Icon Energy Limited Annual Report 2017

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2017 NOTES 30 June 2017 30 June 2016 $ $ Inflows Inflows (Outflows) (Outflows) CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers 3,630 11,936 Cash payments to suppliers and employees (4,375,629) (4,876,785) Interest received 307,610 458,508 Income from research and development tax incentive - 524,140 Net cash used in operating activities 15 (4,064,389) (3,882,201) CASH FLOWS FROM INVESTMENT ACTIVITIES Redemption/(Investment) in financial assets 14,500,000 (9,500,000) Payments for property, plant & equipment (52,169) (52,128) Payments for deferred exploration and evaluation expenditure (3,215,216) (181,632) Prepayments for deferred exploration and evaluation expenditure 34,225 (34,225) Research and development tax incentive - 7,714,444 Proceeds from sale of property, plant and equipment 5,500 - Net cash used in investment activities 11,272,340 (2,053,541) CASH FLOWS FROM FINANCING ACTIVITIES Payment for buy-back of shares - (361,332) Net cash used in financing activities - (361,332) Net increase/(decrease) in cash and cash equivalents held 7,207,951 (6,297,074) 2,451,446 8,748,520 4 9,659,397 2,451,446 The accompanying notes form part of these financial statements. Cash and cash equivalents at the end of the financial year Cash and cash equivalents at beginning of the financial year CONSOLIDATED STATEMENT OF CASH FLOWS CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 30 June 2017 FINANCIAL REPORT 43 ICON ENERGY ANNUAL REPORT 2017