SEO Version
As at 31 December 2012
STATEMENTS OF FINANCIAL POSITION
See accompanying notes to the fnancial statements.
50
GEO ENERGY RESOURCES LIMITED
| Annual Report 2012
Group
Company
Note
2012
2011
2012
2011
US$
US$
US$
US$
ASSETS
Current assets
Cash and cash equivalents
8
69,080,464
4,214,407 63,769,951
1,403,301
Trade and other receivables
9
4,149,661
519,532
2,230,120
443,415
Prepayments
10
3,113,951
1,674,188
37,483
497,074
Inventories
11
2,080,695
1,871,356
–
–
Total current assets
78,424,771
8,279,483 66,037,554
2,343,790
Non-current assets
Prepayments
10
2,520,225
730,895
–
–
Investment in subsidiaries
12
–
–
15,693,029
577,645
Deferred mining evaluation assets
13
–
1,444,359
–
–
Deferred expenditure
14
1,248,869
–
–
–
Property, plant and equipment
15
72,098,450 80,397,778
2,789,652
2,700,825
Deferred tax assets
23
781,019
–
–
–
Total non-current assets
76,648,563 82,573,032 18,482,681
3,278,470
Total assets
155,073,334 90,852,515 84,520,235
5,622,260
LIABILITIES AND EQUITY
Current liabilities
Bank borrowing
16
266,764
249,032
266,764
249,032
Trade and other payables
17
2,897,937
8,596,147
4,637,844
3,209,929
Loans from related parties
18
–
1,492,586
–
1,492,586
Amount due to a related party
19
7,783,247
5,000,000
–
–
Current portion of fnance leases
21
4,073,371
8,835,646
–
–
Income tax payable
3,988,577
4,110,127
62,313
–
Total current liabilities
19,009,896 28,283,538 4,966,921
4,951,547
Non-current liabilities
Bank borrowing
16
558,018
775,839
558,018
775,839
Amount due to a related party
19
6,279,420 15,035,292
–
–
Convertible loans
20
– 15,113,078
–
–
Finance leases
21
1,542,833
2,324,986
–
–
Provisions
22
896,938
691,377
–
–
Deferred tax liabilities
23
3,051,981 1,974,674
8,174
5,250
Total non-current liabilities
12,329,190 35,915,246
566,192
781,089
Capital, reserves and
non-controlling interests
Share capital
24
82,518,674
153,846 82,518,674
153,846
Other reserve
25
14,349
–
–
–
Translation reserve
(4,672,166)
(244,775)
(1,195,856)
46,884
Retained earnings (Accumulated losses)
45,580,359 26,655,020 (2,335,696)
(311,106)
Equity (Capital defciency) attributable to
owners of Company
123,441,216 26,564,091 78,987,122
(110,376)
Non-controlling interests
293,032
89,640
–
–
Total equity (capital defciency)
123,734,248 26,653,731 78,987,122
(110,376)
Total liabilities and equity
155,073,334 90,852,515 84,520,235
5,622,260
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