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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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