Audited Results for the Year Ended 29 February 2020 PR Newswire

3 August 2020

Asia Wealth Group Holdings Limited
("Asia Wealth", the “Group” or the "Company")

AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2020

Chairman’s Statement

The Board is pleased to report the audited results of the Company for the Financial Year from 1 March 2019 to 29 February 2020. The audited accounts will shortly be available on the Company’s website, at www.asiawealthgroup.com.

The Company reports a consolidated loss of US$72,657 (2019 : profit of US$266,770).  The drop largely due to a change in product line up though sales are coming back on new product line-ups that are gaining momentum.

The Company continues to search for new areas of business expansion opportunities in South East Asia and North America and in Europe. The Company’s main source of income continued to be through Meyer Asset Management Ltd, a wholly owned subsidiary of the Company.

The Board remains focused on further acquisitions and partnerships in Asia and Europe as well as the south-east Asian region. The Board has a cash surplus to seek further acquisitions and is currently looking at businesses in the Wealth Management and Fintech space.

I would again like to thank the Company’s staff for their hard work throughout the year and shareholders for their support and we look forward to taking advantage of the opportunities which we expect to encounter in the forthcoming year.

The Directors do not recommend the payment of a dividend for the year ended 29 February 2020.

Richard Cayne
Chairman

The Directors of the Company accept responsibility for the content of this announcement.

Contacts:
Richard Cayne (Chairman and CEO)
Asia Wealth Group Holdings Limited, +66 (0) 2611-2561

Guy Miller (Corporate Advisers)
Peterhouse Capital Limited, +44 (0) 20 7469 0930

www.asiawealthgroup.com



ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Financial Position
At 29 February 2020

Expressed in U.S. Dollars


                                                              2020        2019

Non-current assets

Fixed assets                                                 4,942      13,538

Investment property                                        355,236     378,523

                                                           360,178     392,061

Current assets

Cash and cash equivalents                                  672,014   1,083,880

Trade receivables (net of allowance for doubtful           180,452     158,027
accounts of $8,572 (2019: $7,090))

Financial assets at fair value through profit or loss      228,979     230,302

Loans and other receivables                                663,015     617,397

Prepaid tax                                                  1,190       1,285

Prepayments and other assets                               101,331      94,469

                                                         1,846,981   2,185,360

Total assets                                           $ 2,207,159 $ 2,577,421

Equity

Share capital                                              913,496     913,496

Treasury shares                                          (318,162)   (318,162)

Consolidation reserve                                      405,997     405,997

Translation reserve                                         28,822      29,325

Retained earnings                                           51,204     123,861

Total equity                                             1,081,357   1,154,517

Non-current liabilities

Liabilities under finance lease agreements                       —       1,556

Current liabilities

Trade payables                                           1,001,732   1,315,298

Due to director                                              4,342       3,114

Liabilities under finance lease agreements                       —       7,779

Tax payable                                                  1,072         879

Other payables and accrued expenses                        118,656      94,278

                                                         1,125,802   1,421,348

Total liabilities                                        1,125,802   1,422,904

Total equity and liabilities                           $ 2,207,159 $ 2,577,421





ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Comprehensive Income
For the year ended
29 February 2020

Expressed in U.S. Dollars


                                                             2020        2019

Revenue

Commission income                                       1,434,392   2,397,341

Rental income                                              32,803      31,409

                                                        1,467,195   2,428,750

Expenses

Commission expense                                        747,948   1,509,995

Professional fees                                         267,816     311,910

Directors’ fees                                           304,096     298,276

Impairment losses                                           8,088       8,827

Travel and entertainment                                   77,488      76,010

Office expense                                             41,978      41,458

Wages and salaries                                         53,405      47,266

Depreciation                                               33,114      34,041

Rent                                                       17,853      17,094

Marketing                                                  10,641       9,623

Other expenses                                             42,427      37,658

                                                        1,604,854   2,392,158

Net (loss)/income from operations                       (137,659)      36,592

Other income/(expenses)

Foreign currency exchange (loss)/gain                     (8,387)    (62,838)

Net change in financial asset at fair value through       (1,323)       2,425
profit or loss

Other income                                               76,831     292,463

                                                           67,121     232,050

Net (loss)/income before finance costs                   (70,538)     268,642

Finance costs

Interest expense                                              632         822

Net (loss)/income before taxation                        (71,170)     267,820

Taxation                                                    1,487       1,050

Total comprehensive (loss)/income                     $  (72,657) $   266,770





ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Comprehensive Income
(Cont’d)
For the year ended 29 February 2020

Expressed in U.S. Dollars


                                                                  2020      2019

Total comprehensive (loss)/income attributable to equity      (72,657)   266,770
holders of the Parent Company

Earnings per share attributable to the equity holders of the Parent
Company:

Basic earnings per share                                   $ (0.00654) $ 0.02401

Diluted earnings per share                                 $ (0.00654) $ 0.02401





ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Cash Flows
For the year ended
29 February 2020

Expressed in U.S. Dollars


                                                                2020        2019

Operating activities

Total comprehensive (loss)/income                           (72,657)     266,770

Adjustments for:

 Impairment losses                                             8,088       8,827

 Depreciation                                                 33,114      34,041

 Foreign currency exchange loss                                  696      57,965

Operating (loss)/income before changes in operating         (30,759)     367,603
assets and liabilities

Changes in operating assets and liabilities:

 (Increase)/decrease in trade receivables                   (30,513)      54,544

 Increase in loans and other receivables                    (45,618)   (525,229)

 Decrease/(increase) in financial assets at fair value         1,323   (230,302)
 through profit or loss

 Decrease/(increase) in prepaid tax                               95       (598)

 (Increase)/decrease in prepayments and other assets         (6,862)      10,495

 (Decrease)/increase in trade payables                     (313,566)     120,706

 Decrease in liabilities under finance lease agreements      (9,335)     (9,350)

 Increase/(decrease) in tax payable                              193     (1,707)

 Increase in other payables and accrued expenses              24,378      10,740

Cash flows used in operating activities                    (410,664)   (203,098)

Investing activities

Acquisition of fixed assets                                  (3,321)       (970)

Cash flows used in investing activities                      (3,321)       (970)

Financing activities

Net advances from related party                                1,228     (1,683)

Cash flows from/(used in) financing activities                 1,228     (1,683)

Net decrease in cash and cash equivalents                  (412,757)   (205,751)

Effects of exchange rate fluctuations on cash and cash           891    (57,024)
equivalents

Cash and cash equivalents at beginning of year             1,083,880   1,346,655

Cash and cash equivalents at end of year                 $   672,014 $ 1,083,880

Cash and cash equivalents comprise cash at banks.