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Asia Wealth Group Holdings Ltd - Audited Results to 28th Februay 2021

·6-min read

4 August 2021

Asia Wealth Group Holdings Limited
("Asia Wealth", the “Group” or the "Company")

AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 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(s)

Restated

Restated

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 through profit or loss

6

240,994

228,979

230,302

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


Total assets

$ 2,902,511

$ 2,519,340

$ 2,869,574

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 agreements

1,556

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 agreements

7,779

Tax payable

140

1,072

879

Other payables and accrued expenses

8

57,938

118,656

94,278

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

$ 2,519,340

2,869,574

ASIA WEALTH GROUP HOLDINGS LIMITED

Consolidated Statement of Comprehensive Income
For the year ended
28 February 2021
Expressed in U.S. Dollars


2021


2020


Revenue

Note(s)

Restated

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 value through profit or loss

6

12,015

(1,323)

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 assets and liabilities

269,062

(23,068)

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 through profit or loss

(12,015)

1,323

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 expenses

(60,718)

24,378

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 equivalents

56,806

(6,800)

Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

672,014
$ 1,166,750

1,083,880
$ 672,014

Cash and cash equivalents comprise cash at banks.

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