Gowin New Energy Grp - Annual Results
20/06/2022 14:26
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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 535 1,614
Foreign exchange gain 264 138
_____ _____
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 (3,362) (2,200)
parent entity
____ ____
Other Comprehensive Income - -
_____ _____
Total Comprehensive Income for the year attributable (3,362) (2,200)
to owners of the parent entity
_____ _____
Earnings per share expressed in RMB per share
Basic and diluted loss per share for the year (0.01) (0.01)
attributable to equity holders of the parent entity
NON-STATUTORY CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 31 DECEMBER 2021
31 December 31 December
2021 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 Preference Retained Total
capital shares earnings
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 - 2,195 - 2,195
_____ _____ ______ ______
Total transactions with owners, - 2,195 - 2,195
recognised directly in equity
_____ _____ _____ ______
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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