NOTES TO FINANCIAL STATEMENTS 31 December 2025 22 BANK BORROWINGS (cont’d) d) On 30 September 2024, a mortgage loan of US$7,787,555 was drawn down by the Company in relation to an office space at 8 Temasek Boulevard, #36-02 Suntec Tower Three, Singapore 038988. The loan principal is amortised at the rate of 4% per annum from the date of draw down of the loan, with interest rate per annum at 1.8% above the bank’s cost of funds rate, which averaged at 2.67% (2024 : 3.75%). The loan is secured by the office space, with carrying value of US$12,983,292 (2024 : US$12,983,292). As part of the terms of the loan, the Company has pledged a deposit of US$682,472 in favour of the bank (Note 7). e) In November 2024, the Group has obtained a working capital revolving facility of up to IDR 250 billion (approximately US$15.5 million) with a bank in relation to the Indonesian Government’s regulations to retain export sale proceeds within Indonesia. The facility is backed by the Group’s export proceeds that are retained in compliance with the abovementioned regulations. The facility is available for 48 months until November 2028 and bears interest rate of 5.25% per annum, subject to changes to the bank’s prevailing rate from time to time. 23 RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financing activities. (i) The cash flows comprise of proceeds from refinance and draw down of bank borrowings, net of transaction costs, principal repayments of bank borrowings, and payments for lease liabilities in the consolidated statement of cash flows. (ii) Other changes include amortisation of transaction costs. Non-cash changes 1 January 2025 Financing cash flows (i) New lease liabilities Foreign exchange movement Other changes (ii) 31 December 2025 US$ US$ US$ US$ US$ US$ Lease liabilities (Note 21) 5,827,114 (5,911,971) 268,677 (43,915) - 139,905 Bank borrowings (Note 22) 228,047,254 33,651,777 - 426,693 858,138 262,983,862 233,874,368 27,739,806 268,677 382,778 858,138 263,123,767 Non-cash changes 1 January 2024 Financing cash flows (i) New lease liabilities Foreign exchange movement Other changes (ii) 31 December 2024 US$ US$ US$ US$ US$ US$ Lease liabilities (Note 21) 23,758,673 (18,387,720) 131,560 (988,564) 1,313,165 5,827,114 Bank borrowings (Note 22) 226,246,723 2,057,839 - (824,425) 567,117 228,047,254 250,005,396 (16,329,881) 131,560 (1,812,989) 1,880,282 233,874,368 101 GEO ENERGY | ANNUAL REPORT 2025
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