Eng - IOI Group

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notestothefinancialstatements cont’d21 TRADE AND OTHER RECEIVABLESIn RM’000GroupCompany2003 2002 2003 2002Trade receivables (Note 21.1) 398,548 238,431 904 404Other receivables, deposits and prepayments(Note 21.2) 160,966 79,614 40,125 12,616Amount due from customers on contracts(Note 21.3) 624 - - -560,138 318,045 41,029 13,02021.1 Trade receivablesIn RM’000GroupCompany2003 2002 2003 2002Trade receivables 407,810 242,746 904 404Allowance for doubtful debts (9,262) (4,315) - -398,548 238,431 904 404Bad debts written off during the financial year against allowances created in the previous financial years areas follows:In RM’000Group2003 2002Bad debts written off 764 371Allowance for doubtful debts on trade receivables relating to subsidiary consolidated and disposed duringthe financial year amounted to RM5,277,000 (2002 - RM60,000) and nil (2002 - RM2,680,000) respectively.IOI Corporation BerhadAnnual Report 2003168
21 TRADE AND OTHER RECEIVABLES cont’d21.2 Other receivables, deposits and prepaymentsIn RM’000GroupCompany2003 2002 2003 2002Prepaid lease rental (Note 21.2.1) 39,340 21,854 - -Deposit paid for the acquisitionof subsidiaries (Note 21.2.2) 30,387 - 30,387 -Other receivables 72,427 35,636 3,435 6,690Other deposits 7,691 10,890 149 180Prepayments 11,289 11,369 6,154 5,746Allowance for doubtful debts onother receivables (168) (135) - -160,966 79,614 40,125 12,616Allowance for doubtful debts on other receivables relating to subsidiary consolidated during the financialyear amounted to RM33,000 (2002 - RM38,000).21.2.1 Prepaid lease rentalThis represents the advance lease rental paid for two pieces of land as follows:a Advance lease rental amounted to RM21,405,000 for a piece of land for a lease period of 50years with a renewal term of 16 years which covers a net area of 9,605 acres for cultivation ofoil palm. The prepaid lease rental is amortised to the income statements over the lease periodof 50 years.The remaining lease rental which ranges from RM1,000,000 to RM1,600,000 per annum will bepayable commencing from year 2006 to year 2066.b Advance lease rental amounted to RM17,935,000 for a piece of land for a lease period of 60years which covers a net area of 7,932 acres for cultivation of oil palm. The prepaid leaserental is amortised to the income statements over the lease period of 60 years.The remaining lease rental which ranges from RM200,000 to RM1,000,000 per annum will bepayable commencing from year 2004 to year 2056.21.2.2 Deposit paid for the acquisition of subsidiariesThis represents the deposit paid by the Company for the acquisition of the interest in 21,722hectares of oil palm estates and a palm oil mill in Sabah.169IOI 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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directors’report cont’dWARRANTS
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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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Eng - IOI Group

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