Eng - IOI Group

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directors’report cont’dSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTS cont’dAs at the date of this report, the Directors are not aware of any circumstances:iwhich would render the amounts written off for bad debts or the amount of the allowance for doubtful debts in thefinancial statements of the Group and of the Company inadequate to any substantial extent; oriiwhich would render the values attributed to current assets in the financial statements of the Group and of theCompany misleading; oriiiwhich have arisen which render adherence to the existing method of valuation of assets or liabilities of the Groupand of the Company misleading or inappropriate.As at the date of this report, there does not exist:iany charge on the assets of the Group or of the Company that has arisen since the end of the financial year whichsecures the liabilities of any other person; oriiany contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.No contingent or other liability has become enforceable, or is likely to become enforceable within the period of twelvemonths after the end of the financial year which, in the opinion of the Directors, will or may substantially affect theability of the Group or of the Company to meet their obligations when they fall due.OTHER STATUTORY INFORMATIONAs at the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report orthe financial statements of the Group and of the Company that would render any amount stated in the respectivefinancial statements as misleading.In the opinion of the Directors:ithe results of operations of the Group and of the Company during the financial year were not substantially affectedby any item, transaction or event of a material and unusual nature except as disclosed in Note 6 and Note 45 to thefinancial statements; andIOI Corporation BerhadAnnual Report 2003124iino item, transaction or event of a material and unusual nature has arisen in the interval between the end of thefinancial year and the date of this report which is likely to affect substantially the results of the operations of theGroup and of the Company for the financial year in which this report is made.
SIGNIFICANT EVENTS DURING THE FINANCIAL YEARaRequotation of Palmco Holdings BerhadOn 10 October 2002, the Company acquired 23,738,316 ordinary shares of RM1.00 each in Palmco Holdings Berhad("Palmco Shares") from Servitel Development Sdn Bhd, a subsidiary of Sime Darby Berhad (“Sime”) for a cashconsideration of RM109,196,253.60 or RM4.60 per share.During the previous financial year, the Company proposed the Capital Distribution and placement arrangements ofthe Palmco Shares which might otherwise be received under the Capital Distribution by shareholders of theCompany who were not deemed as public shareholders under the Kuala Lumpur Stock Exchange’s ListingRequirements ("Placement Arrangements"). The Capital Distribution and Placement Arrangements were completedon 31 October 2002.With the acquisition of Palmco Shares from Sime and the completion of Capital Distribution and PlacementArrangements, Palmco Shares were requoted on 8 November 2002.bAcquisition of the Entire Business of Loders CroklaanOn 31 August 2002, the Company entered into an agreement to acquire a 100% interest in Loders Croklaan B.V. andthe related businesses located in United States, Canada and Egypt (collectively called “Loders Croklaan”) fromUnilever Group for a total cash consideration of EUR217 million.Loders Croklaan is one of the leading global suppliers of specialty oils and fats to the food sector. It has a longstandingtradition of quality and innovation and has pioneered products and applications in its core snackingredients business. It is also in the development of the potentially high growth area of nutritional lipid andoperates a small special product unit trading in both food and animal feed ingredients.The acquisition was completed on 30 November 2002.cAcquisition of Unipamol Malaysia Sdn Bhd and Pamol Plantations Sdn BhdOn 2 December 2002, Palmco Holdings Berhad (“Palmco”) announced its proposed acquisition of the entire issuedand paid-up share capital of Unipamol Malaysia Sdn Bhd (“Unipamol”) and 49.99% of the issued and paid-up sharecapital of Pamol Plantations Sdn Bhd (“PPSB”) for a total cash consideration of RM567 million, subject toadjustments, from the wholly-owned subsidiaries of Unilever plc.The Unipamol group of companies and the PPSB group of companies (collectively called “Pamol Group”) areprincipally involved in oil palm plantation business with a total of 23,045 hectares of oil palm estates, of which8,148 hectares and 14,897 hectares are located in Kluang, Johor and Labuk, Sabah respectively. In addition, thePamol Group has two palm oil mills with annual processing capacity of 360,000 and 390,000 metric tonne in Johorand Sabah respectively.125IOI Corporation BerhadAnnual Report 2003
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www.ioigroup.comIOI Corporation Ber
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OPERATING BACKGROUNDThe Malaysian e
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FINANCIAL OVERVIEW cont’dGroup’
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REVIEW OF RESULTS cont’dEBIT cont
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OTHER CORPORATE DEVELOPMENT AND GRO
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SOCIAL CONTRIBUTIONSAs a responsibl
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ACKNOWLEDGEMENTOn behalf of the Boa
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noticeofannualgeneralmeetingNOTICE
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noticeofannualgeneralmeeting cont
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oostingjobfulfilment“When it come
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oardofdirectorsTan Sri Dato’ Lee
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Dato’ Lee Yeow ChorExecutive Dire
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Datuk Khalid b Hj HusinIndependent
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groupfinancialoverviewBalance Sheet
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groupperformancehighlightsIOI Corpo
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five-yearfinancialhighlightsIn RM
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oostingsocialcommitment“As a cari
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HIGHLIGHTS cont’d• Net operatin
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ECONOMIC PROFIT AND RETURNS cont’
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RISK MANAGEMENTThe Group has in pla
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Financial Risk Management cont’d
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management’sdiscussionandanalysis
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Area Statement (In Hectares)Year en
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OPERATIONS cont’dAlthough oil yie
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OUTLOOK AND PROSPECTSPrices of edib
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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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Page 93 and 94: otherinformationCOMPOSITION OF SHAR
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eportoftheauditors to the members o
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groupproperties cont’dAPLANTATION
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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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