Faster Enterprises : Annual Report to shareholders

onlyFaster Enterprises Ltd

ACN 604 113 206

useAnnual Report - 30 June 2021 personalFor

Faster Enterprises Ltd Corporate directory 30 June 2021

Directors

only Company secretary

useR gistered office and principle place of business

A ditor

personalSolicitors Website

Share Registry

Stock Exchange Listing

For

Soon Huat Leow

Chief Executive Officer & Managing Director

Harry Hong

Non-Executive Director

Liang Chen

Non-Executive Director

Guorong Hu

Non-Executive Director

Michael Malbourne

G02, 8 Ellingworth Parade

BOX HILL VIC 3128

Telephone: [phone]

RSM Australia Partners

Level 21, 55 Collins Street

MELBOURNE VIC 3000

Grillo Higgins Lawyers

Level 14, 114 William Street

MELBOURNE VIC 3000

www.fasterenterprises.com.au

Automic Pty Ltd

Level 3, 50 Holt Street

SURRY HILLS NSW 2010

Telephone: [phone]

Faster Enterprises Ltd shares are listed on the Australian Securities Exchange under the code FE8.

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Faster Enterprises Ltd Letter from the Chairman 30 June 2021

Dear Shareholders

Faster Enterprises has managed to work through the FY21, despite the COVID-19 pandemic, which has challenged the resilience of the property development industry as restrictions have affected the progress of development and closing on

onlyproperty opportunities.

Results

U fortunately, results for the FY21 year produced a loss for the consolidated entity after providing for income tax of $3,025,682 compared to a loss of $1,400,401 FY20.

B ard Members

F ll wing a review of contributions from Directors at the November 2020 AGM, outgoing Directors were matched by the immediate appointments of Mr Harry Hong on the 10 December 2020 as an Independent Non-Executive Director, Mr Liang Chen and Mr Gurung Hu on the 18 December 2020 as Independent Non-Executive Directors.

useOutlook

The Board is currently reviewing several share placement opportunities to improve the Company's liquidity, that will require Shareholder approval, together with several Melbourne based property development opportunities.

The Board expects improvement in line with its business model as conditions are expected to improve during calendar 2022.

personalYours faithfully Harry Hong

Director

Date: 4 February 2022

For

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Faster Enterprises Ltd Directors' report

30 June 2021

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 year ended 30 June 2021.

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 (resigned 20 January 2022)

S n Huat Leow - Chief Executive Officer & Managing Director Harry Hong - Non-Executive Director (appointed 10 December 2020) Liang Cheng - Non-Executive Director (appointed 18 December 2020) Guorong Hu - Non-Executive Director (appointed 18 December 2020)

useRyuichi Shimokawa - Former Non-Executive Chairman (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) Richard Choo - Former Non-Executive Director (resigned 30 November 2020)

Principal activities

The principal activities of the Group are

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

personalDividends

There were no dividends paid, recommended or declared during the current or previous financial year.

Review of operations

The loss for the consolidated entity after providing for income tax amounted to $3,025,682 (30 June 2020: $1,400,401 loss).

Significant changes in the state of affairs

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

Matters subsequent to the end of the financial year

On 17 September 2021 FE Nunawading Hotel Pty Ltd, was placed into external administration due to the loan payable to La Trobe Financial disclosed in Note 12, being in default. The loan was secured against the investment property disclosed in Note 10, which is held in FE Nunawading Hotel Pty Ltd.

No other matter or circumstance has arisen since 30 June 2021 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 Foryea s.

Likely developments and expected results of operations

The Group is actively seeking opportunities to enter the Modular Construction market and looking to focus on smaller scale projects suitable for modular build in Australia.

Corporate Governance Statement

The ASX Corporate Governance Principles and Recommendations (Third Edition) and the ASX Listing Rules (ASX LR 4.10.3) permits entities to elect to publish their ASX Corporate Governance Statement and ASX Appendix 4G on its website.

Accordingly, Faster Enterprises Ltd's ("the Company") 2021 ASX Corporate Governance Statement does not appear in this Annual Report and can be located on the Company's website (www.fasterenterprises.com.au).

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Faster Enterprises Ltd Directors' report

30 June 2020

The URL for the 2021 ASX Corporate Governance Statement is:

www.fasterenterprises.com.au

The URL for the 2021 ASX Appendix 4G is:
only
www.fasterenterprises.com.au
I formation on directors
Name:	Soon Huat Leow
Title:	Managing Director
Qualifications:	Bachelor of Engineering (Deakin University)
	MBA (University of Western Australia)
Experience and expertise:	Mr Leow is currently a Chief Operating Officer and Director of Era Universe
use	Development Sdn Bhd. Previously, he has successfully held President, Managing
Director and Chief Executive/Operating Officer roles in numerous reputable Malaysian
	property investment and development companies.
Other current directorships:
Former directorships (last 3 years):
Interests in shares:	17,500,000
Name:	Harry Hong
Title:	Non-Executive Director
Qualifications:
Experience and expertise:	Mr Hong is an entrepreneur with over thirty years of experience in the sales,
personal	construction and property industry. He has business based in Australia and China, with
	an extensive network in the Asia Pacific Region.
Other current directorships:
Former directorships (last 3 years):
I terests in shares:	Nil
Name:	Liang Chen
Title:	Non-Executive Director
Qualifications:	MBA (Central South University)
Experience and expertise:	Mr Chen has over 15 years of experience in the technology and lithium battery industry,
	having held senior management positions in well-known companies. He served as
	Deputy General Manager at ZTE Corporation, and was the head of the new energy
	project, forming Shenzhen ZTE Innovative Material Technology Co Ltd and building
	ZTE New Materials as the first brand of lithium-ion battery separators in China.
Oth r current directorships:
Former directorships (last 3 years):
Interests in shares:	Nil
Name:	Guorong Hu
Title:	Non-Executive Director
Qualifications:	Doctor of Engineering
Experience and expertise:	Mr Hu, Ph.D., has presided over and participated in more than 20 national, provincial
For	and ministerial scientific research projects and enterprise projects. Mr Hu is a
Professor, Doctoral Supervisor at the School of Metallurgy and Environment, Central
South University, deputy director of the Technical Committee of the Engineering
Research Center of Advanced Battery Materials, Ministry of Education, executive
director of the China Chemical and Physical Power Supply Association, China
	Li Director of Battery Association.
Other current directorships:
Former directorships (last 3 years):
Interests in shares:	Nil

'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all other types of entities, unless otherwise stated.

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