TIDMAWLP
FOR IMMEDIATE RELEASE 1 August 2017
Asia Wealth Group Holdings Limited
("Asia Wealth" or the "Company")
AUDITED RESULTS FOR THE FINANCIAL YEARED 28 FEBRUARY 2017
The Board is pleased to report the Audited Results of Asia Wealth Group
Holdings Limited for the Financial Year from 1 March 2016 to 28 February 2017.
These accounts have been prepared in accordance with the NEX Rules and contain
an audit opinion which is qualified only in respect of the possible effects of
the Group's investment in Ray Alliance not having been assessed for impairment.
The Accounts will shortly be available on the NEX website, http://
www.nexexchange.com or via the Company's website, www.asiawealthgroup.com and
extracts are set out below and in Appendix 1.
Chairman's Statement
The Company reports a consolidated loss of US$110,395 (last year (US$150,068)),
Whilst the Board is disappointed with the consolidated results for the sixth
financial year of the Company, it is working hard to restore the Company's to
profitability and has 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, Meyer Asset Management Ltd,
achieved a net profit of US$163,817 (last year US$119,959) and continues to
show a satisfactory performance, despite difficult trading conditions.
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 29
February 2016.
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 Corporate Finance Limited, +44 (0) 20 7469 0930
www.asiawealthgroup.com
Consolidated Statement of Financial Position
For the year ended 29 February 2017
Expressed in U.S.Dollars
2017 2016
Non-current assets
Fixed assets 31,697 41,266
Investment property 380,246 -
Goodwill - 11,815
411,943 53,081
Current assets
Cash and cash equivalents 869,147 1,281,923
Trade receivables 215,041 268,828
Loans and other receivables 133,046 45,843
Due from related party 97 -
Prepayments and other assets 96,352 110,959
Available-for-sale investment 318,162 318,162
Investment in associate - -
1,631,845 2,025,715
Total assets $ 2,043,788 2,078,796
Equity
Share capital 913,496 913,496
Share-based payment reserve 10,708 35,423
Consolidation reserve 405,997 405,997
Translation reserve (9,317) (15,919)
Accumulated deficit (372,081) (302,692)
Total equity attributable to equity
holders of the
Parent Company 948,803 1,036,305
Equity attributable to non-controlling (17,552) (1,201)
interests
Total equity 931,251 1,035,104
Non-current liabilities
Liabilities under finance lease 18,245 26,032
agreement
Current liabilities
Trade payables 927,954 933,698
Due to related parties 59,966 10,911
Liabilities under finance lease 7,017 7,868
agreement
Deferred revenue 1,958 1,911
Other payables and accrued expenses 97,397 63,272
1,094,292 1,017,660
Total liabilities 1,112,637 1,043,692
Total equity and liabilities $ 2,043,788 $ 2,078,796
Consolidated Statement of Comprehensive Income
For the year ended 29 February 2017
Expressed in U.S.Dollars
2017 2016
Revenue
Commission income 1,517,797 1,202,336
Rental income 9,058 -
1,526,855 1,202,336
Expenses
Commission expense 880,977 534,638
Professional fees 283,976 341,119
Directors' fees 218,902 216,418
Bad debt expense 76,188 44,100
Wages and salaries 51,037 49,681
Travel and entertainment 50,058 65,363
Office expense 40,395 45,663
Depreciation 20,017 28,569
Marketing 15,805 48,204
Rent 14,115 14,277
Bank charges 6,401 6,682
Communications expense 2,919 3,029
Other expenses 22,209 13,159
1,682,999 1,410,902
Net loss from operations (156,144) (208,566)
Other income/(expenses)
Gain on disposal of fixed assets 5,684 -
Share of loss of associate company (29,382) -
Impairment of goodwill (11,815) -
Foreign currency exchange (loss)/gain (19,387) 56,491
Other income 101,986 6,456
47,086 62,947
Net loss before finance costs (109,058) (145,619)
Finance costs
Interest expense 1,337 4,449
Net loss before taxation (110,395) (150,068)
Taxation - -
Total comprehensive loss $ (110,395) $ (150,068)
Total comprehensive loss attributable
to:
Equity holders of the Parent Company (94,104) (135,919)
Non-controlling interest (16,291) (14,149)
$ (110,395) $ (150,068)
Loss per share attributable to the equity holders of the
Parent Company:
Basic loss per share $ (0.00823) $ (0.01189)
Diluted loss per share $ (0.00812) $ (0.01142)
Consolidated Statement of Cash Flows
For the year ended 29 February 2017
Expressed in U.S.Dollars
2017 2016
Operating activities
Total comprehensive loss (110,395) (150,068)
Adjustments for:
Bad debt expense 76,188 44,100
Depreciation 20,017 28,569
Gain on disposal of fixed assets (5,510) -
Share of loss of associate company 29,382 -
Impairment of goodwill 11,815 -
Foreign currency exchange loss 23,002 13,307
Operating income/(loss) before changes in 44,499 (64,092)
operating assets and liabilities
Changes in operating assets and liabilities:
Increase in trade receivables (22,401) (39,445)
Increase in loan and other receivables (87,203) (45,843)
Decrease/(increase) in prepayments and other 14,607 (22,768)
assets
Decrease in trade payables (5,744) (249,448)
Decrease in liabilities under finance lease (8,638) (19,299)
agreements
Increase in deferred revenue 47 1,911
Increase in other payables and accrued 34,125 1,295
expenses
Cash flows used in operating activities (30,708) (437,689)
Investing activities
Acquisition of subsidiary - (28,987)
Acquisition of associate (29,382) -
Acquisition of investment property (387,939) -
Acquisition of fixed assets (2,755) (910)
Disposal of fixed assets 5,510 -
Cash flows used in investing activities (414,566) (29,897)
Financing activities
Net advances from related party 48,958 32,746
Cash flows from financing activities 48,958 32,746
Net decrease in cash and cash equivalents (396,316) (434,840)
Effects of exchange rate fluctuations on (16,460) 21,179
cash and cash equivalents
Cash and cash equivalents at beginning of 1,281,923 1,695,584
year
Cash and cash equivalents at end of year $ 869,147 $ 1,281,923
Cash and cash equivalents comprise cash at
bank.
END
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