Zalaris

Earnings Release • Oct 30, 2014

ZALARIS: 2014 Third quarter results

ZALARIS: 2014 Third quarter results

Zalaris with strong third quarter revenue growth

Zalaris sees companies increasingly look to outsource

payroll and HR solutions, resulting in a third

quarter revenue growth of 16.5 % compared to the same

quarter in 2013.

Zalaris, a leading provider of payroll and HR

services, continued its momentum in the third quarter

of 2014, concluding the period that ended 30

September with strong overall results in line with

expectations. Revenue grew 16.5 per cent compared to

Q3 2013 - to NOK 83.6 million in the quarter and year-

to-date NOK of 228,8 million, equivalent to year-over-

year growth of 20.4 per cent compared to the first

nine months of 2013.

"We delivered solid overall performance in line with

targets for the third quarter of 2014. Zalaris has a

very bright future in the markets we serve,

especially considering our strong position in HR

outsourcing, where many large blue-chip companies see

major cost-saving opportunity", says Hans-Petter

Mellerud, CEO and founder of Zalaris.

Operating profit (EBIT), before IPO-related costs was

NOK 8.3 million, up 24.2 per cent from to Q3 last

year. Year-to-date EBIT of 19.9 million was also in

line with expectations.

Recurring revenue increased significantly from Q2

2014 as Zalaris in August successfully commenced

delivery of the landmark agreement with oil and gas

industry leader Statoil, which operates in 36

countries across the world. Key actions associated

with the multi-year agreement included opening a new

service centre in Stavanger, transferring designated

Statoil staff to Zalaris to support our delivery of

outsourced payroll and HR services to the North Sea

oil industry.

"Many favourable factors correlate to our solid

current performance and encouraging long-term

outlook. For example, companies increasingly look to

outsource payroll and HR solutions, regardless of

economic conditions. The reason is simple - these

functions are not their primary core competencies.

Zalaris delivers such services more cost effectively

as well as more reliably because of the extensive

experience and laser focus we have on them", Mellerud

says.

About Zalaris

Zalaris excels in delivering comprehensive cloud-

based HR and payroll services. The company is

certified as an SAP Business Process Outsourcing

(BPO) Partner and is a leading SAP Human Capital

Management (HCM) and SuccessFactors consulting

partner. Founded in 2000, Zalaris today operates in

Denmark, Estonia, Finland, India, Latvia, Lithuania,

Norway, Poland and Sweden, including local-language

service centers with extensive expertise in HR-

related laws and regulations. Learn more at

www.zalaris.com.

Contact

Hans-Petter Mellerud, CEO and founder

Mobile: +47 928 97 276

E-mail: hans-petter.mellerud@zalaris.com