ACCOUNTABILITY | NOTES TO THE FINANCIAL STATEMENTS 249 INTEGRATED ANNUAL REPORT 2026 35. DEFERRED TAXATION (CONTINUED) The components and movements of deferred taxes during the financial year were as follows: Group Tax losses and interest capitalised RM million Contract assets RM million Accelerated capital allowances and others RM million Total RM million At 1 February 2024 47 (582) (10) (545) Recognised in profit or loss - changes in tax estimate (Note 5(c)) - 591 - 591 - others 82 - (34) 48 Disposal of a subsidiary to a joint venture due to loss of control (Note 50(g)) (7) (29) - (36) Disposal of subsidiaries (Note 50(i)) - - 20 20 Exchange differences (12) 20 (3) 5 At 31 January 2025 and 1 February 2025 110 - (27) 83 Recognised in profit or loss 19 - (17) 2 Utilisation of deferred tax assets (6) - - (6) Asset acquisition - - 1 1 Transfer to asset held for sale (32) - 34 2 Exchange differences (15) - 9 (6) At 31 January 2026 76 - - 76 2025 Deferred tax assets (before offsetting) 110 - 3 113 Deferred tax liabilities (before offsetting) - - (30) (30) Net deferred tax assets/(liabilities) 110 - (27) 83 2026 Deferred tax assets (before offsetting) 76 - 29 105 Deferred tax liabilities (before offsetting) - - (29) (29) Net deferred tax assets/(liabilities) 76 - - 76 As at the reporting date, the Group had unabsorbed tax losses and unutilised other deductible temporary differences of approximately RM954 million and RM176 million (2025: RM1,109 million and RM82 million respectively) that are available to offset against future taxable profits of the respective subsidiaries in which these unabsorbed tax losses and unabsorbed capital allowances arose, for which no deferred tax asset is recognised due to uncertainty of its recoverability. Except for certain unutilised tax losses of the Group amounting to RM63 million (2025: RM127 million) which are expected to expire between 2028 to 2035 (2025: 2028 to 2035), the other tax losses have no expiry date.
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