Hofseth Biocare ASA: First Quarter 2017 Financial Report

During the first quarter, Hofseth BioCare continued to implement the company's new strategic plan after expanding the Midsund plant. The Company has also finalized the sale agreements on the two production facility buildings.
 
Hofseth BioCare had operating revenues of NOK 58.6 million (5.4) in the first quarter of 2017. NOK 52.2 million of the revenues originates from the sale of buildings executed in March 2017.
 
Total operating expenses amounted to NOK 28.2 million (30.9) in the period, leaving an operational profit (EBITDA) for the first quarter 2017 of NOK 36.7 million (- 21.2).
 
Cash and cash equivalents increased by NOK 48.2 million during the quarter, leaving total holding of cash and cash equivalents at NOK 64.4 million by the end of the period.
 
Total equity amounted to NOK 81.3 million (4.4) giving an equity ratio of 44.4 % (2.7 %) for the group.
 
Please find HBC's first quarter 2017 report attached.
 
For further information, please contact:
Tor Erik Andersen, CEO of Hofseth BioCare ASA
Mob: +47 911 79 854
E-mail: tea@hofsethbiocare.no
 
Jon Olav Ødegård, CFO of Hofseth BioCare ASA
Phone: +47 936 32 966
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 can 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 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.
HBC - Q1 2017 Financial Report