Hofseth BioCare ASA (HBC)
had operating revenues of NOK 118.5m (20.2m in 2016) in 2017 and
operational profit of minus NOK 11.2m (negative 144.6m). Equity
ratio was 20.1% (33.6%).
In the fourth quarter, HBC
had operating revenues of NOK 26.4m (3.1m) in the fourth quarter of
2017. Cost of Goods Sold (CoGS) amounted to NOK 19.8m (8.2m) in the
period. Operational profit (EBITDA) for the fourth quarter 2017 was
negative NOK 6.6m (negative NOK 12.9m).
Cash flow from operations
during the fourth quarter was negative by NOK 23.0m, mainly due to
increased trade receivables and payables, compared to positive NOK
1.0 in the same quarter last year. Cash and cash equivalents
increased by NOK 12.3m during the quarter, leaving total holding of
cash and cash equivalents at NOK 42.1m by the end of the
period.
Total equity amounted to NOK
37.1m (NOK 53.6m) giving an equity ratio of 20.1% (33.6 %) for the
group.
Highlights:
- In October, HBC
attended the trade show FI Japan in Tokyo together with our partner
Alliance Seafood.
- In November, HBC signed a new financing facility of NOK 35m
to secure working capital for increased sales and
production.
- 69 % increase in overall production in the fourth quarter,
due to better utilization of the Berkåk plant capacity
- New production methods developed to increase protein yields
have been developed and implemented
- Attended FI Europe trade show with new customer leads in new
industries
In the fourth quarter 2017
HBC Midsund processed 2,764 tons of salmon raw material, which
equals that the Midsund plant processed in total 9,230 tons of raw
material in 2017.
In the fourth quarter 2017,
1,124 tons of finished goods in total were manufactured at all HBC
plants, compared to 665 tons in the third quarter. This gives an
increase of 69 per cent compared to the previous quarter. Reasons
for the increase are higher yields, increased capacity, and tall
manufacturing at Berkåk. These numbers are expected to increase
further for 2018.
For further information,
please contact:
Roger Hofseth, CEO of Hofseth BioCare ASA
Mob: +47 95147941
E-mail: rh@hofseth-as.no
Jon Olav Ødegård, CFO of
Hofseth BioCare ASA
Mob: +47 93632966
E-mail: joo@hofsethbiocare.no
About Hofseth BioCare
ASA:
HBC is a Norwegian biotech
company that offers high-value ingredients and finished products
for humans and pets. The company is founded on the core values of
sustainability, traceability and optimal utilization of natural
resources. Through an innovative hydrolysis technology, HBC is able
to preserve the quality of salmon oil, proteins and calcium,
prepared of fresh salmon off-cuts. HBC's objective is to contribute
to the efficient use of marine resources and deliver quality
products for ingredients and finished consumer products in the
nutrition market.
Hofseth BioCare's
headquarters are located in Ålesund, Norway with branches in Oslo,
Chicago, Mumbai and Tokyo. HBC is listed on Oslo Stock Exchange
Axess list with ticker "HBC". More information about Hofseth
BioCare at www.hofsethbiocare.com and
www.facebook.com/hofsethbiocare
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.