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EXCEL FORCE MSC BERHAD Annual Report 2024

Annual Report 2024 1
Our Core Values 2
Notice of Annual General Meeting 4
Five-Year Financial Highlights 8
Corporate Information 10
Board of Directors' Profile 11
Key Senior Management Profile 14
Managment Discussion and Analysis 16
Sustainability Statement 20
Corporate Governance Overview Statement 27
Audit Committee Report 39
Statement on Risk Management and Internal Control 42
Statement of Directors' Responsibility 46
Additional Compliance Information 47
Directors' Report 49
Statement by Directors 53
Independent Auditors' Report 54
Statements of Financial Position 57
Statements of Profit or Loss and Other Comprehensive Income 59
Statements of Changes in Equity 61
Statements of Cash Flows 64
Notes to the Financial Statements 67
Corporate Information 67
Basis of Preparation 67
Property,Plant and Equipment 73
Right-of-use Assets 78
Product Development Costs 80
Intangible Assets 81
Investment in Subsidiary Companies 82
Investment in an Associate 86
Other Investments 88
Goodwill on Consolidation 89
Inventories 90
Digital Assets 90
Trade Receivables 90
Other Receivables 93
Amount Due (to)/from Subsidiary Companies 93
Deposits, Cash and Bank Balances and Short-term Funds 93
Share Capital 94
Reserves 94
Term Loan 95
Lease Liabilities 95
Deferred Tax Liabilities 96
Trade Payables 98
Other Payables 99
Contract Liabilities 100
Revenue 100
Finance Costs 102
Profit before Tax 102
Taxation 103
Earnings Per Share 104
Staff Costs 105
Reconciliation of Liabilities Arising from Financing Activities 106
Dividends 106
Capital Commitment 107
Related Party Disclosures 107
Segment Information 108
Financial Instruments 114
Capital Management 124
Date of Authorisation for Issue of Financial Statements 125
List of Properties 126
Analysis of Shareholdings 127
Form of Proxy 129

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