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DJ Asia Wealth Group Holdings Half-year Report

 
TIDMAWLP 
 
FOR IMMEDIATE RELEASE 
18 October 2016 
 
                      Asia Wealth Group Holdings Limited 
                       ("Asia Wealth" or the "Company") 
 
                           UNAUDITED INTERIM RESULTS 
                    FOR THE SIX MONTHS ENDED 31 AUGUST 2016 
 
The Board is pleased to report the unaudited interim results of Asia Wealth 
Group Holdings Limited ("Accounts") for the period from 1 March 2016 to 31 
August 2016. These Accounts have been prepared under IFRS and will shortly be 
available via the Company's website, www.asiawealthgroup.com. 
 
Chairman's Statement 
 
Financial Highlights 
 
The highlights for the six months ended 31 August 2016 include: 
 
  * Consolidated revenue of US$600,649 (2015: US$578,183) 
 
  * Operating profit for Meyer Group of US$254,371 (representing a gross margin 
    of 43%) (2015: US$338,369 and 60%) 
 
  * Cash at bank and on hand of US$1.368m at 31 August 2016 (2015:US$1.5m). 
 
The Group reports a loss after tax of US$11.057 on sales of US$600,649 for the 
six months ended 31 August 2016. These sales were generated by the Company's 
wholly owned subsidiary, Meyer Asset Management Ltd., BVI. This slight 
improvement in profitability was principally caused by expense reduction. 
 
Cash balance has decreased by US$86,915 and net assets by US$52,096, 
respectively, since 1st March 2016. 
 
The Board has taken, and is continuing to forge new revenue generating 
relationships, as well as expanding revenue creating opportunities, in both new 
avenues and existing. We continue to seek alliances and partnerships with firms 
in the same and new sectors. 
 
Asia Wealth continues to seek investment opportunities in the Asia region and 
is currently engaged in multiple discussions on various potential acquisitions. 
The Directors continue to run the business in a cost-effective manner. 
 
The Accounts have not been audited or reviewed by the Company's auditors. 
 
The Directors of the Company accept responsibility for the content of this 
announcement. 
 
Richard Cayne 
Executive Chairman 
 
Contacts: 
 
Richard Cayne (Executive Chairman) 
Asia Wealth Group Holdings Limited, +66 2 2611 2561 
www.asiawealthgroup.com 
 
 
Guy Miller (Corporate Advisers) 
Peterhouse Corporate Finance Limited, +44 20 7220 9795 
 
 
 
 
EXTRACTS ARE SET OUT BELOW: 
 
 
ASIA WEALTH GROUP HOLDINGS LIMITED 
Consolidated Statement of Financial Position 
 
At 31 August 2016 
 
All amounts stated in U.S. Dollars 
 
                                                      31 Aug 2016      31 Aug 2015 
 
Non-current assets 
 
Fixed assets                                                36,974           51,520 
 
Investments                                                358,208          356,805 
 
                                                           395,182          408,325 
 
Current assets 
 
Cash and cash equivalents                                1,368,304        1,518,646 
 
Trade receivables                                          197,896          232,734 
 
Prepayments and other assets                                75,626           89,450 
 
                                                         1,641,826        1,840,830 
 
Total assets                                       $     2,037,008   $    2,249,155 
 
Equity 
 
Share capital                                              913,500          913,500 
 
Share-based payment reserve                                 35,423           35,423 
 
Consolidation reserve                                      401,057          399,585 
 
Translation reserve 
                                                           (7,571)       (9,605) 
 
Retained earnings                                        (273,379) 
                                                                          (168,854) 
 
Current earnings                                          (11,057) 
                                                                           (22,301) 
 
Total equity                                             1,057,973        1,147,748 
 
Non-current liabilities 
 
Liabilities under finance lease                              3,730            5,958 
agreement 
 
Current liabilities 
 
Trade payables                                             951,222        1,055,115 
 
Liabilities under finance lease                                  -                - 
agreement 
 
Other payables and accrued expenses                         24,083           40,334 
 
                                                           975,305        1,095,449 
 
Total liabilities                                          979,035        1,101,407 
 
Total equity and liabilities                       $     2,037,008   $    2,249,155 
 
 
 
 
ASIA WEALTH GROUP HOLDINGS LIMITED 
Consolidated Statement of Comprehensive Income 
 
For the half year ended 31 August 2016 
 
All amounts stated in U.S. Dollars 
 
                                                                    Mar - Aug      Mar - Aug 
                                                                       2016           2015 
 
Revenue                                                                 600,649       578,183 
 
Expenses 
 
Commission                                                              338,235       227,539 
 
Professional fees                                                        66,863        88,228 
 
Wages and salaries                                                       79,295        78,437 
 
Directors' fees                                                         101,106       100,801 
 
Travel and entertainment                                                 24,800        37,616 
 
Office expenses                                                           4,231         8,767 
 
Rent                                                                     18,556        18,170 
 
Marketing expenses                                                        6,427        15,795 
 
Communication                                                             2,804         2,906 
 
Depreciation                                                              7,117        11,908 
 
Bank charges                                                              3,331         3,480 
 
Sundry expenses                                                           5,905         4,236 
 
                                                                        658,670       597,883 
 
Net profit/(loss) from operations                                      (58,021)      (19,700) 
 
Other income/(expense) 
 
Initial public offering expenses                                                            - 
                                                                         - 
 
Foreign exchange gain/                                                   43,334 
(loss)                                                                                (1,698) 
 
Interest Income                                                           5,329         1,185 
 
Investment income                                                             -             - 
 
                                                                         48,663         (513) 
 
Net profit/(loss) before finance cost                                   (9,358)      (20,213) 
 
Finance cost 
 
Interest expense/                                                       (1,699)       (2,088) 
(income) 
 
Net profit/(loss) before                                               (11,057)      (22,301) 
taxation 
 
Taxation                                                                      -             - 
 
Total comprehensive income                                       $     (11,057)  $   (22,301) 
 
 
 
 
ASIA WEALTH GROUP HOLDINGS LIMITED 
Consolidated Statement of Changes in Equity 
 
For the half year ended 31 August 2016 
 
All amounts stated in U.S. Dollars 
 
                                                                          31 Aug 2016 
 
                                      Share Capital      Share-based  Consolidation Translation  Retained   Current    Equity 
                                                           Payment       Reserve      Reserve    Earnings   Earnings 
                                                           Reserve 
 
                           Note    Number         US$ 
 
Balances at beginning of         11,433,433     $913,500      $35,423      $399,585    $(9,605)  $(168,854)        $ $1,147,748 
year                                                                                                        (22,301) 
 
Issuance of share capital   4                                      -             -           -           -         - 
 
Issuance of share options 2(n),          -            -             -            -           -           -         -          - 
                            5 
 
Issuance of share         2(n),          -            -             -            -           -           -         -          - 
warrants                    5 
 
Translation differences    2(f)          -            -            -         $1,472      $2,034          -        -      $3,506 
 
Total comprehensive                      -            -            -             -           -   $(104,525)  $11,244  $(93,281) 
income 
 
Balances at end of year          11,433,433     $913,500      $35,423      $401,057    $(7,571)  $(273,379)        $ $1,057,973 
                                                                                                            (11,057) 
 
 
 
 
                                                                          31 Aug 2015 
 
                                      Share Capital      Share-based  Consolidation Translation  Retained   Current    Equity 
                                                           Payment       Reserve      Reserve    Earnings   Earnings 
                                                           Reserve 
 
                           Note    Number         US$ 
 

(MORE TO FOLLOW) Dow Jones Newswires

October 18, 2016 08:45 ET (12:45 GMT)

DJ Asia Wealth Group Holdings Half-year Report -2-

Balances at beginning of         11,433,433                   $35,423      $404,227    $(2,732)  $(129,463)  $71,156 $1,292,111 
year                                            $913,500 
 
Issuance of share capital   4                                      -             -           -           -         - 
 
Issuance of share options 2(n),          -            -             -            -           -           -         -          - 
                            5 
 
Issuance of share         2(n),          -            -             -            -           -           -         -          - 
warrants                    5 
 
Translation differences    2(f)          -            -            -       $(4,642)    $(6,873)          -        -   $(11,515) 
 
Total comprehensive                      -            -            -             -           -  $(39,391)          $ $(132,848) 
income                                                                                                      (93,457) 
 
Balances at end of year          11,433,433                   $35,423      $399,585    $(9,605)  $(168,854)        $ $1,147,748 
                                                $913,500                                                    (22,301) 
 
 
 
ASIA WEALTH GROUP HOLDINGS LIMITED 
Consolidated Statement of Cash Flows 
 
For the half year ended 31 August 2016 
 
All amounts stated in U.S. Dollars 
 
                                                         Mar - Aug      Mar - Aug 
                                                            2016          2015 
 
Operating activities 
 
Profit/(Loss)                                              (11,057)      (22,301) 
 
Add back Depreciation                                         7,119        11,908 
 
Add back Foreign Exchange Adjustments                      (41,039)      (10,219) 
 
Receivables                                                 134,742        79,969 
 
Prepayments and Deposits                                      2,318      (26,888) 
 
Payables                                                     15,914     (132,555) 
 
Trade Creditors and Other Liabilities                      (16,594)      (56,116) 
 
Cash flows from operating activities                         91,403     (156,202) 
 
Investing activities 
 
Acquisition of fixed assets                                 (3,253)         5,497 
 
Investments                                                 (1,235)      (26,233) 
 
Cash flows from investing activities                        (4,488)      (20,736) 
 
Financing activities 
 
Share issues                                                      -             - 
 
Cash flows from financing activities                              -             - 
 
Net increase/(decrease) in cash and cash                     86,915     (176,938) 
equivalents 
 
Cash and cash equivalents at beginning of                 1,281,389     1,695,584 
year 
 
Cash and cash equivalents at end of period             $  1,368,304   $ 1,518,646 
 
Cash and cash equivalents comprise cash at 
bank. 
 
 
 
 
END 
 

(END) Dow Jones Newswires

October 18, 2016 08:45 ET (12:45 GMT)