Gowin New Energy Grp - Final Results
RNS Number : 3526D
Gowin New Energy Group Limited
28 June 2021
 

 

Gowin New Energy Group Limited

("Gowin" or the "Company")

Audited Annual Results for the year ended 31 December 2020

Gowin New Energy Group Limited is delighted to report its audited annual results for the twelve months ended 31 December 2020.

Chairman's Statement

 

Gowin New Energy Group Limited ("the Group" or "Gowin") is pleased to release its 2020 Annual Report for the period 1 January 2020 to 31 December 2020. There has been no material change to the financial position of the Group since the 2020 Interim Report.

The Group has historically been engaged in the sale and investment of LED related products based in Taiwan. This has not generated revenue in the reporting period. The Group retains the ability to service this albeit declining industry; however, it will only take on profitable contracts as and when such opportunities arise.

As has previously been reported, the Group has been working on launching a new tea trading business, focused on the collection, distribution and sale (including auction market) of high-quality Chinese Pu-erh tea and Taiwan high-mountain tea, with benefits that include promoting Chinese tea culture and healthy drinking in daily life, via its subsidiary company Goyoung International Company Limited ("Goyoung"). To fund Goyoung, the Company raised an initial £250,000 through the issue of 12,500,000 new 2% preference shares which were admitted to trading on the AQSE Growth Market on 7 February 2020. Since that date, significant risk management work has been carried out by the Group ahead of formally launching the tea business; however, before it can be ramped up, COVID-19 restrictions in both China and Taiwan will have to be lifted somewhat for the benefit of the supply chain.  Consequently, the proceeds from the preference share issue have been set aside and will not be released until the tea business's formal launch.

The Group has continued to provide a safe working environment for its workforce and introduced preventive measures to reduce the spread of COVID-19 in the workplace, including working from home. The Group will continue to impose appropriate measures to minimise the adverse impact on the business operation of the Group and will pay close attention to the development of the COVID-19 outbreak and evaluate its impact on the financial position, operating results and cash flows of the Group.

 

As previously reported, on 30 June 2020, the Group was notified by the Aquis Stock Exchange (AQSE) of the need to seek a replacement for the Group's AQSE Corporate Adviser, Alexander David Securities. The Group immediately began discussions with potential new AQSE Corporate Advisers and commenced working with its preferred firm towards their appointment. It was not possible to complete this process by the AQSE deadline of 31 August 2020 and as a result the Group's shares were suspended from trading on 1 September 2020, in accordance with Rule 31 of the AQSE Growth Market Rules for Issuers.

The Directors were pleased to announce the appointment of the Group's new AQSE Corporate Adviser, Novum Securities Limited ("Novum") on 8 April 2021, which then enabled the lifting of the suspension of trading of its shares.

The Group remains focused on the development of its existing businesses and exploring potential new business opportunities. The Directors look forward to providing updates on the Group's activities in due course.

CEO Mr Chen Chih-Lung has committed to continue to fund short term liquidity to support the Group's working capital requirements as and when required. His most recent working capital loan was announced on 25 May 2021.

The Directors would like to take this opportunity to express sincere gratitude to all shareholders for their continued support and to thank all staff members of the Group for their dedication and contribution to the Group.

Garry Willinge

Non-Executive Chairman

 

The directors of Gowin New Energy Group Limited accept responsibility for this announcement.

For further information please visit company's website at www.gowingrp.com or contact the following:

Gowin New Energy Group Limited 

Garry Willinge

Tel: +852 9100 9972

 

Novum Securities Limited

AQSE Corporate Adviser

David Coffman / Daphne Zhang / Lucy Bowden

Tel: +44 (0)207 399 9400

 

About Gowin New Energy Group Limited:

 

Gowin is engaged in the sale and investment of LED related products based in Taiwan. In addition, Gowin is launching a new tea trading business, focused on the collection, distribution and sale (including auction market) of high quality Chinese Pu-erh tea and Taiwan high-mountain tea, with benefits that include promoting Chinese tea culture and healthy drinking in daily life.

 

GOWIN NEW ENERGY GROUP LIMITED

NON-STATUTORY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2020

 

 

 

 

2020

2019

Continuing Operations

RMB'000

RMB'000

 

 

 

Revenue

-

-

Cost of sales

-

-

 

_____

_____

 

 

 

Gross profit

-

-

 

 

 

Administrative expenses

(3,755)

(4,096)

Selling expenses

-

(3)

 

_____

_____

 

 

 

Operating loss

(3,755)

(4,099)

 

 

 

Finance costs

(210)

(186)

Other income

13

113

Fair value gain on financial assets at fair value through

  profit or loss

Foreign exchange gain/(loss)

 

1,614

 

138

 

(206)

 

(292)

 

_____

_____

 

 

 

Loss before tax from continuing operations

(2,200)

(4,670)

 

 

 

Tax

-

-

 

_____

_____

 

 

 

Loss for the year from continuing operations

(2,200)

(4,670)

 

_____

_____

Loss for the year attributed to equity holders of the

  parent entity

(2,200)

(4,670)

 

____

____

 

 

 

Other Comprehensive Income

-

-

 

_____

_____

Total Comprehensive Income for the year attributable

to owners of the parent entity

(2,200)

(4,670)

 

_____

_____

Earnings/ (Loss) per share expressed in RMB per share

 

 

 

 

 

Basic and diluted earnings / (Loss) per share for the year

attributable to equity holders of the parent entity

(0.01)

(0.02)

 

 

NON-STATUTORY CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 31 DECEMBER 2020

 

 

 

 

          31 December

                       2020

 

          31 December

                       2019

 

RMB'000

RMB'000

ASSETS

 

 

NON-CURRENT ASSETS

 

 

Investments at fair value through profit or loss

3,834

2,232

 

_____

_____

 

 

 

TOTAL NON-CURRENT ASSETS

3,834

2,232

 

_____

_____

CURRENT ASSETS

 

 

Trade and other receivables

95

158

Cash and cash equivalents

2,345

2,747

 

_____

_____

 

 

 

TOTAL CURRENT ASSETS

2,440

2,905

 

_____

_____

 

 

 

TOTAL ASSETS

6,274

5,137

 

_____

_____

LIABILITIES

 

 

 

 

 

CURRENT LIABILITIES

 

 

Trade and other payables

(22,485)

(21,354)

 

______

______

 

 

 

TOTAL CURRENT LIABILITIES

(22,485)

(21,354)

 

______

______

 

 

 

TOTAL LIABILITIES

(22,485)

(21,354)

 

______

______

 

 

 

NET LIABILITIES

(16,211)

(16,217)

 

______

______

EQUITY ATTRIBUTABLE TO OWNERS OF THE

 PARENT ENTITY

 

 

Share capital

29,000

29,000

Preference shares

2,195

-

Retained earnings

(47,406)

(45,217)

 

______

______

 

 

 

TOTAL EQUITY

(16,211)

(16,217)

 

______

______

 

 

 

The Consolidated Financial Statements were approved by the board of Directors and authorised for issue on 28 June 2021 and were signed on its behalf by:

 

 

 

Garry Willinge                                                     Chen Chih-Lung

Director                                                                 Director

 

 

NON-STATUTORY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2020

 

 

 

Attributable to owners of the parent entity

 

Share

capital

Preference

shares

Retained

earnings

Total

 

RMB'000

RMB'000

RMB'000

RMB'000

Balance as at 1 January 2019

29,000

-

(40,547)

(11,547)

Loss for the year

-

-

(4,659)

(4,659)

 

_____

_____

_____

______

 

 

 

 

 

Total comprehensive income for the year

-

-

(4,659)

(4,659)

 

_____

_____

_____

______

Total transactions with owners,

 recognised directly in equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____

_____

_____

______

 

 

 

 

 

Balance as at 31 December 2019

29,000

-

(45,206)

(16,206)

 

_____

_____

_____

______

 

 

 

 

 

Issue of shares

Loss for the year

 

-

2,195

-

 

(2,200)

 

(2,200)

 

_____

_____

_____

______

 

Total comprehensive income for the year

 

-

 

2,195

 

(2,200)

 

(2,200)

 

_____

_____

_____

______

Total transactions with owners,

 recognised directly in equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____

_____

_____

______

 

 

 

 

 

Balance as at 31 December 2020

29,000

2,195

(47,406)

(18,406)

 

_____

_____

_____

______

 

 

 

 

 

 

 

NON-STATUTORY CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2020

 

 

 

2020

2019

 

RMB'000

RMB'000

Cash Flows from Operating Activities

 

 

 

 

 

Loss before tax

(2,200)

(4,670)

 

 

 

Impairment (gain)/loss on financial assets

(1,614)

206

Dividends in specie

-

(95)

Finance costs

204

180

Foreign currency (gain)/loss

(277)

413

Decrease in trade and other receivables

26

-

Increase in trade and other payables

1,765

1,689

 

_____

_____

 

 

 

Net cash used in operating activities

(2,096)

(2,277)

 

_____

_____

 

 

 

Cash Flows from Investing Activities

 

 

Finance income

(4)

(11)

 

_____

_____

 

 

 

Net cash used in investing activities

(4)

(11)

 

_____

_____

Cash Flows from Financing Activities

 

 

 

 

 

Loans from equity holders

127

2,420

Loan from related party

1,571

2,282

 

_____

_____

 

 

 

Net cash generated from financing activities

1,698

4,705

 

_____

_____

 

 

 

Net (decrease)/increase in cash and cash equivalents

(402)

2,417

 

 

 

Cash and cash equivalents at beginning of the year

2,747

330

 

_____

_____

 

 

 

Cash and cash equivalents at end of the year

2,345

2,747

 

_____

_____

 

 

 

 

Non-cash transactions:

 

Investment assets have been impaired by RMB 62,000. The fair value gain on the financial assets was RMB 1,614,000 during the year.

 

 

This financial information has been extracted from the audited financial statements of the Company for the year ended 31 December 2020.  The financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS).

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