Annual Report 2014
We have been RESOLUTE in overcoming the shipping industry downturns; PURPOSEFUL in making tough decisions needed to ensure our survival and continue to be ENERGISED to face challenges and opportunities ahead; as we move into the new phase of building and expansion. e•ner•gised /ˈɛnədʒʌɪzd/ verb give vitality to our vision; facing the future with renewed vigour and dynamic enthusiasm re•so•lute /ˈrɛzəluːt/ adjective with great determination to overcome challenges; unwavering and steadfast pur•pose•ful /ˈpəːpəsfʊl,-f(ə)l/ adjective unfaltering and tenacious, highly motivated; a firm state of mind, driving decisive action with intent
FINANCIAL REVIEW 4 Group Financial Review 6 Five Year Group Financial Performance 8 Financial Calendar 46 Chairman’s Statement “I would like to take this opportunity to thank YBhg. Datuk George Ratilal, as the previous Chairman of the Board of Directors and YBhg. Datuk Nasarudin Md Idris, who retired as the President/Chief Executive Officer of MISC Berhad at the end of the financial year, for their stewardship and wisdom in steering the Group the past few challenging years.” 54 President/CEO’s Report “Today, we enjoy better financial performances with strong operational profits, supported by healthier cash reserves and a re-energised balance sheet.” MISC AT A GLANCE 9 Corporate Information 10 Vision, Mission and Shared Values 12 About Us 14 MISC Group Structure 18 Business Overview and Fleet Strength BOARD AND MANAGEMENT 28 Profiles of Directors 40 Profiles of Management Committee PERFORMANCE REVIEW 46 Chairman’s Statement 54 President/CEO’s Report 80 Business Highlights INVESTOR’S OVERVIEW 88 Investor Relations Report 89 Statistics on Shareholdings TABLE OF CONTENTS MISC BERHAD - Annual Report 2014 p 2
80 Business Highlights This section charts our key milestones during our journey in the year 2014 CORPORATE GOVERNANCE 114 Statement on Corporate Governance 126 Statement on Risk Management & Internal Control 131 Statement of Directors’ Responsibility 132 Additional Compliance Information 134 Board Audit Committee Report FINANCIALS 140 Financial Statements 313 Properties owned by MISC Berhad and its Subsidiaries 317 List of Vessels and Assets FORTY-SIXTH (46TH) ANNUAL GENERAL MEETING 325 Notice of Annual General Meeting 328 Statement Accompanying Notice of Annual General Meeting • Proxy Form SUSTAINABILITY 94 Sustainability Report p 3 MISC BERHAD - Annual Report 2014
GROUP FINANCIAL REVIEW EARNINGS/LOSS PER SHARE (SEN) Profit attributable to the equity holders of the Corporation of RM2,204.3 million was 5.7% or RM118.9 million higher than RM2,085.4 million profit in FY2013. This translates to an improved earnings per share of 49.4 sen in FY2014 from 46.7 sen in FY2013. DIVIDENDS The Board had in August 2014, declared a first interim tax exempt dividend of 4.0 sen per share. The first interim tax exempt dividend amounting to RM178.6 million was paid in September 2014. In February 2015, the Board declared a second interim tax exempt dividend of 6.0 sen per share. The second tax exempt dividend amounting to RM267.8 million was paid in March 2015. The aggregated interim tax exempt dividend of 10.0 sen per share or RM446.4 million for FY2014 was higher than the 5.0 sen per share or RM226.6 million final and total tax exempt dividend approved for FY2013. TOTAL ASSETS Group total assets as at 31 December 2014 of RM41,584.3 million was 3.4% higher than total assets of RM40,232.2 million as at 31 December 2013. The increase in Group total assets were mainly due to an increase in finance lease receivables following the delivery and commissioning of an FPSO during the year, and higher carrying value of investment in joint ventures from higher share of profit recognised during the year. The Group’s cash, deposits and bank balances as at 31 December 2014 of RM4,838.8 million was 1.9% higher than RM4,747.7 million as at 31 December 2013. REVENUE FROM CONTINUING OPERATIONS Group revenue of RM9,296.3 million was 3.6% higher than FY2013 revenue of RM8,971.8 million. Improved freight rates for Petroleum business and commencement of operations of a Floating Production, Storage and Offloading (FPSO) unit during the year were the main contributors to the increase in Group revenue. OPERATING PROFIT FROM CONTINUING OPERATIONS Group operating profit of RM1,841.7 mi l l i on was 18 . 6% h i gher than FY2013 operating profit of RM1,552.6 million. Higher revenue and effective cost management from a smaller fleet of operating vessels were the main contributors to the increase in operating profit. PROFIT/LOSS BEFORE TAX FROM CONTINUING OPERATIONS Group profit before tax of RM2,410.3 million was 8.2% higher than FY2013 profit before tax of RM2,227.7 million. The increase in profit was mainly due to the recognition of a once off gain on disposal through finance lease of an FPSO in the year under review. The Group also recognised gains from the listing of VTTI Energy Partners LP, an entity owned by its joint venture, VTTI B.V. and from disposal of NCB Holdings Bhd. shares during the year. MISC BERHAD - Annual Report 2014 p 4
TOTAL LIABILITIES Group total liabilities as at 31 December 2014 of RM12,763.2 million was 11.8% lower than RM14,474.9 million as at 31 December 2013. Significant loan repayments during the year contributed to the decrease in Group total liabilities. SHAREHOLDERS’ EQUITY Shareholders’ equity as at 31 December 2014 of RM27,756.3 million was 12.3% higher than RM24,712.9 million as at 31 December 2013. The increase in shareholders’ equity was mainly due to profit attributable to equity holders of RM2,204.3 million and currency translation gain of RM1,341.4 million in FY2014. The Corporation also paid dividends totalling RM401.7 million in the year under review. NET DEBT/EQUITY RATIO The Group’s net debt/equity ratio of 0.14 as at 31 December 2014 was lower compared to 0.21 as at 31 December 2013 following increase in shareholders’ equity and reduction in total borrowings during the year under review. GROUP REVENUE RM9,296.3 MILLION 3.6% INCREASE EARNINGS PER SHARE 49.4 SEN GROUP OPERATING PROFIT RM1,841.7 MILLION 18.6% INCREASE p 5 MISC BERHAD - Annual Report 2014 TOTAL ASSETS RM41,584.3 MILLION 3.4% INCREASE
FIVEYEAR GROUP FINANCIAL PERFORMANCE Audited(5) 1.1.2014 to 31.12.2014 RM Million Audited(5)(7) 1.1.2013 to 31.12.2013 RM Million Restated(5)(6)(7) 1.1.2012 to 31.12.2012 RM Million Unaudited(1)(5)(6) 1.1.2011 to 31.12.2011 RM Million Restated(5)(6) 1.4.2011 to 31.12.2011 RM Million Restated(2) 1.4.2010 to 31.3.2011 RM Million Continuing Operations: Revenue 9,296.3 8,971.8 9,050.3 9,798.3 7,226.7 12,325.6 Operating profit 1,841.7 1,552.6 1,517.4 1,613.5 1,225.3 1,509.0 Profit before taxation 2,410.3 2,227.7 1,516.7 845.1 852.1 2,244.3 Profit after taxation 2,320.0 2,229.5 921.4 (1,521.0) (1,304.0) 2,227.4 Continuing Operations 2,320.0 2,225.2 1,544.3 773.9 760.3 – Discontinued Operations – 4.3 (622.9) (2,294.9) (2,064.3) – Profit/(Loss) for the year attributable to equity holders of the Corporation Continuing Operations 2,204.3 2,081.1 1,393.1 505.6 589.8 1,870.8 Discontinued Operations – 4.3 (622.9) (2,295.6) (2,065.0) – 2,204.3 2,085.4 770.2 (1,790.0) (1,475.2) 1,870.8 Dividends paid during the year 401.7 – – 421.9 438.4 1,543.2 Earnings/(Loss) per share (sen)(3) 49.4 46.7 17.3 (40.1) (33.1) 41.9 Continuing Operations 49.4 46.6 31.2 11.3 13.2 – Discontinued Operations 0.0 0.1 (13.9) (51.4) (46.3) – Total assets 41,584.3 40,232.2 36,479.6 41,217.1 41,217.1 38,597.1 Total liabilities 12,763.2 14,474.9 14,275.6 19,131.3 19,131.3 15,250.5 Shareholders’ equity 27,756.3 24,712.9 21,124.0 20,797.1 20,797.1 22,191.6 Total borrowings 8,739.2 10,218.8 8,962.7 14,192.2 14,192.2 11,255.4 Net tangible assets per share (sen) 624.8 556.8 478.0 475.6 475.6 504.0 Gross debt/equity ratio 0.30 0.40 0.42 0.68 0.68 0.51 Net debt/equity ratio 0.14 0.21 0.24 0.48 0.48 0.36 Interest cover ratio(4) 8.1 6.7 5.0 5.1 5.0 4.8 Notes: (1) The unaudited twelve months result for financial period ended 31 December 2011 is disclosed for comparative purposes. (2) The FY2010/11 audited summary data reflects the prior year adjustment due to under recognition of the Group’s share of gain from foreign currency translation reserve of a jointly controlled entity in the prior year. (3) EPS has been calculated using the weighted average number of ordinary shares in issue during the financial year. (4) Excluding gain on dilution of interest in MHB, realisation of intercompany profit from disposal of a subsidiary, gain on disposal of assets through finance lease and net (loss)/gain on disposal of ships. (5) Segregation of information between continuing and discontinued operations (Liner related business operations) effective FY2012. The comparative figures have been reclassified accordingly. (6) The FY2012 audited summary data reflects the first time adoption of Malaysian Financial Reporting Standards (“MFRS”). Accordingly, the comparative figures have been adjusted since transition date (1 April 2011). (7) The FY2013 audited summary data reflects the adoption of MFRS 10 & 11. Accordingly, the comparative figures have been adjusted to reflect the adoption of MFRS 10 & 11. MISC BERHAD - Annual Report 2014 p 6
12,325.6 9,798.3 9,050.3 8,971.8 9,296.3 Restated 1.4.2010 to 31.3.2011 7,226.7 Restated 1.4.2011 to 31.12.2011 Unaudited 1.1.2011 to 31.12.2011 Restated 1.1.2012 to 31.12.2012 Audited 1.1.2013 to 31.12.2013 Audited 1.1.2014 to 31.12.2014 1,509.0 1,613.5 1,517.4 1,552.6 1,841.7 Restated 1.4.2010 to 31.3.2011 1,225.3 Restated 1.4.2011 to 31.12.2011 Unaudited 1.1.2011 to 31.12.2011 Restated 1.1.2012 to 31.12.2012 Audited 1.1.2013 to 31.12.2013 Audited 1.1.2014 to 31.12.2014 Restated 1.4.2010 to 31.3.2011 Unaudited 1.1.2011 to 31.12.2011 Restated 1.1.2012 to 31.12.2012 Audited 1.1.2013 to 31.12.2013 Audited 1.1.2014 to 31.12.2014 46.7 Restated 1.4.2010 to 31.3.2011 Unaudited 1.1.2011 to 31.12.2011 Restated 1.1.2012 to 31.12.2012 Audited 1.1.2013 to 31.12.2013 Audited 1.1.2014 to 31.12.2014 2,244.3 845.1 1,516.7 2,227.7 2,410.3 Restated 1.4.2011 to 31.12.2011 852.1 41.9 Restated 1.4.2011 to 31.12.2011 (33.1) (40.1) 17.3 49.4 1,543.2 421.9 401.7 Restated 1.4.2010 to 31.3.2011 438.4 Restated 1.4.2011 to 31.12.2011 Unaudited 1.1.2011 to 31.12.2011 Restated 1.1.2012 to 31.12.2012 Audited 1.1.2013 to 31.12.2013 Audited 1.1.2014 to 31.12.2014 22,191.6 20,797.1 21,124.0 24,712.9 27,756.3 Restated 1.4.2010 to 31.3.2011 20,797.1 Restated 1.4.2011 to 31.12.2011 Unaudited 1.1.2011 to 31.12.2011 Restated 1.1.2012 to 31.12.2012 Audited 1.1.2013 to 31.12.2013 Audited 1.1.2014 to 31.12.2014 Revenue + RM324.5m Profit Before Taxation + RM182.6m Dividends + RM401.7m Operating Profit + RM289.1m Earnings/(Loss) Per Share + 2.7sen Shareholders’ Equity + RM3,043.4m (RM Million) (Sen) (RM Million) (RM Million) (RM Million) (RM Million) p 7 MISC BERHAD - Annual Report 2014
FINANCIAL CALENDAR ANNOUNCEMENT OF RESULTS & DIVIDENDS 1 JAN2014– 31 DEC2014 FINANCIAL PERIOD QUARTER 1 QUARTER 2 QUARTER 3 QUARTER 4 Announced 9 MAY 2014 Announced 6 AUG 2014 Announced 7 NOV 2014 Announced 6 FEB 2015 DIVIDENDS First Interim Dividend Announced : 6 August 2014 Paid : 24 September 2014 Second Interim Dividend Announced : 6 February 2015 Paid : 11 March 2015 MISC BERHAD - Annual Report 2014 p 8
CORPORATE INFORMATION as at 31 March 2015 Chairman, Independent Non-Executive Director Dato’ Ab. Halim bin Mohyiddin (Appointed effective 15 January 2015) Independent Non-Executive Directors Harry K. Menon Dato’ Halipah binti Esa Dato’ Kalsom binti Abd. Rahman Lim Beng Choon Dato’ Sekhar Krishnan (Appointed effective 15 January 2015) Non-Independent Non-Executive Directors Datuk Manharlal Ratilal Mohd. Farid bin Mohd. Adnan Datuk Nasarudin Md Idris (Re-designated effective 1 January 2015) President/Chief Executive Officer Non-Independent Executive Director YeeYang Chien (Appointed effective 1 January 2015) BOARD OF DIRECTORS AUDIT COMMITTEE Chairman Harry K. Menon Members Dato’ Halipah binti Esa Dato’ Kalsom binti Abd. Rahman Lim Beng Choon Dato’ Sekhar Krishnan (Appointed effective 1 March 2015) NOMINATION AND REMUNERATION COMMITTEE Chairman Dato’ Halipah binti Esa Members Dato’ Kalsom binti Abd. Rahman Mohd. Farid bin Mohd. Adnan COMPANY SECRETARIES Fadzillah binti Kamaruddin (LS 0008989) Zawardi bin Salleh @ Mohamed Salleh (MAICSA 7026210) REGISTERED OFFICE Level 25, Menara Dayabumi Jalan Sultan Hishamuddin 50050 Kuala Lumpur Tel: +603 2264 0888 Fax: +603 2273 6602 Homepage: www.misc.com.my Email: miscweb@miscbhd.com AUDITORS Ernst &Young Level 23A, Menara Milenium Jalan Damanlela Pusat Bandar Damansara 50490 Kuala Lumpur Tel: +603 7495 8000 Fax: +603 2095 5332 SHARE REGISTRAR Symphony Share Registrars Sdn. Bhd. Level 6, Symphony House, Block D13 Pusat Dagangan Dana 1 Jalan PJU 1A/46 47301 Petaling Jaya Selangor Darul Ehsan Tel: +603 7841 8000/7849 0777 Fax: +603 7841 8151/ 8152 FORM OF LEGAL ENTITY Incorporated on 6 November 1968 as a public company limited by shares under the Companies Act, 1965 PLACE OF INCORPORATION AND DOMICILE Malaysia STOCK EXCHANGE LISTING Main Market of Bursa Malaysia Securities Berhad Stock Name: MISC Stock Code: 3816 p 9 MISC BERHAD - Annual Report 2014
MISC BERHAD - Annual Report 2014 p 10 VISION, MISSION AND SHAREDVALUES
VISION To be the preferred provider of world class maritime transportation & logistics services. MISSION We are a logistics service provider, maritime transportation is our core business and we support the nation’s aspiration to become a leading maritime nation. SHARED VALUES • LOYALTY Loyal to nation and corporation • INTEGRITY Honest and upright • PROFESSIONALISM Committed, innovative, proactive and always striving for excellence • COHESIVENESS United in purpose and fellowship p 11 MISC BERHAD - Annual Report 2014
FLEET STRENGTH X29 LNG CARRIERS X15 CHEMICAL TANKERS X76 PETROLEUM TANKERS X13 OFFSHORE FLOATING FACILITIES Delivering almost 9% of the world’s liquefied natural gas across the seas, our track record of LNG transport and operation excellence of over three decades is a testament of our commitment towards reliability, safety, on-time cargo deliveries and enduring partnerships. Our LNG carriers are compatible with more than 80 terminals worldwide and periodic vessels’ inspection, audit and vetting ensures that they perform to the highest safety standards. Our end-to-end Group competencies span across ship-owning, ship management, maritime education and training as well as ship repair which aims to meet our customers’ every shipping need. MISC is also owner and operator of Floating Storage Units for LNG and is building up capabilities in Floating Storage and Regasification Units (FSRUs) and Floating LNG Units (FLNGs). Our petroleum arm, AET Tanker Holdings Sdn. Bhd., is a specialist and leading provider of safe, high quality maritime logistics solutions for the international petroleum sector. AET’s fleet of 76 petroleum tankers ply worldwide, serving national and international oil companies, refiners and traders. AET is also the market leader in lightering operations for the U.S. Gulf ship-toship transfers and has successfully entered the shuttle tanker sector in the last two years, a testament of its expanding footprint into new geographies. Its young and technically advanced fleet of crude oil and clean petroleum product tankers is professionally managed out of Houston, Texas, London and Singapore. It runs full service offshore operations in Galveston, Texas and Montevideo, Uruguay. With four decades of experience, our chemical shipping business transports a wide range of cargoes from chemicals to vegetable oils across major trading regions in the world including South East Asia, the Far East, Middle East, Europe, the Indian Subcontinent and the The MISC Group is one of the world’s leading international shipping and maritime conglomerates. The principal businesses of MISC consist of shipping and its related activities, owning and operating offshore f loat ing solut ions, mar ine repai r and conversion, engineering and construction works, maritime education and training, as well as owning tank terminals. Operating a modern and well-diversified fleet of more than 130 vessels/assets and backed by knowledgeable workforce made up of more than 10,000 employees from all corners of the globe, we are committed to impart quality services to our customers, creating value for our stakeholders and contributing to the sustainability of the industry. MISC BERHAD - Annual Report 2014 p 12 ABOUT US
MORE THAN 130 VESSELS/ASSETS MORE THAN 10,000 EMPLOYEES 197.4 HECTARES OF PASIR GUDANG YARD Americas. We pride ourselves in operating a quality fleet, comprising mainly of double-hulled IMO II vessels with a mixture of stainless steel and coated tanks to meet the highest safety requirements for transporting liquid bulk cargo. From design to operations, our offshore business offers a comprehensive suite of offshore floating terminal services tailored to meet the most demanding environments. Our priority is to deliver safe, reliable and optimised offshore solutions. Certified with ISO 9001:2008 for Offshore Engineering and Asset Management, we adopt business processes of International Standards and Practices. Being one of the largest Floating Production, Storage and Offloading (FPSO)/Floating Storage and Offloading (FSO) owner/operators in the world, we have the reach across Malaysia, Vietnam and Brazil, and other strategic locations to meet the global demands of the Oil & Gas industry today. Going forward, we will continue to build on our offshore strengths and extend our thought leadership to similar deepwater and small field developments. As part of MISC’s strategy to expand its shipping business by providing customers with integrated supply value chain services, in 2009, MISC entered into the tank terminal business via our project in Tanjung Langsat, Johor, Malaysia. In partnership with energy traders, Vitol Holding B.V., we have since expanded our presence and logistics assets all around the world, through a joint venture subsidiary, VTTI B.V. (VTTI). VTTI is one of the world’s fastest-growing energy storage businesses. Today, our total tank terminal capacity currently stands at 8.7 million cbm and we have a worldwide presence with terminals in Johor, Malaysia, ARA Region (Antwerp, Rotterdam and Amsterdam), Europe, America, Africa, Cyprus and the Middle East, with expansions into Spain. Through VTTI, we are currently the seventh largest independent tank terminal operator globally. Our logistics arm, MISC Integrated Logistics Sdn. Bhd. (MILS), offers onestop logistics services catering to the entire spectrum of our customers’ logistics needs. MILS is an ISO 19001:2008, OHSAS 18001:2007, and MS 14001:2004 certified company specialising in Project Logistics and Supply Chain Logistics Solutions. Its Halal certified Cold Hub facility is also certified with ISO 2200:2005 Food Safety Management System f r om L l oyd ’s Reg i s t e r Qua l i t y Assurance. MILS is a registered vendor for PETRONAS and one of the government licensed Multimodal Transport Operator (MTO) which offers efficient and cost effective integrated logistics services, inclusive of Project Cargo Logistics, Freight Forwarding, Transportation, Warehousing, Supply Chain Management and Duty & Tax Exemption application. MI SC wa s p r e s en t ed wi t h t he opportunity to divest our investment in our wholly-owned subsidiary, MILS. However, due to unforeseen circumstances, we were not able to complete the sale process. Our listed subsidiary, Malaysia Marine and Heavy Engineering Holdings Berhad (MHB) is a leading marine and heavy engineering services provider in Malaysia, focused primarily on the Oil & Gas sector. MHB offers a wide spectrum of offshore construction, offshore conversion and marine repair services at two yards in Pasir Gudang, Johor, Malaysia. With a total yard size of 197.4 hectares in Pasir Gudang, MHB has one of the largest marine and heavy engineering facilities in the region with an annual capacity of 129,700 MT. MI SC ’s d i ve r se ope r a t i ons a r e supported by a strong backbone of dynamic, capable and progressive staff. Our professional seafarers are trained in a structured training and education system at our in-house academy, Malaysian Maritime Academy Sdn. Bhd. (ALAM). Our people are our most valuable assets. It is MISC’s commitment to continually develop our staff to be competent and knowledgeable, and to ensure that they remain resolute, purposeful and energised while bringing MISC to greater heights. p 13 MISC BERHAD - Annual Report 2014
MISC Offshore Holdings 100% (Brazil) Sdn. Bhd. (Investment Holding) SBM Systems Inc. 49% (FPSO Owner) FPSO Brasil Venture S.A. 49% (Investment and Offshore Activities) SBM Operacoes Ltda. 49% (Operating and Maintaining FPSO Terminals) Brazilian Deepwater Floating 49% Terminals Limited (Construction of FPSO) Brazilian Deepwater Production 49% Limited (Chartering of FPSO) Brazilian Deepwater Production 49% Contractors Limited (Operation and Maintenance of FPSO) Operacoes Maritimas em Mar 49% Profundo Brasileiro Ltda. (Operation and Maintenance of FPSO) MISC Offshore Floating 100% Terminals (L) Limited (Offshore Floating Terminals Ownership) MISC Offshore Floating 100% Terminals Dua (L) Limited (Offshore Floating Terminals Ownership) GK O&M (L) Limited 100% (To carry out the business of providing professional services for Oil & Gas industry) Malaysia Offshore Mobile 100% Production (Labuan) Ltd. (Mobile Offshore Production Unit Owner) Malaysia Vietnam Offshore 51% Terminal (L) Limited (FSO Owner) Malaysia Deepwater Floating 51% Terminal (Kikeh) Limited (FPSO Owner) Malaysia Deepwater Production 51% Contractors Sdn. Bhd. (Operating and Maintaining FPSO Terminals) FPSO Ventures Sdn. Bhd. 51% (Operating and Maintaining FPSO Terminals) Gumusut-Kakap Semi-Floating 50% Production System (L) Limited (Asset Ownership and Leasing of Semi-Submersible Floating Production System) Vietnam Offshore Floating 40% Terminal (Ruby) Ltd. (FPSO Owner) MISC Tankers Sdn. Bhd. 100% (Investment Holding and Provision of Management Services) Puteri Delima Sdn. Bhd. 100% (Shipping) Puteri Firus Sdn. Bhd. 100% (Shipping) Puteri Intan Sdn. Bhd. 100% (Shipping) Puteri Nilam Sdn. Bhd. 100% (Shipping) Puteri Zamrud Sdn. Bhd. 100% (Shipping) Puteri Delima Satu (L) Pte. Ltd. 100% (Shipping) Puteri Firus Satu (L) Pte. Ltd. 100% (Shipping) Puteri Nilam Satu (L) Pte. Ltd. 100% (Shipping) Puteri Intan Satu (L) Pte. Ltd. 100% (Shipping) Puteri Mutiara Satu (L) Pte. Ltd. 100% (Shipping) Puteri Zamrud Satu (L) Pte. Ltd. 100% (Shipping) MISC PNG Shipping Limited 100% (Investment Holding) Western Pacific Shipping Limited 60% (Providing Shipping Solutions to meet LNG Project Requirements and also Supports Other General Shipping Requirements of Papua New Guinea) Gas Asia Terminal (L) Pte. Ltd. 100% (Development and Ownership of LNG Floating Storage Units) Asia LNG Transport Sdn. Bhd. 51% (Shipowning and Ship Management) Asia LNG Transport Dua 51% Sdn. Bhd. (Shipowning and Ship Management) Nikorma Transport Limited 30% (LNG Transportation) MISC Tanker Holdings Sdn. Bhd. 100% (Investment Holding) MISC Tanker Holdings 100% (Bermuda) Ltd. (Investment Holding) AET Tanker Holdings Sdn. Bhd. 100% (Investment Holding) AET Petroleum Tanker (M) 100% Sdn. Bhd. (Shipowning) AET Shuttle Tankers 100% Sdn. Bhd. (Shipowning and Operations) AET MCV Delta Sdn. Bhd. 100% (Investment Holding) AET MCV Alpha L.L.C. 100% (Shipowning) AET MCV Beta L.L.C. 100% (Shipowning) AET Brasil Servicos 100% Maritimos Ltda. (Manning, Crewing Agent and Technical Office) AET Brasil Servicos STS Ltda. 100% (Lightering Support Services) AET Shipmanagement 100% (Malaysia) Sdn. Bhd. (Shipping Management) AMI Manning Services Pvt. Ltd. 79% (formerly known as AET Shipmanagement (India) Private Limited) (Ship Management and Manning Activities) Eagle Star Crew 24% Management Corporation (Recruitment and Provision of Manpower for Maritime Vessels) AET Shipmanagement 100% (Singapore) Pte. Ltd. (Ship Management, Manning and Technical Activities) AET Shipmanagement (USA) 100% L.L.C. (Ship Management) AET Tankers Pte. Ltd. 100% (Commercial Operation and Chartering) AET Tanker India Private 99% Limited (Shipowning) AET UK Limited 100% (Commercial Operation and Chartering) AET Sea Shuttle AS 97.5% (Owning and Operating DP Shuttle Tankers) AET Holdings (L) Pte. Ltd. 100% (Investment Holding) AET Inc. Limited 100% (Shipowning and Operations) AET Tankers (Suezmax) 100% Pte. Ltd. (Shipowning and Operations) AET MCV Gamma L.L.C. 100% (Chartering and Operations) AET Agencies Inc. 100% (Property Owning) AET Offshore Services Inc. 100% (Lightering) AET Lightering Services L.L.C.100% (Lightering) Paramount Tankers Corp 50% (Shipowning and Operations) ELS Lightering Services S.A. 50% (Lightering Activity) Akudel S.A. 49% (Owning and Operating Workboats for Lightering Activity) Centralised Terminals Sdn. Bhd. 45% (Own, Manage, Operate and Maintain Centralised Tankage Facility) Langsat Terminal (One) 36% Sdn. Bhd. (Provision of Tank Terminal Activities) Langsat Terminal (Two) 36% Sdn. Bhd. (Provision of Multi User Petrochemical Terminal Facilities) MTTI Sdn. Bhd. 100% (Investment Holding) VTTI B.V. 50% (Owning (in whole or in part), Operating and Managing a Network of Oil Product Storage Terminals and Refineries) VTTI MLP Partners B.V. 50% (To perform corporate related activities and other activities of an industrial, financial and commercial in nature) VTTI MLP Services Ltd. 50% (Secondment of employees to VTTI MLP Holdings Ltd. and provision of IT services and equipment) VTTI MLP B.V. 32% (To perform corporate related activities and other activities of an industrial, financial and commercial in nature) VTTI Engery Partners GP L.L.C. 50% (To conduct dealings in relation to the partnership interests and act as the general partner of VTTI Energy Partners LP and engage in lawful and permitted business activities) VTTI Energy Partners LP 24.5% (To engage in any lawful limited partnership related business activities and exercise all rights and powers in relation thereto including the making of capital contributions or loans to a Group member) VTTI MLP Holdings Ltd. 24.5% (To provide management and administrative support services to VTTI Energy Partners LP) LNG PETROLEUM CHEMICAL/TANK TERMINALS OFFSHORE MISC BERHAD - Annual Report 2014 p 14
MISC Integrated Logistics 100% Sdn. Bhd. (Integrated Logistics Services) Misan Logistics B.V. 100% (Haulage, Brokerage, Liner Merchant and Carriage Haulage) MILS Cold Chain Logistics 100% Sdn. Bhd. (Owner of a Cold Storage Logistics Hub) BLG MILS Logistics Sdn. Bhd. 60% (Automotive Solutions and Related Integrated Logistics Services) Rais-Mils Logistics FZCO 50% (In Liquidation) Malaysian Maritime Academy 100% Sdn. Bhd. (Education and Training for Seamen and Maritime Personnel) MISC Capital (L) Ltd. 100% (Special Purpose Vehicle for Financing Arrangement) MISC International (L) Ltd. 100% (Investment Holding) SL-MISC International 49% Line Co. Ltd. (In Liquidation) MISC Enterprises Holdings 100% Sdn. Bhd. (In Liquidation) Trans-ware Logistics (Pvt.) Ltd. 25% (Inland Container Depot) MISC Agencies Sdn. Bhd. 100% (Holding Company) MISC Agencies (Netherlands) B.V. 100% (Property Owning) MISC Agencies (Japan) Ltd. 100% (In Liquidation) MISC Agencies India 60% (Private) Limited (Shipping Agent) MISC Agencies Lanka 40% (Private) Limited (In Liquidation) MISC Agencies (Singapore) 100% Pte. Ltd. (In Liquidation) Malaysia Marine and Heavy 66.5% Engineering Holdings Berhad (Investment Holding) Malaysia Marine and Heavy 66.5% Engineering Sdn. Bhd. (Provision of Oil & Gas Engineering and Construction Works and Marine Conversion and Repair Services) MMHE-SHI LNG Sdn. Bhd. 46.6% (Provision of Repair Services and Drydocking of Liquefied Natural Gas Carriers) MMHE-TPGM Sdn. Bhd. 40% (Provision of Engineering, Procurement, Construction, Installation and Commissioning) MMHE-ATB Sdn. Bhd. 27% (Manufacturing of Pressure Vessels and Tube Heat Exchangers) Techno Indah Sdn. Bhd. 66.5% (Sludge Disposal Management) Technip MHB Hull 33.3% Engineering Sdn. Bhd. (Build and Develop Hull Engineering and Engineering Project Management Capacities) MARINE & HEAVY ENGINEERING INTEGRATED LOGISTICS MARITIME EDUCATION OTHERS p 15 MISC BERHAD - Annual Report 2014 MISC GROUP STRUCTURE as at 31 March 2015 *excluding dormant companies
re•so•lute /ˈrɛzəluːt/ adjective: with great determination to overcome challenges; unwavering and steadfast We have survived the downturn of the shipping industry and came out stronger from the experience.Throughout the journey, MISC was RESOLUTE in implementing tough decisions to bring stability back to its financial position. Today, MISC have attained improved operational profits that are supported by healthy cash reserves and a stronger balance sheet. ANNUAL REPORT 2014
Revenue RM9.3 billion Profit Before Tax RM2.4 billion Operating Profit RM1.8 billion
MISC have over three decades of proven experience in Liquefied Natural Gas (LNG) transportation and we have earned a distinguished reputation for overall operational excellence, reliability, safety and on-time cargo deliveries from our charterers. • Full in-house capabilities in ship-owning and ship management including maritime education and ship repair. • Vessels’ compatibility with more than 80 terminals worldwide. • Periodic vessels’ inspection, audit and vetting to ensure highest safety standards. • With 29 vessels operating globally, MISC LNG fleet represents 6.6% of the total world fleet. • MISC is also owner and operator of Floating Storage Units for LNG and is building up capabilities in Floating Storage and Regasification Units (FSRUs) and Floating LNG (FLNG) units. MAJOR DEVELOPMENTS FROM 1 JANUARY 2014 – 31 DECEMBER 2014 • MISC delivered a total of 408 cargoes amounting to 21.8 million tonnes of LNG which represents 9.0% of total world LNG trade. • Tenaga Lima, MISC’s LNG carrier chartered to Malaysia LNG Sdn. Bhd. (MLNG), successfully carried out the commissioning activities at the new Hibiki LNG Receiving Terminal in Japan from 31 July to 6 August 2014. • Puteri Intan, MISC’s LNG carrier performed her final contractual voyage for Malaysia LNG Sdn. Bhd. (MLNG) on 27 September 2014. For the past 20 years, MISC have carried a total of 24.3 million tonnes of Liquefied Natural Gas via Puteri Intan for MLNG. • In September 2014, Seri Bakti, MISC’s LNG carrier completed a one-year contract for Koch Shipping Inc. (Koch) successfully. She is the first LNG carrier chartered by Koch in their LNG market debut and has carried a total of 7 cargoes amounting to 446,857 tonnes of LNG for Koch from Nigeria’s Bonny Island LNG export facility to worldwide customers. • MISC continues to maintain our third party business with the signing of a new time-charter party with GLNG on 4 December 2014. Under the agreement, MISC will be chartering out Seri Bakti to service GLNG’s LNG transportation needs between August and October 2015 until 2016. LIQUEFIED NATURAL GAS SHIPPING Class Number of Vessels Aman Class 3 Tenaga Class 3 Puteri Class 5 Puteri Satu Class 6 Seri A Class 5 Seri B Class 5 Floating Storage Units 2 Total 29 MISC BERHAD - Annual Report 2014 p 18 BUSINESS OVERVIEW AND FLEET STRENGTH as at 31 December 2014
Type Number of Vessels VLCC 13 Aframax 48 Suezmax 4 Panamax 1 DP Shuttle Tankers 2 Medium-range ProductTankers 8 Total 76 AET is our specialist and leading global provider of safe, high quality maritime logistics solutions to the international petroleum sector with a fleet of 76 crude oil and product tankers with asset base of more than USD3 billion. AET’s global coverage and growth plans combined with its superior service and excellent customer support will allow it to continuously enhance our position in the crude and product tanker markets. • Market leader in ship-to-ship transfers in the US Gulf. • Solutions provider with a modern, young fleet of vessels of various capacities, that provides niche and custom solutions to keep up with customers’ changing needs. MAJOR DEVELOPMENTS FROM 1 JANUARY 2014 – 31 DECEMBER 2014 • AET celebrated its 20th year in the petroleum logistics business with year-long customer commemorations, as well as activities with shore staff and those on the fleet. Its anniversary theme “20 Years of Creating Solutions” encapsulated AET’s vision and mission, and promoted the company’s strengths in successfully transforming its role from a traditional shipowner to a provider of petroleum logistics solutions. • The world’s first modular capture vessels (MCVs) for specialised marine containment logistics successfully completed their modular conversion and sea trials. They were set to rejoin the fleet in 2015. • AET achieved 429 days/18,940,052 man-hours ZERO Lost Time Injury (LTI) as at 31 December 2014. This achievement is proof that ZERO Spills, ZERO Accidents, and ZERO LTI are possible through continued vigilance and an absolute commitment to safety. • AET named the world’s most advanced 120,000 dwt DP shuttle tanker Eagle Barents. The 120,000 dwt vessel is the first of our ships to service the great Nords and will be devoted to offshore oil field, the Goliat Fields when she begins full operations in 2015. • AET continued to champion safety and achieved safety excellence as 42 of its vessels were bestowed with the Jones F. Devlin Awards and 55 more, the 2014 Environment Achievement Awards. Both awards were given in recognition of accident-free operations over two consecutive years or more. PETROLEUM SHIPPING p 19 MISC BERHAD - Annual Report 2014
MISC’s four decades of experience in Chemical Shipping has earned us an undeniable reputation for reliability and safety in transporting a wide range of cargoes from clean petroleum products, chemicals to vegetable oils. Our service integrity is a testament of our operational expertise, working within stringent safety rules and regulations to deliver cargoes efficiently. • Proven track record in transporting clean petroleum products, chemicals and vegetable oils for major producers/traders/charterers. • Quality fleet, comprising mainly double-hulled IMO II Oil/ Chemical tanker vessels with a mixture of stainless steel and coated tanks to meet the highest safety requirements for transporting liquid bulk cargo. MAJOR DEVELOPMENTS FROM 1 JANUARY 2014 – 31 DECEMBER 2014 • Maintained business relationships with oil majors, world’s leading chemical manufacturers such as PETRONAS, Shell and ExxonMobil. • Renewed multiple Contract of Affreightments/Contract of Requirements from oil majors and leading chemical manufacturers. • As part of our business portfolio rebalancing efforts, we had undertaken a fleet rationalisation initiative to reduce our fleet size and focused on cost optimisation while maintaining operational excellence. CHEMICAL SHIPPING Class Number of Vessels Akasia Class 7 L Class 6 Others 2 Total 15 MISC BERHAD - Annual Report 2014 p 20 BUSINESS OVERVIEW AND FLEET STRENGTH as at 31 December 2014
MISC’s foray into the tank terminal business was via our project in Tanjung Langsat, Johor, Malaysia. Langsat Terminals commenced its first phase of 476,000 cbm tank capacity in September 2009 and now has a total capacity of 647,000 cbm. In partnership with energy trader, Vitol Holding B.V., MISC further expanded its presence and logistics assets all over the world through a joint venture company, VTTI B.V. (VTTI). VTTI is a fast growing independent provider of energy storage worldwide and is currently offering 8 million cbm of combined storage capacity across 5 continents. The total capacity of our terminals is approximately 8.7 million cbm. With terminals strategically located at key hub and spoke locations, e.g. ARA Region (Antwerp, Rotterdam and Amsterdam), United States of America and Johor in Malaysia, we have global presence and strong capabilities in the storage of energy. A pool of experienced personnel has allowed MISC to offer dynamic services to customers. We comply with all local legislations and are also committed to meet the highest international standards of our industry. MAJOR DEVELOPMENTS FROM 1 JANUARY 2014 – 31 DECEMBER 2014 • VTTI Energy Partners LP launched its initial public offering (IPO) of 20,125,000 common units representing limited partner interests at USD21 per common unit. The public and VTTI MLP Partners B.V. own 49% of the shares respectively. The common units began trading on the New York Stock Exchange on 1 August 2014 under the ticker symbol “VTTI”. The total net proceeds from the IPO were approximately USD390 million. As at 31 December 2014, the market capitalisation of VTTI Energy Partners LP was approximately USD1 billion. • Burgan Cape Terminals in South Africa which is 70% owned by VTTI B.V., together with its partners, Thebe Investment Corporation (15%) and Jicaro (15%) was awarded a 20-year contract by the Transnet National Ports Authority to develop fuel storage of 118,000 cbm at the Eastern Mole of the Port of Cape Town. • Commencement of VTTV, Vasiliko, Cyprus operations in November 2014 with total storage capacity of 544,000 cbm. TANK TERMINAL BUSINESS Assets Capacity (cbm) VTTI 8,069,000 Langsat Terminals 647,000 Total 8,716,000 p 21 MISC BERHAD - Annual Report 2014
MISC have delivered safe and successful projects through well-built relationships with customers and partners. These partnerships have enabled us to further enhance our capabilities in Offshore Engineering and Asset Management with business processes that are in accordance with international standards and best practices and is certified ISO 9001:2008. • Proven technology to provide the best solutions for our customers’ offshore development needs. • Solid foundation in the offshore industry to offer comprehensive solutions for deepwater and small field developments. • Pursuing technical alliances and strategic partnerships to achieve supremacy in the domestic market and competitiveness in selected international markets especially in FPSO/FSO and other potential new businesses. MAJOR DEVELOPMENTS FROM 1 JANUARY 2014 – 31 DECEMBER 2014 • Successful sail away of FPSO Cendor on 29 March 2014 and received first oil on 1 September 2014. The FPSO Cendor, developed as Cendor Phase 2 is the succession to FSO Cendor for Block PM304 and is designed to be operated for 10 years uninterrupted. The FPSO, which is spread moored is capable of storing a minimum of 750,000 bbls. • Appo i nt ed by PETRONAS Ma l ays i a Pe t ro l eum Management (MPM) to conduct basic engineering design for the Water Injection Facility (WIF). The WIF is intended to improve initial incremental oil recovery by providing water injection system into the current production well. • Our first Semi-sub FPS Gumusut-Kakap, Malaysia’s second deepwater development, achieved first oil production in October 2014. The FPS was fully built and integrated at MMHE, a subsidiary of MISC Berhad. • Completed decommissioning and demobilisation activity of FSO Cendor from offshore Terengganu (Cendor Field PM304) on 19 October 2014. The achievement will be the launching pad for future demobilisation projects with its display of commendable success. • MISC received the Letter of Award (LOA) from Vestigo Petroleum Sdn. Bhd. for the EPCIC and leasing of a production vessel to develop its marginal oil field. The term of the contract is 11 years with an option to further extend up to 5 years. OFFSHORE BUSINESS Class Number of Facilities Floating Production, Storage and Offloading (FPSO) 6 * Floating Storage and Offloading (FSO) 4 ** Mobile Offshore Production Unit (MOPU) 2 Semi Submersible Floating Production System (Semi-Sub FPS) 1 *** Total 13 * Includes four jointly-owned FPSO ** Includes jointly-owned with Petroleum Technical Services Corporation (PTSC) *** Jointly-owned with E&P Venture Solutions Co. Sdn. Bhd. (EPV), a wholly-owned subsidiary of PETRONAS Carigali Sdn. Bhd. (PCSB) MISC BERHAD - Annual Report 2014 p 22 BUSINESS OVERVIEW AND FLEET STRENGTH as at 31 December 2014
MARINE & HEAVY ENGINEERING BUSINESS West Yard Capacities Ability to construct large marine structures with a total tonnage of 69,700 MT per year Total Area 150.6 hectare (372 acres) complex with 1.8 km seafront Fabrication Area 6 fabrication and assembly areas totaling 341,680 m2 Workshops 38 fully equipped service and production workshops covering an area of 106,100 m2 Skid Tracks Skidding facilities that are able to cater up to 55,000 MT Docking Facilities • 2 drydocks accommodating vessels up to 450,000 dwt • Has one of the world’s largest shiplift systems that is able to cater up to 50,000 dwt Others LNG carrier repair facilities • 3 global test control rooms • 1 cryogenic workshop (750 m2) • Invar welding training centre • In-house Invar welders/fitters Landberths Landberth 1 Length : 345 m Capacity : 142 tonnes/m Landberth 2 Length : 345 m Capacity : 125 tonnes/m p 23 MISC BERHAD - Annual Report 2014
MARINE & HEAVY ENGINEERING BUSINESS (Cont’d.) East Yard Capacities Ability to construct large marine structures with a total tonnage of 60,000 MT per year Total Area 46.8 hectare (116 acres) complex with 500 metres seafront Fabrication Area 3 fabrication and assembly areas totaling 200,700 m2 Workshops 9 fully equipped service and production workshops covering an area of 19,590 m2 Skid Tracks Skidding facilities that are able to cater up to 25,000 MT Malaysia Marine and Heavy Engineering Holdings Berhad (MHB) provides a wide spectrum of Oil & Gas production facilities and services in offshore construction, offshore conversion and marine repair. • With the two (2) yards in Pasir Gudang, namely MMHE East and MMHE West, MHB has the largest offshore and marine heavy industry facilities in the region with a total area of 197.4 hectares. • In the year under review, MMHE acquired four (4) 250 T crawler cranes and eight (8) 50 T rough terrain cranes for operational optimisation in the yards. MAJOR DEVELOPMENTS FROM 1 JANUARY 2014 – 31 DECEMBER 2014 • Completed the conversion of FPSO Cendor for MISC Berhad which is now deployed at Cendor field, offshore Terengganu, Malaysia. • Delivered the Tapis-R topsides for ExxonMobil Exploration and Production Malaysia Inc. (EMEPMI) which comprised of 18,000 MT integrated deck with space for production processing equipment, utilities systems and living quarters for 145 personnel. • Sail away of the Kebabangan (KBB) Topsides for Kebabangan Petroleum Operating Company (KPOC) which were installed offshore Sabah in East Malaysia. • Awarded contracts by Taiwanese Shipping Companies; Simosa Oil Co. Limited (Simosa) and Formosa Plastics Marine Corp. (FPMC). The contract from Simosa was for drydocking repair works for two (2) of their tankers. • Secured contracts of RM350 million which involve fabrication and other associated works for two exploration and production projects offshore Peninsular Malaysia for North Malay Basin (NMB) Bergading Complex and Besar-A of PETRONAS Carigali Sdn. Bhd. • Secured a fabrication contract for an external turret by SOFEC, Inc. for PETRONAS FLNG2 Facility located at Rotan Field, Sarawak. MISC BERHAD - Annual Report 2014 p 24 BUSINESS OVERVIEW AND FLEET STRENGTH as at 31 December 2014
As a one-stop service provider, MILS is a logistics integrator that manages customers’ ocean freighting, distribution, freight forwarding, warehousing and haulage activities. MILS offers customised solutions to meet customers’ local, regional and global logistics requirements. MILS is a registered vendor of PETRONAS and a licensed Multimodal Transport Operator (MTO). • In Project Logistics, MILS offers a full range of project cargo solutions based on two basic premises; safe cargo handling and cost efficiency. In collaboration with established partners and vendors locally and globally, MILS has successfully and safely shipped high value, over dimensional cargo for multiple Oil & Gas, and infrastructure projects. • In Supply Chain Management (SCM), our customised solutions are backed by the company’s strong logistics asset base and strategic nationwide presence.The services are further enhanced by the company’s high commitment in upholding the highest standard of Health, Safety & Environment (HSE). MILS’ SCM service provision focuses on industry such as Oil & Gas, Petrochemicals and fastmoving consumer goods (FMCGs). • MILS is recognised and entrusted by established market leaders such as PETRONAS NGV and a leading bulk industrial gas supplier in the provision of specialised transportation for compressed natural gas, and industrial liquids and gases such as nitrogen and oxygen. • MILS is a recognised entity in Halal Logistics with a state-of-the-art dry and cold storage facility in Pulau Indah with various accreditations and standards. Our Cold Hub is certified with ISO 22000:2005 Food Safety Management System (FSMS). MAJOR DEVELOPMENTS FROM 1 JANUARY 2014 – 31 DECEMBER 2014 • PETRONAS NGV awarded MILS a 4-year contract extension for the provision of logistics services to transport NGV nationwide in January 2014. • MILS secured a long-term logistics contract from PETRONAS Chemicals Marketing Sdn. Bhd. (PCM) in August 2014 which involved the provision of haulage, inland distribution and warehousing services to support the demand growth of PCM’s products and services. MISC INTEGRATED LOGISTICS (MILS) Assets No. Prime Movers 208 units Trailers 783 units NGV Tankers 54 units Total Storage Facility 790,620 sq.ft p 25 MISC BERHAD - Annual Report 2014
Malaysian Maritime Academy Sdn. Bhd. (ALAM) is the premier training centre for the development of seafaring professionals. For over 30 years, ALAM has trained more than 10,000 seafarers through a structured training and education system unique to the academy. Working in collaboration with companies and institutions in the maritime industry locally and regionally, ALAM prepares students to face the demanding career challenges of the maritime profession. • A balance of professional regimentation with a challenging college environment, ALAM’s system is a structured blend of classroom instructions, practical training and professional development skills. • Consistently rated highly by DNV-GL under their internationally well-known benchmarking rating system for Maritime Education and Training (MET) Institutions, placing ALAM amongst the world’s leading maritime education and training providers. • The choice MET institution in this region with student diversity which includes foreign students from the Philippines, India, China, Yemen, Iran, Indonesia, Bangladesh, Brunei and Ukraine. MAJOR DEVELOPMENTS FROM 1 JANUARY 2014 – 31 DECEMBER 2014 • ALAM played host to members of the maritime fraternity from all around the globe at the Annual Global Maritime Education and Training Association’s (GlobalMET) Conference 2014 that was held in Kuala Lumpur and Malacca. • ALAM’s research capability was recognised by the Malaysian Government and is listed under 1DANA in the category of Maritime Research and Consultancy. • 20 PALAPES Laut ALAM cadets were commissioned at the Sultan Idris University of Education in Tanjung Malim, Perak, amongst 1,584 cadets from 12 universities and colleges throughout Malaysia. At the ceremony, ALAM’s very own Wan Aris bin Wan Razali won the title of Best Overall Cadet from the joint contingent of ALAM, Universiti Malaysia Pahang and Universiti Malaysia Terengganu. MARITIME EDUCATION AND TRAINING (MET) Resources • Highly qualified and experienced faculty members • State-of-the-art Simulation Centre • Maritime Library & Resource Centre with comprehensive maritime and shipping based materials • In-campus accommodation and facilities for more than 1,000 students • Well-equipped workshops and laboratories MISC BERHAD - Annual Report 2014 p 26 BUSINESS OVERVIEW AND FLEET STRENGTH as at 31 December 2014
YEEYANG CHIEN President/Chief Executive Officer DATO’ SEKHAR KRISHNAN DATO’ AB. HALIM BIN MOHYIDDIN Chairman DATUK NASARUDIN MD IDRIS DATO’ KALSOM BINTI ABD. RAHMAN MISC BERHAD - Annual Report 2014 p 28 BOARD OFDIRECTORS Effective from 15 January 2015
DATUK MANHARLAL RATILAL MOHD. FARID BIN MOHD. ADNAN HARRY K. MENON LIM BENG CHOON DATO’ HALIPAH BINTI ESA p 29 MISC BERHAD - Annual Report 2014
He is a Member of the Malaysian Institute of Accountants (MIA) and the Malaysian Institute of Certified Public Accountants (MICPA). Dato’ Ab. Halim joined KPMG/KPMG Desa Megat & Co. in 1977. He had his early accounting training both in Malaysia and the United States of America. He held various positions in KPMG and acted as receiver and manager and liquidator for several companies. He was made Partner of KPMG in 1985. At the time of his retirement on 1 October 2001, he was the Partner in Charge of the Assurance and Financial Advisory Services Divisions and was also responsible for the Secured e-Commerce Practice of the firm. Other Commitments Dato’ Ab. Halim currently sits on the boards of PETRONAS Gas Berhad, Amway (Malaysia) Holdings Berhad, Digi.com Berhad and KNM Group Berhad. Dato’ Ab. Halim bin Mohyiddin Chairman, Independent Non-Executive Director Dato’ Ab. Halim bin Mohyiddin, a Malaysian aged 69, was appointed as Chairman and Independent NonExecutive Director of MISC Berhad on 15 January 2015. Qualification, Skills and Experience Dato’ Ab. Halim graduated with a Bachelor of Economics (Accounting) from the University of Malaya in 1971 and thereafter joined University Kebangsaan Malaysia as a Faculty member of the Faculty of Economics. He obtained his Masters of Business Administration degree from the University of Alberta, Edmonton, Alberta, Canada in 1973 and subsequently a Diploma in Accountancy (post-graduate) from University Malaya in 1975. MISC BERHAD - Annual Report 2014 p 30 PROFILES OFDIRECTORS
Datuk George Ratilal, a Malaysian aged 55, was appointed as Chairman and Non-Independent Non-Executive Director of MISC Berhad on 1 August 2011. On 15 January 2015, he was redesignated as a Non-Independent NonExecutive Director of MISC Berhad. Qualification, Skills and Experience Datuk George holds a Bachelor of Arts (Honours) degree in Accountancy from Birmingham City Polytechnic, United Kingdom in 1982 and Masters in Business Administration from University of Aston in Birmingham, United Kingdom in 1984. Prior to joining PETRONAS in 2003, he was attached with a local investment bank for 18 years, concentrating on corporate finance where he was involved in advisory work in mergers and acquisitions, equity and debt capital markets. From 1997 to 2002, he served as the Managing Director of the investment bank. Datuk George is the Executive Vice President and Group Chief Financial Officer of PETRONAS. He is also a member of Executive Committee and Management Committee of PETRONAS. Other Commitments Datuk George also sits on the boards of PETRONAS Gas Berhad, KLCC Property Holdings Berhad, KLCC REIT Management Sdn. Bhd., Cagamas Holdings Berhad and other subsidiaries of the PETRONAS Group. Datuk Manharlal Ratilal (Datuk George Ratilal) Non-Independent Non-Executive Director MISC BERHAD - Annual Report 2014 p 31
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