Eng - IOI Group

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notestothefinancialstatements cont’d4 REVENUEIn RM’000GroupCompany2003 2002 2003 2002Continuing operationsSales of plantation produce, refined palm oiland related products 1,731,775 1,235,495 195,728 133,377Sales of development properties 494,712 532,476 - -Sales of oleochemicals and related products 897,723 515,471 - -Sales of specialty oils and fats and related products 665,143 - - -Rental income from investment properties 49,651 46,350 - -Rendering of services 53,566 30,108 - -Construction contract 15,145 6,333 - -Dividend income 156 732 179,626 113,6993,907,871 2,366,965 375,354 247,076Discontinued operationsSales of industrial gas and related products - 43,535 - -3,907,871 2,410,500 375,354 247,0765 OTHER OPERATING INCOMEIn RM’000GroupCompany2003 2002 2003 2002Gain on disposal of short term investments 9,762 104 18,490 450Gain on disposal of other long term investments 7,002 5,999 - 1,616Gain on disposal of a subsidiary - 23,334 - 50,221Others 27,082 26,862 6,143 2,47943,846 56,299 24,633 54,766IOI Corporation BerhadAnnual Report 2003148
6 OPERATING PROFITIn RM’000GroupCompany2003 2002 2003 2002aOperating profit has been arrived atafter charging:Allowance for diminution in value of otherlong term investments - 1,700 - 1,700Allowance for doubtful debts 863 1,578 - -Allowance for stock obsolescence 2,266 130 - -Amortisation of goodwill on consolidation 21,631 9,124 - -Amortisation of goodwill on acquisitionof associates - 1,050 - -Auditors’ remuneration- audit 1,315 580 70 59- non audit 164 120 - 10Depreciation of property, plant and equipment 123,678 77,236 5,007 4,747Hire of plant and machinery 5,981 2,358 - -Impairment loss on investment in an associate - 13,000 - -Impairment loss on investment in subsidiaries - - - 1,421Inventories written off 1,277 1,426 6 -Lease rentals 195 90 - -Loss on disposal of an associate 4,137 - 4,056 -Loss on disposal of shares in a subsidiary 782 - 30 -Property, plant and equipment written off 1,824 1,495 606 50Provision for retirement benefits 11,620 798 - -Provision for retrenchment benefits 1,526 - - -Remuneration of directors of the Company- fees 484 365 266 231- other emoluments 8,927 7,857 5,071 4,359Rental of premises 937 703 - -Replanting expenditure 10,139 8,580 5,132 3,796Research and development expenditure 11,225 5,317 6,034 5,317Revaluation deficit of an investment property 14,064 - - -Unrealised foreign exchange loss 40,723 - 40,118 -149IOI 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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Type of Recurrent Interested Direct
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Page 103 and 104: EuropeNetherlands : Wormerveer and
Page 105 and 106: ■ Plantation1 Bukit Dinding Estat
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Page 109 and 110: MARCH 2003• IOI achieved a 5th pl
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Page 116 and 117: directors’reportThe Directors of
Page 118 and 119: directors’report cont’dWARRANTS
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Page 126 and 127: directors’report cont’dSTATUTOR
Page 128 and 129: directors’report cont’dSIGNIFIC
Page 130 and 131: incomestatements for the financial
Page 132 and 133: statementsofchangesinequity for the
Page 134 and 135: statementsofchangesinequity for the
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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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