REG-Grand Vision Media Holdings Plc: Half-year Report
27/09/2024 13:15
London, 27 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 2024.
The CEO’s Report
Overview
The first half of 2024 is recovering slower than expected due to weak RMB and
the volatile global situation. The economy of Hong Kong was also adversely
impacted by the global uncertainty.
However, with the decrease in USA interest rates and China monetary and fiscal
policy initiatives to aid the recovery, we are more bullish about the 2nd half
of the year.
Summary of Trading Results
Revenue in the period was HKD1,878K [2023 : HKD2,272K], which represents a
decrease of 17.34%. The Group had a loss after tax of HKD2,288K [2023 :
HKD1,970K]. The Group continued its focus on cost controls whilst
exploring alternative revenue streams.
Outlook
We are positive about the overall outlook for 2024 despite a slower first half
of the year. Some of the new revenue streams from our opening up of
commodity marketing will see positive results in the coming quarter. The
overall recovery of the travel market in China and the strengthening RMB will
boost the marketing budgets for many of our clients. New partnerships in
Europe and South East Asia will also help lessen our dependence on Mainland
China market.
GRAND VISION MEDIA HOLDINGS PLC (“THE GROUP”)
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 : 27 September 2024
Interim Condensed Statement of Comprehensive Income
Notes GVMH 6 months Ended 30 June 2024 (unaudited) GVMH 6 months Ended 30 June 2023 (unaudited) GVMH Year End 31 December 2023 (audited)
HK$’000 HK$’000 HK$’000
Turnover 1,878 2,272 5,962
Cost of Sales (1,365) (1,547) (4,210)
Gross Profit 513 725 1,752
Other Income / Expenditure (1) (12) (7)
Administrative expenses (2,503) (2,381) (5,640)
Depreciation (293) (292)
Operating Loss 2284 (1,960) (3,895)
Finance Cost (4) (10) (18)
Loss before taxation (2,288) (1,970) (3,913)
Tax on ordinary activities - - -
Loss after taxation (2,288) (1,970) (3,913)
Exchange difference arising on Translation (162) (670) (349)
Loss and total comprehensive loss for the period (2,450) (2,640) (4,262)
Loss attributable to:
Equity holders of the Company (2,129) (1,945) (3,793)
Non-controlling interests (159) (25) (121)
(2,288) (1,970) (3,913)
Total comprehensive loss attributable to:
Equity holders of the Company (2,291) (2,615) (4,121)
Non-controlling interests (159) (25) (121)
(2,450) (2,640) (4,262)
Basic and diluted earnings per share (HK$) 5 (0.02) (0.02) (0.04)
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 2022 (audited) 96,017 44,106 (100,031) 844 6,895 (473) (87,943) (40,585)
Exchange Reserve - - - - (1,066) - - (1,066)
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)
Exchange Reserve - - - - (85) - - (85)
Lapse of the share option - - - - (975) - 975 -
Non-Controlling Interest - - - - - (95) - (95)
Loss for the period - - - - - - (1,848) (1,848)
Balance at 31 December 2023 (audited) 96,017 44,106 (100,031) 844 4,769 (593) (90,761) (45,649)
Exchange Reserve - - - - 115 - - 115
Lapse of the share option - - - - - - - -
Non-Controlling Interest - - - - - (159) - (159)
Loss for the period - - - - - - (2,129) (2,129)
Balance at 30 June 2024 (unaudited) 96,017 44,106 (100,031) 844 4,884 (752) (92,890) (47,822)
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 2024 (unaudited) GVMH 30 June 2023 (unaudited) GVMH 31 December 2023 (audited)
HK$’000 HK$’000 HK$’000
Assets
Non-Current Assets
Property, plant and equipment 14 8 20
Right of use assets (IFRS16) 240 815 527
Total Non-Current Asset 254 823 547
Current assets
Trade and Other Receivables 1,448 1,119 1399
Deposits and Pre-Payments 167 171 234
Cash and Cash Equivalents 4 136 291
Total Current Assets 1,619 1,426 1,925
Total Assets 1,873 1,249 2,472
Equity and Liabilities
Share Capital 6 96,017 96,017 96,017
Share Premium Account 6 44,106 44,106 44,106
Group Re-organization Reserve (100,031) (100,031) (100,031)
Capital Contribution arising from Shareholder’s Loan 844 844 844
Exchange and Other Reverses 4,884 5,829 4,769
Non-Controlling Interest (752) (498) (593)
Accumulated deficit (92,890) (89,888) (90,761)
Total Equity (47,822) (43,621) (45,649)
Liabilities
Non-Current Liabilities
Convertible Bonds 5,563 5,611 5,601
Shareholders loans 967 9,725 974
Total Non-Current Liabilities 6,530 15,336 6,575
Current Liabilities
Trade and Other Payables 15,420 14,190 14,699
Amount Due to Directors 6,069 3,787 4,926
Lease Liability 244 820 533
Deposits Received 45 - 1
Shareholder loan 21,387 11,737 21,387
Total Current Liability 43,165 30,534 41,546
Total Liabilities 49,695 45,870 48,121
Total Equity and Liabilities 1,873 2,249 2,472
Interim Condensed Cash Flow Statement
GVMH 6 Months Ended 30 June 2024 (unaudited) GVMH 6 Months Ended 30 June 2023 (unaudited) GVMH For the year ended 31 December 2023 (audited)
HK$’000 HK$’000 HK$’000
Cash flows from operating activities
Operating loss (2,288) (1,970) (3,913)
Add: Depreciation 293 292 585
Add: Finance Cost 4 10 17
Changes in working capital (1,991) (1,668) (3,311)
Increase in receivables (49) (141) (421)
(Increase) / Decrease in deposits and prepayments 67 45 (18)
Increase in payables 721 1,473 1,982
Increase / (Decrease) in deposit received 44 (79) (78)
Net cash flow used in operating activities (1,208) (370) (1,846)
Cash flows from investing activities:
Payment for purchase of property, plant and equipment - - (17)
Net cash outflow from investing activities - - (17)
Cash flows from financing activities:
Payment of lease liabilities (289) (294) (589)
Increase in an amount due to directors 1,143 274 1,413
(Repayment of) / Proceeds from Shareholder loans (48) 1,334 2,223
Net cash generated from financing activities 806 1,314 3,047
Net cash outflow for the period (402) 944 1,184
Opening Cash and cash equivalents 291 258 258
Effect on Foreign exchange rate changes 115 (1,066) (1,151)
Closing Cash and cash equivalents 4 136 291
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 2023.
2. Basis of Preparation
These unaudited condensed consolidated interim financial statements for the
six months ended 30 June 2024 were approved by the board and authorised for
issue on 27 September 2024.
The basis of preparation and accounting policies set out in the Annual Report
and Accounts for the year ended 31 December 2023 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 2024 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 2024 and 30 June 2023 are
unaudited and do not constitute full accounts. The comparative figures for the
year ended 31 December 2023 are extracts from the 2023 audited accounts. The
independent auditor’s report on the 2023 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 2024 to 30 June 2024 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 2024 was
HK$607k (2023:
loss of HK$412k, year ended 31 December 2023: HK$445k). The current period
operating loss incorporated the following main items:
Company GVMH 30 June 2024 Company GVMH 30 June 2023 Company GVMH 31 December 2023
(unaudited) (unaudited) (audited)
HK$‘000 HK$‘000 HK$‘000
Employment expenses 297 289 583
Legal and professional fees 310 117 420
Other expenses - 6 (558)
Total 607 412 445
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 2024 (unaudited) GVMH 30 June 2023 (unaudited) GVMH 31 December 2023 (audited)
HK$ HK$ HK$
Loss after tax (2,288,000) (1,970,000) (3,913,000)
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) (0.04)
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 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
Balance at 31 December 2023 (audited) 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
Balance at 30 June 2024 (unaudited) 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
7. Events Subsequent to 30 June 2024
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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