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DJ Asia Wealth Group Holdings Audited Results for the Year Ended 29 February 2016

 
TIDMAWLP 
 
FOR IMMEDIATE RELEASE 
                                                            29 July 2016 
 
                      Asia Wealth Group Holdings Limited 
 
                       ("Asia Wealth" or the "Company") 
 
                                AUDITED RESULTS 
 
                 FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2016 
 
The Board is pleased to report the Audited Results of Asia Wealth Group 
Holdings Limited for the Financial Year from 1 March 2015 to 29 February 2016. 
These accounts have been prepared in accordance with the ISDX Rules and contain 
an audit opinion which is qualified only in respect of the possible effects of 
the Group's investment in Ray Alliance not having been assessed for impairment. 
The Accounts will shortly be available on Company's website, 
www.asiawealthgroup.com, and extracts are set out below and in Appendix 1. 
 
Chairman's Statement 
 
The Company reports a consolidated loss of US$150,068 (last year (US$81,566). 
 
Whilst the Board is disappointed with the consolidated results for the fourth 
financial year of the Company, it is working hard to restore the group to 
profitability and has identified several new areas of business expansion 
opportunities in South East Asia and with a few groups in North America and in 
Europe. The group's main source of income, Meyer Asset Management Ltd, achieved 
a net profit of US$119,959 (last year US$151,243) and continues to show a 
satisfactory performance, despite difficult trading conditions. 
 
The Board remains focused on further acquisitions and partnerships in Europe 
and the Americas as well as the south-east Asian region. The Board has a cash 
surplus to seek further acquisitions. 
 
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 29 
February 2016. 
 
Richard Cayne 
 
Chairman 
 
Contacts: 
 
Richard Cayne (Chairman and CEO) 
 
Asia Wealth Group Holdings Limited, +66 (0) 2611-2561 
 
Guy Miller (Corporate Advisers) 
 
Peterhouse Corporate Finance Limited, +44 (0) 20 7469 0930 
 
www.asiawealthgroup.com 
 
Consolidated Statement of Financial Position 
 
For the year ended 29 February 2016 
 
Expressed in U.S.Dollars 
 
                                                               2016           2015 
 
Non-current assets 
 
Fixed assets                                                 41,266         68,925 
 
Goodwill                                                     11,815             - 
 
                                                             53,081         68,925 
 
Current assets 
 
Cash and cash equivalents                                 1,281,923      1,695,584 
 
Trade receivables                                           268,828        273,483 
 
Loans and other receivables                                  45,843             - 
 
Due from related party                                           -          26,810 
 
Prepayments and other assets                                110,959         88,191 
 
Available-for-sale investment                               318,162        318,162 
 
Investment in associate                                          -          12,410 
 
                                                          2,025,715      2,414,640 
 
Total assets                                          $   2,078,796  $   2,483,565 
 
Equity 
 
Share capital                                               913,496        913,496 
 
Share-based payment reserve                                  35,423         35,423 
 
Consolidation reserve                                       405,997        405,997 
 
Translation reserve                                        (15,919)        (7,875) 
 
Accumulated deficit                                       (302,692)      (166,773) 
 
Total equity attributable to equity holders 
of the 
 
Parent Company                                            1,036,305      1,180,268 
 
Equity attributable to non-controlling                      (1,201)             - 
interests 
 
Total equity                                              1,035,104      1,180,268 
 
Non-current liabilities 
 
Liabilities under finance lease agreement                    26,032         40,031 
 
Current liabilities 
 
Trade payables                                              933,698      1,183,146 
 
Due to related parties                                       10,911          4,975 
 
Liabilities under finance lease agreement                     7,868         13,168 
 
Deferred revenue                                              1,911             - 
 
Other payables and accrued expenses                          63,272         61,977 
 
                                                          1,017,660      1,263,266 
 
Total liabilities                                         1,043,692      1,303,297 
 
Total equity and liabilities                          $   2,078,796  $   2,483,565 
 
Consolidated Statement of Comprehensive Income 
 
For the year ended 29 February 2016 
 
Expressed in U.S.Dollars 
 
                                                                 2016          2015 
 
Revenue                                                     1,202,336     1,726,989 
 
Expenses 
 
Commission                                                    534,638       998,447 
 
Professional fees                                             341,119       265,769 
 
Directors' fees                                               216,418       209,030 
 
Travel and entertainment expense                               65,363        60,283 
 
Wages and salaries expense                                     49,681        39,031 
 
Marketing expense                                              48,204        31,620 
 
Office expense                                                 45,663        43,914 
 
Bad debt expense                                               44,100            - 
 
Depreciation  expense                                          28,569         7,324 
 
Rent expense                                                   14,277        15,244 
 
Communications expense                                          3,029         3,447 
 
Bank charges                                                    6,682         7,488 
 
Other expenses                                                 13,159        29,098 
 
                                                            1,410,902     1,720,695 
 
Net (loss)/profit from operations                           (208,566)         6,294 
 
Other income/(expense) 
 
Loss on disposal of subsidiary                                     -        (8,272) 
 
Foreign currency exchange gain/(loss)                          56,491      (87,041) 
 
Other income                                                    6,456        11,948 
 
                                                               62,947      (83,365) 
 
Net loss before finance costs                               (145,619)      (77,071) 
 
Finance costs 
 
Interest expense                                                4,449         1,825 
 
Net loss before taxation                                    (150,068)      (78,896) 
 
Taxation                                                           -          2,670 
 
Total comprehensive loss                                  $ (150,068)   $  (81,566) 
 
Total comprehensive loss attributable to: 
 
Equity holders of the Parent Company                        (135,919)      (81,566) 
 
Non-controlling interest                                     (14,149)            - 
 
                                                            (150,068)      (81,566) 
 
 
 
                                                                 2016          2015 
 
Loss per share attributable to the equity holders of the 
Parent Company: 
 
Basic loss per share                                      $ (0.01189)   $ (0.00713) 
 
Diluted loss per share                                    $ (0.01142)   $ (0.00685) 
 
 
 
 
Consolidated Statement of Changes in Equity 
For the year ended 29 February 2016 
Expressed in U.S.Dollars 
 
 
                                                             2016 
 
                        Attributable to Equity Holders of the Parent Company 
 
                   Share Capital                Consolidation Translation Accumulated Non-controlling    Equity 
                                                      Reserve     Reserve     Deficit        interest 
                                    Share-based 
                                        Payment 
                  Number      US$       Reserve 
 
 
Balances at     11,433,433  913,496      35,423       405,997     (7,875)    (83,382)              -  1,263,659 
beginning of 
year 
 
Acquisition of          -        -           -             -           -           -           13,296    13,296 
subsidiary 
 
Translation             -        -           -             -      (8,044)          -            (348)   (8,392) 
differences 
 
Total                   -        -           -             -           -           -               -         - 
comprehensive 
loss 
 
Balances at end 11,433,433        $    $ 35,423     $ 405,997  $ (15,919)  $ (83,382)        $ 12,948         $ 
of year                     913,496                                                                   1,268,563 
 
                                                             2015 
 
                   Share Capital    Share-based Consolidation Translation Accumulated Non-controlling    Equity 
                                        Payment       Reserve     Reserve     Deficit        interest 
                                        Reserve 
                  Number      US$ 
 
Balances at     11,433,433  913,496      35,423       405,997     (9,984)    (85,207)              -  1,259,725 
beginning of 
year 
 

(MORE TO FOLLOW) Dow Jones Newswires

July 29, 2016 08:20 ET (12:20 GMT)

DJ Asia Wealth Group Holdings Audited Results for -2-

Translation             -        -           -             -        2,109          -               -      2,109 
differences 
 
Total                   -        -           -             -           -        1,825              -      1,825 
comprehensive 
loss 
 
Balances at end 11,433,433        $    $ 35,423     $ 405,997  $  (7,875)  $ (83,382)     $        -          $ 
of year                     913,496                                                                   1,263,659 
 
Consolidated Statement of Cash Flows 
 
For the year ended 29 February 2016 
 
Expressed in U.S.Dollars 
 
                                                                2016         2015 
 
Operating activities 
 
Total comprehensive loss                                   (150,068)     (81,566) 
 
Adjustments for: 
 
    Gain on disposal of subsidiary                                -         8,272 
 
    Bad debt expense                                          44,100           - 
 
    Depreciation expense                                      28,569       17,324 
 
    Unrealised foreign exchange loss                          13,307       87,041 
 
Operating (loss)/income before changes in operating         (64,092)       31,071 
assets and liabilities 
 
Changes in operating assets and liabilities: 
 
    Increase in trade receivables                           (39,445)    (108,412) 
 
    Increase in loan and other receivables                  (45,843)           - 
 
    Increase in prepayments and other assets                (22,768)      (9,052) 
 
    Decrease in trade payables                             (249,448)     (20,806) 
 
    Decrease in liabilities under finance lease             (19,299)           - 
    agreement 
 
    Increase in deferred revenue                               1,911           - 
 
    Increase/(decrease) in other payables and                  1,295      (4,345) 
    accrued expenses 
 
Cash flows from operating activities                       (437,689)    (111,544) 
 
Investing activities 
 
Acquisition of subsidiary                                   (28,987)           - 
 
Acquisition of associate                                          -      (12,410) 
 
Disposal of subsidiary                                            -       (6,249) 
 
Acquisition of fixed assets                                    (910)     (11,585) 
 
Cash flows from investing activities                        (29,897)     (30,244) 
 
Financing activities 
 
Net advances from/(to) related party                          32,746     (26,809) 
 
Cash flows from financing activities                          32,746     (26,809) 
 
Net decrease in cash and cash equivalents                  (434,840)    (168,597) 
 
Effects of exchange rate fluctuations on cash and             21,179     (10,677) 
cash equivalents 
 
Cash and cash equivalents at beginning of year             1,695,584    1,874,858 
 
Cash and cash equivalents at end of year                $  1,281,923 $  1,695,584 
 
Cash and cash equivalents comprise cash at bank. 
 
On 2 July 2014, the Company disposed of its 100% interest in Asia Wealth Group 
Pte. Ltd. ("Asia Wealth Singapore"), with a net asset value of $84,575, to one 
of the directors of Asia Wealth Singapore by paying cash of $6,249 and being 
forgiven payables owed to Asia Wealth Singapore at 31 July 2014 of 
$82,552. 
 
On 31 January 2015, the Group entered into a finance lease agreement to 
purchase a new vehicle amounting to $49,610 and paid a 20% downpayment of 
$9,922. 
 
 
 
END 
 

(END) Dow Jones Newswires

July 29, 2016 08:20 ET (12:20 GMT)