Eng - IOI Group

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notestothefinancialstatements cont’d17 LAND HELD FOR DEVELOPMENTIn RM’000Group2003 2002At costFreehold land 385,359 401,574Long term leasehold land 274 274385,633 401,848Development expenditure 264,396 258,226650,029 660,074Included in development expenditure is interest expense incurred during the financial year amounting toRM797,000 (2002 - RM1,028,000).18 GOODWILL ON CONSOLIDATIONIn RM’000Group2003 2002At beginning of financial yearAs previously reported 163,629 78,689Prior years adjustments 15,999 16,382As restated 179,628 95,071Arising from acquisition of subsidiaries (Note 34) 276,141 33,704Arising from acquisition of additional shares in subsidiaries 1,516 894Arising from purchase of own shares by a subsidiary 40 59Distribution of shares in a subsidiary (19,435) -Disposal of shares in a subsidiary (694) -Transfer from goodwill on acquisition of associate (Note 14.2) - 61,058Disposal of a subsidiary - (2,034)437,196 188,752Amortisation for the financial year (21,631) (9,124)At end of financial year 415,565 179,628IOI Corporation BerhadAnnual Report 2003166
19 DEVELOPMENT PROPERTIESIn RM’000Group2003 2002At costFreehold land 134,444 116,569Development expenditure 1,590,061 1,357,1491,724,505 1,473,718Profit recognised todate on sold properties underdevelopment less foreseeable losses accrued todate 1,124,858 898,999Progress billings (2,503,897) (2,069,823)345,466 302,894Included in development expenditure is interest expense incurred during the financial year amounting toRM434,000 (2002 - RM647,000).20 INVENTORIESIn RM’000GroupCompany2003 2002 2003 2002At costPlantation produce 77,542 48,295 1,492 2,164Raw materials and consumables 268,197 29,344 1,565 1,562Completed development properties 22,481 17,629 - -Nursery inventories 4,187 7,054 897 952Trading inventories 96 120 - -Finished goods 71,189 13,684 - -Others 8,329 3,109 - -452,021 119,235 3,954 4,678At net realisable valueRaw materials and consumables 268 - - -Completed development properties 1,455 1,455 - -Finished goods 4,333 2,692 - -458,077 123,382 3,954 4,678167IOI 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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EuropeNetherlands : Wormerveer and
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■ Plantation1 Bukit Dinding Estat
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• The exercise price of Warrants
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MARCH 2003• IOI achieved a 5th pl
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socialcontributions• In conjuncti
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• IOI contributed RM100,000 for t
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directors’reportThe Directors of
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notestothefinancialstatements cont
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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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