199 F INANC IAL Statements Sect ion 05 Annual Report 2022 NOTES TO THE F INANC I AL STATEMENTS For the year ended 31 December 2022 18. INVESTMENT PROPERTIES (Contd.) During the year, the Group has agreed with a trade debtor to settle outstanding trade receivables through contra-off of four units of apartments constructed by the trade debtor with the value equivalent to the said trade receivable balances of RM3,211,000. Upon the completion of the contra-off process during the financial year, the apartments are classified as investment properties of the Group. The fair values of investment properties as at 31 December 2022 were RM2,695,000. The fair values of the Group’s investment properties as of 31 December 2022 have been arrived based on valuations performed by the independent valuers using the comparison method of valuation and current prices in an active market for similar properties. The fair values of the Group’s investment properties are classified as a Level 3 fair value item for the purposes of fair value hierarchy as disclosed in Note 44. A total impairment loss of RM592,000 representing the write-down of the Group’s investment properties to their recoverable amounts was recognised in “Administrative Expenses” line item of the statements of profit or loss and other comprehensive income. The total recoverable amount determined based on their fair value less costs to sell approach is amounted to RM2,589,000 lower than their net carrying amount of RM3,181,000. 19. DEFERRED TAXATION The components and movements of deferred tax assets during the financial year prior to offsetting are as follows: Deferred tax assets Group Unutilised investment allowance RM’000 Unabsorbed capital allowance RM’000 Unutilised tax losses RM’000 Provisions RM’000 Others RM’000 Total RM’000 At 1 January 2021 46,974 60,573 6,526 34,038 6,785 154,896 Arise from acquisition of subsidiaries (Note 20) - - 18,823 3,690 38 22,551 Recognised in profit and loss 2,908 (14,923) 16,377 1,508 4,411 10,281 Exchange differences - - (79) - - (79) At 31 December 2021/1 January 2022 49,882 45,650 41,647 39,236 11,234 187,649 Arise from acquisition of subsidiary (Note 20(d)) - - - - 34 34 Recognised in profit and loss (5,423) (12,988) (8,646) (155) (8,818) (36,030) Exchange differences - - 19 - - 19 At 31 December 2022 44,459 32,662 33,020 39,081 2,450 151,672
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