Audited Results for the Year Ended 29 February 2020
Announcement provided by
Asia Wealth Group Holdings Ltd · AWLP03/08/2020 07:00
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AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED
Chairman’s Statement
The Board is pleased to report the audited results of the Company for the Financial Year from
The Company reports a consolidated loss of
The Company continues to search for new areas of business expansion opportunities in
The Board remains focused on further acquisitions and partnerships in
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
Chairman
The Directors of the Company accept responsibility for the content of this announcement.
Contacts:
Consolidated Statement of Financial Position
At
Expressed in
2020 2019
Non-current assets
Fixed assets 4,942 13,538
Investment property 355,236 378,523
360,178 392,061
Current assets
Cash and cash equivalents 672,014 1,083,880
Trade receivables (net of allowance for doubtful 180,452 158,027
accounts of $8,572 (2019: $7,090) )
Financial assets at fair value through profit or loss 228,979 230,302
Loans and other receivables 663,015 617,397
Prepaid tax 1,190 1,285
Prepayments and other assets 101,331 94,469
1,846,981 2,185,360
Total assets $ 2,207,159 $ 2,577,421
Equity
Share capital 913,496 913,496
Treasury shares (318,162) (318,162)
Consolidation reserve 405,997 405,997
Translation reserve 28,822 29,325
Retained earnings 51,204 123,861
Total equity 1,081,357 1,154,517
Non-current liabilities
Liabilities under finance lease agreements — 1,556
Current liabilities
Trade payables 1,001,732 1,315,298
Due to director 4,342 3,114
Liabilities under finance lease agreements — 7,779
Tax payable 1,072 879
Other payables and accrued expenses 118,656 94,278
1,125,802 1,421,348
Total liabilities 1,125,802 1,422,904
Total equity and liabilities $ 2,207,159 $ 2,577,421
Consolidated Statement of Comprehensive Income
For the year ended
Expressed in
2020 2019
Revenue
Commission income 1,434,392 2,397,341
Rental income 32,803 31,409
1,467,195 2,428,750
Expenses
Commission expense 747,948 1,509,995
Professional fees 267,816 311,910
Directors’ fees 304,096 298,276
Impairment losses 8,088 8,827
Travel and entertainment 77,488 76,010
Office expense 41,978 41,458
Wages and salaries 53,405 47,266
Depreciation 33,114 34,041
Rent 17,853 17,094
Marketing 10,641 9,623
Other expenses 42,427 37,658
1,604,854 2,392,158
Net (loss)/income from operations (137,659) 36,592
Other income/(expenses)
Foreign currency exchange (loss)/gain (8,387) (62,838)
Net change in financial asset at fair value through (1,323) 2,425
profit or loss
Other income 76,831 292,463
67,121 232,050
Net (loss)/income before finance costs (70,538) 268,642
Finance costs
Interest expense 632 822
Net (loss)/income before taxation (71,170) 267,820
Taxation 1,487 1,050
Total comprehensive (loss)/income $ (72,657) $ 266,770
Consolidated Statement of Comprehensive Income (Cont’d)
For the year ended
Expressed in
2020 2019
Total comprehensive (loss)/income attributable to equity (72,657) 266,770
holders of the Parent Company
Earnings per share attributable to the equity holders of the Parent
Company:
Basic earnings per share $ (0.00654) $ 0.02401
Diluted earnings per share $ (0.00654) $ 0.02401
Consolidated Statement of Cash Flows
For the year ended
Expressed in
2020 2019
Operating activities
Total comprehensive (loss)/income (72,657) 266,770
Adjustments for:
Impairment losses 8,088 8,827
Depreciation 33,114 34,041
Foreign currency exchange loss 696 57,965
Operating (loss)/income before changes in operating (30,759) 367,603
assets and liabilities
Changes in operating assets and liabilities:
(Increase)/decrease in trade receivables (30,513) 54,544
Increase in loans and other receivables (45,618) (525,229)
Decrease/(increase) in financial assets at fair value 1,323 (230,302)
through profit or loss
Decrease/(increase) in prepaid tax 95 (598)
(Increase)/decrease in prepayments and other assets (6,862) 10,495
(Decrease)/increase in trade payables (313,566) 120,706
Decrease in liabilities under finance lease agreements (9,335) (9,350)
Increase/(decrease) in tax payable 193 (1,707)
Increase in other payables and accrued expenses 24,378 10,740
Cash flows used in operating activities (410,664) (203,098)
Investing activities
Acquisition of fixed assets (3,321) (970)
Cash flows used in investing activities (3,321) (970)
Financing activities
Net advances from related party 1,228 (1,683)
Cash flows from/(used in) financing activities 1,228 (1,683)
Net decrease in cash and cash equivalents (412,757) (205,751)
Effects of exchange rate fluctuations on cash and cash 891 (57,024)
equivalents
Cash and cash equivalents at beginning of year 1,083,880 1,346,655
Cash and cash equivalents at end of year $ 672,014 $ 1,083,880
Cash and cash equivalents comprise cash at banks.
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