TIDMAWLP
9 August 2023
Asia Wealth Group Holdings Limited
("Asia Wealth", the "Group" or the "Company")
AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
Chairman's Statement
The Board is pleased to report the audited results of the Company for the
Financial Year from 1 March 2022 to 28 February 2023. The audited accounts will
shortly be available on the Company's website, www.asiawealthgroup.com.
The Company reports a consolidated loss of US$188,250 (2022 : Profit
US$11,266). The loss would have been smaller had it not been for excessive
unrealized currency losses from our JPY yen holdings.
The Company continues to search for new areas of business expansion
opportunities in South East Asia and in Europe, where it is has identified and
engaged in meaningful discussions which should soon lead to a boost in business
volumes. 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 2023.
Richard Cayne
Chairman
Qualified Opinion
Pertaining to a US$42,349 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 LIMITEDConsolidated Statement of Financial Position
At 28 February 2023
Expressed in U.S. Dollars
2023 2022
Non-current assets
Fixed assets 4,635 4,201
Investment property 600,214 644,943
604,849 649,144
Current assets
Cash and cash equivalents 1,139,598 1,216,757
Trade receivables (net of
allowance for doubtful
accounts of $8,572 (2021: 92,672 120,052
$8,572))
Financial assets at fair 210,594 283,324
value through profit or
loss
Loans and other 49,459 60,969
receivables
Due from director 421,217 465,128
Prepaid tax 255 255
Prepayments and other 64,136 69,117
assets
1,977,931 2,215,602
Total assets $ 2,582,780 $ 2,864,746
Equity
Share capital 913,496 913,496
Treasury shares (318,162) (318,162)
Consolidation reserve 391,793 405,997
Translation reserve 23,582 16,001
Retained earnings 381,077 569,327
Total equity 1,391,786 1,586,659
Current liabilities
Trade payables 1,139,577 1,225,079
Tax payable 140 140
Other payables and accrued 51,277 52,868
expenses
Total liabilities 1,190,994 1,278,087
Total equity and $ 2,582,780 $ 2,864,746
liabilities
ASIA WEALTH GROUP HOLDINGS
LIMITEDConsolidated Statement of
Comprehensive Income
For the year ended 28 February 2023
Expressed in U.S. Dollars
2023 2022
Revenue
Commission income 1,353,957 1,656,081
1,353,957 1,656,081
Expenses
Commission expense 563,811 719,383
Directors' fees 303,230 303,230
Professional fees 252,935 263,654
Salaries and wages 43,017 42,349
Office expenses 42,135 40,481
Rent 17,949 17,949
Travel and entertainment 60,084 16,764
Marketing 7,625 5,931
Impairment losses 22,250 2,700
Depreciation 424 29
Other expenses 44,235 43,274
1,357,695 1,455,744
Net (loss)/income from (3,738) 200,337
operations
Other income/(expenses)
Net foreign currency (205,143) (137,603)
exchange loss
Net gain/(loss) from 655 (82,670)
investments
Other income 20,265 31,633
(184,223) (188,640)
Net (loss)/income before (187,961) 11,697
taxation
Taxation 289 431
Total comprehensive $ (188,250) $ 11,266
(loss)/income
Total comprehensive
(loss)/income attributable
to equity
holders of the Parent $ (188,250) $ 11,266
Company
(Losses)/earnings per share
attributable to the equity
holders of the Parent
Company:
Basic earnings per share (0.01694) 0.00101
Diluted earnings per share (0.01694) 0.00101
ASIA WEALTH GROUP HOLDINGS
LIMITEDConsolidated Statement of
Cash Flows
For the year ended 28 February
2023
Expressed in U.S. Dollars
2023 2022
Operating
activities
Total (188,250) 11,266
comprehensive
income
Adjustments
for:
Impairment 22,250 2,700
losses
Depreciation 424 29
Net 72,730 82,670
unrealised
loss
Net foreign 190,939 137,603
currency
exchange loss
Operating 98,093 234,268
income before
changes in
operating
assets and
liabilities
Changes in
operating
assets and
liabilities:
Decrease in 5,130 3,448
trade
receivables
Decrease in 55,421 8,984
loans and
other
receivables
Decrease in 4,981 58,130
prepayments
and other
assets
Decrease in (85,502) (10,118)
trade
payables
Decrease in (1,591) (5,070)
other
payables and
accrued
expenses
Net cash 76,532 289,642
flows from
operating
activities
Investing
activities
Acquisition - (125,000)
of investment
Acquisition (858) (1,208)
of fixed
assets
Cash flows (858) (126,208)
used in
investing
activities
Net increase 75,674 163,434
in cash and
cash
equivalents
Effects of (152,833) (113,427)
exchange rate
fluctuations
on cash and
cash
equivalents
Cash and cash 1,216,757 1,166,750
equivalents
at beginning
of year
Cash and cash $ 1,139,598 $ 1,216,757
equivalents
at end of
year
Cash and cash equivalents comprise cash at banks.
This information was brought to you by Cision http://news.cision.com
END
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