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.