Eng - IOI Group

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Notes To The Financial Statements cont’d18. OTHER LONG TERM INVESTMENTSGroupCompany2007 2006 2007 2006RM’000 RM’000 RM’000 RM’000At costIn Malaysia- Quoted shares 31,682 33,457 9,472 13,128- Unquoted shares 1,783 1,783 860 860- Quoted warrants - 1,711 - 1,71133,465 36,951 10,332 15,699Outside Malaysia- Quoted shares 5 5 5 533,470 36,956 10,337 15,704Less: impairment losses (5,771) (6,580) (5,514) (5,879)27,699 30,376 4,823 9,825At market value- Shares quoted in Malaysia 59,143 40,588 4,501 6,280- Warrants quoted in Malaysia - 26 - 2619. GOODWILL ON CONSOLIDATIONGroup2007 2006RM’000 RM’000At beginning of financial year 415,830 447,485Arising from acquisition of subsidiaries (Note 41) 88,097 -Arising from acquisition of additional shares in a subsidiary 6,618 4,401Arising from purchase of own shares by a subsidiary 116 7,738Impairment loss in a foreign subsidiary - (13,886)510,661 445,738Amortisation for the financial year - (29,908)At end of financial year 510,661 415,830The goodwill recognised on the acquisitions during the financial year is attributable mainly to the skills and technical talents of theacquired business’s work force and the synergies expected to be achieved from integrating the company into the Group’s existingbusiness.179ANNUAL REPORT 2007IOI Corporation Berhad
Notes To The Financial Statements cont’d19. GOODWILL ON CONSOLIDATION cont’dFor the purpose of impairment testing, goodwill is allocated to the Group’s Cash-generating Units (“CGUs”) identified accordingto the business segments as follows:Group2007 2006RM’000 RM’000Plantation 93,025 90,999Property development 80,108 73,373Resource-based manufacturing 337,528 251,458510,661 415,830Goodwill is tested for impairment on an annual basis by comparing the carrying amount with the recoverable amount of the CGUsbased on value-in-use. Value-in-use is determined by discounting the future cash flows to be generated from the continuing use ofthe CGUs based on the following assumptions:i. Cash flows are projected based on the management’s three-year business plan.ii.Discount rates used for cash flows discounting purpose are the management’s estimate of return on capital employed requiredin the respective segments. The discount rates applied for cash flow projections are ranging from 10.03% to 10.28%.iii.Growth rate for the plantation segment are determined based on the management’s estimate of commodity prices, palmyields, oil extraction rates and also cost of productions whilst growth rates of other segments are determined based on theindustry trends and past performances of the segments.iv.Profit margins are projected based on the industry trends, historical profit margin achieved or predetermined profit marginfor property projects.The management is not aware of any reasonably possible change in the above key assumptions that would cause the carryingamount of the CGUs to materially exceed their recoverable amounts.IOI Corporation BerhadANNUAL REPORT 2007 180
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Our Vision... is to be a leading co
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Chairman’s StatementDear Valued S
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Responsibility“ Today, more than
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Group Performance Highlights2007 20
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Efficiency“The future belongs to
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Management’s Discussion and Analy
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PALM OIL BUSINESS STREAMManagement
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CORPORATE SOCIAL RESPONSIBILITY (CS
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KepongKLCCKL SentralPetaling JayaKu
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Corporate InformationBOARD OF DIREC
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Profile of Directors cont’dDATO
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Profile of Directors cont’dDATUK
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Excellence in ExecutionOur commitme
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Audit Committee Report cont’dTERM
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Audit Committee Report cont’dTERM
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Corporate GovernanceINTRODUCTIONThe
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Corporate Governance cont’dTHE BO
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Corporate Governance cont’dTHE BO
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Corporate Governance cont’dSHAREH
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Statement on Internal ControlINTROD
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Statement on Internal Control cont
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Other InformationCOMPOSITION OF SHA
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RECURRENT RELATED PARTY TRANSACTION
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Other Information cont’dPENALTIES
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Senior Management TeamGroup Chief E
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Global PresenceNORTH AMERICA• USA
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Location of Operations in MalaysiaP
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Corporate CalendarNov 2006• IOI P
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Corporate Calendar cont’dMarch200
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Social ContributionSep 2006• Yaya
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Social Contributions cont’dMay 20
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Directors’ ReportThe Directors of
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Directors’ Report cont’dUSD310
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Directors’ Report cont’dExecuti
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Directors’ Report cont’dReserve
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Directors’ Report cont’dDirecto
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Directors’ Report cont’dStatuto
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Directors’ Report cont’dSignifi
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Directors’ Report cont’dSignifi
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Income Statementsfor the financial
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Balance Sheets cont’das at 30 Jun
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Statements Of Changes In Equity con
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Statements Of Changes In Equity con
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Notes To The Financial Statements c
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Statement By DirectorsIn the opinio
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Group PropertiesA. PLANTATION ESTAT
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Group Properties cont’dA. PLANTAT
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Group Properties cont’dB. DEVELOP
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Group Properties cont’dC. INVESTM
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Group Properties cont’dD. INDUSTR
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Group Properties cont’dE. OTHER P
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Notice of Annual General MeetingNOT
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Notice of Annual General Meeting co
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Statement Accompanying Noticeof Ann
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Shareholders Information cont’das
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fold herestampThe Company Secretary
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