REG-Grand Vision Media Holdings Plc: Half-year Report
28/09/2023 08:15
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 6 months Ended 30 June 2023 (unaudited) GVMH 6 months Ended 30 June 2022 (unaudited) GVMH Year End 31 December 2022 (audited)
HK$’000 HK$’000 HK$’000
Turnover 2,272 1,877 3,974
Cost of Sales (1,547) (1,535) (3,261)
Gross Profit 725 342 713
Other Income / Expenditure (12) 263 261
Administrative expenses (2,381) (2,531) (6,014)
Depreciation (292) (334) (669)
Operating Loss (1,960) (2,260) (5,709)
Finance Cost (10) (5) (7)
Loss before taxation (1,970) (2,265) (5,716)
Tax on ordinary activities - - -
Loss after taxation (1,970) (2,265) (5,716)
Exchange difference arising on Translation (670) (1,387) (2,135)
Loss and total comprehensive loss for the period (2,640) (3,652) (7,851)
Loss attributable to:
Equity holders of the Company (1,945) (2,287) (5,718)
Non-controlling interests (25) 22 2
(1,970) (2,265) (5,716)
Total comprehensive loss attributable to:
Equity holders of the Company (2,615) (3,674) (7,853)
Non-controlling interests (25) 22 2
(2,640) (3,652) (7,851)
Basic and diluted earnings per share (HK$) 5 (0.02) (0.02) (0.06)
Interim Condensed Statement of Changes in Equity
GVMH PLC Share Capital Share Premium Group Reorganization Reserve Capital Contribution arising from shareholders loan Exchangeand OtherReserve Non-Controlling Interest Retained Earnings Total Equity
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
Balance at 31 December 2021 (audited) 96,017 44,106 (100,031) 844 5,568 (475) (83,544) (37,515)
Exchange Reserve - - - - 1,104 - - 1,104
Non-Controlling Interest - - - - - 22 - 22
Loss for the period - - - - - - (2,287) (2,287)
Balance at 30 June 2022 (unaudited) 96,017 44,106 (100,031) 844 6,672 (453) (85,831) (38,676)
Exchange Reserve - - - - 1,543 - - 1,543
Lapse of the share option - - - - (1,320) - 1320 -
Non-Controlling Interest - - - - - (20) - (20)
Loss for the period - - - - - - (3,432) (3.432)
Balance at 31 December 2022 (audited) 96,017 44,106 (100,031) 844 6,895 (473) (87,943) (40,585)
Exchange Reserve - - - - (1,066) - - (1,066)
Lapse of the share option - - - - - - - -
Non-Controlling Interest - - - - - (25) - (25)
Loss for the period - - - - - - (1,945) (1,945)
Balance at 30 June 2023 (unaudited) 96,017 44,106 (100,031) 844 5,829 (498) (89,888) (43,621)
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 30 June 2023 (unaudited) GVMH 30 June 2022 (unaudited) GVMH 31 December 2022 (audited)
HK$’000 HK$’000 HK$’000
Assets
Non-Current Assets
Property, plant and equipment 8 57 12
Right of use assets (IFRS16) 815 241 1,103
Total Non-Current Asset 823 298 1,115
Current assets
Trade and Other Receivables 1,119 867 978
Deposits and Pre-Payments 171 203 216
Cash and Cash Equivalents 136 270 258
Total Current Assets 1,426 1,340 1,452
Total Assets 1,249 1,638 2,567
Equity and Liabilities
Share Capital 6 96,017 96,017 96,017
Share Premium Account 6 44,106 44,106 44,106
Group Re-organization Reserve (100,031) (100,031) (100,031)
Capital Contribution arising from Shareholder’s Loan 844 844 844
Exchange and Other Reverses 5,829 6,672 6,895
Non-Controlling Interest (498) (453) (473)
Accumulated deficit (89,888) (85,831) (87,943)
Total Equity (43,621) (38,676) (40,585)
Liabilities
Non-Current Liabilities
Convertible Bonds 5,611 5,376 5,326
Shareholders loans 9,725 11,235 9,676
Total Non-Current Liabilities 15,336 16,611 15,002
Current Liabilities
Trade and Other Payables 14,190 12,622 12,717
Amount Due to Directors 3,787 3,490 3,513
Lease Liability 820 255 1,104
Deposits Received - - 79
Shareholder loan 11,737 7,336 10,737
Total Current Liability 30,534 23,703 28,150
Total Liabilities 45,870 40,314 43,152
Total Equity and Liabilities 2,249 1,638 2,567
Interim Condensed Cash Flow Statement
GVMH 6 Months Ended 30 June 2023 (unaudited) GVMH 6 Months Ended 30 June 2022 (unaudited) GVMH For the year ended 31 December 2022 (audited)
HK$’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 capital (1,668) (1,926) (5,040)
(Increase) / Decrease in receivables (141) 460 345
(Increase) / Decrease in deposits and prepayments 45 (16) (25)
Increase / (Decrease) in payables 1,473 (1,011) 415
Increase / (Decrease) in deposit received (79) - 68
Net cash flow used in operating activities (370) (2,493) (4,237)
Cash flows from financing activities:
Payment of lease liabilities (294) (308) (613)
Increase in an amount due to directors 274 - (76)
Proceeds from Shareholder loans 1,334 1,018 2,365
Net cash flow from financing activities 1,314 710 1,676
Net cash flow for the period 944 (1,783) (2,561)
Opening Cash and cash equivalents 258 172 172
Effect on Foreign exchange rate changes (1,066) 1,881 2,647
Closing Cash and cash equivalents 136 270 258
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$1,432,041). The current
period operating loss incorporated the following main items:
GVMH 30 JUNE 2023 GVMH 30 JUNE 2022 GVMH 31 December 2022
(unaudited) (unaudited) (audited)
HK$‘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 30 June 2023 (unaudited) GVMH 30 June 2022 (unaudited) GVMH 31 December 2022 (audited)
HK$ HK$ HK$
Loss after tax (1,970,000) (2,265,000) (5,716,000)
Weighted average number of ordinary shares in issue 96,287,079 96,287,079 96,287,079
Basic and diluted loss per share (0.02) (0.02) (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 fully paid ordinary shares of 10p each Number of shares Share Capital Share Capital Share Premium Share Premium
£ HK$ £ HK$
Balance at 31 December 2021 (audited) 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
Balance at 30 June 2022 (unaudited) 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
Balance at 31 December 2022 (audited) 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
Balance at 30 June 2023 (unaudited) 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
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 Jonathan Lo, Director http://gvmh.co.uk/ Tel: +44 (0) 20 7866 2145
or info@gvmh.co.uk
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