We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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, 8 March 2022 GRAND VISION MEDIA HOLDINGS PLC ("THE GROUP") Half yearly report for the six months ended 30 June 2021 The CEO's Report Overview The disappointing full year results for 2020 have continued into the first half of 2021. Whilst the core business has suffered badly from the ongoing business disruption and uncertainty caused by the pandemic in the region, the Group has been focussing on generating new revenue streams to bolster revenues. It is hoped that these new revenue streams will come to fruition in 2022 onwards. Summary of Trading Results Revenue in the period was HKD1,742K [1H2019 : HKD6,045K], which represents a significant decline as compared to the prior year period. The Group had a loss after tax of HKD3,335K [1H2019 : HKD664K loss]. This was primarily as a result of the reduced turnover resulting from the ongoing business disruption. To mitigate against this, 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 whenever this was available. However, this did not prevent the overall poor Group performance as reported. Cash in hand at the period end was HK$490K. The Group continues to manage its cash within its available resources. Outlook The Group has suffered enormously from the business disruption and uncertainty caused by the pandemic, and particularly more so as Hong Kong/China have been following a strict zero COVID policy. The full year results for 2021 are expected to be well below historic levels again, but the Group remains committed to sourcing new revenue streams to mitigate against the decline in traditional revenues. Responsibility Statement We confirm that to the best of our knowledge: a. the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting'; b. the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year; and, c. the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein). Cautionary statement This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose. The condensed accounts have not been reviewed by the auditors. Jonathan Lo Chief Executive Officer Date : 8 March 2022 Interim Condensed Statement of Comprehensive Income GVMH GVMH GVMH 6 months 6 months Year End Ended Ended 31 December Notes 30 June 30 June 2020 2021 2020 HK$'000 HK$'000 HK$'000 Turnover 1,742 6,045 5,827 Cost of Sales (1,788) (3,142) (5,129) Gross Profit (46) 2,903 698 Other Income / Expenditure (182) 729 1,720 Administrative expenses (2,465) (1,250) (8,996) Depreciation (624) (503) (843) Provision for the trade (2,740) receivables Admission costs - (2,401) - Operating Loss (3,317) (522) (10,161) Finance Cost (18) (142) 111 Loss before taxation (3,335) (664) (10,050) Tax on loss on ordinary - - - activities Loss after taxation (3,335) (664) (10,050) Exchange difference arising 257 on Translation 368 (486) Loss and total comprehensive (9,793) loss for the period (2,967) (1,150) (Loss)/profit attributable to: Equity holders of the Company (3,257) (306) (9,761) Non-controlling interests (78) (358) (289) (3,335) (664) (10,050) Total comprehensive (loss)/ income attributable to: Equity holders of the Company (2,888) (792) (9,504) Non-controlling interests (78) (358) (289) (2,967) (1,150) (9,793) Basic and diluted earnings 5 (0.0346) (0.0069) (0.1044) per share (HK$) Interim Condensed Statement of Changes in Equity GVMH PLC Share Share Group Capital Exchangeand Non-Controlling Retained Total Capital Premium Reorganization Contribution OtherReserve Interest Earnings Equity Reserve arising from shareholders loan HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 Balance at 31 96,017 44,106 (96,631) (19,938) December 2019 844 8,358 (3,284) (69,348) Re-Organization - - (2,641) - - - - (2,641) Reserve Capital - - - 2,552 - - - 2,552 Contribution Exchange Reserve - - - - (1,313) - - (1,313) Non-Controlling - - - - - 2,282 - 2,282 Interest Loss for the - - - - - - (307) (307) period Balance at 30 JUNE 96,017 44,106 (99,272) (19,365) 2020 3,396 7,045 (1,002) (69,655) Share issue - - - - - - - - Re-Organization - - 2,641 - - - - 2,641 Reserve Capital - - - (2,552) - - - (2,552) Contribution Exchange Reserve - - - - (830) - - (830) Other reserve (3,400) 3,400 - Share base payment 975 975 Non-Controlling - - - - - (2,571) - (2,571) Interest Loss for the - - - - - - (9,454) (9,454) Period Balance at 31 96,017 44,106 (100,031) (31,156) December 2020 844 7,190 (173) (79,109) Re-Organization - - - - - - - - Reserve Capital - - - - - - - - Contribution Exchange Reserve - - - (198) - - (198) Non-Controlling - - - - (79) - (79) Interest Loss for the - - - - - - (3,257) (3,257) period Balance at 30 JUNE 96,017 44,106 (100,031) (34,690) 2021 844 6,992 (252) (82,366) Share capital is the amount subscribed for shares at nominal value. The share premium has arisen on the issue of shares at a premium to their nominal value. Retained losses represent the cumulative loss of the Company attributable to equity shareholders. Interim Condensed Statement of the Financial Position GVMH GVMH GVMH Notes 30 June 30 June 31 December 2021 2020 2020 HK$'000 HK$'000 HK$'000 Assets Non-Current Assets Property, plant and 131 219 170 equipment Right of use assets 530 1,397 1,108 (IFRS16) Total Non-Current Asset 661 1,616 1,278 Current assets Inventories - 985 - Trade and Other 3,363 7,422 3,549 Receivables Deposits and Pre-Payments 387 233 400
Cash and Cash Equivalents 490 1,643 855 Total Current Assets 4,240 10,283 4,804 Total Assets 4,901 11,899 6,082 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 (100,031) (99,272) (100,031) Reserve Capital Contribution 844 3,396 844 arising from Shareholder's Loan Exchange and Other 6,992 7,045 7,190 Reverses Non-Controlling Interest (252) (1,002) (173) Retained Earnings (82,366) (69,655) (79,109) Total Equity (34,690) (19,365) (31,156) Liabilities Non-Current Liabilities Convertible Bonds 6,041 5,401 5,968 Shareholders loans 9,232 8,584 9,227 Total Non-Current 15,273 13,985 15,195 Liabilities Current Liabilities Trade and Other Payables 15,033 14,379 14,282 Amount Due to Directors 3,263 1,426 3,567 Lease Liability 558 1,449 1,156 Deposits Received 28 25 92 Shareholder loan 5,436 - 2,946 Total Current Liability 24,318 17,279 22,043 Total Liabilities 39,591 31,264 37,238 Total Equity and 4,901 11,899 6,082 Liabilities Interim Condensed Cash Flow Statement GVMH GVMH GVMH 6 Months 6 Months For the Ended Ended year ended 30 JUNE 2021 30 JUNE 2020 31 December 2020 HK$'000 HK$'000 HK$'000 Cash flows from operating activities Operating loss (3,335) (664) (10,050) Add: Depreciation 46 503 843 Add: Finance Cost 578 142 31 Add: Share based payment - - 975 Add: Provision for the trade - - 2,740 receivables Less: Reserve of overprovided - - (143) interest Changes in working capital (2,711) (19) (5,604) (Increase) / decrease in inventories - 19 1,004 (Increase) / decrease in receivables 199 (857) 109 Decrease in deposits and prepayments - - - Increase / (decrease) in payables (595) 3,150 826 Decrease in deposit received - - 10 Net cash flow from/(used in) (3,107) 2,293 (3,655) operating activities Investing Activities Acquisition of fixed assets (7) (246) (248) Net cash flow from investing activities (7) (246) (248) Cash flows from financing activities: Payment of lease liabilities (616) (329) (636) Increase in an amount due from director - - 3,052 Increase in convertible loans - - - (Repayment of) / proceeds from 2,587 416 3,796 Shareholder loans Net cash flow from financing activities 1,971 87 6,212 Net cash flow for the period (1,143) 2,134 2,309 Opening Cash and cash equivalents 855 510 510 Effect on Foreign exchange rate changes 778 (1,001) (1,964) Closing Cash and cash equivalents 490 1,643 855 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 2020. 2. Basis of Preparation These unaudited condensed consolidated interim financial statements for the six months ended 30 June 2021 were approved by the board and authorised for issue on 8 March 2022. The basis of preparation and accounting policies set out in the Annual Report and Accounts for the year ended 31 December 2020 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 UK adopted International Financial Reporting Standards ("IFRS") that are expected to be applicable to the financial statements for the year ending 31 December 2021 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 2021 and 30 June 2020 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 December 2020 are extracts from the 2020 audited accounts. The independent auditor's report on the 2020 accounts was not qualified. Going Concern The directors are satisfied that the Company has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the condensed financial statements. 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. 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 operating loss of the Company for the six months ended 30 June 2021 was HK$ 544,593 (2020: loss of HK$ 585,869, year ended 31 December 2020: HK$ 1,329,171). The current period operating loss incorporated the following main items: GVMH GVMH GVMH 30 JUNE 2021 30 JUNE 31 2020 December 2020 (Unaudited) (Unaudited) (Audited) HK$'000 HK$'000 Accounting and administration fees - - 168 Employment expenses 323 297 600 Rent fees - - - Legal and professional fees 166 150 281 Other expenses 56 139 280 Total 545 586 1,329 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 2021 2020 2020 HK$ HK$ HK$ Loss after tax (3,335,000) (664,000) (10,050,000) Weighted average number of ordinary 96,287,079 96,287,079 96,287,079 shares in issue Basic and diluted loss per share (0.0346) (0.0069) (0.1044) 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 £ HK$ £ HK$ 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 Balance at 31 December 2020 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565 Balance at 30 JUNE 2021 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565 7 Events Subsequent to 30 June 2021 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 - ENDS - END
(END) Dow Jones Newswires
March 08, 2022 05:22 ET (10:22 GMT)
1 Year Grand Vision Media Chart |
1 Month Grand Vision Media Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions