references
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013 2013 FOR THE YEAR ENDED 30 JUNE
NOTE 2 - REVENUE 2a. OTHER INCOME Administration fees Recovery of drilling supervision costs Interest received: Financial Institutions Royalties Other Income TOTAL OTHER INCOME 2b. PROFIT/(LOSS) ON SALE OF NON-CURRENT ASSETS Proceeds on disposal of non-current assets Written down value of non-current assets sold CONSOLIDATED ENTITY 30 June 2013 30 June 2012 $ $ 31,173 380,746 57,488 121,317 590,724 18,850,636 (868,494) 17,982,143 10,723,548 572,499 1,915 11,297,963 564,664 120,463 546,242 76,510 21,943 1,329,823 116,749 (186,174) (69,425) -
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2c. IMPAIRMENT EXPENSE Exploration impairment expense Impairment of investment - US Mineral Interest Impairment Property, Plant & Equipment
NOTE 3 - PROFIT/(LOSS) BEFORE INCOME TAX Profit/(Loss) before income tax has been determined after: Amounts received or due and receivable by the parent entity auditor: • Audit or review of financial report • Taxation and consultancy fees Amounts set aside for provision for: • Employee entitlements Litigation settlement relating to the Lake Oil NL dispute Foreign exchange (gains)/losses Superannuation Expense NOTE 4 - INCOME TAX EXPENSE Profit/(Loss) before tax expense Prima facie tax payable on Profit/(Loss) before income tax at 30% (2012: 30%) Increase/(decrease) in income tax expense due to: Non Deductible Expenses STI and LTI expenses R&D Offset refund Deferred tax benefits not brought to account Income Tax Attributable to Profit/(loss) before tax
CONSOLIDATED ENTITY 30 June 2013 30 June 2012 $ $
49,615 600 50,215 233,651 (120,000) (257,275) 167,901
60,886 9,200 70,086 (65,076) (22,677) 225,878
CONSOLIDATED ENTITY 30 June 2013 30 June 2012 $ $ 700,711 (5,334,761) 210,213 (1,600,428)
3,258 252,267 (3,019,681) (465,738) (3,019,681)
4,004 716,095 164,235 (716,095)
Deferred Tax Assets not brought to account, the benefits of which will only be realised if the conditions for deductibility of tax losses set out in Note 1 occur based on corporate tax rate of 30% (2012: 30%) for Australian companies.
ABN 61 058 454 569
ICON ENERGY LIMITED 2013 Annual Report
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