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MISC - Annual Report 2015

Annual Report 2015 1
Contents 8
Financial Review 10
Group Financial Review 10
Five Year Group Financial Performance 12
Financial Calendar 14
MISC Berhad Overview 15
Corporate Information 15
About MISC 16
MISC at a Glance 18
MISC in the News 20
Our Global Presence 22
MISC2020 : Our 5-Year Strategy 24
MISC Group Structure 26
Board & Management 30
Board of Directors 30
Management Committee 42
Performance Review 48
Chairman's Statement 48
President/CEO's Report 56
Key Highlights of 2015 84
Investor's Overview 93
Investor Relations Report 93
Statistics on Shareholdings 95
Sustainability Statement 100
Corporate Governance 102
Statement on Corporate Governance 102
Statement on Risk Management & Internal Control 116
Statement of Directors' Responsibility 123
Additional Compliance Information 124
Board Audit Committee Report 125
Contents (Financial Statements) 132
Directors' Report 133
Statement by Directors 139
Statutory Declaration 139
Independent Auditors' Report 140
Income Statements 142
Statements of Comprehensive Income 143
Statements of Financial Position 144
Consolidated Statement of Changes in Equity 148
Statement of Changes in Equity 150
Statements of Cash Flows 151
Notes to the Financial Statements 152
1. Corporate Information 152
2. Significant accounting policies 152
3. Revenue 183
4. Other operating income 184
5. Profit before taxation 185
6. Staff costs 186
7. Directors’ remuneration 187
8. Finance costs 188
9. Taxation 189
10. Earnings per share 191
11. Dividends 191
12. Ships, offshore floating assets and other property, plant and equipment 192
13. Prepaid lease payments on land and buildings 209
14. Intangible assets 210
15. Investments in subsidiaries 213
16. Investments in associates 216
17. Investments in joint ventures 217
18. Other financial assets and financial liabilities 223
19. Inventories 231
20. Trade and other receivables 232
21. Due from/(to) customers on contracts 236
22. Cash, deposits and bank balances 236
23. Non-current assets classified as held for sale 237
24. Trade and other payables 238
25. Share capital and share premium 240
26. Other reserves 242
27. Deferred tax 245
28. Cash flows from investing activities 248
29. Cash flows from financing activities 249
30. Related party disclosures 249
31. Commitments 252
32. Contingent liabilities 254
33. Segment information 254
34. Fair value disclosures 261
35. Financial risk management objectives and policies 269
36. Capital management 279
37. Subsidiaries and activities 280
38. Associates and activities 287
39. Joint arrangements and activities 288
40. Significant events 292
Supplementary Information - Breakdown of Retained Profits into Realised and Unrealised 293
Properties owned by MISC Berhad and its Subsidiaries 294
List of Vessles and Assets 298
Forty-Seventh (47th) Annual General Meeting 306
Notice of Annual General Meeting 306
Statement of Accompanying Notice of Annual General Meeting 311
Proxy Form 313
Errata to the Notice and Proxy Form for Forty-Seventh AGM 316

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