Grand Vision Media Holdings Plc - Half-year Report
FOR IMMEDIATE RELEASE
( “GVMH” or the “Company”)
Half Year Report
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
However, with the decrease in USA interest rates and
Summary of Trading Results
Revenue in the period was
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
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.
Chief Executive Officer
Date :
Interim Condensed Statement of Comprehensive Income
GVMH GVMH GVMH
6 months Ended 6 months Ended Year End
Notes 30 June 30 June 31 December
2024 2023 2023
(unaudited) (unaudited) (audited)
HK$’000 HK$’000 HK$’000
Turnover 1,878 2,272 5,962
Cost of Sales (1,365) (1,547) (4,210)
Gross Profit 513 725 1,752
Other Income / Expenditure (1) (12) (7)
Administrative expenses (2,503) (2,381) (5,640)
Depreciation (293) (292)
Operating Loss 2284 (1,960) (3,895)
Finance Cost (4) (10) (18)
Loss before taxation (2,288) (1,970) (3,913)
Tax on ordinary activities - - -
Loss after taxation (2,288) (1,970) (3,913)
Exchange difference arising on (162) (670) (349)
Translation
Loss and total comprehensive (2,450) (2,640) (4,262)
loss for the period
Loss attributable to:
Equity holders of the Company (2,129) (1,945) (3,793)
Non-controlling interests (159) (25) (121)
(2,288) (1,970) (3,913)
Total comprehensive loss
attributable to:
Equity holders of the Company (2,291) (2,615) (4,121)
Non-controlling interests (159) (25) (121)
(2,450) (2,640) (4,262)
Basic and diluted earnings per 5 (0.02) (0.02) (0.04)
share (HK$)
Interim Condensed Statement of Changes in Equity
Capital
Share Share Group Contribution Exchangeand Non-Controlling Retained Total
GVMH PLC Capital Premium Reorganization arising from OtherReserve Interest Earnings Equity
Reserve shareholders
loan
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
Balance at 31
December 2022 96,017 44,106 (100,031) 844 6,895 (473) (87,943) (40,585)
(audited)
Exchange - - - - (1,066) - - (1,066)
Reserve
Non-Controlling - - - - - (25) - (25)
Interest
Loss for the - - - - - - (1,945) (1,945)
period
Balance at 30
June 2023 96,017 44,106 (100,031) 844 5,829 (498) (89,888) (43,621)
(unaudited)
Exchange - - - - (85) - - (85)
Reserve
Lapse of the - - - - (975) - 975 -
share option
Non-Controlling - - - - - (95) - (95)
Interest
Loss for the - - - - - - (1,848) (1,848)
period
Balance at 31
December 2023 96,017 44,106 (100,031) 844 4,769 (593) (90,761) (45,649)
(audited)
Exchange - - - - 115 - - 115
Reserve
Lapse of the - - - - - - - -
share option
Non-Controlling - - - - - (159) - (159)
Interest
Loss for the - - - - - - (2,129) (2,129)
period
Balance at 30
June 2024 96,017 44,106 (100,031) 844 4,884 (752) (92,890) (47,822)
(unaudited)
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
30 June 30 June
Notes 31 December 2023
2024 2023
(audited)
(unaudited) (unaudited)
HK$’000 HK$’000 HK$’000
Assets
Non-Current Assets
Property, plant and equipment 14 8 20
Right of use assets (IFRS16) 240 815 527
Total Non-Current Asset 254 823 547
Current assets
Trade and Other Receivables 1,448 1,119 1399
Deposits and Pre-Payments 167 171 234
Cash and Cash Equivalents 4 136 291
Total Current Assets 1,619 1,426 1,925
Total Assets 1,873 1,249 2,472
Equity and Liabilities
Share Capital 6 96,017 96,017 96,017
Share Premium Account 6 44,106 44,106 44,106
Group Re-organization Reserve (100,031) (100,031) (100,031)
Capital Contribution arising from 844 844 844
Shareholder’s Loan
Exchange and Other Reverses 4,884 5,829 4,769
Non-Controlling Interest (752) (498) (593)
Accumulated deficit (92,890) (89,888) (90,761)
Total Equity (47,822) (43,621) (45,649)
Liabilities
Non-Current Liabilities
Convertible Bonds 5,563 5,611 5,601
Shareholders loans 967 9,725 974
Total Non-Current Liabilities 6,530 15,336 6,575
Current Liabilities
Trade and Other Payables 15,420 14,190 14,699
Amount Due to Directors 6,069 3,787 4,926
Lease Liability 244 820 533
Deposits Received 45 - 1
Shareholder loan 21,387 11,737 21,387
Total Current Liability 43,165 30,534 41,546
Total Liabilities 49,695 45,870 48,121
Total Equity and Liabilities 1,873 2,249 2,472
Interim Condensed Cash Flow Statement
GVMH GVMH GVMH
6 Months Ended 30 6 Months Ended 30 For the year ended 31
June 2024 June 2023 December 2023
(unaudited) (unaudited) (audited)
HK$’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 (1,991) (1,668) (3,311)
capital
Increase in (49) (141) (421)
receivables
(Increase) /
Decrease in deposits 67 45 (18)
and prepayments
Increase in payables 721 1,473 1,982
Increase /
(Decrease) in 44 (79) (78)
deposit received
Net cash flow used
in operating (1,208) (370) (1,846)
activities
Cash flows from
investing
activities:
Payment for purchase
of property, plant - - (17)
and equipment
Net cash outflow
from investing - - (17)
activities
Cash flows from
financing
activities:
Payment of lease (289) (294) (589)
liabilities
Increase in an
amount due to 1,143 274 1,413
directors
(Repayment of) /
Proceeds from (48) 1,334 2,223
Shareholder loans
Net cash generated
from financing 806 1,314 3,047
activities
Net cash outflow for (402) 944 1,184
the period
Opening Cash and 291 258 258
cash equivalents
Effect on Foreign
exchange rate 115 (1,066) (1,151)
changes
Closing Cash and 4 136 291
cash equivalents
Notes to the Interim Condensed Financial Statements
1. General Information
2. Basis of Preparation
These unaudited condensed consolidated interim financial statements for the six months ended
The basis of preparation and accounting policies set out in the Annual Report and Accounts for the year ended
The figures for the six months ended
The assets and liabilities of the legal subsidiary,
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
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
loss of
Company Company Company
GVMH GVMH GVMH
30 June 2024 30 June 2023 31 December 2023
(unaudited) (unaudited) (audited)
HK$‘000 HK$‘000 HK$‘000
Employment expenses 297 289 583
Legal and professional fees 310 117 420
Other expenses - 6 (558)
Total 607 412 445
5. Earnings per Share
Earnings per share data is based on the Company result for the six months and the weighted average number of shares in issue.
Basic loss per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period:
GVMH
GVMH GVMH
31 December
30 June 2024 30 June 2023
2023
(unaudited) (unaudited)
(audited)
HK$ HK$ HK$
Loss after tax (2,288,000) (1,970,000) (3,913,000)
Weighted average number of ordinary shares 96,287,079 96,287,079 96,287,079
in issue
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 Share Share
fully paid Number of shares Share Capital Share Premium
ordinaryshares Capital Premium
of 10p each
£ HK$ £ HK$
Balance at 31
December 2022 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
(audited)
Balance at 30
June 2023 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
(unaudited)
Balance at 31
December 2023 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
(audited)
Balance at 30
June 2024 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565
(unaudited)
7.
Events Subsequent to
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
http://gvmh.co.uk/
Jonathan Lo , Director Tel: +44 (0) 20 7866 2145
or info@gvmh.co.uk
