Table of Contents 1 130

EXCEL FORCE MSC BERHAD Annual Report 2018

Notice Of Annual General Meeting 3
Five-Year Financial Highlights 6
Corporate Information 8
Chairman’s Statement 9
Management Discussion And Analysis 10
Board of Directors’ Profile 13
Key Senior Management Profile 17
Corporate Governance Overview Statement 20
Sustainability Statement 31
Audit Committee Report 34
Statement On Risk Management And Internal Control 36
Additional Compliance Information 39
Directors’ Report 40
Statement By Directors 45
Statutory Declaration 45
Independent Auditors’ Report 46
Statements Of Financial Position 49
Statements Of Profit Or Loss And Other Comprehensive Income 51
Statements Of Changes In Equity 52
Statements Of Cash Flows 55
Notes To The Financial Statements 57
Corporate Information 57
Basis of Preparation 57
Significant Accounting Policies 65
Property, Plant and Equipment 82
Capital Work-In-Progress 86
Product Development Costs 86
Intangible Assets 87
Investment in Subsidiary Companies 87
Amount Due from/(to) Subsidiary Companies 88
Inventories 89
Trade Receivables 89
Other Receivables 91
Deposits, Bank and Cash Balances and Short Term Funds 92
Assets Held for Sale 92
Share Capital 93
Reserves 94
Loan and Borrowing 95
Deferred Tax Liabilities 96
Trade Payables 97
Other Payables 98
Contract Liabilities 98
Revenue 98
Cost of Sales 100
Profit before Tax 101
Taxation 101
Earnings Per Share 103
Dividends 104
Staff Costs 104
Reconciliation of Liabilities Arising from Financing Activities 105
Related Party Disclosures 105
Segment Information 106
Financial Instruments 110
Capital Management 121
Capital Commitment 121
Date of Authorisation for Issue 121
List Of Properties 122
Analysis Of Shareholdings 123
Analysis Of Warrant Holdings 125

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