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 10-11
WHO WE ARE 16-17
WHO WE ARE AND WHAT WE DO 18-19
WHAT WE OWN/OPERATE 18-19
HOW WE MOVE ENERGY 20-21
WHERE WE OPERATE 24-25
KEY MILESTONES 26-27
SPECIAL FOCUS 26-27
The FPSO Industry 28-29
KEY MESSAGES 30-31
CHAIRMAN’S MESSAGE 34-35
PRESIDENT/GROUP CEO’S REVIEW 38-39
HIGHLIGHTS 44-45
KEY HIGHLIGHTS 2020 46-47
KEY CORPORATE EVENTS AND ACHIEVEMENTS IN 2020 48-49
STRATEGIC REVIEW 52-53
OVERVIEW 56-57
HOW WE CREATE VALUE 58-59
OUR STRATEGIC FOCUS 62-63
OUR MATERIAL MATTERS 62-63
OUR STAKEHOLDERS 64-65
OUR OPERATING ENVIRONMENT 66-67
SPECIAL FEATURE: OUR RESPONSE TO COVID-19 80-81
OUR RISKS AND MITIGATION STRATEGIES 80-81
DELIVERING OUR STRATEGY 86-87
SUSTAINABILITY 98-99
ANCHORING SUSTAINABILITY @ MISC 100-101
FINANCIAL REVIEW 120-121
GROUP FINANCIAL REVIEW 124-125
FINANCIAL CALENDAR 128-129
FIVE-YEAR GROUP FINANCIAL PERFORMANCE 128-129
STATEMENT OF VALUE ADDED AND VALUE DISTRIBUTED 130-131
BUSINESS REVIEW 130-131
LNG ASSET SOLUTIONS 134-135
PETROLEUM & PRODUCT SHIPPING 144-145
OFFSHORE BUSINESS 154-155
MARINE & HEAVY ENGINEERING 158-159
INTEGRATED MARINE SERVICES 168-169
PORT MANAGEMENT & MARITIME SERVICES 178-179
MARITIME EDUCATION & TRAINING 182-183
PEOPLE DEVELOPMENT 190-191
OPERATING SAFELY AND SUSTAINABLY 206-207
OPERATING RESPONSIBLY 228-229
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 292-293
STATEMENT OF DIRECTORS’ RESPONSIBILITY 306-307
ADDITIONAL COMPLIANCE INFORMATION 306-307
FINANCIAL STATEMENTS 310-311
DIRECTORS’ REPORT 310-311
STATEMENT BY DIRECTORS 316-317
STATUTORY DECLARATION 316-317
INCOME STATEMENTS 316-317
STATEMENTS OF COMPREHENSIVE INCOME 320-321
STATEMENTS OF FINANCIAL POSITION 320-321
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 322-323
STATEMENTS OF CHANGES IN EQUITY 324-325
STATEMENTS OF CASH FLOWS 324-325
NOTES TO THE FINANCIAL STATEMENTS 330-331
1. CORPORATE INFORMATION 330-331
2. SIGNIFICANT ACCOUNTING POLICIES 330-331
3. REVENUE 362-363
4. OTHER OPERATING INCOME 364-365
5. (LOSS)/PROFIT BEFORE TAXATION 364-365
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 370-371
13. DIVIDENDS 370-371
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 398-399
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 412-413
26. TRADE AND OTHER PAYABLES 412-413
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 456-457
42. JOINT ARRANGEMENTS AND ACTIVITIES 456-457
43. SIGNIFICANT EVENTS 460-461
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 480-481
STATISTICS ON SHAREHOLDINGS 488-489
LIST OF ABBREVIATIONS 492-493
ANNUAL GENERAL MEETING 496-497
NOTICE OF ANNUAL GENERAL MEETING 496-497
ADMINISTRATIVE NOTES RELATING TO THE 52ND ANNUAL GENERAL MEETING 502-503
Form of Proxy 506-507

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