TIDMAWLP
3 August 2018
Asia Wealth Group Holdings Limited
("Asia Wealth", the "Group" or the "Company")
AUDITED RESULTS FOR THE FINANCIAL YEARED 28 FEBRUARY 2018
Chairman's Statement
The Board is pleased to report the audited results of the Company for the
Financial Year from 1 March 2017 to 28 February 2018. The accounts contain an
audit opinion which is qualified as the auditors were not able to obtain
supporting evidence regarding the ownership of the Group's investment in Ray
Alliance and also in respect of the possible effects of the Group's investment
in Ray Alliance not having been assessed for impairment. 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 much improved consolidated profit of US$146,845 (2017:
(US$110,395)).
The Company has worked hard to restore its profitability after having
identified several new areas of business expansion opportunities in South East
Asia and with a few groups in North America and in Europe. The Company's main
source of income was 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 2018.
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 2018
Expressed 2018 2017
in U.S.
Dollars
Non-current assets
Fixed assets 25,130 31,697
Investment property 400,343 380,246
Available-for-sale investment 318,162 318,162
743,635 730,105
Current assets
Cash and cash equivalents 1,346,655 869,147
Trade receivables 228,577 215,041
Loans and other receivables 92,168 133,046
Due from related party - 97
Prepaid tax 687 -
Prepayments and other assets 104,964 96,352
1,773,051 1,313,683
Total assets $ 2,516,686 $ 2,043,788
Equity
Share capital 913,496 913,496
Share-based payment reserve - 10,708
Consolidation reserve 405,997 405,997
Translation reserve 28,725 (9,317)
Accumulated deficit (135,730) (372,081)
Total equity attributable to equity holders
of the
Parent Company 1,212,488 948,803
Equity attributable to non-controlling - (17,552)
interests
Total equity 1,212,488 931,251
Non-current liabilities
Liabilities under finance lease agreements 10,900 18,245
Current liabilities
Trade payables 1,194,592 927,954
Due to related parties 4,797 59,966
Liabilities under finance lease agreements 7,785 7,017
Deferred revenue - 1,958
Tax payable 2,586 -
Other payables and accrued expenses 83,538 97,397
1,293,298 1,094,292
Total liabilities 1,304,198 1,112,537
Total equity and liabilities $ 2,516,686 $ 2,043,788
Consolidated Statement of Comprehensive Income
For the year ended 28 February 2018
Expressed in U.S. Dollars
2018 2017
Revenue
Commission income 2,160,615 1,517,797
Rental income 29,983 9,058
2,190,598 1,526,855
Expenses
Commission expense 1,327,368 880,977
Professional fees 323,883 283,976
Directors' fees 202,700 218,902
Impairment expense 106,613 76,188
Travel and entertainment 54,539 50,058
Office expense 43,763 40,395
Wages and salaries 43,253 51,037
Depreciation 35,057 20,017
Rent 16,417 14,115
Marketing 11,422 15,805
Other expenses 39,911 31,529
2,204,926 1,682,999
Net loss from operations (14,328) (156,144)
Other income/(expenses)
Gain on disposal of fixed assets - 5,684
Share of loss of associate company - (29,382)
Gain on disposal of associate company 7,522 -
Impairment of goodwill - (11,815)
Foreign currency exchange (loss)/gain 113,537 (19,387)
Other income 44,360 101,986
165,419 47,086
Net income/(loss) before finance costs 151,091 (109,058)
Finance costs
Interest expense 973 1,337
Net income/(loss) before taxation 150,118 (110,395)
Taxation 3,273 -
Total comprehensive income/(loss) $ 146,845 $ (110,395)
2018 2017
Total comprehensive income/(loss)
attributable to:
Equity holders of the Parent Company - (94,104)
Non-controlling interest - (16,291)
- (110,395)
Earnings/(loss) per share attributable to the equity holders of the
Parent Company:
Basic earnings/(loss) per share $ 0.01284 $ (0.00823)
Diluted earnings/(loss) per share $ 0.01284 $ (0.00812)
Consolidated Statement of Cash Flows
For the year ended 28 February 2018
Expressed in U.S. Dollars
2018 2017
Operating activities
Total comprehensive income/(loss) 146,845 (110,395)
Adjustments for:
Impairment expense 106,613 76,188
Depreciation 35,057 20,017
Gain on disposal of fixed assets (7,522) (5,510)
Share of loss of associate company - 29,382
Impairment of goodwill - 11,815
Foreign currency exchange (gain)/loss (28,354) 23,002
Operating income before changes in operating 252,639 44,499
assets and liabilities
Changes in operating assets and liabilities:
Increase in trade receivables (68,214) (22,401)
Decrease/(increase) in loans and other 40,878 (87,203)
receivables
Increase in prepaid tax (687) -
(Increase)/decrease in prepayments and other (8,612) 14,607
assets
Increase/(decrease) in trade payables 266,638 (5,744)
Decrease in liabilities under finance lease (6,577) (8,638)
agreements
(Decrease)/increase in deferred revenue (1,958) 47
Increase in tax payable 2,586 -
(Decrease)/increase in other payables and (13,859) 34,125
accrued expenses
Cash flows from/(used in) operating activities 462,834 (30,708)
Investing activities
Disposal of associate 7,522 -
Acquisition of associate - (29,382)
Acquisition of investment property - (387,939)
Acquisition of fixed assets (6,398) (2,755)
Disposal of fixed assets - 5,510
Cash flows from/(used in) investing activities 1,124 (414,566)
Financing activities
Net advances from related party (55,072) 48,958
Cash flows (used in)/from financing activities (55,072) 48,958
Net increase/(decrease) in cash and cash 408,886 (396,316)
equivalents
Effects of exchange rate fluctuations on cash and 68,622 (16,460)
cash equivalents
Cash and cash equivalents at beginning of year 869,147 1,281,923
Cash and cash equivalents at end of year $ 1,346,655 $ 869,147
Cash and cash equivalents comprise cash at banks.
END
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