NOTES TO FINANCIAL STATEMENTS 31 December 2025 25 DEFERRED TAX LIABILITIES (ASSETS) The following are the major deferred tax (assets) liabilities recognised by the Group and Company and the movements thereon, during the year: Retirement benefit Tax losses Accelerated tax depreciation Deferred stripping costs Fair value gain from acquisitions Right-of-use assets Others (a) Total US$ US$ US$ US$ US$ US$ US$ US$ Group At 1 January 2024 (336,465) (6,846,460) 5,906,690 6,113,252 72,293,187 - 2,038,666 79,168,870 Acquisition of subsidiary - - - - 7,913,968 - - 7,913,968 (Credited) Charged to profit or loss [Note 35(A)] (128,615) (5,153,948) (4,115,658) 5,740,496 (311,189) 7,063,537 1,747,361 4,841,984 Charged to other comprehensive income [Note 35(B)] 112,372 - - - - - - 112,372 Exchange differences (102,950) (568,971) 582,466 - 61,904 - - (27,551) At 31 December 2024 (455,658) (12,569,379) 2,373,498 11,853,748 79,957,870 7,063,537 3,786,027 92,009,643 Disposal of a subsidiary 60,421 - (1,384,238) - - - 157,571 (1,166,246) Charged (Credited) to profit or loss [Note 35(A)] 31,985 (184,725) (3,781,286) 6,690,175 - 1,288,476 (546,721) 3,497,904 Credited to other comprehensive income [Note 35(B)] (15,826) - - - - - - (15,826) Exchange differences (68,365) (1,434,223) 2,260,188 - (583,700) - (157,571) 16,329 At 31 December 2025 (447,443) (14,188,327) (531,838) 18,543,923 79,374,170 8,352,013 3,239,306 94,341,804 (a) Others mainly comprise of timing differences arising from prepaid jetty and hauling costs and land rental of US$3.8 million (2024 : prepaid jetty and hauling costs and land rental of US$4.6 million). Accelerated tax depreciation Tax losses Total US$ US$ US$ Company At 1 January 2024 38,059 - 38,059 Credited to profit or loss (12,971) - (12,971) At 31 December 2024 25,088 - 25,088 Credited to profit or loss (11,933) - (11,933) At 31 December 2025 13,155 - 13,155 Group Company 2025 2024 2025 2024 US$ US$ US$ US$ Deferred tax assets (13,954,267) (10,661,064) - - Deferred tax liabilities 108,296,071 102,670,707 13,155 25,088 94,341,804 92,009,643 13,155 25,088 At the end of the financial year, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised is US$380,015,000 (2024 : US$328,642,000). No deferred tax liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. 103 GEO ENERGY | ANNUAL REPORT 2025
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