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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, 28 September 2022 FOR IMMEDIATE RELEASE Grand Vision Media Holdings plc ( "GVMH" or the "Company") Half Year Report Grand Vision Media Holdings plc announces its half year report for the six months ended 30 June 2022. The CEO's Report Overview COVID continued to have a significant adverse impact on the Group's performance in the first half of 2022. OOH revenues were severely impacted by the closure of cinemas across China, together with the regional travel restrictions, and Hong Kong having the worst COVID infections in the first half of 2022. There was a high degree of uncertainty throughout that period, with a resulting loss in overall business confidence. Summary of Trading Results Revenue in the period was HKD1,877K [2021 : HKD1,742K], which represents a rise of 7.7%. The Group had a loss after tax of HKD2,265K [2021 : HKD3,335K]. The Group continued to adopt prudent cost controls whilst exploring alternative revenue streams to augment the revenue. Outlook The effects of COVID continued to adversely effect the Group's performance in 2022. Much of Asia was under very strict lock down rules and international travel was practically suspended. The lock down in Shanghai in early 2022 gave us further challenges for the first half of the current financial year. Cinemas in China are still operating at reduced capacity. We continue to explore new opportunities and revenue streams whilst the core business struggles under COVID restrictions. By leveraging our international contacts, we are facilitating international trade, with a particular focus on commodities including metals and foodstuff. We are also assisting China buyers to explore new international trading channels. However, we are hopeful for the resumption of cross border travel in second half of the year which should result in a slow but steady return to normalcy in travel and trading for the remainder of the year. 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. Interim Condensed Statement of Comprehensive Income GVMH GVMH GVMH 6 months 6 months Year End Ended Ended 31 December Notes 30 June 30 June 2021 2022 2021 HK$'000 HK$'000 HK$'000 Turnover 1,877 1,742 3,039 Cost of Sales (1,535) (1,788) (2,963) Gross Profit 342 (46) 76 Other Income / Expenditure 263 (182) 2,460 Administrative expenses (2,531) (2,465) (7,020) Depreciation (334) (624) (1,681) Operating Loss (2,260) (3,317) (6,165) Finance Cost (5) (18) (19) Loss before taxation (2,265) (3,335) (6,184) Tax on ordinary activities - - - Loss after taxation (2,265) (3,335) (6,184) Exchange difference arising 824 on Translation (1,387) 368 Loss and total comprehensive (3,652) (2,967) (5,360) loss for the period (Loss)/profit attributable to: Equity holders of the Company (2,287) (3,257) (5,882) Non-controlling interests 22 (78) (302) (2,265) (3,335) (6,184) Total comprehensive (loss)/ income attributable to: Equity holders of the Company (3,674) (2,888) (5,058) Non-controlling interests 22 (78) (302) (3,652) (2,967) (5,360) Basic and diluted earnings 5 (0.02) (0.03) (0.06) per share (HK$) 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 (100,031) (31,156) December 2020 844 7,190 (173) (79,109) Exchange Reserve - - - - (198) - - (198) Non-Controlling - - - - - (79) - (79) Interest Loss for the period - - - - - - (3,257) (3,257) Balance at 30 JUNE 96,017 44,106 (100,031) (34,690) 2021 844 6,992 (252) (82,366) Exchange Reserve - - - - 23 - - 23 Lapse of the share - - - - (1,447) - 1,447 - option Non-Controlling - - - - - (223) - (223) Interest Loss for the Period - - - - - - (2,625) (2,625) Balance at 31 96,017 44,106 (100,031) (37,515) December 2021 844 5,568 (475) (83,544) Exchange Reserve - - - - 1,104 - - 1,104 Non-Controlling - - - - - 22 - 22 Interest Loss for the period - - - - - - (2,287) (2,287) Balance at 30 JUNE 96,017 44,106 (100,031) (38,676) 2022 844 6,672 (453) (85,831) 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 2022 2021 2021 HK$'000 HK$'000 HK$'000 Assets Non-Current Assets Property, plant and 57 131 103 equipment Right of use assets 241 530 530 (IFRS16) Total Non-Current Asset 298 661 633 Current assets Inventories - - - Trade and Other 867 3,363 1,327 Receivables Deposits and Pre-Payments 203 387 187 Cash and Cash Equivalents 270 490 172 Total Current Assets 1,340 4,240 1,686 Total Assets 1,638 4,901 2,319 Equity and Liabilities Share Capital 6 96,017 96,017 96,017 Share Premium Account 6 44,106 44,106 44,106 Group Re-organization (100,031) (100,031) (100,031) Reserve Capital Contribution 844 844 844 arising from Shareholder's Loan Exchange and Other 6,672 6,992 5,568 Reverses Non-Controlling Interest (453) (252) (475) Accumulated deficit (85,831) (82,366) (83,544) Total Equity (38,676) (34,690) (37,515) Liabilities Non-Current Liabilities
Convertible Bonds 5,376 6,041 5,946 Shareholders loans 11,235 9,232 9,647 Total Non-Current 16,611 15,273 15,593 Liabilities Current Liabilities Trade and Other Payables 12,622 15,033 12,747 Amount Due to Directors 3,490 3,263 3,589 Lease Liability 255 558 558 Deposits Received - 28 11 Shareholder loan 7,336 5,436 7,336 Total Current Liability 23,703 24,318 24,241 Total Liabilities 40,314 39,591 39,834 Total Equity and 1,638 4,901 2,319 Liabilities Interim Condensed Cash Flow Statement GVMH GVMH GVMH 6 Months 6 Months For the Ended Ended year ended 30 JUNE 2022 30 JUNE 2021 31 December 2021 HK$'000 HK$'000 HK$'000 Cash flows from operating activities Operating loss (2,265) (3,335) (6,184) Add: Depreciation 334 46 669 Add: Finance Cost 5 578 19 Add: Provision for the trade - - 365 receivables Add: Impairment loss on the 581 intercompany current account Changes in working capital (1,926) (2,711) (4,550) Decrease in receivables 460 199 1,857 (increase) / Decrease in deposits and (16) - 213 prepayments Decrease in payables (1,011) (595) (3,842) Net cash flow from/(used in) (2,493) (3,107) 6,322 operating activities Investing Activities Acquisition of fixed assets - (7) (24) Net cash flow from investing activities - (7) (24) Cash flows from financing activities: Payment of lease liabilities (308) (616) (616) Increase in an amount due from director - - 22 Proceeds from Shareholder loans 1,018 2,587 2,766 Net cash flow from financing activities 710 1,971 4,172 Net cash flow for the period (1,783) (1,143) (2,174) Opening Cash and cash equivalents 172 855 855 Effect on Foreign exchange rate changes 1,881 778 1,491 Closing Cash and cash equivalents 270 490 172 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 2021. 2. Basis of Preparation These unaudited condensed consolidated interim financial statements for the six months ended 30 June 2022 were approved by the board and authorised for issue on 28 September 2022. The basis of preparation and accounting policies set out in the Annual Report and Accounts for the year ended 31 December 2021 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 2022 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 2022 and 30 June 2021 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 December 2021 are extracts from the 2021 audited accounts. The independent auditor's report on the 2021 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 2021 to 30 June 2021 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. 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 2022 was HK$441,092 (2021: loss of HK$544,593, year ended 31 December 2021: HK$1,427,487). The current period operating loss incorporated the following main items: GVMH GVMH GVMH 30 JUNE 2022 30 JUNE 31 2021 December 2021 (Unaudited) (Unaudited) (Audited) HK$'000 HK$'000 Employment expenses 308 323 641 Legal and professional fees 75 166 308 Other expenses 58 56 229 Total 441 545 1,178 5. Earnings per Share Earnings per share data is based on the Company result for the six months and the weighted average number of shares in issue. Basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period: GVMH GVMH GVMH 30 June 30 June 31 December 2022 2021 2021 HK$ HK$ HK$ Loss after tax (2,265,000) (3,335,000) (6,184,000) Weighted average number of ordinary 96,287,079 96,287,079 96,287,079 shares in issue Basic and diluted loss per share (0.02) (0.03) (0.06) 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 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 Balance at 31 December 2021 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565 Balance at 30 JUNE 2022 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565 7. Events Subsequent to 30 June 2022 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 contact: Grand Vision Media Holdings plc gvmh.co.uk/ Jonathan Lo, Director Tel: +44 (0) 20 7866 2145 or info@gvmh.co.uk END
(END) Dow Jones Newswires
September 28, 2022 09:15 ET (13:15 GMT)
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