McConnell Dowell 2020 Annual Review

97 Annual Review 2020 All figures are in A$ 000’s 2020 2019 Consolidated statement of comprehensive income Revenue 573,799 505,021 Less: revenue impact relating to non-cash impairment (17,000) - Net Revenue 556,799 505,021 Other income 7,821 3,685 Total Income 564,620 508,706 Operating expenses (572,473) (498,375) Finance income - 714 Finance expense (856) - Finance costs (2,120) (1,486) Depreciation and impairment of fixed assets (3,662) (3,578) Related Party Loan write-off * - (3,336) (Loss) / Profit before tax (14,491) 2,645 Income tax benefit / (expense) 353 (234) (Loss) / Profit after tax for the year (14,138) 2,411 Total (loss) / profit for the year, net of tax (14,138) 2,411 Attributable to: Members of the parent entity (14,138) 2,411 Non-controlling interest - - Total (loss) / profit for the year, net of tax (14,138) 2,411 Closed Group During the year no dividend was declared and paid to Aveng Australia Holdings Pty Ltd, the immediate parent of McConnell Dowell Corporation Ltd (2019: nil). * In 2019 the Directors initiated the Voluntary Liquidation of non-operating entities, in doing so it has forgiven the repayment of loans owing from those entities to the Parent Companies within the Australian Closed Group. Deed of cross guarantee McConnell Dowell Corporation Limited, McConnell Dowell Holdings Pty Ltd, McConnell Dowell Constructors (Aust.) Pty Ltd, Hylekite Pty Ltd, McConnell Dowell Pty Ltd, McConnell Dowell Corporation (NZ) Pty Ltd, Tweed River Entrance Sand Bypassing Company Pty Ltd, Built Environs Pty Ltd, Built Environs WA Pty Ltd & Built Environs Qld Pty Ltd are parties to a deed of cross guarantee (“Closed Group”) under which each company guarantees the debts of the others. By entering into the deed, the wholly owned entities have been relieved from the requirement to prepare a financial report and directors’ report under ASIC Corporations (wholly-owned companies) Instrument 2016/785, issued by the Australian Securities and Investment Commission.