Icon Energy Limited Annual Report 2017

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2017 Consolidated Entity Within 1 year $ 1 to 5 years $ 30 June 2017 NOTE Financial assets Cash and cash equivalents 4 1.85% 9,659,031 - - 366 9,659,397 Trade and other receivables 5 - - - 35,703 35,703 9,659,031 - - 36,069 9,695,101 Financial liabilities Trade and other payables 9 - - - 314,074 314,074 - - - 314,074 314,074 30 June 2016 NOTE Financial assets Cash and cash equivalents 4 2.77% 2,451,005 - - 441 2,451,446 Term deposits 6 2.80% 14,500,000 - - - 14,500,000 Trade and other receivables 5 - - - 79,411 79,411 16,951,005 - - 79,852 17,030,857 Financial liabilities Trade and other payables 9 - - - 113,508 113,508 - - - 113,508 113,508 Cash flow sensitivity analysis for variable rate instruments The consolidated entity’s exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on those financial assets and financial liabilities, is as follows: Floating Interest $ Weighted Average Interest Rate % Total Financial Liabilities NOTE 20 - FINANCIAL RISK MANAGEMENT (CONTINUED) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Fixed Interest Rate Maturing Total Financial Assets Total Financial Liabilities The sensitivity analyses have been determined based on the exposure of the consolidated entity to variable interest rates for non-derivative financial instruments at the reporting date at the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period. A 0.5% increase or decrease is used when reporting interest rates internally to the board of directors and represents management’s assessment of the possible change in interest rates. Total $ Non interest bearing $ The consolidated entity does not use long-term debt to finance its exploration activities.The company has a policy that when production operations commence in Australia, the interest rate risk will be managed with a mixture of fixed and floating rate debt. Total Financial Assets NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2017 FINANCIAL REPORT 56 ICON ENERGY ANNUAL REPORT 2017