Eng - IOI Group

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management’sdiscussionandanalysis • review of core business operations cont’dRM Million20015010050Sales0Q1 Q2 Q3 Q4Operating ProfitOPERATIONS cont’dMarket sentiment has however improved noticeably in the fourth quarter of FY 2003 with the end of the SARS outbreak and theIraq war and with a more buoyant stock market and the availability all time low interest rates. The government’s stimulus packagefor the property market which includes stamp duty exemption for properties below RM180,000, tax deductibility of interest costfor first time house buyers and the one year Real Property Gains Tax waiver commencing 1 June 2003, are also expected to keepdemand momentum going.IOI Corporation BerhadAnnual Report 200362
OPERATIONS cont’dIn line with the market environment, the Group did reasonably well again in FY 2003.The Klang Valley projects comprising Bandar Puteri, Bandar Puchong Jaya and IOI Resort accounts for 70% of Groupproperty sales. Our projects in the Klang Valley which are located in the Puchong, Putrajaya / Cyberjaya corridorcontinued to receive good response from property buyers because of their locational advantages and easy accessibilitythrough a network of new highways. Despite increased competition from neighbouring developers, these projectsmanaged to record satisfactory level of sales due to our relatively affordable pricing, and support amenities such asshopping mall and hypermarket surrounding our development.Bandar Putra Kulai (“BPK”) in Kulai, Johore, had a relatively good year, enjoying reasonably good response from housebuyers despite overall property market in Johore remaining soft. The IOI Mall, Kulai since its opening in the previousfinancial year, has brought in more commercial activities and boosted the profile of BPK township. Good infrastructure inthe township together with the availability of wide range of affordable houses and commercial properties are expectedto continue to attract prospective buyers.Overall, due to a slow first half, the group recorded a decline of 11% in property sales for FY 2003. The Group sold atotal of 1,963 units of properties with a total sale value of RM428.9 million as compared to 2,090 units with a totalsales value of RM483.5 million for FY 2002. Bandar Puteri, Puchong the flagship development project of the Groupaccounts for 44% of the total sales.The sales for the various projects are as follows:Sale ValueUnits(RM million)Projects FY 2003 FY 2002 FY 2003 FY 2002Bandar Puchong Jaya 216 400 87.9 71.4Bandar Puteri, Puchong 844 820 187.9 303.3Bandar Putra, Kulai 711 707 117.5 96.2Others 192 163 35.6 12.6Total 1,963 2,090 428.9 483.563IOI 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
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 and 54: Area Statement (In Hectares)Year en
Page 55 and 56: OPERATIONS cont’dAlthough oil yie
Page 57: OUTLOOK AND PROSPECTSPrices of edib
Page 63: management’sdiscussionandanalysis
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
Page 89 and 90: Financial Reporting cont’dIn addi
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
Page 105 and 106: ■ Plantation1 Bukit Dinding Estat
Page 107 and 108: • The exercise price of Warrants
Page 109 and 110: MARCH 2003• IOI achieved a 5th pl
Page 111 and 112: socialcontributions• In conjuncti
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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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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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fold hereIOI Corporation BerhadNo.
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