Icon Energy Limited Annual Report 2016

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2016 NOTES 30 June 2016 30 June 2015 $ $ 524,140 - Interest received and other income 470,414 607,700 Administration expenses (2,974,460) (3,555,899) Depreciation expense (272,576) (308,409) Employee benefits and expenses (1,384,239) (2,551,149) Occupancy expenses (40,425) (39,309) Profit/(Loss) on sale of property, plant and equipment 15 19,732 Impairment expense 2 (1,903,623) (9,657) Finance costs (21,475) (26,556) Profit/(Loss) before income tax (5,602,229) (5,863,547) Income tax expense 3 - - Net Profit/(Loss) for the year from continuing operations (5,602,229) (5,863,547) Other comprehensive income Items that will be reclassified to profit and loss 501 3,338 Other comprehensive income for the year, net of tax 501 3,338 Total comprehensive income for the year (5,601,728) (5,860,209) Net Profit/(Loss) for the year attributable to: Owners of the parent entity (5,602,229) (5,863,547) Non-controlling interests - - Net Profit/(Loss) for the year (5,602,229) (5,863,547) Total comprehensive income for the year attributable to: Owners of the parent entity (5,601,728) (5,860,209) Non-controlling interests - - Total comprehensive income for the year (5,601,728) (5,860,209) Earnings per share 15 (0.93) (0.95) 15 (0.93) (0.95) The accompanying notes form part of these financial statements. CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Continuing operations Income from research and development claim Diluted earnings/(loss) per share (cents per share) Exchange differences arising on translation of foreign operations Basic earnings/(loss) per share (cents per share) From continuing operations 50 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND O HER COMPREHENSIVE INCOME for the year ended 30 June 2016 FINANCIAL REPORT 40 ICON ENERGY ANNUAL REPORT 2016