First North announcement no. 12, 2008
Copenhagen, August 21, 2008
Interim announcement for the first half of 2008
• Focus in the first half of 2008 has been partly on sowing of transgenic
plants in Serbia, partly on establishing operational companies in the Balkans
with a view to investing in and clearing of mine-affected land
• After the end of the first half, sowing of transgenic plants has taken place
and agreements have been made to invest in mine-affected land
• The management regards the accounting figures for the first half as
satisfactory
• The management of the company has started preparations for a future capital
increase and is expected to submit a proposal in the near future
Sowing of transgenic plants
After the end of the first half, the first transgenic plant lines have been
sown on the test site in Serbia. The result of the present tests is expected to
be available by the end of September 2008.
A planned continuation of the sowing programme in South Africa has been
suspended pending an increase in the number of available transgenic plant
lines.
Establishing companies and investing in mine-affected land in the Balkans
After the end of the first half, the company has established two subsidiaries
in Croatia and Serbia, respectively, with a view to investing up to DKK 5m in
mine-affected land during 2008. The first investments have been made, and the
company today owns a total of 1.4 ha. of mine-affected land in Croatia. There
are plans, and agreements have been prepared, to use the financial framework to
invest in up to 50 ha. of mine-affected land during the year, upon which the
clearing of landmines is expected to be able to start.
The expenses for the clearing of landmines are expected to be co-financed by
official donor funds, and Aresa may thus become the first foreign investor to
enter into a Public Private Partnership (PPP) for the clearing of landmines in
Croatia.
By entering into a PPP in Croatia, Aresa contributes to a more rapid clearing
of landmines than would otherwise have been the case. The government of Croatia
is thus very positive towards this cooperation.
Financial information - financial statements
The company's unaudited accounting figures for the period 1 January to 30 June
2008 appear in the following pages.
Result
The loss for the period of DKK 7.197m is in accordance with expectations and is
regarded by the management as satisfactory. The expectations for the full year
remain a loss of DKK 16-18m.
Liquidity
Cash and cash equivalents amounted to DKK 16.5m at the end of the first half of
2008 compared with DKK 23.2m on 31 December 2007.
Capital structure
The company expects to propose a capital increase in the near future in order
to strengthen its capital base.
A general meeting will thus be convened in the near future at which the plans
for the capital increase will be submitted for approval.
Miscellaneous information
Share information
Aresa's share capital is listed on Nasdaq/OMX-First North. At the end of the
first half the share price was 12.90 compared with 13.10 at the end of 2007.
During the first half of 2008 100,881 Aresa shares were traded at
Nasdaq/OMX-First North.
In accordance with s 29 of the Danish Securities Trading Act, the following
shareholders have informed Aresa that they own more than 5% of the company's
share capital:
• S-A invest A/S, 12.86%
• Carsten Meier, 8.04%
• Vækstfonden, 7.64%
• Forsknings- og innovationsstyrelsen, 7.03%
• Aps Falkenhøj, 6.99%
• Olav W. Hansen A/S, 5.39%
Own shares
The company owns 2,723 of its own shares, corresponding to 0.1% of the share
capital.
Warrant programme
In consequence of a resolution passed at the general meeting in March, the
board of directors has issued warrants to the employees and the executive
management corresponding to a total nominal amount of DKK 126,000. Part of the
issue is conditional on previously issued warrants not being exercised. At the
end of the first quarter of 2008, warrants were therefore issued for a total
nominal amount of DKK 193,000.
No further warrants were issued in the second quarter of 2008.
The current authority granted by the general meeting in March authorises the
board of directors to issue warrants for a further nominal amount of DKK
24,000.
Shareholdings of insiders
As at 30 June 2008 the members of the board of directors and the executive
management of Aresa hold, directly or indirectly, a total of 402,985 shares in
Aresa A/S, which is unchanged from the situation as at 31 March 2008.
The certified advisor and its relevant employees have no shareholdings in the
company.
Financial calendar
The third quarter announcement is expected to be made on 31 October, 2008.
For more information, please contact
Steen Thaarup
CEO
Phone.: +45 7022 7747
Mobile: +45 4077 8695
E-mail: st@aresa.dk
The company's certified advisor is Dahl-Sørensen & Partners A/S, Allan Reimann,
tel: +45 3364 9205.
About Aresa
Aresa is a plant biotech company established in 2001 by the company's current
SSO, Carsten Meier. It originates from the Institute of Molecular Biology at
Copenhagen University.
Aresa focuses on the plant-based technology platform: BioSensor for the
detection of substances in soil, including leakage of explosives from
landmines.
Aresa was listed on the Nasdaq/OMX-First North in 2006. Aresa is based at
Symbion Science Park in Copenhagen and has greenhouse facilities on the
outskirts of Copenhagen and test sites in Denmark, Croatia and Serbia. Aresa
has 11 employees, 7 in research & development and 2 in landmine operations.
