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GEO ENERGY RESOURCES LIMITED | Annual Report 2012 17
The Group’s general and administrative expenses for FY2012 increased by approximately 20% y-o-y to US$6.3 million
from US$5.2 million in FY2011. This was in line with higher employee related expenses as a result from the expansion of
the Group’s business operations and conversion to a public listed company.
In FY2012, the Group also incurred one-off listing expenses of US$2.1 million, bringing the Group’s other expenses to
US$2.3 million. Barring the one-off listing expenses, the Group’s other expenses would have decreased by 60% from
US$0.5 million in FY2011 to US$0.2 million in FY2012.
Net Profit
Net Profit (US$’million)
Net Profit Margin (%)
25
20
15
10
5
0
FY2009 FY2010 FY2011 FY2012
1.2
8.8
22.2
20.8
24.3
11.1
14.4
19.2
Financial Position Review
The Group’s total equity more than tripled, from US$26.7 million as at 31 December 2011 to US$123.7 million as at
31 December 2012, due mainly to the issuance of new shares and the conversion of convertible loans into shares in
accordance with our initial public offering as well as an increase in our retained earnings as the Group recognised a record
year of profits.
The Group’s current assets were enlarged mainly with a healthy injection of approximately US$64.9 million in cash, mainly
from our IPO proceeds while trade receivables also grew to US$4.1 million in line with the growth of our business.
The Group’s non-current assets, decreased by US$6.0 million from US$82.6 million as at 31 December 2011 to US$76.6
million as at 31 December 2012. This was mainly due to the depreciation of the Group’s property, plant and equipment
offset by the purchase of additional property, plant and equipment.
The Group’s total liabilities decreased significantly from US$64.2 million as at 31 December 2011 to US$31.3 million as at
31 December 2012. This was largely due to the conversion of US$15.1 million of convertible loans into the share capital of
the Group while also taking into account a reduction of approximately US$5.7 million of trade payables.