McConnell Dowell 2020 Annual Review

79 Annual Review 2020 All figures are in A$ 000’s 2020 2019 10. Investments in and loans to associates and others (continued) (b) Summarised financial information Dutco McConnell Dowell Middle East LLC has a 31 December year-end (in line with the local shareholder). This differs from the year-end of the Group. Dutco McConnell Dowell Middle East LLC has the same accounting policies as the Group. The Group’ s share of bank guarantees issued by Dutco McConnell Dowell Middle East LLC is $2.4 million (2019: $3.8 million) for which no liabilities are expected to arise. There are no capital commitments as at balance date. Profits from the associate cannot be distributed without the consent of both the Group and the local shareholder. The company is scaling back its’ operation in the Middle East. The following table illustrates summarised information of the investment in Dutco McConnell Dowell Middle East LLC: Unlisted Carrying amount of the investment At the beginning of the year (3,188) 1,066 Exchange difference adjustments - 10 Share of results after taxation (1,216) (3,656) AASB 15 adjustment to opening retained earnings - (608) (4,404) (3,188) Movement in Loan Receivable 2,976 1,941 Funding requirements for DMDME Contract Liabilities 1,428 1,247 At end of year - - The assets, liabilities and results of the operations of the associate are summarised below: Current assets 1,187 8,045 Non-current assets - 1,105 Total assets 1,187 9,150 Current liabilities 10,123 14,784 Non-current liabilities 189 934 Total liabilities 10,312 15,718 Net assets (9,125) (6,568) Revenue 98 28,424 Loss after taxation* (2,432) (7,312) Total comprehensive loss after taxation (2,432) (7,312) * The Group’s share of losses in DMDME and its subsidiaries is loss of $1.22 million (2019: loss of $3.66 million). Consolidated