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 221 MISC BERHAD ANNUAL REPORT 2018 220 Non Distributable Distributable Non Distributable Note Total equity RM'000 Share capital* RM'000 Share premium RM'000 Treasury shares RM'000 Retained profits RM'000 Other reserves, total RM'000 Fair value reserve RM'000 Currency translation reserve RM'000 2018 At 1 January 2018 21,649,955 8,923,262 - - 10,744,934 1,981,759 53,036 1,928,723 Adjustment on initial application of MFRS 9 (69,421) - - - (16,385) (53,036) (53,036) - At 1 January 2018 (Restated) 21,580,534 8,923,262 - - 10,728,549 1,928,723 - 1,928,723 Total comprehensive income 3,415,926 - - - 1,252,261 2,163,665 - 2,163,665 Transactions with equity holders Dividends 12 (1,339,139) - - - (1,339,139) - - - Buyback of shares by the Corporation 27 (271) - - (271) - - - - At 31 December 2018 23,657,050 8,923,262 - (271) 10,641,671 4,092,388 - 4,092,388 2017 At 1 January 2017 25,930,764 4,463,794 4,459,468 - 10,911,539 6,095,963 56,009 6,039,954 Total comprehensive (loss)/ income (2,450,652) - - - 1,663,552 (4,114,204) (2,973) (4,111,231) Transactions with equity holders Dividends 12 (1,830,157) - - - (1,830,157) - - - Transition in accordance with Section 618(2) of the Companies Act, 2016 to no-par value regime effective 31 January 2017 27 - 4,459,468 (4,459,468) - - - - - At 31 December 2017 21,649,955 8,923,262 - - 10,744,934 1,981,759 53,036 1,928,723 * Included in share capital is one special preference share of RM1. The accompanying accounting policies and explanatory notes form an integral part of the financial statements. Group Note 2018 RM'000 2017 RM'000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation 1,344,113 2,003,580 Adjustments for: Writeback of impairment loss on trade and other receivables (621) (67,405) Impairment loss on: - Trade and other receivables 139,237 190,125 - Finance lease receivables 2,062 - Bad debts written off 10,426 17,805 Ships, offshore floating assets and other property, plant and equipment: - Depreciation 1,891,896 2,055,653 - Written off 32,455 20,519 - Impairment loss 99,036 684,812 Impairment loss on other investments - 2,681 Amortisation of prepaid lease payments 7,216 7,223 Amortisation of upfront fees for borrowings 10,653 14,711 Gain on disposal of other property, plant and equipment (96) (547) Net loss/(gain) on disposal of ships 11,976 (27,741) Net unrealised foreign exchange (gain)/loss (20,356) 52,051 Dividend income from equity investments (1,715) (2,896) Amortisation of intangibles assets 5,392 9,424 Intangible assets written off 721 - Loss on liquidation of a subsidiary - 16,655 Gain on disposal of a joint venture - (43,527) Gain on disposal of an associate - (1,593) Gain on acquisition of businesses (100,001) - Fair value movement in other investments 15,120 - Finance income (132,907) (96,489) Finance costs 394,559 265,013 Share of profit of associates - (1,068) Share of profit of joint ventures (283,284) (193,715) Net movement in provision - (12,445) Operating profit before working capital changes 3,425,882 4,892,826 Inventories (46,916) (5,090) Trade and other receivables 1,024,903 790,846 Trade and other payables (242,103) (892,575) Cash generated from operations 4,161,766 4,786,007 Net tax paid (62,539) (46,893) Net cash generated from operating activities 4,099,227 4,739,114 STATEMENTS OF CHANGES IN EQUITY STATEMENTS OF CASH FLOWS For the year ended 31 December 2018 For the year ended 31 December 2018