SEO Version
Year ended 31 December 2012
CONSOLIDATED STATEMENT OF CASH FLOWS
See accompanying notes to the fnancial statements.
GEO ENERGY RESOURCES LIMITED
| Annual Report 2012
53
Group
2012
2011
US$
US$
Operating activities
Proft before income tax
26,532,139 19,272,176
Adjustments for:
Depreciation of property, plant and equipment
10,347,888
6,527,774
Deferred mining evaluation assets written-off
52,610
–
Loss on disposal of property, plant and equipment
24,919
138,161
Interest expense
1,463,972
1,943,842
Interest income
(109,650)
(28,094)
Retirement beneft obligations
605,937
574,574
Net foreign exchange (gains) losses
(641,897)
794,679
Operating cash fows before movements in working capital
38,275,918 29,223,112
Trade and other receivables, and prepayments
(5,001,561)
4,467,407
Inventories
(209,339)
1,112,596
Trade and other payables
(4,177,026)
2,890,943
Cash generated from operations
28,887,992 37,694,058
Income tax paid
(6,792,891)
(3,402,393)
Retirement beneft obligation paid
(690,936)
–
Net cash from operating activities
21,404,165 34,291,665
Investing activities
Deferred mining evaluation assets (Note A)
– (2,880,800)
Deferred expenditure (Note B)
(1,050,904)
–
Interest received
41,319
28,094
Advance payments for purchase of property, plant and equipment
(2,520,225)
(730,895)
Purchase of property, plant and equipment (Note C)
(1,598,511) (23,593,487)
Proceeds from disposal of property, plant and equipment
244,156 1,968,843
Net cash used in investing activities
(4,884,165) (25,208,245)
Financing activities
Restricted cash deposit
(289,048)
–
Interest paid
(936,857)
(1,943,842)
Contributions by non-controlling interests on newly-incorporated subsidiary
1,062
–
Proceeds from issuance of convertible loans (Note 20)
– 15,113,078
Repayment of borrowing
(259,877)
(244,360)
Repayment of related party loans
(1,492,586)
(7,036,099)
Repayment of amount due to a related party
(4,719,671)
–
Net cash outfow on acquisition from Restructuring Exercise (Note D)
–
(538,478)
Repayment of obligations under fnance leases
(9,930,836) (12,344,483)
Proceeds from issuance of shares (Notes E and 24)
68,833,564
–
Share issuance expense pursuant to the initial public offering (Note 24)
(3,116,203)
–
Net cash from (used in) fnancing activities
48,089,548 (6,994,184)
Net increase in cash and cash equivalents
64,609,548
2,089,236
Cash and cash equivalents at beginning of the year
4,214,407
2,150,418
Effect of exchange rate changes on the balance of cash held in foreign currencies
(32,539)
(25,247)
Cash and cash equivalents at end of the year (Note 8)
68,791,416 4,214,407
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