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EXCEL FORCE MSC BERHAD Annual Report 2025

Annual Report 2025 1
Our Core Values 2
Notice of Annual General Meeting 4
Five-Years Financial Highlights 9
Corporate Information 11
Corporate Structure 12
Board of Directors' Profile 13
Key Senior Management Profile 16
Management Discussion and Analysis 18
Sustainability Statement 21
Corporate Governance Overview Statement 31
Audit Committee Report 43
Statement on Risk Management and Internal Control 46
Statement on Directors' Responsibility 50
Additional Compliance Information 51
Directors' Report 53
Statement by Directors 57
Independent Auditors' Report 58
Statements of Financial Position 61
Statements of Profit or Loss and Other Comprehensive Income 63
Statement of Changes in Equity 65
Statements of Cash Flows 68
Notes to the Financial Statements 71
Corporate Information 71
Basis of Preparation 71
Property, Plant and Equipment 77
Right-of-use Assets 82
Product Development Costs 84
Intangible Assets 86
Investment in Subsidiary Companies 86
Investment in an Associate 89
Other Investments 91
Goodwill on Consolidation 92
Inventories 93
Digital Assets 93
Trade Receivables 94
Other Receivables 95
Amount Due to Subsidiary Companies 95
Deposits, Cash and Bank Balances and Short-term Funds 96
Share Capital 96
Reserves 97
Term Loan 97
Lease Liabilities 98
Deferred Tax Liabilities 98
Trade Payables 101
Other Payables 101
Contract Liabilities 102
Revenue 102
Finance Costs 104
Profit/(Loss) Before Tax 104
Taxation 105
Earnings Per Share 106
Staff Costs 107
Reconciliation of Liabilities Arising from Financing Activities 108
Dividends 109
Related Party Disclosures 109
Segment Information 111
Financial Instruments 117
Capital Management 128
Date of Authorisation for Issue of Financial Statements 128
List of Properties 129
Analysis of Shareholdings 130
Form of Proxy 133

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