Icon Energy Limited Annual Report 2016

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2016 Financial position 30 June 2016 30 June 2015 $ $ Assets Current assets 16,930,611 13,740,946 Non-current assets 42,258,237 49,388,999 Total assets 59,188,848 63,129,945 Liabilities Current liabilities 561,019 1,250,652 Non-current liabilities 146,763 106,699 Total liabilities 707,783 1,357,352 Net Assets 58,481,066 61,772,594 Equity Issued capital 101,984,750 102,346,081 Reserves 298,561 605,649 Accumulated losses (43,802,245) (41,179,135) Total equity 58,481,066 61,772,594 Financial performance 30 June 2016 30 June 2015 $ $ Profit/(Loss) for the year (3,029,718) (5,015,395) Other comprehensive income - - Total comprehensive income (3,029,718) (5,015,395) 30 June 2016 30 June 2015 $ $ Carrying amount included in current liabilities - - Contingent liabilities of the parent entity Contractual commitments for the acquisition of property, plant and equipment by the parent entity There are no contingent assets at the date of this report that require disclosure. Contingent liabilties are disclosed in note 23. The accounting policies of the parent entity, which have been applied in determining the financial information shown below, are the same as those applied in the consolidated financial statements. Refer to Note 27 for a summary of the significant accounting policies relating to the consolidated entity. Guarantees entered into by the parent entity in relation to the debts of its subsidiaries The parent entity did not have any contractual commitments for the acquisition of property, plant or equipment as at 30 June 2016 or 30 June 2015. NOTE 26 - PARENT ENTITY INFORMATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2016 FINANCIAL REPORT 59 ICON ENERGY ANNUAL REPORT 2016