33. RELATED PARTY DISCLOSURES (CONT’D.) (g) Compensation of key management personnel (“KMP”) (cont'd.) The remuneration of directors and other members of key management during the financial year were as follows: Group Corporation 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Directors Directors’ remuneration (Note 7) 5,358 4,924 4,817 4,370 Other key management personnel Salaries and benefits 26,322 29,816 7,976 10,658 Defined contribution plans 2,543 3,225 1,814 2,269 28,865 33,041 9,790 12,927 Total compensation of KMP 34,223 37,965 14,607 17,297 34. COMMITMENTS (a) Capital commitments Group Corporation 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Capital expenditure Approved and contracted for: Ships, offshore floating assets and other property, plant and equipment * 3,408,857 6,630,173 2,580 3,029,744 Information and communication technology 7,930 7,298 6,854 4,352 3,416,787 6,637,471 9,434 3,034,096 * In the previous financial year, the approved and contracted capital expenditure included an amount totalling RM1,591,805,000 relating to the turnkey activities for the conversion of a vessel to an FPSO to be leased out to a customer under a time charter contract. Accordingly, the Group has excluded the approved and contracted amount relating to the vessel conversion as at 31 December 2021 of RM3,799,088,000 from the above capital commitments as the turnkey activities contribute to the recognition of contract assets per MFRS 15: Revenue from Contract with Customers. 34. COMMITMENTS (CONT'D.) (b) Operating lease commitments - Group and Corporation as lessor Group Corporation 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Future minimum rentals receivable: Not later than 1 year 3,576,603 3,385,275 720,156 837,299 Later than 1 year and not later than 5 years 10,046,308 10,412,559 2,548,209 2,545,628 Later than 5 years 7,498,415 9,274,854 4,001,632 3,998,741 21,121,326 23,072,688 7,269,997 7,381,668 Operating lease income represent long-term lease arrangements with related and third parties for charter out of ships and offshore floating assets. 35. CONTINGENT LIABILITIES Group Corporation 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Secured Bank guarantee extended to a third party 18 386 – – Unsecured Performance bond on contract and bank guarantees extended to third parties 498,409 362,105 7,455 1,238 The Corporation no longer discloses the corporate guarantees given to banks for credit facilities granted to subsidiaries as these would instead be accounted as financial liabilities if considered likely to crystalise. 36. SEGMENT INFORMATION (a) Business segments The operating segments of the Group are as follows: (i) Gas Assets & Solutions - provision of liquefied natural gas (“LNG”) carrier services and non-conventional gas asset solutions; (ii) Petroleum & Product Shipping - provision of petroleum tanker and chemical tanker services; (iii) Offshore Business - own, lease, operation and maintenance of offshore, floating, production and offloading terminals; (iv) Marine & Heavy Engineering - marine repair, marine conversion and engineering and construction works; and (v) Others - Integrated marine services, port & terminal services, maritime education & training and other diversified businesses. Transfer prices between business segments are set on an arm’s length basis in a manner similar to transactions with third parties. Segment revenue, expenses and results include transfers between business segments. These transfers are eliminated on consolidation. NOTES TO THE FINANCIAL STATEMENTS 31 December 2021 NOTES TO THE FINANCIAL STATEMENTS 31 December 2021 MISC Berhad 404 Integrated Annual Report 2021 MISC Berhad Integrated Annual Report 2021 405 FINANCIAL STATEMENTS FINANCIAL STATEMENTS
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