Aqualife A/S
Quarterly report – first quarter, 2008. The successful transfer of the RedDetect® technology into tobacco is an important result, which contributes positively to achieving the goal of having a color change by t
Aresa A/S / News Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- First North announcement # 8, 2008 Copenhagen, April 28, 2008 Quarterly report - first quarter, 2008 The successful transfer of the RedDetect® technology into tobacco is an important result, which contributes positively to achieving the goal of having a color change by the end of 2008. The result of a minus of DKK 3.4 mill. for the quarter is as expected, and satisfactory for the management. The expectation to the annual result is unchanged, i.e. a minus of DKK 16-18 mill. During first quarter of 2008, Aresa A/S has focused its entire R&D resources to the development of the RedDetect® technology (the land mine plant) - and to the operational activities in relation to land mine clearance. As a direct consequence the company has announced its successful transfer of the RedDetect® technology into tobacco, which is a far more robust plant than the original model plant, thale cress (Arabidopsis thaliana). The already achieved knowledge from thale cress has meant that the tobacco plants are developed without using gene markers of resistance to antibiotics. This means that the tobacco plants may be sown in field trials under open air. Furthermore, the plants already comply with the future EU regulations regarding GMO plants. EU legislation demands a phase-out of transgenic plants, 'which contain genes expressing resistance to antibiotics used in medical treatment of human and animals'. The plan is that the transgenic tobacco plants from Aresa will be sown in the test field at Novi Sad, Serbia during the summer of 2008. An application has been submitted, but due to the political situation, which arose due the declaration of independence from Kosova and the subsequent call for elections in Serbia in May, the company has not received the permission yet. Thus, by the end of 2008, Aresa plans to be able to conduct the field trial in alternative locations with the objective to confirm the color change of RedDetect® in tobacco after growth in soil contaminated with explosives under realistic conditions in terms of climate and soil. In January, the company conducted two symposia with participation from Bosnia- Hercegovina, Croatia, Denmark, Germany, Norway, Serbia, Sweden and UK, and the following organisations were represented: BHMAC (the Bosnian mine action centre) CROMAC (the Croatian mine action centre) DANDEC (the Danish Demining Centre) HCR-CTRO (the national centre for training and accreditation of mine actions in Croatia) NDRF (Nordic Demining Research Forum) UNOPS (United Nations Office for Project Services ) The results from the international project regarding leakage of explosives from land mines were presented and discussed. The results show that the level of leakage is sufficient to trigger a color change from green to red in the plants. The plans about establishing operational companies in the relevant countries in Balkan to perform mine clearance activities, including acquisition of mine-infected land, were presented at the Annual General Meeting in March, and the implementation of the plans is well under way. Financial information The unaudited quarterly accounts for the period January 1-March 31, 2008 are presented on the following pages. The result for the quarter of minus DKK 3.385 mill. is in accordance with the expectations and the management finds the result satisfactory. The expectation to the result of the full year is unchanged, i.e. a minus of DKK 16-18 mill. As a consequence of the decision at the Annual General Meeting in March, the board of directors has issued warrants to the employees and executive management corresponding to a nominal amount of DKK 126,000. Part of the issue is conditional on the fact that previously issued warrants may not be exercised. Thus, at the end of the quarter, a total amount of warrants corresponding to nominally DKK 193,000 has been issued. The current authorisation to issue warrants gives the board of directors the opportunity to issue warrants corresponding to a nominal amount of further DKK 24,000. The company publishes the interim financial statement on August 21, 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 financial 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 CSO, 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 shares are traded at the Nasdaq/OMX-First North stock exchange since the introduction 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. Income statement (DKK '000) 1. quarter 1. quarter 2008 2007 FY 2007 Revenue 0 0 0 Operating result -3628 -3837 -16414 Net financial 243 297 1170 Result before tax -3385 -3540 -15244 Result for the period -3385 -3540 -15244 Balance sheet (DKK '000) 1. quarter 1. quarter 2008 2007 FY 2007 Assets Goodwill 13738 15446 13931 Tangible fixed assets 1861 1807 1970 Receivables 692 448 523 Cash and cash equivalents 20194 33842 23215 Total assets 36485 51543 39639 Equity and liabilities Equity 34375 49464 37760 Long-term debt 0 0 Payables 2110 2079 1879 Total equity and liabilities 36485 51543 39639 Cash flow statement (DKK '000) 1. quarter 1. quarter 2008 2007 FY 2007 Cash flow from operating activities -2983 -2755 -12690 Cash flow from investment activities -38 -200 -892 Cash flow from financing activities 0 0 0 Free cash flow -3021 -2955 -13582 Statement of changes in equity (DKK '000) 1. quarter 1. quarter 2008 2007 FY 2007 Equity as of January 1, 2008 37760 53004 53004 Result for the period -3385 -3540 -15244 Equity as of March 31, 2008 34375 49464 37760 Share related key figures 1. quarter 1. quarter 2008 2007 FY 2007 Net earnings (DKK '000) -3385 -3540 -15244 Earnings per share (EPS) (DKK) -1.40 -1.46 -6.28 Earnings per share diluted (EPS) (DKK) -1.29 -1.41 -6.05 Share price, end of period 14.50 30.00 13.10 Number of shares (excl own shares) 2425721 2425721 2425721 Number of shares, diluted 2618721 2505721 2519721 28.04.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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