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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gowin New Energy Group Limited | AQSE:GWIN | Aquis Stock Exchange | Ordinary Share | KYG412152061 | Ordinary shares |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0075 | 0.005 | 0.01 | 0.0075 | 0.0075 | 0.0075 | 0.00 | 06:56:52 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMGWIN
RNS Number : 3657L
Gowin New Energy Group Limited
30 September 2016
30 September 2016
Gowin New Energy Group Limited
("GNE" or the "Group")
(ISDX: GWIN)
Interim Results for the Six Months Ended 30 June 2016
Gowin New Energy Group Limited, the China-based group engaged in the research and development, outsourcing and sales of LED lighting products, today announces its unaudited financial results for the six months ended 30 June 2016.
Chairman's Statement
Business Overview
As previously reported, the Group terminated the Variable Interest Equity ("VIE") relationship with a PRC company Dongguan Yichia Optoelectronics Technology Co., Limited ("Yichia Opto") late last year. As a result of that termination between the Group and Yichia Opto, the Group's business turnover in the first half year of 2016 has significantly decreased, but has simultaneously enabled the Group to continue focusing on R&D progress and expand into other businesses with less working capital requirement. The Group has been exploring and implementing its expanding business base in the first half year of 2016 with minimal incremental business turnover in the six months ending 30 June 2016. In this period the Group has engaged with SOPHELIN BIOTECH CO., LTD and PLEASE BIOTECHNOLOGY CO., LTD developing an anti-allergy filter product which is close to completion. Additionally, the Group has engaged with XIANG-TENG ENTERTAINMENT LIMITED on entertainment sector game facility solutions which are expected to make meaningful profit contributions to the Group in the future. These two business development projects will commence sales in the second half year of 2016, driving expected strong sales and Group profit contribution.
Since most of the Group's employees operate the business in Taiwan, the Group's representative office has been set up in Taoyuan city, in operation since June 2016. To support the Group's future development, the Group is arranging to set up two subsidiaries respectively located in Taiwan and China. The implementation of the two subsidiaries is currently in the project planning phase; the Group will disclose more information as they approach becoming operational.
Financial Position
The total cash balance of the Group as at 30 June 2016 is RMB 9,204,796, considered sufficient (along with conservative projected sales income) to meet its medium term working capital needs for R&D, business expansion and recurring operational expenses. In addition, as a safety measure, should there be any additional unforeseen costs, the Group's CEO Chen Chih Lung has signed a promissory agreement to maintain the Group's ongoing operations and liquidity posture as required. The Board will continue to monitor its cash flow projections on a monthly basis.
Rosin Trading Limited ("Rosin", a subsidiary of the Group) lent US$890,000 to Choice Only International Ent. Co., Ltd. ("Choice") on 26 December 2015, due to be repaid by 26 June 2016. In order to ensure that Choice will redeem the loan in due course, the Group's CEO Chen Chih Lung deposited US$530,888 with the Group as security. As at 26 June 2016, Choice had an outstanding loan amount of US$340,880 which was settled out of the security deposit of US$530,888 provided by Chen Chih Lung. As a result, Choice has met its loan repayment obligations on 26 June 2016.
As described earlier in this report, the Group is proactively expanding its offerings in multiple markets. For example, the Group is evaluating a potential business partnership with TAIWAN THICK-FILM INDUSTRIES CORP. ("Tailon"). Tailon is a company mainly engaged in LED components and panels which they would potentially assemble for our Group's business and sales. Tailon currently has very strong business capital and profits, as revealed on its website and the Taiwan Stock Exchange. When the due diligence report is available the Board will meet to decide if, how and when to invest, at which time the Group will make an appropriate announcement.
Business Outlook
The main business projects which are under development by the Group in 2016 are (1) developing anti-allergy filter products (2) entertainment sector with game facility solutions (3) potential investment in Tailon. These projects, as they come to fruition, are expected to significantly enhance Group profitability beginning late in the second half year of 2016. Tailon, in particular, has broad scale and sustainable profits, with significant upside from a potential partnership with Gowin. In addition, the Group continues its focus on LED R&D and new innovations in indoor and outdoor lighting production which will enhance global commitment to new energy solutions, with features such as power saving function, wafers integration and power effectiveness.
Conclusion
The Board is confident about its business direction and expected growth in revenues and profits. Shareholders will be kept up to date on developments.
I really appreciate all the support from our shareholders. It's acknowledged that in the recent Group restructuring phase there has been little growth. However, with the continuous committed efforts of the Board and staff, a brighter future is anticipated with commensurate upward trends in shareholder value. Finally, on the behalf of the Board, I wish to thank our indispensable employees for their hard work and results.
Garry Willinge
Non-Executive Chairman
30 September 2016
The directors of Gowin New Energy Group Limited accept responsibility for this announcement.
For further information, please visit www.gowinyichia.com or contact the following:
Garry Willinge Gowin New Energy Group Limited +852 9100 9972 David Scott / James Dewhurst Alexander David Securities Limited +44 20 7448 9820
Gowin New Energy Group Limited
Condensed consolidated statement of comprehensive income
For the six months ended 30 June 2016
Hot Features
Premium
Restated
Six months Six months
ended ended
30 June 30 June
2016 2015
RMB'000 RMB'000
Continuing Operations Note (Unaudited) (Unaudited)
Revenue 7 24 -
Cost of sales (23) -
------------ -----------
Gross profit 1 -
Administrative expenses 9 (3,410) (5,679)
Operating loss (3,409) (5,679)
Finance income 8 349 -
Loss before tax (3,060) (5,679)
Tax 10 - -
------------ -----------
Loss from continuing operations (3,060) (5,679)
Discontinued operations
Loss from discontinued operations - (6,884)
------------ -----------
Loss for the period (3,060) (12,563)
Other comprehensive income - -
------------ -----------
Total comprehensive loss for the period
attributable to owners of the parent (3,060) (12,563)
============ ===========
Loss per share attributable to owners of
the parent during the period expressed in
RMB per share
Basic and diluted loss per share 11 (0.004) (0.030)
============ ===========
Gowin New Energy Group Limited
Condensed consolidated statement of financial position
As at 30 June 2016
As at Restated As at
as at
Note 30 June 30 June 31 December
2016 2015 2015
RMB'000 RMB'000 RMB'000
(Unaudited) (Unaudited) (Audited)
Assets
Current assets
Trade and other receivables 13 27,168 20 6,532
Cash in bank 9,204 5,988 1,309
36,372 6,008 7,841
Assets directly associated
with the discontinued
operations - 140,903 -
------------ -----------
Total assets 36,372 146,911 7,841
-----------
Current liabilities
Trade and other payables 15 (16,144) (13,575 ) (17,052)
(16,144) (13,575 )
Liabilities directly
associated with the
discontinued operations - (101,611 ) -
Total liabilities (16,144) (115,186 ) (17,052)
------------ ----------- ------------
Net assets 20,228 31,725 (9,211)
Equity attributable
to owners of the
Company
Share capital 16 77,071 44,571 44,571
Share premium 19,988 19,988 19,989
Retained loss (76,831 ) (32,834 ) (73,771)
Total equity 20,228 31,725 (9,211)
------------ ----------- ------------
Gowin New Energy Group Limited
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2016
Attributable to owners of the Company
-----------------------------------------------------------------------------
Reverse acquisition
Share capital Share premium reserve Retained losses Total
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
For the six months ended 30
June 2015 (Unaudited)
Balance at 1 January 2015
(Audited) 34,571 14,677 (10,049) (10,222) 28,977
Loss for the period - - - (12,563) (12,563)
Other comprehensive income
for the period - - - - -
-------------- -------------- --------------------------- ---------------- ---------
Total comprehensive income
for the period - - - (12,563) (12,563)
Total transactions with
owners, recognized
directly in equity
Issue of shares 10,000 5,311 - - 15,311
Reallocation - - 10,049 (10,049) -
-------------- -------------- --------------------------- ---------------- ---------
Restated balance as at 30
June 2015 44,571 19,988 - (32,834) 31,725
-------------- -------------- --------------------------- ---------------- ---------
For the six months ended
30 June 2016 (Unaudited)
Balance as at 1 January
2016 (Audited) 44,571 19,988 - (73,771) (9,212)
Loss for the period - - - (3,060) (3,060)
Other comprehensive income
for the period - - - - -
-------------- -------------- --------------------------- ---------------- ---------
Total comprehensive income
for the period - - - (3,060) (3,060)
Total transactions with
owners, recognized directly
in equity
Issue of shares 32,500 - - - 32,500
Balance as at 30 June 2016 77,071 19,988 - (76,831) 20,228
============== ============== =========================== ================ =========
Gowin New Energy Group Limited
Condensed consolidated statement of cash flows
For the six months ended 30 June 2016
Restated
Six months Six months
ended ended
30 June 30 June
2016 2015
RMB'000 RMB'000
(Unaudited) (Unaudited)
Cash Flows used in Operating Activities
Loss before tax (3,060) (5,679)
Finance income (349) -
Decrease/(increase) in trade and
other receivables 621 (1,877)
Increase in trade and other payables 1,553 9,437
Net cash used in operating activities
by discontinued operations - (10,781)
------------ -----------
Net cash used in operating activities (1,235) (8,900)
Cash Flows generated from Financing
Activities
Issue of shares 3,810 15,311
Repayment of loan made to related
party 5,321 -
Net cash used by discontinued operations - (435)
Net cash generated from financing
activities 9,131 14,876
Net increase in cash and cash equivalents 7,895 5,976
------------ -----------
Cash and cash equivalents at beginning
of period 1,309 12
------------ -----------
Cash and cash equivalents at end
of period 9,204 5,988
============ ===========
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FBLFXQKFXBBF
(END) Dow Jones Newswires
September 30, 2016 07:34 ET (11:34 GMT)
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