GEO ENERGY RESOURCES LIMITED - ANNUAL REPORT 2015 - page 98

NOTES TO FINANCIAL STATEMENTS /31 DECEMBER 2015
2015 ANNUAL
REPORT
96
18 TRADE AND OTHER PAYABLES (cont’d)
dŚĞ ĐƌĞĚŝƚ ƉĞƌŝŽĚ ŽŶ ƉƵƌĐŚĂƐĞƐ ŝƐ ƵƉ ƚŽ ϯϬ ĚĂLJƐ ;ϮϬϭϰ ͗ ϯϬ ĚĂLJƐͿ͘ EŽ ŝŶƚĞƌĞƐƚ ŝƐ ĐŚĂƌŐĞĚ ŽŶ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ďĂůĂŶĐĞƐ͘
;ĂͿ /ŶĐůƵĚĞĚ ŝŶ ƚŚŝƐ ďĂůĂŶĐĞ ŝƐ ĂĚǀĂŶĐĞ ƉĂLJŵĞŶƚ ŽĨ h^Ψϳ͕ϲϱϬ͕ϬϬϬ ;ϮϬϭϰ ͗ h^ΨEŝůͿ͕ ƌĞĐĞŝǀĞĚ ďLJ ƚŚĞ 'ƌŽƵƉ ƉƵƌƐƵĂŶƚ ƚŽ ĐŽĂů ƐĂůĞƐ ĐŽŶƚƌĂĐƚ
ǁŝƚŚ Ă ƚŚŝƌĚ ƉĂƌƚLJ͘ Ɛ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƌĞƉŽƌƟŶŐ ƉĞƌŝŽĚ͕ ƚŚĞ ďĂůĂŶĐĞ ǁĂƐ ƐĞĐƵƌĞĚ ďLJ͗
;ŝͿ Ă ƉůĞĚŐĞ ŽǀĞƌ ƐŚĂƌĞ ĐĂƉŝƚĂů ŽĨ ƐƵďƐŝĚŝĂƌŝĞƐ ;EŽƚĞ ϭϭͿ͖
;ŝŝͿ Ă ĐŽƌƉŽƌĂƚĞ ŐƵĂƌĂŶƚĞĞ ďLJ ƚŚĞ ŽŵƉĂŶLJ͖ ĂŶĚ
(iii) a personal guarantee by a director of the Company.
;ďͿ /ŶĐůƵĚĞĚ ŝŶ ƚŚŝƐ ďĂůĂŶĐĞ ŝƐ ƌĞĨƵŶĚĂďůĞ ĚĞƉŽƐŝƚ ƌĞĐĞŝǀĞĚ ŽĨ h^Ψϭϱ͕ϬϬϬ͕ϬϬϬ ;ϮϬϭϰ ͗ h^ΨEŝůͿ ďLJ ƚŚĞ 'ƌŽƵƉ͕ ĂƐ Ă ƉĞƌĨŽƌŵĂŶĐĞ ŐƵĂƌĂŶƚĞĞ
provided by a third party for the provision of overburden removal and coal hauling services.
19 FINANCE LEASES
Minimum
lease payments
Present value of minimum
lease payments
2015 2014 2015 2014
h^Ψ h^Ψ h^Ψ h^Ψ
Group
ŵŽƵŶƚƐ ƉĂLJĂďůĞ ƵŶĚĞƌ ĮŶĂŶĐĞ ůĞĂƐĞƐ͗
tŝƚŚŝŶ ŽŶĞ LJĞĂƌ ϳ͕ϱϮϴ͕ϱϰϵ ϭϬ͕ϰϰϵ͕ϭϰϯ ϲ͕ϱϱϵ͕ϭϵϱ ϵ͕ϳϬϰ͕ϱϭϵ
/Ŷ ƚŚĞ ƐĞĐŽŶĚ ƚŽ ĮŌŚ LJĞĂƌ ŝŶĐůƵƐŝǀĞ ϯ͕ϭϭϱ͕ϳϳϳ Ϯ͕ϱϳϵ͕ϯϴϰ Ϯ͕ϴϰϴ͕ϱϬϯ Ϯ͕ϱϭϭ͕ϲϲϮ
Total ϭϬ͕ϲϰϰ͕ϯϮϲ ϭϯ͕ϬϮϴ͕ϱϮϳ 9,407,698 12,216,181
>ĞƐƐ͗ &ƵƚƵƌĞ ĮŶĂŶĐĞ ĐŚĂƌŐĞƐ ;ϭ͕Ϯϯϲ͕ϲϮϴͿ ;ϴϭϮ͕ϯϰϲͿ NA NA
WƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ůĞĂƐĞ ŽďůŝŐĂƟŽŶƐ 9,407,698 12,216,181 9,407,698 12,216,181
>ĞƐƐ͗ ŵŽƵŶƚ ĚƵĞ ĨŽƌ ƐĞƩůĞŵĞŶƚ ǁŝƚŚŝŶ ϭϮ
ഩmonths (shown ƵŶĚĞƌ ĐƵƌƌĞŶƚ ůŝĂďŝůŝƟĞƐͿ ;ϲ͕ϱϱϵ͕ϭϵϱͿ ;ϵ͕ϳϬϰ͕ϱϭϵͿ
ŵŽƵŶƚ ĚƵĞ ĨŽƌ ƐĞƩůĞŵĞŶƚ ĂŌĞƌ ϭϮ ŵŽŶƚŚƐ Ϯ͕ϴϰϴ͕ϱϬϯ Ϯ͕ϱϭϭ͕ϲϲϮ
Company
ŵŽƵŶƚƐ ƉĂLJĂďůĞ ƵŶĚĞƌ ĮŶĂŶĐĞ ůĞĂƐĞƐ͗
tŝƚŚŝŶ ŽŶĞ LJĞĂƌ ϭϳ͕ϯϮϵ – ϭϰ͕ϯϵϲ –
/Ŷ ƚŚĞ ƐĞĐŽŶĚ ƚŽ ĮŌŚ LJĞĂƌ ŝŶĐůƵƐŝǀĞ ϲϰ͕ϵϱϲ – ϱϵ͕ϴϱϲ –
Total ϴϮ͕Ϯϴϱ – ϳϰ͕ϮϱϮ –
>ĞƐƐ͗ &ƵƚƵƌĞ ĮŶĂŶĐĞ ĐŚĂƌŐĞƐ ;ϴ͕ϬϯϯͿ – NA NA
WƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ůĞĂƐĞ ŽďůŝŐĂƟŽŶƐ ϳϰ͕ϮϱϮ – ϳϰ͕ϮϱϮ –
>ĞƐƐ͗ ŵŽƵŶƚ ĚƵĞ ĨŽƌ ƐĞƩůĞŵĞŶƚ ǁŝƚŚŝŶ ϭϮ
ഩŵŽŶƚŚƐ ;ƐŚŽǁŶ ƵŶĚĞƌ ĐƵƌƌĞŶƚ ůŝĂďŝůŝƟĞƐͿ ;ϭϰ͕ϯϵϲͿ –
ŵŽƵŶƚ ĚƵĞ ĨŽƌ ƐĞƩůĞŵĞŶƚ ĂŌĞƌ ϭϮ ŵŽŶƚŚƐ ϱϵ͕ϴϱϲ –
dŚĞ 'ƌŽƵƉ ůĞĂƐĞĚ ĐĞƌƚĂŝŶ ŽĨ ŝƚƐ ŚĞĂǀLJ ĞƋƵŝƉŵĞŶƚ ĂŶĚ ŵŽƚŽƌ ǀĞŚŝĐůĞƐ ƵŶĚĞƌ ĮŶĂŶĐĞ ůĞĂƐĞƐ͘ dŚĞ ĮŶĂŶĐĞ ůĞĂƐĞ ƚĞƌŵ ŝƐ
ƵƉ ƚŽ ϲϬ ŵŽŶƚŚƐ ;ϮϬϭϰ ͗ ϯϲ ŵŽŶƚŚƐͿ ǁŝƚŚ ĂŶ ĞīĞĐƟǀĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ƌĂŶŐŝŶŐ ĨƌŽŵ ϰ͘ϯϯй ƚŽ ϭϲ͘ϴϮй
;ϮϬϭϰ ͗ ϱ͘ϱϱй ƚŽ ϭϱ͘ϬϬйͿ ƉĞƌ ĂŶŶƵŵ͘ /ŶƚĞƌĞƐƚ ƌĂƚĞƐ ĨŽƌ ϳϱй ;ϮϬϭϰ ͗ ϲϮйͿ ŽĨ ƚŚĞ ĮŶĂŶĐĞ ůĞĂƐĞƐ ĂƌĞ ĮdžĞĚ Ăƚ ƚŚĞ
ĐŽŶƚƌĂĐƚ ĚĂƚĞ͕ ĂŶĚ ƚŚƵƐ ĞdžƉŽƐĞ ƚŚĞ 'ƌŽƵƉ ƚŽ ĨĂŝƌ ǀĂůƵĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ͘ ůů ĮŶĂŶĐĞ ůĞĂƐĞƐ ĂƌĞ ŽŶ Ă ĮdžĞĚ ƌĞƉĂLJŵĞŶƚ
ďĂƐŝƐ ĂŶĚ ŶŽ ĂƌƌĂŶŐĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ĞŶƚĞƌĞĚ ŝŶƚŽ ĨŽƌ ĐŽŶƟŶŐĞŶƚ ƌĞŶƚĂů ƉĂLJŵĞŶƚƐ͘