Eng - IOI Group

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notestothefinancialstatements cont’d39 FINANCIAL INSTRUMENTSFinancial risk management objectives and policiesThe Group’s activities expose it to a variety of financial risks, including foreign exchange risk, interest rate risk,market risk, credit risk, liquidity and cashflow risk. The Group’s overall financial risk management objective is toensure that the Group creates value for its shareholders whilst minimising potential adverse effects on its financialperformance and positions. The Group operates within established risk management framework and clearly definedguidelines that are approved by the Board.Foreign currency riskThe Group operates internationally and is exposed to various currencies, mainly US Dollar, Euro, Canadian Dollar,Japanese Yen and Singapore Dollar. Foreign currency denominated assets and liabilities together with expectedcash flows from committed purchases and sales give rise to foreign exchange exposures.The Group maintains a natural hedge, whenever possible, by borrowing in the currency of the country in which theproperty or investment is located or by borrowing in currencies that match the future revenue stream to begenerated from its investments.Foreign exchange exposures in transactional currencies other than functional currencies of the operating entitiesare kept to an acceptable level. Material foreign currency transaction exposures are hedged with derivativefinancial instruments such as forward foreign exchange contracts and options.As at balance sheet date, the Group has entered into forward foreign exchange contracts with the followingnotional amounts and maturities:Group2003In RM’000MaturitiesTotalWithin 1 - 5 5 Years Notional1 Year Years or More AmountSales contracts 687,470 4,520 - 691,990Purchase contracts 83,273 - - 83,273IOI Corporation BerhadAnnual Report 2003202The net unrecognised gain/(loss) as at 30 June 2003 on forward contracts used to hedge committed sales andpurchases which are substantially expected to occur during financial year 2004 amounted to RM4,154,000 and(RM2,508,000) respectively. These net gain/(loss) are deferred until the related future transactions occur, at whichtime they will be included in the measurement of the transactions.
39 FINANCIAL INSTRUMENTS cont’dInterest rate riskThe Group’s interest rate risk relates primarily to the Group’s debt obligations.The Group actively reviews its debt portfolio, taking into account the nature and requirements of its businesses aswell as the current business and economic environment. This strategy allows it to achieve an optimum cost ofcapital whilst locking in long term funding rates for long term investments.The information on effective interest rates and repricing analysis of financial assets and liabilities are as follows:Group2003In RM’000EffectiveInterest Rate Within 1-5 After% Total 1 Year Years 5 YearsFinancial assetsShort term funds 4.04 44,649 44,649 - -Deposits with financial institutions 2.80 218,659 218,659 - -Cash held in HousingDevelopment Accounts 2.10 150,702 150,702 - -Financial liabilitiesSecured overdraft 4.00 5,919 5,919 - -Unsecured overdraft 6.19 6,229 6,229 - -Secured revolving credits 2.03 19,468 19,468 - -Unsecured revolving credits 3.00 30,000 30,000 - -Unsecured short term loans 2.97 140,000 140,000 - -Unsecured trade financing 3.10 1,886 1,886 - -Secured term loans 3.34 1,482,691 1,176,441 306,250 -Unsecured term loans 3.93 207,000 207,000 - -203IOI 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 232 and 233: groupproperties cont’dAPLANTATION
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Page 238 and 239: groupproperties cont’dEOTHER PROP
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Page 242: fold hereIOI Corporation BerhadNo.
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Eng - IOI Group

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