远东控股国际二零二四年年报

Contents 2Corporate Information4Management Discussion and Analysis10Profile of the Directors14Directors’ Report21Environmental, Social and Governance Report54Corporate Governance Report67Independent Auditor’s Report73Consolidated Statement of Profit or Loss and OtherComprehensive Income75Consolidated Statement of Financial Position77Consolidated Statement of Changes in Equity78Consolidated Statement of Cash Flows80Notes to the Consolidated Financial Statements151Five Year Financial Summary152Particulars of Properties held by the Group The English text of this annual report shall prevail over the Chinese text CORPORATE INFORMATION BOARD OF DIRECTORS Executive DirectorsMr. Cheung Sze MingMs. Li Kai Lai Miranda (appointed on 16 December 2024) Non-executive DirectorMr. Zhu Weiwen (re-designated on 29 February 2024) Independent Non-executive DirectorsMr. Mak Ka Wing, PatrickMr. Lam Wai HungMr. Lam Cheung Shing, Richard COMPANY SECRETARYMr. Cheung Sze Ming AUDITOR BDO Limited25th Floor, Wing On Centre111 Connaught Road CentralHong Kong AUTHORISED REPRESENTATIVES Mr. Cheung Sze MingMr. Zhu Weiwen (appointed on 29 February 2024) AUDIT COMMITTEE Mr. Lam Wai Hung(Chairman)Mr. Mak Ka Wing, PatrickMr. Lam Cheung Shing, Richard REMUNERATION COMMITTEE Mr. Lam Cheung Shing, Richard(Chairman)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 INVESTMENT COMMITTEE Mr. Cheung Sze Ming(Chairman)(appointed aschairman on 29 February 2024)Mr. Lam Wai HungMs. Li Kai Lai Miranda (appointed on 16 December 2024) PRINCIPAL BANKER Hang Seng Bank LimitedThe Bank of East Asia, Limited REGISTERED OFFICE Unit D1, 8/FKingston International Centre19 Wang Chiu RoadKowloon Bay, Hong KongTelephone: 2110 8886Facsimile: 2110 1159Email: admin@feholdings.com.hk 19 8D12110 88862110 1159admin@feholdings.com.hk SHARE REGISTRAR AND TRANSFER OFFICE Computershare Hong Kong Investor Services LimitedShops 1712–171617th Floor, Hopewell Centre183 Queen’s Road EastWan ChaiHong Kong 183171712–1716 LISTING INFORMATIONStock Code: 36Board Lot Size: 6000 366000 WEBSITEhttp://www.0036.com.hk http://www.0036.com.hk INVESTOR RELATIONSEmail: admin@feholdings.com.hk MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE RESULTS For the year ended 31 December 2024 (the“Year Under Review”),Far East Holdings International Limited (the“Company”) andits subsidiaries (collectively, the“Group”) recorded revenue ofapproximately HK$14.2 million (2023: approximately HK$9.3 million),representing an increase of approximately 52.7% as compared tothat of last year. The Group’s loss attributable to owners of theCompany was approximately HK$343.5 million (2023: HK$72.9million). The total comprehensive loss of the Group for the YearUnder Review was approximately HK$624.1 million (2023: HK$122.6million), which was mainly attributable to the increase in fair valueloss on investment properties during the Year Under Review. Thebasic loss per share for the Year Under Review was HK$2.83 (2023:restated as HK$0.60). LIQUIDITY AND FINANCIAL RESOURCES As at 31 December 2024, the Group had bank balances and cash anddeposits held in a financial institution amounting to approximatelyHK$0.6 million (2023: approximately HK$1.7 million). The Groupfunds its operations from a combination of internal resources, bankborrowing, loan from a non-controlling interest and other loans. GEARING RATIO The gearing ratio, expressed as a percentage of total debts (includingthe bank borrowing, loan from a non-controlling interest andother loans) to equity attributable to owners of the Company was25,110.3% as at 31 December 2024 (2023: 169.1%). CAPITAL STRUCTURE During the Year Under Review, every ten (10) existing shares ofthe Company (the“Shares”) in issue was consolidated into one (1)consolidated Shares. Other than that, there was no change to theshare capital of the Company. As at 31 December 2024, the totalnumber of issued ordinary shares of the Company was 108,911,859(2023: 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 Liabilities As at 31 December 2024, the Company had no contingent liabilities(2023: Nil). Capital Commitments As at 31 December 2024, the Group had no capital commitment(2023: Nil). SIGNIFICANT INVESTMENTS The Group had held-for-trading investments of approximately HK$1.0million as at 31 December 2024 (2023: approximately HK$4.7 million),representing 0.1% (2023: 0.3%) of the total assets of the Group. During the Year Under Review, the Group recorded fair value loss onheld-for-trading investments of approximately HK$3.7 million (2023:fair valuegainof approximately HK$3.2 million). 3,700,0003,200,000 MATERIAL RISK FACTORS The Group’s h