Icon Energy Limited Annual Report 2016

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2016 30 June 2016 30 June 2015 $ $ 1,499,699 1,570,110 - 21,476 26,556 - (96,967) 1,521,175 1,499,699 $ $ 607,026,150 102,346,082 615,774,351 102,724,971 • - - 2,943,152 382,610 • April 2015 - Share buyback - - (7,324,919) (532,423) • June 2015 - Share buyback - - (4,366,434) (229,076) • (4,515,946) (210,222) - - • (185,723) (6,181) - - • (234,380) (7,197) - - • (646,581) (20,069) - - • (3,886,582) (117,663) - - 597,556,938 101,984,750 607,026,150 102,346,082 Authorised and Issued Share Capital Movements in the carrying amounts for each class of provision between the beginning and the end of the current financial year: Movements in carrying amounts Number of shares Number of shares Issued share capital 597,556,938 (30 June 2015: 607,026,150) fully paid, no par value ordinary shares. 30 JUNE 2016 Charged/(credited) to profit or loss: unwinding of discount Amounts used during the year Fully Paid Shares Consolidated Entity Balance at beginning of the year Balance at the end of the year November 2014 - Shares issued under Employee Share Ownership Plan August 2015 - Share buyback November 2015 - Share buyback NOTE 11 - PROVISIONS June 2016 - Share buyback* Balance at beginning of the year Shares issued: NOTE 12 - ISSUED CAPITAL CONSOLIDATED ENTITY March 2016 - Share buyback The restoration provision recognised for each tenement is periodically reviewed and updated based on the facts and circumstances available at the time. Changes to the estimated future costs are recognised in the statement of financial position by adjusting both the restoration and rehabilitation asset and provision. Such changes trigger a change in future depreciation and financial charges. 30 JUNE 2015 Balance at end of the year NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Management bases its judgements, estimates and assumptions on historical and on other various factors including expectations of future events, management belives to be reasonable under the circumstances. February 2016 - Share buyback Restoration provision * Shares bought through on-market buyback in June were cancelled on 4 July 2016. Restoration provision represents the present value of estimated costs for future restoration of land explored by the consolidated entity at the end of the exploration activity. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2016 FINANCIAL REPORT 48 ICON ENERGY ANNUAL REPORT 2016