Eng - IOI Group

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notestothefinancialstatements cont’d30 RESERVES cont’d30.3 Distributable reservesSubject to agreement with the tax authorities:ithe Company has sufficient tax credits under Section 108 of the Income Tax Act, 1967 to frankapproximately RM279,990,000 (2002 - RM208,548,000) of its retained profits if paid out as dividends; andiithe Company has approximately RM228,382,000 (2002 - RM212,382,000) in its tax exempt accountsavailable for distribution of tax exempt dividends.Any dividend paid in excess of the aggregated amount indicated in i and ii above would result in a taxcharge and payable calculated at 28% (2002 - 28%) on the gross amount of the additional dividend paid.31 LONG TERM BORROWINGSIn RM’000GroupCompany2003 2002 2003 2002SecuredTerm loans 1,482,691 456,857 1,034,149 314,830Less: portion due within 12 months includedunder short term borrowings (Note 28) (62,700) (79,889) (17,500) (67,330)Total Secured 1,419,991 376,968 1,016,649 247,500UnsecuredTerm loans 207,000 45,000 207,000 45,000Less: portion due within 12 months includedunder short term borrowings (Note 28) (73,000) (10,000) (73,000) (10,000)Total Unsecured 134,000 35,000 134,000 35,0001,553,991 411,968 1,150,649 282,500IOI Corporation BerhadAnnual Report 2003180
31 LONG TERM BORROWINGS cont’dThe secured term loans of the Group and of the Company include:iEUR230 million term loan that are secured by fixed charges over shares in IOI Corporation N.V., LodersCroklaan Group B.V. and its subsidiaries. The EUR230 million term loan bears interest at rate 2.93% perannum and is repayable in full by September 2008.iiRM350 million term loan that are secured by a fixed charge over shares in Unipamol Sdn Bhd and PamolPlantations Sdn Bhd. The RM350 million term loan bears interest at 4.5% per annum and is repayable byequal quarterly instalments commencing January 2004.iiiSGD20 million term loan pertaining to a foreign incorporated subsidiary which is secured by a first legalcharge over the subsidiary’s investment property and is repayable by annual instalments over 5 years fromdate of drawdown. The SGD20 million term loan bears interest at rates ranging from 1.48% to 2.17% (2002- 1.97% to 3.41%) per annum.ivRM140 million syndicated fixed term loan for the previous financial year that was secured by fixed chargesover certain freehold and leasehold plantations of the Group. The RM140 million syndicated fixed term loanbore interest at rates ranging from 4.70% to 5.30% (2002 - 5.07% to 5.21%) per annum and was repaid infull in July 2002.vUSD30 million syndicated term loan for the previous financial year that was secured by fixed charges overcertain freehold and leasehold plantations of the Group. The USD30 million syndicated term loan bore interestat 3.86% (2002 - 3.84% to 5.81%) per annum and was repaid in full in October 2002.viRM150 million joint fixed rate term loan for the previous financial year that was secured by fixed chargesover certain leasehold plantations of the Group. The RM150 million joint fixed rate term loan bore interestat 6.50% per annum and was repaid in full in June 2003.The other secured term loans of the Group and of the Company are secured by fixed charges over certain freeholdand leasehold plantations of the Group. Additionally, certain term loans of the subsidiaries are secured by fixedand floating charges over their other assets. These term loans bear interest at rates ranging from 4.50% to 7.65%(2002 - 5.70% to 6.00%) per annum.181IOI 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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directors’report cont’dEXECUTIV
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directors’report cont’dRESERVES
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directors’report cont’dDIRECTOR
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directors’report cont’dSTATUTOR
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directors’report cont’dSIGNIFIC
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incomestatements for the financial
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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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