Asia Wealth Group Holdings Ltd - Audited Results for the Financial Year Ended 28 February 2023

9 August 2023

Asia Wealth Group Holdings Limited

("Asia Wealth", the “Group” or the "Company")

AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023

Chairman’s Statement

The Board is pleased to report the audited results of the Company for the Financial Year from 1 March 2022 to 28 February 2023. The audited accounts will shortly be available on the Company’s website, www.asiawealthgroup.com.

The Company reports a consolidated loss of US$188,250 (2022 : Profit US$11,266).  The loss would have been smaller had it not been for excessive unrealized currency losses from our JPY yen holdings.

The Company continues to search for new areas of business expansion opportunities in South East Asia and in Europe, where it is has identified and engaged in meaningful discussions which should soon lead to a boost in business volumes.  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 Asia and Europe as well as the south-east Asian region. The Board has a cash surplus to seek further acquisitions and is currently in active discussions with businesses in the Wealth Management and 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 2023.

Richard Cayne

Chairman

Qualified Opinion

Pertaining to a US$42,349 private investment, the auditor was unable to obtain sufficient audit evidence as to whether the value that it was carried at in the Group’s consolidated financial statements represented its market value. Otherwise the opinion states that the consolidated financial statements present fairly, in all material respects.  

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

ASIA WEALTH GROUP HOLDINGS LIMITEDConsolidated Statement of Financial Position
At 28 February 2023
Expressed in U.S. Dollars

		2023		2022
Non-current assets
Fixed assets		4,635		4,201
Investment property		600,214		644,943
		604,849		649,144
Current assets
Cash and cash equivalents		1,139,598		1,216,757
Trade receivables (net of allowance for doubtful
accounts of $8,572 (2021: $8,572))		92,672		120,052
Financial assets at fair value through profit or loss		210,594		283,324
Loans and other receivables		49,459		60,969
Due from director		421,217		465,128
Prepaid tax		255		255
Prepayments and other assets		64,136		69,117
		1,977,931		2,215,602
Total assets	$	2,582,780	$	2,864,746
Equity
Share capital		913,496		913,496
Treasury shares		(318,162)		(318,162)
Consolidation reserve		391,793		405,997
Translation reserve		23,582		16,001
Retained earnings		381,077		569,327
Total equity		1,391,786		1,586,659
Current liabilities
Trade payables		1,139,577		1,225,079
Tax payable		140		140
Other payables and accrued expenses		51,277		52,868
Total liabilities		1,190,994		1,278,087
Total equity and liabilities	$	2,582,780	$	2,864,746

ASIA WEALTH GROUP HOLDINGS LIMITEDConsolidated Statement of Comprehensive Income
For the year ended 28 February 2023
Expressed in U.S. Dollars

		2023		2022
Revenue
Commission income		1,353,957		1,656,081
		1,353,957		1,656,081
Expenses
Commission expense		563,811		719,383
Directors’ fees		303,230		303,230
Professional fees		252,935		263,654
Salaries and wages		43,017		42,349
Office expenses		42,135		40,481
Rent		17,949		17,949
Travel and entertainment		60,084		16,764
Marketing		7,625		5,931
Impairment losses		22,250		2,700
Depreciation		424		29
Other expenses		44,235		43,274
		1,357,695		1,455,744
Net (loss)/income from operations		(3,738)		200,337
Other income/(expenses)
Net foreign currency exchange loss		(205,143)		(137,603)
Net gain/(loss) from investments		655		(82,670)
Other income		20,265		31,633
		(184,223)		(188,640)
Net (loss)/income before taxation		(187,961)		11,697
Taxation		289		431
Total comprehensive (loss)/income	$	(188,250)	$	11,266
Total comprehensive (loss)/income attributable to equity
holders of the Parent Company	$	(188,250)	$	11,266
(Losses)/earnings per share attributable to the equity holders of the Parent Company:
Basic earnings per share		(0.01694)		0.00101
Diluted earnings per share		(0.01694)		0.00101

	ASIA WEALTH GROUP HOLDINGS LIMITEDConsolidated Statement of Cash Flows
	For the year ended 28 February 2023
	Expressed in U.S. Dollars
			2023			2022
Operating activities
Total comprehensive income			(188,250)			11,266
Adjustments for:
Impairment losses			22,250			2,700
Depreciation			424			29
Net unrealised loss			72,730			82,670
Net foreign currency exchange loss			190,939			137,603
Operating income before changes in operating assets and liabilities			98,093			234,268
Changes in operating assets and liabilities:
Decrease in trade receivables			5,130			3,448
Decrease in loans and other receivables			55,421			8,984
Decrease in prepayments and other assets			4,981			58,130
Decrease in trade payables			(85,502)			(10,118)
Decrease in other payables and accrued expenses			(1,591)			(5,070)
Net cash flows from operating activities			76,532			289,642
Investing activities
Acquisition of investment			—			(125,000)
Acquisition of fixed assets			(858)			(1,208)
Cash flows used in investing activities			(858)			(126,208)
Net increase in cash and cash equivalents			75,674			163,434
Effects of exchange rate fluctuations on cash and cash equivalents			(152,833)			(113,427)
Cash and cash equivalents at beginning of year			1,216,757			1,166,750
Cash and cash equivalents at end of year		$	1,139,598		$	1,216,757

Cash and cash equivalents comprise cash at banks.