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MISC - Annual Report 2014

MISC AR2014 1
TABLE OF CONTENTS 4
GROUP FINANCIAL REVIEW 6
FIVE YEAR GROUP FINANCIAL PERFORMANCE 8
FINANCIAL CALENDAR 10
CORPORATE INFORMATION 11
VISION, MISSION AND SHARED VALUES 12
ABOUT US 14
MISC GROUP STRUCTURE 17
BUSINESS OVERVIEW AND FLEET STRENGTH 20
PROFILES OF DIRECTORS 32
PROFILES OF MANAGEMENT COMMITTEE 44
CHAIRMAN’S STATEMENT 48
PRESIDENT/CEO’S REPORT 56
BUSINESS HIGHLIGHTS 82
SUSTAINABILITY REPORT 96
STATEMENT ON CORPORATE GOVERNANCE 116
STATEMENT ON RISK MANAGEMENT & INTERNAL CONTROL 128
STATEMENT OF DIRECTORS’ RESPONSIBILITY 133
ADDITIONAL COMPLIANCE INFORMATION 134
BOARD AUDIT COMMITTEE REPORT 136
FINANCIAL STATEMENTS 142
DIRECTORS’ REPORT 143
STATEMENT BY DIRECTORS 149
STATUTORY DECLARATION 149
INDEPENDENT AUDITORS’ REPORT 150
INCOME STATEMENTS 152
STATEMENTS OF COMPREHENSIVE INCOME 154
STATEMENTS OF FINANCIAL POSITION 155
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 158
STATEMENTS OF CHANGE IN EQUITY 160
STATEMENTS OF CASH FLOWS 161
NOTES TO THE FINANCIAL STATEMENTS 163
1. Corporate information 163
2. Significant accounting policies 163
3. Revenue 196
4. Other operating income 197
5. Profit before taxation from continuing operations 198
6. Staff costs 199
7. Directors’ remuneration 200
8. Finance costs 201
9. Taxation 202
10. Earnings per share 204
11. Dividends 205
12. Ships, offshore floating assets and other property, plant and equipment 206
13. Prepaid lease payments on land and buildings 223
14. Intangible assetsGroup 224
15. Investments in subsidiaries 228
16. Investments in associates 231
17. Investments in joint ventures 232
18. Other financial assets and financial liabilities 238
19. Inventories 247
20. Trade and other receivables 247
21. Due from/(to) customers on contracts 251
22. Cash, deposits and bank balances 251
23. Non-current assets classified as held for sale 252
24. Trade and other payables 253
25. Share capital and share premium 255
26. Other reserves 256
27. Deferred tax 261
28. Cash flows from investing activities 264
29. Cash flows from financing activities 265
30. Related party disclosures 265
31. Commitments 268
32. Contingent liabilities 270
33. Segment information 271
34. Fair value disclosures 278
35. Financial risk management objectives and policies 288
36. Capital management 300
37. Subsidiaries and activities 300
38. Associates and activities 305
39. Joint arrangements and activities 305
40. Discontinued operations 309
41. Significant events 312
42. Subsequent events 313
43. Supplementary information - breakdown of retained profits into realised and unrealised 314
PROPERTIES OWNED BY MISC BERHAD AND ITS SUBSIDIARIES 315
LIST OF VESSELS AND ASSETS 319
NOTICE OF ANNUAL GENERAL MEETING 327
STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING 330
PROXY FORM 331

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