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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