Asia Wealth Group Holdings Ltd - Audited Results to 28 February 2022

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Asia Wealth Group Holdings Ltd · AWLP

10/08/2022 11:15

Asia Wealth Group Holdings Ltd - Audited Results to 28 February 2022 PR Newswire

10 August 2022

Asia Wealth Group Holdings Limited

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

AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2022

Chairman’s Statement

The Board is pleased to report the audited results of the Company for the Financial Year from 1 March 2021 to 28 February 2022. The audited accounts will shortly be available on the Company’s website, www.asiawealthgroup.com.

The Company reports a consolidated profit of US$11,266 (2021 : US$193,507). The gain would have been larger had it not been for excessive unrealized currency losses from our JPY yen holdings as well as a write down of recently made investment by the Meyer Group in BRM Agri Cambodia. We believe the write down is strictly due to accounting rules.

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 in active discussions with 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 2022.

Richard Cayne

Chairman

Qualified Opinion

Pertaining to a US$45,899 private investment, the auditor was unable to obtain sufficient audit evidence as to whether the value that it was carried at in the Group’s consolidated financial statements represented its market value. Otherwise the opinion states that the consolidated financial statements present fairly, in all material respects.

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 2022

Expressed in U.S. Dollars

		2022		2021
Non-current assets

Fixed assets		4,201		3,022
Investment property		644,943		702,962

		649,144		705,984

Current assets

Cash and cash equivalents		1,216,757		1,166,750
Trade receivables (net of allowance for doubtful accounts of $8,572 (2021: $8,572))		120,052		126,200
Financial assets at fair value through profit or loss		283,324		240,994
Loans and other receivables		60,969		27,507
Due from director		465,128		507,574
Prepaid tax		255		255
Prepayments and other assets		69,117		127,247

		2,215,602		2,196,527

Total assets	$	2,864,746	$	2,902,511

Equity

Share capital		913,496		913,496
Treasury shares		(318,162)		(318,162)
Consolidation reserve		405,997		405,997
Translation reserve		16,001		49,844
Retained earnings		569,327		558,061

Total equity		1,586,659		1,609,236

Current liabilities

Trade payables		1,225,079		1,235,197
Tax payable		140		140
Other payables and accrued expenses		52,868		57,938

		1,278,087		1,293,275

Total equity and liabilities	$	2,864,746	$	2,902,511

ASIA WEALTH GROUP HOLDINGS LIMITED

Consolidated Statement of Comprehensive Income

For the year ended 28 February 2022

Expressed in U.S. Dollars

		2022		2021
Revenue

Commission income		1,656,081		1,925,849
Rental income		—		5,426

		1,656,081		1,931,275

Expenses

Commission expense		719,383		1,042,701
Directors’ fees		303,230		305,400
Professional fees		263,654		259,660
Salaries and wages		42,349		44,306
Office expenses		40,481		41,082
Rent		17,949		17,019
Travel and entertainment		16,764		17,589
Marketing		5,931		7,283
Impairment losses		2,700		13,025
Depreciation		29		4,377
Loan write off		—		128,313
Other expenses		43,274		53,519

		1,455,744		1,934,274

Net income/(loss) from operations		200,337		(2,999)

Other income/(expenses)

Net foreign currency exchange (loss)/gain		(137,603)		70,160
Net (loss)/gain from investments		(82,670)		12,015
Other income		31,633		115,111

		(188,640)		197,286

Net income before taxation		11,697		194,287

Taxation		431		780

Total comprehensive income	$	11,266	$	193,507

Total comprehensive income attributable to equity holders of the Parent Company	$	11,266	$	193,507

Earnings per share attributable to the equity holders of the Parent Company:
Basic earnings per share	$	0.00101	$	0.01742

Diluted earnings per share	$	0.00101	$	0.01742

ASIA WEALTH GROUP HOLDINGS LIMITED

Consolidated Statement of Cash Flows

For the year ended 28 February 2022

Expressed in U.S. Dollars

			2022		2021
Operating activities

Total comprehensive income/(loss)			11,266		193,507

Adjustments for:
	Loan write off		—		128,313
	Impairment losses		2,700		13,025
	Depreciation		29		4,377
	Net unrealized loss/(gain)		82,670		(12,015)
	Net foreign currency exchange loss/(gain)		137,603		(70,160)

Operating income before changes in operating assets and liabilities			234,268		257,047

Changes in operating assets and liabilities:
	Decrease in trade receivables		3,448		41,227
	Decrease/(increase) in loans and other receivables		8,984		(379)
	Decrease in prepaid tax		—		935
	Decrease/(increase) in prepayments and other assets		58,130		(25,916)
	(Decrease)/increase in trade payables		(10,118)		233,465
	Decrease in tax payable		—		(932)
	Decrease in other payables and accrued expenses		(5,070)		(60,718)

Net cash flows from operating activities			289,642		444,729

Investing activities

Acquisition of investment			(125,000)		—
Acquisition of fixed assets			(1,208)		(2,457)

Cash flows used in investing activities			(126,208)		(2,457)

Financing activities

Net advances from related party			—		(4,342)

Cash flows used in financing activities			—		(4,342)

Net increase in cash and cash equivalents			163,434		437,930

Effects of exchange rate fluctuations on cash and cash equivalents			(113,427)		56,806

Cash and cash equivalents at beginning of year			1,166,750		672,014

Cash and cash equivalents at end of year		$	1,216,757	$	1,166,750


Cash and cash equivalents comprise cash at banks.

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