TIDMGVMH
London, 8 March 2022
GRAND VISION MEDIA HOLDINGS PLC ("THE GROUP")
Half yearly report for the six months ended 30 June 2021
The CEO's Report
Overview
The disappointing full year results for 2020 have continued into the first half
of 2021. Whilst the core business has suffered badly from the ongoing business
disruption and uncertainty caused by the pandemic in the region, the Group has
been focussing on generating new revenue streams to bolster revenues. It is
hoped that these new revenue streams will come to fruition in 2022 onwards.
Summary of Trading Results
Revenue in the period was HKD1,742K [1H2019 : HKD6,045K], which represents a
significant decline as compared to the prior year period. The Group had a loss
after tax of HKD3,335K [1H2019 : HKD664K loss]. This was primarily as a result
of the reduced turnover resulting from the ongoing business disruption. To
mitigate against this, the Group has managed to achieve cost savings as a
result of space consolidation and headcount reductions, and has taken advantage
of Government fiscal support aimed at helping businesses through the pandemic
whenever this was available. However, this did not prevent the overall poor
Group performance as reported.
Cash in hand at the period end was HK$490K. The Group continues to manage its
cash within its available resources.
Outlook
The Group has suffered enormously from the business disruption and uncertainty
caused by the pandemic, and particularly more so as Hong Kong/China have been
following a strict zero COVID policy. The full year results for 2021 are
expected to be well below historic levels again, but the Group remains
committed to sourcing new revenue streams to mitigate against the decline in
traditional revenues.
Responsibility Statement
We confirm that to the best of our knowledge:
a. the condensed set of financial statements has been prepared in accordance
with IAS 34 'Interim Financial Reporting';
b. the interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first six
months and description of principal risks and uncertainties for the remaining
six
months of the year; and,
c. the interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and changes
therein).
Cautionary statement
This Interim Management Report (IMR) has been prepared solely to provide
additional information to shareholders to
assess the Company's strategies and the potential for those strategies to
succeed. The IMR should not be relied on by
any other party or for any other purpose.
The condensed accounts have not been reviewed by the auditors.
Jonathan Lo
Chief Executive Officer
Date : 8 March 2022
Interim Condensed Statement of Comprehensive Income
GVMH GVMH GVMH
6 months 6 months Year End
Ended Ended 31 December
Notes 30 June 30 June 2020
2021 2020
HK$'000 HK$'000 HK$'000
Turnover 1,742 6,045 5,827
Cost of Sales (1,788) (3,142) (5,129)
Gross Profit (46) 2,903 698
Other Income / Expenditure (182) 729 1,720
Administrative expenses (2,465) (1,250) (8,996)
Depreciation (624) (503) (843)
Provision for the trade (2,740)
receivables
Admission costs - (2,401) -
Operating Loss (3,317) (522) (10,161)
Finance Cost (18) (142) 111
Loss before taxation (3,335) (664) (10,050)
Tax on loss on ordinary - - -
activities
Loss after taxation (3,335) (664) (10,050)
Exchange difference arising 257
on Translation 368 (486)
Loss and total comprehensive (9,793)
loss for the period (2,967) (1,150)
(Loss)/profit attributable
to:
Equity holders of the Company (3,257) (306) (9,761)
Non-controlling interests (78) (358) (289)
(3,335) (664) (10,050)
Total comprehensive (loss)/
income attributable to:
Equity holders of the Company (2,888) (792) (9,504)
Non-controlling interests (78) (358) (289)
(2,967) (1,150) (9,793)
Basic and diluted earnings 5 (0.0346) (0.0069) (0.1044)
per share (HK$)
Interim Condensed Statement of Changes in Equity
GVMH PLC Share Share Group Capital Exchangeand Non-Controlling Retained Total
Capital Premium Reorganization Contribution OtherReserve Interest Earnings Equity
Reserve arising from
shareholders
loan
HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
Balance at 31 96,017 44,106 (96,631) (19,938)
December 2019 844 8,358 (3,284) (69,348)
Re-Organization - - (2,641) - - - - (2,641)
Reserve
Capital - - - 2,552 - - - 2,552
Contribution
Exchange Reserve - - - - (1,313) - - (1,313)
Non-Controlling - - - - - 2,282 - 2,282
Interest
Loss for the - - - - - - (307) (307)
period
Balance at 30 JUNE 96,017 44,106 (99,272) (19,365)
2020 3,396 7,045 (1,002) (69,655)
Share issue - - - - - - - -
Re-Organization - - 2,641 - - - - 2,641
Reserve
Capital - - - (2,552) - - - (2,552)
Contribution
Exchange Reserve - - - - (830) - - (830)
Other reserve (3,400) 3,400 -
Share base payment 975 975
Non-Controlling - - - - - (2,571) - (2,571)
Interest
Loss for the - - - - - - (9,454) (9,454)
Period
Balance at 31 96,017 44,106 (100,031) (31,156)
December 2020 844 7,190 (173) (79,109)
Re-Organization - - - - - - - -
Reserve
Capital - - - - - - - -
Contribution
Exchange Reserve - - - (198) - - (198)
Non-Controlling - - - - (79) - (79)
Interest
Loss for the - - - - - - (3,257) (3,257)
period
Balance at 30 JUNE 96,017 44,106 (100,031) (34,690)
2021 844 6,992 (252) (82,366)
Share capital is the amount subscribed for shares at nominal value.
The share premium has arisen on the issue of shares at a premium to their
nominal value.
Retained losses represent the cumulative loss of the Company attributable to
equity shareholders.
Interim Condensed Statement of the Financial Position
GVMH GVMH GVMH
Notes 30 June 30 June 31 December
2021 2020 2020
HK$'000 HK$'000 HK$'000
Assets
Non-Current Assets
Property, plant and 131 219 170
equipment
Right of use assets 530 1,397 1,108
(IFRS16)
Total Non-Current Asset 661 1,616 1,278
Current assets
Inventories - 985 -
Trade and Other 3,363 7,422 3,549
Receivables
Deposits and Pre-Payments 387 233 400
Cash and Cash Equivalents 490 1,643 855
Total Current Assets 4,240 10,283 4,804
Total Assets 4,901 11,899 6,082
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) (99,272) (100,031)
Reserve
Capital Contribution 844 3,396 844
arising from
Shareholder's Loan
Exchange and Other 6,992 7,045 7,190
Reverses
Non-Controlling Interest (252) (1,002) (173)
Retained Earnings (82,366) (69,655) (79,109)
Total Equity (34,690) (19,365) (31,156)
Liabilities
Non-Current Liabilities
Convertible Bonds 6,041 5,401 5,968
Shareholders loans 9,232 8,584 9,227
Total Non-Current 15,273 13,985 15,195
Liabilities
Current Liabilities
Trade and Other Payables 15,033 14,379 14,282
Amount Due to Directors 3,263 1,426 3,567
Lease Liability 558 1,449 1,156
Deposits Received 28 25 92
Shareholder loan 5,436 - 2,946
Total Current Liability 24,318 17,279 22,043
Total Liabilities 39,591 31,264 37,238
Total Equity and 4,901 11,899 6,082
Liabilities
Interim Condensed Cash Flow Statement
GVMH GVMH GVMH
6 Months 6 Months For the
Ended Ended year ended
30 JUNE 2021 30 JUNE 2020 31
December
2020
HK$'000 HK$'000 HK$'000
Cash flows from operating activities
Operating loss (3,335) (664) (10,050)
Add: Depreciation 46 503 843
Add: Finance Cost 578 142 31
Add: Share based payment - - 975
Add: Provision for the trade - - 2,740
receivables
Less: Reserve of overprovided - - (143)
interest
Changes in working capital (2,711) (19) (5,604)
(Increase) / decrease in inventories - 19 1,004
(Increase) / decrease in receivables 199 (857) 109
Decrease in deposits and prepayments - - -
Increase / (decrease) in payables (595) 3,150 826
Decrease in deposit received - - 10
Net cash flow from/(used in) (3,107) 2,293 (3,655)
operating activities
Investing Activities
Acquisition of fixed assets (7) (246) (248)
Net cash flow from investing activities (7) (246) (248)
Cash flows from financing activities:
Payment of lease liabilities (616) (329) (636)
Increase in an amount due from director - - 3,052
Increase in convertible loans - - -
(Repayment of) / proceeds from 2,587 416 3,796
Shareholder loans
Net cash flow from financing activities 1,971 87 6,212
Net cash flow for the period (1,143) 2,134 2,309
Opening Cash and cash equivalents 855 510 510
Effect on Foreign exchange rate changes 778 (1,001) (1,964)
Closing Cash and cash equivalents 490 1,643 855
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 period ended 31
December 2020.
2. Basis of Preparation
These unaudited condensed consolidated interim financial statements for the six
months ended 30 June 2021 were approved by the board and authorised for issue
on 8 March 2022.
The basis of preparation and accounting policies set out in the Annual Report
and Accounts for the year ended 31 December 2020 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 UK adopted International Financial Reporting
Standards ("IFRS") that are expected to be applicable to the financial
statements for the year ending 31 December 2021 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 2021 and 30 June 2020 are
unaudited and do not constitute full accounts. The comparative figures for the
period ended 31 December 2020 are extracts from the 2020 audited accounts. The
independent auditor's report on the 2020 accounts was not qualified.
Going Concern
The directors are satisfied that the Company has sufficient resources to
continue in operation for the foreseeable future, a period of not less than 12
months from the date of this report. Accordingly, they continue to adopt the
going concern basis in preparing the condensed financial statements.
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 operating loss of the Company for the six months ended 30 June 2021 was HK$
544,593 (2020:
loss of HK$ 585,869, year ended 31 December 2020: HK$ 1,329,171). The current
period operating loss incorporated the following main items:
GVMH GVMH GVMH
30 JUNE 2021 30 JUNE 31
2020 December
2020
(Unaudited) (Unaudited) (Audited)
HK$'000 HK$'000
Accounting and administration fees - - 168
Employment expenses 323 297 600
Rent fees - - -
Legal and professional fees 166 150 281
Other expenses 56 139 280
Total 545 586 1,329
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 30 June 31 December
2021 2020 2020
HK$ HK$ HK$
Loss after tax (3,335,000) (664,000) (10,050,000)
Weighted average number of ordinary 96,287,079 96,287,079 96,287,079
shares in issue
Basic and diluted loss per share (0.0346) (0.0069) (0.1044)
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 Number of Share Share Share Share
fully paid ordinary shares shares Capital Capital Premium Premium
of 10p each
£ HK$ £ HK$
Balance at 31 December 2019 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
Balance at 30 JUNE 2020 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
Balance at 31 December 2020 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
Balance at 30 JUNE 2021 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
7 Events Subsequent to 30 June 2021
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:
Grand Vision Media Holdings plc http://gvmh.co.uk/
Ajay Rajpal, Director Tel: +44 (0) 20 7866 2145
or info@gvmh.co.uk
- ENDS -
END
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