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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% | 0.975 | 0.70 | 1.25 | 0.975 | 0.975 | 0.975 | 0.00 | 07:45:27 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Offices-holdng Companies,nec | 5.97M | -3.79M | -0.0394 | -0.25 | 938.8k |
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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 2023.
The CEO's Report
Overview
After the 3-year period shroud by COVID-19, the world enters a new post-pandemic
era in 2023. However, the general market outlook continue to present many
challenges due to tightening economic conditions in China and other global
economies. We continue to diversify and look for new revenue streams and
business models to augment our core marketing services.
Summary of Trading Results
Revenue in the period was HKD2,272K [2022 : HKD1,877K], which represents a rise
of 21.04%. The Group had a loss after tax of HKD1,970K [2022 : HKD2,265K]. The
Group continued to adopt prudent cost controls whilst exploring alternative
revenue streams to augment the revenue.
Outlook
The new initiative of international brand management and expansion whereby we
help brands expand to new geographies is progressing and we expect to generate
revenue from this in the second half of the year. In particular, we will be
working closely with our Korean and Thai customers to increase cross-border
ecommerce.
We are also looking into new technologies like AI generated content to produce
short video marketing and live streaming sales on social media platforms such as
Tik Tok (Douyin) in China. This will enable to develop a new revenue stream in
content production.
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 September 2023
Interim Condensed Statement of Comprehensive Income
Notes GVMH GVMH GVMH
6 months Ended 6 months Ended Year End
30 June 30 June 31 December
2023 2022 2022
(unaudited) (unaudited) (audited)
HK$'000 HK$'000 HK$'000
Turnover 2,272 1,877 3,974
Cost of Sales (1,547) (1,535) (3,261)
Gross Profit 725 342 713
Other Income / (12) 263 261
Expenditure
Administrative expenses (2,381) (2,531) (6,014)
Depreciation (292) (334) (669)
Operating Loss (1,960) (2,260) (5,709)
Finance Cost (10) (5) (7)
Loss before taxation (1,970) (2,265) (5,716)
Tax on ordinary - - -
activities
Loss after taxation (1,970) (2,265) (5,716)
Exchange difference (670) (1,387) (2,135)
arising on Translation
Loss and total (2,640) (3,652) (7,851)
comprehensive loss for
the period
Loss attributable to:
Equity holders of the (1,945) (2,287) (5,718)
Company
Non-controlling (25) 22 2
interests
(1,970) (2,265) (5,716)
Total comprehensive loss
attributable to:
Equity holders of the (2,615) (3,674) (7,853)
Company
Non-controlling (25) 22 2
interests
(2,640) (3,652) (7,851)
Basic and diluted 5 (0.02) (0.02) (0.06)
earnings per share (HK$)
Interim Condensed Statement of Changes in Equity
GVMH PLC Share Share Group Capital Exchangeand Non
Retained Total
Capital Premium Reorganization Contribution OtherReserve
-Controlling Earnings Equity
Reserve arising from
shareholders
loan
Interest
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
HK$'000 HK$'000 HK$'000
Balance at 96,017 44,106 (100,031) 844 5,568
(475) (83,544) (37,515)
31
December
2021
(audited)
Exchange - - - - 1,104 -
- 1,104
Reserve
Non - - - - - 22
- 22
-Controlling
Interest
Loss for - - - - - -
(2,287) (2,287)
the
period
Balance at 96,017 44,106 (100,031) 844 6,672
(453) (85,831) (38,676)
30 June
2022
(unaudited)
Exchange - - - - 1,543 -
- 1,543
Reserve
Lapse of - - - - (1,320) -
1320 -
the share
option
Non - - - - - (20)
- (20)
-Controlling
Interest
Loss for - - - - - -
(3,432) (3.432)
the
period
Balance at 96,017 44,106 (100,031) 844 6,895
(473) (87,943) (40,585)
31
December
2022
(audited)
Exchange - - - - (1,066) -
- (1,066)
Reserve
Lapse of - - - - - -
- -
the share
option
Non - - - - - (25)
- (25)
-Controlling
Interest
Loss for - - - - - -
(1,945) (1,945)
the
period
Balance at 96,017 44,106 (100,031) 844 5,829
(498) (89,888) (43,621)
30 June
2023
(unaudited)
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
Notes GVMH GVMH GVMH
30 June 30 June 31 December 2022
2023 2022 (audited)
(unaudited) (unaudited)
HK$'000 HK$'000 HK$'000
Assets
Non-Current Assets
Property, plant and 8 57 12
equipment
Right of use assets 815 241 1,103
(IFRS16)
Total Non-Current Asset 823 298 1,115
Current assets
Trade and Other 1,119 867 978
Receivables
Deposits and Pre-Payments 171 203 216
Cash and Cash Equivalents 136 270 258
Total Current Assets 1,426 1,340 1,452
Total Assets 1,249 1,638 2,567
Equity and Liabilities
Share Capital 6 96,017 96,017 96,017
Share Premium Account 6 44,106 44,106 44,106
Group Re-organization (100,031) (100,031) (100,031)
Reserve
Capital Contribution 844 844 844
arising from Shareholder's
Loan
Exchange and Other 5,829 6,672 6,895
Reverses
Non-Controlling Interest (498) (453) (473)
Accumulated deficit (89,888) (85,831) (87,943)
Total Equity (43,621) (38,676) (40,585)
Liabilities
Non-Current Liabilities
Convertible Bonds 5,611 5,376 5,326
Shareholders loans 9,725 11,235 9,676
Total Non-Current 15,336 16,611 15,002
Liabilities
Current Liabilities
Trade and Other Payables 14,190 12,622 12,717
Amount Due to Directors 3,787 3,490 3,513
Lease Liability 820 255 1,104
Deposits Received - - 79
Shareholder loan 11,737 7,336 10,737
Total Current Liability 30,534 23,703 28,150
Total Liabilities 45,870 40,314 43,152
Total Equity and 2,249 1,638 2,567
Liabilities
Interim Condensed Cash Flow Statement
GVMH GVMH GVMH
6 Months 6 Months For the
Ended Ended year
30 June 2023 30 June 2022 ended 31
December
(unaudited) (unaudited) 2022
(audited)
HK$'000 HK$'000 HK$'000
Cash flows from
operating activities
Operating loss (1,970) (2,265) (5,716)
Add: Depreciation 292 334 668
Add: Finance Cost 10 5 8
Changes in working (1,668) (1,926) (5,040)
capital
(Increase) / Decrease (141) 460 345
in receivables
(Increase) / Decrease in 45 (16) (25)
deposits and prepayments
Increase / (Decrease) in 1,473 (1,011) 415
payables
Increase / (Decrease) in (79) - 68
deposit received
Net cash flow used in (370) (2,493) (4,237)
operating activities
Cash flows from
financing activities:
Payment of lease (294) (308) (613)
liabilities
Increase in an amount 274 - (76)
due to directors
Proceeds from 1,334 1,018 2,365
Shareholder loans
Net cash flow from 1,314 710 1,676
financing activities
Net cash flow for the 944 (1,783) (2,561)
period
Opening Cash and cash 258 172 172
equivalents
Effect on Foreign (1,066) 1,881 2,647
exchange rate changes
Closing Cash and cash 136 270 258
equivalents
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 year ended 31
December 2022.
2.Basis of Preparation
These unaudited condensed consolidated interim financial statements for the six
months ended 30 June 2023 were approved by the board and authorised for issue on
28 September 2023.
The basis of preparation and accounting policies set out in the Annual Report
and Accounts for the year ended 31 December 2022 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 2023 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 2023 and 30 June 2022 are unaudited
and do not constitute full accounts. The comparative figures for the year ended
31 December 2022 are extracts from the 2022 audited accounts. The independent
auditor's report on the 2022 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 2023
to 30 June 2023 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 2023 was
HK$412,346 (2022:
loss of HK$441,092, year ended 31 December 2022: HK$1,432,041). The current
period operating loss incorporated the following main items:
GVMH GVMH GVMH
30 JUNE 2023 30 JUNE 2022 31 December
2022
(unaudited) (unaudited) (audited)
HK$`000 HK$`000 HK$`000
Employment expenses 289 308 585
Legal and professional fees 117 75 211
Other expenses 6 58 220
Total 412 441 1,016
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 2023 30 June 31 December
2022
(unaudited) 2022
(unaudited)
(audited)
HK$ HK$
HK$
Loss after (1,970,000) (2,265,000) (5,716,000)
tax
Weighted 96,287,079 96,287,079 96,287,079
average
number
of ordinary
shares in
issue
Basic and (0.02) (0.02) (0.06)
diluted
loss
per share
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, Number of Share Share Share Share
called up and shares Capital Premium
fully Capital Premium
paid ordinary
shares of 10p
each
£ HK$ £ HK$
Balance at 31 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
December 2021
(audited)
Balance at 30 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
June 2022
(unaudited)
Balance at 31 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
December 2022
(audited)
Balance at 30 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
June 2023
(unaudited)
7.Events Subsequent to 30 June 2023
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 http://gvmh.co.uk/
Jonathan Lo, Director Tel: +44 (0) 20 7866 2145
or info@gvmh.co.uk
This information was brought to you by Cision http://news.cision.com
END
(END) Dow Jones Newswires
September 28, 2023 03:06 ET (07:06 GMT)
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