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 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.