McConnell Dowell 2020 Annual Review

95 Annual Review 2020 Note 2020 2019 23. Retained earnings At beginning of year (104,321) (86,652) Current year (loss) / profit (16,503) 7,946 Adjustment on adoption of AASB 15 * 23(a) - (25,615) Total retained earnings at end of year (120,824) (104,321) All figures are in A$ 000’s Note 2020 2019 22. Reserves Foreign currency translation reserve At beginning of year 2,365 (1,368) Current year movement (1,272) 3,733 At end of year 22(a) 1,093 2,365 Asset revaluation reserve At beginning of year 385 385 Current year movement - - At end of year 22(b) 385 385 Capital reserve At beginning of year 2,811 2,811 Current year movement - - At end of year 22(c) 2,811 2,811 Total reserves at end of year 4,289 5,561 22(a) T he foreign currency translation reserve is used to translate the assets and liabilities of foreign controlled entities into Australian dollars at rates of exchange ruling at the reporting date. 22(b) T he asset revaluation reserve represents the amount above original cost of land and buildings. 22(c) T he capital reserve is used to meet certain statutory obligations of setting up new subsidiaries in foreign jurisdictions. * 23(a) - Refer to further details of the impact in Note 1. Consolidated