FOR IMMEDIATE RELEASE  1 August 2017

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

AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2017

The Board is pleased to report the Audited Results of Asia Wealth Group Holdings Limited for the Financial Year from 1 March 2016 to 28 February 2017. These accounts have been prepared in accordance with the NEX Rules and contain an audit opinion which is qualified only in respect of the possible effects of the Group's investment in Ray Alliance not having been assessed for impairment. The Accounts will shortly be available on the NEX website, http://www.nexexchange.com or via the Company?s website, www.asiawealthgroup.com and extracts are set out below and in Appendix 1.

Chairman?s Statement

The Company reports a consolidated loss of US$110,395 (last year (US$150,068)),

Whilst the Board is disappointed with the consolidated results for the sixth financial year of the Company, it is working hard to restore the Company?s to profitability and has identified several new areas of business expansion opportunities in South East Asia and with a few groups in North America and in Europe. The Company?s main source of income, Meyer Asset Management Ltd, achieved a net profit of US$163,817 (last year US$119,959) and continues to show a satisfactory performance, despite difficult trading conditions. 

The Board remains focused on further acquisitions and partnerships in Europe and the Americas 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 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 2016.

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 Corporate Finance Limited, +44 (0) 20 7469 0930
www.asiawealthgroup.com



Consolidated Statement of Financial Position
For the year ended 29 February 2017

Expressed in U.S.Dollars

 2017 2016
Non-current assets
Fixed assets 31,697 41,266
Investment property 380,246
Goodwill 11,815 
411,943 53,081
Current assets
Cash and cash equivalents 869,147 1,281,923
Trade receivables 215,041 268,828
Loans and other receivables 133,046 45,843
Due from related party 97
Prepayments and other assets 96,352 110,959
Available-for-sale investment 318,162 318,162
Investment in associate
1,631,845 2,025,715
Total assets $ 2,043,788 2,078,796
Equity
Share capital 913,496 913,496
Share-based payment reserve 10,708 35,423
Consolidation reserve 405,997 405,997
Translation reserve (9,317)  (15,919)
Accumulated deficit (372,081)  (302,692)
Total equity attributable to equity holders of the   
Parent Company 948,803 1,036,305
Equity attributable to non-controlling interests (17,552) (1,201)
Total equity 931,251 1,035,104
Non-current liabilities
Liabilities under finance lease agreement 18,245 26,032
Current liabilities
Trade payables 927,954 933,698
Due to related parties 59,966 10,911
Liabilities under finance lease agreement 7,017 7,868
Deferred revenue 1,958 1,911
Other payables and accrued expenses 97,397 63,272
1,094,292 1,017,660
Total liabilities 1,112,637 1,043,692
Total equity and liabilities $ 2,043,788 $ 2,078,796



Consolidated Statement of Comprehensive Income
For the year ended 29 February 2017

Expressed in U.S.Dollars

2017 2016
Revenue
Commission income 1,517,797 1,202,336
Rental income 9,058
1,526,855 1,202,336
Expenses
Commission expense 880,977 534,638
Professional fees 283,976 341,119
Directors? fees 218,902 216,418
Bad debt expense 76,188 44,100
Wages and salaries 51,037 49,681
Travel and entertainment 50,058 65,363
Office expense 40,395 45,663
Depreciation 20,017 28,569
Marketing 15,805 48,204
Rent 14,115 14,277
Bank charges 6,401 6,682
Communications expense 2,919 3,029
Other expenses 22,209 13,159
1,682,999 1,410,902
Net loss from operations (156,144) (208,566)
Other income/(expenses)
Gain on disposal of fixed assets 5,684
Share of loss of associate company (29,382)
Impairment of goodwill (11,815)
Foreign currency exchange (loss)/gain  (19,387)  56,491
Other income 101,986 6,456
47,086 62,947
Net loss before finance costs (109,058) (145,619)
Finance costs
Interest expense 1,337 4,449
Net loss before taxation (110,395) (150,068)
Taxation
Total comprehensive loss $ (110,395) $ (150,068)
Total comprehensive loss attributable to:
Equity holders of the Parent Company (94,104) (135,919)
Non-controlling interest (16,291) (14,149)
$ (110,395) $ (150,068)
Loss per share attributable to the equity holders of the Parent Company:
Basic loss per share $ (0.00823) $ (0.01189)
Diluted loss per share $ (0.00812) $ (0.01142)



Consolidated Statement of Cash Flows
For the year ended 29 February 2017

Expressed in U.S.Dollars

2017 2016
Operating activities
Total comprehensive loss (110,395) (150,068)
Adjustments for:
Bad debt expense 76,188 44,100
Depreciation 20,017 28,569
Gain on disposal of fixed assets (5,510)
Share of loss of associate company 29,382
Impairment of goodwill 11,815
Foreign currency exchange loss 23,002 13,307
Operating income/(loss) before changes in operating assets and liabilities 44,499 (64,092)
Changes in operating assets and liabilities:
Increase in trade receivables (22,401) (39,445)
Increase in loan and other receivables (87,203) (45,843)
Decrease/(increase) in prepayments and other assets 14,607 (22,768)
Decrease in trade payables (5,744) (249,448)
Decrease in liabilities under finance lease agreements (8,638) (19,299)
Increase in deferred revenue 47 1,911
Increase in other payables and accrued expenses 34,125 1,295
Cash flows used in operating activities (30,708) (437,689)
Investing activities
Acquisition of subsidiary ? (28,987)
Acquisition of associate (29,382) ?
Acquisition of investment property (387,939) ?
Acquisition of fixed assets (2,755) (910)
Disposal of fixed assets 5,510 ?
Cash flows used in investing activities (414,566) (29,897)
Financing activities
Net advances from related party 48,958 32,746
Cash flows from financing activities 48,958 32,746
Net decrease in cash and cash equivalents (396,316) (434,840)
Effects of exchange rate fluctuations on cash and cash equivalents (16,460) 21,179
Cash and cash equivalents at beginning of year 1,281,923 1,695,584
Cash and cash equivalents at end of year $ 869,147 $ 1,281,923
Cash and cash equivalents comprise cash at bank.