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 $ $ Inflows Inflows (Outflows) (Outflows) CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers 11,936 7,957 Cash payments to suppliers and employees (4,876,785) (7,324,749) Interest received 458,508 762,850 Income from research and development tax incentive 524,140 4,897,215 Net cash used in operating activities 16 (3,882,201) (1,656,727) CASH FLOWS FROM INVESTMENT ACTIVITIES Redemption/(Investment) in financial assets (9,500,000) 7,000,000 Payments for property, plant & equipment (52,128) (111,785) Payments for deferred exploration and evaluation expenditure (181,632) (18,543,012) Prepayments for deferred exploration and evaluation expenditure (34,225) 1,197,920 Research and development tax incentive 7,714,444 13,971,362 Proceeds from sale of property, plant and equipment - 46,800 Net cash used in investment activities (2,053,541) 3,561,286 CASH FLOWS FROM FINANCING ACTIVITIES Payment for buy-back of shares (361,332) (761,499) Net cash used in financing activities (361,332) (761,499) Net increase/(decrease) in cash and cash equivalents held (6,297,074) 1,143,059 8,748,520 7,605,461 5 2,451,446 8,748,520 The accompanying notes form part of these financial statements. Cash and cash equivalents at beginning of the financial year CONSOLIDATED STATEMENT OF CASH FLOWS Cash and cash equivalents at the end of the financial year CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 30 June 2016 FINANCIAL REPORT 43 ICON ENERGY ANNUAL REPORT 2016