Financial Statements 1 January - 31 December 2014, Zinzino AB (publ)

“In 2014 we achieved growth of more than 40 per cent. Our aim in 2015 is to continue to grow and gain many new customers. We want to achieve growth of at least 25 per cent and an improvement in results every year for the next three years.”

Dag Bergheim Pettersen, CEO of Zinzino AB

SUMMARY OF Q4, 2014 (compared with the same period in the previous year, 2013)

Total revenue amounted to SEK 114.6m (82.2m), which corresponds to sales growth of 39.5 per cent for the group, compared with the previous year. Pre-tax profit amounted to SEK 5.2m (5.0m), corresponding to earnings per share of SEK 0.18 (0.17). Results were weighed down by non-recurring costs of a total of SEK 3.1m (0.0m).

FOURTH QUARTER, Q4, 2014, (compared with the same period in the previous year, 2013)

  • Total adjusted revenue amounted to SEK 114.6m (82.2m), corresponding to growth of 39.5%.
  • Operating profit before depreciation amounted to SEK 7.3m (5.3m) and the operating margin before depreciation was 6.4% (6,4%).
  • Profit before tax amounted to SEK 5.2m (5.0m). Earnings per share before tax amounted to SEK 0.18 (0.17).
  • Profit after tax totalled SEK 19,5m (4.5m), which the minority interest amounts to SEK 1.5m (0.5m). Net margin 17.0% (5.5%).
  • Deferred tax assets on tax loss carryforwards have a positive impact of SEK 14.5m.

1 JANUARY – 31 DECEMBER 2014 (compared with the same period in the previous year, 2013)

  • Total adjusted revenue amounted to SEK 357.7m (254.5m), corresponding to growth of 40.5%.
  • Operating profit before depreciation amounted to SEK 21.4m (11.2m) and the operating margin before depreciation was 6.0% (4,4%).
  • Pre-tax profit tax totalled SEK 18.4m (10.4m). Diluted earnings per share before tax amounted to SEK 0.63 (0.35) after dilution.
  • Profit after tax amounted to SEK 32.7m (9.8m), which corresponds to a net margin of 9.1% (3.9%). Minority interest amounts to SEK 2.8m (0.8m).
  • Deferred tax assets on tax loss carryforwards have a positive impact of SEK 14.5m.
  • Liquid assets at the year-end totalled SEK 42.8m (10.9m).
  • The Board proposes that for the fiscal year 2014 dividend of SEK 0.25 (0.10) per share.


  • Admission to trading on Nasdaq OMX First North took place on 11th December 2014. The purpose of the listing was to make trading in the company's shares easier for foreign shareholders and to attract new investors. Erik Penser acts as Certified Adviser.
  • Zinzino AB has acquired 85% of Faun Pharma AS – an investment totalling SEK 10m.
  • In December 2014, Zinzino AB acquired the outstanding 90% of Bioactive Foods AS, which thus became a wholly owned subsidiary of Zinzino AB. The company has in cooperation with Zinzino developed, researched and produced Zinzino's Balance products.
  • New product launch: Xtender, which is designed to protect, preserve and regenerate cells and tissues.
  • Launch of a new flavour for BalanceOil: Orange/lemon/mint.
  • Investments in a new IT system have resulted in new investments of SEK 2m of which SEK 0.5m in 2014 and impairment of intangible assets of SEK 1.1m, taken as a one-time expense in the fourth quarter of 2014.
  • The group gained 22,738 (17,165) new customers in the fourth quarter. The sales force was expanded by 2,468 (3,057) distributors.
  • Turnover distribution by product area (as % of turnover) was 29% for Zinzino Coffee and 71% for Zinzino Food in the fourth quarter.


“2014 was yet another strong year and we delivered on our promise to the market of growth and improved profitability. We achieved growth of around 40% not only in the last quarter but also in the remainder of 2014 - strong figures, which are better than we had expected at the beginning of the year. Profitability also improved, with an operating margin that now exceeds 5% of our total revenue of more than SEK 350m. We consider the main factors for the improvement in profitability compared with the previous year to be our focus on growth and increased customer quotas, that is, number of customers per salesperson.

I am both delighted and proud of our financial development, but even more important are perhaps the decisions on, and implementation of, the investments which will make us better equipped and more efficient in the coming years. In the final quarter of 2014 we acquired our own production capacity through the investment in Faun Pharma. In addition, we acquired 100% of Bioactive Foods AS, a company we already had a stake in. These investments will give us an excellent platform for product development and will enable us to reduce our materials costs. This, in turn, will give us a competitive advantage and improved margins, safeguarding Zinzino's operations and future.

The change in trading platform to Nasdaq OMX First North is yet another important step we have taken this year and a natural step in our strategic plan concerning international expansion of the company. Currently, we are active in 12 markets. Our goal is to be established in 20 markets by 2020. In 2015, our aim is to establish operations in Germany and Canada, both countries with a large population and large potential markets for Zinzino. The expansion into both markets will be implemented in a cost-efficient manner with the help of the existing organisations in Sweden and the USA.

Customer growth and improved efficiency are deeply ingrained in our culture and strategy. On the strength of all the investments carried out in 2014, in 2015 we will continue to actively work towards continued growth in all markets, integration and improved efficiency of Bioactive Foods and Faun Pharma, entering new markets, strengthening our organisation, improved IT structure, improved margins on goods sold and improved profitability.

Our primary focus in 2015 is growth and many new customers. We want to achieve growth of at least 25% and an improved result every year for the next three years.”

Dag Bergheim Pettersen, CEO, Zinzino AB

   For a full report, please see the attached PDF.

This information comprises information that Zinzino AB must disclose under the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on
27th February 2015. 

INFORMATION ABOUT THE COMPANY Zinzino was founded under the name Zinzino Holding in autumn 2007. In 2009, the company acquired 93% of the equity and 97% of the votes in Zinzino Nordic AB, partly by means of a non-cash issue and partly by means of a private placement. Zinzino Nordic is a sales company that uses independent distributors to market and sell products for commission via so-called direct sales.

The Q1 quarterly report will be published on 22th May, 2015.

For further information:
Dag Bergheim Pettersen, CEO, Zinzino, Tel. +47(0) 93 22 57 00
Fredrik Nielsen, CFO, Zinzino, Tel. +46 (0) 707 900 174
Photos for publication free of charge:

Anders Ekhammar, Tel. +46 (0) 707 462 579


About Us

Zinzino AB (publ.) is a direct sales company which operates through the EU, Norway, Iceland and in North America. Zinzino markets and sells products in two product lines: Zinzino Health, with a focus on long-term health, and Zinzino Coffee, consisting of espresso machines, coffee and tea. Zinzino owns Norwegian BioActive Foods AS and the research and production unit Faun Pharma AS. Zinzino has over 120 employees. The company has its registered office in Gothenburg, and offices in Helsinki, Riga, Oslo and in Florida, United States. Zinzino is a public limited company and its shares are listed on Nasdaq First North.