Eng - IOI Group

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Notes To The Financial Statements cont’d35. OTHER LONG TERM LIABILITIES cont’d35.1 Retirement benefitsGroupCompany2007 2006 2007 2006RM’000 RM’000 RM’000 RM’000Present value of funded obligations 278,221 257,497 - -Fair value of plan assets (234,446) (199,802) - -43,775 57,695 - -Present value of unfunded obligations 18,649 12,658 1,021 1,108Present value of net obligations 62,424 70,353 1,021 1,108Unrecognised actuarial losses (23,166) (30,526) - -Unrecognised past service cost 863 1,092 - -Recognised liability for defined benefit obligations 40,121 40,919 1,021 1,108The Company and certain subsidiaries operate defined benefit plans. The plans of the Company and Malaysian subsidiariesare operated on an unfunded basis whilst certain foreign subsidiaries are operating funded defined benefit plans. Thebenefits payable on retirement are generally based on the length of service and average salary of the eligible employees.The last actuarial valuations for the unfunded and funded plans were carried out on 30 June 2007 and 30 June 2006.Movement in the net liability recognised in the balance sheets:GroupCompany2007 2006 2007 2006RM’000 RM’000 RM’000 RM’000Net liability at beginning of financial year 40,919 55,439 1,108 1,042Contributions to funded plans (22,971) (21,290) - -Benefits paid for unfunded plans (633) (746) (95) (96)Expense recognised in the income statement 18,370 5,874 8 162Reversal of provision in prior year - 1,092 - -Addition through subsidiaries acquired 7,354 - - -Reduction through subsidiary disposed (1,982) - - -Foreign currency translation differences (936) 550 - -Net liability at end of financial year 40,121 40,919 1,021 1,108207ANNUAL REPORT 2007IOI Corporation Berhad
Notes To The Financial Statements cont’d35. OTHER LONG TERM LIABILITIES cont’d35.1 Retirement benefits cont’dExpense recognised in the income statements:GroupCompany2007 2006 2007 2006RM’000 RM’000 RM’000 RM’000Current service costCurrent year 16,824 18,899 44 103Prior year - 554 - -Interest costCurrent year 13,168 12,275 31 59Prior year - 538 - -Expected return on plan assets (12,049) (10,077) - -Net actuarial gain/ (loss) 595 870 (67) -Plan change - (15,917) - -Past service cost (168) (176) - -18,370 6,966 8 162The expense is recognised in the following line items in the income statements:GroupCompany2007 2006 2007 2006RM’000 RM’000 RM’000 RM’000Cost of sales 8,793 2,486 8 162Distribution expenses 1,416 2,500 - -Administrative expenses 8,161 1,980 - -18,370 6,966 8 162Actual return on plan assets 14,596 4,043 - -IOI Corporation BerhadANNUAL REPORT 2007 208
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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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Cash Flow Statements cont’dfor th
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Cash Flow Statements cont’dfor th
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Notes To The Financial Statements c
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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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Eng - IOI Group

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