MISC Annual Report 2019

28. DEFERRED TAX (CONT’D.) Deferred tax assets have not been recognised in respect of the following items: Group Corporation 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Unused tax losses 6,330,778 6,543,702 6,263,102 6,485,105 Unabsorbed capital allowances 43,840 37,694 – – 6,374,618 6,581,396 6,263,102 6,485,105 In Malaysia, the unused tax losses can be carried forward and available for use for 7 years starting from the year of assessment 2018. The unused tax losses of the Corporation relate to the loss making non-resident ships and can be utilised to offset against future taxable profits. The unabsorbed capital allowances are available indefinitely for offsetting against future taxable profits of the respective entities within the Group, subject to tax law and tax guidance issued by the tax authority enacted at the reporting date. Deferred tax assets have not been recognised for certain subsidiaries with recent history of losses. 29. DEFERRED INCOME Group 2019 2018 RM’000 RM’000 At 1 January 682,668 724,125 Recognised during the year in income statement (100,296) (113,308) Advances received during the year 93,808 58,254 Currency translation differences (7,230) 13,597 At 31 December 668,950 682,668 Current (Note 25) 102,626 70,247 Non-current 566,324 612,421 668,950 682,668 Deferred income relates to time charter income paid in advance by customers. 30. CASH FLOWS FROM INVESTING ACTIVITIES Group Corporation 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Purchase of ships, offshore floating assets and other property, plant and equipment (2,160,987) (2,292,226) (169,222) (481,391) Progress payments for finance lease assets under construction – (1,002,725) – (1,002,725) Redemption of shares in a joint venture (Note 18(d)) – 64,548 – 64,548 Acquisition of businesses (130,283) (1,197,352) (130,283) (1,197,352) Dividend received from: Quoted and unquoted equity investment 1,572 1,715 1,703 1,715 Subsidiaries – – 1,283,518 936,549 Associates and joint ventures 285,422 411,425 207,769 214,800 Net repayment of loans due from subsidiaries – – 711,179 773,260 Proceeds from disposal of ships, offshore floating assets and other property, plant and equipment 373,684 282,690 – 45,587 Investment in joint ventures (15,991) – (42) – Interest received 126,181 93,762 54,041 35,663 Purchase of treasury shares (Note 26(i)) – (271) – (271) Net fixed deposit withdrawal 1,677 1,631 – – Payment of prepaid lease (14,300) – – – Net cash (used in)/generated from investing activities (1,533,025) (3,636,803) 1,958,663 (609,617) NOTES TO THE FINANCIAL STATEMENTS 31 December 2019 NOTES TO THE FINANCIAL STATEMENTS 31 December 2019 FINANCIAL STATEMENTS MISC BERHAD PEOPLE. PASSION. POSSIBILITIES ANNUAL REPORT 2019 332 333