Gowin New Energy Grp - Annual Results for the year ended 31 December 2023
25/06/2024 07:00
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RNS Number : 6425T Gowin New Energy Group Limited 25 June 2024
25 June 2024
Gowin New Energy Group Limited
("Gowin" or the "Company")
Audited Annual Results for the year ended 31 December 2023
Gowin New Energy Group Limited is delighted to report its audited annual
results for the twelve months ended 31 December 2023.
Chairman's Statement
Gowin New Energy Group Limited (the "Group" or "Gowin") is pleased to release
its Annual Report year ended 31 December 2023. The Group's financial position
is essentially unchanged since the 2023 Interim Report. The Group achieved
dividend income and booked capital gains on its investment in 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.
There are no current plans to dispose or buy additional TTFI shares. Given the
decline of the LED industry, there are no other plans for LED business
development or investments at this time.
In relation to the tea business, a small amount of sales of Taiwanese native
old tea was achieved in the period. Stakeholder relationships are being
maintained and new opportunities are being assessed.
In the Gowin 2023 Interim Report, a variety of agarwood product initiatives
were outlined. Due to a serious illness of the key executive in Gowin's
original customer, the future prospects of that company are in doubt and the
Group is now working on preliminary strategies for international sales
development. The agarwood business segment remains in focus for the Group.
Regarding new business development, the Group is actively exploring new
opportunities, together with assessing the means by which associated new
businesses could be integrated into the Group along with the financial
reengineering that would result. The Board continues to be focused on seeking
solutions to establishing sustainable cashflows and a path to profitability,
step by step. The global economic and geopolitical environment are real
challenges, but Gowin is encouraged by its stakeholders and new business
introductions, who wish to see the Group successfully leverage its status as a
publicly quoted company in the UK. The Group will update the market on its
business developments as they arise.
In relation to going concern risk, CEO Mr Chen Chih-Lung continues his
commitment 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 24 May 2024. These loans continue to be 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 and lenders 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 / George Duxberry
Tel: +44 (0)207 399 9400
NON-STATUTORY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2023
2023 2022
Continuing Operations RMB'000 RMB'000
Revenue 65 1,216
Cost of sales (61) (1,076)
_____ _____
Gross profit 4 140
Administrative expenses (4,648) (3,467)
_____ _____
Operating loss (4,644) (3,327)
Finance costs (357) (325)
Other income 32 6
Gain/(loss) on fair value change and stock dividend on financial assets at
fair value through profit or loss
209 (936)
Foreign exchange (loss)/gain
(817) 175
_____ _____
Loss before tax from continuing operations (5,577) (4,407)
Tax - -
_____ _____
Loss for the year from continuing operations (5,577) (4,407)
_____ _____
Loss for the year attributed to owners of the (5,577) (4,407)
parent entity
____ ____
Other Comprehensive Income - -
_____ _____
Total Comprehensive Loss for the year attributable (5,577) (4,407)
to owners of the parent entity
_____ _____
Loss per share expressed in RMB per share
Basic and diluted loss per share for the year (0.02) (0.02)
attributable to owners of the parent entity
NON-STATUTORY CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2023
31 December 31 December
2023 2022
RMB'000 RMB'000
ASSETS
NON-CURRENT ASSETS
Investments at fair value through profit or loss 3,889 3,407
_____ _____
TOTAL NON-CURRENT ASSETS 3,889 3,407
_____ _____
CURRENT ASSETS
Trade and other receivables 593 1,779
Cash and cash equivalents 280 815
_____ _____
TOTAL CURRENT ASSETS 873 2,594
_____ _____
TOTAL ASSETS 4,762 6,001
_____ _____
LIABILITIES
CURRENT LIABILITIES
Trade and other payables (15,899) (13,663)
Loans from equity holders (18,420) (11,330)
______ ______
TOTAL CURRENT LIABILITIES (34,319) (24,993)
______ ______
NET CURRENT LIABILITIES (33,446) (22,399)
______ ______
NON-CURRENT LIABILITIES
Loans from equity holders - (4,988)
______ ______
TOTAL NON-CURRENT LIABILITIES - (4,988)
______ ______
TOTAL LIABILITIES (34,319) (29,981)
______ ______
NET LIABILITIES (29,557) (23,980)
______ ______
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT ENTITY
Share capital 29,000 29,000
Preference shares 2,195 2,195
Retained earnings (60,752) (55,175)
______ ______
TOTAL DEFICIT (29,557) (23,980)
______ ______
The Consolidated Financial Statements were approved by the board of Directors
and authorised for issue on 24 June 2024 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 2023
Attributable to owners of the parent entity
Share Preference Accumulated losses Total
capital shares
RMB'000 RMB'000 RMB'000 RMB'000
Balance as at 1 January 2022 29,000 2,195 (50,768) (19,573)
_____ _____ _____ ______
Loss for the year - - (4,407) (4,407)
_____ _____ _____ ______
Total comprehensive loss for the year - - (4,407) (4,407)
_____ _____ _____ ______
Total transactions with owners,
recognised directly in equity - - - -
_____ _____ _____ ______
Balance as at 31 December 2022 29,000 2,195 (55,175) (23,980)
_____ _____ _____ ______
Loss for the year - - (5,577) (5,577)
_____ _____ _____ ______
Total comprehensive loss for the year - - (5,577) (5,577)
_____ _____ _____ ______
Total transactions with owners,
recognised directly in equity - - - -
_____ _____ _____ ______
Balance as at 31 December 2023 29,000 2,195 (60,752) (29,557)
_____ ______ _____ ______
NON-STATUTORY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023
2023 2022
RMB'000 RMB'000
Cash Flows from Operating Activities
Loss before tax (5,577) (4,407)
(Gain)/loss on fair value change and stock dividend
on financial assets (209) 936
Finance costs 357 325
Foreign currency gain 496 (488)
Impairment loss on trade receivables 1,152 -
Decrease/(Increase) in trade and other receivables 34 (1,705)
Increase in trade and other payables 2,236 1,851
_____ _____
Net cash used in operating activities (1,511) (3,488)
_____ _____
Cash Flows from Investing Activities
Finance costs (4) (4)
_____ _____
Net cash used in investing activities (4) (4)
_____ _____
Cash Flows from Financing Activities
Loans from equity holders 980 1,977
_____ _____
Net cash generated from financing activities 980 1,977
_____ _____
Net decrease in cash and cash equivalents (535) (1,515)
Cash and cash equivalents at beginning of the year 815 2,330
_____ _____
Cash and cash equivalents at end of the year (note 16) 280 815
_____ _____
Non-cash transactions:
The Gain on fair value change and stock dividend on financial assets was RMB
209,000 (2022: loss on fair value change on financial assets of RMB 936,000).
During the year, finance cost of RMB 353,000 (2022: RMB 321,000) incurred was
credited to the loans from equity holders.
The notes contained in the Annual Report and Consolidated Financial Statements
form part of these financial statements.
This financial information has been extracted from the audited financial
statements of the Company for the year ended 31 December 2023. The financial
statements are prepared in accordance with the International Financial
Reporting Standards (IFRS). The Annual Report is available from the Company's
website at www.gowingrp.com (http://www.gowingrp.com) .
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