Eng - IOI Group

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notestothefinancialstatements cont’d35. DISPOSAL OF A SUBSIDIARY2002On 4 March 2002, the Company disposed of its 13,073,002 ordinary shares of RM1.00 each in Nissan-IndustrialOxygen Incorporated Berhad representing 31.78% of the issued and paid-up share capital of Nissan-IndustrialOxygen Incorporated Berhad to Malaysian Oxygen Berhad for a cash consideration of RM67,456,690 or RM5.16 pershare by way of a direct business transaction through the Kuala Lumpur Stock Exchange.Details of fair value of the net assets disposed and cash inflow on disposal of the subsidiary were as follows:In RM’000As At Dateof DisposalProperty, plant and equipment 112,487Other long term investments 38Goodwill on consolidation 2,034Net current assets 30,136Deferred taxation (1,520)Long term borrowings (9,000)Retirement benefits (436)Minority interests (73,737)60,002Less: Share of net assets yet to be disposed reclassified to short term investments (16,015)Total share of net assets disposed 43,987Net proceeds from disposal 67,321Gain on disposal of a subsidiary 23,334Cash consideration for the disposal 67,457Less: Expenses incurred for the disposal (136)Net proceeds from disposal 67,321Less: cash and cash equivalents disposed (15,765)Cash inflow on disposal of a subsidiary 51,556IOI Corporation BerhadAnnual Report 2003196
35. DISPOSAL OF A SUBSIDIARY cont’dThe effect of the above disposal on the financial results of the Group during the previous financial year was asfollows:In RM’0002002As a subsidiaryup to disposal dateRevenue 43,535Operating costs (35,003)Operating profit 8,532Interest income 248Finance costs (748)Profit before taxation 8,032Taxation (2,775)Profit after taxation 5,257Minority interest (2,958)Net profit for the financial year 2,299Gain on disposal of subsidiary 23,334Increase in Group’s net profit 25,633197IOI 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 230 and 231: eportoftheauditors to the members o
Page 232 and 233: groupproperties cont’dAPLANTATION
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Page 236 and 237: groupproperties cont’dDINDUSTRIAL
Page 238 and 239: groupproperties cont’dEOTHER PROP
Page 240 and 241: LIST OF TOP 30 SHAREHOLDERS cont’
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