Eng - IOI Group

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notestothefinancialstatements cont’d44 LIST OF SUBSIDIARIES AND ASSOCIATES cont’dEffective GroupInterestName of Company 2003 2002 Principal ActivityIndirect Subsidiaries cont’dSubsidiary of IOI Construction Sdn BhdIOI Concrete Sdn Bhd 70% 70% InactiveSubsidiary of Kayangan Heights Sdn BhdCommon Portfolio Sdn Bhd 60% 60% Pre-operatingSubsidiaries of Swee Lam Estates(Malaya) Sdn BhdSwee Lam Development Sdn Bhd 100% 100% Pre-operatingSwee Lam Properties Sdn Bhd 100% 100% Pre-operating* Subsidiaries not audited by BDO BinderAssociatesKanzen Tetsu Sdn Bhd - 30% Manufacturing and distribution ofstainless steel pipesPerumahan Abadi Sdn Bhd 25% 25% InactiveAssociate of Ladang Sabah Sdn BhdReka Halus Sdn Bhd 30% 30% Cultivation of oil palm and processing ofpalm oilAssociate of Sakilan Desa Sdn BhdMinat Teguh Sdn Bhd - 27% Cultivation of oil palm and processing ofpalm oilAssociate of IOI Properties BerhadContinental Estates Sdn Bhd 16% 16% Property development and cultivationof oil palmIOI Corporation BerhadAnnual Report 2003224Associates of Palmco Holdings BerhadFatty Chemical (Malaysia) Sdn Bhd 15% 18% Manufacturing of fatty alcohol and methylestersKao Plasticizer (Malaysia) Sdn Bhd 15% 18% Manufacturing of plasticizer and otherchemical productsAssociate of Palmex Industries Sdn BerhadMalaysia Pakistan Venture Sdn Bhd 13% 15% Investment holding
45 CHANGES IN ACCOUNTING POLICES AND PRIOR YEAR ADJUSTMENTS45.1 Deferred taxationDuring the financial year, the Group changed its accounting policy in respect of the provision of deferredtaxation in compliance with the new MASB 25, Income Taxes. Prior to the adoption of MASB 25, deferredtaxation was provided for on partial provision basis for timing differences using the income statementliability method in accordance with IAS 12, Accounting for Taxes on Income. With the adoption of MASB 25,deferred tax is now provided for in full using balance sheet liability method on temporary differences arisingfrom tax bases of assets and liabilities and their carrying amounts.The change in accounting policy, applied retrospectively, has the following impact on results as follows:In RM’000GroupCompany2003 2002 2003 2002Net profit before changein accounting policy 526,671 350,960 148,381 163,170Effect of adopting MASB 25 (Note 9) (24,619) (4,459) - -Net profit for the year 502,052 346,501 148,381 163,17045.2 Recognition of gains or losses arising from deemed disposalsGains or losses arising from deemed disposals upon issuance of new shares by subsidiaries to minorityshareholders were previously deferred in capital reserve and to be realised in income statement when theGroup’s investments in subsidiaries are disposed. These gains or losses are now recognised in the incomestatement upon occurrence of deemed disposal provided that new shares are issued to minority shareholdersfor cash consideration and the issue prices have been established at fair value.The change in accounting policy will result in a more appropriate presentation of the transactions in thefinancial statements and has been applied retrospectively. Except for the reclassification of RM34,003,000 ofopening balance of capital reserve to retained profits, the change in accounting policy does not affect theresult of the Group for the current financial year or other components of the financial statements.225IOI 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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Page 242: fold hereIOI Corporation BerhadNo.
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Eng - IOI Group

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