Annual Report 2012 - IOI Group

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5. SIGNIFICANT ACCOUNTING POLICIES (Continued)5.20 Income Taxes (Continued)5.20.2 Deferred tax (Continued)Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assetsagainst current tax liabilities and when the deferred income taxes relate to the same taxation authority on either:i. the same taxable entity; orii.different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or torealise the assets and settle the liabilities simultaneously, in each future period in which significant amounts ofdeferred tax liabilities or assets are expected to be settled or recovered.Deferred tax will be recognised as income or expense and included in profit or loss for the period unless the taxrelates to items that are credited or charged, in the same or a different period, directly to equity, in which case thedeferred tax will be charged or credited directly to equity.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when theasset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantivelyenacted by the end of the reporting period.5.21 Non-current Assets (or Disposal Groups) Held For SaleNon-current assets (or disposal groups) are classified as held for sale if their carrying amounts will be recovered principallythrough a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highlyprobable and the asset is available for immediate sale in its present condition subject only to terms that are usual andcustomary. Management must be committed to a plan to sell the assets which are expected to qualify for recognition as acompleted sales within one year from the date of classification. However, an extension of the period required to completethe sale does not preclude the assets (or disposal groups) from being classified as held for sale if the delay is caused byevents or circumstances beyond the control of the Group and there is sufficient evidence that the Group remains committedto its plan to sell the assets (or disposal groups).When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of thatsubsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group retainsa non-controlling interest in its former subsidiary after the sale or otherwise.Immediately before classification as held for sale, the measurement of the non-current assets (or all the assets and liabilitiesin a disposal group) is brought up-to-date in accordance with applicable FRSs. Then, on initial classification as held for sale,non-current assets or disposal groups (other than investment properties, deferred tax assets, employee benefits assets,financial assets and inventories) are measured in accordance with FRS 5 that is at the lower of carrying amount and fair valueless costs to sell. Any differences are included in profit or loss as an impairment loss.The Group measures a non-current asset (or disposal group) classified as held for distribution to owners at the lower of itscarrying amount and fair value less costs to distribute.Annual Report 2012IOI CORPORATION BERHAD 153
NOTES TO THEFINANCIAL STATEMENTS5. SIGNIFICANT ACCOUNTING POLICIES (Continued)5.21 Non-current Assets (or Disposal Groups) Held For Sale (Continued)Non-current assets (or disposal groups) held for sale are classified as current assets (and current liabilities, in the case of noncurrentliabilities included within disposal groups) on the face of the statement of financial position and are stated at thelower of carrying amount immediately before initial classification and fair value less costs to sell and are not depreciated.Any cumulative income or expense recognised directly in equity relating to the non-current asset (or disposal group)classified as held for sale is presented separately.If the Group has classified an asset (or disposal group) as held for sale but subsequently the criteria for classification is nolonger met, the entity shall cease to classify the asset (or disposal group) as held for sale. The Group shall measure a noncurrentasset that ceases to be classified as held for sale (or ceases to be included in a disposal group classified as held forsale) at the lower of:i. its carrying amount before the asset (or disposal group) was classified as held for sale, adjusted for any depreciation,amortisation or revaluations that would have been recognised had the asset (or disposal group) not been classified asheld for sale; andii.its recoverable amount at the date of the subsequent decision not to sell.5.22 Earnings Per ShareThe Group presents basic and diluted earnings per shares (“EPS”) data for its ordinary shares. Basic EPS is calculated bydividing profit or loss attributable to owners of the parent by the weighted average number of ordinary shares outstandingduring the period. Diluted EPS is determined by adjusting profit and loss attributable to owners of the parent and weightedaverage number of ordinary shares outstanding for the effects of all potentially dilutive ordinary shares.5.23 Operating SegmentsOperating segments are defined as components of the Group that:i. engage in business activities from which they may earn revenues and incur expenses (including revenues and expensesrelating to transactions with other components of the Group);ii.iii.whose operating results are regularly reviewed by the Group’s chief operating decision maker (i.e. the Group’s ChiefExecutive Officer) in making decisions about resources to be allocated to the segment and assessing its performance; andfor which discrete financial information is available.An operating segment may engage in business activities for which it has yet to earn revenues.The Group reports separately information about each operating segment that meets any of the following quantitative thresholds:i. The reported revenue, including both sales to external customers and intersegment sales or transfers, is ten (10) percent or more of the combined revenue, internal and external, of all operating segments.ii.The absolute amount of reported profit or loss is ten (10) per cent or more, in absolute terms of the greater of:a. the combined reported profit of all operating segments that did not report a loss; andb. the combined reported loss of all operating segments that reported a loss.iii.The assets are ten (10) per cent or more of the combined assets of all operating segments.154IOI CORPORATION BERHADAnnual Report 2012
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IOI CORPORATION BERHAD (9027-W)IOI
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KEYINDICATORS20%15105IOI CORPORATIO
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OUR VISIONOUR COREVALUESCONTENTSIOI
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CHAIRMAN’SSTATEMENT
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CONTRIBUTION TO SEGMENT RESULTS2012
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Sustainability andCORPORATE SOCIALR
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GROUP FINANCIALOVERVIEWCASH FLOWFOR
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GROUP PERFORMANCEHIGHLIGHTS2012RM
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FIVE-YEAR FINANCIALHIGHLIGHTS2012RM
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MANAGEMENT’SDISCUSSION AND ANALYS
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• Pre-tax Earnings decreased by 1
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20181614121086420-2%Cost of Equity
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plantationAchievements in productiv
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PLANTATION
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PLANTATION STATISTICSCROP STATEMENT
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OPERATIONS REVIEWFor the financial
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esource-based manufacturingThe succ
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RESOURCE-BASED MANUFACTURING
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OLEOCHEMICALSMANUFACTURINGThe princ
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Bottom: IOI Loders CroklaanAmericas
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PROPERTYA green building comprises
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Property
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Left: The new Palm GardenGolf Cours
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OUTLOOK & PROSPECTSThe local proper
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sustainability andCORPORATE SOCIAL
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Top: Beneficial plants.Bottom: Buff
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Operating under the Institute of Sh
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CORPORATE SOCIALRESPONSIBILITYSocia
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SEPTEMBER 2011Palm Garden Hotel, to
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DECEMBER 2011IOI Mall Puchong offer
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APRIL 2012Yayasan TSLSC donated RM2
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BOARD OF DIRECTORS3 4211. DATO’ L
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PROFILE OFDIRECTORSWhen others seet
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Lee Cheng Leang was first appointed
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Quah Poh Keat was first appointed t
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SeniorManagement TeamGroup Chief Ex
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GLOBALPRESENCECANADAONTARIOCANADAON
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LOCATION OFOPERATIONS IN MALAYSIAPe
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CORPORATECALENDARJULY 2011IOI Corpo
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JANUARY 2012IOIP, through its subsi
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MAY 2012IOI Oleochemical’s Penang
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Audit and Risk ManagementCommittee
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x. To review any related party tran
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STATEMENT ONCORPORATE GOVERNANCEInt
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Training and Development of Directo
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Cheah Tek Kuang 2011 Forbes Global
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SHAREHOLDERSDialogue Between the Co
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STATEMENT ONINTERNAL CONTROLINTRODU
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MONITORING• The Group’s policie
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STATEMENT OF DIRECTORS’ INTERESTS
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Notes:(1) Details of the transactin
Page 103 and 104: DIRECTORS’REPORTThe Directors of
Page 105 and 106: DIRECTORS’REPORTUSD600 Million Ze
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Page 111 and 112: DIRECTORS’REPORTSignificant Event
Page 113 and 114: INCOMESTATEMENTSFor The Financial Y
Page 115 and 116: STATEMENTS OFFINANCIAL POSITIONAs A
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Page 121 and 122: STATEMENTS OFCASH FLOWSFor The Fina
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Page 125 and 126: NOTES TO THEFINANCIAL STATEMENTS3.
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NOTES TO THEFINANCIAL STATEMENTS35.
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INDEPENDENTAUDITORS’ REPORTTo The
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GROUPPROPERTIESA. PLANTATIONS ESTAT
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GROUPPROPERTIESB. DEVELOPMENT PROPE
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GROUPPROPERTIESB. DEVELOPMENT PROPE
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GROUPPROPERTIESC. INVESTMENT PROPER
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GROUPPROPERTIESD. INDUSTRIAL PROPER
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GROUPPROPERTIESE. OTHER PROPERTIES
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NOTICE ofAnnual general MeetingAGEN
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NOTICE ofAnnual general MeetingNote
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SHAREHOLDERSINFORMATIONAs At 30 Aug
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SHAREHOLDERSINFORMATIONAs At 30 Aug
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1st fold heresTAMPThe Company Secre
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