Table of Contents 1 347

MISC Annual Report 2017

MISC BERHAD Annual Report 2017 1
INSIDE THIS REPORT 4
CORPORATE INFORMATION 5
ABOUT THIS REPORT 6
ABOUT MISC 10
OUR GLOBAL PRESENCE 16-17
MISC GROUP STRUCTURE 19
BOARD OF DIRECTORS 21
MANAGEMENT COMMITTEE 31
MISC2020 ASPIRATIONS 37
MISC2020 JOURNEY 38
SUSTAINABILITY@MISC 42
MATERIALITY 44
SUSTAINABILITY STRATEGY UPDATES 47
SUSTAINABILITY GOVERNANCE 55
SUSTAINABILITY TRENDS & CHALLENGES 57
GROUP FINANCIAL REVIEW 60
FIVE YEAR GROUP FINANCIAL PERFORMANCE 62
FINANCIAL CALENDAR 64
MISC GROUP 2017 Highlights 66
CHAIRMAN’S STATEMENT 74
PRESIDENT/GROUP CEO’S REVIEW 80
MANAGEMENT DISCUSSION & ANALYSIS 92
LNG SHIPPING 92
INTEGRATED MARINE SERVICES 108
PEOPLE DEVELOPMENT 118
INVESTOR RELATIONS REPORT 126
STATISTICS ON SHAREHOLDINGS 128
CORPORATE GOVERNANCE OVERVIEW STATEMENT 131
NOMINATION AND REMUNERATION COMMITTEE REPORT 141
STATEMENT ON RISK MANAGEMENT & INTERNAL CONTROL 146
STATEMENT OF DIRECTORS' RESPONSIBILITY 153
ADDITIONAL COMPLIANCE INFORMATION 154
BOARD AUDIT AND RISK COMMITTEE REPORT 155
FINANCIAL STATEMENTS 161
DIRECTORS’ REPORT 162
STATEMENT BY DIRECTORS 168
STATUTORY DECLARATION 168
INCOME STATEMENTS 168
STATEMENTS OF COMPREHENSIVE INCOME 170
STATEMENTS OF FINANCIAL POSITION 171
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 174
STATEMENTS OF CASH FLOWS 177
NOTES TO THE FINANCIAL STATEMENTS 180
1. CORPORATE INFORMATION 180
2. SIGNIFICANT ACCOUNTING POLICIES 180
3. REVENUE 206
4. OTHER OPERATING INCOME 207
5. PROFIT BEFORE TAXATION 208
6. STAFF COSTS 209
7. DIRECTORS' REMUNERATION 210
8. FINANCE COSTS 211
9. TAXATION 211
10. EARNINGS PER SHARE 213
11. DIVIDENDS 213
12. SHIPS, OFFSHORE FLOATING ASSETS AND OTHER PROPERTY, PLANT AND EQUIPMENT 214
13. PREPAID LEASE PAYMENTS ON LAND AND BUILDINGS 227
14. INTANGIBLE ASSETS 228
15. INVESTMENTS IN SUBSIDIARIES 230
16. INVESTMENTS IN ASSOCIATES 238
17. INVESTMENTS IN JOINT VENTURES 239
18. OTHER FINANCIAL ASSETS AND FINANCIAL LIABILITIES 243
19. FINANCE LEASE ASSETS UNDER CONSTRUCTION 251
20. INVENTORIES 251
21. TRADE AND OTHER RECEIVABLES 252
22. DUE FROM/(TO) CUSTOMERS ON CONTRACTS 255
23. CASH, DEPOSITS AND BANK BALANCES 255
24. NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE 256
25. TRADE AND OTHER PAYABLES 257
26. SHARE CAPITAL AND SHARE PREMIUM 259
27. OTHER RESERVES 260
28. DEFFERED TAX 263
29. DEFERRED INCOME 265
30. CASH FLOWS FROM INVESTING ACTIVITIES 266
31. CASH FLOWS FROM FINANCING ACTIVITIES 267
32. RELATED PARTY DISCLOSURES 267
33. COMMITMENTS 270
34. CONTINGENT LIABILITIES 272
35. SEGMENT INFORMATION 273
36. FAIR VALUE DISCLOSURES 280
37. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 288
38. CAPITAL MANAGEMENT 300
39. SUBSIDIARIES AND ACTIVITIES 301
40. ASSOCIATES AND ACTIVITIES 311
41. JOINT ARRANGEMENTS AND ACTIVITIES 312
42. SIGNIFICANT EVENTS 316
INDEPENDENT AUDITORS’ REPORT 318
PROPERTIES OWNED BY MISC AND ITS SUBSIDIARIES 326
LIST OF VESSELS AND ASSETS 329
NOTICE OF ANNUAL GENERAL MEETING 340
ADMINISTRATIVE NOTES RELATING TO THE 49TH ANNUAL GENERAL MEETING (AGM) 344

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