TIDMAWLP
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, +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 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 158,027 228,577
doubtful
accounts of $7,090 (2018: $nil))
Financial assets at fair value through 230,302 318,162
profit or loss
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 2,425 -
value through profit or loss
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 266,770 146,845
to equity holders of the Parent Company
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 367,603 252,639
assets and liabilities
Changes in operating assets and liabilities:
Decrease/(increase) in trade receivables 54,544 (68,214)
(Increase)/decrease in loans and other (525,229) 40,878
receivables
Increase in financial assets at fair value (230,302) -
through profit or loss
Increase in prepaid tax (598) (687)
Decrease/(increase) in prepayments and other 10,495 (8,612)
assets
Increase in trade payables 120,706 266,638
Decrease in liabilities under finance lease (9,350) (6,577)
agreements
Decrease in deferred revenue - (1,958)
(Decrease)/increase in tax payable (1,707) 2,586
Increase/(decrease) in other payables and 10,740 (13,859)
accrued expenses
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 (205,751) 408,886
equivalents
Effects of exchange rate fluctuations on cash and (57,024) 68,622
cash equivalents
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.
END
(END) Dow Jones Newswires
August 05, 2019 08:37 ET (12:37 GMT)
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