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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Asia Wealth Group Holdings Ltd | AQSE:AWLP | Aquis Stock Exchange | Ordinary Share | VGG0540E1097 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 32.50 | 25.00 | 40.00 | 32.50 | 32.50 | 32.50 | 0.00 | 06:57:15 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMAWLP
FOR IMMEDIATE RELEASE
29 July 2016
Asia Wealth Group Holdings Limited
("Asia Wealth" or the "Company")
AUDITED RESULTS
FOR THE FINANCIAL YEARED 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
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)
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