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
| 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: $8,572)) | 92,672 | 120,052 | ||
| Financial assets at fair value through profit or loss | 210,594 | 283,324 | ||
| Loans and other receivables | 49,459 | 60,969 | ||
| Due from director | 421,217 | 465,128 | ||
| Prepaid tax | 255 | 255 | ||
| Prepayments and other assets | 64,136 | 69,117 | ||
| 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 expenses | 51,277 | 52,868 | ||
| Total liabilities | 1,190,994 | 1,278,087 | ||
| Total equity and liabilities | $ | 2,582,780 | $ | 2,864,746 |
| 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 operations | (3,738) | 200,337 | ||
| Other income/(expenses) | ||||
| Net foreign currency exchange loss | (205,143) | (137,603) | ||
| Net gain/(loss) from investments | 655 | (82,670) | ||
| Other income | 20,265 | 31,633 | ||
| (184,223) | (188,640) | |||
| Net (loss)/income before taxation | (187,961) | 11,697 | ||
| Taxation | 289 | 431 | ||
| Total comprehensive (loss)/income | $ | (188,250) | $ | 11,266 |
| Total comprehensive (loss)/income attributable to equity | ||||
| holders of the Parent Company | $ | (188,250) | $ | 11,266 |
| (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 comprehensive income | (188,250) | 11,266 | |||||||
| Adjustments for: | |||||||||
| Impairment losses | 22,250 | 2,700 | |||||||
| Depreciation | 424 | 29 | |||||||
| Net unrealised loss | 72,730 | 82,670 | |||||||
| Net foreign currency exchange loss | 190,939 | 137,603 | |||||||
| Operating income before changes in operating assets and liabilities | 98,093 | 234,268 | |||||||
| Changes in operating assets and liabilities: | |||||||||
| Decrease in trade receivables | 5,130 | 3,448 | |||||||
| Decrease in loans and other receivables | 55,421 | 8,984 | |||||||
| Decrease in prepayments and other assets | 4,981 | 58,130 | |||||||
| Decrease in trade payables | (85,502) | (10,118) | |||||||
| Decrease in other payables and accrued expenses | (1,591) | (5,070) | |||||||
| Net cash flows from operating activities | 76,532 | 289,642 | |||||||
| Investing activities | |||||||||
| Acquisition of investment | — | (125,000) | |||||||
| Acquisition of fixed assets | (858) | (1,208) | |||||||
| Cash flows used in investing activities | (858) | (126,208) | |||||||
| Net increase in cash and cash equivalents | 75,674 | 163,434 | |||||||
| Effects of exchange rate fluctuations on cash and cash equivalents | (152,833) | (113,427) | |||||||
| Cash and cash equivalents at beginning of year | 1,216,757 | 1,166,750 | |||||||
| Cash and cash equivalents at end of year | $ | 1,139,598 | $ | 1,216,757 | |||||
Cash and cash equivalents comprise cash at banks.