Asia Wealth Group Holdings Ltd - Audited Results to 28 February 2019 PR Newswire

5 August 2019

Asia Wealth Group Holdings Limited

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

AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2019

Chairman’s Statement

The Board is pleased to report the audited results of the Company for the Financial Year from 1 March 2018 to 28 February 2019. The audited accounts will shortly be available on the NEX website at https://www.nexexchange.com/member?securityid=1191336, or via the Company’s website, www.asiawealthgroup.com.

The Company reports a consolidated profit of US$266,770 (2018: US$146,845).

The Company increased its profitability and continues to search for new areas of business expansion opportunities in South East Asia and North America 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 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 28 February 2019.

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

Consolidated Statement of Financial Position

At 28 February 2019

Expressed in U.S. Dollars


                                                              2019        2018

Non-current assets

Fixed assets                                                13,538      25,130

Investment property                                        378,523     400,343

                                                           392,061     425,473

Current assets

Cash and cash equivalents                                1,083,880   1,346,655

Trade receivables (net of allowance for doubtful           158,027     228,577
accounts of $7,090 (2018: $nil))

Financial assets at fair value through profit or loss      230,302     318,162

Loans and other receivables                                617,397      92,168

Prepaid tax                                                  1,285         687

Prepayments and other assets                                94,469     104,964

                                                         2,185,360   2,091,213

Total assets                                           $ 2,577,421 $ 2,516,686

Equity

Share capital                                              913,496     913,496

Treasury shares                                          (318,162)           —

Consolidation reserve                                      405,997     405,997

Translation reserve                                         29,325      28,725

Retained earnings/(accumulated deficit)                    123,861   (135,730)

Total equity                                             1,154,517   1,212,488

Non-current liabilities

Liabilities under finance lease agreements                   1,556      10,900

Current liabilities

Trade payables                                           1,315,298   1,194,592

Due to director                                              3,114       4,797

Liabilities under finance lease agreements                   7,779       7,785

Tax payable                                                    879       2,586

Other payables and accrued expenses                         94,278      83,538

                                                         1,421,348   1,293,298

Total liabilities                                        1,422,904   1,304,198

Total equity and liabilities                           $ 2,577,421 $ 2,516,686



Consolidated Statement of Comprehensive Income

For the year ended 28 February 2019

Expressed in U.S. Dollars


                                                             2019        2018

Revenue

Commission income                                       2,397,341   2,160,615

Rental income                                              31,409      29,983

                                                        2,428,750   2,190,598

Expenses

Commission expense                                      1,509,995   1,327,368

Professional fees                                         311,910     323,883

Directors’ fees                                           298,276     202,700

Impairment losses                                           8,827     106,613

Travel and entertainment                                   76,010      54,539

Office expense                                             41,458      43,763

Wages and salaries                                         47,266      43,253

Depreciation                                               34,041      35,057

Rent                                                       17,094      16,417

Marketing                                                   9,623      11,422

Other expenses                                             37,658      39,911

                                                        2,392,158   2,204,926

Net income/(loss) from operations                          36,592    (14,328)

Other income/(expenses)

Gain on disposal of associate company                           —       7,522

Foreign currency exchange (loss)/gain                    (62,838)     113,537

Net change in financial asset at fair value through         2,425           —
profit or loss

Other income                                              292,463      44,360

                                                          232,050     165,419

Net income before finance costs                           268,642     151,091

Finance costs

Interest expense                                              822         973

Net income before taxation                                267,820     150,118

Taxation                                                    1,050       3,273

Total comprehensive income                            $   266,770 $   146,845



   


Total comprehensive income attributable to equity holders     266,770   146,845
of the Parent Company

Earnings per share attributable to the equity holders of the Parent
Company:

Basic earnings per share                                    $ 0.02401 $ 0.01284

Diluted earnings per share                                  $ 0.02401 $ 0.01284



Consolidated Statement of Cash Flows

For the year ended 28 February 2019

Expressed in U.S. Dollars


                                                                2019        2018

Operating activities

Total comprehensive income                                   266,770     146,845

Adjustments for:

 Impairment losses                                             8,827     106,613

 Depreciation                                                 34,041      35,057

 Gain on disposal of fixed assets                                  —     (7,522)

 Foreign currency exchange loss/(gain)                        57,965    (28,354)

Operating income before changes in operating assets and      367,603     252,639
liabilities

Changes in operating assets and liabilities:

 Decrease/(increase) in trade receivables                     54,544    (68,214)

 (Increase)/decrease in loans and other receivables        (525,229)      40,878

 Increase in financial assets at fair value through        (230,302)           —
 profit or loss

 Increase in prepaid tax                                       (598)       (687)

 Decrease/(increase) in prepayments and other assets          10,495     (8,612)

 Increase in trade payables                                  120,706     266,638

 Decrease in liabilities under finance lease agreements      (9,350)     (6,577)

 Decrease in deferred revenue                                      —     (1,958)

 (Decrease)/increase in tax payable                          (1,707)       2,586

 Increase/(decrease) in other payables and accrued            10,740    (13,859)
 expenses

Cash flows (used in)/from operating activities             (203,098)     462,834

Investing activities

Disposal of associate                                              —       7,522

Acquisition of fixed assets                                    (970)     (6,398)

Cash flows (used in)/from investing activities                 (970)       1,124

Financing activities

Net advances from related party                              (1,683)    (55,072)

Cash flows used in financing activities                      (1,683)    (55,072)

Net (decrease)/increase in cash and cash equivalents       (205,751)     408,886

Effects of exchange rate fluctuations on cash and cash      (57,024)      68,622
equivalents

Cash and cash equivalents at beginning of year             1,346,655     869,147

Cash and cash equivalents at end of year                 $ 1,083,880 $ 1,346,655

Cash and cash equivalents comprise cash at banks.