Back to all announcements

DJ Asia Wealth Group Holdings Audited Results to 28 February 2019

 
TIDMAWLP 
 
5 August 2019 
 
                      Asia Wealth Group Holdings Limited 
 
                 ("Asia Wealth", the "Group" or the "Company") 
 
         AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2019 
 
Chairman's Statement 
 
The Board is pleased to report the audited results of the Company for the 
Financial Year from 1 March 2018 to 28 February 2019. The audited accounts will 
shortly be available on the NEX website at https://www.nexexchange.com/member? 
securityid=1191336, or via the Company's website, www.asiawealthgroup.com. 
 
The Company reports a consolidated profit of US$266,770 (2018: US$146,845). 
 
The Company increased its profitability and continues to search for new areas 
of business expansion opportunities in South East Asia and North America 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 Europe 
and the Americas as well as the south-east Asian region. The Board has a cash 
surplus to seek further acquisitions and is currently looking at businesses in 
the 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 2019. 
 
Richard Cayne 
 
Chairman 
 
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 
 
Consolidated Statement of Financial Position 
 
At 28 February 2019 
 
Expressed in U.S. Dollars 
 
                                                              2019           2018 
 
Non-current assets 
 
Fixed assets                                                13,538         25,130 
 
Investment property                                        378,523        400,343 
 
                                                           392,061        425,473 
 
Current assets 
 
Cash and cash equivalents                                1,083,880      1,346,655 
 
Trade receivables (net of allowance for                    158,027        228,577 
doubtful 
   accounts of $7,090 (2018: $nil)) 
 
Financial assets at fair value through                     230,302        318,162 
profit or loss 
 
Loans and other receivables                                617,397         92,168 
 
Prepaid tax                                                  1,285            687 
 
Prepayments and other assets                                94,469        104,964 
 
                                                         2,185,360      2,091,213 
 
Total assets                                         $   2,577,421  $   2,516,686 
 
Equity 
 
Share capital                                              913,496        913,496 
 
Treasury shares                                          (318,162)              - 
 
Consolidation reserve                                      405,997        405,997 
 
Translation reserve                                         29,325         28,725 
 
Retained earnings/(accumulated deficit)                    123,861      (135,730) 
 
Total equity                                             1,154,517      1,212,488 
 
Non-current liabilities 
 
Liabilities under finance lease agreements                   1,556         10,900 
 
Current liabilities 
 
Trade payables                                           1,315,298      1,194,592 
 
Due to director                                              3,114          4,797 
 
Liabilities under finance lease agreements                   7,779          7,785 
 
Tax payable                                                    879          2,586 
 
Other payables and accrued expenses                         94,278         83,538 
 
                                                         1,421,348      1,293,298 
 
Total liabilities                                        1,422,904      1,304,198 
 
Total equity and liabilities                         $   2,577,421  $   2,516,686 
 
Consolidated Statement of Comprehensive Income 
 
For the year ended 28 February 2019 
 
Expressed in U.S. Dollars 
 
                                                               2019          2018 
 
Revenue 
 
Commission income                                         2,397,341     2,160,615 
 
Rental income                                                31,409        29,983 
 
                                                          2,428,750     2,190,598 
 
Expenses 
 
Commission expense                                        1,509,995     1,327,368 
 
Professional fees                                           311,910       323,883 
 
Directors' fees                                             298,276       202,700 
 
Impairment losses                                             8,827       106,613 
 
Travel and entertainment                                     76,010        54,539 
 
Office expense                                               41,458        43,763 
 
Wages and salaries                                           47,266        43,253 
 
Depreciation                                                 34,041        35,057 
 
Rent                                                         17,094        16,417 
 
Marketing                                                     9,623        11,422 
 
Other expenses                                               37,658        39,911 
 
                                                          2,392,158     2,204,926 
 
Net income/(loss) from operations                            36,592      (14,328) 
 
Other income/(expenses) 
 
Gain on disposal of associate company                             -         7,522 
 
Foreign currency exchange (loss)/gain                      (62,838)       113,537 
 
Net change in financial asset at fair                         2,425             - 
value through profit or loss 
 
Other income                                                292,463        44,360 
 
                                                            232,050       165,419 
 
Net income before finance costs                             268,642       151,091 
 
Finance costs 
 
Interest expense                                                822           973 
 
Net income before taxation                                  267,820       150,118 
 
Taxation                                                      1,050         3,273 
 
Total comprehensive income                              $   266,770   $   146,845 
 
 
 
Total comprehensive income attributable                     266,770       146,845 
to equity holders of the Parent Company 
 
Earnings per share attributable to the equity holders of the Parent 
Company: 
 
Basic earnings per share                                $   0.02401   $   0.01284 
 
Diluted earnings per share                              $   0.02401   $   0.01284 
 
Consolidated Statement of Cash Flows 
 
For the year ended 28 February 2019 
 
Expressed in U.S. Dollars 
 
                                                              2019          2018 
 
Operating activities 
 
Total comprehensive income                                 266,770       146,845 
 
Adjustments for: 
 
    Impairment losses                                        8,827       106,613 
 
    Depreciation                                            34,041        35,057 
 
    Gain on disposal of fixed assets                             -       (7,522) 
 
    Foreign currency exchange loss/(gain)                   57,965      (28,354) 
 
Operating income before changes in operating               367,603       252,639 
assets and liabilities 
 
Changes in operating assets and liabilities: 
 
    Decrease/(increase) in trade receivables                54,544      (68,214) 
 
    (Increase)/decrease in loans and other               (525,229)        40,878 
    receivables 
 
    Increase in financial assets at fair value           (230,302)             - 
    through profit or loss 
 
    Increase in prepaid tax                                  (598)         (687) 
 
    Decrease/(increase) in prepayments and other            10,495       (8,612) 
    assets 
 
    Increase in trade payables                             120,706       266,638 
 
    Decrease in liabilities under finance lease            (9,350)       (6,577) 
    agreements 
 
    Decrease in deferred revenue                                 -       (1,958) 
 
    (Decrease)/increase in tax payable                     (1,707)         2,586 
 
    Increase/(decrease) in other payables and               10,740      (13,859) 
    accrued expenses 
 
Cash flows (used in)/from operating activities           (203,098)       462,834 
 
Investing activities 
 
Disposal of associate                                            -         7,522 
 
Acquisition of fixed assets                                  (970)       (6,398) 
 
Cash flows (used in)/from investing activities               (970)         1,124 
 
Financing activities 
 
Net advances from related party                            (1,683)      (55,072) 
 
Cash flows used in financing activities                    (1,683)      (55,072) 
 
Net (decrease)/increase in cash and cash                 (205,751)       408,886 
equivalents 
 
Effects of exchange rate fluctuations on cash and         (57,024)        68,622 
cash equivalents 
 
Cash and cash equivalents at beginning of year           1,346,655       869,147 
 
Cash and cash equivalents at end of year              $  1,083,880 $   1,346,655 
 
Cash and cash equivalents comprise cash at banks. 
 
 
 
END 
 

(END) Dow Jones Newswires

August 05, 2019 08:37 ET (12:37 GMT)