MISC Integrated Annual Report 2020

29. DEFERRED TAX (CONT’D.) Deferred tax assets have not been recognised in respect of the following items: Group Corporation 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Unused tax losses 5,410,156 5,526,840 5,367,154 5,486,705 Unabsorbed capital allowances 39,714 33,507 – – Unabsorbed investment tax allowances 709,378 24,534 – – Other deductible temporary differences 5,931 170 – – 6,165,179 5,585,051 5,367,154 5,486,705 In Malaysia, the unused tax losses can be carried forward and available for use for 7 years starting from the year of assessment 2019. 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 and unabsorbed investment tax 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. 30. DEFERRED INCOME Group 2020 2019 RM’000 RM’000 At 1 January 668,950 682,668 Recognised during the year in income statement (404,167) (100,296) Advances received during the year 1,121,691 93,808 Currency translation differences (41,075) (7,230) At 31 December 1,345,399 668,950 Current (Note 26) 194,939 102,626 Non-current 1,150,460 566,324 1,345,399 668,950 Deferred income relates to time charter income paid in advance by customers. 31. CASH FLOWS FROM INVESTING ACTIVITIES Group Corporation 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Purchase of ships, offshore floating assets and other property, plant and equipment (5,108,280) (2,160,987) (105,121) (169,222) Loan to a subsidiary – – (179,536) – Loan to a joint venture (189,604) – – – Acquisition of a business – (130,283) – (130,283) Dividend received from: Quoted and unquoted equity investments 1,087 1,572 1,087 1,703 Subsidiaries – – 1,382,324 1,283,518 Joint ventures 456,056 285,422 221,371 207,769 Net repayment of loans due from subsidiaries – – 833,129 711,179 Proceeds from disposal of ships, offshore floating assets and other property, plant and equipment and non-current assets classified as held for sale 497,847 373,684 – – Investment in a subsidiary – – (292,438) – Investment in joint ventures (50,547) (15,991) – (42) Interest received 81,293 126,181 29,004 54,041 Net fixed deposit (placement)/withdrawal (5,874) 1,677 – – Payment of prepaid lease – (14,300) – – Net cash (used in)/generated from investing activities (4,318,022) (1,533,025) 1,889,820 1,958,663 31 December 2020 NOTES TO THE FINANCIAL STATEMENTS 31 December 2020 NOTES TO THE FINANCIAL STATEMENTS 10 420 10 421 /// Leadership / Governance / Financial Statements / Additional Information / Annual General Meeting ////// /// Leadership / Governance / Financial Statements / Additional Information / Annual General Meeting ////// Section Section MISC Berhad / Integrated Annual Report 2020 MISC Berhad / Integrated Annual Report 2020