ASIA WEALTH GROUP HOLDINGS LIMITED - Interim results for the 6 months ended 31 August 2015
Announcement provided by
Asia Wealth Group Holdings Ltd · AWLP02/11/2015 13:02
FOR IMMEDIATE RELEASE
("Asia Wealth" or the "Company")
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED
The Board is pleased to report the unaudited interim results of
Chairman’s Statement
Financial Highlights
The highlights for the six months ended
-- Consolidated revenue of US$578,183 (2014: US$1,100,851 )
-- Operating profit for Meyer Group of US$338,400 (representing a gross
margin of 60%) (2014: US$423,290 and 38%)
-- Cash at bank and on hand of US$1.5m at 31 August 2015 (2014:$1.9m ).
The Group reports a loss after tax of
The Board has taken and is continuing to take steps in cost reduction, as well as expanding revenue creating opportunities, in both new avenues and existing. Closer ties with
Cash balance and net assets have decreased by
Asia Wealth continues to seek investment opportunities in the
The Accounts have not been audited or reviewed by the Company’s auditors.
The Directors of the Company accept responsibility for the content of this announcement.
Executive Chairman
Contacts:
www.asiawealthgroup.com
EXTRACTS ARE SET OUT BELOW:
Consolidated Statement of Financial Position
At
All amounts stated in U.S. Dollars
Note 31 Aug 2015 31 Aug 2014
Non-current assets
Fixed assets 3 51,520 26,871
Investments 13 356,805 318,162
408,325 345,033
Current assets
Cash and cash equivalents 1,518,646 1,937,022
Trade receivables 232,734 261,108
Prepayments and other assets 7 89,450 54,665
1,840,830 2,252,795
Total assets $ 2,249,155 $ 2,597,828
Equity
Share capital 4 913,500 913,500
Share-based payment reserve 5 35,423 35,423
Consolidation reserve 399,585 404,227
Translation reserve (9,605) (2,732)
Retained earnings (168,854) (129,463)
Current earnings (22,301) 71,156
Total equity 1,147,748 1,292,111
Non-current liabilities
Liabilities under finance lease 6 5,958 4,786
agreement
Current liabilities
Trade payables 1,055,115 1,275,148
Liabilities under finance lease 6 — —
agreement
Other payables and accrued 40,334 25,783
expenses
1,095,449 1,300,931
Total liabilities 1,101,407 1,305,717
Total equity and liabilities $ 2,249,155 $ 2,597,828
Consolidated Statement of Comprehensive Income
For the half year ended
All amounts stated in U.S. Dollars
Note Mar – Aug 2015 Mar - Aug 2014
Revenue 578,183 1,100,851
Expenses
Commission 227,539 677,561
Professional fees 5 88,228 88,558
Wages and salaries 78,437 89,220
Directors’ fees 7 100,801 101,832
Travel and entertainment 37,616 41,570
Office expenses 8,767 12,546
Rent 18,170 19,658
Marketing expenses 15,795 4,059
Communication 2,906 2,079
Depreciation 3 11,908 8,014
Bank charges 3,480 3,912
Sundry expenses 4,236 3,602
597,883 1,052,611
Net profit/(loss) from operations (19,700) 48,240
Other income/(expense)
Initial public offering expenses — —
Foreign exchange gain/(loss) (1,698) (10,700)
Interest Income 1,185 637
Investment income — 33,940
(513) 23,877
Net profit/(loss) before finance cost (20,213) 72,117
Finance cost
Interest expense/(income) (2,088) (961)
Net profit/(loss) before taxation (22,301) 71,156
Taxation 8 — —
Total comprehensive income 2(d) $ (22,301) $ 71,156
Consolidated Statement of Changes in Equity
For the half year ended
All amounts stated in U.S. Dollars
31 Aug 2015
Share Capital Share-based Consolidation Translation Retained Current Equity
Payment Reserve Reserve Earnings Earnings
Reserve
Note Number US$
Balances at 11,433,433 $913,500 $35,423 $404,227 $(2,732) $ $71,156 $1,292,111
beginning of (129,463)
year
Issuance of 4 — — — — —
share capital
Issuance of 2 — — — — — — — —
share options (n),
5
Issuance of 2 — — — — — — — —
share (n),
warrants 5
Translation 2(f) — — — $(4,642) $(6,873) — — $(11,515)
differences
Total — — — — — $(39,391) $ $(132,848)
comprehensive (93,457)
income
Balances at 11,433,433 $913,500 $35,423 $399,585 $(9,605) $ $ $1,147,748
end of year (168,854) (22,301)
31 Aug 2014
Share Capital Share-based Consolidation Translation Retained Current Equity
Payment Reserve Reserve Earnings Earnings
Reserve
Note Number US$
Balances at 11,433,433 $913,496 $35,423 $405,997 $(9,984) $(85,207) — $1,259,725
beginning of
year
Issuance of 4 — — — — —
share capital
Issuance of 2 — — — — — — — —
share options (n),
5
Issuance of 2 — — — — — — —
share (n),
warrants 5
Translation 2(f) — $4 — $(1,770) $7,252 — — $5,486
differences
Total — — — — — $(44,256) $71,156 $26,900
comprehensive
income
Balances at 11,433,433 $913,500 $35,423 $404,227 $(2,732) $ $71,156 $1,292,111
end of year (129,463)
Consolidated Statement of Cash Flows
For the half year ended
All amounts stated in U.S. Dollars
Note Mar – Aug 2015 Mar - Aug 2014
Operating activities
Profit/(Loss) (22,301) 71,156
Add back Depreciation 11,908 8,014
Add back Foreign Exchange Adjustments (10,219) (38,765)
Receivables 79,969 (18,794)
Prepayments and Deposits (26,888) 6,898
Payables (132,555) 61,932
Trade Creditors and Other Liabilities (56,116) (29,686)
Cash flows from operating activities (156,202) 60,755
Investing activities
Acquisition of fixed assets 5,497 1,409
Investments (26,233) -
Cash flows from investing activities (20,736) 1,409
Financing activities
Share issues - -
Cash flows from financing activities - -
Net increase/(decrease) in cash and cash (176,938) 62,164
equivalents
Cash and cash equivalents at beginning of 1,695,584 1,874,858
year
Cash and cash equivalents at end of $ 1,518,646 $ 1,937,022
period
Cash and cash equivalents comprise cash
at bank.
1) GENERAL INFORMATION
The principal activity of the Company and its subsidiaries (the “Group”) is to provide wealth management advisory services to
On
The Company has the following subsidiaries:
Incorporation Country of Ownership
Date Incorporation Interest
Meyer Asset Management Ltd. 2000 British Virgin Islands 100%
(“Meyer BVI”)
Meyer International Limited 2010 Thailand 49%
(“Meyer Thailand”)
2) SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies adopted in the preparation of the Group’s consolidated financial statements are set out below.
a) Statement of compliance
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRSs”).
b) Basis of preparation
The consolidated financial statements have been prepared on the basis of historical costs and do not take into account increases in the market value of assets.
The accounting policies have been applied consistently by the Group and are consistent with those used in the previous year.
There are no new, revised or amended IFRSs or International Financial Reporting Interpretations Committee (“IFRIC”) interpretations that are effective for the first time for the financial period beginning on
c) Use of estimates
The preparation of consolidated financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
Critical accounting estimates and judgments
Business combination
Refer to note 2 (d) for the rational behind the use of merger rather than the acquisition accounting for the consolidation of these financial statements.
Depreciation
Management regularly reviews the estimated useful lives and residual values of the Group’s fixed assets and will revise rates of depreciation where useful lives and residual values previously estimated have changed.
Leases
In determining whether a lease is to be classified as an operating lease or a finance lease, management is required to use their judgment as to whether the significant risks and rewards of ownership of the leased asset has been transferred or not.
d) Basis of consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiaries for the six months ended
Details of the Group are set out in note 1.
Subsidiaries are those enterprises controlled by the Company. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an enterprise so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.
Business combination under common control
Prior to the acquisitions, all the entities were under common control. Combinations involving entities or businesses under common control are specifically outside the scope of IFRS 3, “Business Combinations,” and there is no guidance elsewhere within IFRSs covering such transactions.
International Accounting Standard 8, “Accounting Policies, Changes in Accounting Estimates and Errors,” requires that where IFRSs do not include guidance for a particular transaction, the directors may consider the most recent pronouncements of other standard setting bodies that use a similar conceptual framework to develop accounting standards. Accordingly, the directors note that
The guidance contained in FRS 6 indicates that merger accounting may be used when accounting for transactions under common control. Under merger accounting, the carrying values of the assets and liabilities of the combined entities are not required to be adjusted to fair value on consolidation. Therefore, goodwill from consolidation of the merged entities is not recognised. Upon consolidation, the carrying values of the assets and liabilities of the combined entities are combined from the beginning of the financial year.
e) Segment Reporting
The Group’s operating businesses are organised and managed separately according to geographical area, with each segment representing a strategic business unit that serves a different market. Financial information on business segments is presented in note 10 of the consolidated financial statements.
f) Translation reserve
Assets and liabilities of the Group’s non-U.S. Dollar functional currency subsidiaries are translated into U.S. Dollars at the closing exchange rates at the reporting date. Revenues and expenses are translated at the average exchange rates for the year. All cumulative differences from the translation of the equity of foreign subsidiaries resulting from changes in exchange rates are included in a separate caption within equity without affecting income.
g) Financial instruments
(i) Classification
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These comprise trade receivables.
Financial liabilities measured at amortised cost are non-derivative contractual obligations to deliver cash or another financial asset to another entity. These comprise trade payables and other payables.
(ii) Recognition and derecognition
The Group recognises financial assets and financial liabilities on the date it becomes a party to the contractual provisions of an instrument.
The Group derecognises a financial asset when the contractual rights to the cash flows from a financial asset expire or it transfers a financial asset and the transfer qualifies for derecognition in accordance with IAS 39, “Financial Instruments: Recognition and Measurement.” A financial liability is derecognised when the obligation specified in a contract is discharged, cancelled or expired.
(iii) Measurement
Financial assets classified as loans and receivables are carried at amortised cost using the effective interest method, less impairment losses, if any.
Financial liabilities are measured at amortised cost using the effective interest method.
(iv) Specific instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, balances with banks, net of any overdrafts, and other highly liquid financial instruments with maturities of three months or less from the date of acquisition.
Receivables
Receivables are recognised initially at fair value and are subsequently recorded at fair value reduced by any appropriate allowances for estimated irrecoverable amounts. A provision for impairment of receivables is established when there is evidence that the Group will not be able to collect amounts due. The Group primarily uses the specific identification method to determine if a receivable is impaired. The carrying amount of the receivable is reduced through the use of an allowance account, and the amount of the loss is recognised in the consolidated statement of comprehensive income.
Payables
Payables are stated at their cost. No interest is incurred on payables.
Share capital
Shares are classified as equity. Incremental costs directly attributable to the issue of shares are recognised as a deduction from equity.
h) Offsetting
Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position whenever the Group has a legally enforceable right to set off the recognised amounts and the transactions are intended to be settled on a net basis.
i) Impairment
The carrying amounts of the Group’s assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. The recoverable amount is estimated as the greater of an asset’s net selling price and value in use. An impairment loss is recognised in the consolidated statement of comprehensive income whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount.
If in a subsequent period, the amount of an impairment loss decreases and the decrease can be linked objectively to an event occurring after the write-down, the write-down or allowance is reversed through the consolidated statement of comprehensive income.
An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment losses had been recognised.
j) Income and expenditure recognition
In relation to the rendering of services, the Group recognises revenues and fees as time is expended and costs are incurred, provided the amount of consideration to be received is reasonably determinable and there is reasonable expectation of ultimate collection of fees.
Interest income and expense are recognised in the consolidated statement of comprehensive income on the accrual basis.
k) Leases
Leases of equipment where the Group assumes substantially all the benefits and risks of ownership are classified as finance leases. Finance leases are capitalised at the estimated present value of the underlying lease payments. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental obligations, net of finance charges, are recorded as long-term liabilities. The finance charge is taken to the consolidated statement of comprehensive income over the lease period. Assets acquired under finance lease agreements are depreciated over their useful lives.
Leases of assets under which all the risks and rewards of ownership are effectively retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the consolidated statement of comprehensive income on a straight line basis over the term of the lease.
When an operating lease is terminated before the lease term has expired, any penalty is recognised as an expense in the period in which the termination took place.
l) Fixed assets
Items of fixed assets are stated at cost less accumulated depreciation. Depreciation is charged to the consolidated statement of comprehensive income on a straight-line basis over the estimated useful lives of fixed assets.
The annual rates of depreciation in use are as follows:
Leasehold improvements 20%
Office equipment 20-33%
Vehicles 20%
Subsequent expenditure incurred to replace a component of a fixed asset is capitalised only when it increases the future economic benefits embodied in the item of a fixed asset. All other expenditure is recognised in the consolidated statement of comprehensive income when it is incurred.
m) Taxation
Taxation on net profit before taxation for the year comprises both current and deferred tax.
Current tax is the expected income tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the reporting date and any adjustment to tax payable in respect of previous years in the countries where the Company and its subsidiaries operate and generate taxable income.
The Group accounts for income taxes in accordance with IAS 12, “Income Taxes,” which requires that a deferred tax liability be recognised for all taxable temporary differences and a deferred tax asset be recognised for an enterprise’s deductible temporary differences, operating losses, and tax credit carryforwards. A deferred tax asset or liability is measured using the marginal tax rate that is expected to apply to the last dollars of taxable income in future years. The effects of enacted changes in tax laws or rates are recognised in the period that includes the enactment date.
n) Share-based payment
The Group entered into a series of equity-settled, share-based payment transactions, under which the Group received services from a third party as consideration for equity instruments (shares, options or warrants) of the Group.
For non-vesting share-based payments, the fair value of the service received in exchange for the shares is recognised as an expense immediately with a corresponding credit to share capital.
For share-based payments with vesting periods, the service received is recognised as an expense by reference to the fair value of the share options granted or warrants issued. The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied with a corresponding credit to the share capital reserve.
o) Foreign currency
Transactions in foreign currencies are converted at the foreign currency exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the foreign currency exchange rate ruling at the reporting date.
Foreign currency exchange differences arising on conversion or translation and realised gains and losses on disposals or settlements of monetary assets and liabilities are recognised in the consolidated statement of comprehensive income.
Non-monetary assets and liabilities denominated in foreign currencies which are stated at historical cost are translated at the foreign currency exchange rate ruling at the date of the transaction, or if impaired, at the date of the impairment recognition. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into U.S. Dollars at the foreign currency exchange rates ruling at the dates that the values were determined.
p) Amended and newly issued accounting standards not yet adopted
The following new standards and revision and amendment to existing standards are relevant to the Group’s operations. The Group has not opted to adopt them early and the Group has yet to assess the full impact on the Group’s consolidated financial statements.
IFRS 10 (new), “Consolidated Financial Statements” ?
IFRS 13 (new), “Fair Value Measurement” ?
IAS 1 (amended), “Presentation of Financial Statements” ?
IAS 27 (revised 2011), “Separate Financial Statements” ?
? Effective for annual periods beginning on or after
? Effective for annual periods beginning on or after
IFRS 10, “Consolidated Financial Statements”
The objective of this new standard is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entity (an entity that controls one or more other entities) to present consolidated financial statements. It also defines the principle of control, and establishes controls as the basis for consolidation. It sets out how to apply the principle of control to identify whether an investor controls an investee and therefore must consolidate the investee and sets out the accounting requirements for the preparation of the consolidated financial statements.
IFRS 13, “Fair Value Measurement”
IFRS 13 aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. The requirements, which are largely aligned between IFRSs and US GAAP, do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRSs or US GAAP.
IAS 1, “Presentation of Financial Statements”
The amendment clarifies that an entity will present an analysis of other comprehensive income for each component of equity, either in the statement of changes in equity or in the notes to the financial statements.
IAS 27, “Separate Financial Statements”
IAS 27 (revised 2011) includes the provisions on separate financial statements that are left after the control provisions of IAS 27 have been included in the new IFRS 10.
3) FIXED ASSETS
Leasehold Office equipment Vehicles Total
improvement
Cost:
At 28 February 2015 20,281 27,486 89,833 137,600
Gain (Loss) on (3,183) (5,979) (11,147) (20,309)
exchange
Additions - 998 - 998
At 31 August 2015 17,098 22,505 78,686 118,289
Depreciation:
At 28 February 2015 16,603 18,306 33,766 68,675
Gain (Loss) on (3,044) (4,382) (6,388) (13,814)
exchange
Charge for 1 March – 1, 718 2,266 7,924 11,908
31 August 2015
At 31 August 2015 15,277 16,190 35,302 66,769
Net book value:
At 31 August 2015 $1,821 $6,315 $43,384 $51,520
At 28 February 2015 $3,678 $9,180 $56,067 $68,925
As at
4) SHARE CAPITAL
Authorised
The Company is authorised to issue an unlimited number of no par value shares of a single class.
Issued and fully paid:
11,433,433 shares of no par value per share (
5) SHARE-BASED PAYMENTS
Options
The total share options reserve as at
Share options outstanding at the end of the half year have the following expiry date and exercise price:
Grant Date Expiry Date Exercise Price 31 Aug 2015 31 Aug 2014 1 July 2013 1 July 2016 £0.60 260,000 260,000 30 September 2012 26 May 2017 £0.60 50,000 50,000 30 July 2013 29 July 2017 £0.60 100,000 100,000
Warrants
On
Share warrants outstanding at the end of the year have the following expiry date and exercise price:
Grant Date Expiry Date Exercise Price 31 Aug 2015 31 Aug 2014 16 May 2011 1 July 2016 £0.60 55,444 55,444
The fair value of the options granted and warrants issued during the year determined using the Black-Scholes valuation model was £0.102 (
6) LEASES
Finance lease
Liabilities under finance lease agreement:
31 31 Aug
Aug 2015 2014
Less than 1 year 12,236 3,411
1 to 5 years 28,647 7,960
Total 40,884 11,371
Less: Deferred interest ( 4,612) ( 810)
36,271 10,561
Less: Current portion (10,667) ( 3,124)
Net $25,604 $7,437
Operating lease
As at
31 Aug 2015 31 Aug 2014
Payable within:
Less than 1 year 13,909 15,616
1 to 5 years 9,886 31,231
Total $23,795 $46,847
7) RELATED PARTY TRANSACTIONS
During the half year, the Group paid director’s fees amounting to
8) TAXATION
There is no mainstream taxation in the British Virgin Islands. The Company and Meyer BVI are not subject to any forms of taxation in the
Meyer Thailand is subject to
The current tax expense included in the consolidated statement of comprehensive income relates to the following subsidiaries:
31 Aug 2015 31 Aug 2014
Meyer Thailand - . - .
$ - . $ - .
The Group had no deferred tax assets or liabilities as at the reporting date.
9) SEGMENTAL INFORMATION
The Group has two reportable segments (last year three) based on geographical areas where the Group operates and these were as follows:
The reportable segments’ revenue, other profit and loss disclosures and assets were as follows:
Revenue
31 Aug 2015 31 Aug 2014
Total Inter-segment Revenue Total Inter-segment Revenue from
segment revenue from segment revenue external
revenue external revenue customers
customers
BVI 565,938 - 565,938 1,100,851 - 1,100,851
Thailand 116,188 (103,943) 12,245 129,604 (129,604) -
Total $682,126 $(103,943) $578,183 $1,230,455 $(129,604) $1,100,851
The revenue between segments is carried out at arm’s length.
Other profit and loss disclosures
31 Aug 2015 31 Aug 2014
Commission Depre-ciation Income tax Commission Depre-ciation Income tax
expense expense
BVI 227,539 496 - . 677,561 496 - .
Thailand - . 11,412 - . - . 7,518 - .
Total $227,539 $11,908 $ - . $677,561 $8,014 $ - .
Assets
31 Aug 2015 31 Aug 2014
Total Assets Non-current assets Total Assets Non-current assets
BVI Companies 2,104,419 - . 2,470,285 - .
Thailand 144,736 101,179 127,543 34,575
Total $2,249,155 $101,179 $2,597,828 $34,575
Intersegment assets amounting to
Revenues from two customers of the BVI segment represent approximately 54% (
10) FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS
Financial assets of the Group include cash and cash equivalents and trade receivables. Financial liabilities include trade payables and other payables.
a) Market risk
Market risk represents the potential loss that can be caused by a change in the market value of the Group’s financial instruments. The Group’s exposure to market risk is determined by a number of factors which include interest rate risk.
Interest rate risk
The financial instruments exposed to interest rate risk comprise cash and cash equivalents.
The Group is exposed to interest rate cash flow risk on cash and cash equivalents, which earn interest at floating interest rates that are reset as market rates change. The Group is exposed to interest rate risk to the extent that these interest rates may fluctuate.
A sensitivity analysis was performed with respect to the interest-bearing financial instruments with exposure to fluctuations in interest rates and management noted that there would be no material effect to shareholders’ equity or net income for the year.
a. Credit risk
Credit risk represents the accounting loss that would be recognised at the reporting date if financial instrument counterparties failed to perform as contracted.
As at
31 Aug 2015 31 Aug 2014
Cash and cash equivalents 1,518,646 1,937,022
Trade receivables 232,734 261,108
$ 1,751,380 $ 2,198,130
The ageing of the Group’s trade receivables as at
31 Aug 2015 31 Aug 2014
Gross Impairment Gross Impairment
1 – 90 days 119,832 - 78,609 -
91 – 180 days 112,902 - 182,499 -
$232,734 $ - $261,108 $ -
The Group invests all its available cash and cash equivalents in several banks. The Group is exposed to credit risk to the extent that these banks may be unable to repay amounts owed. To manage the level of credit risk, the Group attempts to deal with banks of good credit standing, whenever possible.
The Group has two significant customers which expose it to credit risk, though the exposure to credit risk is reduced as these customers have a good working relationship with the Group. To reduce exposure to credit risk, the Group performs ongoing credit evaluations on the financial condition of its customers, but generally does not require collateral.
a. Credit risk
The extent of the Group’s exposure to credit risk in respect of these financial assets approximates their carrying values.
c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. Typically, the Group ensures that it has sufficient cash on demand to meet expected operational needs as they arise.
11) FAIR VALUE INFORMATION
Fair value estimates are made at a specific point in time, based on market conditions and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of judgment and therefore, cannot be determined with absolute precision. Nevertheless, fair values can be reliably determined within a reasonable range of estimates.
12) CAPITAL RISK MANAGEMENT
The Group’s objectives when managing capital are:
-- to safeguard the Group’s ability to continue as a going concern; and
-- to provide adequate returns to its shareholders
In order to maintain or balance its overall capital structure to meet its objectives, the Group is continually monitoring the level of share issuance and any dividend declaration and distributions to shareholder(s) in the future.
13) INVESTMENT
In the financial year ended
The equity investment in
14) SUBSEQUENT EVENTS
None.
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