First North Announcement No. 1 2007 / 28 February, 2007
Copenhagen, 28 February 2007
Resume: Annual Report 2006 - The introduction on OMX Copenhagen Stock Exchange
First North at the beginning of the year has secured a significant increase in
the activity level and the continued development of the landmine detecting
plant, RedDetect™.
Overview 2006
Capital injection of DKK 54.3 million and completed initial public offering on
the alternative investment market OMX-First North
Build-up of the organisation and establishment of new research facilities
Establishment of test facilities in Denmark and Croatia
Completion of test programmes in accordance with plans, but with disappointing
results
The development of the landmine plant is still expected to be completed within
current financial resources
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| Thousand DKK | 2006 | 2005 | 2004 | 2003 | 2002 |
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| Key Figures | | | | | |
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| Net turnover | 0 | 27 | 0 | 0 | 0 |
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| Gross profit | 0 | 27 | 0 | 0 | 0 |
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| Result of operatins | -12.85 | -3.183 | -1.938 | -3.688 | -1.764 |
| | 0 | | | | |
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| Financials, net | 1.076 | -269 | -126 | -6 | -69 |
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| Net result | -11.77 | -2.840 | -1.574 | -2.822 | -1.528 |
| | 4 | | | | |
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| Total assets | 55.008 | 1.113 | 613 | 1.491 | 430 |
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| Hereof investments in | 1.872 | 72 | 79 | 99 | 62 |
| tangible assets | | | | | |
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| Equity | 53.004 | 631 | -2.265 | -658 | -1.650 |
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The Group's net result for the year, DKK -11,774k was less than expected, and
can be attributed to later hiring of staff and other cost reduction efforts.
Start-up costs for predominantly recruitment, establishment of laboratory
facilities, and initial purchase of lab consumables amounts to approximately DKK
700k and investment in laboratory equipment amounts to DKK 1,872k.
It is recommended that the year's results be transferred to the following year.
The full annual account in Danish is available at the company's website,
www.aresa.dk.
The Annual General Assembly will be held on 15th March 2007 at the company's
address.
Establishment and start-up
On the 14th February, 2006, Aresa was introduced onto the new alternative
investment market OMX-First North. In connection with this, approximately 800
shareholders invested in new shares to the value of DKK 54.3 million.
Thus, 2006 became the year that Aresa received the necessary capital injection
to complete the development plans for the landmine plant, RedDetect™. The
expansion of the organisation from 5 people, at the start of the year, to 14 at
the end of the year, has proceeded satisfactorily and, given the company's early
stage of development, Aresa is pleasantly surprised by the competencies it has
been possible to attract.
Office and laboratory facilities are set up in the Science park Symbion,
Copenhagen, and the necessary approvals to work with genetic material within
laboratory class 1 have been obtained. Seed production and large-scale research
is taking place in rented greenhouse facilities and open fields at the
veterinary and agricultural university KVL' facilities in Taastrup, together
with test areas in Amager (Denmark) and in Croatia. Aresa has therefore, in a
short time, established the infrastructure necessary to complete the company's
development plans, and stands significantly strengthened at the end of the year.
The marked expansion of Aresa's activity levels have, as expected, resulted in
an increase in the company's costs and has impacted on the company's result for
the year.
Expectations
Aresa expects that the development plan laid down for 2007 will lead to a
functional plant that can be used in mine clearance projects from 2008 onwards.
An adjustment of the business strategy has been made so that resources
originally intended for the development of RedScreen™ have been transferred to
the landmine project. Furthermore, two additional employees for the research
department have been employed to further support the landmine development
activities in 2007.
Apart from the landmine test sites in Denmark and Croatia, an additional test
site is expected to be used during the first half of 2007.
Within the business area BioPharma, it is expected to establish, during the
course of 2007, one or more development agreements with a view to optimizing
selected antibody candidates. Moreover, an evaluation of future business
opportunities in the plant-based production of antibodies will be performed.
The full year impact of hiring of staff carried out during the course of 2006
will have an impact on 2007 and a negative net result in the range of DKK 14-17
million is expected.
Best regards,
Jarne Elleholm
CEO
Aresa A/S
Further information can be obtain by contacting Jarne Elleholm, CEO for Aresa
A/S on +45 70227747, mobile: +45 41190136 or to the company's financial advisor
HSH Gudme Corporate Finance A/S, Morten Kjærulff, Director, +45 33449431,
mobile: +45 26349031.
Annual Report 2006 -The introduction on OMX First North at the beginning of the year has secured a significant increase in the activity level and the continued development of the landmine detecting plant, RedDetect™.
| Source: Aqualife A/S
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