Asia Wealth Group Holdings Ltd - AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Announcement provided by

Asia Wealth Group Holdings Ltd · AWLP

08/08/2024 11:00

Asia Wealth Group Holdings Ltd - AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024 PR Newswire

8 August 2024

Asia Wealth Group Holdings Limited

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

AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Chairman’s Statement

The Board is pleased to report the audited results of the Company for the Financial Year from 1 March 2023 to 29 February 2024. The audited accounts will shortly be available on the Company’s website, www.asiawealthgroup.com.

The Company reports a consolidated loss of US$108,301 (2023: US$188,250).

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. 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 clean energy 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 29 February 2024.

Richard Cayne

Chairman

Extract from audit opinion:

“Basis for Qualified Opinion – Due from director

On 29 February 2024, the Group transferred its investment in private equity of $32,857, which was valued using valuation techniques, to one of its Directors, payment for which remained outstanding. We were unable to obtain sufficient audit evidence as to whether the transfer value that it was carried at in the Group’s financial statements represented its fair market value. As a result, we were unable to determine whether any adjustments would be necessary with regards to the resulting receivable from one of its Directors in the consolidated statement of financial position, and the related consolidated statement of comprehensive income.”

In a related party transaction, Richard Cayne, bought the 180,000 Class A common shares of BRM Agri Cambodia Limited for an amount of $32,857 on 29 February 2024. The independent directors of the Company, having exercised reasonable care, skill and diligence believe that the sale of the 180,000 A Class common shares is fair and reasonable as far as the shareholders of the Company are concerned.

BRM Agri Cambodia Limited was acquired by the Company in August 2021.

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

Corporate Advisers

Peterhouse Capital Limited, +44 (0) 20 7469 0930

www.asiawealthgroup.com

ASIA WEALTH GROUP HOLDINGS LIMITED

Consolidated Statement of Financial Position
At 29 February 2024
Expressed in U.S. Dollars

		2024		2023


Non-current assets

Fixed assets		5,185		4,635
Investment property		586,991		600,214

		592,176		604,849

Current assets

Cash and cash equivalents		1,122,962		1,139,598
Trade receivables (net of allowance for doubtful
accounts of $8,572 (2021: $8,572))		109,609		92,672
Financial assets at fair value through profit or loss		—		210,594
Loans and other receivables		27,891		49,459
Due from director		438,858		421,217
Prepaid tax		844		672
Prepayments and other assets		73,388		63,719

		1,773,552		1,977,931

Total assets	$	2,365,728	$	2,582,780

Equity

Share capital		913,496		913,496
Treasury shares		(318,162)		(318,162)
Consolidation reserve		391,793		391,793
Translation reserve		13,937		23,582
Retained earnings		272,776		381,077

Total equity		1,273,840		1,391,786

Current liabilities

Trade payables		1,044,686		1,139,577
Tax payable		—		—
Other payables and accrued expenses		47,202		51,417

Total liabilities		1,091,888		1,190,994

Total equity and liabilities	$	2,365,728	$	2,582,780

ASIA WEALTH GROUP HOLDINGS LIMITED

Consolidated Statement of Comprehensive Income
For the year ended 29 February 2024
Expressed in U.S. Dollars

		2024		2023

Revenue

Commission income		1,022,085		1,353,957

		1,022,085		1,353,957

Expenses

Commission expense		369,114		563,811
Directors’ fees		301,959		303,230
Professional fees		237,466		252,935
Travel and entertainment		52,492		60,084
Salaries and wages		42,319		43,017
Office expenses		40,520		42,135
Insurance expense		25,120		21,275
Rent		16,711		17,949
Marketing		5,623		7,625
Depreciation		1,840		424
Impairment losses		—		22,250
Other expenses		21,732		22,960

		1,114,896		1,357,695

Net income/(loss) from operations		(92,811)		(3,738)

Other income/(expenses)

Net foreign exchange loss		(40,568)		(205,143)
Net (loss)/gain from investments		(4,080)		655
Other income		29,475		20,265

		(15,173)		(184,223)


Net income before taxation		(107,984)		(187,961)

Taxation		317		289

Total comprehensive income	$	(108,301)	$	(188,250)

Total comprehensive income attributable to equity
holders of the Parent Company	$	(108,301)	$	(188,250)

Earnings per share attributable to the equity holders of the Parent Company:

Basic earnings per share	$	(0.00975)	$	(0.01694)

Diluted earnings per share	$	(0.00975)	$	(0.01694)

ASIA WEALTH GROUP HOLDINGS LIMITED

Consolidated Statement of Cash Flows
For the year ended 29 February 2024
Expressed in U.S. Dollars

			2024		2023
Operating activities

Net loss before taxation			(107,984)		(187,961)

Adjustments for:
	Net foreign exchange loss		205,143		190,939
	Impairment losses		—		22,250
	Depreciation		1,840		424
	Net loss/(gain) from investments		4,080		(655)
	Interest income		(8,843)		(189)


Net operating income before changes in operating assets and liabilities			94,236		24,808

Changes in operating assets and liabilities:
	(Increase)/decrease in trade receivables		(16,937)		5,130
	Decrease in loans and other receivables		26,695		11,510
	Increase in prepaid tax		(489)		(846)
	(Increase)/decrease in prepayments and other assets		(9,669)		5,398
	Decrease in trade payables		(94,891)		(85,502)
	Decrease in other payables and accrued expenses		(4,215)		(1,451)

Net cash flows used in operations			(5,270)		(40,953)

	Interest income received		3,716		189

Net cash flows used in operating activities			(1,554)		(40,764)

Investing activities

Proceeds from sale of financial assets at fair value through profit or loss			173,657		73,385
Acquisition of fixed assets			(2,390)		(858)

Net cash flows from investing activities			171,267		72,527

Financing activities

Net advances from director			15,216		43,911

Cash flows from financing activities			15,216		43,911

Net increase in cash and cash equivalents			184,929		75,674

Effects of exchange rate fluctuations on cash and cash equivalents			(201,565)		(152,833)

Cash and cash equivalents at beginning of year			1,139,598		1,216,757

Cash and cash equivalents at end of year		$	1,122,962	$	1,139,598

Cash and cash equivalents comprise cash at banks.

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