FA Far East 5TJ

Original report: PDF p. 60 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 61 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 58 ↗ PDF p. 59 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 58 ↗ PDF p. 59 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 63 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 64 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 62 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 64 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 65 ↗ PDF p. 66 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 64 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 65 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 62 ↗ PDF p. 63 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 62 ↗ PDF p. 63 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 66 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 68 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 69 ↗ PDF p. 70 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 52 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 53 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 49 ↗ PDF p. 50 ↗ PDF p. 51 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 49 ↗ PDF p. 50 ↗ PDF p. 51 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 54 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 56 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 57 ↗ PDF p. 58 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 60 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 61 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 57 ↗ PDF p. 58 ↗ PDF p. 59 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 57 ↗ PDF p. 58 ↗ PDF p. 59 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 62 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.

Original report: PDF p. 64 ↗

Five financial years ended31December2021–2025. Monetary figures are Singapore dollars thousands; EPS is Singapore cents per share. Separate Company income/cashflow statements are not supplied; Group income, comprehensive income, cashflow and Group/Company financial position/equity are retained.

Printed below-$1,000 footnote markers are precision bounds, not exact zero. FY2024 original comprehensive-income page65 omits separate currency/year headers; original adjacent income64 explicitly supplies Group2024/2023 and dollar-thousand context, bound separately to its own immutable PDF/page. Actual65 amounts use original65 value-column geometry; no invented header glyphs.

FY2025 ended31December2025. Ernst & Young LLP issued an unmodified true-and-fair opinion physical51; engagement partner Ho Shyan Yan signed2April2026 physical57. KAMs concern engineering-contract revenue, expected credit losses and impairment of investments in subsidiaries; KAMs do not modify the opinion.

Primary monetary columns are Singapore dollars thousands despite the general Amounts expressed in Singapore dollars caption. EPS is Singapore cents. Group income and comprehensive income are separate statements; separate Company income/cashflow statements are not supplied, while Company balance sheet and equity are retained.

FY2024 original comprehensive-income page65 omits standalone currency and year column headers. Original adjacent income64 supplies Group2024/2023 and dollar-thousand context. Source65 actual amount-column geometry and source64 real headers are bound separately; no header glyphs are invented. Net profit2821/(3853) and comprehensive income4515/(7318) match the adjacent audited statements.

All five financial years2021–2025 retain adjacent audited comparative amounts. Source captions change other creditors to other payables, right-of-use land rights to land use rights, and trust receipts and bills payable to trust receipts. These are source label changes, not new gains or revised amounts. FY2025 newly displays non-current other receivables120 with prior dash, separately from current receivables971/1752, in S$thousands.

FY2024 Group equity foreign-currency NCI cell is a printed dash with asterisk; original footnote says amount below$1,000. It is retained as a precision bound, not exact zero. Group currency-translation row includes fair-value reserve201 and translation reserve(107), totaling94; original component allocation is preserved.

Company equity describes losses as representing total comprehensive income in its original caption. The negative printed amounts remain losses; no sign correction is made. Shared31December/1January balance is the same annual closing/opening amount and is bound as both period endpoints without duplicating an economic movement.

FY2025 cashflow cash9841 equals cash and bank balances9634 plus fixed deposits207, in S$thousands; prior6470 equals6012+458. Note17 explicitly supplies the reconciliation, rather than an unexplained balancing entry.

FY2024 replacement annual40347 differs from earlier37850 at physical23 by removal of Wong Fong Industries Limited from an external-directorship list. All172 pages were text-compared; no financial-page text changes found. The earlier original and replacement have distinct PDF hashes and are retained; replacement is the historical primary source.

Annual Board has six current directors: Steven Loh Mun Yew is Executive Chairman/CEO; David Leng Chee Keong is COO/Executive Director; Karen Loh Pui Lai is Vice-President China/Executive Director after2January2025 redesignation. The dated2024 board announcement has earlier chairmanships and does not replace these annual roles.

CFO Francis Lai Kum Wai also serves as Company Secretary; annual secretaries are Francis and Wee Woon Hong. Richard Chung is Director of Research & Development, an operating title rather than an issuer Board seat. Linda and Tan joined24May2024. April2026 AGM re-elected Loh and Ho and re-appointed Ernst & Young LLP.

Note9 lists15 subsidiaries. Ownership2025/2024 and holding paths are preserved: Elite51% is held through84.25%-owned ERM; the51% is not asserted as direct or issuer-effective ownership. Annual ERM84.25%, RSP80%, Coolwerkz60% and Penang93.88% remain distinct interests. Edenkool and the two Far East Enterprises entities are explicitly inactive.

Current associates are Fayi Technology Taiwan27%, Comfresh Australia20% and Yealea China14%. Yealea is explicitly an associate despite14%; ownership thresholds do not override the audited classification. Guangzhou Fayi30% is a separate unquoted FVOCI investment, not an associate inferred from its percentage.

2December2025 notice states dormant indirect93.88%-owned Penang subsidiary is entering members voluntary winding up; it does not establish final dissolution. The notice spells Far East Enterprise singular, while annual and property-disposal documents use Enterprises plural. Original naming and inactive annual subsidiary row are preserved.

ERM additional7.05% acquisition completed17June2026, raising84.25%→91.30%, explicitly confirmed in the announcement completion section and HY2026 equity note. ConsiderationRMB4,739,842 includes tax payment, receivable set-off and deferred cash; RMB is not Singapore dollars. A remaining cash tranche does not negate the explicitly completed acquisition. Annual84.25% and subsequent91.30% are separately dated.

30September2026 Malaysia SPA is a proposed property acquisition by wholly-owned Far East Refrigeration(M), considerationRM22,704,835. It is neither a new subsidiary nor evidence of completed property acquisition at the announcement date; the ringgit price is not SGD.

Penang property disposal completed9December2024, while theFY2024 audit-adjustment notice says solicitor-held escrow proceeds622S$thousand were received onlyJanuary2025. Completion of property sale is distinct from cash receipt and later winding up of the existing subsidiary.

FY2025 preliminary-to-audited adjustment notice reduces deferred tax assets1373→1085 and increases tax expense497→785, in S$thousands, due to288 utilization of brought-forward tax losses. OCF20088→19320 changes(768), while ICF1717→2484 changes767; stated reclassifications683 property proceeds plus84 associate dividend total767. The source retains a1S$thousand asymmetry; no extra balancing cashflow is invented.

FY2024 preliminary-to-audited notice prints OCF13915→14548, increase633, and ICF388→(167), decrease555. Its stated622 escrow-property removal and67 associate-dividend reclassification net555, matching the investing change but leaving78 of the printed operating increase unexplained by those two items. No extra adjustment is invented. Adjacent audited annual comparisons remain unchanged; the audited annual is the primary source.

FY2023 audit notice discloses revenue79286→79559, impairment105→(206), associate results341→875, tax(766)→(374), FX(1175)→(826), plus balance-sheet and cashflow adjustments. It cites prior-year ECL crystallisation, associate final accounts and deferred tax recognition. These unaudited-to-audited adjustments do not replace or restate the already audited primary series.

FY2023 adjustment notice prints trade-receivable variance1198 for16783→15585, whose arithmetic change is(1198), and contract-asset variance(1164) for9173→10337, whose arithmetic change is1164. Note4 direction of reclassification from trade receivables to contract assets agrees with the actual balance changes. Cash6392→6192 similarly prints variance200 rather than arithmetic(200). Original printed variances and values are retained; no sign is silently repaired.

Register20March2026 has111,462,000 issued ordinary shares, no treasury or subsidiary holdings,262 holders and paid capital19,679,831wholeSGD. Top20 total104,174,361/93.46% and five substantial-holder rows retain exact direct/deemed columns. Nominee names are registered holders, not new unknown beneficial owners.

Loh Mun Yew direct3,042,900 is throughUOB Nominees; deemed65,115,500 is Universal63,855,000 plus estate1,260,500 in his executor capacity. Loh Pui Lai direct220,000 and spouse6,300,000 deemed overlap the spouse direct row. Universal family percentages43.69/18.82/18.47/19.02 total100%, not extra issuer shares. Public float24.02% is the issuer statement.