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People Passion Possibilities MISC BERHAD 196801000580 (8178-H) THIS IS PEOPLE PASSION POSSIBILITIES ANNUAL REPORT 2019 ANNUAL REPORT 2019 ANNUAL REPORT MISC MISC BERHAD 196801000580 (8178-H) Level 25, Menara Dayabumi, Jalan Sultan Hishamuddin, 50050 Kuala Lumpur T : +603 2264 0888 F : +603 2273 6602 www.misc.com.my This Annual Report is printed on FSC mix materials THIS IS MISC PEOPLEMISC’s accomplishments throughout the years are achieved through the dedication of our People at sea and shore, who are committed to uphold the highest standards of excellence in everything that we do. PEOPLE THIS IS MISC PASSIONWe push the boundaries with Passion and leverage on our Group’s synergy to provide a comprehensive range of energy related maritime solutions and services. PASSION THIS IS MISC PThrough the Ocommitment andSSIBILITIES dedication of our People, fuelled by their unwavering Passion, we believe there are greater Possibilities ahead as we collaborate actively and embrace opportunities that emerge from the evolving industry to create a sustainable future today and tomorrow. POSSIBILITIES ANNUAL REPORT 06 MISC BERHAD PEOPLE. PASSION. POSSIBILITIES 2019 INTRODUCTION 07 About This Report MISC Berhad has embarked on a journey to adopt the Integrated Reporting <IR> SCOPE AND COMPLETENESS ASSURANCE Framework as outlined by the International Integrated Reporting Council starting This Report covers information on the Group’s operations around the We have not undertaken third party assurance for the data disclosed with our 2017 Annual Report, and this 2019 Annual Report reflects our advancement world, including LNG Asset Solutions, Petroleum & Product Shipping, in this report except for: in the commitment towards adhering to the best practices of corporate reporting. Offshore Business and Marine & Heavy Engineering business • Financial data contained in the audited financial statements; and We aim for full adoption of the <IR> Framework by our 2020 Annual Report which is segments. It also covers our Integrated Marine Services, Maritime • GHG emissions reported by all of our vessels operating in EU ports to be released in 2021. Education & Training as well as Port Management & Maritime in accordance with Regulation (EU) 2015/75 - MRV (Monitoring, This Report acknowledges the correlation between economic, environmental, social and governance Services business segments. Reporting and Verification). considerations as they have an influence on how the Group conducts itself when evaluating sustainable value creation. It aims to provide: REPORTING PERIOD Constant monitoring of the reporting processes is undertaken by This Report presents the Group’s corporate strategies and targets our internal team and any changes or updates required are made to as well as our financial and operational performance for the financial maintain continuous veracity. An insight into how our A record of our An orientation of where we year ended 31 December 2019. strategy creates sustainable accomplishments on the are, where we aim to be and FORWARD-LOOKING STATEMENTS value for our various journey towards attaining our how we plan to address the CONTEXT In view of the operating environment and vagaries of the industry stakeholders; strategic targets; and expectations and challenges ahead. MISC Berhad and its subsidiaries are referred to as MISC or the under which the Group operates, some of the information provided Group in this report. The content prioritises areas deemed material in this report contains certain forward-looking statements which Please scan the for a Malaysia-based energy related maritime solutions and services includes our views of future prospects. These statements and QR code to view In order to produce a comprehensive perspective of the Group, each of the business units, subsidiaries and company with a global footprint. It also incorporates references to forecasts involve uncertainty as they describe future events and our interactive key internal divisions were engaged in the preparation of this Report. global developments, industry challenges and outlook. depend on assumptions that could change over time to reflect report changes in the operating environment in which the Group operates. DATA MEASUREMENT TECHNIQUES AND ASSUMPTIONS Our reported greenhouse gas (GHG) emissions data are calculated SUSTAINABILITY based on the Greenhouse Gas Protocol: A Corporate Accounting Consistent with our commitment to sustainability, we also provide and Reporting Standard (Revised Edition), Third IMO GHG Study extensive report on our sustainability performance and how we 2014, American Petroleum Institute (API) Compendium of GHG respond to stakeholders in relation to economic, environmental, Methodologies for the Oil and Gas Industry, Aug 2009, European social and governance. Union (EU) Monitoring, Reporting and Verification (MRV) of CO2 Financial emissions and IMO Data Collection System (DCS) on ABBREVIATIONS AND ACRONYMS Physical fuel consumption. A list of the abbreviations and acronyms used in this Report can be MAKING USE OF THE SIX CAPITALS found on pages 399 to 401. We continuously strive to enhance the clarity of our The other sustainability data presented in this report references the Global Reporting Initiatives (GRI) Standard and we will continue to SIX CAPITALS OF reporting in accordance with the <IR> Framework. This includes providing greater insight into how we interact work on disclosing more data on a best-effort basis. <IR> FRAMEWORK with the external environment and utilise the six capitals to Human Intellectual create sustainable value for our stakeholders over the short, medium and long term. Further information can be Business Investor Sustainability Corporate found on our website Solutions Relations Governance Social & Natural www.misc.com.my misc.com.my/solutions misc.com.my/investor-relations misc.com.my/sustainability misc.com.my/corporate-governance Relationship Contact us at: Contact us at: Contact us at: [email protected] [email protected] [email protected] The Group’s Corporate Disclosure Guidelines identify the following management personnel responsible for Investor Relations activities: • President/Group CEO Annual Mandarin • Vice President, Corporate Planning st General June 2020 10 a.m. Oriental • Vice President, Finance 51 Meeting 26 Kuala Lumpur • General Manager, Corporate Planning what’s insideMISC BERHAD ANNUAL REPORT 2019 INTRODUCTION OUR BUSINESS PERFORMANCE FINANCIAL STATEMENTS About This Report 06 Management Discussion & Analysis Directors' Report 234 About MISC 10 LNG Asset Solutions 88 Statement by Directors 240 Corporate Information 11 Petroleum & Product Shipping 94 Statutory Declaration 240 Offshore Business 102 Income Statements 241 THE YEAR IN REVIEW Marine & Heavy Engineering 108 Statements of Comprehensive Income 242 Chairman's Message 14 Integrated Marine Services 114 Statements of Financial Position 243 President/Group CEO's Review 18 Port Management & Maritime Services 120 Consolidated Statements of Changes in Equity 246 Key Highlights of 2019 26 Maritime Education & Training 124 People Development 128 Statements of Changes in Equity 248 Statements of Cash Flows 249 OUR BUSINESS Operating Safely and Sustainably 136 Operating Responsibly 150 Notes to the Financial Statements 253 Special Focus: Independent Auditors' Report 374 The Shipping Industry and Business 30 2019 Key Corporate Events & Achievements 158 MISC’s History and Journey 36 ADDITIONAL INFORMATION Our Brands and Businesses 40 OUR SUSTAINABILITY Our Core Businesses and Activities 42 MISC Group Structure 384 Moving Energy to Build a Better World 46 Anchoring Sustainability@MISC 164 Properties Owned by MISC Berhad & Its Subsidiaries 386 Where We Operate 48 OUR LEADERS List of Vessels & Assets 388 Statistics on Shareholdings 395 OUR VALUE CREATION STORY Our Board at a Glance 172 List of Abbreviations 399 Profiles of the Board of Directors 173 Overview 52 Profiles of the Management Committee 182 Our Strategic Focus 54 ANNUAL GENERAL MEETING Our Operating Environment 56 Notice of Annual General Meeting 404 Risks and Opportunities 60 OUR GOVERNANCE Form of Proxy How We Create Value 64 Corporate Governance Delivering Our Strategy 66 Overview Statement 190 Stakeholder Engagement 72 Nomination & Remuneration Committee Report 204 Board Audit & Risk Committee Report 212 OUR FINANCIAL PERFORMANCE Statement on Risk Management Group Financial Review 78 & Internal Control 220 Financial Calendar 83 Statement of Directors’ Responsibility 230 Five-Year Group Financial Performance 84 Additional Compliance Information 231 #whatyoudontknow MISC is one of the founding members of Getting to Zero Coalition ANNUAL REPORT 10 MISC BERHAD PEOPLE. PASSION. POSSIBILITIES 2019 INTRODUCTION 11 About MISC Corporate Information BOARD OF DIRECTORS Chairman, Independent Non-Executive Director Non-Independent Non-Executive Directors DATO’ AB. HALIM MOHYIDDIN TENGKU MUHAMMAD TAUFIK MISC Berhad (MISC), was incorporated in 1968 and is a world leading provider of international energy MOHD YUSRI MOHAMED YUSOF related maritime solutions and services. The principal businesses of the Group comprise energy Senior Independent Non-Executive Director LIZA MUSTAPHA DATO’ SEKHAR KRISHNAN shipping and its related activities, owning and operating offshore floating solutions, marine repair and President/Group Chief Executive Officer conversion, engineering and construction works, integrated marine services, port management and Independent Non-Executive Directors Non-Independent Executive Director maritime
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