Table of Contents
1
411
MISC Annual Report 2019
ANNUAL REPORT 2019
1
CONTENTS
2-3
INTRODUCTION
8-9
About This Report
8-9
About MISC
12-13
Corporate Information
12-13
THE YEAR IN REVIEW
14-15
Chairman’s Message
16-17
President/Group CEO’s Review
20-21
Key Highlights 2019
28-29
OUR BUSINESS
30-31
Special Focus: The Shipping Industry and Business
32-33
MISC's History and Journey
36-37
Our Brands and Businesses
40-41
Moving energy To Build A Better World
46-47
Where We Operate
48-49
OUR VALUE CREATION STORY
50-51
Overview
52-53
Our Strategic Focus
54-55
Our Operating Environment
56-57
Risks and Opportunities
60-61
How We Create Value
64-65
Delivering Our Strategy
66-67
Stakeholder Engagement
72-73
OUR FINANCIAL PERFORMANCE
76-77
Group Financial Review
78-79
Financial Calendar
82-83
Five-Year Group Financial Performance
84-85
OUR BUSINESS PERFORMANCE
86-87
Management Discussion & Analysis
88-89
LNG Asset Solutions
88-89
Petroluem & Product Shipping
94-95
Offshire Business
102-103
Marine & Heavy Engineering
108-109
Integrated Marine Services
114-115
Port Management & Maritime Services
120-121
Maritime Education & Training
124-125
People Development
128-129
Operating Safely and Sustainably
136-137
Operating Responsibly
150-151
2019 Key Corporate Events & Achievements
158-159
OUR SUSTAINABILITY
162-163
Anchoring Sustainability@MISC
164-165
OUR LEADERS
170-171
Our Board at a Glance
172-173
Profiles of the Board of Directors
172-173
Profiles of the Management Committee
182-183
OUR GOVERNANCE
188-189
Corporate Governance Overview Statement
190-191
Nomination and Remuneration Committee Report
204-205
Board Audit and Risk Committee Report
212-213
Statement on Risk Management & Internal Control
220-221
Statement of Directors’ Responsibility
230-231
Additional Compliance Information
230-231
FINANCIAL STATEMENTS
232-233
DIRECTORS’ REPORT
234-235
STATEMENT BY DIRECTORS
240-241
STATUTORY DECLARATION
240-241
INCOME STATEMENTS
240-241
STATEMENTS OF COMPREHENSIVE INCOME
242-243
STATEMENTS OF FINANCIAL POSITION
242-243
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
246-247
STATEMENTS OF CASH FLOWS
248-249
NOTES TO THE FINANCIAL STATEMENTS
252-253
1. CORPORATE INFORMATION
252-253
2. SIGNIFICANT ACCOUNTING POLICIES
252-253
3. REVENUE
280-281
4. OTHER OPERATING INCOME
282-283
5. PROFIT BEFORE TAXATION
282-283
6. STAFF COSTS
284-285
7. DIRECTORS’ REMUNERATION
284-285
8. GAIN ON ACQUISITION OF BUSINESSES
286-287
9. FINANCE INCOME
286-287
10. TAXATION
286-287
11. EARNINGS PER SHARE
288-289
12. DIVIDENDS
288-289
13. SHIPS, OFFSHORE FLOATING ASSETS AND OTHER PROPERTY, PLANT AND EQUIPMENT
290-291
14. PREPAID LEASE PAYMENTS ON LAND AND BUILDINGS
304-305
15. INTANGIBLE ASSETS
304-305
16. INVESTMENTS IN SUBSIDIARIES
306-307
17. INVESTMENTS IN ASSOCIATES
308-309
18. INVESTMENTS IN JOINT VENTURES
308-309
19. OTHER FINANCIAL ASSETS AND FINANCIAL LIABILITIES
312-313
20. INVENTORIES
322-323
21. TRADE AND OTHER RECEIVABLES
322-323
22. DUE FROM/(TO) CUSTOMERS ON CONTRACTS
322-323
23. CASH, DEPOSITS AND BANK BALANCES
324-325
24. NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE
326-327
25. TRADE AND OTHER PAYABLES
326-327
26. SHARE CAPITAL AND TREASURY SHARES
328-329
27. OTHER RESERVES
328-329
28. DEFERRED TAX
330-331
29. DEFERRED INCOME
332-333
30. CASH FLOWS FROM INVESTING ACTIVITIES
332-333
31. CASH FLOWS FROM FINANCING ACTIVITIES
334-335
32. RELATED PARTY DISCLOSURES
334-335
33. COMMITMENTS
336-337
34. CONTINGENT LIABILITIES
336-337
35. SEGMENT INFORMATION
336-337
36. FAIR VALUE DISCLOSURES
344-345
37. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
348-349
38. CAPITAL MANAGEMENT
360-361
39. SUBSIDIARIES AND ACTIVITIES
362-363
40. ASSOCIATES AND ACTIVITIES
368-369
41. JOINT ARRANGEMENTS AND ACTIVITIES
368-369
42. SIGNIFICANT EVENTS
370-371
INDEPENDENT AUDITORS’ REPORT
374-375
ADDITIONAL INFORMATION
382-383
MISC GROUP STRUCTURE
384-385
PROPERTIES OWNED BY MISC BERHAD AND ITS SUBSIDIARIES
384-385
LIST OF VESSELS AND ASSETS
388-389
STATISTICS ON SHAREHOLDINGS
394-395
LIST OF ABBREVIATIONS
398-399
ANNUAL GENERAL MEETING
402-403
Notice of Annual General Meeting
404-405
Form of Proxy
408-409
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