Icon Energy Limited Annual Report 2016

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2016 NOTE 1 - BASIS OF ACCOUNTING 30 June 2016 30 June 2015 $ $ Exploration impairment expense 1,903,623 - Impairment property, plant & equipment - 9,657 1,903,623 9,657 (5,602,229) (5,863,547) (1,680,669) (1,759,064) at 30% (2015: 30%) 30,224 116,392 (157,242) - 5,465,975 7,942,180 (3,658,288) (6,299,508) - - 30 June 2016 30 June 2015 $ $ 46,288,760 60,212,977 13,886,628 18,063,893 440,463 644,579 2,153,467 2,105,592 778,179 825,051 14,664,807 18,888,944 32,668,741 42,267,462 9,800,622 12,680,239 4,864,185 6,208,706 Deferred tax benefits not brought to account CONSOLIDATED ENTITY Deferred Tax Assets not brought to account, the benefits of which will only be realised if the conditions for deductibility of tax losses set out in Note 27 occur based on corporate tax rate of 30% (2015: 30%) for Australian companies. Prima facie tax payable on profit/(loss) before income tax Profit/(Loss) before tax expense NOTE 2 - IMPAIRMENT EXPENSE CONSOLIDATED ENTITY Increase/(decrease) in income tax expense due to: The financial statements cover Icon Energy Limited and controlled entities as a consolidated entity. Icon Energy Limited is a listed public company, incorporated and domiciled in Australia. Under/(over) provision in prior year NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The financial statements have been prepared on an accruals basis and are based on historical costs modified by the revaluation of selected non-current assets and financial assets for which the fair value basis of accounting is applied. All amounts are presented in Australian dollars, unless otherwise noted. This is also the functional currency of the parent. The financial statements of Icon Energy Limited and its controlled entities comply with all International Financial Reporting Standards (IFRS) in their entirety. The financial report was authorised for issue by the Board of Directors on 23 August 2016. NOTE 3 - INCOME TAX EXPENSE The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards (including Australian Accounting Interpretations) and other authorative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001 . Details of Icon Energy Limited accounting policies are included in Note 27. Tax losses Mining and exploration costs Total deferred tax liabilities not brought to account Total deferred tax assets not brought to account - net Non deductible expenses Other Potential tax benefit Total deferred tax benefits not brought to account Income Tax attributable to profit/(loss) before tax Potential tax benefit Temporary differences Deferred Tax Liabilities Provisions Non-assessable income NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2016 FINANCIAL REPORT 44 ICON ENERGY ANNUAL REPORT 2016