Eng - IOI Group

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notestothefinancialstatements cont’d6 OPERATING PROFIT cont’dIn RM’000GroupCompany2003 2002 2003 2002and crediting:Allowance for diminution in value ofshort term investments written back 2,015 - - -Allowance for doubtful debts written back 431 80 - -Allowance for inventory obsolescencewritten back - 1,261 - -Amortisation of reserve on consolidation 778 77 - -Amortisation of discount on acquisitionof associates 2,485 2,515 - -Bad debt recovered 4 5,328 - -Gain on disposal of an associate 297 - - -Gain on disposal of investment properties 86 90 - -Gain on disposal of property, plantand equipment 672 2,458 296 345Gross dividend received from- other long term investments quoted in Malaysia 156 732 115 555- subsidiaries quoted in Malaysia - - 87,610 86,650- unquoted subsidiaries - - 91,901 26,494Realised gain on foreign exchange 6,104 4,028 122 -Rental income from plant and machinery 5,825 4,150 - -Rental income 50,788 45,828 61 -Contract cost of the Group recognised as an expense during the financial year amounted to RM11,041,000(2002 - RM6,822,000). Cost of inventories of the Group and of the Company recognised as an expenseduring the financial year amounted to RM926,384,000 (2002 - RM696,133,000) and RM17,092,000 (2002 -RM13,853,000) respectively.The estimated monetary value of benefits-in-kind received by the Directors of the Company otherwise thanin cash from the Group and the Company amounted to RM180,764 (2002 - RM161,000) and RM40,450(2002 - RM40,900) respectively.Operating profit derived from the discontinued operation amounted to nil (2002 - RM8,532,000).IOI Corporation BerhadAnnual Report 2003150bEmployee informationEmployee costs 312,937 162,784 41,286 37,079The total number of employees of the Group and of the Company (including Executive Directors) as at end ofthe financial year was 24,746 (2002 - 15,974) and 3,210 (2002 - 2,979) respectively.
7 INTEREST INCOMEIn RM’000GroupCompany2003 2002 2003 2002Short term deposits 12,010 7,620 4,971 1,196Subsidiaries - - 36,424 37,667Associates 255 - - -Others 4,711 4,304 - -16,976 11,924 41,395 38,8638 FINANCE COSTSIn RM’000GroupCompany2003 2002 2003 2002Interest expensesBank overdrafts 1,214 968 24 96Revolving credits 3,605 5,039 2,890 3,298Short term loans 39,820 20,354 38,342 19,171Subsidiaries - - 6,698 7,640Term loans 30,698 31,109 17,214 23,412Others 334 434 - -75,671 57,904 65,168 53,617Less: Interest capitalised (3,471) (9,575) - -72,200 48,329 65,168 53,6179 TAXATIONIn RM’000GroupCompany2003 2002 2003 2002Current yearMalaysian income taxation 143,561 115,987 58,600 32,000Deferred taxation 24,143 (2,412) (500) 393167,704 113,575 58,100 32,393Prior yearsMalaysian income taxation (9,757) 818 (2,794) (6,390)Deferred taxation (465) (615) - -(10,222) 203 (2,794) (6,390)157,482 113,778 55,306 26,003151IOI 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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27 Tan Sri Dato’ Lee Shin Cheng i
Page 101 and 102: groupbusinessstructurePlantationPla
Page 103 and 104: EuropeNetherlands : Wormerveer and
Page 105 and 106: ■ Plantation1 Bukit Dinding Estat
Page 107 and 108: • The exercise price of Warrants
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 124 and 125: directors’report cont’dDIRECTOR
Page 126 and 127: directors’report cont’dSTATUTOR
Page 128 and 129: directors’report cont’dSIGNIFIC
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Page 132 and 133: 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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