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.




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