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10. marts 2016

Annual report 2015 - Investing in the future

The year 2015 was an important year for the Aquaporin Group as a number of significant achievements supported and strengthened our strategic foundation even further.

In the beginning of 2015, Danica Pension made a significant capital increase, which increased the investor base with another strong investor. The capital increase enabled the continued commercialization of our products, significant strengthening our organization and the establishment of new headquarters in the Copenhagen area, Denmark.

The new headquarters will contain a large-scale production facility, which will support the demand from our customers and Strategic Commercial Partnership agreements. Relocation to the new headquarters takes place in the spring of 2016.

From Strategic Commercial Partnership to Joint Venture

On the Chinese marked, Aquaporin established a joint venture company, Aquapoten Company Ltd. The joint venture company is an off-spring of the strategic commercial partnership agreement from 2014 between Aquaporin and our two Chinese partners, Heilongjiang Interchina Water Treatment (Interchina) and Poten Environment (Poten). Aquapoten is the commercialization and production hub into the Chinese market. The joint venture will commence sales to the Chinese market in 2016 starting with membranes for household purifiers.

“Aquapoten is the first Strategic Commercial Partnership for Aquaporin and proves the strength of partnering in the commercialization of the Aquaporin Inside™ technology. We are working dedicated to strengthen our Strategic Commercial Partnership base in 2016”, says CEO Peter Holme Jensen.

Going into Space

The test of Aquaporin Inside™ membranes has continued in different applications and the membranes were tested in the International Space Station’s water re-cycling system during 2015. Further tests in space are to take place in 2016.

Expansion and Production

The Aquaporin A/S organization and Aquaporin Asia Pte. organizations were expanded, matured and tuned for future growth in order to support the transition from a research and development focused company to an operating company with large-scale production capabilities. Large commercial scale production lines were ordered in 2015, and are to be set-up and implemented during 2016 in the new headquarters in Copenhagen.

Further Strengthening of patent position

The patent portfolio was further strengthened in 2015, securing a unique IP position in the field of biomimetic membranes in water treatment for the Aquaporin Group.

Financial highlights

The income statement of the Company for 2015 shows a net loss of DKK 16 million as expected. Aquaporin incurred research and development costs for DKK 18 million of which DKK 5 million were capitalized. Sales and distribution costs amounted to DKK 4 million and administrative costs amounted to DKK 8 million.

Shareholders equity amounts to DKK 176 million December 31, 2015 compared to DKK 105 million December 31, 2014. The capital injection from Danica Pension is the contributor to the increase in equity.

Subsequent events

In the beginning of 2016, Aquaporin A/S invested in Golgi ApS, a start-up company that is to upscale and manufacture aquaporin proteins in kilo scale for Aquaporin. Aquaporin acquired managerial control of Golgi, which will be located in Aquaporin’s new headquarters and fully integrated into Aquaporin’s organization and day-to-day operations.