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management’sdiscussionandanalysis • review of core business operations cont’dOPERATIONSThe total matured hectarage for oil palm increased by 22,073 hectares or 26% to 107,108 hectares as at 30 June 2003due largely to the inclusion of Pamol estates which have added 20,242 hectares to the Group’s oil palms holding whilethe balance of 1,831 hectares represent immature areas brought into maturity during the year under review.The Group FFB harvested for the year increased by 25% to 2.4 million MT with yields improving by about 10% from 22.91MT of FFB per hectare to 25.10 MT per hectare and also because of a 14% increase in average mature hectare as a resultof the 5 1 /2 months contribution from the newly acquired Pamol estates.The higher FFB yield coupled with improved oil extraction rate from 21.28% for FY 2002 to 21.82% for FY 2003 haspushed our CPO yield up to 5.48 MT of CPO per mature hectare from 4.88 MT achieved previously. The Group CPO yieldtrend for the last 5 years reflects a continuous improving trend.Estates that achieved > 6 MT of CPOper mature hectare in FY 2003ESTATE Mature Ha CPO/Ha (MT)IOI Corporation BerhadAnnual Report 200352MT/HA65432101999 2000 2001 2002 2003 Oil Yield/HaJ. Lalang 2,233 7.45Permodalan 2 1,800 7.32Terusan Baru 1,628 6.96Sg. Sapi 1,212 6.71Laukin Estate 1,973 6.67Permodalan 1 2,123 6.65Baturong 1 2,700 6.65Syarimo 3 2,316 6.57Sagil 1,723 6.51Permodalan 3 1,955 6.47Luangmanis 2,460 6.38Moynod 2,802 6.23Baturong 3 1,909 6.20Sakilan Estate 2,219 6.16Bahau 2,465 6.03
OPERATIONS cont’dAlthough oil yield achieved to-date is significantly higher than the industry average of 3.8 MT per hectare, there is stillroom for significant improvement. During the financial year, the number of estates managed by the Group that haveachieved oil yield of more than 6 MT per mature hectare have increased significantly to 15 estates as compared to 3estates in the previous financial year. With more young palms moving into their prime age and further improvement inestates productivity and efficiency, our plantation yields have the potential to be significantly higher than the currentlevels.The cess and tax for the year were as follows:RM‘000FY 2003 FY 2002MPOB cess 10,392 7,519Rubber 358 35110,750 7,870Sabah sales tax 25,318 12,98336,068 20,853Whilst the increase in MPOB cess was due mainly to the significant increase in CPO price as well as higher FFBproduction, the substantial increase in Sabah sales tax is also due to the change in the computation whereby effective 1January 2003 sales tax is payable based on 5% of CPO price instead of the previous basis of RM50 for every MT of CPOproduced at above MPOB’s price of RM1,000 per MT.With regard to rubber, total planted area was further reduced to 1,397 hectares as at 30 June 2003, down from 1,776hectares for FY 2002. Despite the reduction in hectarage, rubber production has increased marginally from 3,607,000 kgfor FY 2002 to 3,615,000 kg for the year under review due to a 13% improvement in yield per Ha from 1,995 kg per Hafor FY 2002 to 2,252 kg per Ha for the current financial year.53IOI Corporation BerhadAnnual Report 2003
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www.ioigroup.comIOI Corporation Ber
Page 5 and 6: OPERATING BACKGROUNDThe Malaysian e
Page 7 and 8: FINANCIAL OVERVIEW cont’dGroup’
Page 9 and 10: REVIEW OF RESULTS cont’dEBIT cont
Page 11 and 12: OTHER CORPORATE DEVELOPMENT AND GRO
Page 13 and 14: SOCIAL CONTRIBUTIONSAs a responsibl
Page 15: ACKNOWLEDGEMENTOn behalf of the Boa
Page 18 and 19: noticeofannualgeneralmeetingNOTICE
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Page 25 and 26: oostingjobfulfilment“When it come
Page 27 and 28: oardofdirectorsTan Sri Dato’ Lee
Page 29 and 30: Dato’ Lee Yeow ChorExecutive Dire
Page 31 and 32: Datuk Khalid b Hj HusinIndependent
Page 34 and 35: groupfinancialoverviewBalance Sheet
Page 36 and 37: groupperformancehighlightsIOI Corpo
Page 38 and 39: five-yearfinancialhighlightsIn RM
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Page 43 and 44: HIGHLIGHTS cont’d• Net operatin
Page 45 and 46: ECONOMIC PROFIT AND RETURNS cont’
Page 47 and 48: RISK MANAGEMENTThe Group has in pla
Page 49 and 50: Financial Risk Management cont’d
Page 51 and 52: management’sdiscussionandanalysis
Page 53: Area Statement (In Hectares)Year en
Page 57: OUTLOOK AND PROSPECTSPrices of edib
Page 65 and 66: OPERATIONS cont’dIn line with the
Page 67 and 68: RESULTS cont’dThe Group’s overa
Page 69 and 70: ValKepongKLCCKualaLumpurKL SentralP
Page 73 and 74: OPERATIONSThe Group’s palm oil re
Page 75 and 76: PROSPECTSThe oleochemical sub-segme
Page 77 and 78: 4 Duties and ResponsibilitiesIn ful
Page 79 and 80: ACTIVITIES cont’dviiReview of the
Page 81 and 82: Roles and Principal Duties cont’d
Page 83 and 84: Board Composition and Balance cont
Page 85 and 86: Re-electionIn accordance with the C
Page 87 and 88: Directors’ Remuneration cont’d1
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Page 91 and 92: NATURE OF OUR INTERNAL CONTROLS CON
Page 93 and 94: otherinformationCOMPOSITION OF SHAR
Page 95 and 96: Type of Recurrent Interested Direct
Page 97 and 98: Type of Recurrent Interested Direct
Page 99 and 100: 27 Tan Sri Dato’ Lee Shin Cheng i
Page 101 and 102: groupbusinessstructurePlantationPla
Page 103 and 104: 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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eportoftheauditors to the members o
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groupproperties cont’dAPLANTATION
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groupproperties cont’dBDEVELOPMEN
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groupproperties cont’dDINDUSTRIAL
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groupproperties cont’dEOTHER PROP
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LIST OF TOP 30 SHAREHOLDERS cont’
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