PR Newswire
London, August 2
3 August 2020
Asia Wealth Group Holdings Limited
("Asia Wealth", the “Group” or the "Company")
AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2020
Chairman’s Statement
The Board is pleased to report the audited results of the Company for the Financial Year from 1 March 2019 to 29 February 2020. The audited accounts will shortly be available on the Company’s website, at www.asiawealthgroup.com.
The Company reports a consolidated loss of US$72,657 (2019 : profit of US$266,770). The drop largely due to a change in product line up though sales are coming back on new product line-ups that are gaining momentum.
The Company 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 Asia and Europe 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 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 29 February 2020.
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
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Financial Position
At 29 February 2020
Expressed in U.S. Dollars
| 2020 | 2019 | |||||
| Non-current assets | ||||||
| Fixed assets | 4,942 | 13,538 | ||||
| Investment property | 355,236 | 378,523 | ||||
| 360,178 | 392,061 | |||||
| Current assets | ||||||
| Cash and cash equivalents | 672,014 | 1,083,880 | ||||
| Trade receivables (net of allowance for doubtful accounts of $8,572 (2019: $7,090)) |
180,452 | 158,027 | ||||
| Financial assets at fair value through profit or loss | 228,979 | 230,302 | ||||
| Loans and other receivables | 663,015 | 617,397 | ||||
| Prepaid tax | 1,190 | 1,285 | ||||
| Prepayments and other assets | 101,331 | 94,469 | ||||
| 1,846,981 | 2,185,360 | |||||
| Total assets | $ | 2,207,159 | $ | 2,577,421 | ||
| Equity | ||||||
| Share capital | 913,496 | 913,496 | ||||
| Treasury shares | (318,162) | (318,162) | ||||
| Consolidation reserve | 405,997 | 405,997 | ||||
| Translation reserve | 28,822 | 29,325 | ||||
| Retained earnings | 51,204 | 123,861 | ||||
| Total equity | 1,081,357 | 1,154,517 | ||||
| Non-current liabilities | ||||||
| Liabilities under finance lease agreements | — | 1,556 | ||||
| Current liabilities | ||||||
| Trade payables | 1,001,732 | 1,315,298 | ||||
| Due to director | 4,342 | 3,114 | ||||
| Liabilities under finance lease agreements | — | 7,779 | ||||
| Tax payable | 1,072 | 879 | ||||
| Other payables and accrued expenses | 118,656 | 94,278 | ||||
| 1,125,802 | 1,421,348 | |||||
| Total liabilities | 1,125,802 | 1,422,904 | ||||
| Total equity and liabilities | $ | 2,207,159 | $ | 2,577,421 | ||
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Comprehensive Income
For the year ended29 February 2020
Expressed in U.S. Dollars
| 2020 | 2019 | |||||
| Revenue | ||||||
| Commission income | 1,434,392 | 2,397,341 | ||||
| Rental income | 32,803 | 31,409 | ||||
| 1,467,195 | 2,428,750 | |||||
| Expenses | ||||||
| Commission expense | 747,948 | 1,509,995 | ||||
| Professional fees | 267,816 | 311,910 | ||||
| Directors’ fees | 304,096 | 298,276 | ||||
| Impairment losses | 8,088 | 8,827 | ||||
| Travel and entertainment | 77,488 | 76,010 | ||||
| Office expense | 41,978 | 41,458 | ||||
| Wages and salaries | 53,405 | 47,266 | ||||
| Depreciation | 33,114 | 34,041 | ||||
| Rent | 17,853 | 17,094 | ||||
| Marketing | 10,641 | 9,623 | ||||
| Other expenses | 42,427 | 37,658 | ||||
| 1,604,854 | 2,392,158 | |||||
| Net (loss)/income from operations | (137,659) | 36,592 | ||||
| Other income/(expenses) | ||||||
| Foreign currency exchange (loss)/gain | (8,387) | (62,838) | ||||
| Net change in financial asset at fair value through profit or loss | (1,323) | 2,425 | ||||
| Other income | 76,831 | 292,463 | ||||
| 67,121 | 232,050 | |||||
| Net (loss)/income before finance costs | (70,538) | 268,642 | ||||
| Finance costs | ||||||
| Interest expense | 632 | 822 | ||||
| Net (loss)/income before taxation | (71,170) | 267,820 | ||||
| Taxation | 1,487 | 1,050 | ||||
| Total comprehensive (loss)/income | $ | (72,657) | $ | 266,770 |
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Comprehensive Income (Cont’d)
For the year ended29 February 2020
Expressed in U.S. Dollars
| 2020 | 2019 | |||||
| Total comprehensive (loss)/income attributable to equity holders of the Parent Company | (72,657) | 266,770 | ||||
| Earnings per share attributable to the equity holders of the Parent Company: | ||||||
| Basic earnings per share | $ | (0.00654) | $ | 0.02401 | ||
| Diluted earnings per share | $ | (0.00654) | $ | 0.02401 | ||
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Cash Flows
For the year ended29 February 2020
Expressed in U.S. Dollars
| 2020 | 2019 | |||||
| Operating activities | ||||||
| Total comprehensive (loss)/income | (72,657) | 266,770 | ||||
| Adjustments for: | ||||||
| Impairment losses | 8,088 | 8,827 | ||||
| Depreciation | 33,114 | 34,041 | ||||
| Foreign currency exchange loss | 696 | 57,965 | ||||
| Operating (loss)/income before changes in operating assets and liabilities | (30,759) | 367,603 | ||||
| Changes in operating assets and liabilities: | ||||||
| (Increase)/decrease in trade receivables | (30,513) | 54,544 | ||||
| Increase in loans and other receivables | (45,618) | (525,229) | ||||
| Decrease/(increase) in financial assets at fair value through profit or loss | 1,323 | (230,302) | ||||
| Decrease/(increase) in prepaid tax | 95 | (598) | ||||
| (Increase)/decrease in prepayments and other assets | (6,862) | 10,495 | ||||
| (Decrease)/increase in trade payables | (313,566) | 120,706 | ||||
| Decrease in liabilities under finance lease agreements | (9,335) | (9,350) | ||||
| Increase/(decrease) in tax payable | 193 | (1,707) | ||||
| Increase in other payables and accrued expenses | 24,378 | 10,740 | ||||
| Cash flows used in operating activities | (410,664) | (203,098) | ||||
| Investing activities | ||||||
| Acquisition of fixed assets | (3,321) | (970) | ||||
| Cash flows used in investing activities | (3,321) | (970) | ||||
| Financing activities | ||||||
| Net advances from related party | 1,228 | (1,683) | ||||
| Cash flows from/(used in) financing activities | 1,228 | (1,683) | ||||
| Net decrease in cash and cash equivalents | (412,757) | (205,751) | ||||
| Effects of exchange rate fluctuations on cash and cash equivalents | 891 | (57,024) | ||||
| Cash and cash equivalents at beginning of year | 1,083,880 | 1,346,655 | ||||
| Cash and cash equivalents at end of year | $ | 672,014 | $ | 1,083,880 | ||
| Cash and cash equivalents comprise cash at banks. | ||||||
