Good morning, and welcome to the presentation of Aker BioMaine's 4th Quarter 2020 Results. My name is Martin Stenzall. I'm the Head of Investor Relations in Aker BioMarine. With me today here in Oslo are Max Johansen, our CEO and Katarina Klaumes, our CFO, they will share some reflections on the Q4 and provide financial highlights. At the end of the presentation, we will have a Q and A session.
Questions can be submitted in writing through Microsoft Teams during the presentation and will be addressed in the Q and A session at the end. So with that, I'll leave the floor to Youmans.
Thank you, Martin. So starting with some highlights from an Event full year for Aker BioMarin of 2020. We closed Q4 with $75,500,000 in revenues and $21,100,000 in EBITDA. In general, we are quite Satisfied both for the year and the quarter. We had a significant sale that we were planning for Superbai in 2020 that was shifted over to 2021.
And also the harvesting season didn't come into full effect before January 2021, also impacting harvesting in Q4, which also made us do an adjustment on the values on the inventory that impacted EBITDA negatively. So because of those two elements, we were slightly below our guiding for the year, ending up with an EBITDA of 78.1 but still showing quite good growth for the year, 17% top line growth, good growth both on the ingredient side and on the branded side. Growth, somewhat hampered by the regulatory situation that we talked about before in Korea and also product availability on the back of a low harvesting season for 2020. Onshore production continues To develop very strongly throughout the year also in Q4. So capacity continue to increase.
Costs are coming down improving the unit cost and the margins for our Superba business. And as we have mentioned before, The performance on our onshore manufacturing impacts the profitability of our company more than the performance offshore. When it comes to offshore harvesting, the vessel came out record early from the shipyard, A very good shipyard this year, both on budget and on time. The 2 biggest vessels were out on the fishing field in already in November, And technically, everything was working perfectly. But the krill was sitting at depth and outside the area that we typically fish at that part of the year.
So the harvesting for Q4 November December was significantly lower than what we had planned for. As a result of that, We wrote down the value of our inventory because the unit cost becomes higher than what we sell the product for. That negatively impacts the EBITDA for Q4. But then in January, as temperature rises, the krill came higher up to the surface, And we could start it fishing properly. And throughout January February, we have set numerous records, both individually for the vessels in totality.
So the harvesting season now is in full effect and performing really, really good. Quarry continued to develop positively. We're going to go more into details about that later, continue to grow on the consumer side, getting new retailers on board, most important ones with Rite Aid, 2,500 stores in the U. S. And Walgreens with about 15,000 stores coming in and listing Corie during Q4 last year.
Then also, it's been a quarter of innovations coming to life. As you know, Aker BioMarin has a large innovation pipeline. We have told the market all along that we were accelerating the launch of these products. And in Q4, we launched Lusoveta, Our new delivery molecule for EP and DHA to the brain and to the eye and other vital organs. On the back of that, we also signed a pharmaceutical partnership to develop pharmaceutical products for 5 different indications within eye and brain health.
Then we launched Ion, which is a full circularity solution company that was kind of founded on the back of Akibimanes need to achieve full circularity on our primary waste streams, but are now positioning itself as a solution provider for everybody else that have the same goal of getting full circularity of plastic products, addressing both those that have plastic waste, but also those that use plastic products in their business. We're going to talk more about that later. Okay. Moving into The numbers. As you can see, 5% growth in 4th quarter on the revenue side, 8% on ingredient, negative 12% on the branded side.
So brands been developing very well throughout the year, but in Q4 last year, We were shipping a lot of promotions for our private label business that boosted Q4 2019 numbers, and that's why we don't see growth For Q4 2020. But generally, the brand segment is performing very well. The ingredient segment were hampered by that quite big sale that we were planned for Superbar for 2020 that will shift into 2021. But for the year, we have the 17% growth reaching $289,000,000 in revenue. And on the left side sorry, on the right side, you can see our operational leverage coming from that growth.
So that's 17% Year over year growth for revenues yields 47% growth on the EBITDA side. That's coming on the back of increased revenues with limited additional costs. It's coming on the back of good performance onshore and continuous reduction of unit cost and generally good control over costs in Aker BioMarin. A little bit more details On the operational side, starting with the Ingredients segment. Talked already about the harvesting season, Started record earlier, have now fully functional vessels, Antarctic Endurance, all the problems are fixed.
They're now producing like they have never done before. But as mentioned, we did not reach the planned harvesting for Q4 that impacts the EBITDA for 2020. Nevertheless, total on offshore production is up 10%, but we were expecting more than that when the year started, and we're going to talk more about that later. Houston is producing 36% more than what it did last year with also then more or less the same cost base. So you can imagine that drives the unit cost and the margins in the right direction.
On the Superba side, we had a reduction of sales or decline of sales in Q4 2020 versus last year. That's on the back of very strong Korea sales in Q4 2019. We have now, as you know, Solve the regulatory challenges that we were facing in Korea and sales is picking up week by week, month by month, but it's still not back up to the peak levels that we saw In Q4 2019 and Q1 2020. We also see positive development in other markets, for instance, in the U. S.
We're now starting also to see the effect of Corie on other brands and Cradle products in the U. S. Market. Also, we see good development in the emerging markets in Asia and especially China that we also see now real volumes coming through in sales and looking very promising for growth going forward. On the Creative segment and also good growth in the Pet segment of about 30% and also the byproduct from our Superbord production QHP.
We are making good inroads in the Asian markets, both with Aqua and Pet. And as you can see on the slide, we achieved an award for the fastest growing Branded ingredient in the Chinese pet food industry. And both India and China looks very promising With large volumes already, but big potential for further growth. Growth in the aqua segments were hampered By product availability, basically in 2020, we sold everything that we produced. So the slow harvesting season of 2020 also impacted Sales in the Credit Suissement.
Looking at the branded side, We had good sales during 2020, I mean, more than 30% growth on the private label business. As mentioned earlier, in Q4 'nineteen, we had big campaigns that were shipped out. So that's impacting the year on year comparison for 4th Quarter 2019 versus 2020. But generally, our branded business is developing very positively. And we can see also getting the operational leverage out of that business, meaning that when we have growth and we sell more, the cost base doesn't increase.
And that's why you see us more than 60% growth on EBITDA On the Lang business that we're running. The Lang, the private label business, they are selling primarily in Stores. And as you can imagine, during COVID in the U. S, that's been challenging environment to operate. But Lang has been able to manage that in a perfect way and kept products on stock on shelf and achieved great scores from the retailers on those parameters.
And we know that the competitors of Lang have really struggled to keep products on the shelf Of course, there's supply chain disreprances on the back of COVID. So that's also continuing to strengthen Lang's position in this space and makes us optimistic for the continued good growth for the private label business of Lang. When it comes to Epione or Cory, I'm going to jump to this slide, starting on the right side. So we have some new retailers Coming on board, Walgreens, which is one of the biggest drug chains in the U. S.
Rite Aid, which is the 3rd largest Drug chain in the U. S. With 2,500 stores. Sam's Club also coming on board. That's Walmart's club concept.
And then also a couple of more retailers listing Corie during the Q4. Also with the existing base Our retailers, we have now had the rounds for the planning of 2021, and they're all very happy with the development of Corie and they're all continued commitment or continue to be committed to Corie and making sure that we have enough shelf space in the right places in the stores also into 2021 2022. Looking at the sales development here, I think the most interesting So during January, we are not doing marketing. We only do digital marketing, while we're optimizing both TV spots and our media buys. And as you can see, we have strong sales now of Corie even if we don't do any marketing.
I think that's a very strong sign of the robustness of the Corie brand and also shows a promising status in terms of when we're going to start to Marketing back in a little bit later in the quarter. Going to do a couple of Deep dives into few parts of the business. Going to start with the harvesting side. Because as you know, it's been a really challenging year for Akkib in when it comes to harvesting. And what we would like to say is that looking at historical numbers on the left side, you can see how much we are harvesting every year.
And as you can see from the history, the harvest in AKB Main is quite predictable. Every year, stable or increasing production. So this type of development that we have in 20 With a big deviation on harvesting, it's something that we very seldom see in Aker BioMarine. There is quarterly fluctuations. There might be some ice conditions, some weather and things like that, that might shift volumes from 1 quarter to another.
But it is not normal to have this type of deviation on total harvesting that we had in 2020. And as you can see on the middle side, We were planning for this year 65,000 tons of product produced on board the vessels. We ended on 45. So that's a 31% shortfall of harvesting. And again, this is the opposite of the operational leverage that we have in our So when we harvest less, cost base is the same, then unit cost goes up and margins goes down.
And as you can see illustrated on the right side, this has huge impact on the profitability of our business. Luckily, Aker BioMarine is a robust business And through improvements on the onshore side and other parts of the business, we are able to compensate quite a big chunk of that shortfall that we saw on harvesting in 2020. And those improvements are kind of structural improvements that will carry with us also into 2021 and the years ahead. So you can imagine when they come back to a normal harvesting season, that will be about between 60000, 70000 tons of product produced on board our vessels and we have kind of sustained the positive effects that we saw on the other parts of the business into 2021 2022. You can imagine that there's quite a significant impact on EBITDA and profitability as we get harvesting back into normal levels.
And as I mentioned, vessels are now producing in full fledged. We have been breaking records both individually on the vessels and in totality on a daily basis these days. And all vessels technically are working as they should and at full capacity. We also took recently delivery of Antarctic Provider. Antarctic Provider is the new support vessel that we've been building over the last couple of years That will replace La Manje, which is an all vessel we use today to change crew, pick up product, fuel the vessels so that the fishing boats can stay in Antarctica throughout the whole year.
Now also with Endurance in the fishing field, La Mancha doesn't have enough capacity. So we have also At least in extra capacity on the common support vessel side. But now we have taken delivery of our new Antarctic Provider vessel. It's now on its way to the fishing field and we go into operation in March, April. And as this goes into operation, we are getting several benefits.
Number 1 is that we get significant more capacity, 2.5 times more capacity of offloading and fuel compared to what we have in today's setup. That means that we don't have to go into Sure that often also with the supply boat. They can just offload the vessels and then stay out in Antarctica until they are full again and then to have another offload before they head into shore and take the product to land. So that's going to help and create flexibility in our operation. Also you can see that the operational unit cost is significantly being reduced on the logistical side, More than or about 50% reduction in the unit cost of the logistical operation and also fuel cost and CO2 emissions goes down significantly, 58%.
Also the off road here will go much faster. So that means that we instead of spending 24 to 48 days on an off road, we can do that now between 12 24 hours, which means that we will have more fishing days and each vessel can fish more. So the cost savings Of getting Antarctic Provider into operation is $5,500,000 on a full year basis. This is now coming into operation in March, April, as I said. So we will not have a full year effect in 2021.
But from 2022, we're going to have a full year effect of those SEK 5,500,000 in cost savings. Then a little update on Lusuveta, our new technology for delivering of EP and DHA to brain, eye and other Vital organs. As we talked about when we launched, we are addressing some large markets here. I mean, just a supplement market is twice the size as Omega-three market. And then we're also addressing pharmaceutical markets and infant formula markets.
So In general, this is a business with great potential, bigger potential than we have in the current products of Kreabel Q and Superba in Aker BioMarin. As you know, our plan was to do partnership with Pharmaceutical Companies and R and D Companies. And sorry, And as you know, we already signed the first agreement recently with MD3, a pharmaceutical company that will focus on 5 indications for brain and eye. They're capitalizing that company now, dollars 37,000,000 of cash coming in to fund The development for the early development of those five indications. There's investor meetings ongoing as we speak, and those investor Meetings are going very well, and it looks very promising to be able to fund that company in the near future.
We have also done 2 R and D and IT deals on the research side. Schurburg University, we announced yesterday, We're going to do study with them on Alzheimer. They are going to use our Lusaventa ingredient to study the effects on Alzheimer's. And a part of that deal, we are also going to get all the IP and that's going to come out from that research. And then also earlier, we announced And a deal with University of Illinois, Chicago, where we both acquired and or get An exclusive license to all the IP they have in this space.
And it's important, University of Illinois has worked on these molecules Alongside Akkibimarin since 2014 and have a large and important IP portfolio, and we have now an exclusive right to all that IP. And together with University of Illinois, we're going to continue then to research the effects of Lusoveta and LPC in new Brain areas. So this is looking very promising. Also yesterday or on Sunday, we announced a partnership with Play Magnus, We're starting now to position Luzoweta in the brain space with a partnership in the chess space, addressing those 650,000,000 players of chess globally and getting focus on brain health and nutrition. So Lusuveta is developing Very promising.
And we're continuing now to work in the market with new partnerships, both on the pharmaceutical side, but also in other segments. And as we close those deals, we'll update the market. Ion, that we also launched recently. As you know, we are providing a value chain Of taking plastic from those that have plastic waste and then managing that value through trains through Various technology partners that turn that plastic waste into fully circular products. As we talked about before, Example of a customer is McDonald's, where we're taking now waste from the aquaculture industry in Norway and making into Serving trays at McDonald's.
So all the serving trays from McDonald's in Norway today are made by Ion. That's being provided in what we call a circularity as a service model. So a restaurant, they pay a monthly fee per tray And then it goes in an endless loop. So as they get old or need to be changed because they're damaged, Arjo will pick them up and recycle them again. So you get an endless loop clarity on these type of plastic products.
There's a large market that we're addressing. So McKinsey have estimated about $16,000,000,000 of profit pool in 2,030 when it comes to recycling of these type of plastic products that Ion is focusing on. And after we announced Ion, there's been a large amount of incoming calls coming from Customers that really are looking for these type of solutions. So Aker BioMarin was not the only one or McDonald's was not the only one that wanted these type of solutions. There are many, many customers out there that really are looking for a solution like that and we are having ongoing negotiations and discussions with these partners.
As we have scaled this up and proven the business model, we will spin Ion out to the Aker BioMining shareholders and list it separately. That will happen during 2021 or 2022 depending on how things develop in the coming months. Then also 2017 for January, we launched INVE, which is our new protein ingredient for the human market. It has a great value proposition. It has an amino acid profile that is better than the proteins that are on the market today.
It's easy for brands and products to use, easy to formulate into food products to drinks. It's water soluble. It's heat stable, so you can pasteurize And it's easy to flavor, which might be hard with some protein products out there. So it's easy for our customers to work with. Then also it has a very strong ESG profile, especially on the CO2 side where we're mapping up CO2 all the way from the fishing fields to when the krill is on the customer side and it has a significantly lower CO2 footprint than most other proteins on the market.
Protein markets are very large, dollars 40,000,000,000 expected to be in the coming years. We are going to go into the premium side of that market and we're going to go in and take 0.5% market share in the premium market of global proteins. And that will drive us up towards between $74,000,000 $100,000,000 in revenue as we scale this up in the coming years. Also after the launch of 2017, we are now active in the market promoting this to protein brands globally. And also the response here has been very, very good.
Just ending here to Position these 2 innovations, Innve and Riso Veta, when it comes to margins. So you can see here an illustration of margin contribution for The different products starting in Aqua on the left side and Superba there in the middle, which is our current high margin segment. So as you can see, Lussoveta will be even higher margin than Superba and Ingvie will be placed somewhere between Superba and Krill Pet. So both these two new innovation provides high margins for the company and contributes to increase the EBITDA margin on the company going forward. Okay.
With that, I'm going to give the word to Katrina She's going to take us through the financial numbers.
Yes. Good morning. I will take you through the financial figures for the quarter. As Matt said earlier, 2020 has been an eventful year with some significant challenges. Despite these unforeseen events, the company has managed to deliver a good quarter and a year, although somewhat below the guiding for the full year.
We delivered a revenue growth of 17% with $289,000,000 in sales, up from $246,000,000 in 2019. This further led to an adjusted EBITDA of $78,000,000 47% increase from last year yielding an adjusted EBITDA margin of 27%. Net debt is down 41% as a result of the capital increase of $224,000,000 in July 2020, ending the year with a solid financial position with 53% equity ratio and almost Quarterly developments show relatively stable sale figures per quarter up until Q4 2020 where there is an increase of 5% from the same period last year due to strong December sales, particularly in the Ingredients segment. Gross margin shows a steady increase with the exception of Q3 2020, which was an extraordinary quarter due to reversal of earlier accruals for out of spec inventory where the company was able to find sales outlets and hence reverse the accrual. It should also be noted that the company has made a reclassification in its P and L, resulting in smaller changes to gross margins from the year 2018 to 2020, but no impact on EBITDA or net profit.
EBITDA development has seen a steady increase since Q4 2019 as we have managed to take out significant amounts of costs. Q3 2020 was a record quarter with higher Superba sales at a higher margin than for Q4 2020. Nevertheless, Q4 was up significantly from same period last year, more than 2.5 times due to significant improvements in onshore unit cost that led to lower group eliminations coupled with lower SG and A costs. Q4 2019 also saw a high net Realizable value adjustment as a result of very poor harvesting in Q4 2019. Looking a bit closer at the Ingredient segment.
The Ingredient segment has performed well with strong growth in Aqua with all time high sales in December 2020 of 6,500 tonnes, driving revenue growth of 9% from Q4 'nineteen to Q4 'twenty. Superba was down compared to same period last year because of the regulatory changes in South Korea. For the full year, revenue for the Ingredients segment was up 12%. EBITDA showed solid development, growing 79% Q4 year over year and 34% year over year. Key drivers were strong onshore production improvements and SG and A reductions where the company has implemented several cost saving initiatives.
In addition, some development projects like Protein and Lisoweta has transitioned over to the development phase and hence cost is now recognized as CapEx. Improved gross margins from Superba sales are partly offset by lower margins from Aqua sales on the back of increased cost combined with low harvesting. Looking at the production volumes onshore and offshore on a rolling 12 month basis, operational leverage Or utilizing our scale is a key driver for our EBITDA growth going forward. Over the past 2 years, we have seen production improvements both onshore 80% increase from start of 2019 and 15% increase in offshore production from start of 2019. Onshore has delivered above expectations for 2020 and is now producing close to full capacity of around 1,000 tonnes per year.
The ambition is to double this by the end of 2022, continuing to drive down unit cost for Kreal oil. For offshore, 2020 was a disappointing year and we did not see the production result we had planned for and hence not the effect on offshore unit costs. Harvesting volumes in Q4 2020 was negatively impacted by krill not arriving in the Area 48 until late January, landing the Q4 production at 2,522 tons versus the expected range of between 6,500,000 7,500 tons. With Endurance now coming up to full capacity, we expect to see 2021 coming in with an improved unit cost also on offshore. Moving to the brand segment.
Revenue for the brand segment consisting of Lang and Effion was down for the quarter year over year as a result of Q4 Year over year, a revenue increase of 27% was seen as a result of Lang having a very strong first Half twenty twenty on the back of COVID-nineteen as well as core sales coming on stream. EBITDA development was only slightly down Q4 'nineteen to Q4 'twenty despite relatively lower sales, the reason being that the high promotional activity driven by the clubs for Q4 2019 is low margin business. For the full year, EBITDA was up 84% compared to 2019, mainly due to scale effects for Lang and Epione contributing to EBITDA as well. Please keep in mind that we acquired Lang March 1, 2019. So if looking at pro form a figures For growth rates for revenue and EBITDA year over year, the growth rates are respectively 16% 75%.
If we have a quick look at the profit and loss statements, as mentioned earlier, we've done a reclassification of Two items that previously were recognized under other operating income cost nets. The first one being leasing liabilities that has now been classified to SG and A costs. There are no effects as a result of this. The other being inventory adjustments that is now reclassified to COGS, which in turn will change the gross margin slightly, but no other changes to EBITDA or net profit. Both reclassifications are restated from 20 in 'eighteen.
A few comments to some of the key items in the P and L. Looking at the COGS, we see an increase due to high sales both in the quarter and for the full year compared to same period last year. The majority of COVID related costs are also reflected in the Q4 COGS. SG and A includes the core marketing cost of $6,700,000 for the quarter $17,000,000 for the full year. We also see higher freight costs as a result of higher aqua sales.
If removing core marketing and other volume related costs, SG and A is significantly down since 2019. Net financial items includes 2 larger income items, The unwinding of the NMTC facility we put in place to finance the start up of the Houston plant and an adjustment of the Lang earn out to reflect a somewhat lower EBITDA growth expected in 2021. These two items amounts to almost $16,000,000 in positive financial income. Tax expenses relate to U. S.
Payable tax as a result of the NMTC unwind, where we had to tax on the gain as well as Lang also being a taxpaying entity for state tax in the U. S. And finally, EBITDA reconciliation showing total depreciation split between operational assets included in the COGS and non operational assets included in the depreciation and amortization line. Key adjustments For the quarter or for the year includes Cori launch $17,000,000 IPO related costs, Both related to the Euronext growth listing in the summer and also planning for the shipped to the main list now in 2021 of $2,500,000 U. V.
L. Gain, which is a negative adjustment of $1.1 and nonrecurring material COVID costs related to chartering of paints and overtime of $3,000,000 leading to an and adjusted EBITDA for 2020 at EUR 56,600,000 and an adjusted EBITDA of EUR 78,100,000. The balance sheet totaled $700,000,000 as of 31st December 2020. Total equity was $373,000,000 implying an equity ratio of 53%. Cash and cash equivalents amounted to $10,600,000 as of end of December 2020.
Net debt was $232,000,000 A few key areas to be aware of. There has been a significant increase in accounts receivables and inventory as a result of high sales activity end of year as well as Increased production from 3rd party manufacturers and our facility in Houston driving up inventory levels. The company has hedged fuel consumptions for 2021 to 2024. This is recognized in the balance sheet as a derivative asset and liability. For 2020, the mark to market valuation is recognized as other comprehensive income.
Interest bearing liabilities show a reduction as a result of repayment under the corporate RCF and the Lang RCF in Q3 2020 and then an additional draw in December of $10,000,000 Other non interest bearing liabilities include the fair value of the land earn out now estimated at $31,700,000 after of $8,000,000 Finally, the cash flow. Net change in cash and cash equivalents amounted to minus $10,600,000 for Q4 2020 and minus $2,900,000 for the year 2020. Key drivers include a significant buildup of inventory and accounts receivable, resulting in a negative change in working capital, both for the quarter and for the full year. Furthermore, for the year 2020, accrued interest of $15,000,000 were paid to Aker Assa as part of settling the shareholder loan in Q3 2020. Cash flow from investing activities included the sale of the harvesting vessel Yuvel netted by capital expenditures Related to provider milestone payments of approximately $10,000,000 shipyard expenditures of $6,000,000 And a milestone payment to previous Lang owners of $10,000,000 for the Corie launch success.
Project costs related to protein and Lisoweta are included in the payments for intangibles. Cash flow from financing activities includes changes in the RCF draw as well as the capital increase from the private placement in July 2020 of NOK 224,000,000. With that, I give the word back to Mats.
Okay. Thank you, Karina. So what's the outlook for AKI BIMARIN now going forward. So when it comes to harvesting, I think one could or can expect that from 1 quarter to another quarter, there might be some Variation and fluctuations. But when it comes to the total yearly harvest, you should not expect big deviations.
Aker BioMarine are quite predictable when it comes to the amount of harvest that we have every year. So for 2021, we expect to harvest between 60,000, 70,000 tons of meal or product from the vessels and you can expect Steady and growing amount of harvest year over year as we move forward into the future. As we get that extra capacity or extra product Produced without increasing our costs, you can imagine that, that has big impacts on the margin for our business. So 2021, we will have significant impacts On the EBITDA of the company, as we get that scale effect, as we get those vessels up to full capacity and we're able to utilize the operational leverage that we have. We also expect Houston to continue to develop positively in 2021 and continue to improving the margins on the human health and nutrition side.
So key driver and a significant driver for EBITDA growth in 2021 will be on those scale effects coming from the supply chain. And the company will focus now on commercializing the 3 new innovations, Lussoverter, Innve and Ion. And we're very focused on starting to create business from these new products as soon as possible. We still have a COVID situation, but we see that we have now less impact on our costs and efficiencies due to COVID as we have learned to operate in that environment also in an efficient way. So going into 2021, we expect lower costs as a result of COVID.
On the financial aspirations for 2021, We have planned our sales a little bit cautious for 2021 on the back of having less product coming into the year And also the uncertainties that are around the COVID situation globally. So we don't expect the same 17% growth in 2021 as we had in 2020, but somewhat lower growth. We're still planning for significant growth in 2021. We expect adjusted EBITDA margin to significantly improve on the basis of those Scale effects that we have in the supply chain. And we remain at our ambition of reaching $200,000,000 of adjusted EBITDA in 2024.
We are also now making the move over to the main list on Oslo Stock Exchange. That will happen the first within the 1st 2 weeks of April 2021. We have met all the requirements that the Oslo Stock Exchange asked us for, except for the free float requirement on minimum 25%. But we have got an indication from Oslo Stock Exchange that they will give us a waiver for 18 months when it comes to the free float requirements. Because of that, we are not planning any transaction or issuance of new shares in connection with moving over to the main list.
We're going to end here just sharing also a little bit more details on the scalability on the supply chain and looking at what this does with the unit cost. So what you can see on the left side here, you can see our harvesting year over year and then you can see the unit cost. And in 2019 2020, we got the Endurance coming in and only slight increase in production. And as a result, you can see our unit also goes up. But with the plan now we have for 2021, you can see that significant drop of unit cost with more than 30%.
That's going to impact significantly the margins of our business in 2021 and beyond. And on the Houston You see a much more kind of steady development year over year improvements continuing to drive that unit cost down and improving the margins also on the human health side. So that's a key driver to get that scalability through our supply chain That will yield significant improved EBITDA for the company in 2021 and beyond. And I'm just going to leave this here. I mean, I'm not going to go through it now.
It's in detail, but just again restate the objective or ambition of $200,000,000 EBITDA In 2024, we are ahead on our curve when it comes to EBITDA margin, delivering 27% in 2020 And expect this to be above 30% already in 2022. So I think given we have a challenging year behind us, But given that we're still able to deliver performance like this, it makes us very optimistic for 2021 and the years to come that AKI B Main is a robust business. We are in attractive markets with good underlying growth And Aker BioMain has a good outlook for good profitability going forward. So with that, we're going to open for questions. And if you have more questions now, you just put that into the chat that you see through this Microsoft application and then Markku here will read them to us.
Okay. So at this time, we have one question from Evan Musikins by Wacken Markets, and the question is as follows. Could you please comment on the expected product mix within Ingredients in 2021 versus 2022, please?
And then I guess we're talking about the mix between Clear VQ and Superba, I would imagine. So I think you can we are expecting both growth in both segments. But on the back of more products coming in as Endurance moves up To higher capacity, you could expect a higher growth in the Critical Q segment than in the Crude Oil segment.
Okay. And then we have 4 questions from Uli Martin Vestergaard in DNB. So I'll read up one at a time. So the first one is as follows. What is causing the lower revenue expectations for Lang in 2021 given that burnout adjustment?
Yes. So I think the answer is that Lang, as well or as we've done, have planned a bit You know, conservatively for 2021, as the back of COVID situation in 2020, it's fair to say that Lang has probably felt the COVID pandemic, Being close to the situation in U. S. And seeing that the Ingredients that they provide not necessarily kind of fall into the COVID basket. So they've kind of suffered a bit from that situation.
And as a result of that, Being a bit more cautious when planning 2021 growth. But still, we are expecting growth in both sales and EBITDA from Lang in 2020 But a bit on a bit lower scale and then expecting them to come back on the same kind of growth trajectory towards 2024 As we have yes, as indicated here on this page.
I think also just to add in there that earn out Structure for the Langen transaction is also based on a very aggressive growth trajectory that we and we plan for achieving that full when we made the transaction. So there's still good growth plan for plan for Lang in the future.
And then the second question from DNB, what was the revenue from Corie in the
Q4 2020? So we're not going out with detailed revenues on the core sales because of competitive situations.
Then following, why is the harvesting guidance soft if you have such a strong start to the Q1 of 2021?
I think it's more or less in line with I mean, 60,000 to 70,000. I mean, it's a broader range, but I think we talked about between 65,000 and 72,000 Earlier. So I think we're just being a little bit cautious in the planning, but there's no kind of fundamental or structural change in the outlook of harvesting.
And the last question from DNB now, what are the main drivers of the improved EBITDA margin in 2021? And how should we expect the margin to develop during the year?
Yes. So I think maybe that question came in before we talked about the outlook, But I can just repeat that again. We expect as we get harvesting back to normal levels, I think you saw on the previous slide how That impacted our business in 2021. So you will have a significant uplift on our EBITDA just by the fact of getting harvesting up into the normal levels. Then on top of that, we're going to continue the improvements on the onshore side to get also improved margins from there.
And then also we expect quite good growth still That will where we will not have the cost following the top line growth, that will also benefit on the profitability and the margin. So As you can see on the slide that we have on the screen right now, we expect continued improvements on margins and also EBITDA margins in 21 and the years ahead.
And then we have a question from Carli Emil in Pareto, and I believe this also relates to the question from DNB, but I'll read it anyway. What is the main driver behind the lower expected cash volumes for 2021 versus previous guiding? And should we still expect it to reach 74,000 tons in 2022, 2023?
Yes. So there's no kind of new information or anything like that, that changes the guidance. We're just a little bit more Cautious on our planning. So yes, and I think we continue to and you can see that on the historical Catch levels that we have, but year over year will continue to improve harvesting as we do small adjustments and improvements on the vessels Every year and throughout the year.
And 2021 will also be a year where provider needs to come up to full speed and into operations. So also planning Again, for some commissioning issues in the startup phase makes us also a bit more cautious on the harvesting volumes for 2021.
Just a reminder, questions can be submitted in writing through Microsoft Teams. So we will just hold for some time to see if there's any other questions coming through. We have no further questions at this time. So with that, We will end the Q4 presentation. Thank you very much and have a nice day.
Thank you. Bye.