Eng - IOI Group

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notestothefinancialstatements cont’d9 TAXATION cont’dThe numerical reconciliation between the average effective tax rate and the applicable tax rate are as follows:In %GroupCompany2003 2002 2003 2002Average applicable tax rate 28.00 28.00 28.00 28.00Tax effect in respect of:Non allowable expenses 3.80 1.68 9.15 1.82Non taxable income (0.74) (2.69) (2.96) (7.75)Revenue expenses capitalised (0.19) (0.19) (0.05) (0.10)Tax exempt income (1.86) (1.61) (4.92) (3.82)Tax incentives and allowances (6.77) (4.18) (0.35) (0.55)Utilisation of previously unregonised tax lossesand capital allowances (0.62) (0.72) - -Double deduction (0.29) (0.43) (0.35) (0.47)Revaluation deficit 0.37 - - -Deferred tax assets recognised (0.57) (0.33) - -Different tax rate in foreign jurisdiction (0.16) (0.06) - -Other items 0.11 0.79 - -Average effective tax rate 21.08 20.26 28.52 17.13(Over)/under provision in prior years (1.26) 0.03 (1.37) (3.38)19.82 20.29 27.15 13.75The amount of tax savings arising from the utilisation of unrecognised brought forward unabsorbed tax losses forthe Group amounted to approximately RM2,893,000 (2002 - RM3,957,000).Subject to agreement with the tax authorities, certain subsidiaries of the Group have unabsorbed tax losses ofapproximately RM358,121,000 (2002 - RM400,871,000), for which the related tax effects have not beenrecognised in the financial statements. These losses are available to be carried forward for set off against futurechargeable income when these subsidiaries derive future assessable income of a nature and amount sufficient forthe tax losses to be utilised.IOI Corporation BerhadAnnual Report 2003152
10 EARNINGS PER SHAREBasic earnings per shareThe basic earnings per share of the Group is calculated based on the net profit attributable to shareholders dividedby the weighted average number of ordinary shares in issue during the financial year, after taking intoconsideration treasury shares held by the Company.Group2003 2002Net profit attributable to shareholders (RM’000) 502,052 346,501Weighted average number of ordinary shares in issue ('000) 942,916 851,578Basic earnings per share (sen) 53.24 40.69Diluted earnings per shareFor the diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assumeconversion of all dilutive potential ordinary shares. The Company has two categories of potential ordinary shares,namely Warrants 1995/2003 and share options granted under the Company’s Executive Share Option Scheme(“ESOS”).The diluted earnings per share of the Group are calculated based on the net profit attributable to shareholdersdivided by the adjusted weighted average number of ordinary shares.In RM’000Group2003 2002Net profit attributable to shareholders 502,052 346,501153IOI 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
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groupbusinessstructurePlantationPla
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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 130 and 131: incomestatements for the financial
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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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