Eng - IOI Group

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chairman’sstatement cont’dDIVIDENDS cont’dThe first interim dividend for FY 2003 of 20% (FY 2002 - 12%) less tax was paid to shareholders on 25 April 2003, andyour Board had on 15 August 2003 declared a second interim dividend of 20% tax exempt (FY 2002 - 18% taxable)payable to entitled shareholders on 18 September 2003. The two interim dividends will result in a total dividend pay-outof RM179.4 million for the financial year ended 30 June 2003, a 84% increase over the total dividend pay-out of RM97.2million for the previous financial year.In addition to the cash dividends, the Company had also made a capital distribution of 38,583,497 Palmco shares for freeto shareholders of the Company in October 2002. A sum of RM171.7 million was debited against the Company’s sharepremium account in respect of the capital distribution.OTHER CORPORATE DEVELOPMENT AND GROWTH STRATEGIESFY 2003 was a very busy and eventful year for the Group. Apart from being a successful year on the operations front,your Group also successfully resolved the listing status and relisted Palmco Holdings Berhad, completed two majoracquisitions, namely Loders Croklaan, a global leader in specialty fats, and the “Pamol Group” plantations comprisingabout 23,045 hectares of oil palm and two CPO mills for a combined acquisition cost of about RM1.43 billion. Apartfrom these, the Company has also entered into a conditional agreement to acquire five plantation companies which ownabout 21,722 hectares of oil palm and a CPO mill in Sabah for a total consideration of RM607.7 million.IOI Corporation BerhadAnnual Report 20038
OTHER CORPORATE DEVELOPMENT AND GROWTH STRATEGIES cont’dThe proposed acquisition of the aforesaid five plantation companies is a related party transaction that is subject to theapproval of shareholders who are not related parties involved. As recently announced, the proposal has been approved bythe Securities Commission with a downward revision in the total consideration payable by about 12% to RM535.6million. Details of the proposals, together with the views and recommendations of the financial adviser and theindependent adviser to minority shareholders will be set out in the circular to shareholders for an EGM which shouldmost probably have been held by the time we meet at this coming AGM.IOI’s vision and business strategy is, I believe, well known to shareholders. It may, however, be helpful to recap and toelaborate on the strategic objectives of the above acquisitions in the context of our vision and the anticipated trends inthe market place.Vision IOI is, by design open ended and sets a moving target. As a first milestone, we have, over a relatively short periodof time, established ourselves as a leading oil palm plantation group in the country as measured by total quantity ofpalm oil produced, oil yields and profitability. Looking ahead, the long term prospects for the oil palm industry remainsbright. However, we foresee that with increasing production, increased competition, more sophisticated markets andincreasing concerns about issues such as “traceability” in the food supply chain, bigger-sized players with integratedoperations, traceable supply chain, and a global presence will have distinct advantages. Hence, in order to ensure thatwe position ourselves as the preferred supplier to our global customers and to remain competitive in an evolving market,we have in recent years:iContinued to expand our oil palm hectarage to establish our market standing and to further enhanceeconomies of scale; andiiMade substantial investments downstream into oleochemicals and specialty fats and oils through theacquisitions of the Palmco Group in 1997 and the Loders Croklaan Group in FY 2003. Both these Groups areleading players in their respective fields. These acquisitions have subtly but very significantly transformed IOIfrom an oil palm plantation entity into an integrated palm oil player. These downstream businesses provide thestrategic hedge for the plantation business as well as new applications, new geographical markets bases andvalue added for the Group’s palm oil produce.The Palmco Group has enjoyed tremendous growth since coming into the fold of IOI but for newly acquired LodersCroklaan, much remains to be done over the next 2 years to integrate, synergise and enhance its business potential.9IOI Corporation BerhadAnnual Report 2003
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Page 5 and 6: OPERATING BACKGROUNDThe Malaysian e
Page 7 and 8: FINANCIAL OVERVIEW cont’dGroup’
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Page 18 and 19: noticeofannualgeneralmeetingNOTICE
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Page 31 and 32: Datuk Khalid b Hj HusinIndependent
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management’sdiscussionandanalysis
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OPERATIONS cont’dIn line with the
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RESULTS cont’dThe Group’s overa
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ValKepongKLCCKualaLumpurKL SentralP
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OPERATIONSThe Group’s palm oil re
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PROSPECTSThe oleochemical sub-segme
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4 Duties and ResponsibilitiesIn ful
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ACTIVITIES cont’dviiReview of the
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Roles and Principal Duties cont’d
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Board Composition and Balance cont
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Re-electionIn accordance with the C
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Directors’ Remuneration cont’d1
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Financial Reporting cont’dIn addi
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NATURE OF OUR INTERNAL CONTROLS CON
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otherinformationCOMPOSITION OF SHAR
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Type of Recurrent Interested Direct
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Type of Recurrent Interested Direct
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27 Tan Sri Dato’ Lee Shin Cheng i
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groupbusinessstructurePlantationPla
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EuropeNetherlands : Wormerveer and
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■ Plantation1 Bukit Dinding Estat
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• The exercise price of Warrants
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MARCH 2003• IOI achieved a 5th pl
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socialcontributions• In conjuncti
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• IOI contributed RM100,000 for t
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directors’reportThe Directors of
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directors’report cont’dWARRANTS
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directors’report cont’dEXECUTIV
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directors’report cont’dRESERVES
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directors’report cont’dDIRECTOR
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directors’report cont’dSTATUTOR
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directors’report cont’dSIGNIFIC
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incomestatements for the financial
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statementsofchangesinequity for the
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statementsofchangesinequity for the
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cashflowstatements for the financia
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eportoftheauditors to the members o
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groupproperties cont’dAPLANTATION
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groupproperties cont’dBDEVELOPMEN
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groupproperties cont’dDINDUSTRIAL
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groupproperties cont’dEOTHER PROP
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LIST OF TOP 30 SHAREHOLDERS cont’
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fold hereIOI Corporation BerhadNo.
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Eng - IOI Group

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