DGAP-News: MAN OIL GROUP AG ANNOUNCEMENT: FINANCIAL REPORT 2013
11.07.2014 – 16:05
DGAP-News: MAN OIL GROUP AG / Key word(s): Final Results MAN OIL GROUP AG ANNOUNCEMENT: FINANCIAL REPORT 2013 11.07.2014 / 16:03 --------------------------------------------------------------------- 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 --------------------------------------------------------------------- 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. --------------------------------------------------------------------- 277668 11.07.2014