TIDMAWLP
4 August 2021
Asia Wealth Group Holdings Limited
("Asia Wealth", the "Group" or the "Company")
AUDITED RESULTS FOR THE FINANCIAL YEARED 28 FEBRUARY 2021
Chairman's Statement
The Board is pleased to report the audited results of the Company for the
Financial Year from 1 March 2020 to 28 February 2021. The audited accounts will
shortly be available on the Company's website, www.asiawealthgroup.com.
The Company reports a consolidated profit of US$193,507 (2020 : loss of
US$51,460). The gain largely due to
a better than expected take up of investment products in Asia. In addition
further gains had been made due to the
Company's property portfolio being revalued to market, leading to a gain in
value.
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 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 28
February 2021.
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
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Financial Position
At 28 February 2021
Expressed in U.S. Dollars
At 1 March
2021 2020 2019
Note Restated Restated
(s)
Non-current assets
Fixed assets 4 3,022 4,942 13,538
Investment property 3,5,16 702,962 667,417 670,676
705,984 672,359 684,214
Current assets
Cash and cash equivalents 1,166,750 672,014 1,083,880
Trade receivables (net of
allowance for doubtful
accounts of $8,572 (2020: $8,572)) 126,200 180,452 158,027
Financial assets at fair value 6 240,994 228,979 230,302
through profit or loss
Due from director 8 507,574 - -
Loans and other receivables 7 27,507 663,015 617,397
Prepaid tax 255 1,190 1,285
Prepayments and other assets 127,247 101,331 94,469
2,196,527 1,846,981 2,185,360
$ 2,902,511 $ 2,519,340 $ 2,869,574
Total assets
Equity
Share capital 9 913,496 913,496 913,496
Treasury shares 9 (318,162) (318,162) (318,162)
Consolidation reserve 405,997 405,997 405,997
Translation reserve 16 49,844 27,653 29,325
Retained earnings 16 558,061 364,554 416,014
Total equity 1,609,236 1,393,538 1,446,670
Non-current liabilities
Liabilities under finance lease - - 1,556
agreements
Current liabilities
Trade payables 1,235,197 1,001,732 1,315,298
Due to director 8 - 4,342 3,114
Liabilities under finance lease - - 7,779
agreements
Tax payable 140 1,072 879
Other payables and accrued 8 57,938 118,656 94,278
expenses
1,293,275 1,125,802 1,421,348
Total liabilities 1,293,275 1,125,802 1,422,904
Total equity and liabilities $ 2,902,511 $ 2,869,574
2,519,340
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Comprehensive Income
For the year ended 28 February 2021
Expressed in U.S. Dollars
2021 2020
Note Restated
Revenue (s)
Commission income 1,925,849 1,434,392
Rental income 5 5,426 32,803
1,931,275 1,467,195
Expenses
Commission expense 1,042,701 747,948
Directors' fees 8 305,400 304,096
Professional fees 8 259,660 267,816
Loan write off 7 128,313 -
Wages and salaries 44,306 53,405
Office expense 41,082 41,978
Travel and entertainment 17,589 77,488
Rent 17,019 17,853
Impairment losses 13,025 8,088
Marketing 7,283 10,641
Depreciation 4,16 4,377 11,917
Other expenses 53,519 42,427
1,934,274 1,583,657
Net loss from operations (2,999) (116,462)
Other income/(expenses)
Foreign currency exchange gain/(loss) 70,160 (8,387)
Net gain/(loss) in financial asset at fair 6 12,015 (1,323)
value through profit or loss
Other income 115,111 76,831
197,286 67,121
Net income/(loss) before finance costs 194,287 (49,341)
Finance costs
Interest expense - 632
Net income/(loss) before taxation 194,287 (49,973)
Taxation 10 780 1,487
Total comprehensive income/(loss) $ 193,507 $ (51,460)
Total comprehensive income/(loss)
attributable to equity
holders of the Parent Company $ 193,507 $ (51,460)
Earnings per share attributable to the equity holders of the Parent Company:
Basic earnings per share 11 $ $
0.01742 (0.00463)
Diluted earnings per share 11 $ $
0.01742 (0.00463)
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Cash Flows
For the year ended 28 February 2021
Expressed in U.S. Dollars
2021 2020
Restated
Operating activities
Total comprehensive income/(loss) 193,507 (51,460)
Adjustments for:
Loan write off 128,313 -
Impairment losses 13,025 8,088
Depreciation 4,377 11,917
Foreign currency exchange (gain)/loss (70,160) 8,387
Operating income/(loss) before changes in operating 269,062 (23,068)
assets and liabilities
Changes in operating assets and liabilities:
Decrease/(increase) in trade receivables 41,227 (30,513)
Increase in loans and other receivables (379) (45,618)
(Increase)/decrease in financial assets at fair value (12,015) 1,323
through profit or loss
Decrease in prepaid tax 935 95
Increase in prepayments and other assets (25,916) (6,862)
Increase/(decrease) in trade payables 233,465 (313,566)
Decrease in liabilities under finance lease agreements - (9,335)
(Decrease)/increase in tax payable (932) 193
(Decrease)/increase in other payables and accrued (60,718) 24,378
expenses
Cash flows from/(used in) operating activities 444,729 (402,973)
Investing activities
Acquisition of fixed assets (2,457) (3,321)
Cash flows used in investing activities (2,457) (3,321)
Financing activities
Net advances from related party (4,342) 1,228
Cash flows (used in)/from financing activities (4,342) 1,228
Net increase/(decrease) in cash and cash equivalents 437,930 (405,066)
Effects of exchange rate fluctuations on cash and cash 56,806 (6,800)
equivalents
Cash and cash equivalents at beginning of year 672,014 1,083,880
Cash and cash equivalents at end of year $ $
1,166,750 672,014
Cash and cash equivalents comprise cash at banks.
END
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