CONTENTS | 2 |
Notice of Annual General Meeting | 3 |
Financial Highlights | 6 |
Corporate Information | 8 |
Chairman’s Statement | 9 |
Directors’ Profile | 11 |
Statement of Corporate Governance | 14 |
Corporate Social Responsibility (CSR) | 23 |
Audit Committee Report | 25 |
Statement on Risk Management and Internal Control | 28 |
Additional Compliance Information | 30 |
FINANCIAL STATEMENTS | 2 |
Directors’ Report | 31 |
Statement by Directors | 38 |
Statutory Declaration | 38 |
Independent Auditors’ Report | 39 |
Statements of Financial Position | 41 |
Statements of Profit or Loss and Other Comprehensive Income | 42 |
Statements of Changes in Equity | 43 |
Statements of Cash Flows | 45 |
Notes to the Financial Statements | 47 |
1. CORPORATE INFORMATION | 47 |
2. PRINCIPAL ACTIVITIES | 47 |
3. BASIS OF PREPARATION | 47 |
4. SIGNIFICANT ACCOUNTING POLICIES | 47 |
5. ADOPTION OF NEW MFRSs AND AMENDMENT TO MFRSs | 63 |
6. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS | 64 |
7. PROPERTY, PLANT AND EQUIPMENT | 68 |
8. PRODUCT DEVELOPMENT COSTS | 72 |
9. GOODWILL ON CONSOLIDATION | 73 |
10. INTANGIBLE ASSETS | 74 |
11. INVESTMENTS IN SUBSIDIARIES | 74 |
12. INVENTORIES | 77 |
13. TRADE AND OTHER RECEIVABLES | 78 |
14. CASH AND BANK BALANCES | 80 |
15. SHARE CAPITAL | 81 |
16. RESERVES | 82 |
17. BORROWINGS | 82 |
18. TERM LOAN (SECURED) | 83 |
19. HIRE PURCHASE AND FINANCE LEASE LIABILITIES | 84 |
20. TRADE AND OTHER PAYABLES | 85 |
21. DEFERRED TAX LIABILITIES | 85 |
22. REVENUE | 87 |
23. COST OF SALES | 87 |
24. FINANCE COSTS | 87 |
25. PROFIT BEFORE TAX | 88 |
26. TAX EXPENSE | 89 |
27. EARNINGS PER ORDINARY SHARE | 90 |
28. DIVIDENDS | 91 |
29. EMPLOYEE BENEFITS | 91 |
30. RELATED PARTY DISCLOSURE | 92 |
31. OPERATING SEGMENTS | 93 |
32. FINANCIAL INSTRUMENTS | 96 |
33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 101 |
34. ACQUISITIONS OF SUBSIDIARIES | 105 |
35. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR | 107 |
36. SIGNIFICANT EVENT SUBSEQUENT TO THE END OF THE REPORTING PERIOD | 107 |
37. SUPPLEMENTARY INFORMATION ON REALISED AND UNREALISED PROFITS OR LOSSES | 108 |
Excel Force Group Property List | 109 |
Analysis of Shareholdings | 110 |
Thirty (30) Largest Shareholders | 112 |
Analysis of Warrant Holdings | 113 |
Thirty (30) Largest Warrant Holders | 115 |
Form of Proxy | 116 |