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MISC Berhad annual report 2007 annual report 2007

Going BeyondGreater global prominence

MISC Berhad 8178-H Level 25, Menara Dayabumi, Jalan Sultan Hishamuddin, 50050 Kuala Lumpur, Malaysia T 603 2273 8088 F 603 2273 6602

www.misc.com.my

MISC Berhad: Expanding our reach to all corners of the globeEvery move we make is vision and force personified.At MISC Berhad, we keep forging ahead; charting the waters of success. From our humble beginnings with a micro fleet of only five, we are now the world's largest single owner-operator of LNG carriers. Through our partnerships and with a core business in energy and logistics, we continue to sustain and build our name from our first deepwater facility, FPSO Kikeh, to our latest delivery of LNG cargoes to a Scandinavian country, Norway. We are going places. Each step is a positive step towards success and global prominence.

A Strategythat's paying off

MISC is a Believer of innovation, strategic development, strong manpower and global vision.

Petronas Twin Towers, Malaysia

Our goal is to achieve global championship in energy transportation and logistics services. With this focus, MISC has grown significantly. Our streamlined business has now paid off with MISC moving forward with an enhanced competitive edge. Over the last three years, we have continuously built our assets. We are also increasing our focus in the construction of deepwater facilities, drydocking of large tankers and marine conversion of FPSOs and FSOs. As we transcend and aspire to create global prominence, we are supported by one unified synergy to be a: Visionary, Strategist, Partner,

People Enhancer, Innovator, Educator and HSE Practitioner.

RM11.2bRevenue

RM2.9bProfit Before Taxation

RM18.6b RM27.9bShareholders Fund Total Assets

ContentsChairmans Statement page 034 Investors Report 004Current Year Financial Highlights

015Over 340 Ports in 69 Countries

028Senior Management

018Group Structure

Corporate Accountability 034Chairmans Statement

0065-Year Financial Highlights

020Statistics on Shareholdings

038 010Vision Statement

021Share Performance

012MISC at a Glance

022Financial Calendar

p

082

Statement on Corporate Governance

042Internal Control Statement

013In the News

Board & Management 023Corporate Information

014Fleet Strength

People Development

046Terms of Reference of the Board Audit Committee

024Directors Profile

President/CEOs Report

page 048

"With the business expansion and improvement initiatives in place supported by the appropriate human resource strategies, MISC is confident of sustaining business growth and moving closer in achieving its vision"Sustaining Operational Growth 048President/CEO's Report

084People Highlights

190Properties Owned by MISC Berhad & its Subsidiaries

086Health, Safety & Environment

194List of Vessels

070 Future Outlook

Corporate Social Responsiblity 092MISC & Corporate Social Responsibility

204MISC Offices Around the World

072Corporate Highlights

206Notice of Annual General Meeting

050 Segment Operations

078Investor Relations

094Youth Development

210 Financials 097Financial Statements Statement Accompanying Notice of Annual General Meeting

066 Fleet Management

Human Capital 082People Development

068 Human Resource Management

Form of Proxy

current year financial highlights

004

Current Year Financial HighlightsProfitability (RM' million)Excluding the gain on disposal of ships of RM436.6 million for the current year, the financial year's profit before taxation was RM2,493.7 million which was 7.6% lower than the preceding years profit before taxation of RM2,698.5 million (excluding gain on disposal of RM202.3 million). The decrease in profit before taxation was mainly due to softening of rates and increase in cost of operations.

Dividend Paid per Share (sen)Dividend paid per share as reflected in the financial statement was at 30 sen per share for the current year, comprising 20 sen final dividend for FY 2005/2006, and 10 sen interim dividend for FY 2006/2007.

Shareholders' Funds (RM' million)Shareholders' funds increased by 2.7% to RM18,639.2 million from RM18,156.2 million resulting from the additional earnings retained for the financial year.

Debt/Equity Ratio (ratio)Debt/equity ratio increased marginally to 0.37 from 0.36 due to the increase in Groups borrowings.

Balance Sheet (RM' million)Total assets increased by 1.2% to RM27,954.8 million from RM27,623.1 million. The increase was mainly due to the increase in ships, property, plant and equipment of RM1,086.9 and investments in jointly controlled entities of RM363.9 million. However, the said increase has been offsetted by the decrease in current assets amounting to RM1,111.3 million.

Earnings Per Share (sen)Earning per share increased by 0.80 sen or 1.1%.

current year financial highlights

005

Profitability(RM' million)

Earnings(sen per share)

0711,198.9 2,930.3

0610,747.1 2,900.8

0510,650.8 4,738.9

047,606.3 2,326.4

035,433.0 1,310.3

0776.7 30.0

0675.9 30.0

05128.1* 22.5*

0461.6* 15.0*

0335.2* 15.0*

* Adjusted for bonus Issue

Revenue Profit before Taxation

Earnings per Share Dividends per Share

Balance Sheet(RM' million)

Debt/Equity Ratio(ratio)

0727,954.8 18,639.2

0627,623.1 18,156.2

0525,431.4 15,279.8

0422,355.5 11,351.8

0314,726.3 9,618.3

070.37 0.25

060.36 0.18

050.54 0.25

040.82 0.66

030.44 0.33

Total Assets Shareholders' Funds

Total Debt/Equity Net Debt/Equity

5-year financial highlights

006

on Sh are ho lde rs Fu nd s (% )

Pr Ho ofit lde for rs th of e Y th ea eC rA or ttr po ib ra uta tio b n ( le RM to 'm Equ illio it n) y

2007

2006

2006

To tal Bo rro wi ng s (R M' mi llio n)

2,8522,823

2007

1516

2007

6,8046,608

2006

2005

2005

4,764

31

2005

8,215

Re tur n

2004

2004

2,290

20

2004

9,356

2003

2003

1,311

14

2003

4,245

2007 RMmillion** Revenue Profit before taxation Profit for the year attributable to equity holders of the Corporation Taxation Dividends Earnings per share (sen)* Return on assets (%) Return on shareholders funds (%) Profit before taxation as % of revenue Profit for the year attributable to equity holders of the Corporation as % of revenue Paid-up capital 11,198.9 2,930.3 2,852.0 33.4 1,097.0 76.7 12.3 15.3 26.2 25.5 3,719.8 18,639.2 27,954.8 9,074.2 6,804.4 4,399.0 473.1 0.37 13.4

2006 RMmillion**

2005 RMmillion 10,650.8 4,738.9 4,763.5 18.9 837.0 128.1 22.5 31.2 44.5 44.7 1,859.9 15,279.8 25,431.4 9,876.1 8,214.5 2,665.4 382.2 0.54 15.6

2004 RMmillion 7,606.3 2,326.4 2,289.6 7.1 558.0 61.6 14.2 20.2 30.6 30.1 1,859.9 11,351.8 22,355.5 10,752.5 9,356.3 6,875.6 278.9 0.82 17.6

2003 RMmillion 5,433.0 1,310.3 1,310.7 (3.5) 558.0 35.2 10.5 13.6 24.1 24.1 1,859.9 9,618.3 14,726.3 5,032.9 4,244.7 1,912.0 248.3 0.44 14.3

10,747.1 2,900.8 2,822.6 30.2 1,114.1 75.9 12.8 15.5 27.0 26.3 3,719.8 18,156.2 27,623.1 9,182.2 6,607.7 3,326.6 460.2 0.36 13.6

5-Year Financial HighlightsShareholders funds Total assets Total liabilities Total borrowings Capital expenditure Net tangible assets per share (sen)* Debt/equity ratio Interest cover ratio

* Adjusted for bonus issue ** The 2007 & 2006 audited summary data reflects the adoption of new and revised FRSs.

5-year financial highlights

007

Ex pe nd itu re (RM 'm illio n)

4,3993,327

473460

Co ve rR ati o( no .o f ti me s)

2007

Pe rS ha re (se n)

2007

2007

1314

2006

2006

2006

2005

Ne tT an gib le As set s

2,665

2005

382

2005

16

2004

6,876

2004

Int ere st

Ca pit al

279

2004

18

2003

1,912

2003

248

2003

14

2007 RMmillion Revenue Profit before taxation Profit for the year attributable to equity holders of the Corporation Taxation Dividends Earnings per share (sen)* Return on assets (%) Return on shareholders funds (%) Profit before taxation as % of revenue Profit for the year attributable to equity holders of the Corporation as % of revenue Paid-up capital Shareholders funds Total assets Total liabilities Total borrowings Capital expenditure Net tangible assets per share (sen)* Debt/equity ratio Interest cover ratio 11,198.9 2,930.3 2,852.0 33.4 1,097.0 76.7 12.3 15.3 26.2 25.5 3,719.8 18,639.2 27,954.8 9,074.2 6,804.4 4,399.0 473.1 0.37 13.4

2006 RMmillion 10,747.1 2,900.8 2,822.6 30.2 1,114.1 75.9 12.8 15.5 27.0 26.3 3,719.8 18,156.2 27,623.1 9,182.2 6,607.7 3,326.6 460.2 0.36 13.6

2005 RMmillion***

2004 RMmillion***

2003 RMmillion*** 5,433.0 1,241.4 1,241.7 (3.5) 558.0 33.4 8.8 10.3 22.8 22.9 1,859.9 12,113.4 17,231.2 5,042.8 4,244.7 1,912.0 315.4 0.35 22.8

10,650.8 4,242.6 4,272.3 18.9 837.0 114.9 18.7 25.2 39.8 40.1 1,859.9 16,986.3 27,142.4 9,885.5 8,214.5 2,665.4 428.1 0.48 15.0

7,606.3 1,894.1 1,857.2 7.1 558.0 49.9 10.4 13.7 24.9 24.4 1,859.9 13,569.3 24,584.5 10,76

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