Asia Wealth Group Holdings Ltd - Audited Results to 28th Februay 2021 PR Newswire

4 August 2021

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

AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2021

Chairman’s Statement

The Board is pleased to report the audited results of the Company for the Financial Year from 1 March 2020 to 28 February 2021. The audited accounts will shortly be available on the Company’s website, www.asiawealthgroup.com.

The Company reports a consolidated profit of US$193,507 (2020 : loss of US$51,460).  The gain largely due to

a better than expected take up of investment products in Asia.  In addition further gains had been made due to the

Company's property portfolio being revalued to market, leading to a gain in value.

The Company continues to search for new areas of business expansion opportunities in South East Asia 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 28 February 2021.

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 28 February 2021

Expressed in U.S. Dollars


At 1 March
2021 2020 2019
Note(s) Restated Restated
Non-current assets
Fixed assets 4 3,022 4,942 13,538
Investment property 3,5,16 702,962 667,417 670,676
705,984 672,359 684,214
Current assets
Cash and cash equivalents 1,166,750 672,014 1,083,880
Trade receivables (net of allowance for doubtful
accounts of $8,572 (2020: $8,572)) 126,200 180,452 158,027
Financial assets at fair value through profit or loss 6 240,994 228,979 230,302
Due from director 8 507,574
Loans and other receivables 7 27,507 663,015 617,397
Prepaid tax 255 1,190 1,285
Prepayments and other assets 127,247 101,331 94,469
2,196,527 1,846,981 2,185,360

Total assets
$ 2,902,511 $ 2,519,340
              
$ 2,869,574
Equity
Share capital 9 913,496 913,496 913,496
Treasury shares 9 (318,162) (318,162)                (318,162)
Consolidation reserve 405,997 405,997 405,997
Translation reserve 16 49,844 27,653 29,325
Retained earnings 16 558,061 364,554 416,014
Total equity 1,609,236 1,393,538 1,446,670
Non-current liabilities
Liabilities under finance lease agreements 1,556
Current liabilities
Trade payables 1,235,197 1,001,732 1,315,298
Due to director 8 4,342 3,114
Liabilities under finance lease agreements 7,779
Tax payable 140 1,072 879
Other payables and accrued expenses 8 57,938 118,656 94,278
1,293,275 1,125,802 1,421,348
Total liabilities 1,293,275 1,125,802 1,422,904
Total equity and liabilities $ 2,902,511  $ 2,519,340 2,869,574

ASIA WEALTH GROUP HOLDINGS LIMITED

Consolidated Statement of Comprehensive Income
For the year ended
28 February 2021
Expressed in U.S. Dollars


2021

2020

Revenue
Note(s) Restated
Commission income 1,925,849 1,434,392
Rental income 5 5,426 32,803
1,931,275 1,467,195
Expenses
Commission expense 1,042,701 747,948
Directors’ fees 8 305,400 304,096
Professional fees 8 259,660 267,816
Loan write off 7 128,313
Wages and salaries 44,306 53,405
Office expense 41,082 41,978
Travel and entertainment 17,589 77,488
Rent 17,019 17,853
Impairment losses 13,025 8,088
Marketing 7,283 10,641
Depreciation 4,16 4,377 11,917
Other expenses 53,519 42,427
1,934,274 1,583,657
Net loss from operations (2,999) (116,462)
Other income/(expenses)
Foreign currency exchange gain/(loss) 70,160 (8,387)
Net gain/(loss) in financial asset at fair value through profit or loss 6 12,015 (1,323)
Other income 115,111 76,831
197,286 67,121
Net income/(loss) before finance costs 194,287 (49,341)
Finance costs
Interest expense 632
Net income/(loss) before taxation 194,287 (49,973)
Taxation 10 780 1,487
Total comprehensive income/(loss) $ 193,507 $ (51,460)
Total comprehensive income/(loss) attributable to equity
holders of the Parent Company $ 193,507 $ (51,460)
Earnings per share attributable to the equity holders of the Parent Company:
Basic earnings per share 11 $             0.01742 $               (0.00463)
Diluted earnings per share 11 $             0.01742 $               (0.00463)

ASIA WEALTH GROUP HOLDINGS LIMITED

Consolidated Statement of Cash Flows

For the year ended 28 February 2021

Expressed in U.S. Dollars


2021

2020
Restated
Operating activities
Total comprehensive income/(loss) 193,507 (51,460)
Adjustments for:
Loan write off 128,313
Impairment losses 13,025 8,088
Depreciation 4,377 11,917
Foreign currency exchange (gain)/loss (70,160) 8,387
Operating income/(loss) before changes in operating assets and liabilities 269,062 (23,068)
Changes in operating assets and liabilities:
Decrease/(increase) in trade receivables 41,227 (30,513)
Increase in loans and other receivables (379) (45,618)
(Increase)/decrease in financial assets at fair value through profit or loss (12,015) 1,323
Decrease in prepaid tax 935 95
Increase in prepayments and other assets (25,916) (6,862)
Increase/(decrease) in trade payables 233,465 (313,566)
Decrease in liabilities under finance lease agreements (9,335)
(Decrease)/increase in tax payable (932) 193
(Decrease)/increase in other payables and accrued expenses (60,718) 24,378
Cash flows from/(used in) operating activities 444,729 (402,973)
Investing activities
Acquisition of fixed assets (2,457) (3,321)
Cash flows used in investing activities (2,457) (3,321)
Financing activities
Net advances from related party (4,342) 1,228
Cash flows (used in)/from financing activities (4,342) 1,228
Net increase/(decrease) in cash and cash equivalents 437,930 (405,066)
Effects of exchange rate fluctuations on cash and cash equivalents 56,806 (6,800)
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
672,014
$ 1,166,750
1,083,880
$ 672,014  

Cash and cash equivalents comprise cash at banks.