Frill Holding AB publishes financial report 2020

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STOCKHOLM, February 26, 2021 08:00 CET

This information is information that Frill Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation.

In December 2020, Frill Holding completed the acquisition of Bezzt AB and initiated a strategy that will strengthen the company and the brands associated with it. The acquisition is reported in accordance with the principles for reverse acquisition, where Bezzt is seen as the accounting acquirer and Frill Holding as the acquired party. Following the acquisition, the shareholders in Bezzt AB own 53% of the shares in Frill Holding and former shareholders in Frill own 47% of the shares in the company. Up to the acquisition date of 15 December 2020, the information presented in the consolidated accounts consists of figures linked to the Bezzt Group. Profit from the Frill Holding Group is included in the income statement only from December 15, 2020. The Group's comparative year consists of Bezzt AB. All information linked to the parent company refers to the legal parent company Frill Holding AB.



July-December 2020

  • Net sales for the period amounted to SEK 108 thousand (4)
  • Operating profit for the period amounted to SEK -678 thousand (-104)
  • Equity at the end of the period amounted to SEK 25,800 thousand (28)
  • Earnings per share amounted to SEK 0 (0)
  • Cash flow from operating activities for the period amounted to SEK -379 thousand (-176)
  • Cash and cash equivalents at the end of the period amounted to SEK 8,210 thousand (18)

January-December 2020

  • Net sales for the period amounted to SEK 108 thousand (4)
  • Operating profit for the period amounted to SEK -678 thousand (-104)
  • Equity at the end of the period amounted to SEK 25,800 thousand (28)
  • Earnings per share amounted to SEK 0 (0)
  • Cash flow from operating activities for the period amounted to SEK -379 thousand (-176)
  • Cash and cash equivalents at the end of the period amounted to SEK 8,210 thousand (18)
  • No dividend to shareholders is proposed


During the year, Frill continued to strengthen its position in various markets, focusing on the sales channels where Frill's value proposition is extra attractive, within e.g. schools, universities, sports facilities and corporate offices. Frill has also initiated a new strategy to broaden the company's product portfolio and scale up new and existing sales channels for existing and future brands. Through a balance between innovative and market-oriented business projects and established businesses with stable earnings potential, Frill will take a leading position in the functional foods segment.

A new strategy has been initiated

  • Acquisition strategy has been initiated through the first acquisition of Bezzt AB.
  • The product portfolio has been broadened through acquisitions and new products.
  • Frill has started to take an active role in driving a consolidation of the fragmented market in functional foods.
  • Frill will develop and scale up sales of new products and brands.

Sales and Covid-19

  • Sales at existing retailers have been affected by the pandemic in a mixed way, with higher sales in supermarkets outside cities and lower sales in central stores and cafés.
  • Online sales have increased significantly.
  • Sales in channels such as corporate offices, schools, cafés and sports facilities have been slowed down by restrictions, especially in the UK and the US.


  • Frill's articles on the health benefits of dietary fiber have been published on the intranet of Kaiser Permanente, one of the largest healthcare companies in the United States.
  • Successful marketing campaign has been carried out with
  • Board member and former CEO Khosro Ezaz-Nikpay has entered into an agreement with an international publisher for the publication of a book on fiber and its health benefits. The book is planned to be launched during the first half of 2021.

New products and secured production capacity

  • A sweeter and creamier product line of Frill has been developed with the help of a prebiotic sweetener. Launch in the spring of 2021.
  • Cooperation with a production facility for Frill within the EU has been established to ensure that our operations do not risk increased costs due to Brexit.
  • High production capacity for Bezzt of Nature's products has been secured in a production facility in Sweden.
  • A new product line of candies based on honey, algae and dietary fiber has been developed under the Bezzt brand. Launch Quarter 1, 2021.
  • A new product line of snack bars and chocolate bars based on oats, honey and pea or milk protein has been developed for launch during the second quarter, 2021.
  • A new product line of chocolate candy in portion bags has been developed and will be launched during quarters 3-4, 2021.


Exclusive Nordic sales agreement with Bacoccoli

On February 16, 2021, Frill Holding entered into an exclusive distribution agreement for the sale and marketing of Italian Bacoccoli's products in the Nordic region. The agreement that broadens Frill's product portfolio entails an exclusive right to sell Bacoccoli's product portfolio in Sweden, Norway, Finland, Denmark and Iceland. The agreement is for five years and is then extended by one year at a time. Bacoccoli's portfolio includes several products that will be launched during the year. The product range includes cold-pressed extra virgin olive oil of the highest quality. In addition to this, the launch of high-quality pasta, chocolate and canned truffles is also planned. All Bacoccoli products come from Umbria.

Changes in management and the board

On February 23, Peter Blom took over as CEO of Frill Holding AB, former Chairman of the Board. Former CEO Nici Ferber took over as CEO of Bezzt AB. Until the Annual General Meeting on 18 May 2021, Anna Hällöv, a former Board member, is acting Chairman of the Board.

Share capital and share classes

At the Extraordinary General Meeting on December 15, a decision was made to complete the acquisition of Bezzt AB via a non-cash issue paid for through a new issue of shares in Frill Holding. This means that the company's share capital has increased by SEK 3,728,058.10 through the issue of 74,561,162 new shares. Registration of the non-cash issue has taken place after the end of the year. At the Extraordinary General Meeting, it was also decided to adopt a new Articles of Association, whereby the company's different share classes were abolished so that the company has only one share class and to change the limits for the share capital and the number of shares. This change was also registered after the end of the year.



2020 was an intense year for Frill. In a short time, the company has gone from being a one-product company to a company with a new strategy with broad product development and marketing of products within Functional Foods. The company will continue to implement significant changes to become a leading company within Functional Foods in the Nordic region. We have a clear strategy for growing both organically and through acquisitions. In 2021, we will increase our geographical presence in the Nordic region and develop and strengthen our positions in interesting product categories. Furthermore, through the acquisition of Bezzt AB, Frill has initiated its new strategy which focuses on building a broad product portfolio within functional foods through both acquisitions and own product development. The acquisition of Bezzt AB has given the company a strong position to scale up its sales in additional channels made possible by Bezzt of Nature's new product groups. The acquisition of Bezzt AB was completed in December 2020 and marked the start of Frill's upcoming expansive journey in 2021.

Our goal is to be a leading Functional Foods company in the Nordic region before the end of 2023. There will be challenges, but I am convinced that we will achieve our goal.

We see an increased demand for healthy, functional and quality products and believe that this trend will continue to be strong for many years to come. A large majority of consumers make active choices among foods to prevent health problems, and awareness of health and how our consumption affects it continues to increase. This increased demand, combined with consumers being open to testing new brands, puts Frill’s growing product portfolio in an attractive position. Consumers increasingly want foods that are healthy and of high quality. This means that credibility to both the brand and the actual content of the products is important. The Nordic market for functional foods has a turnover of more than SEK 100 billion.

Against this background, we see some exciting years ahead of us. By launching and building up sales of products with stable earnings potential as well as launching innovative products with low risk and short time to market, the company will take a strong position. Frill has the organizational capacity to drive consolidation, along with a strong platform for product development. Frill is an exciting "turn around" company with innovative projects and good conditions for a positive cash flow. Through lower costs, acquisitions and new products on the market, Frill has good opportunities for strong growth in the coming years. Frill's ambition is to add additional opportunities through acquisitions of companies and product rights. Further development of the acquired companies and the creation of synergies between them, will be a factor for financial success. There are a large number of interesting companies and products in the fragmented functional foods market. Frill will create added value through its international network and experience of managing development projects.

Peter Blom, CEO


About Frill Holding AB

Frill Holding AB is an innovative company that has developed a unique food tech platform for the development of products within Functional foods. Through organic growth and acquisition strategy, the company will become a leading company in Functional foods in the Nordic region and contribute to better health and quality of life. The company's first products are Frill, a genuinely healthy snack made from fruit and vegetables, Add Ice Cream, a healthy ice cream that delivers functional benefits such as proteins and vitamins, Bacoccoli, high quality products and Bezzt of Nature, healthy and functional products based on honey, dietary fibre, algae and oats. Frill Holding creates healthy dietary alternatives based on scientific facts and delivers affordable and healthy nutrition to consumers. The company is based in Stockholm and is listed on Nasdaq First North Growth Market, ticker FRILL B. FNCA Sweden AB is the company’s Certified Adviser. Tel. +46 (0) 8-528 00 399,

The Frill Holding Group consists of five companies: Frill Holding AB, Add Nutrition AB, Zendegii Frill Ltd. (UK), Frill Inc. (USA) and Bezzt AB.

This information is information that Frill Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted, through the agency of the above contact person, for publication February 26, 2021, 8:00.

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