MISC Integrated Annual Report 2020

The directors hereby present their report together with the audited financial statements of the Group and of the Corporation for the financial year ended 31 December 2020. PRINCIPAL ACTIVITIES The principal activities of the Corporation consist of shipowning, ship operating and other activities related to shipping services and operating offshore floating terminals. The principal activities of the subsidiaries, associates and joint arrangements are described in Notes 40, 41 and 42 to the financial statements respectively. The directors deem such information is included in the Directors’ Report by such reference and shall form part of the Directors’ Report. There have been no significant changes in the nature of the principal activities during the financial year. HOLDING COMPANY The immediate and ultimate holding company of the Corporation is Petroliam Nasional Berhad (“PETRONAS”), a company incorporated and domiciled in Malaysia. SUBSIDIARIES The details of the Corporation’s subsidiaries are disclosed in Note 40 to the financial statements. RESULTS Group Corporation RM’000 RM’000 (Loss)/profit for the year (169,831) 1,912,336 Attributable to: Equity holders of the Corporation (43,067) 1,912,336 Non-controlling interests (126,764) – (169,831) 1,912,336 There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial statements. In the opinion of the directors, the results of the operations of the Group and of the Corporation during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature other than the write off of trade receivables and loss on re-measurement of finance lease receivables and provision for litigation claims as disclosed in Note 9 to the financial statements. DIRECTORS’ REPORT DIRECTORS’ REPORT DIVIDENDS The amount of dividends paid by the Corporation since 31 December 2019 were as follows: In respect of the financial year ended 31 December 2019 as reported in the directors’ report of that year: RM’000 A fourth tax exempt dividend of 9.0 sen per ordinary share, declared on 18 February 2020 and paid on 17 March 2020 401,737 A special tax exempt dividend of 3.0 sen per ordinary share, declared on 18 February 2020 and paid on 17 March 2020 133,912 In respect of the financial year ended 31 December 2020: A first tax exempt dividend of 7.0 sen per ordinary share, declared on 8 May 2020 and paid on 9 June 2020 312,462 A second tax exempt dividend of 7.0 sen per ordinary share, declared on 13 August 2020 and paid on 15 September 2020 312,462 A third tax exempt dividend of 7.0 sen per ordinary share, declared on 17 November 2020 and paid on 15 December 2020 312,462 A fourth tax exempt dividend in respect of the financial year ended 31 December 2020 of 12.0 sen per ordinary share amounting to a dividend payable of RM535,649,000 will be paid on 16 March 2021. The fourth tax exempt dividend in respect of the financial year ended 31 December 2020 is not reflected in the current year’s financial statements. The dividend will be accounted for in equity as an appropriation of retained profits in the financial year ending 31 December 2021. DIRECTORS The names of the directors of the Corporation in office since the beginning of the financial year to the date of this report are: Datuk Abu Huraira bin Abu Yazid (Appointed on 9 October 2020) Dato’ Ab. Halim bin Mohyiddin Datuk Nasarudin bin Md Idris Lim Beng Choon Dato’ Sekhar Krishnan Yee Yang Chien Mohd Yusri bin Mohamed Yusof Liza binti Mustapha Dato’ Rozalila binti Abdul Rahman Datin Norazah binti Mohamed Razali (Appointed on 9 October 2020) Mohammad Suhaimi bin Mohd Yasin (Appointed on 9 October 2020) Tan Sri Noh bin Haji Omar (Appointed on 1 June 2020 and subsequently resigned on 17 June 2020) Tengku Muhammad Taufik (Resigned on 15 July 2020) The names of directors of subsidiaries are set out in their respective subsidiary’s directors’ report and the Board deems such information is included in the Corporation’s Directors’ Report by such reference and shall form part of the Corporation’s Directors’ Report. 10 312 10 313 /// Leadership / Governance / Financial Statements / Additional Information / Annual General Meeting ////// /// Leadership / Governance / Financial Statements / Additional Information / Annual General Meeting ////// Section Section MISC Berhad / Integrated Annual Report 2020 MISC Berhad / Integrated Annual Report 2020