Notes to the Financial Statements For the financial year ended 31 December 2025 Notes to the Financial Statements For the financial year ended 31 December 2025 13 TRADE AND OTHER PAYABLES (continued) During 2024, the Company entered into a loan agreement with the immediate holding company and converted these amounts into a quasi-equity loan from the immediate holding company. The loan is classified within equity where the Company is not required to repay the loan under any circumstances and the repayment is entirely at the discretion of the Company. Non-trade amounts due to subsidiaries consist of the followings: (i) Loan of $38.7 million (2024: $310.5 million), which is unsecured, bears interest at 4.96% to 6.50% (2024: 7.30% to 9.95%) per annum and will not be repayable within the next 12 months; and (ii) The remaining amount of $71.2 million (2024: $70.6 million), which are unsecured, interest-free and repayable on demand. Non-trade amounts due to joint ventures consist of the followings: (i) Loans of $114.3 million (2024: $127.4 million), which are unsecured, interest-free and will not be repayable within the next 12 months; and (ii) The remaining amount of $7.6 million (2024: $2.0 million), which are unsecured, interest-free and repayable on demand. Non-trade amounts due to related corporations consist of the followings: (i) $16.8 million (2024: $17.3 million) relates to the consideration payable for acquisition of additional equity interests in Chengdu Huifeng Commercial Real Estate Co., Ltd which is unsecured, bears interest at 4.60% (2024: 4.60%) per annum and repayable on demand; (ii) Loan of $20.6 million as at 31 December 2024 which was unsecured, bore interest at 5% per annum was repaid during the year; and (iii) Loan of $15.0 million as at 31 December 2024 which was unsecured, bore interest at 6.5% per annum was repaid during the year. Non-trade amounts due to non-controlling interests consist of the followings: (i) Loans of $45.1 million (2024: $45.9 million) which are unsecured, interest-free and repayable on demand; (ii) The remaining of $124.8 million (2024: $109.6 million), which are unsecured, interest-free and will not be repayable within the next 12 months. The Group and the Company’s exposures to liquidity and market risks relating to trade and other payables are disclosed in Note 23. 14 DEFERRED TAX LIABILITIES Recognised deferred tax liabilities Movements in deferred tax liabilities during the year are as follows: Balance as at 1/1/2024 Recognised in profit or loss (Note 21) Translation differences Balance as at 31/12/2024 $’000 $’000 $’000 $’000 Group Investment properties 195,311 (16,856) (2,625) 175,830 Balance as at 1/1/2025 Recognised in profit or loss (note 21) Translation differences Balance as at 31/12/2025 $’000 $’000 $’000 $’000 Group Investment properties 175,830 89 (5,242) 170,677 Unrecognised deferred tax liabilities At 31 December 2025, there was a deferred tax liability of $1.3 million (2024: $1.8 million) for temporary differences of $25.4 million (2024: $35.1 million) related to investments in subsidiaries and a joint venture. However, this liability was not recognised because the Group controls the dividend policy of its subsidiaries and is able to veto the payment of dividends of its joint venture – i.e. the Group controls the timing of reversal of the related taxable temporary differences and management is satisfied they will not reverse in the foreseeable future. Unrecognised deferred tax assets Deferred tax assets have not been recognised in respect of the following item: Group 2025 2024 $’000 $’000 Tax losses 166,032 128,561 Tax losses with expiry dates are as follows: Group 2025 2024 $’000 $’000 Within 5 years 113,622 59,660 The remaining tax losses do not expire under current tax legislation. Deferred tax assets have not been recognised in respect of this item because it is not probable that future taxable profit will be available against which the Group can use the benefits therefrom. OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 213 212 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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