FIRST QUARTER 2008
Nutri Pharma ASA
Kronprinsesse Märthas pl. 1, Vika, 0166 Oslo, Norway. Tel: + 47 23 01 09 60, Fax: + 47 23 01 09 70.
Page 1
FIRST QUARTER 2008
HEADLINES

RUSSIA/CIS
MIG reports revenues of MNOK 17.7 which is 44 % higher than Q1 2007 and an increase of 10%
compared with Q4 2007. EBIT is reported at MNOK 1.0.
The efforts made last year to reduce costs and improve sales now appear to be producing the
desired results.

NORDIC
Royalty income is MNOK 1.2, which is the same level as Q1 2007. The retail sales of Nutrilett in
the Nordic countries was app. MNOK 45 in Q1 2008. Over the last few years the royalty income
has increased steadily.

NORWAY
Nutri5 was launched in February, and have been well received in the market. We have conducted
market research on brand recognition on Nutri5 resulting in a score in excess of > 40% after 2
months, and to date, most Nutri5 customers have confirmed their subscription (with supply of
new product every 2 months).
The results in Q1 for the Nordic region were expensed with app. MNOK 4,0 in marketing and
other costs directly related to the introduction of Nutri5 and subsequent marketing of the brand.
FIRST QUARTER 2008
RESULTS
Nutri Pharma today reports consolidated revenues of MNOK 19.9 million (an increase of 47 %
compared with Q1 2007) and a consolidated loss of MNOK 3.2 million for the first quarter of 2008.
This compares to revenues of MNOK 13.5 and a loss of MNOK 5.9 million in the first quarter of
2007. The results for Q1 in the Nordic region are expensed with app. MNOK 4,0 in marketing and
other costs directly related to the introduction of Nutri5 and subsequent marketing of the brand.
Out of the total revenue of MNOK 19.9 in the first quarter, MNOK 17.7 million were recorded in
MIG (Russia/CIS). Royalty revenues of MNOK 1.2, and sales of Nutri5 with MNOK 0.9 were
recorded in the Nordic region.
Russia/CIS
Compared to first quarter 2007 revenue in Russia/CIS has increased by 44 %, whilst fixed costs have
decreased by 14 %, and total costs have increased by only 8 % excluding depreciation. The
restructuring implemented last year are now having the desired effect to increase sales and reduce
cost.
Total revenue in the region was MNOK 17.7 with EBITDA at MNOK 1.8 and a EBIT of MNOK 1.0.
Compared to the same period last year the profit before tax is improved by MNOK 6.0 .
Amortisation cost of the distributor list is MNOK 0.8, and finance cost for Q1 2008 is MNOK 0.4.
Nordic region
Royalty income in the Nordic area deriving from the long term licence agreement for Nutrilett was
MNOK 1.2. Nutri5 was launched in February 2008, and sales in Q1 were MNOK 0.9. EBITDA in the
Nordic region was negative by MNOK 3.8 due to the costs of app MNOK 4,0 in marketing and other
costs directly related to the introduction of Nutri5 as well as the subsequent marketing of the brand.
Amortisation cost is MNOK 0.4, and finance income is MNOK 0.4.
Nutri Pharma ASA
Kronprinsesse Märthas pl. 1, Vika, 0166 Oslo, Norway. Tel: + 47 23 01 09 60, Fax: + 47 23 01 09 70.
Page 2
Nutri Pharma operates with three business segments; Nordic, with the existing royalty revenues,
direct sale of Nutri5 through its own web shop, and Russia + CIS countries through the direct sales
organisation of MIG. For further segment info. see page 9.
Consolidated Income statement – unaudited
Q1 2008
Q1 2007
19 901
21 921
-2 020
1 148
-3 168
-63
-3 231
-3 231
-0,04
13 547
16 945
-3 398
2 297
-5 695
-175
-5 870
-5 870
-0,07
(Amounts in NOK 000)
Total revenue
Total operating expenses
EBITDA
Depreciation
EBIT
Net Financial items
Profit/(loss) before taxes
Income tax expense
Profit/(loss) for the period
EPS (NOK)
Q4 2007
FY 2007
17 425
20 326
-2 901
7 215
-10 116
760
-9 356
-9 356
-0,11
68 970
77 845
-8 875
21 328
-30 203
-98
-30 301
-30 301
-0,36
Balance Sheet - unaudited
(Amounts in NOK 000)
31.mar.08
31 Dec 2007
31.mar.07
Total non-current assets
Total current assets
Total assets
12 111
30 443
42 554
12 778
33 742
46 520
96 248
8 766
105 014
Total equity
Total liabilities
Total equity and liabilities
10 606
31 948
42 554
13 642
32 878
46 520
22 141
82 873
105 014
Net financial expense was TNOK 63, compared to finance expenses of TNOK 175 in first quarter of
2007.
Cash, money market fund and other liquid assets were MNOK 11.7 as of March 31 2008, compared
to MNOK 1.7 as of March 31 2007. There is no debt in Nutri Pharma ASA.
COMMERCIAL UPDATE
Russia and CIS countries
MIG has increased sales by 44 % compared with the same period last year and profit is increased by
MNOK 6 compared with the same period.
Nordic
Nutrilett®,
Nutrilett, distributed through Axellus (Orkla) as one of their core product lines, has generated royalty
revenues of approximately MNOK 1.2. This royalty revenue has increased steadily over the last few years
and gives the company a stable income.
Nutri Pharma ASA
Kronprinsesse Märthas pl. 1, Vika, 0166 Oslo, Norway. Tel: + 47 23 01 09 60, Fax: + 47 23 01 09 70.
Page 3
Nutri5®
After the launch in February with an extensive advertising campaign, advertising will be considerably
reduced. Sales efforts going forward will be focused towards the population that suffers from menopausal
problems. In Norway, 250.000 women suffer from one or more symptoms and approx. 150.000 of these use
estrogen regularly, prescribed by their doctors. Based on the fact that 8 out of 10 women have reported
reduced symptoms and improved quality of life following daily consumption of Nutri5, we feel confident
that we can capture a meaningful portion of this group over time. To this end, we have employed from 1
May, an experienced medical consultant who will work closely with medical practitioners and their patient
groups.
In addition, a Japanese placebo controlled clinical trial (1 Izumi T. et al. J Nutr Sci Vitaminol (2007);53:
57-62) over 12 weeks (using 40mg of soy isoflavones/day, vs Nutri5`s 60mg/day) demonstrated significant
improvement in skin elasticity, as well as reduction of fine lines in the skin. This is a positive side-effect
that we believe will be interesting to our customers.
OUTLOOK
Russia / CIS
 The efforts made in 2007 have made MIG into a profitable and growing company.
Nordic region
 Nutrilett continues to give the company a stable income.
 Nutri5 is marketed through different channels i.a. medical consultant and through editorial articles
in weekly/monthly magazines, and is sold through the net shop in Norway as well as our own
customer service (tel. 05222). It is expected that sales will grow and that Nutri5, without side
effects, will help thousands of women to a better life.
Oslo, 21 May 2008
The Board of Directors of Nutri Pharma ASA
FOR FURTHER INFORMATION:
Trond Syvertsen, CEO
+47 23 01 09 60 / + 47 91 72 14 57
Lars Helmer Enger, CFO
+47 23 01 09 60 / + 47 90 84 37 71
For information about Nutri5®, please point your web browser to: www.nutri5.no, ore call our customer
service 05222.
For information about Nutri Pharma, Nutri Pharma products, Nutri Pharma management and Nutri Pharma
financial performance, please point your web browser to: www.nutripharma.com
For information about Meridian International Group (MIG), please point your web browser to:
http://www.miglife.net
Nutri Pharma ASA
Kronprinsesse Märthas pl. 1, Vika, 0166 Oslo, Norway. Tel: + 47 23 01 09 60, Fax: + 47 23 01 09 70.
Page 4
Accounting Principles
The consolidated financial statements for the first quarter have been prepared in accordance with the
statutory regulations governing the Stock Exchange, the Oslo Stock Exchange’s own rules and IAS 34
“Interim Financial Reporting”. The accounting policies used are consistent with those used in the Annual
Financial Statements. The interim financial statements do not include all the information that is required of
a complete set of year-end financial statements, and should therefore be read in conjunction with the
consolidated annual financial statements for 2007. The Annual report for 2007 can be obtained upon
request to the company’s head office, or from its website: www.nutripharma.com
Income Statement
Amount in NOK '000
Nutri Pharma Consolidated
Jan 1 - March 31
Q1 2008
Q1 2007
Q4 2007
FY 2007
REVENUE
Net sales revenues
Royalty income
Other income - Nutri 5
Total revenue
17 736
1 236
929
19 901
12 333
1 214
16 082
1 343
63 438
5 532
13 547
17 425
68 970
2 343
842
18 736
21 921
-2 020
-1 148
-3 168
1 111
498
15 336
16 945
-3 398
2 297
-5 695
1 333
2 038
16 955
20 326
-2 901
7 215
-10 116
7 278
4 185
66 382
77 845
-8 875
21 328
-30 203
-63
-175
760
98
-3 231
-5 870
-9 356
-30 301
-
-
-
-3 231
-5 870
-9 356
-30 301
-0,04
-0,08
-0,11
-0,39
OPERATING EXPENSES
Cost of goods sold
Personnel costs
Other operating expenses
Total operating expenses
EBITDA
Depreciation of intangible and tangible fixed assets
EBIT
FINANCIAL INCOME AND EXPENSES
Net financial income and expenses
PROFIT BEFORE TAXES
Income tax expense
PROFIT FOR THE PERIOD
Earnings per share/diluted earnings per share
Nutri Pharma ASA
Kronprinsesse Märthas pl. 1, Vika, 0166 Oslo, Norway. Tel: + 47 23 01 09 60, Fax: + 47 23 01 09 70.
-
Page 5
Balance Sheet
Nutri Pharma Consolidated
Amount in NOK '000
31 Mar 2008
31 Dec 2007
31 Mar 2007
NON CURRENT ASSETS
Intangible non-current assets
Patent and royalty assets
Goodwill
Software platform
Distributor lists
Total intangible non - current assets
3 670
7 733
11 403
4 032
8 155
12 187
Property, plant and equipment
295
178
Financial non-current assets
Other long-term receivables
Total financial fixed assets
413
413
413
413
413
12 111
12 778
96 248
Receivables
Accounts receivable
Other short term receivables
Total receivables
845
13 851
14 696
1 645
7 843
14 638
1 262
1 515
7 064
Inventory og finished goods
4 089
5 150
4 287
Financial assets
Money market fund
9 854
18 568
1 070
Cash and cash equivalents
Cash and cash equivalents
1 804
536
632
Total current assets
30 443
33 742
8 766
TOTAL ASSETS
42 554
46 520
105 014
21 634
21 196
-32 216
-8
10 606
21 634
21 196
-28 990
-198
13 642
19 668
-1 157
3 630
22 141
Non-current liabilities
Interest bearing loans
Total long-term liabilities
16 316
16 316
16 115
16 115
15 489
15 489
Current liabilities
Accounts payable
Public duties payable
Bank overdraft
Other current liabilities
Total current liabilities
2 793
6 011
6 828
15 632
3 890
271
4 865
7 737
16 763
3 324
11
64 049
67 384
Total liabilities
31 948
32 878
82 873
TOTAL EQUITY AND LIABILITIES
42 554
46 520
105 014
Total non-current assets
5 118
63 788
16 012
10 917
95 835
CURRENT ASSETS
EQUITY
Issued capital
Share premium reserve
Retained earnings
Translation differences
Total equity
LIABILITIES
Nutri Pharma ASA
Kronprinsesse Märthas pl. 1, Vika, 0166 Oslo, Norway. Tel: + 47 23 01 09 60, Fax: + 47 23 01 09 70.
Page 6
Cash Flow Statement
Consolidated
Amount in NOK '000
Jan 1 - March 31
Q1 2008
Q1 2007
FY 2007
Cash flow from operations
Profit before taxes
Depreciation and amorization
Change in stocks
Change in accounts receivables
Change in accounts payable
Change in other provisions
Net cash flow from operations
(3 232)
1 148
1 061
800
(1 097)
-7 163
-8 483
(5 870)
2 297
1 143
712
86
-39
-1 671
-30 301
21 328
280
-578
712
528
-8 031
8 540
-140
440
-17 058
Cash flow from investments
Changes in bonds and certificates
Acquisition of property. Plant and equipment
Acquisition of subsidiary net of Cash
Proceeds from sales of own shares
Net cash flow from investments
-192
8 400
440
-17 250
Cash flow from financing
Interest bearing loans
Issue of share capital
Net cash flow from financing
-1 123
-
-1 123
-4 874
23 162
18 288
Net cash flow
-83
-2 354
-6 993
Cash assets at beginning period
-4 329
3 077
2 664
Cash assets at end period
-4 412
723
-4 329
1)
Cash bank account
1 804
536
Bank overdraft
-6216
-4865
Cash assets in cash flow statement
-4412
-4329
Nutri Pharma ASA
Kronprinsesse Märthas pl. 1, Vika, 0166 Oslo, Norway. Tel: + 47 23 01 09 60, Fax: + 47 23 01 09 70.
Page 7
Consolidated statement of changes in equity
for the period ended 31 March 2008
NOK 1.000
Q1 2008
Q1-2007
At 1 January 2008
Issued
capital
Share
Treasury
premium
Shares
reserve
21 634
21 196
Foreign currency translation
Profit for the year
At 31 March 2008
21 634
At 1 January 2007
19 668
21 196
0
Foreign currency translation
Profit for the year
Sale of treasury shares
FY-2007
At 31 March 2007
19 668
At 1 January 2007
Foreign currency translation
Dissolvment subsidiaries
Profit for the year
Issue of share capital
At 31 December 2007
0
Retained
earnings
-28 990
Translation
differences
Total
equity
-198
13 642
195
-3 231
-32 221
-3
195
-3 231
10 606
4 713
4 655
29 036
-1 024
-5 870
-1 024
-5 870
0
0
-1 157
3 631
22 142
19 668
1 312
4 655
25 635
-4 853
1 966
21 634
0
-30 301
0
-28 990
-4 853
0
-30 301
23 162
13 643
21 196
21 196
0
0
-198
Nutri Pharma ASA
Kronprinsesse Märthas pl. 1, Vika, 0166 Oslo, Norway. Tel: + 47 23 01 09 60, Fax: + 47 23 01 09 70.
Page 8
Segment information
The primary reporting format is determined to be business segments as the Group's risks and rates of return
are affected predominantly by differences in the products services sold. Secondary information is reported
geographically. The operating businesses are organized and managed separately according to the nature of
the products and services provided, with each segment representing a strategic business unit that offers
different products and serves different markets.
Following the acquisition of MIG Ltd Nutri Pharma operates with three business segments; Nordic, with
the existing royalty revenues, sale of Nutri5 through own net shop, and Russia + CIS countries through the
direct sales organisation of MIG
Transfer prices between business segments are set on an arm's length basis in a manner similar to
transactions with third parties. Segment revenue, segment expense and segment result include transfers
between business segments. Those transfers are eliminated in consolidation.
The group's geographical segments are based on the location of the Group's assets. Sales to external
customers disclosed in geographical segments are based on the geographical location of its customers.
Segment information
Business segment
(NOK 1000)
Sales
Royalty
Other income - Nutr5
Total revenue
Inter segment sales
Revenue
Q1 2008
Nordic
Q1 2007
FY2007
Q1 2008
17 736
Russia + CIS
Q1 2007
12 333
FY 2007
63 438
Q1 2008
Eliminations
Q1 2007
0
0
0
790
790
0
490
490
FY 2007
Q1 2008
17 736
2026
929
20 691
-790
19 901
Consolidated
Q1 2007
12 333
1704
FY 2007
63 438
8075
14 037
-490
13 547
71 513
2543
68 970
2026
929
2 955
-790
2 165
1704
8075
1 704
-490
1 214
8 075
-2543
5 532
17 736
12 333
63 438
17 736
12 333
63 438
Segment result
-3852
-454
-3842
621
-5416
-26459
-3231
Operating result
Net finance
Income taxes
-4207
355
-321
-133
-4974
1132
1039
-418
-5109
-307
-25229
-1230
-3168
-63
-5430
-440
0
-30203
-98
0
Profit for the year
-3 852
-454
-3 842
621
-5 416
-26 459
0
0
0
-3 231
-5 870
-30 301
Assets and liabilities
Assets
Total assets
54 812
54 812
100 624
100 624
25 959
25 959
14 142
14 142
6 714
6 714
20 561
20 561
26 399
26 399
0
0
42 554
42 554
133 737
133 737
46 520
46 520
Nordic
Q1 2007
1 214
0
1 214
362
0
0
FY2007
1 703
0
1 703
1 456
102
0
Q1 2008
44 321
0
44 321
771
117
0
Russia + CIS
Q1 2007
30 280
0
30 280
2 297
0
0
FY 2007
43 641
0
43 641
6 497
90
13 375
Q1 2008
13 615
Eliminations
Q1 2007
10 250
FY 2007
9 778
Q1 2008
31 948
13 615
0
0
0
10 250
0
0
0
Consolidated
Q1 2007
81 177
0
31 948
81 177
1 148
2 659
117
0
0
0
FY 2007
32 878
0
32 878
7 953
192
13 375
Other business segment information
(NOK 1000)
Segment liabilities
Not allocated liabilities
Total liabilities
Amortisation
Investments
Impairment
Q1 2008
1 242
0
1 242
377
Geography
(NOK 1000)
Revenue from external customers
Segment Assets
Investments
Nordic
Q1 2008
2 165
54 812
0
Q1 2007
1 214
100 624
Russia + CIS
FY 2007
5 532
25 959
102
Q1 2008
17 736
14 142
117
Q1 2007
12 333
6 714
2543
2 543
9 778
Eliminations
FY 2007
63 438
20 561
90
Q1 2008
Q1 2007
-30301
Consolidated
FY 2007
Q1 2008
19 901
42 554
117
Nutri Pharma ASA
Kronprinsesse Märthas pl. 1, Vika, 0166 Oslo, Norway. Tel: + 47 23 01 09 60, Fax: + 47 23 01 09 70.
Q1 2007
14 037
133 737
FY 2007
68 970
46 520
192
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