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
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