NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) B6 Taxation (continued) (ii) Deferred tax assets and liabilities (continued) (d) Movement in deferred tax balances during the year Group As at 1 January 2021 $’000 Recognised in profit or loss $’000 Recognised in other comprehensive income $’000 Acquisition/ deconsolidation of subsidiaries $’000 Utilisation of tax losses $’000 Property, plant and equipment 128,062 15,085 – (29) – Intangible assets 205,947 (65,942) – (851) – Allowance for doubtful debts (1,702) 94 – 9 – Allowance for inventory obsolescence (27,751) (8,503) – 506 – Provisions and accruals (170,478) 33,885 – 17 – Lease liabilities 1,112 (585) – – – Unabsorbed capital allowances and unutilised tax losses (95,622) (6,128) – (695) 4,626 Fair value of derivative financial instruments designated as cash flow hedges 4,438 121 (12,367) – – Fair value of defined benefit plans (49,390) (18,633) 7,512 – – Other items 22,517 (211) – – – 17,133 (50,817) (4,855) (1,043) 4,626 158 ST ENGINEERING ANNUAL REPORT 2022
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