Eng - IOI Group

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notestothefinancialstatements cont’d3 SIGNIFICANT ACCOUNTING POLICIES cont’d3.20 Financial InstrumentsFinancial instruments are classified as liabilities or equity in accordance with the substance of thecontractual arrangement. Interest, dividends and gains and losses relating to a financial instrumentclassified as a liability, are reported as expense or income. Distributions to holders of financial instrumentsclassified as equity are charged directly to equity. Financial instruments are offset when the Group has alegally enforceable right to offset and intends to settle either on a net basis or to realise the asset and settlethe liability simultaneously.iOther long term investmentsOther long term investments are stated at cost less allowance for permanent diminution in value, ifany. Permanent diminution in the value of an investment is recognised as an expense in the financialyear in which the diminution is identified. On disposal of an investment, the difference between thenet disposal proceeds and its carrying amount is recognised in the income statement.iiShort term investmentsShort term investments are stated at the lower of cost and market value, calculated on a portfoliobasis. Cost is determined on weighted average basis while market value is determined based on quotedmarket values. Increase or decrease in the carrying amount of short term investments is recognised inthe income statement.Investments in fixed income trust funds that do not meet the definition of cash and cash equivalentare classified as short term investments.On disposal of an investment, the difference between the net disposal proceeds and its carryingamount is recognised in the income statement.iiiReceivablesReceivables are carried at anticipated realisable value. Bad debts are written off in the period in whichthey are identified. An estimate is made for doubtful debts based on a review of all outstandingamounts at the balance sheet date.IOI Corporation BerhadAnnual Report 2003146ivLiabilitiesBorrowings, trade and other payables are stated at cost.
3 SIGNIFICANT ACCOUNTING POLICIES cont’d3.20 Financial Instruments cont’dvEquity instrumentsOrdinary shares are classified as equity. Dividends on ordinary shares are recognised as liabilities whendeclared.The transaction costs of an equity transaction are accounted for as a deduction from equity, net oftax. Equity transaction costs comprise only those incremental external costs directly attributable tothe equity transaction which would otherwise have been avoided.When issued shares of the Company are repurchased, the consideration paid, including anyattributable transaction costs is presented as a change in equity. Repurchased shares that have notbeen cancelled are classified as treasury shares and presented as a deduction from equity. No gain orloss is recognised in the income statement on the sale, re-issuance or cancellation of treasury shares.When treasury shares are reissued by resale, the difference between the sales consideration and thecarrying amount of the treasury shares is shown as a movement in equity.viDerivative financial instrumentsThe Group uses derivative financial instruments, including foreign exchange forward, interest rateswap and commodity future contracts, to hedge its exposure to foreign exchange, interest rate andcommodity price fluctuation arising from operational, financing and investment activities. Theseinstruments are not recognised in the financial statements on inception.Derivative financial instruments used for hedging purposes are accounted for on an equivalent basis asthe underlying assets, liabilities or net positions. Any profit or loss arising is recognised on the samebasis as that arising from the related assets, liabilities or net positions.Derivatives that are no longer designated as hedges are accounted for as trading instruments andmarked to market at balance sheet date. Any profit or loss is recognised in the income statement.3.21 Provisions and Contingent LiabilitiesA provision is recognised when it is probable that an outflow of resources embodying economic benefits willbe required to settle a present obligation (legal or constructive) as a result of a past event and a reliableestimate can be made of the amount.A contingent liability is disclosed, unless the possibility of an outflow of resources embodying economicbenefits is remote except for cases where the amount involved is material and the Directors are of theopinion that disclosure is appropriate.147IOI 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
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otherinformationCOMPOSITION OF SHAR
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Type of Recurrent Interested Direct
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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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