Financial Statements 2022 87 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 (whollyowned companies) Instrument 2016/785, issued by the Australian Securities and Investment Commission. All figures are in A$000's 2022 2021 Consolidated statement of profit or loss Revenue 1,239,594 1,042,749 Other income 1,324 12,684 Total Income 1,240,918 1,055,433 Operating expenses (1,175,928) (1,023,502) Tax recoupment from Parent 13,340 6,941 Finance income 184 659 Finance expense (850) (1,041) Finance costs (1,503) (2,169) Depreciation and impairment of fixed assets (13,073) (4,502) Profit before tax 63,088 31,819 Income tax expense (12,087) (6,343) Total profit for the year, net of tax 51,001 25,476 Attributable to: Members of the parent entity 51,001 25,476 Non-controlling interest - - Total profit for the year, net of tax 51,001 25,476 Summary of movements in consolidated retained earnings Retained earnings at the beginning of the year (142,870) (163,346) Profit for the year 51,001 25,476 Dividends provided for or paid (12,500) (5,000) Retained earnings at end of year (104,369) (142,870) Closed Group During the year a $12.5 million (2021: $5 million) dividend was declared and paid to Aveng Australia Holdings Pty Ltd, the immediate parent of McConnell Dowell Corporation Ltd. 23. Interests in subsidiaries (continued)
RkJQdWJsaXNoZXIy Mjk0NTM=