Eng - IOI Group

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cashflowstatements for the financial year ended 30 June 2003 cont’dIn RM’000Note Group Company2003 2002 2003 2002Cash Flows From Financing ActivitiesProceeds from term loans 1,415,393 - 1,065,393 -Proceeds from issuance of shares 603,814 143,076 603,814 143,076Proceeds from shares issued to minorityshareholders 280 8,784 - -Repurchase of shares by a subsidiary (243) (309) - -Dividend paid to minority shareholders (38,384) (45,853) - -Interest paid (85,660) (56,846) (62,880) (47,154)Repurchase of shares (114,384) (10,071) (114,384) (10,071)Dividend paid (134,841) (82,828) (134,841) (82,828)Repayment of term loans (352,062) (120,988) (308,330) (107,453)Repayment of short term borrowings (405,014) - (364,000) -Proceeds from short term borrowings - 148,319 - 205,000Repayment of finance lease obligations - (4) - -Net cash generated from/(used in)financing activities 888,899 (16,720) 684,772 100,570Net increase/(decrease) in cashand cash equivalents 35,158 46,025 50,367 (3,592)Cash and cash equivalentsas previously reported 451,526 405,495 (10,536) (6,944)Effect of exchange rate changes - 6 - -Cash and cash equivalents at beginningof financial year as restated 451,526 405,501 (10,536) (6,944)Cash and cash equivalents at endof financial year 36 486,684 451,526 39,831 (10,536)IOI Corporation BerhadAnnual Report 2003136The notes on pages 137 to 226 form an integral part of the financial statements
notestothefinancialstatements1 PRINCIPAL ACTIVITIESThe principal activities of the Company consist of investment holding and the cultivation of oil palm and rubberand processing of palm oil and rubber.The principal activities of the subsidiaries and associates are set out in Note 44 to the financial statements.There have been no significant changes in the nature of the activities of the Group and of the Company during thefinancial year except for the acquisition of Loders Croklaan B. V. and the related businesses as disclosed in Note 34.1to the financial statements.2 BASIS OF PREPARATION OF FINANCIAL STATEMENTSThe financial statements of the Group and of the Company have been prepared in accordance with the applicableapproved accounting standards in Malaysia and the provisions of the Companies Act, 1965.The preparation of financial statements in conformity with the applicable approved accounting standards inMalaysia and the provisions of the Companies Act, 1965 require the Directors to make estimates and assumptionsthat affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities atthe date of the financial statements and the reported amounts of revenues and expenses during the financial year.Actual results could differ from those estimates.3 SIGNIFICANT ACCOUNTING POLICIESDuring the current financial year, the Group and the Company adopted the following new Malaysian AccountingStandard Board (“MASB”) Standards:MASB 22, Segment Reporting, which has been adopted retrospectively. Comparative segmental information hasbeen re-presented to conform with the requirements of this standard;MASB 23, Impairment of Assets, which has been applied prospectively. The adoption of this standard has nomaterial impact on the financial statements;MASB 24, Financial Instruments: Disclosure and Presentation, which has been adopted prospectively;MASB 25, Income Taxes, which has been adopted retrospectively. Comparatives have been adjusted to reflect thechange in this accounting policy and the effects of the change in accounting policy are disclosed in Note 45; andMASB 27, Borrowing Costs, which has been applied retrospectively. The adoption of this standard has no materialimpact on the financial statements as the previous accounting policy was in line with the new accountingstandard.Further information on changes in accounting policies and prior year adjustments are disclosed in Note 45 to thefinancial statements.137IOI 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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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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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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Page 91 and 92: NATURE OF OUR INTERNAL CONTROLS CON
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’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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