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To the members of Geo Energy Resources Limited
INDEPENDENTAUDITORS’ REPORT
GEO ENERGY RESOURCES LIMITED | Annual Report 2012 49
Report on the Financial Statements
We have audited the accompanying fnancial statements of Geo Energy Resources Limited (the “Company”) and its
subsidiaries (the “Group”) which comprise the statements of fnancial position of the Group and the Company as at
31 December 2012, and the consolidated statement of comprehensive income, statement of changes in equity and
statement of cash fows of the Group and the statement of changes in equity of the Company for the year then ended and
a summary of signifcant accounting policies and other explanatory notes as set out on pages 50 to 94.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of fnancial statements that give a true and fair view in accordance with
the provisions of the Singapore Companies Act (the “Act ”) and Singapore Financial Reporting Standards, and for devising
and maintaining a system of internal accounting controls sufficient to provide reasonable assurance that assets are
safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they
are recorded as necessary to permit the preparation of true and fair proft and loss accounts and balance sheets and to
maintain accountability of assets.
Auditors’ Responsibility
Our responsibility is to express an opinion on these fnancial statements based on our audit. We conducted our audit in
accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the fnancial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers the internal control relevant to the entity’s preparation of
fnancial statements that give a true and fair view in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An
audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the fnancial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated fnancial statements of the Group and the statement of fnancial position and statement
of changes in equity of the Company are properly drawn up in accordance with the provisions of the Act and Singapore
Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Group and the Company as
at 31 December 2012, and of the results, changes in equity and cash fows of the Group and changes in equity of the
Company for year ended on that date.
Report on Other Legal and Regulatory Requirements
In our opinion, the accounting and other records required by the Act to be kept by the Company and by the subsidiary
incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the
Act.
Deloitte & Touche LLP
Public Accountants and
Certifed Public Accountants
Singapore
27 March 2013