STATEMENTS OF CHANGES IN EQUITY For the year ended 31 December 2021 Non-Distributable Distributable Non-Distributable Other Currency Total Share Treasury Retained reserves, translation Corporation Note equity capital* shares profits total reserve RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2021 At 1 January 2021 23,928,856 8,923,262 (271) 11,605,070 3,400,795 3,400,795 Total comprehensive income 2,635,570 – – 1,769,256 866,314 866,314 Transactions with equity holders Dividends 13 (1,473,035) – – (1,473,035) – – At 31 December 2021 25,091,391 8,923,262 (271) 11,901,291 4,267,109 4,267,109 2020 At 1 January 2020 23,921,238 8,923,262 (271) 11,165,769 3,832,478 3,832,478 Total comprehensive income 1,480,653 – – 1,912,336 (431,683) (431,683) Transactions with equity holders Dividends 13 (1,473,035) – – (1,473,035) – – At 31 December 2020 23,928,856 8,923,262 (271) 11,605,070 3,400,795 3,400,795 * Included in share capital is one special preference share of RM1. STATEMENTS OF CASH FLOWS For the year ended 31 December 2021 Group 2021 2020 RM’000 RM’000 CASH FLOWS FROM OPERATING ACTIVITIES Profit/(loss) before taxation 1,774,622 (123,584) Adjustments for: Writeback of impairment loss on: - Trade and other receivables (1,195) – - Finance lease receivables (2,929) (8,878) Impairment loss on: - Trade and other receivables 65,336 34,563 - Other non-current assets 4,369 – Bad debts written off 203 6,120 Ships, offshore floating assets, other property, plant and equipment and right-of-use assets: - Depreciation 1,949,088 2,090,970 - Written off 8,295 23,639 - Impairment loss 111,910 331,376 Amortisation of prepaid lease payments 7,135 7,359 Amortisation of upfront fees for borrowings 27,010 21,531 Amortisation of intangible assets 22,603 5,884 Gain on disposal of ships (31,570) (25,135) Net unrealised foreign exchange gain (15,543) (4,905) Changes in fair value of hedging derivatives 1,300 3,235 Dividend income from equity investments (1,926) (1,087) Write off of trade receivables and loss on re-measurement of finance lease receivables – 846,229 Provision for litigation claims – 1,049,248 Loss from deconsolidation of a subsidiary 2,241 – Gain on disposal of interest in joint ventures (25,126) – Fair value movement in other investments (10,399) 6,953 Finance income (48,250) (112,612) Interest expense 390,333 346,553 Share of profit of joint ventures (297,432) (428,782) Share of profit of associates (3,666) (241) Operating profit before working capital changes 3,926,409 4,068,436 Inventories (25,512) 74,712 Trade and other receivables (531,415) 399,611 Trade, other payables and other non-current liabilities* (330,616) 487,027 Deferred income (86,299) 619,447 Cash generated from operations 2,952,567 5,649,233 Net tax paid (43,968) (61,328) Net cash generated from operating activities 2,908,599 5,587,905 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. The accompanying accounting policies and explanatory notes form an integral part of the financial statements. MISC Berhad 304 Integrated Annual Report 2021 MISC Berhad Integrated Annual Report 2021 305 FINANCIAL STATEMENTS FINANCIAL STATEMENTS
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