TIDMGWIN
RNS Number : 2391E
Gowin New Energy Group Limited
28 June 2023
28 June 202 3
Gowin New Energy Group Limited
("Gowin" or the "Company")
Audited Annual Results for the year ended 31 December 202 2
Gowin New Energy Group Limited is delighted to report its
audited annual results for the twelve months ended 31 December 202
2 .
Chairman's Statement
Gowin New Energy Group Limited (the "Group" or "Gowin") is
pleased to announce its annual results for the year ended 31
December 2022 including early sales success in its agarwood
project.
Gowin has historically been engaged in the sale and investment
of LED related products based in Taiwan. The Group has an
investment 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 continues to assess the opportunity to relaunch its
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. Given China is the key to Gowin's tea
business supply chain, the well publicised and highly impactful
Covid-19 related lockdowns in 2022 (affecting the whole economy and
every industry sector) meant the Group has had to wait before
driving the tea business forward. The good news is that the
People's Republic of China ("PRC") government completely lifted its
Covid Zero policy at the end of 2022 and borders opened more freely
in February 2023. The Group is now assessing the tea trading
environment and any hangover commercial restrictions from the three
years of Covid lockdowns in China and expects to make a business
decision later in 2023 as to how and when it may tentatively
relaunch the tea trading business.
The Group announced the proposed launch of a new agarwood
trading business on 10 February 2022 and provided a trading update
on 7 November 2022. The agarwood business has its focus on trading
high-quality agarwood products, including agarwood incense which is
widely used in religious ceremonies in Taiwan and essential oils
which can be applied in many ways in daily life. Contracts were
signed with Gowin's supplier P&I Enterprise Company Limited
("P&I") and its sales and distribution partner Nine Angel
Limited Company ("Nine Angel") on 4 November 2022. As at 31
December 2022, the incense powder sales achieved was 1.2 million
CNY, a most encouraging start. In addition, the Group established a
Gowin New Energy Limited Taiwan Branch ("Taiwan Branch") on 22
December 2022, in preparation for ending its temporary related
party arrangement with Fonyu Investment Consultants Company Limited
("Fonyu"). This transaction is yet to complete, so Fonyu retains
its role for the time being, after which future trading will be
undertaken by the Taiwan Branch. The Group continues to work hard
on product design and expansion (e.g., essential oils) as well as
on market development and, taking advantage of the improved
environment after pandemic restrictions gradually ease, the Group
is proactively engaging with new prospective clients in order to
secure their future business. The Group will update the market on
its agarwood business developments as they arise.
The Group always strives to provide a safe working environment
for its workforce and stakeholders and for some time has
implemented preventive measures to reduce the spread of Covid-19 in
the workplace, including working from home or half-paid sick leave
within five days of Covid-19 positive. The Group has also reviewed
its compliance and performance in the context of the broad Taiwan
government Occupational Safety and Health Act and is satisfied with
its overall performance and will pay close attention to new
Covid-19 and other risks should they arise.
The Directors pay close attention to financial, non-financial
and the well understood geopolitical risks associated with Taiwan
and the PRC. 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 8
June 2023. These loans are a measure of his determination and
commitment to the Group.
The Directors are committed to achieving sustainable
profitability, step by step. They 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
Date: 28 June 2023
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
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
GOWIN NEW ENERGY GROUP LIMITED
NON-STATUTORY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR
THE YEARED 31 DECEMBER 2022
2022 2021
Continuing Operations Note RMB'000 RMB'000
Revenue 6 1,216 -
Cost of sales (1,076) -
_____ _____
Gross profit 140 -
Administrative expenses 9 (3,467) (3,866)
_____ _____
Operating loss (3,327) (3,866)
Finance costs 8 (325) (309)
Other income 6 14
Fair value (loss)/gain on financial assets
at fair value through
profit or loss 14 (936) 535
Foreign exchange gain 175 264
_____ _____
Loss before tax from continuing operations (4,407) (3,362)
Tax 11 - -
_____ _____
Loss for the year from continuing operations (4,407) (3,362)
_____ _____
Loss for the year attributed to owners
of the
parent entity (4,407) (3,362)
____ ____
Other Comprehensive Income - -
_____ _____
Total Comprehensive Loss for the year
attributable
to owners of the parent entity (4,407) (3,362)
_____ _____
Loss per share expressed in RMB per share
Basic and diluted loss per share for the
year
attributable to owners of the parent entity 12 (0.02) (0.01)
GOWIN NEW ENERGY GROUP LIMITED
NON-STATUTORY CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR
THE YEARED 31 DECEMBER 2022
31 December 31 December
Note 2022 2021
RMB'000 RMB'000
ASSETS
NON-CURRENT ASSETS
Investments at fair value through
profit or loss 14 3,407 4,395
_____ _____
TOTAL NON-CURRENT ASSETS 3,407 4,395
_____ _____
CURRENT ASSETS
Trade and other receivables 15 1,779 74
Cash and cash equivalents 16 815 2,330
_____ _____
TOTAL CURRENT ASSETS 2,594 2,404
_____ _____
TOTAL ASSETS 6,001 6,799
_____ _____
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 17 (13,663) (11,812)
Loans from equity holders 18 (11,330) (14,560)
______ ______
TOTAL CURRENT LIABILITIES (24,993) (26,372)
______ ______
NET CURRENT LIABILITIES (22,399) (26,372)
______ ______
NON-CURRENT LIABILITIES
Loans from equity holders 18 (4,988) -
______ ______
TOTAL NON-CURRENT LIABILITIES (4,988) -
______ ______
TOTAL LIABILITIES (29,981) (26,372)
______ ______
NET LIABILITIES (23,980) (19,573)
______ ______
EQUITY ATTRIBUTABLE TO OWNERS
OF THE PARENT ENTITY
Share capital 19 29,000 29,000
Preference shares 2,195 2,195
Retained earnings (55,175) (50,768)
______ ______
TOTAL DEFICIT (23,980) (19,573)
______ ______
The Consolidated Financial Statements were approved by the board
of Directors and authorised for issue on 28 June 2023 and were
signed on its behalf by:
Garry Willinge Chen Chih-Lung
Director Director
GOWIN NEW ENERGY GROUP LIMITED
NON-STATUTORY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR
THE YEAR ENDED 31 DECEMBER 2022
Attributable to owners of the parent
entity
Share Preference Accumulated
capital shares losses Total
RMB'000 RMB'000 RMB'000 RMB'000
Balance as at 1 January 2021 29,000 2,195 (47,406) (16,211)
_____ _____ _____ ______
Loss for the year - - (3,362) (3,362)
_____ _____ _____ ______
Total comprehensive loss 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)
_____ _____ _____ ______
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)
_____ ______ _____ ______
GOWIN NEW ENERGY GROUP LIMITED
NON-STATUTORY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR
ENDED 31 DECEMBER 2022
2022 2021
RMB'000 RMB'000
Cash Flows from Operating Activities
Loss before tax (4,407) (3,362)
Fair value loss/(gain) on financial assets 936 (535)
Finance costs 325 309
Foreign currency gain (488) (26)
(Increase)/Decrease in trade and other receivables (1,705) 21
Increase in trade and other payables 1,851 1,558
_____ _____
Net cash used in operating activities (3,488) (2,035)
_____ _____
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 1,977 2,024
_____ _____
Net cash generated from financing activities 1,977 2,024
_____ _____
Net decrease in cash and cash equivalents (1,515) (15)
Cash and cash equivalents at beginning of the year 2,330 2,345
_____ _____
Cash and cash equivalents at end of the year (note
16) 815 2,330
_____ _____
Non-cash transactions:
The fair value loss on financial assets was RMB 936,000 (2021:
gain of RMB 535,000).
During the year, finance cost of RMB 321,000 (2021: RMB 305,000)
incurred was credited to the loans from equity holders.
This financial information has been extracted from the audited
financial statements of the Company for the year ended 31 December
202 2 . The financial statements are prepared in accordance with
the International Financial Reporting Standards (IFRS).
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END
NEXFPMLTMTTTMLJ
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June 28, 2023 05:32 ET (09:32 GMT)
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