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 30 June 2017 30 June 2016 30 June 2017 30 June 2016 $ $ $ $ $ $ REVENUE - 524,140 - - - 524,140 Royalty income - 11,598 - - - 11,598 Total segment revenues - 535,738 - - - 535,738 Interest Revenue 307,610 458,508 - - 307,610 458,508 Other Income 3,600 307 - - 3,600 307 Total revenue 311,210 994,554 - - 311,210 994,554 RESULT (5,667,665) (5,600,343) (2,429) (1,886) (5,670,094) (5,602,229) Finance cost 13,292 21,475 - - 13,292 21,475 Impairment of Assets 1,481,000 1,903,623 - - 1,481,000 1,903,623 1,339 15 - - 1,339 15 Segment Assets 48,450,597 54,965,707 10,659 12,608 48,461,256 54,978,315 Segment Liabilities 6,310,357 2,266,976 - - 6,310,357 2,266,976 OTHER 52,169 52,128 - - 52,169 52,128 307,509 272,576 - - 307,509 272,576 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. INFORMATION ABOUT GEOGRAPHICAL AREAS 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: NOTE 19 - SEGMENT INFORMATION (Continued) Acquisition of non-current segment assets Gain/(loss) on sale of non- current assets Consolidated Entity NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS USA Australia Depreciation and amortisation of segment assets NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2017 FINANCIAL REPORT 54 ICON ENERGY ANNUAL REPORT 2017