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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