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<p>MISC Berhad annual report 2007 annual report 2007</p> <p>Going BeyondGreater global prominence</p> <p>MISC Berhad 8178-H Level 25, Menara Dayabumi, Jalan Sultan Hishamuddin, 50050 Kuala Lumpur, Malaysia T 603 2273 8088 F 603 2273 6602</p> <p>www.misc.com.my</p> <p>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.</p> <p>A Strategythat's paying off</p> <p>MISC is a Believer of innovation, strategic development, strong manpower and global vision.</p> <p>Petronas Twin Towers, Malaysia</p> <p>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,</p> <p>People Enhancer, Innovator, Educator and HSE Practitioner.</p> <p>RM11.2bRevenue</p> <p>RM2.9bProfit Before Taxation</p> <p>RM18.6b RM27.9bShareholders Fund Total Assets</p> <p>ContentsChairmans Statement page 034 Investors Report 004Current Year Financial Highlights</p> <p>015Over 340 Ports in 69 Countries</p> <p>028Senior Management</p> <p>018Group Structure</p> <p>Corporate Accountability 034Chairmans Statement</p> <p>0065-Year Financial Highlights</p> <p>020Statistics on Shareholdings</p> <p>038 010Vision Statement</p> <p>021Share Performance</p> <p>012MISC at a Glance</p> <p>022Financial Calendar</p> <p>p</p> <p>082</p> <p>Statement on Corporate Governance</p> <p>042Internal Control Statement</p> <p>013In the News</p> <p>Board &amp; Management 023Corporate Information</p> <p>014Fleet Strength</p> <p>People Development</p> <p>046Terms of Reference of the Board Audit Committee</p> <p>024Directors Profile</p> <p>President/CEOs Report</p> <p>page 048</p> <p>"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</p> <p>084People Highlights</p> <p>190Properties Owned by MISC Berhad &amp; its Subsidiaries</p> <p>086Health, Safety &amp; Environment</p> <p>194List of Vessels</p> <p>070 Future Outlook</p> <p>Corporate Social Responsiblity 092MISC &amp; Corporate Social Responsibility</p> <p>204MISC Offices Around the World</p> <p>072Corporate Highlights</p> <p>206Notice of Annual General Meeting</p> <p>050 Segment Operations</p> <p>078Investor Relations</p> <p>094Youth Development</p> <p>210 Financials 097Financial Statements Statement Accompanying Notice of Annual General Meeting</p> <p>066 Fleet Management</p> <p>Human Capital 082People Development</p> <p>068 Human Resource Management</p> <p>Form of Proxy</p> <p>current year financial highlights</p> <p>004</p> <p>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.</p> <p>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.</p> <p>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.</p> <p>Debt/Equity Ratio (ratio)Debt/equity ratio increased marginally to 0.37 from 0.36 due to the increase in Groups borrowings.</p> <p>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.</p> <p>Earnings Per Share (sen)Earning per share increased by 0.80 sen or 1.1%.</p> <p>current year financial highlights</p> <p>005</p> <p>Profitability(RM' million)</p> <p>Earnings(sen per share)</p> <p>0711,198.9 2,930.3</p> <p>0610,747.1 2,900.8</p> <p>0510,650.8 4,738.9</p> <p>047,606.3 2,326.4</p> <p>035,433.0 1,310.3</p> <p>0776.7 30.0</p> <p>0675.9 30.0</p> <p>05128.1* 22.5*</p> <p>0461.6* 15.0*</p> <p>0335.2* 15.0*</p> <p>* Adjusted for bonus Issue</p> <p>Revenue Profit before Taxation</p> <p>Earnings per Share Dividends per Share</p> <p>Balance Sheet(RM' million)</p> <p>Debt/Equity Ratio(ratio)</p> <p>0727,954.8 18,639.2</p> <p>0627,623.1 18,156.2</p> <p>0525,431.4 15,279.8</p> <p>0422,355.5 11,351.8</p> <p>0314,726.3 9,618.3</p> <p>070.37 0.25</p> <p>060.36 0.18</p> <p>050.54 0.25</p> <p>040.82 0.66</p> <p>030.44 0.33</p> <p>Total Assets Shareholders' Funds</p> <p>Total Debt/Equity Net Debt/Equity</p> <p>5-year financial highlights</p> <p>006</p> <p>on Sh are ho lde rs Fu nd s (% )</p> <p>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</p> <p>2007</p> <p>2006</p> <p>2006</p> <p>To tal Bo rro wi ng s (R M' mi llio n)</p> <p>2,8522,823</p> <p>2007</p> <p>1516</p> <p>2007</p> <p>6,8046,608</p> <p>2006</p> <p>2005</p> <p>2005</p> <p>4,764</p> <p>31</p> <p>2005</p> <p>8,215</p> <p>Re tur n</p> <p>2004</p> <p>2004</p> <p>2,290</p> <p>20</p> <p>2004</p> <p>9,356</p> <p>2003</p> <p>2003</p> <p>1,311</p> <p>14</p> <p>2003</p> <p>4,245</p> <p>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</p> <p>2006 RMmillion**</p> <p>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</p> <p>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</p> <p>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</p> <p>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</p> <p>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</p> <p>* Adjusted for bonus issue ** The 2007 &amp; 2006 audited summary data reflects the adoption of new and revised FRSs.</p> <p>5-year financial highlights</p> <p>007</p> <p>Ex pe nd itu re (RM 'm illio n)</p> <p>4,3993,327</p> <p>473460</p> <p>Co ve rR ati o( no .o f ti me s)</p> <p>2007</p> <p>Pe rS ha re (se n)</p> <p>2007</p> <p>2007</p> <p>1314</p> <p>2006</p> <p>2006</p> <p>2006</p> <p>2005</p> <p>Ne tT an gib le As set s</p> <p>2,665</p> <p>2005</p> <p>382</p> <p>2005</p> <p>16</p> <p>2004</p> <p>6,876</p> <p>2004</p> <p>Int ere st</p> <p>Ca pit al</p> <p>279</p> <p>2004</p> <p>18</p> <p>2003</p> <p>1,912</p> <p>2003</p> <p>248</p> <p>2003</p> <p>14</p> <p>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</p> <p>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</p> <p>2005 RMmillion***</p> <p>2004 RMmillion***</p> <p>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</p> <p>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</p> <p>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 10,764.0 9,356.3 6,875.6 338.1 0.69 16.8</p> <p>*** The selected consolidated financial data for the years 2005, 2004 and 2003 have been restated for the adoption of FRS121: The Effects of Changes in Foreign Exchange Rates. The restated selected consolidated financial data for the financial years 2005, 2004 and 2003 have not been audited and is presented solely for comparison purposes.</p> <p>We never stop believing and we never stop going forward, crossing all boundaries and traversing the worlds unchartered waters.</p> <p>We believe that in order to see what the world has to offer, one must travel. And travelled we have. Across oceans and seas, the Believer in us continue to explore the wonderful world of opportunities.</p> <p>Vision StatementTo be the preferred provider of world-class Maritime Transportation and Logistics Services</p> <p>Mission StatementWe are a logistics service provider, maritime transportation is our core business and we support the nations aspiration to become a leading maritime nation.</p> <p>Shared ValuesLOYALTY INTEGRITY</p> <p>Loyal to nation and corporation</p> <p>Honest and upright</p> <p>PROFESSIONALISM</p> <p>COHESIVENESS</p> <p>Committed, innovative, proactive and always striving for excellence</p> <p>United in purpose</p> <p>Partner:Growing operational strength through partnership buildingThrough the close collaborations achieved in the successful completion of various projects and ventures, MISC has further solidified its belief in growing through partnerships.</p> <p>MISC at a glance</p> <p>012</p> <p>MISC at a GlanceMISC Berhad (MISC), a subsidiary of PETRONAS, is the leading international shipping line of Malaysia. The principal business of the Corporation consists of ship-owning, ship management and other related logistics and maritime transportation services.Since its establishment in 1968, MISC has developed into a sound, successful Corporation that continues to grow on the solid foundation upon which it was built. The public listing of its shares in 1987 and its current standing as one of the top five companies in terms of market capitalisation as at June 2007 on the Main Board of Bursa Malaysia Securities Berhad further demonstrates its sound standing and viability. As a member of the PETRONAS Group, MISC is expected to benefit and further strengthen business synergies and economies of scale from related operations of its business. Through the provision of reliable, efficient and competitive services, MISC has indeed become a truly international player. Its modern, well-diversified and relatively young fleet of more than 100 vessels with a combined tonnage of more than 8 million deadweight tonnes and land-based facilities managed by experienced personnel enable MISC to meet the various demands of its customers. Through its wide network of shipping operations, all linked by the latest information and logistics systems support, MISC offers wide geographical coverage. This network also extends to many inland destinations and landlocked markets. Endowed with such diverse operations, MISC offers total logistics solution to its customers.</p> <p>awards picture from left to right: Finance Asia - Asias 5th Best Managed Company 2006, CILT Company of the Year 2006, The BrandLaureate - Best Brand for Transportation-Shipping 2006, Lloyds List Maritime Asia Award - LNG Operator of the Year 2006, Premier ICT Award 2006 - Private Sector Category</p> <p>in the news</p> <p>013</p> <p>In the NewsAET bullish on cracking VLCC top fiveLloyds List, 24 Aug 2006 AET is setting its sights on joining the top five very large crude carrier owners, with plans to at least double its fleet. Already the world's second largest owner and operator of Aframax tankers, the former American Eagle Tankers and now wholly owned unit of MISC wants to become a top player in the VLCC business.</p> <p>MISC commences first HALAL express servicesHalal Journal, 21 Sept 2006</p> <p>MMHE equips itself to become full-fledged deepwater centreNew Straits Times, 4 Dec 2006</p> <p>Auto logistics tie-up between MILS and BLGNew Straits Times, 25 Dec 2006</p> <p>Offshore business to make up 6-7pc of revenue: MISC</p> <p>MISC increases its VLCC fleetThe Star, 6 Nov 2006</p> <p>New Straits Time, 30 Mar 2007 MISC Bhd expects its offshore business to make up between 6 and 7 percent of total revenue over the next five years. Through its subsidiary Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), MISC Bhd has landed themselves with contracts to build FPSO vessels and a future overseas job.</p> <p>MISC determined to retain LNG leadershipLloyds List, 19 Nov 2006 MISC Bhd, the shipping firm and the worlds largest owner of liquefied natural gas carriers is looking to broaden its base of business beyond its parent to third party contracts. To date, they have successfully secured a total of three third party LNG shipping contracts. These include medium term charters with Gas de France and BG plus a long term charter for two newbuildings with Yemen LNG.</p> <p>MISC: Full Sail AheadAsia Oil &amp; Gas Monitor, 29 Nov 2006 MISC Bhd is investing 20 billion ringgit (USD5.5 billion) over the next five years on a host of ships in a bid to become a global transportation company. The company's order list includes seven liquefied natural gas (LNG) tankers, eight chemical tankers, nine Aframax oil tankers and very large crude carriers (VLCC) as well as one big container vessel.</p> <p>Growing deepwater sector a boon to MISCThe Star, 21 May 2007 MISCs expansion into the floating production systems (FPS) and floating storage and offloading vessels (FSO) business is gaining momentum.</p> <p>fleet strength</p> <p>014</p> <p>Fleet * StrengthLNG CarriersAman Class Tenaga Class Puteri Class Puteri Satu Class Seri A Class Seri B Class 3 5 5 6 4 1</p> <p>(as at 30 June 2007)</p> <p>Petroleum TankersVLCC Aframax Product Long Range 2 (LR2) 9 31 5 1</p> <p>Chemical TankersMelati Class Anggerik Class Semarak Class 7 4 2</p> <p>24</p> <p>46</p> <p>13</p> <p>ContainershipsAbove 5000 TEUs 3000-500...</p>

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