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
|
|
|
|
