FGV Annual Report 2013

Felda Global Ventures Holdings Berhad 300 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013 48 DEFERRED TAXATION (CONT’d.) Group Company 2013 2012 2013 2012 RM’000 RM’000 RM’000 RM’000 Deferred tax assets - receivables 9,164 11,168 - - - property, plant and equipment 28,024 8,721 - - - intangible assets 7,953 6,887 - - - inventories 5,371 2,768 - - - LLA liability 1,172,466 1,416,192 - - - payables and provisions 56,168 7,974 3,819 1,835 - tax losses 120,802 80,137 18,919 5,138 - others 29,741 2,249 - - Amount before offsetting 1,429,689 1,536,096 22,738 6,973 Offsetting (148,224) (56,386) (1,481) (538) 1,281,465 1,479,710 21,257 6,435 Deferred tax liabilities - intangible assets (18,947) (19,615) (665) (526) - property, plant and equipment (724,887) (125,012) (816) (12) - prepaid lease payments (2,306) (2,306) - - - biological assets (18,010) - - - - receivables (2,864) (34) - - - others (1,402) (880) - - Amount before offsetting (768,416) (147,847) (1,481) (538) Offsetting 148,224 56,386 1,481 538 (620,192) (91,461) - - The amount of deductible temporary differences and unused tax losses (a portion of which have expiry dates ranging from 2029 to 2033 (2012: ranging from 2029 to 2032)) for which no deferred tax assets are recognised in the statement of financial position by certain subsidiaries as the Directors are of the view it is not probable that sufficient taxable profits will be available to allow the deferred tax assets to be utilised is as follows: Group 2013 2012 RM’000 RM’000 Unused tax losses 369,431 244,634 49 FINANCIAL GUARANTEE CONTRACT Company The financial guarantee contract relates to financial guarantee contract provided by the Company to provide funding for all of FINA’s obligations under the promissory note in the event of default (Note 26).