MISC Annual Report 2018

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS 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 313 MISC BERHAD ANNUAL REPORT 2018 312 32. CASH FLOWS FROM FINANCING ACTIVITIES Group Corporation 2018 RM'000 2017 RM'000 2018 RM'000 2017 RM'000 Drawdown of term loans 2,575,438 2,086,065 - - Drawdown of revolving credits 2,866,251 584,899 743,109 - Drawdown of loans from a subsidiary - - 1,169,933 584,899 Repayment of term loans (3,413,483) (1,128,179) - - Repayment of Sukuk Murabahah - (20,000) - - Repayment of revolving credits (931,911) (1,268,715) (121,028) (645,109) Repayment of loan due to a subsidiary - - (2,846,237) (1,635,265) Dividends (Note 12) (1,339,139) (1,830,157) (1,339,139) (1,830,157) Dividend paid to minority shareholders of subsidiaries (23,430) (189,090) - - Interest paid (442,724) (334,428) (197,113) (111,558) (Placement)/receipt of cash pledged with bank - restricted (113,697) 40,907 - - Net cash used in financing activities (822,695) (2,058,698) (2,590,475) (3,637,190) 33. RELATED PARTY DISCLOSURES In addition to related party disclosures elsewhere in the financial statements, set out below are other significant related party transactions. The directors are of the opinion that, unless otherwise stated, the transactions below have been entered into in the normal course of business at terms agreed between the parties during the financial year. As the holding company is wholly owned by the MoF, the Group is deemed to be related to entities that are controlled, jointly controlled or significantly influenced by the Government of Malaysia. 33. RELATED PARTY DISCLOSURES (CONT'D.) Group Corporation 2018 RM'000 2017 RM'000 2018 RM'000 2017 RM'000 (a) Income from fellow subsidiaries Freight and charter hire revenue 2,042,158 2,463,667 616,194 702,578 Fabrication services 551,056 263,648 - - Finance lease income 340,836 249,880 - 10,844 Offshore, maintenance and manpower services 110,941 114,128 49,203 46,466 Marine and consultancy services 17,870 15,006 - - Sungai Udang Port management 33,238 16,910 - - (b) Purchase from fellow subsidiaries Purchase of bunkers, lubricants, spare parts and other materials (103,425) (72,593) (33,557) (14,194) Purchase of service for rental of premises (22,760) (24,978) (21,306) (23,634) Fees for representation in the Board of Directors* (519) (202) (519) (202) (c) Management fee from subsidiaries Fees for representation in the Board of Directors** - - 640 499 * Fees paid directly to PETRONAS in respect of directors who are appointees of the holding company. ** Fees received from subsidiaries in respect of directors who are appointees of the Corporation.