Eng - IOI Group

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notestothefinancialstatements cont’d34 ACQUISITION OF SUBSIDIARIES cont’d34.3 Kunimas Sdn BhdOn 11 July 2002, a subsidiary of the Company, Syarimo Sdn Bhd acquired the entire issued and paid-up sharecapital of Kunimas Sdn Bhd (“Kunimas”) for a total cash consideration of RM440,521.Details of fair value of the net assets acquired and cash outflow on acquisition of subsidiary are as follows:In RM’000Property, plant and equipment 132Net current liabilities (145)Net liabilities acquired (13)Goodwill on consolidation 455442Purchase consideration discharged by cash 442Less: cash and cash equivalents of subsidiary acquired -Cash outflow on acquisition of subsidiary 442The effect of the above acquisition on the financial results of the Group during the financial year wasinsignificant as the company was inactive.The effect of the above acquisition on the financial position of the Group as at 30 June 2003 is as follows:In RM’0002003Property, plant and equipment 498Net current liabilities (514)Goodwill on consolidation 443Increase in Group’s net assets 427IOI Corporation BerhadAnnual Report 2003190
34 ACQUISITION OF SUBSIDIARIES cont’d34.4 Tanda Bestari Development Sdn BhdOn 19 September 2002, a subsidiary of the Company, Cahaya Kota Development Sdn Bhd acquired the entireissued and paid-up share capital of Tanda Bestari Development Sdn Bhd (“Tanda Bestari”) for a total cashconsideration of RM10,226,000.Details of fair value of the net assets acquired and cash outflow on acquisition of subsidiary are as follows:In RM’000Land held for development 10,226Net current liabilities (21)Other long term liabilities (1,503)Net assets acquired 8,702Goodwill on consolidation 1,52410,226Purchase consideration discharged by cash 10,226Less: Deposits paid during the previous financial year (1,022)Cash outflow on acquisition of subsidiary 9,204The effect of the above acquisition on the financial results of the Group during the financial year wasinsignificant as the company was inactive.The effect of the above acquisition on the financial position of the Group as at 30 June 2003 is as follows:In RM’0002003Land held for development 10,665Net current liabilities (3)Deferred taxation (1,503)Goodwill on consolidation 1,524Minority interest (3,678)Increase in Group’s net assets 7,005191IOI 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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cashflowstatements for the financia
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notestothefinancialstatements cont
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Page 240 and 241: LIST OF TOP 30 SHAREHOLDERS cont’
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fold hereIOI Corporation BerhadNo.
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