster sustainable food sources.
Milarex approach
Milarex promotes sustainable practices from raw fish suppliers and oversees a highly efficient production process to produce healthy and affordable sources of protein through its salmon products.
Aspirational future
Consumers primarily rely on salmon and other more sustainable proteins to meet food needs.
Conversion ratio raw material to edible product
% change from '21-'22
2022
+0ppt
67.9%
2021
67.3%
2020
64.7%
Tons of edible product
% change from '21-'22
2022
-0%
21 800
2021
23 526
2020
20 769
Raw materials with sustainability certificate
% change from '21-'22
2022
+0ppt
97.2%
2021
94.5%
2020
93%
Who is impacted?
Consumers across North America, Europe, Southeast Asia, and Australia who have a more affordable option for nutrient-dense and sustainable protein. The planet due to the option for a more sustainable alternative to other proteins.
What are the impact considerations?
Additionality
Consumers are able to access a more sustainable protein alternative with a transparent value chain.
Risks
Milarex has limited control over the operations of its suppliers as well as consumer behavior related to end-product use and product end-of-life.