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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 0.0% 2.00 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 1.2 -1.5 -1.5 - 2

Grand Vision Media Half-year Report

28/10/2020 10:46am

UK Regulatory (RNS & others)


 
TIDMGVMH 
 
London, 28 October 2020 
 
GRAND VISION MEDIA HOLDINGS PLC ("GVMH" or the "Company") 
 
HALF YEARLY REPORT FOR THE SIX MONTHSED 30 JUNE 2020 
 
The CEO's Report 
 
Overview 
 
The onset of the COVID-19 pandemic in early 2020 has had a significant adverse 
effect on the Group's performance in the first half of 2020. The major 
restrictions on travel and closure of businesses has caused significant 
disruption and erosion of confidence, resulting in a decline in revenues in the 
period. Cinemas remain closed in China, which has had a major adverse impact on 
the out-of-home advertising revenues. 
 
It is uncertain as to when trading conditions will return to normal, and the 
disruption is expected to continue for the remainder of the financial year. The 
Group has increased its focus on eCommerce marketing and services to mitigate 
against the decline in its traditional revenues, by leveraging its contact base 
and international business network. These services are predominantly targeted 
at suppliers of medical equipment, who have experienced a significant increase 
in activity levels as a result of the pandemic. 
 
We have also continued our expansion plan, by forging more strategic 
partnerships, both in geographic expansion and also in the development of new 
location types.  This includes a partnership with Mediaplus of Singapore, who 
will work with us to expand into Singapore.  We are also evaluating the 
implementation of our panels at retail locations such as supermarkets and 
department stores. 
 
Summary of Trading Results 
 
Revenue in the period was HKD6,045K [1H2019 : HKD7,886K], which represents a 
decline of 23%. The Group had a loss after tax of HKD664K [1H2019 : HKD8,164K 
loss]. The Group has managed to achieve cost savings as a result of space 
consolidation and headcount reductions, and has taken advantage of Government 
fiscal support aimed at helping businesses through the pandemic. 
 
Outlook 
 
The cinemas across China started to re-open from July 2020, operating with 
reduced audiences. This situation remains as at today. The outlook for the 
reminder of the financial year remains uncertain, and trading conditions are 
expected to be challenging. The Group will continue to focus on generating 
revenue from other sources whilst its traditional business remains affected by 
the effects of the pandemic. 
 
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 : 28 October 2020 
 
Interim Condensed Statement of Comprehensive Income 
 
                                              GVMH        GVMH        GVMH 
                                          6 months    6 months    Year End 
                                             Ended       Ended 31 December 
                               Notes       30 June     30 June        2019 
                                              2020        2019 
 
                                           HK$'000     HK$'000     HK$'000 
 
Turnover                                     6,045       7,886      12,034 
 
Cost of Sales                              (3,142)     (6,571)    (10,648) 
 
Gross Profit                                 2,903       1,315       1,386 
 
Other Income / Expenditure                     729         167         184 
 
Administrative expenses                    (1,250)     (3,413)     (6,305) 
 
Depreciation                                 (503)     (1,708)     (2,350) 
 
Admission costs                            (2,401)     (4,451)     (7,787) 
 
Premium on reverse                               -           -           - 
acquisition 
 
Operating Loss                               (522)     (8,090)    (14,872) 
 
Finance Cost                                 (142)        (74)       (223) 
 
Loss before taxation                         (664)     (8,164)    (15,095) 
 
Tax on loss on ordinary                          -           -           - 
activities 
 
Loss after taxation                          (664)     (8,164)    (15,095) 
 
Exchange difference arising                                            138 
on Translation                               (486)       (955) 
 
Loss and total comprehensive                                      (14,957) 
loss for the period                        (1,150)     (9,119) 
 
(Loss)/profit attributable 
to: 
 
Equity holders of the Company                (306)     (8,348)    (15,221) 
 
Non-controlling interests                    (358)         184         126 
 
                                             (664)     (8,164)    (15,095) 
 
Total comprehensive (loss)/ 
income attributable to: 
 
Equity holders of the Company                (792)     (9,303)    (15,083) 
 
Non-controlling interests                    (358)         184         126 
 
                                           (1,150)     (9,119)    (14,957) 
 
Basic and diluted earnings       5        (0.0069)    (0.0867)    (0.1568) 
per share (HK$) 
 
Interim Condensed Statement of Changes in Equity 
 
GVMH PLC            Share     Share          Group      Capital Exchange Non-Controlling Retained    Total 
                   Capital  Premium Reorganization Contribution  Reserve        Interest Earnings   Equity 
                                           Reserve arising from 
                                                   shareholders 
                                                           loan 
 
                   HK$'000  HK$'000        HK$'000      HK$'000  HK$'000         HK$'000  HK$'000  HK$'000 
 
Balance at 31       96,017   44,106       (96,631)                                                (12,237) 
December 2018                                                 -    1,896         (3,410) (54,215) 
 
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)                                                (15,420) 
2019                                                        844    2,823         (3,226) (63,814) 
 
Share issue              -        -              -            -        -               -        -        - 
 
Re-Organization          -        -        (4,461)            -        -               -        -  (4,461) 
Reserve 
 
Capital                  -        -              -            -        -               -        -        - 
Contribution 
 
Exchange Reserve         -        -              -            -    5,535               -        -    5,535 
 
Non-Controlling          -        -              -            -        -            (58)        -     (58) 
Interest 
 
Loss for the             -        -              -            -        -               -  (5,534)  (5,534) 
Period 
 
Balance at 31       96,017   44,106       (96,631)                                                (19,938) 
December 2019                                               844    8,358         (3,284) (69,348) 
 
Re-Organization          -        -        (2,641)            -        -               -        -  (2,641) 
Reserve 
 
Capital                  -        -              -        2,552        -               -        -    2,552 
Contribution 
 
Exchange Reserve         -        -              -            -  (1,313)               -        -  (1,313) 
 
Non-Controlling          -        -              -            -        -           2,282        -    2,282 
Interest 
 
Loss for the            -        -              -            -        -               -     (307)    (307) 
period 
 
Balance at 30 JUNE  96,017   44,106       (99,272)                                                (19,365) 
2020                                                      3,396    7,045         (1,002) (69,655) 
 
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 
                                             2020       2019        2019 
 
                                          HK$'000    HK$'000     HK$'000 
 
Assets 
 
Non-Current Assets 
 
Property, plant and                           219        488         165 
equipment 
 
Right of use assets                         1,397          -       1,710 
(IFRS16) 
 
Total Non-Current Asset                     1,616        488       1,875 
 
Current assets 
 
Inventories                                   985        994       1,004 
 
Trade and Other                             7,422      6,890       6,403 
Receivables 
 
Deposits and Pre-Payments                     233        360         395 
 
Cash and Cash Equivalents                   1,643      2,752         510 
 
 Total Current Assets                      10,283     10,996       8,312 
 
Total Assets                               11,899     11,484      10,187 
 
Equity and Liabilities 
 
Share Capital                   6          96,017     96,017      96,017 
 
Share Premium Account           6          44,106     44,106      44,106 
 
Group Re-organization                    (99,272)   (92,170)    (96,631) 
Reserve 
 
Capital Contribution                        3,396        844         844 
arising from 
Shareholder's Loan 
 
Exchange Reverses                           7,045      2,823       8,358 
 
Non-Controlling Interest                  (1,002)    (3,226)     (3,284) 
 
Retained Earnings                        (69,655)   (63,814)    (69,348) 
 
Total Equity                             (19,365)   (15,420)    (19,938) 
 
Liabilities 
 
Non-Current Liabilities 
 
Shareholders loan                          13,985     13,779      14,715 
 
Total Non-Current                          13,985     13,779      14,715 
Liabilities 
 
Current Liabilities 
 
Trade and Other Payables                   14,379     12,399      13,050 
 
Amount Due to Directors                     1,426        551         515 
 
Lease Liability                             1,449          -       1,761 
 
Deposits Received                              25        175          84 
 
Total Current Liability                    17,279     13,125      15,410 
 
Total Liabilities                          31,264     26,904      30,125 
 
Total Equity and                           11,899     11,484      10,187 
Liabilities 
 
Interim Condensed Cash Flow Statement 
 
                                                      GVMH               GVMH       GVMH 
                                                  6 Months           6 Months    For the 
                                        Ended              Ended              year ended 
                                Notes         30 JUNE 2020       30 JUNE 2019         31 
                                                                                December 
                                                                                    2019 
 
                                                   HK$'000            HK$'000    HK$'000 
 
Cash flows from operating 
activities 
 
Operating loss                                       (664)            (8,164)   (15,095) 
 
Add: Depreciation                                      503              1,708      2,350 
 
Add: Finance Cost on                                   142                 74        223 
Shareholders loan 
 
Add: Non Cash Successful fee                             -                  -          - 
 
Add: Share based payment                                                           1,320 
 
Changes in working capital 
 
(Increase) / decrease in                                19                712        702 
inventories 
 
(Increase) / decrease in                             (857)            (1,787)    (1,299) 
receivables 
 
Decrease in deposits and                                 -                677        641 
prepayments 
 
Increase / (decrease) in                             3,150              2,133      2,473 
payables 
 
Decrease in deposit received                             -                  -       (27) 
 
Net cash flow from operating                         2,293            (4,647)    (8,712) 
activities 
 
Investing Activities 
 
Payments for Purchase of Property,                       -               (12)       (10) 
Plant and equity 
 
Acquisition of fixed assets                          (246)                  -          - 
 
Net cash flow from investing activities              (246)               (12)       (10) 
 
Cash flows from financing activities: 
 
Payment of lease liabilities                         (329)                  -      (290) 
 
Increase in an amount due from director                  -                  -        211 
 
Increase in convertible loans                            -                  -      6,904 
 
(Repayment of) / proceeds from                         416              5,029      (850) 
Shareholder loans 
 
Net cash flow from financing activities                 87              5,029      5,975 
 
Net cash flow for the period                         2,134                370    (2,746) 
 
Opening Cash and cash equivalents                      510              2,552      2,552 
 
Effect on Foreign exchange rate changes            (1,001)              (170)        704 
 
Closing Cash and cash equivalents                    1,643              2,752        510 
 
Notes to the Interim Condensed Financial Statements 
 
1.         General Information 
 
GRAND VISION MEDIA HOLDINGS PLC ('the Company') is a media 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 2019. 
 
2.         Basis of Preparation 
 
These unaudited condensed consolidated interim financial statements for the six 
months ended 30 June 2020 were approved by the board and authorised for issue 
on 28 October 2020. 
 
The basis of preparation and accounting policies set out in the Annual Report 
and Accounts for the period ended 31 December 2019 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 2020 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 2020 and 30 June 2019 are 
unaudited and do not constitute full accounts. The comparative figures for the 
period ended 31 December 2019 are extracts from the 2019 audited accounts.  The 
independent auditor's report on the 2019 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 2019 to 30 June 2019 and post reverse. 
 
Standards and Interpretations adopted with no material effect on financial 
statements 
 
There are no other IFRS or IFRIC interpretations that are not yet effective 
that would be expected to have material impact on the Group. 
 
Going concern 
 
The Group's forecasts and projections, taking into account the increase in 
revenue from new streams to mitigate against the decline in traditional 
revenues, and changes in the level of overhead costs, show that the company 
should be able to operate within its available cash resources. The directors 
have, at the time of approving the interim accounts, a reasonable expectation 
that the Group has adequate resources to continue in existence for the 
foreseeable future. They therefore continue to adopt the going concern basis of 
accounting in preparing the financial statements. 
 
The onset of the COVID-19 pandemic in early 2020 has had a significant adverse 
effect on the Group's performance in the first half of 2020. The outlook for 
the reminder of the financial year remains uncertain, and trading conditions 
are expected to be challenging. The Group will continue to focus on generating 
revenue from other sources whilst its traditional business remains adversely 
impacted by the effects of the pandemic. 
 
3.         Segmental Reporting 
 
In the opinion of the Directors, the Company has one class of business, being 
that of out of home media and marketing and operates in the Peoples Republic of 
China/Hong Kong. 
 
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 2020 was HK$ 
585,869 (2019: 
loss of HK$ 1,052,293, year ended 31 December 2019: HK$ 1,273,000). The current 
period operating loss incorporated the following main items: 
 
                                               GVMH        GVMH       GVMH 
                                       30 JUNE 2020     30 JUNE         31 
                                                           2019   December 
                                                                      2019 
 
                                        (Unaudited) (Unaudited)  (Audited) 
 
                                                        HK$'000    HK$'000 
 
Accounting and administration fees         -                 79        209 
 
Employment expenses                       297               732        521 
 
Rent fees                                  -                  -          - 
 
Legal and professional fees               150                49        304 
 
Listing costs                              -                115          - 
 
Other expenses                            139                77        239 
 
Total                                     586             1,052      1,273 
 
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 
                                        2020       2019        2019 
 
                                           HK$         HK$         HK$ 
 
Loss after tax                          (664,000)  (8,348,000) (15,095,000) 
 
Weighted average number of ordinary     96,287,079 96,287,079  96,287,079 
shares in issue 
 
Basic and diluted loss per share        (0.0069)   (0.0867)    (0.1568) 
 
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 31 December 2018 96,287,079  9,628,708 96,017,186 4,422,954  44,105,565 
 
Balance at 30 JUNE 2019     96,287,079  9,628,708 96,017,186 4,422,954  44,105,565 
 
Balance at 31 December 2019 96,287,079  9,628,708 96,017,186 4,422,954  44,105,565 
 
Balance at 30 JUNE 2020     96,287,079  9,628,708 96,017,186 4,422,954  44,105,565 
 
 
7          Events Subsequent to 30 June 2020 
 
There were no events subsequent to the balance sheet date. 
 
8.         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/ 
 
Ajay Rajpal, 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 jisaacs@alfredhenry.com 
 
 
 
 
END 
 

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October 28, 2020 06:46 ET (10:46 GMT)

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