FOR IMMEDIATE RELEASE                                                         24 November 2017

Asia Wealth Group Holdings Limited
("Asia Wealth" or the "Company")

UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2017

The Board is pleased to report the unaudited interim results of Asia Wealth Group Holdings Limited (?Accounts?) for the period from 1 March 2017 to 31 August 2017. These Accounts have been prepared under IFRS and will shortly be available via the Company?s website, www.asiawealthgroup.com.

Chairman?s Statement

Financial Highlights

The highlights for the six months ended 31 August 2017 include:

  • Consolidated revenue of US$1,146,815 (2016: US$600,649)
  • Gross profit for Meyer Group of US$433,858 (representing a gross margin of 38%) (2016: US$254,371 and 43%)
  • Cash at bank and on hand of US$1.2m at 31 August 2017 (2016:$1.4m).

The group reports a profit after tax of US$0.162 million on sales of US$1.147 million for the six months ended 31 August 2017. These sales were generated by the Company?s wholly owned subsidiary, Meyer Asset Management Ltd., BVI. This improvement in profitability was principally caused by revenue increase.  

Cash balance has increased by US$299,065 and net assets by US$262,415, respectively, since 1st March 2017.

The Board has taken and is continuing to forge new revenue generating relationships, as well as expanding revenue creating opportunities, in both new avenues and existing. We continue to seek alliances and partnerships with firms in the same and new sectors. 

Asia Wealth continues to seek investment opportunities in the Asia region and is currently engaged in multiple discussions on various potential acquisitions.  The Directors continue to run the business in a cost-effective manner.

The Accounts have not been audited or reviewed by the Company?s auditors.

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

Richard Cayne
Executive Chairman

Contacts:

Richard Cayne (Executive Chairman)
Asia Wealth Group Holdings Limited, +66 2 2611 2561
www.asiawealthgroup.com

Guy Miller (Corporate Advisers)
Peterhouse Corporate Finance Limited, +44 20 7220 9795

ASIA WEALTH GROUP HOLDINGS LIMITED

Consolidated Statement of Financial Position
At 31 August 2017

All amounts stated in U.S. Dollars

Note 31-Aug-17 31-Aug-16
Non-current assets
Fixed assets 3 26,813 36,974
Investment in property 389,135 -
415,948 36,974
Current assets
Cash and cash equivalents 1,168,212 1,368,304
Trade receivables 241,404 197,896
Loans and other receivables 115,348 -
Due from related party 18,619 -
Prepayments and other assets 105,550 75,626
Available-for-sale investment 359,926 358,208
2,009,059 2,000,034
Total assets $ 2,425,007 $ 2,037,008
Equity
Share capital 4 913,496 913,496
Share-based payment reserve 5 - 35,423
Consolidation reserve 405,997 405,997
Translation reserve 1,512 (12,507)
Retained earnings (127,339) (284,436)
Total equity    1,193,666 1,057,973
Non-current liabilities
Liabilities under finance lease agreement 6 13,267 21,205
Current liabilities
Trade payables 1,115,220 951,222
Due to related parties 29,082 -
Liabilities under finance lease agreement 6 8,845 8,482
Deferred revenue 2,572 -
Other payables and accrued expenses 62,355 (1,874)
1,218,074 957,830
Total liabilities 1,231,341 979,035
Total equity and liabilities $ 2,425,007 $ 2,037,008

ASIA WEALTH GROUP HOLDINGS LIMITED

Consolidated Statement of Comprehensive Income
For the half year ended 31 August 2017

All amounts stated in U.S. Dollars

Note Mar ? Aug 2017 Mar ? Aug 2016
Revenue 1,146,815 600,649
Expenses
Commission 695,430 338,235
Professional fees 138,923 66,863
Wages and salaries 13,392 79,295
Directors? fees 7 101,478 101,106
Travel and entertainment 27,591 24,800
Office expenses 22,186 4,231
Rent 8,252 18,556
Marketing expenses 5,637 6,427
Communication 2,311 2,804
Depreciation 3 16,196 7,117
Bank charges 4,975 3,331
Sundry expenses 16,015 5,905
1,052,386 658,670
Net profit/(loss) from operations 94,429 (58,021)
Other income/(expense)
Foreign exchange gain/(loss) 63,924 43,334
Interest Income 4,812 5,329
Investment income - -
68,736 48,663
Net profit/(loss) before finance cost 163,165 (9,358)
Finance cost
Interest expense (721) (1,699)
Net profit/(loss) before taxation 162,444 (11,057)
Taxation 8 - -
Total comprehensive income (loss) $ 162,444 $ (11,057)

ASIA WEALTH GROUP HOLDINGS LIMITED

Consolidated Statement of Changes in Equity
For the half year ended 31 August 2017

All amounts stated in U.S. Dollars

31-Aug-17
Share Capital Share-based Payment Reserve Consolidation Reserve Translation Reserve Retained Earnings Non-Controlling interest Equity
Number US$
Balances at beginning of 1 Mar 2017 11,433,433 913,496 10,708 405,997 (9,317) (372,081) (17,552) 931,251
Issuance of share capital - - - - - - - -
Share-based payment expired - - (10,708) - - 10,708 - -
Issuance of share warrants - - - - - - - -
Disposal of subsidiary - - - - - 71,590 17,552 89,142
Translation differences - - - - 10,829 - - 10,829
Total comprehensive income - - - - - 162,444 - 162,444
Balances at end of  31 Aug 2017 11,433,433 913,496 - 405,997 1,512 (127,339) - 1,193,666
31-Aug-16
Share Capital Share-based Payment Reserve Consolidation Reserve Translation Reserve Retained Earnings Non-Controlling interest Equity
Number US$
Balances at beginning of 1 Mar 2016 11,433,433 913,496 35,423 405,997 (15,919) (302,692) (1,201) 1,035,104
Issuance of share capital - - - - - - - -
Issuance of share options - - - - - - - -
Issuance of share warrants - - - - - - - -
Translation differences - - - - 3,412 29,313 1,201 33,926
Total comprehensive income - - - - - (11,057) - (11,057)
Balances at end of  31 Aug 2016 11,433,433 913,496 35,423 405,997 (12,507) (284,436) - 1,057,973

ASIA WEALTH GROUP HOLDINGS LIMITED

Consolidated Statement of Cash Flows
For the half year ended 31 August 2017

All amounts stated in U.S. Dollars

Mar ? Aug 2017 Mar ? Aug 2016
Operating activities
Profit/(Loss) 162,444 (11,057)
Add back Depreciation 16,196 7,119
Receivables (26,363) 134,742
Loan and Other Receivable 17,698 -
Prepayments and other assets (9,198) 2,318
Payables 187,266 15,914
Liabilities Under Finance Lease Agreements (3,150) -
Deferred Revenue 614 -
Other Payables and Accrued Expenses (35,042) (16,594)
Cash flows from operating activities 310,465 132,442
Investing activities
Acquisition of fixed assets (11,312) (3,253)
Investments (50,653) (1,235)
Change in equity 99,971 (41,039)
Cash flows from investing activities 38,006 (45,527)
Financing activities
Net advances from related party (49,406) -
Cash flows from financing activities (49,406) -
Net increase/(decrease) in cash and cash equivalents 299,065 86,915
Cash and cash equivalents at beginning of year 869,147 1,281,389
Cash and cash equivalents at end of period $ 1,168,212 $ 1,368,304