Icon Energy Limited Annual Report 2016

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2016 Ordinary Share Capital (Note 12) Share-Based Payments Reserve (Note 13, 14) Foreign Exchange Reserve (Note 14) Accumulated Losses Total $ $ $ $ $ Balance 1 July 2014 102,724,971 877,588 (2,241,722) (36,274,920) 65,085,917 - - 2,238,510 (2,238,510) - Restated balance 1 July 2014 102,724,971 877,588 (3,212) (38,513,430) 65,085,917 - - - - (5,863,547) (5,863,547) - 3,338 - 3,338 Total comprehensive income for the year - - 3,338 (5,863,547) (5,860,209) Share buyback (761,499) - - - (761,499) Reserve transfer for performance rights vested 382,610 (412,041) - - (29,432) Increase in share based payments reserve - 140,102 - - 140,102 Total transactions with owners (378,889) (271,939) - - (650,829) 102,346,082 605,649 126 (44,376,977) 58,574,880 Balance 1 July 2015 102,346,082 605,649 126 (44,376,977) 58,574,880 Total comprehensive income: Loss for the year - - - (5,602,229) (5,602,229) Other comprehensive income - 501 - 501 Total comprehensive income for the year - - 501 (5,602,229) (5,601,728) Share buyback (361,332) - - - (361,332) Reserve of expired performance rights - (406,608) - 406,608 - Increase in share based payments reserve - 99,520 - - 99,520 Total transactions with owners (361,332) (307,088) - 406,608 (261,811) 101,984,750 298,561 627 (49,572,598) 52,711,340 The accompanying notes form part of these financial statements. Loss for the year Other comprehensive income Balance at 30 June 2015 - attributable to owners of parent entity Balance at 30 June 2016 - attributable to owners of parent entity CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Adjustment on correction of error (Note 25) Total comprehensive income: Transactions with owners in their capacity as owners: Transactions with owners in their capacity as owners: CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 30 June 2016 FINANCIAL REPORT 42 ICON ENERGY ANNUAL REPORT 2016