MAN OIL GROUP AG

DGAP-News: MAN OIL GROUP AG ANNOUNCEMENT: FINANCIAL REPORT 2013

DGAP-News: MAN OIL GROUP AG / Key word(s): Final Results
MAN OIL GROUP AG ANNOUNCEMENT: FINANCIAL REPORT 2013

11.07.2014 / 16:03

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MAN OIL GROUP AG: ANNUAL FINANCIAL REPORT 2013
Financial Statements for the year ended 31 December 2013

Zug, Swiss, 11 July 2014, Man Oil Group AG ("MOG" or the "Company")
announces that the Company's annual financial statements for year ended
31st December 2013 (collectively, the "2013 Annual Financial Statements")
are with immediate effect published to the market.

Board of Directors Statement

Since its foundation in 2009 Man Oil Group has been developing as a
scientific and engineering company leading large scale R&D in oil waste
management.

In September 2010 Man Oil Group's research and development team, together
with the leading experts and producers has initiated the development of a
unique innovative technology of environmentally friendly and save oil waste
management, which allows to extract the commodity oil product without
destroying its chemical structure and return it into the production cycle
of a customer.

As a result, a unique industrial complex STORM-15 has been successfully
developed, manufactured and adapted for tailor made application at the
sludge ponds of Lisichansk refinery (Ukraine).

The process intensification technology of separating the hydrocarbons from
water and solid phase using solvent and flocculent belongs to MOG.
The machine is able to process effectively oil contaminated wastes of
practically any content with a confirmed capacity up to 15 m3 per hour.
A first phase of the contract provides for treatment of 60 thousand tons of
oil sludge (ca. equivalent to overall revenues of approx. USD 8 million) of
which 3'942 tons have been processed in 2012 with very good results in the
industry; therefrom an amount of USD 0.5 million for the works done so far
have been paid to MOG.

In October 2012 the operations of the refinery were suspended for the
purpose of immediate modernization and the owners have decided to restart
the operations at 2014. While the modernization works have been completed,
the refinery has communicated to restart operations when the political
turmoil in the Ukraine have ceased.

According to the long-term strategy two more STORM-15 machines have been
ordered and launched into manufacturing for further operations.
Further, MOG has started a very promising industrial scale project in
Nigeria in cooperation with a reputable Nigerian industrial group (which is
also a contractor of Shell and Agip).
The Nigerian project has been structured in the form of a joint venture and
a first agreement has been signed in May 2014 for the establishing of a
sustainable strategic business co-operation in the field of oil sludge
treatment and oil contaminated soil remediation in Nigeria.

The joint venture will commences with the installation of one STORM-15
machine later in 2014 in Nigeria, either on the site of the joint venture
partner or of one of the locally acting oil companies; after having put in
operation it is expected that revenues of about USD 1 million per month in
total will be generated.

In addition, MOG was successful to enter into an exclusive license
agreement with the Hebrew University of Jerusalem for a term of 20 years on
a very promising new and innovative product designated NHS+ agent. This
product - a «super-oxidant» - is undergoing patent application proceedings
and finds nothing comparable in the market at present; it is able to clean
in-situ any hydrocarbon contaminated wastes within hours.

Starting January 2014, our experts have finalized the industrial
applications of the agent, having tested it on samples of oil contaminated
wastes from Kuwait, Israel, Switzerland and Nigeria.

The underlying technology can be applied in the final phase of the STORM-15
oil waste recuperation as well as stand-alone product for the cleaning of
oil-contaminated soils.

MOG has entered into the above mentioned license agreement by also taking
into account that the roughly estimated size of respective European segment
only for the NHS+ market sums up to at least USD 78 billion.

MOG is in negotiation with or has been invited for a tender in connection
with NHS+ technology large-scale industrial projects for oil contamination
cleaning by the enterprises and/or institutions in Europe and CIS.

The NHS+ technology is accessible for use not only in a purely industrial
environment, but also in the B2B and B2C markets, for soil decontamination
at tank fueling stations, garages, car service stations, parking lots etc.
as well as for the households use. The customization of the product for use
in the of B2B and B2C markets is currently in progress.

The shares of Man Oil Group AG have been admitted for trading at GXG
Markets December 19th, 2013. GXG runs an SME dedicated exchange that
operates a European Regulated Market as well as two junior markets
regulated under GXG Markets Multilateral trading Facility authorization.
These three markets operated by GXG are authorized and regulated under the
European Markets in Financial Instruments Directive (MIFID) by the Danish
Supervisory Authority, Finanstilsynet.

The shares are traded on the First Quotation Board at GXG Markets under
Ticker Symbol MOG, ISIN CH0126050563 at an opening price of EUR50, 50.

Man Oil Group AG provides a large-scale industrial complex treatment of
oil-sludge and oil polluted soils with consequent bioremediation of waste.
At the heart of the technology there is a scientific and tailored approach,
which allows MOG to offer oil companies a complex and highly effective
solution. The company's demonstrated unique results of oil-waste treatment
technology have received a high praise from major market players.
MOG strives towards a leadership position in the global market for
treatment of oil-contaminated soil and hydrocarbon recovery and providing
customers with the highest-quality services.
MOG affiliates/subsidiaries are located in Switzerland, Russia and Ukraine.
MOG Research & Development (Switzerland) is a fully owned subsidiary of Man
Oil Group AG. It is specially purposed for the R&D activities and IP
management of the entire group in the clean-tech area for oil industry. All
technological solutions and agents, which used by MOG for oil wastes
decontamination, are developed by the scientists and engineers of Man Oil
Group in Europe, Israel and CIS countries.
Nowadays MOG has completed its R&D-focused stage and starts the broad
industrial implementation of its technologies worldwide.

Respectfully submitted on behalf of the Board
Genadi Man
President&CEO

09.07.2014


Financial Statements

Balance sheet as per 31 December 2013

Assets




                                        31.12.2013               31.12.2012
                                               CHF                      CHF
Liquid assets                                    0               193'227.73
Other accounts receivable               143'101.69                89'406.08
Accrued assets                                   0                11'879.20

Current assets                          143'101.69               294'513.01


Loans intercompany                    4'632'872.25             4'528'516.28
Participations                        1'104'039.42             1'104'039.42
Machines                              1'052'518.65             1'052'518.65
Furniture                                10'900.00                14'500.00
IT                                       18'100.00                27'100.00
Intangible assets - Patent               23'100.00                19'300.00

Fixed assets                          6'841'530.32             6'745'974.35
Assets                                6'984'632.01             7'040'487.36

Liabilities and Equity

                                        31.12.2013               31.12.2012
                                               CHF                      CHF

Bank liabilities                          3'657.15                        0
Accounts payables                     2'159'364.82             1'805'357.41
Accrued liabilities                     136'000.00                48'940.00

Short-term liabilities                2'299'021.97             1'854'297.41

Loans related party                   1'674'218.61             6'874'604.05
Loans intercompany                       82'961.04                93'175.30
Loans third party                       502'968.75               502'968.75

Long-term liabilities                 2'260'148.40             7'470'748.10
Liabilities                           4'559'170.37             9'325'045.51

Share capital                         1'805'694.00             1'580'000.00
Reserve contribution of capital       9'698'528.20             2'860'000.00
Loss brought forward                 -6'724'558.15            -2'954'390.32
Result for the period                -2'354'202.41            -3'770'167.83

Equity                                2'425'461.64            -2'284'558.15
Liabilities and equity                6'984'632.01             7'040'487.36

Profit and Loss Statement

                                           2 0 1 3                  2 0 1 2
                                               CHF                      CHF
Direct costs                            -80'159.55              -115'426.67
Research & Development costs           -105'666.08              -235'920.75
Personal expenses                      -758'446.72              -728'405.10
Travel expenses                        -170'487.64              -535'740.46
Rent and related expenses               -80'112.15               -65'581.80
Maintenance expenses                             0               -13'158.90
Charges and duties                      -66'202.02                        0
Electricity, water                         -976.25                -2'533.95
Administration expenses                 -61'145.74               -77'334.06
Consulting fees                      -1'077'621.19            -2'065'991.01
Advertising and summit expenses         -23'039.35               -41'601.70
Other expenses                          -10'751.00                -3'640.38

Operating costs                      -2'434'607.69            -3'885'334.78

Operating result                     -2'434'607.69            -3'885'334.78

Depreciation                            -14'967.05               -11'754.67
Financial income                        535'960.21               825'761.24
Financial expenses                     -438'392.18              -697'339.62
Taxes                                    -2'195.70                -1'500.00

Result for the year                  -2'354'202.41            -3'770'167.83




The consolidated loss for the year after taxation transferred against
reserves amounted to CHF 2'354'202.41. The company had no turnover for the
period. The loss relates to R&D activity, technology testing and adaptation
and business development incurred during the year.
The Board of the Company does not plan any dividend payment for the
business year 2013 nor the forthcoming business year 2014.

The financial information included in this announcement for the year ended
31 December 2013, is audited and a copy of the Annual Report and Accounts
is available by request from the company. The Directors of the company
accept responsibility for this announcement.

To find out more about Man Oil Group AG, please visit our website at
www.manoilgroup.com.

Contact:
Man Oil Group AG
Bleichistrasse 8
6300 Zug, Switzerland
Tel.: +41 41 500 16 90
Fax: +41 41 500 16 91
ir@manoilgroup.com

Disclaimer:
This notice constitutes neither an offer to sell nor a solicitation of
offers to purchase or subscribe to securities. There will be no public
offering of securities of Man Oil Group AG in conjunction with the existing
listing of its shares in the GXG Markets First Quote (GXGF) on the GXG
Markets. This notice does not constitute a securities prospectus. Neither
this notice nor the information contained within is intended for direct or
indirect distribution within Canada, Australia or Japan.

End of Corporate News


End of Corporate News

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11.07.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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277668 11.07.2014
 

 


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