Grand Vision Media Holdings Plc - Half-year Report

PR Newswire

LONDON, United Kingdom, September 28

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