Icon Energy Limited Annual Report 2017

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2017 Financial position 30 June 2017 30 June 2016 $ $ Assets Current assets 14,359,548 16,930,611 Non-current assets 45,507,982 42,258,237 Total assets 59,867,530 59,188,848 Liabilities Current liabilities 851,286 561,019 Non-current liabilities 5,407,033 146,763 Total liabilities 6,258,319 707,783 Net Assets 53,609,211 58,481,066 Equity Issued capital 101,984,750 101,984,750 Reserves - 298,561 Accumulated losses (48,375,539) (43,802,245) Total equity 53,609,211 58,481,066 Financial performance Profit/(Loss) for the year (4,871,857) (3,029,718) Other comprehensive income - - Total comprehensive income (4,871,857) (3,029,718) 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 22. 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 25 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 2017 or 30 June 2016. NOTE 24 - PARENT ENTITY INFORMATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2017 FINANCIAL REPORT 59 ICON ENERGY ANNUAL REPORT 2017