TIDMAWLP
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 120,052 126,200
doubtful
accounts of $8,572 (2021: $8,572))
Financial assets at fair value through 283,324 240,994
profit or loss
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)/ (137,603) 70,160
gain
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 $ 11,266 $ 193,507
attributable to equity holders of the
Parent Company
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 234,268 257,047
assets and liabilities
Changes in operating assets and liabilities:
Decrease in trade receivables 3,448 41,227
Decrease/(increase) in loans and other 8,984 (379)
receivables
Decrease in prepaid tax - 935
Decrease/(increase) in prepayments and other 58,130 (25,916)
assets
(Decrease)/increase in trade payables (10,118) 233,465
Decrease in tax payable - (932)
Decrease in other payables and accrued (5,070) (60,718)
expenses
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 (113,427) 56,806
cash equivalents
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.
END
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