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.