2021 Annual Report

Notes to the consolidated financial statements 30 June 2021 (continued) 31 Deed of cross guarantee IGO Limited, IGO Nova Holdings Pty Ltd and IGO Nova Pty Ltd are parties to a deed of cross guarantee 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 (as amended) issued by the Australian Securities and Investments Commission. (a) Consolidated statement of profit or loss and other comprehensive income and summary of movements in consolidated retained earnings The above companies represent a 'closed group' for the purposes of the Legislative Instrument, and as there are no other parties to the deed of cross guarantee that are controlled by IGO Limited, they also represent the 'extended closed group'. Set out below is a consolidated statement of profit or loss and other comprehensive income and a summary of movements in consolidated retained earnings for the year ended 30 June 2021 of the closed group consisting of IGO Limited, IGO Nova Holdings Pty Ltd and IGO Nova Pty Ltd. Consolidated statement of profit or loss and other comprehensive income 2021 $'000 2020 $'000 Revenue from continuing operations 671,739 598,852 Other income 3,666 3,492 Other expenses from ordinary activities (561,389) (444,526) Borrowing and finance costs (26,448) (4,235) Profit before income tax 87,568 153,583 Income tax expense (51,403) (50,245) Profit from continuing operations 36,165 103,338 Profit from discontinued operation 431,895 68,786 Profit after income tax for the period 468,060 172,124 Other comprehensive income Items that may be reclassified to profit or loss Effective portion of changes in fair value of cash flow hedges, net of tax 1,682 (95) Other comprehensive profit/(loss) for the period, net of tax 1,682 (95) Total comprehensive income for the period 469,742 172,029 Summary of movements in consolidated retained earnings Retained earnings/(accumulated losses) at the beginning of the financial year 82,085 (7,327) Profit for the year 468,060 172,124 Dividends paid (29,540) (82,712) Transfer to distributable profits reserve (483,171) - Retained earnings at the end of the financial year 37,434 82,085 IGO Limited 62 Notes to The Consolidated Financial Statements 30 June 2021 130 — IGO ANNUAL REPORT 2021