Icon Energy Limited Annual Report 2017

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2017 30 June 2017 30 June 2016 $ $ Profit/(loss) after income tax (5,670,094) (5,602,229) Add/(less) non-cash items: Depreciation and amortisation 307,509 272,576 Loss/(Gain) on sale of property,plant and equipment assets (1,339) - Impairment expense 1,481,000 1,903,623 Movement in foreign currency reserve (200) 501 Movement in share based payments reserve - 99,522 Adjustment for changes in assets and liabilities Inventories (4,890,147) - Performance guarantee bonds (572,929) (1,162) Trade and other receivables 680 74,978 Trade and other payables* 1,438,316 (677,886) Employee provisions 125,580 26,400 Restoration provision 3,717,235 21,475 Net cash used in operating activities (4,064,389) (3,882,201) Work Programme Commitments 30 June 2017 30 June 2016 $ $ • not later than 1 year 400,000 22,897,488 • later than one year but not later than five years 12,463,896 14,925,000 12,863,896 37,822,488 If any of the above expenditures are not met within the life of the tenement then the Department of Mines and Energy (QLD) / the Department of Primary Industries (VIC) will require the permit to be forfeited without liability. CONSOLIDATED ENTITY NOTE 16 - CAPITAL COMMITMENTS Reconciliation of net cash used in operating activities to Profit/(loss) after income tax: The total commitments for work programmes for ATP594P and ATP855 in 2017 financial year and for ATP594P, ATP794P, ATP855P and PEP170 in 2016 financial year are as follows: In 2017, Icon has 100% interest in the above tenements. *Trade and other payables amount is exclusive of the movement in payables attributable to deferred exploration expenditure, which has been incorporated into Cash Flows from Investment Activities. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED ENTITY Exploration expenditure commitments NOTE 15 - CASH FLOW INFORMATION In 2016, the entity's share of the above commitments that relate to its interests in joint operations were $10,105,485. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2017 FINANCIAL REPORT 51 ICON ENERGY ANNUAL REPORT 2017