Table of Contents 1 128

EXCEL FORCE MSC BERHAD Annual Report 2019

Notice Of Eighteenth Annual General Meeting 4
Five-Year Financial Highlights 7
Corporate Information 9
Chairman's Statement 10
Management Discussion And Analysis 11
Board Of Directors’ Profile 14
Key Senior Management Profile 18
Sustainability Statement 20
Corporate Governance Overview Statement 23
Audit Committee Report 34
Statement On Risk Management And Internal Control 36
Additional Compliance Information 39
Directors’ Report 41
Statement By Directors 46
Independent Auditors’ Report 47
Statements of Financial Position 50
Statements Of Profit Or Loss And Other Comprehensive Income 51
Statements Of Changes In Equity 53
Statements Of Cash Flows 57
Notes To the financial statements 59
Corporate Information 59
Basis of Preparation 59
Significant Accounting Policies 66
Property, Plant and Equipment 79
Capital Work-In-Progress 83
Right-of-use Assets 83
Product Development Costs 84
Intangible Assets 85
Investment in Subsidiary Companies 85
Other Investments 86
Amount Due from Subsidiary Companies 86
Inventories 86
Trade Receivables 87
Other Receivables 89
Deposits, Bank and Cash Balances and Short-Term Funds 90
Share Capital 90
Reserves 91
Treasury Shares 92
Deferred Taxation 92
Trade Payables 94
Other Payables 95
Contract Liabilities 95
Lease Liabilities 95
Revenue 96
Cost of Sales 98
Finance Costs 98
Profit before Tax 99
Taxation 100
Earnings Per Share 101
Dividends 102
Staff Costs 103
Reconciliation of Liabilities Arising from Financing Activities 103
Related Party Disclosures 104
Segment Information 105
Financial Instruments 108
Capital Management 117
Capital Commitment 118
Subsequent Event 118
Date of Authorisation for Issue 118
List Of Properties 119
Analysis Of Shareholdings 120
Form of Proxy 125

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