53 Deed of cross guarantee McConnell Dowell Corporation Limited, McConnell Dowell Holdings Proprietary Limited, McConnell Dowell Constructors (Aust.) Proprietary Limited, Hylekite Proprietary Limited, McConnell Dowell Proprietary Limited, McConnell Dowell Corporation (NZ) Proprietary Limited, Tweed River Entrance Sand Bypassing Company Proprietary Limited, Built Environs Proprietary Limited, Built Environs WA Proprietary Limited & Built Environs Queensland Proprietary Limited 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 2024 2023 Consolidated statement of profit or loss Revenue 2,222,850 1,738,546 Other income 1,013 150 Total revenue and other income 2,223,863 1,738,696 Operating expenses (2,162,112) (1,714,789) Tax recoupment from Parent 19,777 13,104 Finance income 3,182 6,112 Finance expense (3,538) (1,494) Finance costs (9,796) (3,523) Depreciation and impairment of fixed assets (14,480) (11,217) Profit before tax 56,896 26,889 Income tax expense (10,725) (9,439) Total profit for the year, net of tax 46,171 17,450 Attributable to: Members of the parent entity 46,171 17,450 Non-controlling interest - - Total profit for the year, net of tax 46,171 17,450 Summary of movements in consolidated retained earnings Retained earnings at the beginning of the year (102,669) (104,369) Profit for the year 46,171 17,450 Dividends provided for or paid (3,400) (15,750) Retained earnings at end of year (59,898) (102,669) Closed Group During the year a $3.4 million (2023: $15.75 million) dividend was declared and paid to Aveng Australia Holdings Proprietary Limited, the immediate parent of McConnell Dowell Corporation Limited. 23. Interests in subsidiaries (continued)
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