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 30 June 2016 30 June 2015 30 June 2016 30 June 2015 $ $ $ $ $ $ REVENUE 524,140 - - - 524,140 - Royalty income 11,598 7,957 - - 11,598 7,957 Total segment revenues 535,738 7,957 - - 535,738 7,957 Interest Revenue 458,508 599,743 - - 458,508 599,743 Other Income 307 - - - 307 - Total revenue 994,554 607,700 - - 994,554 607,700 RESULT (5,600,343) (5,858,563) (1,886) (4,983) (5,602,229) (5,863,547) Finance cost 21,475 26,556 - - 21,475 26,556 Impairment of Assets 1,903,623 9,657 - - 1,903,623 9,657 15 19,732 - - 15 19,732 Segment Assets 54,965,707 61,443,442 12,608 13,693 54,978,315 61,457,135 Segment Liabilities 2,266,976 2,882,255 - - 2,266,976 2,882,255 OTHER 52,128 111,785 - - 52,128 111,785 272,576 308,409 - - 272,576 308,409 NOTE 20 - SEGMENT INFORMATION (Continued) Acquisition of non-current segment assets Australia Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker. The Chief Operating Decision Maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Managing Director. The operating segments have been aggregated on the basis of geographic location. Segment net operating profit after tax Income from research and development claim In presenting the information on the basis of geographical areas, the Australian geographical areas include a majority of corporate head office expenses on the basis that all resources within the corporate head office are applied to these exploration activities. Information by geographical areas are as follows: Gain/(loss) on sale of non- current assets Depreciation and amortisation of segment assets Consolidated Entity INFORMATION ABOUT GEOGRAPHICAL AREAS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS USA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2016 FINANCIAL REPORT 54 ICON ENERGY ANNUAL REPORT 2016