Asia Wealth Group Holdings Ltd - Audited Results to 28 February 2019

Asia Wealth Group Holdings Ltd - Audited Results to 28 February 2019

PR Newswire

London, August 5

5 August 2019

Asia Wealth Group Holdings Limited

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

AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2019

Chairman's Statement

The Board is pleased to report the audited results of the Company for the Financial Year from 1 March 2018 to 28 February 2019. 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 consolidated profit of US$266,770 (2018: US$146,845).

The Company increased its profitability and continues to search for new areas of business expansion opportunities in South East Asia and North America 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 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 2019.

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, [phone]

Guy Miller (Corporate Advisers)

Peterhouse Capital Limited, [phone]

www.asiawealthgroup.com

Consolidated Statement of Financial Position

At 28 February 2019

Expressed in U.S. Dollars

				2019		2018
Non-current assets
Fixed assets				13,538		25,130
Investment property				378,523		400,343
				392,061		425,473
Current assets
Cash and cash equivalents				1,083,880		1,346,655
Trade receivables (net of allowance for doubtful accounts of $7,090 (2018: $nil))				158,027		228,577
Financial assets at fair value through profit or loss				230,302		318,162
Loans and other receivables				617,397		92,168
Prepaid tax				1,285		687
Prepayments and other assets				94,469		104,964
				2,185,360		2,091,213
Total assets			$	2,577,421	$	2,516,686
Equity
Share capital				913,496		913,496
Treasury shares				(318,162)		-
Consolidation reserve				405,997		405,997
Translation reserve				29,325		28,725
Retained earnings/(accumulated deficit)				123,861		(135,730)
Total equity				1,154,517		1,212,488
Non-current liabilities
Liabilities under finance lease agreements				1,556		10,900
Current liabilities
Trade payables				1,315,298		1,194,592
Due to director				3,114		4,797
Liabilities under finance lease agreements				7,779		7,785
Tax payable				879		2,586
Other payables and accrued expenses				94,278		83,538
				1,421,348		1,293,298
Total liabilities				1,422,904		1,304,198
Total equity and liabilities			$	2,577,421	$	2,516,686

Consolidated Statement of Comprehensive Income

For the year ended 28 February 2019

Expressed in U.S. Dollars

				2019		2018
Revenue
Commission income				2,397,341		2,160,615
Rental income				31,409		29,983
				2,428,750		2,190,598
Expenses
Commission expense				1,509,995		1,327,368
Professional fees				311,910		323,883
Directors' fees				298,276		202,700
Impairment losses				8,827		106,613
Travel and entertainment				76,010		54,539
Office expense				41,458		43,763
Wages and salaries				47,266		43,253
Depreciation				34,041		35,057
Rent				17,094		16,417
Marketing				9,623		11,422
Other expenses				37,658		39,911
				2,392,158		2,204,926
Net income/(loss) from operations				36,592		(14,328)
Other income/(expenses)
Gain on disposal of associate company				-		7,522
Foreign currency exchange (loss)/gain				(62,838)		113,537
Net change in financial asset at fair value through profit or loss				2,425		-
Other income				292,463		44,360
				232,050		165,419
Net income before finance costs				268,642		151,091
Finance costs
Interest expense				822		973
Net income before taxation				267,820		150,118
Taxation				1,050		3,273
Total comprehensive income			$	266,770	$	146,845

Total comprehensive income attributable to equity holders of the Parent Company				266,770		146,845
Earnings per share attributable to the equity holders of the Parent Company:
Basic earnings per share			$	0.02401	$	0.01284
Diluted earnings per share			$	0.02401	$	0.01284

Consolidated Statement of Cash Flows

For the year ended 28 February 2019

Expressed in U.S. Dollars

				2019		2018
Operating activities
Total comprehensive income				266,770		146,845
Adjustments for:
	Impairment losses			8,827		106,613
	Depreciation			34,041		35,057
	Gain on disposal of fixed assets			-		(7,522)
	Foreign currency exchange loss/(gain)			57,965		(28,354)
Operating income before changes in operating assets and liabilities				367,603		252,639
Changes in operating assets and liabilities:
	Decrease/(increase) in trade receivables			54,544		(68,214)
	(Increase)/decrease in loans and other receivables			(525,229)		40,878
	Increase in financial assets at fair value through profit or loss			(230,302)		-
	Increase in prepaid tax			(598)		(687)
	Decrease/(increase) in prepayments and other assets			10,495		(8,612)
	Increase in trade payables			120,706		266,638
	Decrease in liabilities under finance lease agreements			(9,350)		(6,577)
	Decrease in deferred revenue			-		(1,958)
	(Decrease)/increase in tax payable			(1,707)		2,586
	Increase/(decrease) in other payables and accrued expenses			10,740		(13,859)
Cash flows (used in)/from operating activities				(203,098)		462,834
Investing activities
Disposal of associate				-		7,522
Acquisition of fixed assets				(970)		(6,398)
Cash flows (used in)/from investing activities				(970)		1,124
Financing activities
Net advances from related party				(1,683)		(55,072)
Cash flows used in financing activities				(1,683)		(55,072)
Net (decrease)/increase in cash and cash equivalents				(205,751)		408,886
Effects of exchange rate fluctuations on cash and cash equivalents				(57,024)		68,622
Cash and cash equivalents at beginning of year				1,346,655		869,147
Cash and cash equivalents at end of year			$	1,083,880	$	1,346,655
Cash and cash equivalents comprise cash at banks.