MISC Annual Report 2019

Non Distributable Distributable Non Distributable Other Fair Currency Total Share Treasury Retained reserves, value translation Corporation Note equity capital* shares profits total reserve reserve RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2019 At 1 January 2019 23,657,050 8,923,262 (271) 10,641,671 4,092,388 – 4,092,388 Adjustment on initial application of MFRS 16 (1,193) – – (1,193) – – – At 1 January 2019 (Restated) 23,655,857 8,923,262 (271) 10,640,478 4,092,388 – 4,092,388 Total comprehensive income/(loss) 1,604,504 – – 1,864,414 (259,910) – (259,910) Transactions with equity holders Dividends 12 (1,339,123) – – (1,339,123) – – – At 31 December 2019 23,921,238 8,923,262 (271) 11,165,769 3,832,478 – 3,832,478 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 26 (271) – (271) – – – – At 31 December 2018 23,657,050 8,923,262 (271) 10,641,671 4,092,388 – 4,092,388 * 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. STATEMENTS OF CHANGES IN EQUITY STATEMENTS OF CASH FLOWS For the year ended 31 December 2019 For the year ended 31 December 2019 Group 2019 2018 RM’000 RM’000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation 1,512,323 1,344,113 Adjustments for: Writeback of impairment loss on: - Trade and other receivables – (621) - Finance lease receivables (5,455) – Impairment loss on: - Trade and other receivables 36,839 139,237 - Finance lease receivables – 2,062 Bad debts written off 1,065 10,426 Ships, offshore floating assets, other property, plant and equipment and right-of-use assets: - Depreciation 2,215,528 1,891,896 - Written off 13,189 32,455 - Impairment loss 214,943 99,036 Amortisation of prepaid lease payments 7,405 7,216 Amortisation of upfront fees for borrowings 26,188 10,653 Gain on disposal of other property, plant and equipment – (96) Net (gain)/loss on disposal of ships and offshore floating assets (7,884) 11,976 Net unrealised foreign exchange loss/(gain) 1,636 (20,356) Dividend income from equity investments (1,572) (1,715) Amortisation of intangible assets 6,373 5,392 Intangible assets written off – 721 Gain on acquisition of businesses (23,731) (100,001) Fair value movement in other investments 5,175 15,120 Finance income (169,249) (132,907) Finance costs 484,303 394,559 Share of profit of joint ventures (250,629) (283,284) Operating profit before working capital changes 4,066,447 3,425,882 Inventories 82,518 (46,916) Trade and other receivables 1,398,311 1,024,903 Trade and other payables 79,232 (242,103) Cash generated from operations 5,626,508 4,161,766 Net tax paid (47,451) (62,539) Net cash generated from operating activities 5,579,057 4,099,227 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 248 249