Eng - IOI Group

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notestothefinancialstatements cont’d3 SIGNIFICANT ACCOUNTING POLICIES cont’d3.1 Basis of AccountingThe financial statements of the Group and of the Company have been prepared under the historical costconvention (as modified for the revaluation of investment properties), unless otherwise indicated in thesignificant accounting policies.3.2 Basis of ConsolidationThe consolidated financial statements incorporate the financial statements of the Company and all itssubsidiaries made up to the end of the financial year. All subsidiaries’ financial statements are consolidatedbased on the acquisition method of accounting. Under the acquisition method of accounting, the results ofthe subsidiaries acquired or disposed during the financial year are included in the consolidated incomestatement from the date of acquisition or up to the date of disposal.At the date of acquisition, the fair values of the subsidiaries’ net assets are determined and these values arereflected in the consolidated financial statement. The difference between the fair value of purchase considerationand the Group’s share of the fair value of the separable net assets of the subsidiaries at the date of acquisition isretained in the consolidated balance sheet either as goodwill or reserve on consolidation, as appropriate. The Groupamortises goodwill or reserve on consolidation over a period of not exceeding 20 years.The total profits and losses of subsidiaries are included in the consolidated income statement, the proportionof the profit or loss applicable to minority shareholders is deducted in arriving at the profit attributable tothe shareholders of the Company.The total assets and liabilities of the subsidiaries are included in the consolidated balance sheet and theinterests of minority shareholders in the net assets are stated separately. Minority interest is measured at theminorities’ share of the post acquisition fair values of the identifiable assets and liabilities of the acquiree.Investments in associates are accounted for in the consolidated financial statements using the equity method ofaccounting based on the latest financial statements of the associates concerned. Under the equity method ofaccounting, the Group’s share of profits less losses of the associates is included in the consolidated incomestatement. The Group’s interest in associates is stated at cost plus the Group’s share of their post acquisition resultsand reserves less amortisation of goodwill or discount on acquisition, if any, in the consolidated balance sheet.IOI Corporation BerhadAnnual Report 2003138In line with the Group’s policy on amortisation of goodwill or reserve on consolidation, the Group amortisesgoodwill or discount on acquisition of associates over a period of not exceeding 20 years.All significant intragroup transactions, balances and unrealised gains or losses are eliminated on consolidation.
3 SIGNIFICANT ACCOUNTING POLICIES cont’d3.3 Subsidiaries and AssociatesSubsidiaries are entities that are controlled by the Company. Control is the power to govern the financialand operating policies of the subsidiaries so as to obtain benefits from their activities.Associates are those entities in which the Group has long term equity investment of between 20% and 50% and isin a position to exercise significant influence over the financial and operating policies of the investee entities.Investments in subsidiaries (which are eliminated on consolidation) and associates are stated at cost lessimpairment losses, if any.On disposal of such investments, the difference between net disposal proceeds and their carrying amountsare charged or credited to the income statement.3.4 Revenue RecognitionRevenue is measured at the fair value of the consideration received or receivable and is recognised when itis probable that the economic benefits associated with the transaction will flow to the entities and theamount of the revenue can be measured reliably.Commodities, other products and servicesRevenue is recognised upon delivery of products and customer acceptance, if any, or performance of services,net of sales taxes and discounts and after eliminating inter-company transactions within the Group.Development propertiesRevenue from sale of development properties is recognised based on the “percentage of completion” method.The stage of completion is determined based on the proportion of contract costs incurred for work performedup to the balance sheet date over the estimated total contract costs. Foreseeable losses, if any, arerecognised immediately in the income statement.Construction contractsRevenue from work done on construction contracts is recognised based on the “percentage of completion”method. The stage of completion is determined based on the proportion of contract costs incurred for workperformed up to the balance sheet date over the estimated total contract costs. Foreseeable losses, if any,are recognised immediately in the income statement.139IOI 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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Directors’ Remuneration cont’d1
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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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Page 103 and 104: EuropeNetherlands : Wormerveer and
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Page 116 and 117: directors’reportThe Directors of
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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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