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DJ Asia Wealth Group Holdings Audited Results to 28 February 2018

 
TIDMAWLP 
 
3 August 2018 
 
                      Asia Wealth Group Holdings Limited 
 
                 ("Asia Wealth", the "Group" or the "Company") 
 
         AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2018 
 
Chairman's Statement 
 
The Board is pleased to report the audited results of the Company for the 
Financial Year from 1 March 2017 to 28 February 2018. The accounts contain an 
audit opinion which is qualified as the auditors were not able to obtain 
supporting evidence regarding the ownership of the Group's investment in Ray 
Alliance and also in respect of the possible effects of the Group's investment 
in Ray Alliance not having been assessed for impairment. 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 much improved consolidated profit of US$146,845 (2017: 
(US$110,395)). 
 
The Company has worked hard to restore its profitability after having 
identified several new areas of business expansion opportunities in South East 
Asia and with a few groups in North America and in Europe. The Company's main 
source of income was 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 2018. 
 
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 2018 
 
Expressed                                                      2018           2017 
in U.S. 
Dollars 
 
Non-current assets 
 
Fixed assets                                                 25,130         31,697 
 
Investment property                                         400,343        380,246 
 
Available-for-sale investment                               318,162        318,162 
 
                                                            743,635        730,105 
 
Current assets 
 
Cash and cash equivalents                                 1,346,655        869,147 
 
Trade receivables                                           228,577        215,041 
 
Loans and other receivables                                  92,168        133,046 
 
Due from related party                                           -              97 
 
Prepaid tax                                                     687             - 
 
Prepayments and other assets                                104,964         96,352 
 
                                                          1,773,051      1,313,683 
 
Total assets                                          $   2,516,686  $   2,043,788 
 
Equity 
 
Share capital                                               913,496        913,496 
 
Share-based payment reserve                                      -          10,708 
 
Consolidation reserve                                       405,997        405,997 
 
Translation reserve                                          28,725        (9,317) 
 
Accumulated deficit                                       (135,730)      (372,081) 
 
Total equity attributable to equity holders 
of the 
 
Parent Company                                            1,212,488        948,803 
 
Equity attributable to non-controlling                           -        (17,552) 
interests 
 
Total equity                                              1,212,488        931,251 
 
Non-current liabilities 
 
Liabilities under finance lease agreements                   10,900         18,245 
 
Current liabilities 
 
Trade payables                                            1,194,592        927,954 
 
Due to related parties                                        4,797         59,966 
 
Liabilities under finance lease agreements                    7,785          7,017 
 
Deferred revenue                                                 -           1,958 
 
Tax payable                                                   2,586             - 
 
Other payables and accrued expenses                          83,538         97,397 
 
                                                          1,293,298      1,094,292 
 
Total liabilities                                         1,304,198      1,112,537 
 
Total equity and liabilities                          $   2,516,686  $   2,043,788 
 
Consolidated Statement of Comprehensive Income 
 
For the year ended 28 February 2018 
 
Expressed in U.S. Dollars 
 
                                                              2018          2017 
 
Revenue 
 
Commission income                                        2,160,615     1,517,797 
 
Rental income                                               29,983         9,058 
 
                                                         2,190,598     1,526,855 
 
Expenses 
 
Commission expense                                       1,327,368       880,977 
 
Professional fees                                          323,883       283,976 
 
Directors' fees                                            202,700       218,902 
 
Impairment expense                                         106,613        76,188 
 
Travel and entertainment                                    54,539        50,058 
 
Office expense                                              43,763        40,395 
 
Wages and salaries                                          43,253        51,037 
 
Depreciation                                                35,057        20,017 
 
Rent                                                        16,417        14,115 
 
Marketing                                                   11,422        15,805 
 
Other expenses                                              39,911        31,529 
 
                                                         2,204,926     1,682,999 
 
Net loss from operations                                  (14,328)     (156,144) 
 
Other income/(expenses) 
 
Gain on disposal of fixed assets                                -          5,684 
 
Share of loss of associate company                              -       (29,382) 
 
Gain on disposal of associate company                        7,522            - 
 
Impairment of goodwill                                          -       (11,815) 
 
Foreign currency exchange (loss)/gain                      113,537      (19,387) 
 
Other income                                                44,360       101,986 
 
                                                           165,419        47,086 
 
Net income/(loss) before finance costs                     151,091     (109,058) 
 
Finance costs 
 
Interest expense                                               973         1,337 
 
Net income/(loss) before taxation                          150,118     (110,395) 
 
Taxation                                                     3,273            - 
 
Total comprehensive income/(loss)                      $   146,845   $ (110,395) 
 
 
 
                                                               2018          2017 
 
Total comprehensive income/(loss) 
attributable to: 
 
Equity holders of the Parent Company                             -       (94,104) 
 
Non-controlling interest                                         -       (16,291) 
 
                                                                 -      (110,395) 
 
Earnings/(loss) per share attributable to the equity holders of the 
Parent Company: 
 
Basic earnings/(loss) per share                         $   0.01284   $ (0.00823) 
 
Diluted earnings/(loss) per share                       $   0.01284   $ (0.00812) 
 
Consolidated Statement of Cash Flows 
 
For the year ended 28 February 2018 
 
Expressed in U.S. Dollars 
 
                                                              2018          2017 
 
Operating activities 
 
Total comprehensive income/(loss)                          146,845     (110,395) 
 
Adjustments for: 
 
    Impairment expense                                     106,613        76,188 
 
    Depreciation                                            35,057        20,017 
 
    Gain on disposal of fixed assets                       (7,522)       (5,510) 
 
    Share of loss of associate company                          -         29,382 
 
    Impairment of goodwill                                      -         11,815 
 
    Foreign currency exchange (gain)/loss                 (28,354)        23,002 
 
Operating income before changes in operating               252,639        44,499 
assets and liabilities 
 
Changes in operating assets and liabilities: 
 
    Increase in trade receivables                         (68,214)      (22,401) 
 
    Decrease/(increase) in loans and other                  40,878      (87,203) 
    receivables 
 
    Increase in prepaid tax                                  (687)            - 
 
    (Increase)/decrease in prepayments and other           (8,612)        14,607 
    assets 
 
    Increase/(decrease) in trade payables                  266,638       (5,744) 
 
    Decrease in liabilities under finance lease            (6,577)       (8,638) 
    agreements 
 
    (Decrease)/increase in deferred revenue                (1,958)            47 
 
    Increase in tax payable                                  2,586            - 
 

(MORE TO FOLLOW) Dow Jones Newswires

August 03, 2018 04:40 ET (08:40 GMT)

DJ Asia Wealth Group Holdings Audited Results to 28 -2-

    (Decrease)/increase in other payables and             (13,859)        34,125 
    accrued expenses 
 
Cash flows from/(used in) operating activities             462,834      (30,708) 
 
Investing activities 
 
Disposal of associate                                        7,522            - 
 
Acquisition of associate                                        -       (29,382) 
 
Acquisition of investment property                              -      (387,939) 
 
Acquisition of fixed assets                                (6,398)       (2,755) 
 
Disposal of fixed assets                                        -          5,510 
 
Cash flows from/(used in) investing activities               1,124     (414,566) 
 
Financing activities 
 
Net advances from related party                           (55,072)        48,958 
 
Cash flows (used in)/from financing activities            (55,072)        48,958 
 
Net increase/(decrease) in cash and cash                   408,886     (396,316) 
equivalents 
 
Effects of exchange rate fluctuations on cash and           68,622      (16,460) 
cash equivalents 
 
Cash and cash equivalents at beginning of year             869,147     1,281,923 
 
Cash and cash equivalents at end of year              $  1,346,655 $     869,147 
 
Cash and cash equivalents comprise cash at banks. 
 
 
 
END 
 

(END) Dow Jones Newswires

August 03, 2018 04:40 ET (08:40 GMT)