Gowin New Energy Grp - Final Results
28/06/2021 12:45
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) |
| 31December 2020 | 31December 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) |
| ______ | ______ | |
| 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) |
| _____ | _____ | _____ | ______ | |
| 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 |
| _____ | _____ | |