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8 GEO ENERGY RESOURCES LIMITED | Annual Report 2012
CHAIRMAN’S STATEMENT
Revenue
trategising to Boost
Dear Shareholders,
On behalf of Geo Energy Resources Limited (“Geo Energy”
or the “Group”), it is my pleasure and honour to present to
you our inaugural annual report since our listing last year.
In my first address to you, I am pleased to report a notable
performance for the full year ended 31 December 2012
(“FY2012”). FY2012 was an important year in the Group’s
history as we were successfully listed on the Mainboard of
the Singapore Exchange.
Performance Review
With Indonesia’s new mining law coming into effect at
the end of September 2012, FY2012 has proven to be a
major milestone for the Group operationally as we made
the transition from being a mining operator working on coal
cooperation contracts to a mine owner cum operator with
full control of all operations, as well as a mine contractor.
Despite the challenges, we were well-prepared for the
change in regulations and I am proud to say that the
Group achieved its own internal targets for FY2012 and
the subsequent improvement in our financial performance
culminated in a good year for us.
Revenue for FY2012 increased 14% year-on-year (“y-o-y”)
to US$78.8 million as we commenced operations as a
“FY2012 was an
important year in the
Group’s history as we
were successfully listed
on the Mainboard of the
Singapore Exchange.”