PROBI AB INTERIM REPORT 1 January 2014 – 31 March 2014

NEW LAUNCHES IN KEY MARKETS

FIRST QUARTER 2014

NET SALES amounted to MSEK 26.4 (25.4).
OPERATING PROFIT totalled MSEK 6.1 (6.0).
PROFIT AFTER TAX amounted to MSEK 5.0 (4.9).
PROFIT AFTER TAX PER SHARE was SEK 0.55 (0.54).
CASH FLOW amounted to MSEK 3.6 (8.6).

SIGNIFICANT EVENTS DURING THE FIRST QUARTER:

Probi signed a distribution agreement for Probi Mage® with Dongkook Pharmaceuticals, South Korea.
Symrise increased its shareholding in Probi to 46.6%.

SIGNIFICANT EVENTS AFTER THE CLOSE OF THE PERIOD:

Probi signed a distribution agreement with Sanofi Consumer Healthcare for the launch of Probi Digestis® in South Korea.
New study shows that probiotics from Probi may reduce the risk of osteoporosis.

CEO'S COMMENTS:

"We continue to note very strong growth in the Consumer Healthcare business area. Net sales rose to slightly more than MSEK 16, up 24% compared with the first quarter of 2013. Our efforts to improve margins on goods sold are now generating results and, despite a higher share of product deliveries in relation to royalty revenue, we also succeeded in maintaining our total earnings level. In early 2014, we signed two new agreements concerning distribution of our digestive health product in South Korea, with launches during the second quarter of 2014. In the US, we have expanded our presence in the key Health Food channel through product launches by Solgar/NBTY and Threshold. With these launches in the US and South Korea, two important foundations are now in place for our continued international expansion. Our partnership with Symrise has also provided opportunities for looking at new food solutions, particularly in Asia, which could eventually lead to renewed growth in our other business area, Functional Food," says Peter Nählstedt, CEO of Probi.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Peter Nählstedt, CEO Probi, tel: +46 (0)46-286 89 23 or +46 (0)723-86 99 83, e-mail: [email protected] Niklas Brandt, CFO Probi, tel: +46 (0)46 286 89 26 or +46 (0)706 62 98 83, e-mail: [email protected]

This information is such that Probi AB is required to disclose in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. This information was submitted for publication on 29 April 2014 at 8:45 a.m.

This is a translation of the Swedish version of the interim report. When in doubt, the Swedish wording prevails.

ABOUT PROBI

Probi AB is a Swedish publicly traded bioengineering company that develops effective and well-documented probiotics. Through its world-leading research, Probi has created a strong product portfolio in the gastrointestinal health and immune system niches. Probi's products are available to consumers in more than 30 countries worldwide. Probi's customers are leading food, health-product and pharmaceutical companies in the Functional Food and Consumer Healthcare segments. Probi had sales of MSEK 102 in 2013. The Probi share is listed on NASDAQ OMX Stockholm, Small-cap. Probi has about 3,500 shareholders. Read more at www.probi.se.

ABOUT THE OPERATIONS

Over the past year, Probi has concentrated its marketing ventures on the key and growing markets in North America and Asia. This has now generated results in the form of new customer agreements and higher order intake in Consumer Healthcare. Since year-end, launch agreements have been signed with two new partners in South Korea and the positive trend in the North American market continues.

In the first quarter, Probi signed a distribution agreement with Dongkook Pharmaceutical Co. Ltd. in South Korea. The launch is scheduled for the second quarter of 2014 under Probi's Swedish brand, Probi Mage®. After the close of the reporting period, a distribution and delivery agreement was also signed with Sanofi, under which Sanofi Consumer Healthcare in Korea will conduct a comprehensive launch of Probi's gastrointestinal-health product Probi Digestis® in the second quarter of 2014. Probi has already made product deliveries and secured significant orders for the coming quarters. The South Korean market for probiotic dietary supplements is worth in excess of MUSD 50 and the average rate of growth over the past five years has been 15%.

In the North American market, two more launches of products based on Probi Digestis were conducted at the beginning of the year. NBTY, the largest US player in the VMS (Vitamins, Minerals and Supplements) segment, has launched two products through its subsidiary Solgar. California-based Threshold also launched products under its own brand, Source Naturals. Both of these launches were made in the Health Food channel and are a result of Probi's business development agreement with the probiotics specialist Viva 5 Corporation. The first launch within the framework of this partnership was conducted in September 2013, when Wakunaga launched digestive health capsules under the Probiata brand.

Pharmavite, which accounted for a major share of Probi's growth in the US in 2013, has placed significant orders for Probi's digestive health capsules, which are scheduled for delivery during the second and third quarters of 2014.

On 6 February 2014, Probi's largest owner, the German company Symrise, submitted a mandatory offer to Probi's shareholders. By the end of the acceptance period on 13 March 2014, acceptance had been received for 1,554,231 shares, representing approximately 16.6% of the total number of shares and votes. Symrise's shareholding thus increased to 4,366,736 shares, representing about 46.6% of the total number of shares and votes.

Peter Nählstedt, who has extensive experience in the international Life Science industry from his various executive positions involving strategy, marketing and sales at GE Healthcare Life Science, was appointed new CEO in January 2014. Peter Nählstedt was previously employed at Trelleborg Marine Systems, where he was responsible for operations in Europe, South America and North Africa.

SALES AND COSTS

Probi's net sales during the quarter totalled MSEK 26.4 (25.4). Net sales in the Consumer Healthcare business area rose MSEK 3.2, or 24%, to MSEK 16.6 (13.4). This increase derived primarily from deliveries to Sanofi in South Korea, which will launch Probi's digestive health capsules during the second quarter of 2014, and from additional deliveries to Vifor in Switzerland, which launched Probi Intestis® in autumn 2013.

Net sales in the Functional Food business area totalled MSEK 9.8 (12.0). Most revenue in Functional Food consists of royalty revenue from ProViva. The figure declined compared with the first quarter of 2013, partly due to slightly lower sales volumes, but also to the changed royalty rate under the agreement signed with Danone in 2010.

Operating expenses rose MSEK 0.8 and amounted to MSEK 20.5 (19.7). The increase was primarily due to personnel costs, because of a higher number of employees in R&D.

Probi AB Interim Report, 1 January 2014 – 31 March 2014

Distribution of operating revenue:

Total operating revenue	26,651	25,687	103,554
Other operating income	267	293	1,344
Net sales	26,384	25,394	102,210
Royalty, licenses, etc.	11,594	14,104	48,764
Sales, goods	14,790	11,290	53,446
KSEK	Q1 2014	Q1 2013	Full-year 2013

Profit after tax

Profit after tax for the quarter amounted to MSEK 5.0 (4.9). Tax expense was MSEK 1.4 (1.4).

Earnings per share

Earnings per share for the reporting period amounted to SEK 0.55 (0.54).

Cash flow

During the quarter, cash and cash equivalents rose MSEK 3.6 (8.6) to MSEK 94.9 (95.9) at the end of the quarter. The lower cash flow year-on-year was primarily due to changes in working capital.

Investments

During the quarter, investments in intangible fixed assets amounted to MSEK 2.5 (1.7), of which MSEK 0.6 (0.6) pertained to patents and MSEK 1.9 (1.1) to development expenditure that has been capitalised. Investments in property, plant and equipment totalled MSEK 0.1 (0.0).

Probi conducts prioritised research and development projects to ensure long-term growth. The R&D proportion of total expenses, excluding goods for resale and depreciation/amortisation, was 38% (35). Including capitalised development expenditure for the year, this figure increases to 46% (40).

SEGMENT INFORMATION

General information

Probi's operations are organised in two business segments with two separate managers: Functional Food and Consumer Healthcare.

The Functional Food segment focuses on developing food that provides beneficial health effects. This development is conducted in partnership with leading food companies in order to commercialise and market products with high volume potential.

The Consumer Healthcare segment develops, markets and sells Probi probiotics in partnership with pharmaceutical companies and other companies specialised in probiotics and health and wellness products, under Probi's proprietary brands or those of its partners.

No business transactions are conducted between the two segments.

Operating profit per segment:

		Q1 2014			Q1 2013			Full-year, 2013
KSEK	FF	CHC	Total	FF	CHC	Total	FF	CHC	Total
Operating revenue	9,921	16,730	26,651	12,071	13,616	25,687	41,640	61,914	103,554
Operating expenses	-6,256	-14,267	-20,523	-6,358	-13,319	-19,677	-25,782	-59,629	-85,411
Operating profit/loss	3,665	2,463	6,128	5,713	297	6,010	15,858	2,285	18,143

FF= Functional Food CHC= Consumer Healthcare

Probi's growth strategy comprises increased investment to develop the Consumer Healthcare business area. This investment includes new distribution solutions, the establishment of proprietary brands and more intensive business development – primarily in the US, but also in selected markets throughout Asia. As part of this strategy, new resources have been allocated to Consumer Healthcare in recent years. During the first quarter of 2014, revenue in this business area rose 24% year-on-year without a corresponding increase in costs, and Consumer Healthcare thus made a significant contribution to Probi's operating profit.

Operating revenue distributed by geographic market:

KSEK	Q1 2014	Q1 2013	Full-year 2013
Sweden	13,874	16,769	59,073
Rest of Europe	7,456	2,636	14,585
North America	2,643	2,815	18,250
Rest of the world	2,678	3,467	11,646
Total	26,651	25,687	103,554

The revenue decline in Sweden was mainly due to lower royalty revenue from ProViva sales. This was a combined result of slightly lower sales volumes and contractual changes to the royalty rate under agreements signed with Danone in 2010. In addition, revenue from Bringwell was marginally lower than during the corresponding period in 2013. The revenue increase in Rest of Europe was attributable to deliveries to Vifor in Switzerland, which launched Probi's digestive health capsules in September 2013, and deliveries to Sanofi prior to their launch in South Korea during the second quarter of 2014. These deliveries will be invoiced to Sanofi's central organisation in France.

Functional Food

Probi has initiated a partnership with Symrise to examine possibilities for identifying new market opportunities for food applications using Probi's probiotics, primarily in various Asian markets. The aim is to eventually restore growth in the Functional Food business area.

ProViva AB/Danone, which markets ProViva in Sweden and Finland, is expanding its market reach by introducing ProViva in Denmark. The launch will take place in May 2014.

Consumer Healthcare

Since year-end, Probi has signed agreements with two new partners concerning launches in South Korea. The South Korean market for probiotic dietary supplements is worth in excess of MUSD 50 and the average growth rate over the past five years has been 15%.

In the first quarter, a distribution agreement was signed with Dongkook Pharmaceutical Co. Ltd. in South Korea. The launch is scheduled for the second quarter of 2014 under Probi's Swedish brand, Probi Mage®. Dongkook will sell Probi Mage as dietary supplements in department stores and via online and televisionbased home shopping, which is one of the principal sales channels for dietary supplements in South Korea. Dongkook was established in 1968 and has been listed on the KOSDAQ Market since 1997. The company is Korea's leading pharmaceutical company in the OTC sector and currently exports products to more than 50 countries, ten of which are in Europe.

After the close of the reporting period, a distribution and delivery agreement was also signed with Sanofi, a leading international pharmaceutical company. The company plays a major role in the global probiotics market. Under the agreement, Sanofi Consumer Healthcare in Korea will conduct a comprehensive launch of Probi Digestis® during the second quarter of 2014. Sanofi Consumer Healthcare in Korea is one of the largest companies in dietary supplements in Korean supermarkets and currently sells vitamins, minerals and dietary supplements under the well-established brand Cenovis. Probi Digestis will be launched under the Cenovis brand in all of Sanofi Korea's sales channels, which include retail, department stores, pharmacies, health food stores, and online and television-based home shopping. The product will carry Probi's Probi Digestis® brand on the front of the package and Sanofi will make a considerable investment in marketing during the launch. Probi has already delivered the product and secured significant orders for the coming quarters.

RESEARCH AND DEVELOPMENT

A recently published study shows that the intake of Probi's bacterial strains: Lactobacillus paracasei DSM 13434, Lactobacillus plantarum DSM 15312 and Lactobacillus plantarum DSM 15313, reduces bone loss in mice, which may lead to a reduced risk of osteoporosis and fractures. The results show that the intake of probiotics significantly reduces bone loss compared with control groups, reduces urinary calcium loss and lowers levels of inflammatory markers.

The study, published in PLOS ONE (DOI: 10.1371/journal.pone.0092368), was conducted by a research team in Gothenburg led by Docent Klara Sjögren and Professor Claes Ohlsson. The study examined the preventive effect of probiotics on induced bone loss in mice, similar to that which occurs after menopause. The mice were treated with either a single strain, Lactobacillus paracasei DSM13434, or a mixture of three strains, Lactobacillus paracasei DSM13434, Lactobacillus plantarum DSM 15312 and Lactobacillus plantarum DSM 15313 (Probi AB). The controls comprised one group of mice with induced bone loss that were not probiotictreated, and one group of mice that were completely untreated. The mice in the study were treated with probiotics for a total period of six weeks– two weeks before, and four weeks after, induced bone loss.

Osteoporosis is a serious health problem that is costly for society and severely disabling for those affected. In Sweden alone, about 70,000 fractures occur every year that may be linked to osteoporosis. About 25% of women over the age of 65 have already sustained one fracture. These women have a strongly increased risk of subsequent fractures later in life. Studies have shown that age-related bone loss is largely due to environmental factors, such as diet, physical activity and inflammatory status. It has already been shown that inflammatory intestinal disorders are associated with low bone mineral density, which also suggests a relationship between the digestive system and the skeletal system.

For further information, please refer to:

Probiotics protect mice from ovariectomy-induced cortical bone loss. Ohlsson C, Engdahl C, Fåk F, Andersson A, Windahl SH, Farman HH, Movérare-Skrtic S, Islander U, Sjögren K. PLoS One. 2014 Mar 17;9(3):e92368. doi: 10.1371/journal.pone.0092368.

EMPLOYEES

At the end of the period, Probi had 26 (24) employees, of whom 17 (15) were women and 9 (9) men. The average number of employees has been 25 (24).

RELATED-PARTY TRANSACTIONS

No significant related-party transactions took place during the first quarter of 2014. During the first quarter of 2013, Jan Nilsson, Board member, invoiced fees of SEK 60,000 via Atherioco AB pertaining to Probi's Scientific Advisory Board and Mats Lidgard, Board member, invoiced consulting fees of SEK 39,000 via Lavindia AB pertaining to legal issues.

SIGNIFICANT EVENTS AFTER THE CLOSE OF THE REPORTING PERIOD

After the close of the reporting period, Probi signed a distribution agreement with Sanofi Consumer Healthcare in South Korea for the launch of Probi Digestis® . For more information, please refer to the Consumer Healthcare section on page 4.

On 11 April 2014, Probi announced a recently published study that shows how the intake of Probi's bacterial strains: Lactobacillus paracasei DSM 13434, Lactobacillus plantarum DSM 15312 and Lactobacillus plantarum DSM 15313 reduces bone loss in mice, which may lead to a reduced risk for osteoporosis and fractures. For more information, please refer to the Research and Development section on page 5.

SIGNIFICANT RISKS AND UNCERTAINTIES

The risks and uncertainties to which Probi's operations are exposed are described on page 53 of the printed 2013 Annual Report. At 31 March 2014, no significant changes are considered to have occurred in these risks or uncertainties.

CALENDAR

The 2013 Annual General Meeting	29 April 2014, at 3:00 p.m.
Interim report Q2, 2014	19 August 2014
Interim report Q3, 2014	29 October 2014
Year-end report, 2014	28 January 2015

ACCOUNTING AND MEASUREMENT POLICIES

Group

The consolidated financial statements have been prepared in accordance with the Swedish Annual Accounts Act, RFR 1 Supplementary Accounting Regulations for Groups – January 2014, the International Financial Reporting Standards (IFRS) and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC), as adopted by the European Union. This interim report was prepared in compliance with IAS 34 "Interim Reporting" and the Swedish Annual Accounts Act.

The accounting policies applied when these consolidated financial statements were prepared were consistent for all presented periods, unless otherwise stated. The complete accounting policies can be found on pages 64-67 of the printed 2013 Annual Report.

The Parent Company's functional currency is the Swedish krona (SEK), which is also the reporting currency for both the Parent Company and the Group. All amounts stated have been rounded off to the nearest thousand Swedish kronor (KSEK), unless otherwise stated.

Amounts and figures in parentheses pertain to comparative figures for the year-earlier period. Amounts are stated in Swedish kronor (SEK), thousands of Swedish kronor (KSEK) or millions of Swedish kronor (MSEK) according to that which is stated.

Parent Company

The Parent Company applies the same accounting policies as the Group, with the exceptions and supplements stipulated in "RFR 2, Accounting for Legal Entities – January 2014." The interim report complies with the Swedish Annual Accounts Act.

ASSURANCE BY THE BOARD OF DIRECTORS

The Board of Directors and the CEO provide their assurance that this interim report gives a fair and accurate view of the Parent Company's and the Group's operations, financial position and revenue, and describes the material risks and uncertainties facing the Parent Company and the Group.

Lund, 29 April 2014

Per Lundin Benedicte Fossum Chairman of the Board Board member

Board member Board member

Mats Lidgard Declan MacFadden

Jan Nilsson Eva Redhe Ridderstad Board member Board member

Peter Nählstedt CEO

Auditor's review report of the interim financial information in summary (interim report) prepared in accordance with IAS 34 and Chapter 9 of the Swedish Annual Accounts Act (1995:1554).

To the Board of Directors of Probi AB (publ), Corp. Reg. No. 556417-7540

Introduction

We have conducted a review of the interim report for Probi AB (publ) at 31 March 2014 and the three-month period that ended on this date. The Board of Directors and the Chief Executive Officer are responsible for the preparation and fair presentation of this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express an opinion on this interim financial information based on our review.

Focus and scope of the review

We have conducted our review in accordance with the International Standard on Review Engagements (SÖG) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and significantly less scope than an audit in accordance with International Standards on Auditing (ISA), and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that would have been identified if an audit had been conducted. Accordingly, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.

Opinion

Based on our review, nothing has come to our attention that causes us to believe that the interim financial information has not, in all material respects, been prepared for the Group in accordance with IAS 34 and the Swedish Annual Accounts Act, and for the Parent Company in accordance with the Swedish Annual Accounts Act.

Malmö 29 April 2014

Deloitte AB

Per-Arne Pettersson Authorised Public Accountant

Probi AB (publ)

Statement of comprehensive income (Group)
	Q1	Q1	Full-year
Currency: KSEK	2014	2013	2013
Operating revenue
Net sales	26,384	25,394	102,210
Other revenue	267	293	1,344
Total operating revenue	26,651	25,687	103,554
Operating expenses
Cost of goods sold	-5,895	-5,822	-25,792
Employee benefit expenses	-6,989	-6,604	-27,639
Other external costs	-6,346	-6,241	-27,046
Depreciation of fixed assets	-1,293	-1,010	-4,934
Total operating expenses	-20,523	-19,677	-85,411
Operating profit	6,128	6,010	18,143
Financial income	419	375	1,645
Financial expenses	-70	-63	-297
Profit before tax	6,477	6,322	19,491
Tax for the period	-1 443	-1 417	-4,446
Profit for the period	5,034	4,905	15,045
Other comprehensive income	-	-	-
Total comprehensive income for the period	5,034	4,905	15,045
Number of shares at end of the reporting period	9 115 300	9 115 300	9 115 300
Average no.of shares	9 115 300	9 115 300	9 115 300
Earnings per share before and after dilution	0,55	0,54	1,65

Net profit and total comprehensive income are attributable in their entirety to the Parent Company's shareholders

Since the company has no outstanding convertible loans or outstanding w arrants, no dilution effect arises. During 2011, Probi bought back company shares and at the end of the reporting period ow ned 250,000 treasury shares, corresponding to 2.7% of the total number of shares, w ith a quotient value of SEK 5.00 per share.

Income statement (Parent Company)
	Q1	Q1	Full-year
Currency: KSEK	2014	2013	2013
Operating revenue
Net sales	26,384	25,394	102,210
Other revenue	267	293	1,344
Total operating revenue	26,651	25,687	103,554
Operating expenses
Cost of goods sold	-5,895	-5,822	-25,792
Employee benefit expenses	-6,989	-6,604	-27,639
Other external costs	-6,346	-6,241	-27,046
Depreciation of fixed assets	-1,293	-1,010	-4,934
Total operating expenses	-20,523	-19,677	-85,411
Operating profit	6,128	6,010	18,143
Financial income	419	375	1,645
Financial expenses	-70	-63	-297
Appropriations	-	-	4,595
Profit before tax	6,477	6,322	24,086
Tax for the period	-1,443	-1 417	-5,457
Profit for the period	5,034	4,905	18,629
Other comprehensive income	-	-	-
Total comprehensive income for the period	5,034	4,905	18,629

Consolidated statement of
financial position (Group)	31 Mar. 2014	31 Mar. 2013	31 Dec. 2013
Assets
Fixed assets
Capitalised development expenses	17,938	8,697	16,611
Patents and licenses	9,029	8,112	8,818
Goodwill	2,762	2,762	2,762
Equipment, tools and fixtures	2,123	2,786	2,359
Total fixed assets	31,852	22,357	30,550
Current liabilities
Inventories	2,694	2,341	2,679
Current receivables	23,482	21,613	25,185
Cash and cash equivalents	94,891	95,922	91,301
Total current assets	121,067	119,876	119,165
Total assets	152,919	142,233	149,715
Equity and liabilities
Equity	136,059	127,721	131,025
Deferred tax	132	1,142	132
Current liabilities	16,728	13,370	18,558
Total equity and liabilities	152,919	142,233	149,715

Balance sheet (Parent Company)	31 Mar. 2014	31 Mar. 2013	31 Dec. 2013
Assets
Fixed assets
Capitalised development expenses	17,938	8,697	16,611
Patents and licenses	9,029	8,112	8,818
Equipment, tools and fixtures	2,123	2,786	2,359
Participation in Group Companies	4,031	4,031	4,031
Total fixed assets	33,121	23,626	31,819
Current liabilities
Inventories	2,694	2,341	2,679
Current receivables	23,482	21,613	25,185
Cash and cash equivalents	94,891	95,922	91,301
Total current assets	121,067	119,876	119,165
Total assets	154,188	143,502	150,984
Equity and liabilities
Equity	132,824	120,903	127,791
Untaxed reserves	598	5,193	598
Long-term liabilities	4,036	4,036	4,036
Current liabilities	16,730	13,370	18,559
Total equity and liabilities	154,188	143,502	150,984

Probi AB (publ), koncernen

Currency: KSEK

Changes in equity (Group)

Reporting period, 1 Jan. 2013 - 31 Mar. 2013	Share capital	Other contributions received	Result brought forward	Total equity
Opening balance, 1 Jan 2013	46,827	64,740	11,249	122,816
Total comprehensive income for the period			4,905	4,905
Equity, 31 Mar. 2013	46,827	64,740	16,154	127,721

Reporting period, 1 Jan. 2014 - 31 Mar. 2014	Share capital	Other contributions received	Result brought forward	Total equity
Opening balance, 1 Jan 2014	46,827	71,578	12,620	131,025
Total comprehensive income for the period			5,034	5,034
Equity, 31 Mar. 2014	46,827	71,578	17,654	136,059

Statement of cash flows

	Q1 2014	Q1 2013	Full-year 2013

Operating activities
Profit before tax	6,477	6,322	19,491
Depreciation/amortisation	1,293	1,010	4,934
Income tax paid	-383	-980	-4 151
Cash flow from operating activities before changes in
working capital	7,387	6,352	20,274
Change in inventories	-15	125	-213
Change in operating receivables	1,703	3,724	152
Change in operating liabilities	-2,886	163	4,483
Cash flow from operating activities	6,189	10,364	24,696
Inveesting activities
Acquisition of intangible fixed assets	-2,540	-1,683	-13,373
Acquisition of tangible fixed assets	-59	-44	-471
Cash flow from investing activities	-2,599	-1,727	-13,844
Change in cash and cash equivalents
Dividend to shareholders	-	-	-6,836
Cash flow from financing activities	-	-	-6,836
Change in cash and cash equivalents	3,590	8,637	4,016
Cash and cash equivalents at the beginning of the year	91,301	87,285	87,285
Cash and cash equivalents at the end of the period	94,891	95,922	91,301
Interest paid and received
Interest received	252	-	1,196
Interest paid	-	-	-

Currency: KSEK

Key ratios		2014			2013			2012
	Def.	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
Net sales Functional Food, quarterly		9 802	9 461	9 685	10 087	12 032	11 704	10 814	11 406
Net sales Consumer Healthcare, quarterly		16 582	16 696	14 453	16 434	13 362	14 469	10 029	10 504
Total net sales, quarterly		26 384	26 157	24 138	26 521	25 394	26 173	20 843	21 910
Operating profit		6 128	3 055	4 522	4 555	6 010	2 601	3 966	2 167
Growth, accumulated, %	1	3,9	2,7	3,6	-1,2	-17,1	5,5	5,1	9,7
R&D expenses as part of operating income, %		19	19	17	19	18	18	18	18
Operating margin, %	2	23,2	17,8	19,8	20,4	23,7	17,3	19,9	20,3
Net margin, %	3	24,5	19,1	21,1	21,7	24,9	18,4	21,0	21,7
Average no. of employees		25	25	24	24	24	23	23	22
Assets		152 919	149 715	145 110	140 517	142 233	136 728	132 719	130 642
Working capital	4	104 337	100 606	101 527	100 339	106 506	103 011	99 097	95 632
Liquid ratio, %	5	708	628	722	756	879	933	893	813
Equity ratio, %	6	88,9	87,5	88,5	88,8	89,8	89,8	90,9	90,1
Debt/equity ratio, %	7	0,0	0,0	0,0	0,0	0,0	0,0	0,0	0,0
Return on total assets, %	8	4,3	13,7	11,4	8,1	4,5	14,1	12,1	8,8
Return on equity, %	9	4,9	15,4	12,9	9,1	5,0	15,3	13,0	9,7
Equity per share, SEK		14,93	14,37	14,09	13,68	14,01	13,47	13,24	12,91
Cash flow per share, SEK		0,39	0,44	0,45	0,00	0,95	1,22	1,09	0,79
Share price, SEK		40,50	39,50	41,10	40,50	39,20	44,40	49,80	58,00
Market cap		369 170	360 054	374 639	369 170	357 320	404 719	453 942	528 687

Definitions of key ratios

1. Change in net sales
1. Operating income as a percentage of net sales
1. Profit before tax as a percentage of net sales
1. Total current assets less current liabilities
1. Total current assets excluding inventories as a percentage of current liabilities
1. Equity as a percentage af balance sheet total
1. Interest-bearing liabilities as a percentage of equity
1. Operating income and interest income as a percentage of average total assets
1. Profit before tax as a percentage of average equity