7 167 166 Notes to the Financial Statements Notes to the Financial Statements 8. INVESTMENT IN ASSOCIATES (CONTINUED) Details of the associates are as follows: Name of company Country of incorporation Principal activities Effective ownership interest and voting interest 2023 % 2022 % Indahgrains Logistics Sdn. Bhd.* Malaysia Operating of warehouse and warehouse management 29.87 29.87 AB Hatchery Sdn. Bhd.* Malaysia Larvae farming and trading 42.74 42.74 Belmont Logistics Sdn. Bhd.* Malaysia Warehousing and storage services 25.00 - * Equity-accounted based on management accounts. 9. DEFERRED TAX ASSETS/(LIABILITIES) Recognised deferred tax assets/(liabilities) Deferred tax assets and liabilities are attributable to the following: Assets Liabilities Net 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Group Property, plant and equipment and investment properties 301 1,495 (203,412) (193,118) (203,111) (191,623) Right-of-use assets, net of lease liabilities 2,101 2,276 (12,039) (12,222) (9,938) (9,946) Biological assets - - (6,400) (8,284) (6,400) (8,284) Unutilised tax losses 10,817 14,457 - - 10,817 14,457 Unabsorbed capital allowances 36,164 45,716 - - 36,164 45,716 Other temporary differences 16,719 9,122 (2,926) (1,724) 13,793 7,398 Tax assets/(liabilities) 66,102 73,066 (224,777) (215,348) (158,675) (142,282) Set off of tax (52,021) (61,263) 52,021 61,263 - - Net tax assets/(liabilities) 14,081 11,803 (172,756) (154,085) (158,675) (142,282) 9. DEFERRED TAX ASSETS/(LIABILITIES) (CONTINUED) Movement in temporary differences during the year At 1.4.2021 RM’000 Recognised in profit or loss (Note 26) RM’000 Recognised in other comprehensive income RM’000 At 31.3.2022/ 1.4.2022 RM’000 Recognised in profit or loss (Note 26) RM’000 Recognised in other comprehensive income RM’000 At 31.3.2023 RM’000 Group Property, plant and equipment and investment properties (166,109) (25,514) - (191,623) (11,488) - (203,111) Right-of-use assets, net of lease liabilities (10,528) 582 - (9,946) 8 - (9,938) Biological assets (3,578) (4,706) - (8,284) 1,884 - (6,400) Unutilised tax losses 1,928 12,529 - 14,457 (3,640) - 10,817 Unabsorbed capital allowances 32,698 13,018 - 45,716 (9,552) - 36,164 Other temporary differences 8,181 (398) (385) 7,398 6,561 (166) 13,793 (137,408) (4,489) (385) (142,282) (16,227) (166) (158,675) Unrecognised deferred tax Deferred tax has not been recognised in respect of the following items (stated at gross): Group 2023 RM’000 2022 RM’000 Unutilised tax losses (125,704) (121,825) Unabsorbed capital allowances and investment tax allowances carry-forwards (18,836) (14,296) Other taxable temporary differences (6,132) (10,269) (150,672) (146,390) The unutilised tax losses of subsidiaries in Malaysia of RM96,074,000 (2022: RM93,477,000) can be carried forward up to 10 consecutive years of assessment under the tax legislation in Malaysia, whereas the unutilised tax losses of subsidiaries in Indonesia of RM29,630,000 (2022: RM21,635,000) and Vietnam of RM Nil (2022: RM6,713,000) will expire over a 5-year period. The remaining unutilised tax losses, unabsorbed capital allowance and investment tax allowances do not expire under current tax legislation in countries where respective Group entities operates. Deferred tax assets have not been recognised in respect of the above items because it is not probable that future taxable profit will be available against which the Group entities can utilise the benefits therefrom.
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