Eng - IOI Group

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eportoftheauditors to the members of IOI Corporation BerhadWe have audited the financial statements set out on pages 128 to 226. These financial statements are the responsibilityof the Company’s Directors. Our responsibility is to express an opinion on the financial statements based on our audit.We conducted our audit in accordance with approved standards on auditing in Malaysia. These standards require that weplan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accounting principles used and significant estimates made bythe Directors, as well as evaluating the overall financial statements presentation. We believe that our audit provides areasonable basis for our opinion.In our opinion:athe financial statements have been properly drawn up in accordance with applicable approved accountingstandards in Malaysia and the provisions of the Companies Act, 1965 so as to give a true and fair view of:iiithe matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statementsof the Group and of the Company; andthe state of affairs of the Group and of the Company as at 30 June 2003 and of their results and cash flowsfor the financial year then ended; andbthe accounting and other records and the registers required by the Act to be kept by the Company and by thesubsidiary companies of which we have acted as auditors have been properly kept in accordance with theprovisions of the said Act.We have considered the financial statements and the auditors’ reports of the subsidiary companies of which we have notacted as auditors, as indicated in Note 44 to the financial statements, being financial statements that are included inthe consolidated financial statements.We are satisfied that the financial statements of the subsidiary companies that are consolidated with the Company’sfinancial statements are in form and content appropriate and proper for the purposes of the preparation of theconsolidated financial statements and we have received satisfactory information and explanations required by us forthose purposes.The auditors’ reports on the financial statements of the subsidiary companies were not subject to any qualification anddid not include any comment made under Section 174(3) of the Act.BDO BinderAF : 0206Chartered AccountantsIOI Corporation BerhadAnnual Report 2003228Tan Kim Leong, JP125/06/05 (J/PH)PartnerKuala Lumpur2 September 2003
grouppropertiesAPLANTATION ESTATESNet BookValueas at Year ofArea Crop Factory/ 30.06.03 Acquisition/Location Tenure (Hectare) Planted Mill RM’000 RevaluationPahang Darul MakmurBukit Dinding Estate, Bentong Freehold 1,661 OP R - 18,114 1983Pukin Estate, Pekan Rompin Leasehold 2,411 OP M 42,673 1985expiring 2071,2074, 2077Mekassar Estate, Pekan Rompin Leasehold 1,223 OP - 20,029 1985expiring 2075Detas Estate, Pekan Leasehold 2,226 OP - 26,957 1989expiring 2081Bukit Leelau Estate, Pekan Leasehold 2,096 OP M 24,918 1989expiring 2088Merchong Estate, Pekan Leasehold 1,953 OP - 29,509 1990expiring 2075Leepang A Estate, Rompin Leasehold 2,404 OP - 12,952 2000expiring 2065Laukin A Estate, Rompin Leasehold 1,620 OP - 8,116 2000expiring 2065Shahzan IOI Estate Leasehold 3,210 OP - 7,905 2002expiring 2061Negeri SembilanDarul KhususRegent Estate, Tampin Freehold 2,303 OP R - 41,989 1990Bahau Estate, Kuala Pilah Freehold 3,020 OP R - 54,268 1990Kuala Jelei Estate, Kuala Pilah Freehold 678 OP - 12,832 1990Johor Darul TakzimGomali Estate, Segamat Freehold 3,678 OP M 82,297 1990Paya Lang Estate, Segamat Freehold 1,420 OP F 26,242 1990Tambang Estate, Segamat Freehold 1,983 OP - 38,349 1990Bukit Serampang Estate, Tangkak Freehold 2,721 OP - 47,451 1990Kahang Estate, Kluang Leasehold 2,420 OP - 37,470 1990expiring 2082Sagil Estate, Tangkak Freehold 2,521 OP R - 45,759 1990Segamat Estate, Segamat Freehold 2,107 OP R - 37,129 1990Pamol Plantation Estate, Kluang Freehold 8,110 OP M 273,999 2003229IOI 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 180 and 181: notestothefinancialstatements cont
Page 232 and 233: groupproperties cont’dAPLANTATION
Page 234 and 235: groupproperties cont’dBDEVELOPMEN
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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