Icon Energy Annual Report 2019

Notes to the Consolidated Financial Statements for the year ended 30 June 2019 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2019 NOTE 11 - SHARE BASED PAYMENTS NOTE 12 - RESERVES 30 June 2019 30 June 2018 $ $ Foreign currency translation reserve * - 307 Total reserves - 307 (a) (31,372,498) (4,037,191) (31,372,498) (4,037,191) (31,372,498) (4,037,191) (b) 597,556,938 597,556,938 - - 597,556,938 597,556,938 (5.25) (0.68) Loss after income tax (31,372,498) (4,037,191) Add/(less) non-cash items: Depreciation and amortisation 26,003 97,981 Closure of subsidiary - - Gain on sale of property,plant and equipment assets - (2,225,791) Impairment expense 25,909,794 1,446,617 Adjustment for changes in assets and liabilities Inventories 2,452,545 1,160,036 Performance guarantee bonds - (130,088) Trade and other receivables 25,212 (6,365) Trade and other payables* (7,662) (347,968) Employee provisions (106,169) (88,332) Restoration provision 76,615 70,457 Net cash used in operating activities (2,996,160) (4,060,644) CONSOLIDATED ENTITY Weighted average number of ordinary shares outstanding during the year used in the calculation of basic EPS. Performance rights issued under STI and LTI performance plan are recognised on the date the service are provided from each key management personnel. The Plan was renewed at the 2014 AGM and expired at the end of three year period, in November 2017. The Board decided not to institute any new Plans at this time. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Reconciliation of net cash used in operating activities to loss after income tax: Basic and diluted loss per share (cents per share) Earnings used in the calculation of basic EPS Adjustment for calculation of diluted earnings per share * The foreign currency translation reserve records exchange differences arising on translation of a foreign controlled subsidiary. *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. Reconciliation of Earnings to Net Loss: NOTE 14 - CASH FLOW INFORMATION Weighted average number of ordinary shares outstanding during the year used in the calculation of diluted EPS. Earnings used in the calculation of diluted EPS NOTE 13 - EARNINGS PER SHARE Net Loss for the year 54 50 Icon Energy Annual Report 2019