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 Queensland 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 2023 2022 Consolidated statement of profit or loss Revenue 1,738,546 1,239,594 Other income 150 1,324 Total Income 1,738,696 1,240,918 Operating expenses (1,714,789) (1,175,928) Tax recoupment from Parent 13,104 13,340 Finance income 6,112 184 Finance expense (1,494) (850) Finance costs (3,523) (1,503) Depreciation and impairment of fixed assets (11,217) (13,073) Profit before tax 26,889 63,088 Income tax expense (9,439) (12,087) Total profit for the year, net of tax 17,450 51,001 Attributable to: Members of the parent entity 17,450 51,001 Non-controlling interest - - Total profit for the year, net of tax 17,450 51,001 Summary of movements in consolidated retained earnings Retained earnings at the beginning of the year (104,369) (142,870) Profit for the year 17,450 51,001 Dividends provided for or paid (15,750) (12,500) Retained earnings at end of year (102,669) (104,369) Closed Group During the year a $15.75 million (2022: $12.5 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=