Faster Enterprises : Half Yearly Report and Accounts

Faster Enterprises Ltd

Appendix 4D

Half-year report

1. Company details

	Name of entity:	Faster Enterprises Ltd
	ABN:	28 603 113 206
only	For the half-year ended 31 December 2020
	Reporting period:
	Previous period:	For the half-year ended 31 December 2019
	2. Results for announcement to the market
					$
	Revenues from ordinary activities	down	83.0%	to	23,698
use
	Loss from ordinary activities after tax attributable to the owners of Faster
	Enterprises Ltd	up	276.0%	to	(2,511,545)
	Lo for the half-year attributable to the owners of Faster Enterprises Ltd up	276.0%	to	(2,511,545)
	Dividends
	There were no dividends paid, recommended or declared during the current financial period.
personal
	Comments

The loss for the consolidated entity after providing for income tax amounted to $2,511,545 (31 December 2019: $668,495 loss).

3.	Net tangible assets
			Reporting		Previous
			period		period
			Cents		Cents
	Net tangible assets per ordinary security	(0.35)	1.81
4.	Control gained or lost over entities
	Not applicable.
For
5.	L ss of control over entities

aster Asia Sdn. Bhd.

6. Dividends

There were no dividends paid, recommended or declared during the half-year ended 31 December 2020.

Faster Enterprises Ltd

Appendix 4D

Half-year report

7. Details of associates and joint venture entities

onlyName of associate / joint venture Faster Properties Investment Pty Ltd

Reporting entity's percentage holding

Reporting	Previous
period	period
%	%
33%	33%

8.	Audit qualification or review
use
	The financial statements were subject to a review by the auditors and the review report is attached as part of the Half Year
	Report.
9.	Attachments

The Interim Report of Faster Enterprises Ltd for the half-year ended 31 December 2020 is attached.

personalFor
	10. Signed
	Signed ___________________________	Date: 4 February 2022
	Harry Hong
	Director

onlyFaster Enterprises Ltd

ABN 28 603 113 206

useHalf Year Report - 31 December 2020 personalFor

Faster Enterprises Ltd Directors' report

31 December 2020

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Faster Enterprises Ltd (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2020.

onlyDirectors

The following persons were directors of Faster Enterprises Ltd during the whole of the financial year and up to the date of this report unless otherwise stated:

Norman Wu - Executive Chairman & Director (resigned 20 January 2022)

S n Huat Leow - Executive Director

Harry Hong - Non-Executive Director (appointed 11 December 2020)

Liang Chen - Non-Executive Director (appointed 18 December 2020)

Guorong Hu - Non-Executive Director (appointed 18 December 2020)

useRichard Choo - Former Non-Executive Director (resigned 30 November 2020)

Ryuichi Shimokawa - Former Non-Executive Chairman & Director (resigned 30 November 2020) Yi Yun Chin - Former Executive Director (resigned 30 November 2020)

Boon Ching Koay - Former Non-Executive Director (resigned 30 November 2020)

The Company Secretary is Michael Malbourne.

Principal activities

personalThe principal activities of the Group are

● property development and management of residential, commercial, serviced apartments and hotels.

Review of operations

The loss for the consolidated entity after providing for income tax amounted to $2,511,545 (31 December 2019: $668,495 loss).

Significant changes in the state of affairs

The consolidated entity received cash from investors for shares awaiting to be issued pending finalisation of queries raised by ASX.

The e was also a change in the board of directors where Richard Choo, Ryuichi Shimokawa, Yi Yun Chin & Boon Ching Koay have resigned and stepped down from the board on 30 November 2020. Three new directors were appointed being Harry Hong, Liang Chen & Guorong Hu in December 2020.

There were no other significant changes in the state of affairs of the consolidated entity during the financial half-year.

Matters subsequent to the end of the financial half-year

ForNo other matter or circumstance has arisen since 31 December 2020 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.

On 17 September 2021 FE Nunawading Hotel Pty Ltd, was placed into external administration due to the loan payable to La

Tr be Financial disclosed in Note 5, being in default. The loan was secured against the investment property disclosed in N te 4, which is held in FE Nunawading Hotel Pty Ltd.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.

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Faster Enterprises Ltd Directors' report

31 December 2020

This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001.

On behalf of the directors

only___________________________

Harry Hong

Date: 4 February 2022

For usepersonal

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