Hofseth BioCare had operating revenues of MNOK 1.7 (MNOK 25.5) in the third quarter of 2014. Total operating expenses amounted to MNOK 15.6 in the period compared to MNOK 32.5 in the third quarter 2013. Operating profit (EBIT) for the third quarter 2014 was negative MNOK 13.9(MNOK minus 6.9). Depreciations amounted to MNOK 5.7 in the quarter. Ordinary depreciations for the corresponding period last year were MNOK 3.2.
Net financial items in the third quarter were positive MNOK 0.6 (MNOK minus 1.7). Results before tax ended at negative MNOK 13.8 in the period, compared to a loss of MNOK 8.5 during third quarter 2013. Cash flow from operations during the third quarter was negative by MNOK 4.3 compared to negative MNOK 37.2 in the same quarter last year. Cash flow from the financing activities amounts to MNOK 5.1 in the third quarter of 2014, compared to MNOK 38.2 in the third quarter of 2013.
Total assets of the company at the end of the third quarter 2014 is MNOK 234.1 (MNOK 196.3). Total equity amounted to MNOK 105.9 (MNOK 62.1), giving an equity ratio of 45.3% (31.6%).
HBC has during Q3 and so far in Q4, gained more customers within all 4 product areas. The increased customer base will provide improved revenues in 2015. We have received confirmations from new customers in the United States and Europe on product launches and the products will be launched both in the HBCs brand and as private labels.
After a trade fair in Jakarta in October, HBC have received quotes and orders from customers in new markets in Eastern Europe, the Middle East and Asia, mainly on fresh salmon oil and salmon protein. We expect deliveries early 2015 in these markets.
HBC has also initiated discussions for possible cooperation with an international pharmaceuticals company on HBCs products. Research conducted by the HBC has shown that there are large revenue opportunities within pharmacological and cosmetics products. HBC will during 2015 to explore these possibilities further, together with one or more partners.
HBC has signed on new customers on pet nutrition after a trade show in Chicago in Q3. The market for pet nutrition is large and prices are high on HBC products. A few customers have started trial production, and are mainly in the United States. HBC expects large volumes in pet nutrition in 2015 and 2016.
Please find the full report for the third quarter 2014 enclosed.
For further information please contact:
Jon Olav Ødegård, CEO Hofseth BioCare ASA
Tel +47 936 32 966
E-mail: joo@h-bc.no
Jon Olav Ødegård, CEO Hofseth BioCare ASA
Tel +47 936 32 966
E-mail: joo@h-bc.no
About Hofseth BioCare:
Hofseth BioCare 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, Hofseth BioCare is able to preserve the quality of salmon oil, proteins and calcium, prepared of fresh salmon off-cuts. Hofseth BioCare`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 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, Hofseth BioCare is able to preserve the quality of salmon oil, proteins and calcium, prepared of fresh salmon off-cuts. Hofseth BioCare`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.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
