NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (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 2023 Recognised in profit or loss Recognised in other comprehensive income Utilisation of tax losses Reclassification $’000 $’000 $’000 $’000 $’000 Property, plant and equipment 160,925 39,405 – 10 – Intangible assets 158,675 11,189 – (5,670) – Allowance for doubtful debts (2,182) (632) – – – Allowance for inventory obsolescence (43,418) 2,568 – – – Provisions and accruals (116,640) (67,978) – (427) – Lease liabilities (84,821) (13,060) – (23) – Unabsorbed capital allowances and unutilised tax losses (185,156) 16,599 – 52,502 – Fair value of derivative financial instruments designated as cash flow hedges (9,185) 3 15,700 23 – Fair value of defined benefit plans 2,542 (3,360) 3,046 – 1,457 ROU assets 85,090 17,936 – 2 – Unutilised tax benefits (2,235) (98,841) – (496) – Other items 5,649 2,755 – (219) (1,457) (30,756) (93,416) 18,746 45,702 – 154 ST ENGINEERING | ANNUAL REPORT 2024
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