McConnell Dowell Group Annual Review 2021 91 23. Interests in subsidiaries (continued) 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. All figures are in A$000's 2021 2020 Consolidated statement of comprehensive income Revenue 1,042,749 573,799 Less: revenue impact relating to non-cash impairment - (17,000) Net Revenue 1,042,749 556,799 Other income 12,684 4,414 Total Income 1,055,433 561,213 Operating expenses (1,023,502) (572,473) Finance income 659 - Finance expense (1,041) (856) Finance costs (2,169) (2,120) Depreciation and impairment of fixed assets (4,502) (3,662) Profit / (Loss) before tax 24,878 (17,898) Income tax benefit 598 353 Total profit / (loss) for the year, net of tax 25,476 (17,545) Attributable to: Members of the parent entity 25,476 (17,545) Non-controlling interest - - Total profit / (loss) for the year, net of tax 25,476 (17,545) Summary of movements in consolidated retained earnings Retained earnings at the beginning of the year (163,346) (145,801) Profit / (Loss) for the year 25,476 (17,545) Dividends provided for or paid (5,000) - Retained earnings at end of year (142,870) (163,346) Closed Group During the year a $5 million dividend was declared and paid to Aveng Australia Holdings Pty Ltd, the immediate parent of McConnell Dowell Corporation Ltd (2020: nil).
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