Eng - IOI Group

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notestothefinancialstatements cont’d33 DEFERRED TAXATION cont’dDeferred tax assetsIn RM’000Group2003 2002Unabsorbed tax losses 11,678 15,398Unutilised capital allowances 5,553 12,752Retirement benefit obligations 14,275 1,131Other deductible temporary differences 3,712 3035,218 29,311Deferred tax assets have not been recognised in respect of the following items:In RM’000Group2003 2002Unabsorbed tax losses 100,274 112,244Unutilised capital allowances 12,871 19,924Other deductible temporary differences 586 788113,731 132,95634 ACQUISITION OF SUBSIDIARIES2003During the financial year, the Group acquired the following subsidiaries:In RM’000Cash Outflow, Net ofCash and CashNote Equivalents Acquired Acquired ByIOI Corporation BerhadAnnual Report 2003186i Loders Croklaan 34.1 822,585 IOI Corporation Berhadii Unipamol Malaysia Sdn Bhd 34.2 Palmco Holdings Berhad}iii Pamol Plantations Sdn Bhd 34.2 530,683 Palmco Holdings Berhadiv Kunimas Sdn Bhd 34.3 442 Syarimo Sdn Bhdv Tanda Bestari Development Sdn Bhd 34.4 9,204 Cahaya Kota Development Sdn Bhd1,362,914* No of shares of EUR1.00 each
34 ACQUISITION OF SUBSIDIARIES cont’d34.1 Loders CroklaanOn 30 November 2002, the Company acquired a 100% interest in Loders Croklaan B. V. and the relatedbusinesses located in United States, Canada and Egypt (collectively called “Loders Croklaan”) from UnileverGroup for a total cash consideration of EUR217 million.Details of fair value of the net assets acquired and cash outflow on acquisition of subsidiaries are as follows:In RM’000Property, plant and equipment 409,347Other long term assets 11,537Net current assets 276,870Other long term liabilities (86,944)Net assets acquired 610,810Goodwill on consolidation 242,173852,983Purchase consideration discharged by cash 852,983Less: cash and cash equivalents of subsidiaries acquired (30,398)Cash outflow on acquisition of subsidiaries 822,585The effect of the above acquisition on the financial results of the Group during the financial year is asfollows:In RM’000Operating profit before interest, depreciation, amortisation and taxation 23,626Depreciation (21,153)Amortisation (8,019)Interest expense (19,076)Loss before taxation (24,622)Taxation 1,512Decrease in Group’s net profit (23,110)187IOI 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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statementsofchangesinequity for the
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statementsofchangesinequity for the
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cashflowstatements for the financia
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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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