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EXCEL FORCE MSC BERHAD Annual Report 2023

Annual Report 2023 1
Notice of Annual General Meeting 4
Five-Year Financial Highlights 8
Corporate Information 10
Board of Directors' Profile 11
Key Senior Management Profile 14
Management Discussion and Analysis 16
Sustainability Statement 19
Corporate Governance Overview Statement 24
Audit Committee Report 36
Statement on Risk Management and Internal Control 38
Statement of Directors' Responsibility 41
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 54
Statements of Changes in Equity 56
Statements of Cash Flows 59
Notes to the Financial Statements 61
Corporate Informaton 61
Basis of Preparation 61
Significant Accounting Policies 65
Property, Plant and Equipment 78
Right-of-use Assets 82
Product Development Costs 83
Intangible Assets 84
Investment in Subsidiary Companies 85
Investment in Associate 89
Other Investments 90
Goodwill on Consolidation 90
Inventories 90
Trade Receivables 91
Other Receivables 94
Amount Due from Subsidiary Companies 94
Deposits, Cash and Bank Balances and Short-term Funds 94
Share Capital 95
Reserves 95
Treasury Shares 96
Lease Liabilities 97
Deferred Tax Liabilities 97
Trade Payables 100
Other Payables 100
Contract Liabilities 101
Revenue 101
Finance Cost 102
Profit before Tax 103
Taxation 104
Earning Per Share 105
Staff Costs 106
Reconciliation of Liabilities Arising from Financing Activities 107
Dividends 107
Related Party Disclosures 108
Segment Information 109
Financial Instruments 113
Capital Management 120
Capital Commitment 121
Prior Year Adjustments 122
Comparative Information 124
Date of Authorisation for Issue of Financial Statements 124
List of Properties 125
Analysis of Shareholdings 126
Form of Proxy 129

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