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Asia Wealth Group Holdings Ltd - Half-year Report

Dienstag, 18.10.2016 14:50 von

PR Newswire

FOR IMMEDIATE RELEASE                                                         18 October 2016

Asia Wealth Group Holdings Limited
("Asia Wealth" or the "Company")

UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2016

The Board is pleased to report the unaudited interim results of Asia Wealth Group Holdings Limited (“Accounts”) for the period from 1 March 2016 to 31 August 2016. These Accounts have been prepared under IFRS and will shortly be available via the Company’s website, www.asiawealthgroup.com.

Chairman’s Statement

Financial Highlights

The highlights for the six months ended 31 August 2016 include:

  • Consolidated revenue of US$600,649 (2015: US$578,183)
  • Operating profit for Meyer Group of US$254,371 (representing a gross margin of 43%) (2015: US$338,369 and 60%)
  • Cash at bank and on hand of US$1.368m at 31 August 2016 (2015:US$1.5m).

The Group reports a loss after tax of US$11.057 on sales of US$600,649 for the six months ended 31 August 2016. These sales were generated by the Company’s wholly owned subsidiary, Meyer Asset Management Ltd., BVI. This slight improvement in profitability was principally caused by expense reduction.  

Cash balance has decreased by US$86,915 and net assets by US$52,096, respectively, since 1st March 2016.

The Board has taken, and is continuing to forge new revenue generating relationships, as well as expanding revenue creating opportunities, in both new avenues and existing. We continue to seek alliances and partnerships with firms in the same and new sectors.  

Asia Wealth continues to seek investment opportunities in the Asia region and is currently engaged in multiple discussions on various potential acquisitions. The Directors continue to run the business in a cost-effective manner.

The Accounts have not been audited or reviewed by the Company’s auditors.

The Directors of the Company accept responsibility for the content of this announcement.

Richard Cayne
Executive Chairman

Contacts:

Richard Cayne (Executive Chairman)
Asia Wealth Group Holdings Limited, +66 2 2611 2561
www.asiawealthgroup.com
 
Guy Miller (Corporate Advisers)
Peterhouse Corporate Finance Limited, +44 20 7220 9795


 
EXTRACTS ARE SET OUT BELOW:
 

ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Financial Position

At 31 August 2016

All amounts stated in U.S. Dollars

31 Aug 2016 31 Aug 2015
Non-current assets
Fixed assets 36,974 51,520
Investments 358,208 356,805
395,182 408,325
Current assets
Cash and cash equivalents 1,368,304 1,518,646
Trade receivables 197,896 232,734
Prepayments and other assets 75,626 89,450
1,641,826 1,840,830
Total assets $ 2,037,008 $ 2,249,155
Equity
Share capital 913,500 913,500
Share-based payment reserve 35,423 35,423
Consolidation reserve 401,057 399,585
Translation reserve        (7,571)           (9,605)
Retained earnings (273,379)         (168,854)
Current earnings   (11,057)           (22,301)
Total equity    1,057,973 1,147,748
Non-current liabilities
Liabilities under finance lease agreement 3,730 5,958
Current liabilities
Trade payables 951,222 1,055,115
Liabilities under finance lease agreement
Other payables and accrued expenses 24,083 40,334
975,305 1,095,449
Total liabilities 979,035 1,101,407
Total equity and liabilities $ 2,037,008 $ 2,249,155



ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Comprehensive Income

For the half year ended 31 August 2016

All amounts stated in U.S. Dollars

Mar – Aug 2016 Mar - Aug 2015
Revenue 600,649 578,183
Expenses
Commission 338,235 227,539
Professional fees 66,863 88,228
Wages and salaries 79,295 78,437
Directors’ fees 101,106 100,801
Travel and entertainment 24,800 37,616
Office expenses 4,231 8,767
Rent 18,556 18,170
Marketing expenses 6,427 15,795
Communication 2,804 2,906
Depreciation 7,117 11,908
Bank charges 3,331 3,480
Sundry expenses 5,905 4,236
658,670 597,883
Net profit/(loss) from operations (58,021) (19,700)
Other income/(expense)
Initial public offering expenses               —
Foreign exchange gain/(loss)       43,334      (1,698)
Interest Income        5,329 1,185
Investment income
48,663 (513)
Net profit/(loss) before finance cost (9,358) (20,213)
Finance cost
Interest expense/(income) (1,699) (2,088)
Net profit/(loss) before taxation (11,057) (22,301)
Taxation
Total comprehensive income $ (11,057) $ (22,301)



ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Changes in Equity

For the half year ended 31 August 2016

All amounts stated in U.S. Dollars

31 Aug 2016
Share Capital Share-based Payment Reserve Consolidation Reserve Translation Reserve Retained
Earnings
Current Earnings Equity
Note Number US$
Balances at beginning of year 11,433,433 $913,500 $35,423 $399,585 $(9,605) $(168,854) $(22,301) $1,147,748
Issuance of share capital 4 —  —  —  — 
Issuance of share options 2(n), 5 —  —  —  —  — 
Issuance of share warrants 2(n), 5 —  —  —  —  — 
Translation differences 2(f) —  —  —  $1,472 $2,034 —  —  $3,506
Total comprehensive income —  —  —  —  —  $(104,525)   $11,244 $(93,281)
Balances at end of year 11,433,433 $913,500 $35,423 $401,057 $(7,571) $(273,379) $(11,057) $1,057,973

   

31 Aug 2015
Share Capital Share-based Payment Reserve Consolidation Reserve Translation Reserve Retained
Earnings
Current Earnings Equity
Note Number US$
Balances at beginning of year 11,433,433   $913,500 $35,423 $404,227 $(2,732) $(129,463) $71,156 $1,292,111
Issuance of share capital 4 —  —  —  — 
Issuance of share options 2(n), 5 —  —  —  —  — 
Issuance of share warrants 2(n), 5 —  —  —  —  — 
Translation differences 2(f) —  —  —  $(4,642) $(6,873) —  —  $(11,515)
Total comprehensive income —  —  —  —  —  $(39,391)   $(93,457) $(132,848)
Balances at end of year 11,433,433   $913,500 $35,423 $399,585 $(9,605) $(168,854) $(22,301) $1,147,748



ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Cash Flows

For the half year ended 31 August 2016

All amounts stated in U.S. Dollars

Mar – Aug 2016 Mar - Aug 2015
Operating activities
Profit/(Loss) (11,057) (22,301)
Add back Depreciation 7,119 11,908
Add back Foreign Exchange Adjustments (41,039) (10,219)
Receivables 134,742 79,969
Prepayments and Deposits 2,318 (26,888)
Payables 15,914 (132,555)
Trade Creditors and Other Liabilities (16,594) (56,116)
Cash flows from operating activities 91,403 (156,202)
Investing activities
Acquisition of fixed assets (3,253) 5,497
Investments (1,235) (26,233)
Cash flows from investing activities (4,488) (20,736)
Financing activities
Share issues - -
Cash flows from financing activities - -
Net increase/(decrease) in cash and cash equivalents 86,915 (176,938)
Cash and cash equivalents at beginning of year 1,281,389 1,695,584
Cash and cash equivalents at end of period $ 1,368,304 $ 1,518,646
Cash and cash equivalents comprise cash at bank.