MISC Annual Report 2018

HIGHLIGHTS OF THE YEAR OUR BUSINESS OUR LEADERSHIP OUR PERFORMANCE OUR COMMITMENT TO SUSTAINABILITY OUR GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION 50 TH ANNUAL GENERAL MEETING 213 MISC BERHAD ANNUAL REPORT 2018 212 We, Dato' Ab. Halim bin Mohyiddin and Yee Yang Chien, being two of the directors of MISC Berhad, do hereby state that, in the opinion of the directors, the accompanying financial statements set out on pages 213 to 358 are drawn up in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act, 2016 in Malaysia so as to give a true and fair view of the financial position of the Group and of the Corporation as at 31 December 2018 and of their financial performance and cash flows for the year then ended. Signed on behalf of the Board in accordance with a resolution of the directors dated 27 February 2019. Dato' Ab. Halim bin Mohyiddin Yee Yang Chien Group Corporation Note 2018 RM'000 2017 RM'000 2018 RM'000 2017 RM'000 Revenue 3     8,780,275  10,068,212 897,225 1,045,767 Cost of sales    (6,447,524) (6,766,495) (600,715) (648,454) Gross profit     2,332,751  3,301,717 296,510 397,313 Other operating income 4        128,607  507,529 1,213,199 1,941,481 Impairment provisions 5(a)         (99,036) (687,493) (91,591) (359,564) Net (loss)/gain on disposal of ships         (11,976) 27,741 4,985 - Gain on acquisition of businesses 8        100,001 - 100,001 - Finance income 9(a)        132,907  96,489 224,384 186,228 General and administrative expenses (1,127,866) (1,172,173) (287,927) (321,654) Finance costs 9(b) (394,559) (265,013) (207,300) (180,252) Share of profit of associates - 1,068 - - Share of profit of joint ventures 283,284 193,715 - - Profit before taxation 5 1,344,113 2,003,580 1,252,261 1,663,552 Taxation 10 (59,772) (12,889) - - Profit after taxation 1,284,341 1,990,691 1,252,261 1,663,552 Attributable to: Equity holders of the Corporation 1,311,503 1,981,509 1,252,261 1,663,552 Non-controlling interests (27,162) 9,182 - - 1,284,341 1,990,691 1,252,261 1,663,552 Earnings per share attributable to equity holders of the Corporation (sen) Basic 11 29.4 44.4 Diluted 11 29.4 44.4 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. I, Rozainah binti Awang, being the officer primarily responsible for the financial management of MISC Berhad, do solemnly and sincerely declare that the accompanying financial statements set out on pages 213 to 358 are in my opinion correct, and I make this solemn declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declarations Act, 1960. Subscribed and solemnly declared by the abovenamed Rozainah binti Awang, MIA membership number CA 36209 at Kuala Lumpur in Wilayah Persekutuan on 27 February 2019 Rozainah binti Awang Before me, STATEMENT BY DIRECTORS INCOME STATEMENTS STATUTORY DECLARATION Pursuant to Section 251(1)(b) of the Companies Act, 2016 Pursuant to Section 251(2) of the Companies Act, 2016 For the year ended 31 December 2018