FGV Annual Report 2014

Utilisation of Proceeds The gross proceeds received from the Initial Public Offering of RM4,459 million in conjunction with the Company’s listing on the Main Market of Bursa Securities on 28 June 2012 have been utilised as at 31 December 2014 in the following manner: Details of Use of Proceeds Estimated Timeframe for Utilisation Upon Listing RM’000 Amount Utilised As at 31 December 2014 RM’000 Balance of IPO Proceeds As at 31 December 2014 RM’000 Acquisition of plantation assets within 3 years 2,190,000 (2,006,884) 183,116 Selective acquisitions of oil and fats, manufacturing and logistics businesses within 3 years 840,000 (840,000) – Construction or acquisitions of mills and refineries within 3 years 780,000 (537,456) 242,544 Loan repayment for our overseas operation within 6 months 260,000 (260,000) – Capital expenditures for increases in efficiency, as well as extension of capabilities within 2 years 100,000 (79,330) 20,670 Working capital requirements, general corporate purposes within 6 months 129,000 (129,000) – Estimated listing expenses within 6 months 160,000 (160,000) – Total gross proceeds 4,459,000 (4,012,670) 446,330 Share Buy-Back The Company did not make any proposal for share buy-back during the financial year ended 31 December 2014. Options, Warrants or Convertible Securities The Company did not issue any options, warrants or convertible securities during the financial year ended 31 December 2014. Depository Receipt Programme The Company did not sponsor any depository receipt programme during the financial year ended 31 December 2014. Material Sanctions and/or Penalties There were no material sanctions and/or penalties imposed on the Company, its subsidiaries, Directors or Management, by the relevant regulator bodies during the financial year ended 31 December 2014. Non-audit fees The amount of non-audit fees incurred for services rendered to the Group and Company by its external auditors, PricewaterhouseCoopers (PwC) for the financial year ended 31 December 2014 amounted to RM2.28 million and RM1.00 million respectively. Variation in Result There were no profit estimation, forecasts or projections made or released by the Company during the financial year ended 31 December 2014. Profit Guarantee There was no profit guarantee given by the Company during the financial year ended 31 December 2014. Material Contracts Save for those disclosed in the financial statements, there were no material contracts including contracts relating to any loans entered into by the Company and its subsidiaries involving Directors and major shareholders' interests. Revaluation Policy The Company does not have a regular revaluation policy on landed properties. Introduction Performance Highlights About FGV Reports Financial Statements Others Strategy and Value Creation Performance Review & Progress Foreword to Shareholders Annual General Meeting Annual Report 2014 pg 331 ADDITIONAL DISCLOSURE