Table of Contents 1 511

MISC Integrated Annual Report 2020

INTEGRATED ANNUAL REPORT 2020 1
CONTENTS 2-3
INTRODUCTION 10-11
ABOUT MISC 10-11
CORPORATE INFORMATION 10-11
ABOUT THIS REPORT 12-13
WHO WE ARE 16-17
WHO WE ARE AND WHAT WE DO 18-19
WHAT WE OWN/OPERATE 20-21
HOW WE MOVE ENERGY 22-23
WHERE WE OPERATE 24-25
KEY MILESTONES 26-27
SPECIAL FOCUS 30-31
The FPSO Industry 30-31
KEY MESSAGES 34-35
CHAIRMAN’S MESSAGE 36-37
PRESIDENT/GROUP CEO’S REVIEW 40-41
HIGHLIGHTS 48-49
KEY HIGHLIGHTS 2020 50-51
KEY CORPORATE EVENTS AND ACHIEVEMENTS IN 2020 52-53
STRATEGIC REVIEW 56-57
OVERVIEW 58-59
HOW WE CREATE VALUE 60-61
OUR STRATEGIC FOCUS 64-65
OUR MATERIAL MATTERS 66-67
OUR STAKEHOLDERS 68-69
OUR OPERATING ENVIRONMENT 68-69
SPECIAL FEATURE OUR RESPONSE TO COVID-19 82-83
OUR RISKS AND MITIGATION STRATEGIES 84-85
DELIVERING OUR STRATEGY 90-91
SUSTAINABILITY 102-103
ANCHORING SUSTAINABILITY @MISC 104-105
FINANCIAL REVIEW 124-125
GROUP FINANCIAL REVIEW 126-127
FINANCIAL CALENDAR 128-129
FIVE-YEAR GROUP FINANCIAL PERFORMANCE 128-129
STATEMENT OF VALUE ADDED AND VALUE DISTRIBUTED 130-131
BUSINESS REVIEW 134-135
LNG ASSET SOLUTIONS 136-137
PETROLEUM & PRODUCT SHIPPING 144-145
OFFSHORE BUSINESS 154-155
MARINE & HEAVY ENGINEERING 160-161
INTEGRATED MARINE SERVICES 170-171
PORT MANAGEMENT & MARITIME SERVICES 176-177
MARITIME EDUCATION & TRAINING 184-185
PEOPLE DEVELOPMENT 190-191
OPERATING SAFELY AND SUSTAINABLY 204-205
OPERATING RESPONSIBLY 226-227
LEADERSHIP 238-239
OUR BOARD AT A GLANCE 240-241
PROFILES OF THE BOARD OF DIRECTORS 240-241
PROFILES OF THE MANAGEMENT COMMITTEE 252-253
GOVERNANCE 258-259
CORPORATE GOVERNANCE OVERVIEW STATEMENT 260-261
NOMINATION AND REMUNERATION COMMITTEE REPORT 274-275
BOARD AUDIT COMMITTEE REPORT 282-283
BOARD GOVERNANCE AND RISK COMMITTEE REPORT 290-291
STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL 294-295
STATEMENT OF DIRECTORS’ RESPONSIBILITY 308-309
ADDITIONAL COMPLIANCE INFORMATION 308-309
FINANCIAL STATEMENTS 310-311
DIRECTORS’ REPORT 312-313
STATEMENT BY DIRECTORS 318-319
STATUTORY DECLARATION 318-319
INCOME STATEMENTS 318-319
STATEMENTS OF COMPREHENSIVE INCOME 318-319
STATEMENTS OF FINANCIAL POSITION 318-319
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 324-325
STATEMENTS OF CASH FLOWS 326-327
NOTES TO THE FINANCIAL STATEMENTS 330-331
1. CORPORATE INFORMATION 330-331
2. SIGNIFICANT ACCOUNTING POLICIES 330-331
3. REVENUE 364-365
4. OTHER OPERATING INCOME 366-367
5. (LOSS)/PROFIT BEFORE TAXATION 366-367
6. STAFF COSTS 368-369
7. DIRECTORS’ REMUNERATION 368-369
8. GAIN ON ACQUISITION OF A BUSINESS 370-371
9. WRITE OFF OF TRADE RECEIVABLES AND LOSS ON RE-MEASUREMENT OF FINANCE LEASE RECEIVABLES AND PROVISION FOR LITIGATION CLAIMS 370-371
10. (a) FINANCE INCOME 370-371
11. TAXATION 370-371
12. (LOSS)/EARNINGS PER SHARE 372-373
13. DIVIDENDS 372-373
14. SHIPS, OFFSHORE FLOATING ASSETS AND OTHER PROPERTY, PLANT AND EQUIPMENT 374-375
15. PREPAID LEASE PAYMENTS ON LAND AND BUILDINGS 392-393
16. INTANGIBLE ASSETS 392-393
17. INVESTMENTS IN SUBSIDIARIES 394-395
18. INVESTMENTS IN ASSOCIATES 396-397
19. INVESTMENTS IN JOINT VENTURES 396-397
20. OTHER FINANCIAL ASSETS AND FINANCIAL LIABILITIES 400-401
21. INVENTORIES 410-411
22. TRADE AND OTHER RECEIVABLES 410-411
23. DUE FROM/(TO) CUSTOMERS ON CONTRACTS 412-413
24. CASH, DEPOSITS AND BANK BALANCES 412-413
25. NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE 414-415
26. TRADE AND OTHER PAYABLES 414-415
27. SHARE CAPITAL AND TREASURY SHARES 416-417
28. OTHER RESERVES 416-417
29. DEFERRED TAX 418-419
30. DEFERRED INCOME 420-421
31. CASH FLOWS FROM INVESTING ACTIVITIES 420-421
32. CASH FLOWS FROM FINANCING ACTIVITIES 422-423
33. RELATED PARTY DISCLOSURES 422-423
34. COMMITMENTS 424-425
35. CONTINGENT LIABILITIES 424-425
36. SEGMENT INFORMATION 424-425
37. FAIR VALUE DISCLOSURES 432-433
38. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 436-437
39. CAPITAL MANAGEMENT 448-449
40. SUBSIDIARIES AND ACTIVITIES 450-451
41. ASSOCIATES AND ACTIVITIES 458-459
42. JOINT ARRANGEMENTS AND ACTIVITIES 458-459
43. SIGNIFICANT EVENTS 462-463
INDEPENDENT AUDITORS’ REPORT 466-467
ADDITIONAL INFORMATION 474-475
MISC GROUP STRUCTURE 476-477
PROPERTIES OWNED BY MISC BERHAD AND ITS SUBSIDIARIES 480-481
LIST OF VESSELS AND ASSETS 482-483
STATISTICS ON SHAREHOLDINGS 488-489
LIST OF ABBREVIATIONS 490-491
ANNUAL GENERAL MEETING 496-497
NOTICE OF ANNUAL GENERAL MEETING 498-499
ADMINISTRATIVE NOTES RELATING TO THE 52ND ANNUAL GENERAL MEETING 500-501
Form of Proxy 508-509

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