74
ICON ENERGY LIMITED
2015 Annual Report ABN 61 058 454 569
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
74
FOR THE YEAR ENDED 30 JUNE 2015
30 June 2014
30 June 2014
Statement of profit or loss and other comprehensive income
$
$
$
Income from research and development claim
-
4,897,215 4,897,215
Profit/(Loss) before income tax
(5,914,766)
4,897,215 (1,017,551)
Income tax benefit
7,492,356
(7,492,356)
-
Net Profit/(Loss) for the year from continuing operations
1,577,590
(2,595,141)
(1,017,551)
Earnings per share
From continuing operations
Basic earnings/(loss) per share (cents per share)
0.27
(0.44)
(0.17)
Diluted earnings/(loss) per share (cents per share)
0.27
(0.44)
(0.17)
Statement of financial position
Non-current assets
Exploration and evaluation expenditure
37,253,075 (2,595,141) 34,657,934
Total current assets
37,253,075 (2,595,141) 34,657,934
Total assets
71,372,065 (2,595,141) 68,776,924
Net assets
67,681,058 (2,595,141) 65,085,917
Equity
Accumulated losses
(33,679,779) (2,595,141) (36,274,920)
Total equity
67,681,058 (2,595,141) 65,085,917
Icon gives no credence to the alleged estimate of loss given by B&B and Mr Baldwin. Proceedings following the Further
Amended Statement of Claim (FASOC) are adjourned and his Honour will review the FASCO filed by B&B and Mr Baldwin in
August 2015 in the Queensland Supreme Court. It is estimated that the extent of the Company’s exposure to this dispute will
be limited to approximately $200,000 to $500,000 representing legal fees. Icon is undertaking a recovery of costs for the
portion of the strike out judgement already handed down.
NOTE 24 - CORRECTION OF PRIOR PERIOD ERROR
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
On 3 February 2015, Justice McMurdo handed down the judgement to strike out the majority of the dispute between Icon
Energy Ltd and Jakabar Pty Ltd and Southern Fairway Investments Pty Ltd (formerly Babcock & Brown Australia
Infrastructure Pty Ltd)(“B&Bâ€) and Ronald Baldwin where B&B and Mr Baldwin are claiming damages arising from an alleged
breach of a memorandum of understanding entered into by the parties in June 2008 in the vicinity of $221.75 million and an
agency agreement entered into by Icon with Mr Baldwin in May 2008 in the vicinity of $52.4 million. Subsequent to the 3
February judgement, Southern Fairway Investments Pty Ltd (formerly Babcock & Brown Australia Infrastructure Pty
Ltd)(“B&Bâ€) and Ronald Baldwin submitted an Amended Statement of Claim for a significantly lesser amount ($4 million).
NOTE 23 - EVENTS AFTER BALANCE DATE
There are no after balance sheet date events at the date of signing.
NOTE 22 - CONTINGENT LIABILITIES
During the year, $7.49 million was reclassified for the 2014 financial year from the income tax benefit: $4.8 million to income
from research and development claim and $2.5 million as an offset to exploration and evaluation expenditure. The research
and development claim was incorrectly included in tax benefit instead of being split between income from research and
development claim and exploration and evaluation expenditure.
The abovementioned misstatements in the previous year's consolidated financial statements represents a prior period
accounting error which must be accounted for retrospectively. Consequently, the Group shall adjust all comparative amounts
presented in the current period's financial statements affected by the accounting errors as follows:
Previously
Reported
Adjustment
Restated
