EXCEL FORCE MSC BERHAD Annual Report 2021

Annual Report 2021	1
Notice of Annual General Meeting	4
Five-Year Financial Highlights	7
Corporate Information	9
Management Discussion and Analysis	10
Sustainability Statement	14
Board of Directors’ Profile	18
Key Senior Management Profile	22
Corporate Governance Overview Statement	24
Audit Committee Report	37
Statement on Risk Management and Internal Control	39
Additional Compliance Information	42
Directors’ Report	44
Statement by Directors	48
Independent Auditors’ Report	49
Statements of Financial Position	52
Statements of Profit or Loss and Other Comprehensive Income	53
Statements of Changes in Equity	54
Statements of Cash Flows	57
Notes to the Financial Statements	59
CORPORATE INFORMATION	59
BASIS OF PREPARATION	59
SIGNIFICANT ACCOUNTING POLICIES	64
PROPERTY, PLANT AND EQUIPMENT	77
RIGHT-OF-USE ASSETS	81
PRODUCT DEVELOPMENT COSTS	82
INTANGIBLE ASSETS	83
INVESTMENT IN SUBSIDIARY COMPANIES	83
OTHER INVESTMENTS	86
INVENTORIES	86
TRADE RECEIVABLES	87
OTHER RECEIVABLES	89
AMOUNT DUE FROM SUBSIDIARY COMPANIES	89
DEPOSITS, CASH AND BANK BALANCES AND SHORT-TERM FUNDS	89
SHARE CAPITAL	90
RESERVES	90
TREASURY SHARES	91
LEASE LIABILITIES	91
TRADE PAYABLES	92
OTHER PAYABLES	92
CONTRACT LIABILITIES	93
REVENUE	93
COST OF SALES	95
FINANCE COST	95
PROFIT BEFORE TAX	96
TAXATION	96
DEFERRED TAX	97
EARNINGS PER SHARE	99
DIVIDENDS	100
STAFF COSTS	100
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES	101
RELATED PARTY DISCLOSURES	101
SEGMENT INFORMATION	103
FINANCIAL INSTRUMENTS	106
CAPITAL MANAGEMENT	114
CAPITAL COMMITMENT	114
COMPARATIVE INFORMATION	115
DATE OF AUTHORISATION FOR ISSUE OF FINANCIAL STATEMENTS	115
List of Properties	116
Analysis of Shareholdings	117
Form of Proxy	121

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