Interim Results to 31 August 2017
Announcement provided by
Asia Wealth Group Holdings Ltd · AWLP24/11/2017 07:00
FOR IMMEDIATE RELEASE 24 November 2017
Asia Wealth Group Holdings Limited
("Asia Wealth" or the "Company")
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2017
The Board is pleased to report the unaudited interim results of Asia Wealth Group Holdings Limited (“Accounts”) for the period from 1 March 2017 to 31 August 2017. These Accounts have been prepared under IFRS and will shortly be available via the Company’s website, www.asiawealthgroup.com.
Chairman’s Statement
Financial Highlights
The highlights for the six months ended 31 August 2017 include:
- Consolidated revenue of US$1,146,815 (2016: US$600,649)
- Gross profit for Meyer Group of US$433,858 (representing a gross margin of 38%) (2016: US$254,371 and 43%)
- Cash at bank and on hand of US$1.2m at 31 August 2017 (2016:$1.4m).
The group reports a profit after tax of US$0.162 million on sales of US$1.147 million for the six months ended 31 August 2017. These sales were generated by the Company’s wholly owned subsidiary, Meyer Asset Management Ltd., BVI. This improvement in profitability was principally caused by revenue increase.
Cash balance has increased by US$299,065 and net assets by US$262,415, respectively, since 1st March 2017.
The Board has taken and is continuing to forge new revenue generating relationships, as well as expanding revenue creating opportunities, in both new avenues and existing. We continue to seek alliances and partnerships with firms in the same and new sectors.
Asia Wealth continues to seek investment opportunities in the Asia region and is currently engaged in multiple discussions on various potential acquisitions. The Directors continue to run the business in a cost-effective manner.
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.
Richard Cayne
Executive Chairman
Contacts:
Richard Cayne (Executive Chairman)
Asia Wealth Group Holdings Limited, +66 2 2611 2561
www.asiawealthgroup.com
Guy Miller (Corporate Advisers)
Peterhouse Corporate Finance Limited, +44 20 7220 9795
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Financial Position
At 31 August 2017
All amounts stated in U.S. Dollars
| Note | 31-Aug-17 | 31-Aug-16 | ||||
| Non-current assets | ||||||
| Fixed assets | 3 | 26,813 | 36,974 | |||
| Investment in property | 389,135 | - | ||||
| 415,948 | 36,974 | |||||
| Current assets | ||||||
| Cash and cash equivalents | 1,168,212 | 1,368,304 | ||||
| Trade receivables | 241,404 | 197,896 | ||||
| Loans and other receivables | 115,348 | - | ||||
| Due from related party | 18,619 | - | ||||
| Prepayments and other assets | 105,550 | 75,626 | ||||
| Available-for-sale investment | 359,926 | 358,208 | ||||
| 2,009,059 | 2,000,034 | |||||
| Total assets | $ | 2,425,007 | $ | 2,037,008 | ||
| Equity | ||||||
| Share capital | 4 | 913,496 | 913,496 | |||
| Share-based payment reserve | 5 | - | 35,423 | |||
| Consolidation reserve | 405,997 | 405,997 | ||||
| Translation reserve | 1,512 | (12,507) | ||||
| Retained earnings | (127,339) | (284,436) | ||||
| Total equity | 1,193,666 | 1,057,973 | ||||
| Non-current liabilities | ||||||
| Liabilities under finance lease agreement | 6 | 13,267 | 21,205 | |||
| Current liabilities | ||||||
| Trade payables | 1,115,220 | 951,222 | ||||
| Due to related parties | 29,082 | - | ||||
| Liabilities under finance lease agreement | 6 | 8,845 | 8,482 | |||
| Deferred revenue | 2,572 | - | ||||
| Other payables and accrued expenses | 62,355 | (1,874) | ||||
| 1,218,074 | 957,830 | |||||
| Total liabilities | 1,231,341 | 979,035 | ||||
| Total equity and liabilities | $ | 2,425,007 | $ | 2,037,008 |
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Comprehensive Income
For the half year ended 31 August 2017
All amounts stated in U.S. Dollars
| Note | Mar – Aug 2017 | Mar – Aug 2016 | ||||
| Revenue | 1,146,815 | 600,649 | ||||
| Expenses | ||||||
| Commission | 695,430 | 338,235 | ||||
| Professional fees | 138,923 | 66,863 | ||||
| Wages and salaries | 13,392 | 79,295 | ||||
| Directors’ fees | 7 | 101,478 | 101,106 | |||
| Travel and entertainment | 27,591 | 24,800 | ||||
| Office expenses | 22,186 | 4,231 | ||||
| Rent | 8,252 | 18,556 | ||||
| Marketing expenses | 5,637 | 6,427 | ||||
| Communication | 2,311 | 2,804 | ||||
| Depreciation | 3 | 16,196 | 7,117 | |||
| Bank charges | 4,975 | 3,331 | ||||
| Sundry expenses | 16,015 | 5,905 | ||||
| 1,052,386 | 658,670 | |||||
| Net profit/(loss) from operations | 94,429 | (58,021) | ||||
| Other income/(expense) | ||||||
| Foreign exchange gain/(loss) | 63,924 | 43,334 | ||||
| Interest Income | 4,812 | 5,329 | ||||
| Investment income | - | - | ||||
| 68,736 | 48,663 | |||||
| Net profit/(loss) before finance cost | 163,165 | (9,358) | ||||
| Finance cost | ||||||
| Interest expense | (721) | (1,699) | ||||
| Net profit/(loss) before taxation | 162,444 | (11,057) | ||||
| Taxation | 8 | - | - | |||
| Total comprehensive income (loss) | $ | 162,444 | $ | (11,057) |
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Changes in Equity
For the half year ended 31 August 2017
All amounts stated in U.S. Dollars
| 31-Aug-17 | ||||||||||
| Share Capital | Share-based Payment Reserve | Consolidation Reserve | Translation Reserve | Retained Earnings | Non-Controlling interest | Equity | ||||
| Number | US$ | |||||||||
| Balances at beginning of 1 Mar 2017 | 11,433,433 | 913,496 | 10,708 | 405,997 | (9,317) | (372,081) | (17,552) | 931,251 | ||
| Issuance of share capital | - | - | - | - | - | - | - | - | ||
| Share-based payment expired | - | - | (10,708) | - | - | 10,708 | - | - | ||
| Issuance of share warrants | - | - | - | - | - | - | - | - | ||
| Disposal of subsidiary | - | - | - | - | - | 71,590 | 17,552 | 89,142 | ||
| Translation differences | - | - | - | - | 10,829 | - | - | 10,829 | ||
| Total comprehensive income | - | - | - | - | - | 162,444 | - | 162,444 | ||
| Balances at end of 31 Aug 2017 | 11,433,433 | 913,496 | - | 405,997 | 1,512 | (127,339) | - | 1,193,666 | ||
| 31-Aug-16 | ||||||||||
| Share Capital | Share-based Payment Reserve | Consolidation Reserve | Translation Reserve | Retained Earnings | Non-Controlling interest | Equity | ||||
| Number | US$ | |||||||||
| Balances at beginning of 1 Mar 2016 | 11,433,433 | 913,496 | 35,423 | 405,997 | (15,919) | (302,692) | (1,201) | 1,035,104 | ||
| Issuance of share capital | - | - | - | - | - | - | - | - | ||
| Issuance of share options | - | - | - | - | - | - | - | - | ||
| Issuance of share warrants | - | - | - | - | - | - | - | - | ||
| Translation differences | - | - | - | - | 3,412 | 29,313 | 1,201 | 33,926 | ||
| Total comprehensive income | - | - | - | - | - | (11,057) | - | (11,057) | ||
| Balances at end of 31 Aug 2016 | 11,433,433 | 913,496 | 35,423 | 405,997 | (12,507) | (284,436) | - | 1,057,973 | ||
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Cash Flows
For the half year ended 31 August 2017
All amounts stated in U.S. Dollars
| Mar – Aug 2017 | Mar – Aug 2016 | |||||
| Operating activities | ||||||
| Profit/(Loss) | 162,444 | (11,057) | ||||
| Add back Depreciation | 16,196 | 7,119 | ||||
| Receivables | (26,363) | 134,742 | ||||
| Loan and Other Receivable | 17,698 | - | ||||
| Prepayments and other assets | (9,198) | 2,318 | ||||
| Payables | 187,266 | 15,914 | ||||
| Liabilities Under Finance Lease Agreements | (3,150) | - | ||||
| Deferred Revenue | 614 | - | ||||
| Other Payables and Accrued Expenses | (35,042) | (16,594) | ||||
| Cash flows from operating activities | 310,465 | 132,442 | ||||
| Investing activities | ||||||
| Acquisition of fixed assets | (11,312) | (3,253) | ||||
| Investments | (50,653) | (1,235) | ||||
| Change in equity | 99,971 | (41,039) | ||||
| Cash flows from investing activities | 38,006 | (45,527) | ||||
| Financing activities | ||||||
| Net advances from related party | (49,406) | - | ||||
| Cash flows from financing activities | (49,406) | - | ||||
| Net increase/(decrease) in cash and cash equivalents | 299,065 | 86,915 | ||||
| Cash and cash equivalents at beginning of year | 869,147 | 1,281,389 | ||||
| Cash and cash equivalents at end of period | $ | 1,168,212 | $ | 1,368,304 |
View more ...