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Gowin New Energy Grp - Annual Results for the year ended 31 December 2023


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Gowin New Energy Group Limited · GWIN

25/06/2024 07:00

Gowin New Energy Grp - Annual Results for the year ended 31 December 2023
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

Foreign exchange (loss)/gain


 

209

(817)

 

 

(936)

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

  parent entity


 

(5,577)

 

(4,407)



____

____





Other Comprehensive Income


-

-



_____

_____

 

Total Comprehensive Loss for the year attributable

to owners of the parent entity


 

(5,577)

 

(4,407)

 


_____

_____

 

 Loss per share expressed in RMB per share




 




Basic and diluted loss per share for the year

attributable to owners of the parent entity


(0.02)

(0.02)

 

 

 

 

 

 


 

NON-STATUTORY CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2023



 

 

              31 December

                              2023

 

              31 December

                              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

capital

Preference

shares

Accumulated losses

Total


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.

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