Gowin New Energy Grp - Annual Results
RNS Number : 5167P
Gowin New Energy Group Limited
20 June 2022
 

20 June 2022

Gowin New Energy Group Limited

("Gowin" or the "Company")

Audited Annual Results for the year ended 31 December 2021

Gowin New Energy Group Limited is delighted to report its audited annual results for the twelve months ended 31 December 2021.

Chairman's Statement

 

Gowin New Energy Group Limited (the "Group" or "Gowin") is pleased to release its 2021 Annual Report for the period 1 January 2021 to 31 December 2021. There has been no material change to the financial position of the Group since the 2021 Interim Report.

 

Gowin has historically been engaged in the sale and investment of LED related products based in Taiwan. With the global decline of the LED industry, the Group's revenue generated from the LED business is limited. However, the Group still retains the business capability and continues to seek opportunities which are profitable in this sector. The Group has a minority interest in a Taiwan-based company, Taiwan Thick-Film Industries Corp. (TTFI), listed on the Taipei Stock Exchange, which is principally engaged in the manufacture and sales of LED backlight modules and components distributed primarily in the Asia market.

 

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. The initial stage of the business was completed, including the establishment of its new subsidiary company and the initial fundraising for the business; however, the planned launch was delayed due to the COVID-19 restrictions in both China and Taiwan. The Group has been frustrated by Covid setbacks in Taiwan and the well-publicised restrictions and border closings in China, due to its Covid Zero policy, resulting in whole city lockdowns including Shenzhen, Shanghai and Beijing. Given China is the key to Gowin's tea business supply chain, these impacts matter and mean the Group must continue to bide its time before formally launching the tea business.

 

Hence, with the continued impact caused by the ongoing pandemic, a new business project, the agarwood trading, was announced on 10 February 2022. The agarwood trading focuses on trading high-quality agarwood products, including agarwood incense which is widely used in religious ceremonies in Taiwan and essential oil which can be applied in many ways in daily life. The initial trial of the agarwood activity is in advanced stages of preparation. Should the trial be successful, the Group intends to develop a sustainable agarwood trading business.

 

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 its people and the business operation of the Group; it will as always pay close attention to the ongoing and mutating COVID-19 outbreak and respond to its impact, if any, on the Group.

 

A previously reported, the Group announced that Mr. Wang Huai Chun, the Group's Chief Financial Officer, had stepped down from his role, and Mr. Shu Yi How was appointed as the new CFO with effect from 3 August 2021. His appointment provides the Group with strong in-house corporate finance and deal making skills, which hopefully will benefit the longer-term success for the Group. Together with the Directors, he is assisting with business strategy development, assessing various potential opportunities that current global disruptive factors may bring. 

 

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 26 April 2022. These loans are a measure of his determination and commitment to the Group. 

 

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 / Lucy Bowden

Tel: +44 (0)207 399 9400

 

 



 

 

GOWIN NEW ENERGY GROUP LIMITED

NON-STATUTORY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2021

 

 

 


2021

2020

Continuing Operations

RMB'000

RMB'000

 

 

 

Revenue

-

-

Cost of sales

-

-


_____

_____




Gross profit

-

-

 

 

 

Administrative expenses

(3,866)

(3,755)


_____

_____




Operating loss

(3,866)

(3,755)

 

 

 

Finance costs

(309)

(210)

Other income

14

13

Fair value gain on investments at fair value through

  profit or loss

Foreign exchange gain

 

535

264

 

 

1,614

138

 


_____

_____




Loss before tax from continuing operations

(3,362)

(2,200)

 

 

 

Tax

-

-


_____

_____




Loss for the year from continuing operations

(3,362)

(2,200)

 

_____

_____

Loss for the year attributed to equity holders of the

  parent entity

(3,362)

(2,200)


____

____




Other Comprehensive Income

-

-


_____

_____

Total Comprehensive Income for the year attributable

to owners of the parent entity

(3,362)

(2,200)

 

_____

_____

Earnings per share expressed in RMB per share



 



Basic and diluted loss per share for the year

attributable to equity holders of the parent entity

(0.01)

(0.01)

 

 

 

 

 

 

 


NON-STATUTORY CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 31 DECEMBER 2021

 

 


 

        31 December

                      2021

 

        31 December

                      2020


RMB'000

RMB'000

ASSETS



NON-CURRENT ASSETS



Investments at fair value through profit or loss

4,395

3,834


_____

_____




TOTAL NON-CURRENT ASSETS

4,395

3,834

 

_____

_____

CURRENT ASSETS



Trade and other receivables

74

95

Cash and cash equivalents

2,330

2,345


_____

_____




TOTAL CURRENT ASSETS

2,404

2,440

 

_____

_____

 

 

 

TOTAL ASSETS

6,799

6,274

 

_____

_____

LIABILITIES



 



CURRENT LIABILITIES



Trade and other payables

(26,372)

(22,485)


______

______




TOTAL CURRENT LIABILITIES

(26,372)

(22,485)

 

______

______

 

 

 

TOTAL LIABILITIES

(26,372)

(22,485)

 

______

______

 

 

 

NET LIABILITIES

(19,573)

(16,211)

 

______

______

EQUITY ATTRIBUTABLE TO OWNERS OF THE

 PARENT ENTITY



Share capital

29,000

29,000

Preference shares

2,195

2,195

Retained earnings

(50,768)

(47,406)

 

______

______

 

 

 

TOTAL EQUITY

(19,573)

(16,211)

 

______

______

 

 

 

The Consolidated Financial Statements were approved by the board of Directors and authorised for issue on 20 June 2022 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 2021

 

 


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 2020

29,000

-

(45,206)

(16,206)

Loss for the year

_____

_____

(2,200)

(2,200)




 

 

Total comprehensive income for the year

-

-

(2,200)

(2,200)

 

_____

_____

_____

______

 

Issue of shares

 

Total transactions with owners,

 recognised directly in equity

 

-

_____

-

 

2,195

_____

2,195

 

-

______

-

 

2,195

______

2,195


_____

_____

_____

______




 

 

Balance as at 31 December 2020

29,000

2,195

(47,406)

(16,211)


_____

_____

_____

______




 

 

 

Loss for the year

 

-


 

(3,362)

 

(3,362)


_____

_____

_____

______

 

Total comprehensive income for the year

 

-

 

-

 

(3,362)

 

(3,362)


_____

_____

_____

______

Total transactions with owners,

 recognised directly in equity





 





 






_____

_____

_____

______






Balance as at 31 December 2021

29,000

2,195

(50,768)

(19,573)


_____

_____

_____

______




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


NON-STATUTORY CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2021

 

 


2021

2020


RMB'000

RMB'000

Cash Flows from Operating Activities



 



Loss before tax

(3,362)

(2,200)

 

 

 

Impairment (gain) on financial assets

(535)

(1,614)

Finance costs

305

204

Foreign currency (gain)

(350)

(277)

Decrease in trade and other receivables

21

26

Increase in trade and other payables

1,949

1,765


_____

_____




Net cash used in operating activities

(1,972)

(2,096)


_____

_____

 

 

 

Cash Flows from Investing Activities



Finance costs

-

(4)


_____

_____




Net cash used in investing activities

-

(4)


_____

_____

Cash Flows from Financing Activities



 



Loans from equity holders

-

127

Loan from related party

1,958

1,571


_____

_____




Net cash generated from financing activities

1,958

1,698


_____

_____

 

 

 

Net (decrease) in cash and cash equivalents

(15)

(402)

 

 

 

Cash and cash equivalents at beginning of the year

2,345

2,747


_____

_____




Cash and cash equivalents at end of the year

2,330

2,345


_____

_____

 

 

 

 

Non-cash transactions:

 

The fair value gain on financial assets was RMB 535,000 (2020: RMB 1,614,000).

 

 

This financial information has been extracted from the audited financial statements of the Company for the year ended 31 December 2021.  The financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS).

 

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