Eng - IOI Group

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notestothefinancialstatements cont’d3 SIGNIFICANT ACCOUNTING POLICIES cont’d3.7 Leases cont’dOperating leaseLeases of assets under which all the risks and benefits of ownership are retained by the lessor are classifiedas operating leases. Payments made under operating leases are charged to the income statement on astraight-line basis over the period of the lease.3.8 New Planting and Replanting ExpenditureNew planting expenditure, which represents total cost incurred from land clearing to the point of harvesting,is capitalised under plantation development expenditure. Replanting expenditure, which represents costincurred in replanting old planted areas, is written off to the income statement in the financial year it isincurred.3.9 Investment PropertiesInvestment properties are stated at cost upon completion of the construction or acquisition. These propertiesare held for their investment potential and rental income and are therefore not depreciated. These propertieswill be revalued at regular intervals of at least once in every 5 years with additional valuation in theintervening years where market conditions indicate that the carrying value of the revalued asset is materiallydifferent from the market value. Surpluses arising from such valuation will be credited to shareholders’ equityas revaluation surplus and any deficit will be charged against such surplus to the extent that decrease offsetany increase. In all other cases, the deficit will be charged to the income statement.On disposal of investment properties, the difference between the net disposal proceeds and its carryingamount is charged or credited to the income statement and the related amounts in revaluation surplus, ifany, is transferred to retained profits.3.10 Land Held For DevelopmentLand held for development is stated at cost less impairment losses, if any and is reclassified as developmentproperty upon commencement of development work on the said land.3.11 Borrowing Costs<strong>IOI</strong> Corporation BerhadAnnual Report 2003142Costs incurred on external borrowings to finance new planting expenditure and other long term qualifyingassets are capitalised until the assets are ready for their intended use after which such expenses are chargedto the income statement.
3 SIGNIFICANT ACCOUNTING POLICIES cont’d3.12 Development PropertiesThe cost of land under development together with the related expenditure are carried forward at cost plusprofit accrued to the properties sold at their relevant stage of completion less progress billings andforeseeable losses, if any. Development expenditure comprises construction and other related developmentcosts including interest costs and administrative overheads relating to the project. Interest costs onborrowings used to finance the relevant projects are included as development expenditure fromcommencement to the completion of development.The portion of property development projects which sales have been launched and/or the projects areexpected to be completed within the normal operating cycle of two to three years are considered as currentassets.3.13 Construction ContractsWhen the outcome of a construction contract can be estimated reliably, contract revenue and contract costsassociated with the construction contract are recognised over the period of the contract as revenue andexpenses respectively by reference to the stage of completion of the contract activity at the balance sheetdate.When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognisedonly to the extent of contract costs incurred that it is probable to be recoverable and contract costs arerecognised as an expense in the period in which they are incurred.When it is probable that total contract costs will exceed total contract revenue, the foreseeable loss isrecognised as an expense immediately.The aggregate of the costs incurred and the profit/loss recognised on each contract is compared against theprogress billings up to the financial year end. Where costs incurred and recognised profits (less recognisedlosses) exceed progress billings, the balance is shown as amounts due from customers on contracts. Whereprogress billings exceed costs incurred plus recognised profits (less recognised losses), the balance is shownas amounts due to customers on contracts.Cost represents direct materials, expenses, labour and an appropriate proportion of construction overheads.143<strong>IOI</strong> 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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Financial Reporting cont’dIn addi
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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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