FOR IMMEDIATE RELEASE 29 July 2016
Asia Wealth Group Holdings Limited
("Asia Wealth" or the "Company")
AUDITED RESULTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2016
The Board is pleased to report the Audited Results of Asia Wealth Group Holdings Limited for the Financial Year from 1 March 2015 to 29 February 2016. These accounts have been prepared in accordance with the ISDX 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 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$150,068 (last year (US$81,566).
Whilst the Board is disappointed with the consolidated results for the fourth financial year of the Company, it is working hard to restore the group 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 group?s main source of income, Meyer Asset Management Ltd, achieved a net profit of US$119,959 (last year US$151,243) 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.
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
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 2016
Expressed in U.S.Dollars
2016 | 2015 | |||||
Non-current assets | ||||||
Fixed assets | 41,266 | 68,925 | ||||
Goodwill | 11,815 | ? | ||||
53,081 | 68,925 | |||||
Current assets | ||||||
Cash and cash equivalents | 1,281,923 | 1,695,584 | ||||
Trade receivables | 268,828 | 273,483 | ||||
Loans and other receivables | 45,843 | ? | ||||
Due from related party | ? | 26,810 | ||||
Prepayments and other assets | 110,959 | 88,191 | ||||
Available-for-sale investment | 318,162 | 318,162 | ||||
Investment in associate | ? | 12,410 | ||||
2,025,715 | 2,414,640 | |||||
Total assets | $ | 2,078,796 | $ | 2,483,565 | ||
Equity | ||||||
Share capital | 913,496 | 913,496 | ||||
Share-based payment reserve | 35,423 | 35,423 | ||||
Consolidation reserve | 405,997 | 405,997 | ||||
Translation reserve | (15,919) | (7,875) | ||||
Accumulated deficit | (302,692) | (166,773) | ||||
Total equity attributable to equity holders of the | ||||||
Parent Company | 1,036,305 | 1,180,268 | ||||
Equity attributable to non-controlling interests | (1,201) | ? | ||||
Total equity | 1,035,104 | 1,180,268 | ||||
Non-current liabilities | ||||||
Liabilities under finance lease agreement | 26,032 | 40,031 | ||||
Current liabilities | ||||||
Trade payables | 933,698 | 1,183,146 | ||||
Due to related parties | 10,911 | 4,975 | ||||
Liabilities under finance lease agreement | 7,868 | 13,168 | ||||
Deferred revenue | 1,911 | ? | ||||
Other payables and accrued expenses | 63,272 | 61,977 | ||||
1,017,660 | 1,263,266 | |||||
Total liabilities | 1,043,692 | 1,303,297 | ||||
Total equity and liabilities | $ | 2,078,796 | $ | 2,483,565 |
Consolidated Statement of Comprehensive Income
For the year ended 29 February 2016
Expressed in U.S.Dollars
2016 | 2015 | |||||
Revenue | 1,202,336 | 1,726,989 | ||||
Expenses | ||||||
Commission | 534,638 | 998,447 | ||||
Professional fees | 341,119 | 265,769 | ||||
Directors? fees | 216,418 | 209,030 | ||||
Travel and entertainment expense | 65,363 | 60,283 | ||||
Wages and salaries expense | 49,681 | 39,031 | ||||
Marketing expense | 48,204 | 31,620 | ||||
Office expense | 45,663 | 43,914 | ||||
Bad debt expense | 44,100 | ? | ||||
Depreciation expense | 28,569 | 7,324 | ||||
Rent expense | 14,277 | 15,244 | ||||
Communications expense | 3,029 | 3,447 | ||||
Bank charges | 6,682 | 7,488 | ||||
Other expenses | 13,159 | 29,098 | ||||
1,410,902 | 1,720,695 | |||||
Net (loss)/profit from operations | (208,566) | 6,294 | ||||
Other income/(expense) | ||||||
Loss on disposal of subsidiary | ? | (8,272) | ||||
Foreign currency exchange gain/(loss) | 56,491 | (87,041) | ||||
Other income | 6,456 | 11,948 | ||||
62,947 | (83,365) | |||||
Net loss before finance costs | (145,619) | (77,071) | ||||
Finance costs | ||||||
Interest expense | 4,449 | 1,825 | ||||
Net loss before taxation | (150,068) | (78,896) | ||||
Taxation | ? | 2,670 | ||||
Total comprehensive loss | $ | (150,068) | $ | (81,566) | ||
Total comprehensive loss attributable to: | ||||||
Equity holders of the Parent Company | (135,919) | (81,566) | ||||
Non-controlling interest | (14,149) | ? | ||||
(150,068) | (81,566) |
2016 | 2015 | |||||
Loss per share attributable to the equity holders of the Parent Company: | ||||||
Basic loss per share | $ | (0.01189) | $ | (0.00713) | ||
Diluted loss per share | $ | (0.01142) | $ | (0.00685) | ||
Consolidated Statement of Changes in Equity For the year ended 29 February 2016 Expressed in U.S.Dollars |
|||||||||
2016 |
|||||||||
Attributable to Equity Holders of the Parent Company | |||||||||
Share Capital | Share-based Payment Reserve |
Consolidation Reserve | Translation Reserve | Accumulated Deficit | Non-controlling interest | Equity | |||
Number | US$ | ||||||||
Balances at beginning of year | 11,433,433 | 913,496 | 35,423 | 405,997 | (7,875) | (83,382) | ? | 1,263,659 | |
Acquisition of subsidiary | ? | ? | ? | ? | ? | ? | 13,296 | 13,296 | |
Translation differences | ? | ? | ? | ? | (8,044) | ? | (348) | (8,392) | |
Total comprehensive loss | ? | ? | ? | ? | ? | ? | ? | ? | |
Balances at end of year | 11,433,433 | $ 913,496 | $ 35,423 | $ 405,997 | $ (15,919) | $ (83,382) | $ 12,948 | $ 1,268,563 | |
2015 | |||||||||
Share Capital | Share-based Payment Reserve | Consolidation Reserve | Translation Reserve | Accumulated Deficit | Non-controlling interest | Equity | |||
Number | US$ | ||||||||
Balances at beginning of year | 11,433,433 | 913,496 | 35,423 | 405,997 | (9,984) | (85,207) | ? | 1,259,725 | |
Translation differences | ? | ? | ? | ? | 2,109 | ? | ? | 2,109 | |
Total comprehensive loss | ? | ? | ? | ? | ? | 1,825 | ? | 1,825 | |
Balances at end of year | 11,433,433 | $ 913,496 | $ 35,423 | $ 405,997 | $ (7,875) | $ (83,382) | $ ? | $ 1,263,659 |
Consolidated Statement of Cash Flows
For the year ended 29 February 2016
Expressed in U.S.Dollars
2016 | 2015 | |||||
Operating activities | ||||||
Total comprehensive loss | (150,068) | (81,566) | ||||
Adjustments for: | ||||||
Gain on disposal of subsidiary | ? | 8,272 | ||||
Bad debt expense | 44,100 | ? | ||||
Depreciation expense | 28,569 | 17,324 | ||||
Unrealised foreign exchange loss | 13,307 | 87,041 | ||||
Operating (loss)/income before changes in operating assets and liabilities | (64,092) | 31,071 | ||||
Changes in operating assets and liabilities: | ||||||
Increase in trade receivables | (39,445) | (108,412) | ||||
Increase in loan and other receivables | (45,843) | ? | ||||
Increase in prepayments and other assets | (22,768) | (9,052) | ||||
Decrease in trade payables | (249,448) | (20,806) | ||||
Decrease in liabilities under finance lease agreement | (19,299) | ? | ||||
Increase in deferred revenue | 1,911 | ? | ||||
Increase/(decrease) in other payables and accrued expenses | 1,295 | (4,345) | ||||
Cash flows from operating activities | (437,689) | (111,544) | ||||
Investing activities | ||||||
Acquisition of subsidiary | (28,987) | ? | ||||
Acquisition of associate | ? | (12,410) | ||||
Disposal of subsidiary | ? | (6,249) | ||||
Acquisition of fixed assets | (910) | (11,585) | ||||
Cash flows from investing activities | (29,897) | (30,244) | ||||
Financing activities | ||||||
Net advances from/(to) related party | 32,746 | (26,809) | ||||
Cash flows from financing activities | 32,746 | (26,809) | ||||
Net decrease in cash and cash equivalents | (434,840) | (168,597) | ||||
Effects of exchange rate fluctuations on cash and cash equivalents | 21,179 | (10,677) | ||||
Cash and cash equivalents at beginning of year | 1,695,584 | 1,874,858 | ||||
Cash and cash equivalents at end of year | $ | 1,281,923 | $ | 1,695,584 |
Cash and cash equivalents comprise cash at bank.
On 2 July 2014, the Company disposed of its 100% interest in Asia Wealth Group Pte. Ltd. (?Asia Wealth Singapore?), with a net asset value of $84,575, to one of the directors of Asia Wealth Singapore by paying cash of $6,249 and being forgiven payables owed to Asia Wealth Singapore at 31 July 2014 of $82,552.
On 31 January 2015, the Group entered into a finance lease agreement to purchase a new vehicle amounting to $49,610 and paid a 20% downpayment of $9,922.