McConnell Dowell Group Annual Review 2021 73 10. Investments in and loans to associates and others (continued) 2021 2020 All figures are in A$000's (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 $9,000 (2020: $2.4 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 (4,404) (3,188) Share of results after taxation (584) (1,216) (4,988) (4,404) Movement in Loan Receivable 3,688 2,976 DMDME current year funding requirements for Contract Liabilities 1,300 1,428 At end of year - - The assets, liabilities and results of the operations of the associate are summarised below: Current assets 1,066 1,187 Non-current assets - - Total assets 1,066 1,187 Current liabilities 10,453 10,123 Non-current liabilities 110 189 Total liabilities 10,563 10,312 Net assets (9,497) (9,125) Revenue 14 98 Loss after taxation* (1,168) (2,432) Total comprehensive loss after taxation (1,168) (2,432) Consolidated * The Group's share of losses in DMDME and its subsidiaries is loss of $0.58 million (2020: loss of $1.22 million).
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