TIDMGVMH 
 
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 2022. 
 
The CEO's Report 
 
Overview 
 
COVID continued to have a significant adverse impact on the Group's performance 
in the first half of 2022. OOH revenues were severely impacted by the closure 
of cinemas across China, together with the regional travel restrictions, and 
Hong Kong having the worst COVID infections in the first half of 2022.  There 
was a high degree of uncertainty throughout that period, with a resulting loss 
in overall business confidence. 
 
Summary of Trading Results 
 
Revenue in the period was HKD1,877K [2021 : HKD1,742K], which represents a rise 
of 7.7%. The Group had a loss after tax of HKD2,265K [2021 : HKD3,335K].   The 
Group continued to adopt prudent cost controls whilst exploring alternative 
revenue streams to augment the revenue. 
 
Outlook 
 
The effects of COVID continued to adversely effect the Group's performance in 
2022. Much of Asia was under very strict lock down rules and international 
travel was practically suspended.  The lock down in Shanghai in early 2022 gave 
us further challenges for the first half of the current financial year. Cinemas 
in China are still operating at reduced capacity. 
 
We continue to explore new opportunities and revenue streams whilst the core 
business struggles under COVID restrictions.  By leveraging our international 
contacts, we are facilitating international trade, with a particular focus on 
commodities including metals and foodstuff.   We are also assisting China 
buyers to explore new international trading channels. 
 
However, we are hopeful for the resumption of cross border travel in second 
half of the year which should result in a slow but steady return to normalcy in 
travel and trading for the remainder of the year. 
 
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. 
 
Interim Condensed Statement of Comprehensive Income 
 
                                              GVMH        GVMH        GVMH 
                                          6 months    6 months    Year End 
                                             Ended       Ended 31 December 
                               Notes       30 June     30 June        2021 
                                              2022        2021 
 
                                           HK$'000     HK$'000     HK$'000 
 
Turnover                                     1,877       1,742       3,039 
 
Cost of Sales                              (1,535)     (1,788)     (2,963) 
 
Gross Profit                                   342        (46)          76 
 
Other Income / Expenditure                     263       (182)       2,460 
 
Administrative expenses                    (2,531)     (2,465)     (7,020) 
 
Depreciation                                 (334)       (624)     (1,681) 
 
Operating Loss                             (2,260)     (3,317)     (6,165) 
 
Finance Cost                                   (5)        (18)        (19) 
 
Loss before taxation                       (2,265)     (3,335)     (6,184) 
 
Tax on ordinary activities                       -           -           - 
 
Loss after taxation                        (2,265)     (3,335)     (6,184) 
 
Exchange difference arising                                            824 
on Translation                             (1,387)         368 
 
Loss and total comprehensive               (3,652)     (2,967)     (5,360) 
loss for the period 
 
(Loss)/profit attributable 
to: 
 
Equity holders of the Company              (2,287)     (3,257)     (5,882) 
 
Non-controlling interests                       22        (78)       (302) 
 
                                           (2,265)     (3,335)     (6,184) 
 
Total comprehensive (loss)/ 
income attributable to: 
 
Equity holders of the Company              (3,674)     (2,888)     (5,058) 
 
Non-controlling interests                       22        (78)       (302) 
 
                                           (3,652)     (2,967)     (5,360) 
 
Basic and diluted earnings       5          (0.02)      (0.03)      (0.06) 
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      (100,031)                                                    (31,156) 
December 2020                                                 844        7,190           (173) (79,109) 
 
Exchange Reserve           -        -              -            -        (198)               -        -    (198) 
 
Non-Controlling            -        -              -            -            -            (79)        -     (79) 
Interest 
 
Loss for the period       -        -              -            -            -               -   (3,257)  (3,257) 
 
Balance at 30 JUNE    96,017   44,106      (100,031)                                                    (34,690) 
2021                                                          844        6,992           (252) (82,366) 
 
Exchange Reserve           -        -              -            -           23               -        -       23 
 
Lapse of the share         -        -              -            -      (1,447)               -    1,447        - 
option 
 
Non-Controlling            -        -              -            -            -           (223)        -    (223) 
Interest 
 
Loss for the Period        -        -              -            -            -               -  (2,625)  (2,625) 
 
Balance at 31         96,017   44,106      (100,031)                                                    (37,515) 
December 2021                                                 844        5,568           (475) (83,544) 
 
Exchange Reserve           -        -              -            -        1,104               -        -    1,104 
 
Non-Controlling            -        -              -            -            -              22        -       22 
Interest 
 
Loss for the period       -        -               -            -            -               -  (2,287)  (2,287) 
 
Balance at 30 JUNE    96,017   44,106      (100,031)                                                    (38,676) 
2022                                                          844        6,672           (453) (85,831) 
 
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 
                                              2022       2021        2021 
 
                                           HK$'000    HK$'000     HK$'000 
 
Assets 
 
Non-Current Assets 
 
Property, plant and                             57        131         103 
equipment 
 
Right of use assets                            241        530         530 
(IFRS16) 
 
Total Non-Current Asset                        298        661         633 
 
Current assets 
 
Inventories                                      -          -           - 
 
Trade and Other                                867      3,363       1,327 
Receivables 
 
Deposits and Pre-Payments                      203        387         187 
 
Cash and Cash Equivalents                      270        490         172 
 
 Total Current Assets                        1,340      4,240       1,686 
 
Total Assets                                 1,638      4,901       2,319 
 
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)  (100,031)   (100,031) 
Reserve 
 
Capital Contribution                           844        844         844 
arising from 
Shareholder's Loan 
 
Exchange and Other                           6,672      6,992       5,568 
Reverses 
 
Non-Controlling Interest                     (453)      (252)       (475) 
 
Accumulated deficit                       (85,831)   (82,366)    (83,544) 
 
Total Equity                              (38,676)   (34,690)    (37,515) 
 
Liabilities 
 
Non-Current Liabilities 
 
Convertible Bonds                            5,376      6,041       5,946 
 
Shareholders loans                          11,235      9,232       9,647 
 
Total Non-Current                           16,611     15,273      15,593 
Liabilities 
 
Current Liabilities 
 
Trade and Other Payables                    12,622     15,033      12,747 
 
Amount Due to Directors                      3,490      3,263       3,589 
 
Lease Liability                                255        558         558 
 
Deposits Received                                -         28          11 
 
Shareholder loan                             7,336      5,436       7,336 
 
Total Current Liability                     23,703     24,318      24,241 
 
Total Liabilities                           40,314     39,591      39,834 
 
Total Equity and                             1,638      4,901       2,319 
Liabilities 
 
Interim Condensed Cash Flow Statement 
 
                                                       GVMH               GVMH       GVMH 
                                                   6 Months           6 Months    For the 
                                         Ended              Ended              year ended 
                                               30 JUNE 2022       30 JUNE 2021         31 
                                                                                 December 
                                                                                     2021 
 
                                                    HK$'000            HK$'000    HK$'000 
 
Cash flows from operating activities 
 
Operating loss                                      (2,265)            (3,335)    (6,184) 
 
Add: Depreciation                                       334                 46        669 
 
Add: Finance Cost                                         5                578         19 
 
Add: Provision for the trade                              -                  -        365 
receivables 
 
Add: Impairment loss on the                                                           581 
intercompany current account 
 
Changes in working capital                          (1,926)            (2,711)    (4,550) 
 
Decrease in receivables                                 460                199      1,857 
 
(increase) / Decrease in deposits and                  (16)                  -        213 
prepayments 
 
Decrease in payables                                (1,011)              (595)    (3,842) 
 
Net cash flow from/(used in)                        (2,493)            (3,107)      6,322 
operating activities 
 
Investing Activities 
 
Acquisition of fixed assets                               -                (7)       (24) 
 
Net cash flow from investing activities                   -                (7)       (24) 
 
Cash flows from financing activities: 
 
Payment of lease liabilities                          (308)              (616)      (616) 
 
Increase in an amount due from director                   -                  -         22 
 
Proceeds from Shareholder loans                       1,018              2,587      2,766 
 
Net cash flow from financing activities                 710              1,971      4,172 
 
Net cash flow for the period                        (1,783)            (1,143)    (2,174) 
 
Opening Cash and cash equivalents                       172                855        855 
 
Effect on Foreign exchange rate changes               1,881                778      1,491 
 
Closing Cash and cash equivalents                       270                490        172 
 
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 2021. 
 
2.         Basis of Preparation 
 
These unaudited condensed consolidated interim financial statements for the six 
months ended 30 June 2022 were approved by the board and authorised for issue 
on 28 September 2022. 
 
The basis of preparation and accounting policies set out in the Annual Report 
and Accounts for the year ended 31 December 2021 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 2022 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 2022 and 30 June 2021 are 
unaudited and do not constitute full accounts. The comparative figures for the 
period ended 31 December 2021 are extracts from the 2021 audited accounts.  The 
independent auditor's report on the 2021 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 2021 to 30 June 2021 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 2022 was 
HK$441,092 (2021: 
loss of HK$544,593, year ended 31 December 2021: HK$1,427,487). The current 
period operating loss incorporated the following main items: 
 
                                               GVMH        GVMH       GVMH 
                                       30 JUNE 2022     30 JUNE         31 
                                                           2021   December 
                                                                      2021 
 
                                        (Unaudited) (Unaudited)  (Audited) 
 
                                                        HK$'000    HK$'000 
 
Employment expenses                       308               323        641 
 
Legal and professional fees               75                166        308 
 
Other expenses                            58                 56        229 
 
Total                                     441               545      1,178 
 
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 
                                        2022        2021        2021 
 
                                            HK$         HK$         HK$ 
 
Loss after tax                          (2,265,000) (3,335,000) (6,184,000) 
 
Weighted average number of ordinary     96,287,079  96,287,079  96,287,079 
shares in issue 
 
Basic and diluted loss per share        (0.02)      (0.03)      (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     Number of   Share     Share      Share      Share 
fully paid ordinary  shares shares      Capital   Capital    Premium    Premium 
of 10p each 
 
                                        £         HK$        £          HK$ 
 
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 
 
Balance at 31 December 2021 96,287,079  9,628,708 96,017,186 4,422,954  44,105,565 
 
Balance at 30 JUNE 2022     96,287,079  9,628,708 96,017,186 4,422,954  44,105,565 
 
7.         Events Subsequent to 30 June 2022 
 
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                  gvmh.co.uk/ 
Jonathan Lo, Director                            Tel: +44 (0) 20 7866 2145 
                                                 or info@gvmh.co.uk 
 
 
 
END 
 
 

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