Eng - IOI Group

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notestothefinancialstatements cont’d39 FINANCIAL INSTRUMENTS cont’dInterest rate risk cont’dCompany2003In RM’000EffectiveInterest Rate Within 1-5 After% Total 1 Year Years 5 YearsFinancial assetsDeposits with financial institutions 2.80 41,382 41,382 - -Financial liabilitiesUnsecured overdraft 6.19 875 875 - -Unsecured revolving credits 3.00 30,000 30,000 - -Unsecured short term loans 2.97 140,000 140,000 - -Secured term loans 2.96 1,034,149 1,034,149 - -Unsecured term loans 3.93 207,000 207,000 - -As at 30 June 2003, the Company has entered into an interest rate swap contract for a notional amount of EUR230million and for a period of up to 30 November 2005 to swap the interest reference rate of the Company’s EUR230million long term loan from EURO Interbank Offered Rate (“EURIBOR”) to USD London Interbank Offered Rate (“USDLIBOR”) in order to benefit from the lower USD LIBOR rate without incurring foreign exchange exposure.Price fluctuation riskThe Group is exposed to price fluctuation risk on sales and purchases of vegetable oil commodities. The Group sellsforward in the physical market and enters into commodity future contracts with the objective of managing andhedging the Group’s exposure to price volatility in the commodity markets.As at balance sheet date, the Group has entered into the following commodity future contracts with maturities ofless than 1 year:Group2003In RM’000Net UnrecognisedGain/(Loss) As AtTotal 30.06.2003IOI Corporation BerhadAnnual Report 2003204Sales contracts 24,117 (1,486)Purchase contracts 43,705 1,621
39 FINANCIAL INSTRUMENTS cont’dPrice fluctuation risk cont’dThe net unrecognised gain/(loss) on the above commodity future contracts have been deferred until the relatedfuture transactions occur, at which time they will be included in the measurement of the transactions.The Group is also exposed to price fluctuation risk arising from changes in the market prices of its quotedinvestments. The Group does not use derivative instruments to manage this risk as these quoted investments aremainly held as long term investments.Credit riskCredit risk or risk of financial loss from the failure of customers or counterparties to discharge their financial andcontractual obligations, is managed through the application of credit approvals, credit limits, insuranceprogramme and monitoring procedures on an ongoing basis. If necessary, the Group may obtain collaterals fromcounter parties as a mean of mitigating losses in the event of default.The Group does not have any significant exposure to any individual customer or couterparty nor does it have anymajor concentration of credit risk related to any financial instruments.The maximum exposure to credit risk for the Group and for the Company were represented by the carrying amountto each financial assets; and in addition, in respect of derivatives, the notional amount as disclosed in therespective notes to financial statements.Liquidity riskThe Group actively manages its debt maturity profile, operating cash flows and the availability of funding so as toensure all operating, investing and financing needs are met. To mitigate liquidity risk, management measures andforecasts its cash commitments, monitors and maintains a level of cash and cash equivalents deemed adequate tofinance the Group’s operation and investment activities. In addition, the Group strives to maintain availablebanking facilities at a reasonable level against its overall debt position.205IOI 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 242: fold hereIOI Corporation BerhadNo.
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Eng - IOI Group

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