In achieving the second objective of sustainable ROACE of more than 10% by 2020, we will work hard to balance our portfolio of assets vis-à-vis cash and profit generating assets. At the same time, we will restructure our mix of long-term capital (debt to equity) for competitive cost of capital. Finally, we will endeavour to find the right mix of debt to equity to drive long-term ROACE. We are of the opinion that size does not matter but that quality of income and cash flow is paramount. As we venture forth, we will continue to focus on shipping and maritime-related Oil & Gas activities and not stray from our four core business segments. Plans are underway for the Group to tap opportunities in our next growth region, namely the Atlantic Basin, over the next five years and we will announce our plans as they unfold. The fact that the MISC Group is today a USD10 billion dollar company in terms of assets with minimal borrowings, bodes well for us. Leveraging on our financial strength, our highly competent and unified workforce, our strategic assets plus robust business strategies, MISC is poised to forge ahead with vigour and optimism. THE WAY FORWARD MISC is well positioned to take advan t age o f t he l ow o i l pr i ce environment and other factors to propel forward and deliver a sustainable performance. As we set our sights on delivering sustainable growth, we will be guided by our refreshed Vision which calls for MISC “to consistently provide better energy related maritime solutions and services”, while our revitalised Mission directs us “to be consistently better”. Fuelled by an unwavering belief, pride and passion, the people of MISC have worked hard to build a global business and brand. With nearly 50 years of excellence to our name, we continue to move energy across the seven seas to power businesses and economies and build a better world. Our impact continues to resonate far and wide and we continue to energise ourselves to be consistently better. With that in mind, we will endeavour to conduct our business operations in a responsible and sustainable manner, define and enhance relationships with our key stakeholders as well as ensuring holistic value creation over time. These notions are of paramount importance for MISC and therefore, our refreshed Mission reflects our pledge to our stakeholders whereby to be consistently better we strive: • to exceed the expectations of our customers • to promote individual and team excellence of our employees • to create a positive difference to the lives of communities • to care for the environment and operate responsibly • to drive sustainable value for our shareholders As we work hard to reach our aspirations, I am confident that we will continue to make waves wherever we go. The solid groundwork we have laid and the good momentum we have gained to date, together with our purpose, which defines us, shapes us and moves us, will enable us to make strong strides forward. A NOTE OF APPRECIATION In closing, I wish to record my deep appreciation to the members of the Board of Directors for their wise counsel in helping us chart a steady path. Your insights has proven invaluable in helping us make this journey that has seen us grow from strength to strength. I also wish to convey my heartfelt thanks to our valued shareholders, clients and partners for their unwavering trust and confidence in us these many years. My gratitude also goes to the Royal Malaysian Navy for their notable efforts in keeping our fleet safe from threats of piracy. Last but not least, my sincere and personal gratitude goes to all our staff for their hard work, unswerving dedication and invaluable contributions to MISC over the course of 2015. Together, we have weathered many a storm and survived the challenges befalling our industry. Together, we have emerged from the tempests more resilient, more capable and determined for success. As we prepare to embrace a new hope and a future with our reinvigorated vision and mission as well as our MISC2020 battle plan, I am quietly confident that we will make good headway. The fair wind in our sails will help propel us along on our journey to new heights of success. YEE YANG CHIEN President/Chief Executive Officer 8 March 2016 MISC BERHAD Annual Report 2015 79
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