MISC Annual Report 2019

STATEMENT BY DIRECTORS INCOME STATEMENTS STATUTORY DECLARATION Pursuant to Section 251(2) of the Companies Act 2016 For the year ended 31 December 2019 Pursuant to Section 251(1)(b) of the Companies Act 2016 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 241 to 373 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 2019 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 26 February 2020. Dato’ Ab. Halim bin Mohyiddin Yee Yang Chien I, Raja Azlan Shah bin Raja Azwa, 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 241 to 373 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 Raja Azlan Shah bin Raja Azwa, at Kuala Lumpur in Wilayah Persekutuan on 26 February 2020. Raja Azlan Shah bin Raja Azwa Before me, Group Corporation Note 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Revenue 3 8,962,724 8,780,275 1,015,989 897,225 Cost of sales (6,215,588) (6,447,524) (613,124) (600,715) Gross profit 2,747,136 2,332,751 402,865 296,510 Other operating income 4 118,853 128,607 1,693,065 1,213,199 Impairment provisions 5(a) (214,943) (99,036) (101,407) (91,591) Net gain/(loss) on disposal of ships and offshore floating assets 7,884 (11,976) – 4,985 Gain on acquisition of businesses 8 23,731 100,001 23,731 100,001 Finance income 9(a) 169,249 132,907 195,140 224,384 General and administrative expenses (1,105,913) (1,127,866) (218,068) (287,927) Finance costs 9(b) (484,303) (394,559) (129,416) (207,300) Share of profit of joint ventures 250,629 283,284 – – Profit before taxation 5 1,512,323 1,344,113 1,865,910 1,252,261 Taxation 10 (76,056) (59,772) (1,496) – Profit after taxation 1,436,267 1,284,341 1,864,414 1,252,261 Attributable to: Equity holders of the Corporation 1,426,355 1,311,503 1,864,414 1,252,261 Non-controlling interests 9,912 (27,162) – – 1,436,267 1,284,341 1,864,414 1,252,261 Earnings per share attributable to equity holders of the Corporation (sen) Basic 11 32.0 29.4 Diluted 11 32.0 29.4 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. FINANCIAL STATEMENTS MISC BERHAD PEOPLE. PASSION. POSSIBILITIES ANNUAL REPORT 2019 240 241