McConnell Dowell 2018 Annual Review

McConnell Dowell Financial Statements 2018 37 Consolidated 24. Reserves Note 2018 2017 Issued and paid capital At beginning of year (4,389) (647) Current year movement 2,579 (3,890) Current year tax (expense) / benefit recognised directly in equity 442 148 At end of year 24(a) (1,368) (4,389) Asset revaluation reserve At beginning of year 385 385 Current year movement - - At end of year 24(b) 385 385 Capital reserve At beginning of year 2,811 2,811 Current year movement - - At end of year 24(c) 2,811 2,811 TOTAL RESERVES AT END OF YEAR 1,828 (1,193) 24(a) - The foreign currency translation reserve is used to translate the assets and liabilities of foreign controlled entities into Australian dollars at rates of exchange ruling at the reporting date. 24(b) - The asset revaluation reserve represents the amount above original cost of land and buildings. 24(c) - The capital reserve is used to meet certain statutory obligations of setting up new subsidiaries in foreign jurisdictions. All figures are in A$ 000’s Note 2018 2017 25. Retained Earnings At beginning of year (94,458) 375,522 Current year profit /(loss) 7,806 (469,980) TOTAL RETAINED EARNINGS AT END OF YEAR (86,652) (94,458) Consolidated McConnell Dowell Annu l Review 73