Eng - IOI Group

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notestothefinancialstatements cont’d43 ANALYSIS OF LIABILITIES PAYABLE AND DEBTS RECEIVABLE - GROUPThe liabilities payable and debts receivable by the Group, estimated by the Directors are as follows:In RM’000Group2003 2002IOI Corporation BerhadAnnual Report 2003216Liabilities PayableAmount due to associates 2,739 2,739Trade payables 216,983 105,877Other payables and accruals 313,982 275,524Amount due to customers on contracts - 194Bank overdrafts 12,148 27,600Short term borrowings 1 191,354 590,527Taxation 23,536 41,181Term loans 1,689,691 501,857Club membership deposits 14,990 14,7382,465,423 1,560,237Less:Short term funds 44,649 61,641Deposits with financial institutions 218,659 216,632Cash and bank balances 236,524 201,8531,965,591 1,080,111Payable as follows:Within 2 years 2 586,310 630,872Between 2 to 5 years 1,164,361 394,971After 5 years 214,920 54,2681,965,591 1,080,111Debts ReceivableAmount due from associates 3,437 5,539Trade receivables 398,548 238,431Other receivables, deposits and prepayments 160,966 79,614Amount due from customers on contracts 624 -Tax recoverable 1,247 10,187564,822 333,771Add:Estimated proceeds to be received from the exercise of Warrants 1995/2003 - 608,117564,822 941,888Receivable as follows:Within 2 years 564,822 941,888Between 2 to 5 years - -564,822 941,888Notes:1 Included in short term borrowings of RM191,354,000 (2002 - RM590,527,000) are revolving credit facilities of RM49,468,000 (2002 -RM37,443,000) and Commercial Papers of RM140,000,000 (2002 - RM280,000,000). Even though these facilities have been classified aspayable within 2 years based on accounting requirements, the Directors are however of the view that the facilities form part of the basicfinancing tools of the Group and therefore significant portion of these facilities will continue to be available in the foreseeable future.2 The liabilities payable within 2 years is net of short term funds, deposits with financial institutions and cash and bank balances.
44 LIST OF SUBSIDIARIES AND ASSOCIATESThe subsidiaries and associates, incorporated in Malaysia except otherwise stated, are as follows:Effective GroupInterestName of Company 2003 2002 Principal ActivityDirect SubsidiariesPlantationCantawan Oil Palms Sdn Bhd 100% 100% Cultivation of oil palmFruitful Plantations Sdn Bhd 100% 100% Cultivation of oil palmHill Land Sdn Bhd 100% 100% Cultivation of oil palmLadang Asas Sdn Bhd 100% 100% Cultivation of oil palmLadang Cantawan (Sabah) Sdn Berhad 100% 100% Cultivation of oil palmSafima Plantations Sdn Bhd 100% 100% Cultivation of oil palmSakilan Desa Sdn Bhd 90% 90% Cultivation of oil palmSri Cantawan Sdn Bhd 100% 100% Cultivation of oil palm(formerly known as Syarikat Sri Tapadung Sdn Bhd)Dynamic Plantations Berhad 100% 100% Cultivation of oil palm and rubber andprocessing of palm oilHalusah Ladang Sdn Bhd 100% 100% Cultivation of oil palm and processing ofpalm oilPerusahaan Mekassar (M) Sdn Bhd 100% 100% Cultivation of oil palm and processing ofpalm oilSharikat Pukin Ladang Kelapa Sawit 100% 100% Cultivation of oil palm and processing ofSdn Berhadpalm oilMorisem Palm Oil Mill Sdn Bhd * 100% 100% Processing of palm oil and investment holdingIOI Commodity Trading Sdn Bhd 100% 100% Trading in palm oil and rubber commoditiesFuture Growth Sdn Bhd 100% 100% Investment holdingLadang Sabah Holdings Sdn Bhd 100% 100% Investment holdingMorisem Consolidated Sdn Bhd * 100% 100% Investment holdingMorisem Sdn Bhd * 100% 100% Investment holdingSyarimo Sdn Bhd 100% 100% Cultivation of oil palm, processing of palmoil and investment holding217IOI 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 238 and 239: groupproperties cont’dEOTHER PROP
Page 240 and 241: LIST OF TOP 30 SHAREHOLDERS cont’
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