远东控股国际二零二三年年报

Contents 2Corporate Information4Management Discussion and Analysis10Profile of the Directors13Directors’ Report20Environmental, Social and Governance Report49Corporate Governance Report62Independent Auditor’s Report68Consolidated Statement of Profit or Loss and OtherComprehensive Income69Consolidated Statement of Financial Position71Consolidated Statement of Changes in Equity72Consolidated Statement of Cash Flows74Notes to the Consolidated Financial Statements135Five Year Financial Summary136Particulars of Properties held by the Group The English text of this annual report shall prevail over the Chinese text CORPORATE INFORMATION PLACE OF INCORPORATIONHong Kong BOARD OF DIRECTORSExecutive DirectorMr. Cheung Sze Ming (appointed on 17 February 2023) Non-executive DirectorMr. Zhu Weiwen (appointed as Directoron 20 March 2023andre-designated on 29 February 2024) Independent Non-executive DirectorsMr. Mak Ka Wing, PatrickMr. Lam Wai HungMr. Lam Cheung Shing, Richard (appointed on 17 November 2023) COMPANY SECRETARY Mr. Cheung Sze Ming (appointed on 17 February 2023) AUDITOR 11125 BDO Limited25th Floor, Wing On Centre111 Connaught Road CentralHong Kong AUTHORISED REPRESENTATIVES Mr. Cheung Sze Ming (appointed on 17 February 2023)Mr. Zhu Weiwen (appointed on 29 February 2024) AUDIT COMMITTEE Mr. Lam Wai Hung(Chairman)Mr. Mak Ka Wing, PatrickMr. Lam Cheung Shing, Richard (appointed on 17 November 2023) REMUNERATION COMMITTEE Mr. Lam Cheung Shing, Richard(Chairman)(appointed on 17 November 2023)Mr. Mak Ka Wing, PatrickMr. Lam Wai Hung CORPORATE INFORMATION NOMINATION COMMITTEE Mr. Mak Ka Wing, Patrick(Chairman)Mr. Lam Wai HungMr. Lam Cheung Shing, Richard (appointed on 17 November 2023) INVESTMENT COMMITTEE Mr. Cheung Sze Ming(Chairman)(appointed aschairman on 29 February 2024)Mr. Lam Wai Hung PRINCIPAL BANKER Hang Seng Bank LimitedThe Bank of East Asia, Limited REGISTERED OFFICE Unit 904, 9 Floor, Wings Building110–116 Queen’s Road CentralCentral, Hong KongTelephone: 2110 8886Facsimile: 2110 1159Email: admin@feholdings.com.hk 110–11699042110 88862110 1159admin@feholdings.com.hk SHARE REGISTRAR AND TRANSFER OFFICE 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–171617th Floor, Hopewell Centre183 Queen’s Road EastWan ChaiHong Kong 363000 LISTING INFORMATION Stock Code: 36Board Lot Size: 3000 http://www.0036.com.hk WEBSITEhttp://www.0036.com.hk admin@feholdings.com.hk INVESTOR RELATIONSEmail: admin@feholdings.com.hk MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE RESULTS For the year ended 31 December 2023 (the“Year Under Review”),Far East Holdings International Limited (the“Company”) and itssubsidiaries (collectively, the“Group”) recorded revenue ofapproximately HK$9.3 million (2022: approximately HK$4.7 million),representing an increase of approximately 97.9% as compared tothat of last year. The Group’s loss attributable to owners of theCompany was approximately HK$72.9 million (2022: HK$68.8 million).The loss and total comprehensive income of the Group for the YearUnder Review was approximately HK$122.6 million (2022: HK$108.0million), which was mainly attributable to the increase in financecosts during the Year Under Review. The basic loss per share for theYear Under Review was 6.69 HK cents (2022: 6.32 HK cents). 9,300,0004,700,00097.9%72,900,00068,800,000122,600,000108,000,0006.696.32 LIQUIDITY AND FINANCIAL RESOURCES 1,700,000800,000 As at 31 December 2023, the Group had cash and bank balances anddeposits held at a financial institution amounting to approximatelyHK$1.7 million (2022: approximately HK$0.8 million). The Group fundsits operations from a combination of internal resources, bankborrowings, loan from a non-controlling interest and other loans. GEARING RATIO 169.1%139.3% The gearing ratio, expressed as a percentage of total debts (includingthe bank borrowing, loan from a non-controlling interest and otherloans) to equity attributable to owners of the Company was 169.1%as at 31 December 2023 (2022: 139.3%). CAPITAL STRUCTURE 1,089,118,5931,089,118,593 During the Year Under Review, there was no change to the sharecapital of the Company. As at 31 December 2023, the total numberof issued ordinary shares of the Company was 1,089,118,593 (2022:1,089,118,593) shares. MANAGEMENT DISCUSSION AND ANALYSIS EXPOSURE TO FOREIGN EXCHANGEFLUCTUATIONS The Group had no significant exposure to foreign exchangefluctuations during the Year Under Review. CONTINGENT LIABILITIES AND CAPITALCOMMITMENTS Contingent LiabilitiesAs at 31 December 2023, the Company had no contingent liabilities(2022: Nil). Capital Commitments As at 31 December 2023, the Group had no capital commitment(2022: Nil). SIGNIFICANT INVESTMENTS 4,700,0001,600,0000.3%0.1% The Group had held-for-trading investments of approximately HK$4.7million as at 31 December 2023 (2022: approximately HK$1.6 million),representing 0.3% (2022: 0.1%) of the total assets of the Group. During