Asia Wealth Group Holdings Ltd

Earnings Release • Aug 10, 2022

National Storage Mechanism | Additional information

Asia Wealth Group Holdings Ltd - Audited Results to 28 February 2022

PR Newswire

London, August 10

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 doubtful    accounts of $8,572 (2021: $8,572))				120,052		126,200
Financial assets at fair value through profit or loss				283,324		240,994
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 ended28 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)/gain					(137,603)		70,160
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 attributable to equity holders of the Parent Company				$	11,266	$	193,507
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 ended28 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 assets and liabilities				234,268		257,047
Changes in operating assets and liabilities:
	Decrease in trade receivables			3,448		41,227
	Decrease/(increase) in loans and other receivables			8,984		(379)
	Decrease in prepaid tax			—		935
	Decrease/(increase) in prepayments and other assets			58,130		(25,916)
	(Decrease)/increase in trade payables			(10,118)		233,465
	Decrease in tax payable			—		(932)
	Decrease in other payables and accrued expenses			(5,070)		(60,718)
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 cash equivalents				(113,427)		56,806
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.