Table of Contents 1 391

MISC Annual Report 2018

ANNUAL REPORT 2018 1
CONTENTS 4-5
INTRODUCTION 2-3
THEME RATIONALE 2-3
LOGO RATIONALE 2-3
ABOUT MISC 2-3
CORPORATE INFORMATION 4-5
ABOUT THIS REPORT 8-9
HIGHLIGHTS OF THE YEAR 10-11
KEY HIGHLIGHTS OF 2018 12-13
50th ANNIVERSARY OF MISC: Our Journey Through The Years 16-17
OUR BUSINESS 20-21
OUR BRANDS & BUSINESSES 22-23
MOVING ENERGY TO BUILD A BETTER WORLD 22-23
OUR FLEET & ASSETS 26-27
OUR GLOBAL PRESENCE 26-27
WHERE WE OPERATE 30-31
MISC GROUP STRUCTURE 32-33
OUR LEADERSHIP 34-35
BOARD OF DIRECTORS 36-37
OUR BOARD AT A GLANCE 38-39
PROFILES OF BOARD OF DIRECTORS 38-39
MANAGEMENT COMMITTEE 48-49
PROFILES OF MANAGEMENT COMMITTEE 50-51
OUR PERFORMANCE 58-59
HOW WE CREATE VALUE 60-61
OUR STRATEGIC FOCUS 62-63
KEY RISKS & MITIGATION 64-65
FINANCIAL CALENDAR 66-67
GROUP FINANCIAL REVIEW 66-67
FIVE-YEAR GROUP FINANCIAL PERFORMANCE 68-69
CORPORATE EVENTS & ACHIEVEMENTS 2018 70-71
CHAIRMAN’S STATEMENT 82-83
PRESIDENT/GROUP CEO’S REVIEW 84-85
MANAGEMENT DISCUSSION & ANALYSIS 90-91
INVESTOR RELATIONS REPORT 134-135
OUR COMMITMENT TO SUSTAINABILITY 138-139
SUSTAINABILITY STATEMENT 140-141
SUSTAINABILITY OVERVIEW & MILESTONES 142-143
SUSTAINABILITY STRATEGY UPDATES 148-149
OUR SUSTAINABILITY FOCUS 2018 154-155
OUR GOVERNANCE 164-165
CORPORATE GOVERNANCE OVERVIEW STATEMENT 166-167
NOMINATION & REMUNERATION COMMITTEE REPORT 178-179
BOARD AUDIT & RISK COMMITTEE REPORT 182-183
STATEMENT ON RISK MANAGEMENT & INTERNAL CONTROL 192-193
STATEMENT OF DIRECTORS’ RESPONSIBILITY 200-201
ADDITIONAL COMPLIANCE INFORMATION 200-201
FINANCIAL STATEMENTS 202-203
DIRECTORS' REPORT 204-205
STATEMENT BY DIRECTORS 210-211
INCOME STATEMENTS 210-211
STATEMENTS OF COMPREHENSIVE INCOME 210-211
STATEMENTS OF FINANCIAL POSITION 210-211
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 216-217
STATEMENTS OF CASH FLOWS 218-219
NOTES TO THE FINANCIAL STATEMENTS 222-223
1. CORPORATE INFORMATION 222-223
2. SIGNIFICANT ACCOUNTING POLICIES 222-223
3. REVENUE 254-255
4. OTHER OPERATING INCOME 256-257
5. PROFIT BEFORE TAXATION 256-257
6. STAFF COSTS 258-259
7. DIRECTORS' REMUNERATION 258-259
8. GAIN ON ACQUISITION OF BUSINESSES 260-261
9. FINANCE INCOME & FINANCE COSTS 260-261
10. TAXATION 260-261
11. EARNINGS PER SHARE 262-263
12. DIVIDENDS 262-263
13. SHIPS, OFFSHORE FLOATING ASSETS AND OTHER PROPERTY, PLANT AND EQUIPMENT 264-265
14. PREPAID LEASE PAYMENTS ON LAND AND BUILDINGS 276-277
15. INTANGIBLE ASSETS 278-279
16. INVESTMENTS IN SUBSIDIARIES 280-281
17. INVESTMENTS IN ASSOCIATES 282-283
18. INVESTMENTS IN JOINT VENTURES 282-283
19. OTHER FINANCIAL ASSETS AND FINANCIAL LIABILITIES 286-287
20. FINANCE LEASE ASSETS UNDER CONSTRUCTION 294-295
21. INVENTORIES 294-295
22. TRADE AND OTHER RECEIVABLES 296-297
23. DUE FROM/(TO) CUSTOMERS ON CONTRACTS 298-299
24. CASH, DEPOSITS AND BANK BALANCES 298-299
25. NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE 300-301
26. TRADE AND OTHER PAYABLES 300-301
27. SHARE CAPITAL AND TREASURY SHARES 302-303
28. OTHER RESERVES 304-305
29. DEFFERED TAX 306-307
30. DEFERRED INCOME 308-309
31. CASH FLOWS FROM INVESTING ACTIVITIES 308-309
32. CASH FLOWS FROM FINANCING ACTIVITIES 310-311
33. RELATED PARTY DISCLOSURES 310-311
34. COMMITMENTS 312-313
35. CONTINGENT LIABILITIES 314-315
36. SEGMENT INFORMATION 314-315
37. FAIR VALUE DISCLOSURES 322-323
38. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 328-329
39. CAPITAL MANAGEMENT 340-341
40. SUBSIDIARIES AND ACTIVITIES 340-341
41. ASSOCIATES AND ACTIVITIES 350-351
42. JOINT ARRANGEMENTS AND ACTIVITIES 350-351
43. SIGNIFICANT EVENTS 354-355
INDEPENDENTAUDITORS' REPORT 356-357
OTHER INFORMATION 364-365
STATISTICS ON SHAREHOLDINGS 366-367
PROPERTIES OWNED BY MISC BERHADAND ITS SUBSIDIARIES 368-369
LIST OF VESSELS & ASSETS 370-371
50TH ANNUAL GENERAL MEETING 382-383
NOTICE OF ANNUAL GENERAL MEETING 382-383
ADMINISTRATIVE NOTES RELATING TO THE 50TH ANNUAL GENERAL MEETING (AGM) 386-387
PROXY FORM 386-387
ERRATA 390

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