Eng - IOI Group

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notestothefinancialstatements cont’d39 FINANCIAL INSTRUMENTS cont’dFair valuesThe carrying amounts of financial instruments of the Group and of the Company at the balance sheet dateapproximated their fair value except as set out below:2003In RM’000GroupCompanyCarrying Fair Carrying FairAmount Value Amount ValueIOI Corporation BerhadAnnual Report 2003206Financial assetsQuoted other long term investments 29,693 38,858 9,991 7,470Quoted short term investments 2,059 3,484 - -Financial liabilitiesTerm loans 350,000 369,766 - -Derivative financial instrumentsForward foreign exchange contractsSale contracts - 3,690 - -Purchase contracts - (2,406) - -Commodity future contractsSale contracts - (1,486) - -Purchase contracts - 1,621 - -Interest rate swap - 4,774 - -The following methods and assumptions are used to estimate the fair values of financial instruments:i The carrying amounts of financial assets and liabilities maturing within 12 months approximate fair valuesdue to the relatively short term maturity of these financial instruments.ii The fair values of quoted securities are their quoted market prices at the balance sheet date.iii The fair values of the Group’s borrowings are estimated using discounted cash flow analysis, based oncurrent incremental lending rates for similar types of lending and borrowing arrangements and of the sameremaining maturities.iv The fair values of derivative financial instruments are the estimated amounts that the Group would expectto pay or receive on the termination of the outstanding positions arising from such contracts.v It is not practical to estimate the fair value of the Group’s long term unquoted investments because of thelack of quoted market prices and the inability to estimate fair value without incurring excessive costs.However, the Group believes that the carrying amount represents the recoverable value.vi It is also not practical to estimate the fair values of amounts due to/from subsidiaries and associates, dueprincipally to a lack of fixed repayment term entered by the parties involved and without incurring excessivecosts. However, the Group and the Company do not anticipate the carrying amounts recorded at the balancesheet date to be significantly different from the values that would eventually be received or settled.Comparative information on financial instruments are not presented upon first application of MASB 24, FinancialInstruments: Disclosure and Presentation
40 COMMITMENTS40.1 Capital CommitmentsIn RM’000GroupCompany2003 2002 2003 2002Authorised capital expenditure not providedfor in the financial statements- ContractedPurchase of property, plant and equipment 30,829 27,252 - 1,531New planting 262 - - -Construction in progress 26,182 41,626 - -- Not ContractedPurchase of property, plant and equipment 48,774 74,833 4,546 2,113New planting 14,325 23,463 1,320 1,06040.2 Operating Lease CommitmentsThe future minimum lease payments under non-cancellable operating lease are as follows:In RM’000Group2003 2002Not later than 1 year 2,746 -Later than 1 year and not later than 5 years 12,866 3,000Later than 5 years 139,214 74,214154,826 77,214207IOI 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’
Page 242: fold hereIOI Corporation BerhadNo.
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Eng - IOI Group

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