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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Grand Vision Media Holdings Plc | LSE:GVMH | London | Ordinary Share | GB00BDHBGL97 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.50 | 1.00 | 2.00 | 1.50 | 1.50 | 1.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | 4.24M | -5.72M | -0.0594 | -0.25 | 1.44M |
TIDMGVMH London, 30 September 2019 GRAND VISION MEDIA HOLDINGS PLC ("GVMH" or the "Company") HALF YEARLY REPORT FOR THE SIX MONTHSED 30 JUNE 2019 The CEO's Report Overview General market conditions for the advertising sector were tough in the first six months, primarily caused by the concern of the economic impact and extended timeline of the trade war between US and China. In the past six months, we have expanded both our network and our presence in the region. We concluded our partnership agreement with Dadi Cinemas and rolled out our glasses free 3D panels to further twenty cinemas. We also secured the right to be their sales partner for their cinema advertising assets. We also signed with strategic partners in Japan and Korea to strengthen our sales presence in those regions, in line with our strategy to capture a larger share of marketing budget targeted at Chinese outbound tourism. We have also started a pilot project with CJ CGV Cinemas in Korea. This is a significant development that confirms our cinema-centric model has an appeal that is not unique in China. We may consider develop similar partnerships in the wider region. Summary of Trading Results GVMH Consolidated Results for the 6 Months to 30 June 2019 Revenue in the period was HKD7,886K. The Company had a loss before tax of HKD8,164K. The expenses in the period included listing costs amounting to HKD115K. GVC Holdings Ltd ("GVCH") Results for the 6 Months to 30 June 2019 Revenue in the period was HKD7,886K (H1 2018 : HKD7,415K), representing an increase of 6% compared to the same period last year. Despite a tight market, we have been able to deliver more integrated campaigns and marketing events to supplement the traditional OOH advertising revenue. Revenue from social media marketing also grew by over 10 percent to HKD 2,600K. GVCH had a loss before tax in the period of HKD7,111K (H1 2018: HKD6,745K). Outlook The Successful pilot in Korea with CJ CGV cinemas is a significant development for the Group. As a result, we are in the planning stage of a bigger roll out with the CJ CGV cinemas in Korea. This also encourages us to evaluate the possibility of expanding our network to other Asian countries. To respond to the changes in the market dynamics, we are making some re-alignment of our strategy to ensure a broad coverage in China whilst focussing in the top ten to fifteen cities in China while enlarging our network through representing other advertising assets within cinemas. We shall relocate our own glasses free 3D panels to these cities with an aim to achieve a bigger critical mass in those cities. In addition to strengthening existing overseas partnerships, we are in discussions with partners in Asian countries such as Singapore and Thailand. The luxury goods segment in China continues to grow and we are planning to work with a leading distributor / buying office of luxury fashion brands in China to boost our market access and industry insights, allowing us to better serve clients in this sector. Through this partnership we hope to provide both on-line and off-line marketing services to luxury fashion brands seeking to establish themselves in China. Responsibility Statement We confirm that to the best of our knowledge: a. the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting'; b. the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year; and, c. the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein). Cautionary statement This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose. The condensed accounts have not been reviewed by the auditors. Jonathan Lo Chief Executive Officer Date : 27 September 2019 Interim Condensed Statement of Comprehensive Income GVMH GVMH GVMH 6 months 6 months Year End Ended Ended 31 December Notes 30 June 30 June 2018 2019 2018 HK$'000 HK$'000 HK$'000 Turnover 7,886 7,415 18,026 Cost of Sales (6,571) (4,166) (12,140) Gross Profit 1,315 3,249 5,886 Other Income / Expenditure 167 62 79 Administrative expenses (3,413) (8,263) (20,524) Depreciation (1,708) (2,008) (3,982) Admission costs (4,451) (8,385) (8,946) Premium on reverse acquisition - (5,259) (5,259) Operating Loss (8,090) (20,604) (32,746) Finance Cost (74) (141) (316) Loss before taxation (8,164) (20,745) (33,062) Tax on loss on ordinary - - - activities Loss after taxation (8,164) (20,745) (33,062) Exchange difference arising on (955) - 772 Translation Loss and total comprehensive loss (9,119) (20,745) (32,290) for the period (Loss)/profit attributable to: Equity holders of the Company (8,348) (20,699) (33,069) Non-controlling interests 184 (46) 7 (8,164) (20,745) (33,062) Total comprehensive (loss)/income attributable to: Equity holders of the Company (9,303) (20,699) (33,297) Non-controlling interests 184 (46) 7 (9,119) (20,745) (33,290) Basic and diluted earnings per 5 (0.085) (1.56) (0.34) share (HK$) Interim Condensed Statement of Changes in Equity GVMH PLC Capital Contribution Group arising from Non-Controlling Share Share Reorganization shareholders Exchange Interest Retained Total Capital Premium Reserve loan Reserve Earnings Equity HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 Balance at 19 June 99,782 45,835 - - - - (21,918) 123,699 2018 Re-Organization - - (96,631) - - - - (96,631) Reserve Capital - - - 844 - - - 844 Contribution Exchange Reserve - - - - (222) - - (222) Non-Controlling - - - - - (3,464) - (3,464) Interest Loss for the - - - - - - (20,699) (20,699) period Balance at 30 June 99,782 45,835 (96,631) 844 (222) (3,464) (42,617) 3,527 2018 Share issue (3,765) - - - - - - (3,765) Share Premium - (1,729) - - - - - (1,729) Capital - - - (844) - - - (844) Contribution Exchange Reserve - - - - 2,118 - - 2,118 Non-Controlling - - - - - 54 - 54 Interest Loss for the - - - - - - (11,598) (11,598) Period Balance at 31 96,017 44,106 (96,631) - 1,896 (3,410) (54,215) (12,237) December 2018 Re-Organization - - 4,461 - - - - 4,461 Reserve Capital - - - 844 - - - 844 Contribution Exchange Reserve - - - - 927 - (296) 631 Non-Controlling - - - - - 184 - 184 Interest Loss for the - - - - - - (9,303) (9,303) period Balance at 30 June 96,017 44,106 (92,170) 844 2,823 (3,226) (63,814) (15,420) 2019 Share capital is the amount subscribed for shares at nominal value. The share premium has arisen on the issue of shares at a premium to their nominal value.
Retained losses represent the cumulative loss of the Company attributable to equity shareholders. Interim Condensed Statement of the Financial Position GVMH GVMH GVMH Notes 30 June 30 June 31 December 2019 2018 2018 HK$'000 HK$'000 HK$'000 Assets Non-Current Assets Property, plant and equipment 488 4,192 2,183 Investment in Subsidiary - - - Total Non-Current Asset 488 4,192 2,183 Current assets Inventories 994 2,403 1,707 Trade and Other Receivables 6,890 6,083 5,104 Deposits and Pre-Payments 360 871 1,036 Cash and Cash Equivalents 2,752 8,692 2,552 Total Current Assets 10,996 18,049 10,399 Total Assets 11,484 22,241 12,582 Equity and Liabilities Share Capital 6 96,017 99,782 96,017 Share Premium Account 6 44,106 45,835 44,106 Group Re-organization Reserve (92,170) (96,631) (96,631) Capital Contribution arising 844 844 - from Shareholder's Loan Exchange Reverses 2,823 (222) 1,896 Non-Controlling Interest (3,226) (3,464) (3,410) Retained Earnings (63,814) (42,617) (54,215) Total Equity (15,420) 3,527 (12,237) Liabilities Non-Current Liabilities Shareholders loan 13,779 8,502 8,676 Total Non-Current Liabilities 13,779 8,502 8,676 Current Liabilities Trade and Other Payables 12,399 9,759 15,728 Amount Due to Directors 551 71 304 Deposits Received 175 382 111 Total Current Liability 13,126 10,212 16,143 Total Liabilities 26,904 18,714 24,819 Total Equity and Liabilities 11,484 22,241 12,582 Interim Condensed Cash Flow Statement GVMH GVMH GVMH 6 Months 6 Months For the year ended ended ended 31 Notes 30 June 2019 30 June 2018 December 2018 HK$'000 HK$'000 HK$'000 Cash flows from operating activities Operating loss (8,164) (20,745) (33,062) Add: Depreciation 1,708 2,008 3,982 Add: Finance Cost on 74 141 316 Shareholders loan Add: Non Cash Successful fee - 6,972 7,024 Add: Share based payment 1,447 Add: Premium on reverse 5,259 5,259 acquisition Changes in working capital (Increase) / decrease in 712 403 1,119 inventories (Increase) / decrease in (1,787) 120 1,270 receivables Decrease in deposits and 677 - 7,857 prepayments Increase / (decrease) in 2,133 (5,432) 2,848 payables (Increase)/Decrease in amount - - 257 due from related companies Net cash flow from operating (4,647) (11,274) (17,397) activities Investing Activities Payments for Purchase of Property, Plant (12) (34) (47) and equity Acquisition Net of Bank Balance 6,032 6,032 Net cash flow from investing activities (12) 5,998 5,985 Cash flows from financing activities: (Repayment of) / proceeds from Shareholder 5,029 2,500 2,500 loans Net proceeds from issue of shares 6 - 6,978 6,714 Net proceeds from share premium - 3,489 3,357 Net cash flow from financing activities 5,029 12,967 12,571 Net cash flow for the period 370 7,691 1,159 Opening Cash and cash equivalents 2,552 1,136 1,136 Effect on Foreign exchange rate changes (170) (135) 257 Closing Cash and cash equivalents 2,752 8,692 2,552 Notes to the Interim Condensed Financial Statements 1. General Information GRAND VISION MEDIA HOLDINGS PLC ('the Company') is an investment company incorporated in the United Kingdom. Details of the registered office, the officers and advisers to the Company are presented on the Directors and Advisers page at the end of this report. The information within these interim condensed financial statements and accompanying notes must be read in conjunction with the audited annual financial statements that have been prepared for the period ended 31 December 2018. 2. Basis of Preparation These unaudited condensed consolidated interim financial statements for the six months ended 30 June 2019 were approved by the board and authorised for issue on 27 September 2019. The basis of preparation and accounting policies set out in the Annual Report and Accounts for the period ended 31 December 2018 have been applied in the preparation of these condensed interim financial statements. These interim financial statements have been prepared in accordance with the recognition and measurement principles of the International Financial Reporting Standards ("IFRS") as endorsed by the EU that are expected to be applicable to the financial statements for the year ending 31 December 2019 and on the basis of the accounting policies expected to be used in those financial statements. The figures for the six months ended 30 June 2019 and 30 June 2018 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 December 2018 are extracts from the 2018 audited accounts. The independent auditor's report on the 2018 accounts was not qualified. The assets and liabilities of the legal subsidiary, GVC Holdings Limited are recognized and measured in the Group financial statements at the pre-combination carrying amounts, without restatement of fair value. The retained earnings and other equity balances recognized in the Group financial statements reflect the retained earnings and other equity balances of Grand Vision Media Holdings plc immediately before the reverse and the results of the period from 1 January 2018 to 30 June 2018 and post reverse. Standards and Interpretations adopted with no material effect on financial statements In the current year, the Group, for the first time, has applied IFRS 16 Leases. IFRS 16 introduces new or amended requirements with respect to lease accounting. It introduces significant changes to the lessee accounting by removing the distinction between operating and finance leases and requiring the recognition of a right-of-use asset and a lease liability at the lease commencement for all leases, except for short-term leases and leases of low value assets. In contrast to lessee accounting, the requirements for lessor accounting have remained largely unchanged. The impact of the adoption of IFRS 16 on the Group's consolidated financial statements is described below. The Group has applied IFRS 16 using the Modified retrospective approach. There are no other IFRS or IFRIC interpretations that are not yet effective that would be expected to have material impact on the Group. 3. Segmental Reporting In the opinion of the Directors, the Company has one class of business, being that of social media marketing and operates in the Peoples Republic of China. 4. Company Result for the period The Company has elected to take the exemption under section 408 of the Companies Act 2006 not to present the parent Company income statement account. The operating loss of the Company for the six months ended 30 June 2019 was HK$ 1,052,293 (2018: loss of HK$ 874,844, year ended 31 December 2018: HK$ 10,810,849). The current period operating loss incorporated the following main items: GVMH GVMH GVMH 30 June 2019 30 June 2018 31 December 2018 (Unaudited) (Unaudited) (Audited) HK$'000 HK$'000 HK$'000 Accounting and administration fees 79 9 165 Employment expenses 732 8 816
Rent fees - 3 47 Legal and professional fees 49 5 147 Listing costs 115 831 9,082 Other expenses 77 19 554 Total 1,052 875 10,811 5. Earnings per Share Earnings per share data is based on the Company result for the six months and the weighted average number of shares in issue. Basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period: GVMH GVMH GVMH 30 June 30 June 31 December 2019 2018 2018 (Unaudited) (Unaudited) (Audited) HK$ HK$ HK$ Loss after tax (8,348,000) (20,699,000) (33,069,000) Weighted average number of ordinary shares 96,287,079 13,234,439 96,287,079 in issue Basic and diluted loss per share (0.089) (1.56) (0.34) Basic and diluted earnings per share are the same, since where a loss is incurred the effect of outstanding share options and warrants is considered anti-dilutive and is ignored for the purpose of the loss per share calculation. There were no potential dilutive shares in issue during the period. 6. Share Capital Ordinary shares are classified as equity. Proceeds from issuance of ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against share capital. Allotted, called up and Number of Share Share Share Share fully paid ordinary shares shares Capital Capital Premium Premium of 10p each GBP HK$ GBP HK$ Balance at 26 February 2016 50,000,000 50,000 518,150 - - Balance at 30 June 2016 50,000,000 50,000 518,150 - - Share issue - 2 August 2016 60,000,000 60,000 621,780 - - Consolidate shares - 3 (108,900,000) - - - - August 2016 Balance at 31 December 2016 1,100,000 110,000 1,139,930 - - Share issue - 10 January 5,130,000 513,000 5,316,219 257,000 2,663,291 2017 Balance at 30 June 2018 6,230,000 623,000 6,456,149 257,000 2,663,291 After Acquisition Share 19 90,057,079 9,005,708 93,326,151 4,502,854 46,663,075 June 2018 Balance at 31 December 2018 96,287,079 9,628,708 99,782,300 4,759,854 49,326,366 Balance at 30 June 2019 96,287,079 9,628,708 99,782,300 4,759,854 49,326,366 7 Events Subsequent to 30 June 2019 On 19 July 2019, GVMH issued convertible loan notes of GBP670k. 8 Reverse Acquisition The reverse acquisition occurred just prior to the period end 30 June 2018 and the consolidated numbers of GVC Holdings Limited are presented below for illustration purposes only: Income statement GVCH GVCH 6 months Ended 6 months Ended 30 June 30 June 2019 2018 HK$'000 HK$'000 Turnover 7,886 7,415 Cost of Sales (6,571) (4,166) Gross Profit 1,315 3,249 Other Income / Expenditure 168 62 Administrative expenses (6,813) (7,907) EBITDA (5,330) (4,596) Finance Cost (73) (141) Depreciation (1,708) (2,008) Loss before taxation (7,111) (6,745) Tax on loss on ordinary activities - - Loss after taxation (7,111) (6,745) Exchange difference arising on Translation (495) - Loss and total comprehensive loss for the period (7,606) (6,745) (Loss)/profit attributable to: Equity holders of the Company (7,294) (6,699) Non-controlling interests 183 (47) (7,111) (6,745) Total comprehensive (loss)/income attributable to: Equity holders of the Company (7,789) (6,699) Non-controlling interests 183 (47) (7,606) (6,745) Basic and diluted earnings per share (HK$) (588) (540) Balance Sheet GVCH GVCH 30 June 30 June 2019 2018 HK$'000 HK$'000 Assets Non-Current Assets Property, plant and equipment 488 4,192 Investment in Subsidiary - - Total Non-Current Asset 488 4,192 Current assets Inventories 994 2,403 Trade and Other Receivables 6,890 3,845 Deposits and Pre-Payments 313 803 Cash and Cash Equivalents 2,681 2,660 Total Current Assets 10,878 9,711 Total Assets 11,366 13,903 Equity and Liabilities Share Capital 106 106 Share Premium Account 30,368 30,368 Group Re-organization Reserve (9,059) (9,059) Capital Contribution arising from Shareholder's Loan 844 844 Exchange Reverses 597 (77) Non-Controlling Interest (3,226) (3,464) Retained Earnings (45,590) (28,617) Total Equity (25,960) (9,899) Liabilities Non-Current Liabilities Shareholders loan 12,750 8,501 Total Non-Current Liabilities 12,750 8,501 Current Liabilities Trade and Other Payables 11,129 9,216 Amount due to GVMH 12,720 5,632 Amount Due to Directors 552 71 Deposits Received 175 382 Total Current Liability 24,576 15,301 Total Liabilities 37,326 23,802 Total Equity and Liabilities 11,366 13,903 9. Reports This interim condensed financial statements will be available shortly on the Company website at www.gvmh.co.uk For more information: Grand Vision Media Holdings plc http://gvmh.co.uk/ Edward Kwan-Mang Ng, Director Tel: +44 (0) 20 7866 2145 or info@gvmh.co.uk Alfred Henry Corporate Finance Ltd Nick Michaels / Jon Isaacs Tel: +44 (0) 20 3772 0021 or enquiries@alfredhenry.com - ENDS - END
(END) Dow Jones Newswires
September 30, 2019 02:00 ET (06:00 GMT)
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