Gowin New Energy Grp - Interim Results Six Months Ended 30 June 2019
RNS Number : 3348N
Gowin New Energy Group Limited
23 September 2019
 

 

 

                                                                                                                       

23 September 2019

 

 

Gowin New Energy Group Limited

("GNE" or the "Group")

 

Interim Results for the Six Months Ended 30 June 2019

 

Gowin New Energy Group Limited, engaged in the research and development, outsourcing and sales of LED lighting products, and the tea trading business, today announces its unaudited financial results for the six months ended 30 June 2019.

 

Chairman's Statement

 

Gowin New Energy Group Limited ("the Group") is pleased to release its 2019 Interim Report for the period 1 January 2019 to 30 June 2019. There have been no material changes to the LED and tea businesses compared to that reported in the recently published 2018 Annual Report.

 

Management is working industriously on preparing its first allotment of preference shares to first round investors. This includes implementing corporate structures and banking facilities to support the new tea sales and distribution business as well as implementing a tea trading relationship with the Chinese Pu-erh Tea Exchange Association. Funds have been committed by the relevant investors. Upon completion of regulatory and related approval processes, the Group will complete the process of allotting the preference shares for the purpose of tea business operations. Tea business cash flow projections for the next 12 months are encouraging and over time should ensure a sure footing for the Group and a gradual retirement of debt obligations. The Board looks forward to the next phase of development of the Group.

 

On 19 March 2019, the Group announced that at the Company's Annual General Meeting ("AGM") held on that day, all of the resolutions proposed, as set out in the Notice of AGM, were duly passed.

 

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.

 

Events Post Reporting Date

 

The Group has obtained loans from the CEO Mr. Chen Chih Lung of £80,000 on 11 July 2019. These loans demonstrate his continuous commitment to support the working capital needs of the Group as when required.

 

Garry Willinge

 

Non-Executive Chairman

 

19th September 2019

 

 

 

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

For further information please visit http://www.gowingrp.com/gowingrp_en/index.php/ or contact the following:

Garry Willinge                            Gowin New Energy Group Limited           +852 9100 9972

David Scott / James Dewhurst     Alexander David Securities Limited          +44 20 7448 9820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gowin New Energy Group Limited

Condensed consolidated statement of comprehensive income

For the six months ended 30 June 2019

 

 

 

 

 

 

Six months

 

 

Six months

 

 

 

 

ended

 

ended

 

 

 

 

30 June 2019

 

30 June 2018

 

 

 

 

RMB'000

 

RMB'000

 

Continuing Operations

Note

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

 

 

Revenue

7

 

4

 

4

 

 

 

          - 

 

          - 

 

Gross profit

 

 

    4

 

    4

 

 

 

 

 

 

 

 

Administrative expenses

10

 

(2,035)

 

(1,926)

 

Investment gain(loss)

 

 

                2 

 

(405)

 

Selling expenses

 

 

(3)

 

-

 

Operating loss

 

 

(2,032)

 

           (2,327) 

 

 

 

 

 

 

 

 

Finance costs

9

 

  (86)

 

  (47)

 

Other Income/ (loss)

 

 

10

 

-

 

Foreign exchange gain/(loss)

 

 

59

 

(153)

 

 

 

 

 

 

 

 

Loss before tax

 

 

       (2,049)

 

       (2,527)

 

 

 

 

 

 

 

 

Tax

11

 

-

 

-

 

 

 

 

 

 

 

 

Loss from continuing operations

 

 

           (2,049)

 

            (2,527)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive loss for the period attributable to owners of the parent

 

 

(2,049)

 

(2,527)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share attributable to owners of the parent during the period expressed in RMB per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted loss per share

12

 

(0.007)

 

(0.009)

 

 

 

 

 

 

 

 

 

 

 

 

Gowin New Energy Group Limited

Condensed consolidated statement of financial position

As at 30 June 2019

 

 

 

 

As at

 

As at

 

As at

 

 

Note

 

30 June

 2019

 

30 June

2018

 

31 December 2018

 

 

 

 

RMB'000

 

RMB'000

 

RMB'000

 

 

 

 

(Unaudited)

 

(Unaudited)

 

(Audited)

 

Assets

 

 

 

 

 

 

 

 

Non-Current Assets

 

 

 

 

 

 

 

 

Long-term Investments

14

 

2,269

 

4,135

 

2,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Trade and other receivables

15

 

150

 

604

 

81

 

Cash in bank

16

 

203

 

235

 

330

 

 

 

 

2,622

 

4,974

 

2,716

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

2,622

 

4,974

 

2,716

 

 

 

 

 

 

 

 

 

 

 

Non-Current Liabilities

 

 

 

 

 

 

 

 

Loans from equity holders

17

 

(4,428)

 

-

 

-

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other payables

17

 

            (11,790)

 

(12,408)

 

(14,263)

 

 

Total liabilities

 

 

 

(16,218)

 

 

(12,408)

 

 

 

(14,263)

 

 

 

 

 

 

 

 

 

 

Net assets

 

 

(13,596)

 

(7,434)

 

(11,547)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity attributable to owners of the Company

 

 

 

 

 

 

 

 

Share capital

18

 

29,000

 

29,000

 

29,000

 

Retained loss

 

 

(42,596)

 

(36,434

)

(40,547)

 

Total equity

 

 

(13,596)

 

(7,434)

 

(11,547)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gowin New Energy Group Limited

Condensed consolidated statement of changes in equity

For the six months ended 30 June 2019

 

 

Attributable to owners of the Company

 

Share capital

Share premium

Retained losses

Total

 

 

RMB'000

RMB'000

RMB'000

RMB'000

 

 

For the six months ended 30 June 2018 (Unaudited)

 

Balance as at 1 January 2018 (Audited)

25,000

-

  (33,907)

(8,907)

 

Loss for the period

-

-

        (2,527)

(2,527)

 

Other comprehensive income for the period

-

-

-

-

 

Total comprehensive income for the period

-

 

-

 

(2,527)

 

(2,527)

 

 

Total transactions with owners, recognized directly in equity

 

Issue of shares

4,000

-

-

4,000

 

Balance as at 30 June 2018

29,000

-

(36,434)

(7,434)

 

 

 

For the six months ended 30 June 2019 (Unaudited)

 

Balance as at 1 January 2019 (Audited)

29,000

-

(40,547)

(11,547)

 

Loss for the period

-

-

      (2,049)

(2,049)

 

Other comprehensive income for the period

-

-

-

-

 

Total comprehensive income    for the period

-

-

(2,049)

(2,049)

 

Total transactions with owners, recognized directly in equity

 

 

 

 

 

Issue of shares

 

 

 

 

 

Balance as at 30 June 2019

29,000

-

(42,596)

(13,596)

 

 

 

 

Gowin New Energy Group Limited

Condensed consolidated statement of cash flows

For the six months ended 30 June 2019

 

 

 

 

Six months

 

 

Six months

 

 

ended

 

ended

 

 

30 June 2019

 

30 June

2018

 

 

RMB'000

 

RMB'000

 

 

((Unaudited)

 

(Unaudited)

 

 

 

 

 

 

Cash Flows used in Operating Activities

 

 

 

 

Loss before tax

(2,049)

 

(2,527)

 

Finance income

-

 

-

 

Finance cost

                83

 

                47   

 

Investment loss/(gain)

(2)

 

-

 

Foreign currency loss/(gain)

(55)

 

-

 

Decrease/(Increase) in trade and other receivables

 (69)

 

               (22)

 

(Decrease)/Increase in trade and other payables

1,237

 

(2,215)

 

 

 

 

 

 

Net cash used in operating activities

 (855)

 

 (4,717)

 

 

 

 

 

 

 

 

 

 

 

Cash Flows generated from Financing Activities

 

 

 

 

Shareholders' loans

728

 

3,831

 

Issue of shares

-

 

4,000

 

Repayment of loans

-

 

(3,213)

 

Finance cost

               -

 

               (47)

 

 

 

 

 

 

Net cash generated from financing activities

728

 

4,571

 

 

 

 

 

 

Net increase in cash and cash equivalents

          (127)

 

          (146)

 

 

Cash and cash equivalents at beginning of period

                         

330

 

                         

381

 

 

 

 

 

 

Cash and cash equivalents at end of period

                   203

 

                   235

 

 

 

 

 

 

 

 

 

 

 

 

 


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