Eng - IOI Group

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chairman’sstatement cont’dREVIEW OF RESULTSGroup operating results were significantly higher than in FY 2002 with positive improvements across all businesses andwere especially driven by a 132% jump in plantation earnings.In line with a 36% higher CPO price realised, a 34% increase in CPO output arising from the 5 1 /2 months contribution fromthe newly acquired Pamol estates as well as a 12% improvement in CPO oil yield, plantation segment’s operating profitincreased by 132% to RM530.3 million for the financial year under review, up from RM229.0 million the previous year.On our property business, the lacklustre property market in the first three quarters of the financial year under reviewaffected sales take-up on new launches. The housing sector however experienced a strong rebound in the fourth quarter assentiments turned positive with the end of the SARS outbreak and the Iraq war. The overall operating profit achieved forproperty development and investment activities for FY 2003 was RM255.2 million, marginally lower than the RM257.8million achieved in the previous year. Profits from development was in fact RM10.3 million or 4% higher than the previousyear but it was offset by lower contribution from the property investment sector because of a revaluation deficit of RM14.1million in respect of an investment property in Singapore.With the rationalisation exercise undertaken during the previous financial year which saw the disposal of the Group’sinterests in industrial gas business and a steel piping company both being non-palm related activities, the Group’smanufacturing activities now comprise palm oil refining, oleochemicals, specialty oils and fats which are all palm-based,down-stream manufacturing activities.IOI Corporation BerhadAnnual Report 20036
REVIEW OF RESULTS cont’dEBIT contribution from the Group’s manufacturing segment, increased by 22% to RM123.5 million for FY 2003, up fromRM101.0 million for the previous financial year. The increase was attributable mainly to the oleochemical sub-segment.The contribution of newly acquired Loders Croklaan was however not significant as its results for the period was affectedby lower margins due to unfavourable market conditions as well as one-off charges.A more detail review of the Group’s performance is provided under the section on “Management’s Discussion andAnalysis” in this Annual Report.DIVIDENDSIn line with the outstanding performance of the Group, the Board has declared a much higher amount of dividends for FY2003 after taking into account the financial position and cash requirement of the Group.7IOI Corporation BerhadAnnual Report 2003
Page 1: www.ioigroup.comIOI Corporation Ber
Page 5 and 6: OPERATING BACKGROUNDThe Malaysian e
Page 7: FINANCIAL OVERVIEW cont’dGroup’
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Page 47 and 48: RISK MANAGEMENTThe Group has in pla
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management’sdiscussionandanalysis
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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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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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Eng - IOI Group

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