Grand Vision Media Holdings Plc - Half-year Report

London, 27 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 2024. 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 Hong Kong was also adversely impacted by the global uncertainty. However, with the decrease in USA interest rates and China monetary and fiscal policy initiatives to aid the recovery, we are more bullish about the 2nd half of the year. Summary of Trading Results Revenue in the period was HKD1,878K [2023 : HKD2,272K], which represents a decrease of 17.34%. The Group had a loss after tax of HKD2,288K [2023 : HKD1,970K].   The Group continued its focus on cost controls whilst exploring alternative revenue streams. 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 China and the strengthening RMB will boost the marketing budgets for many of our clients. New partnerships in Europe and South East Asia will also help lessen our dependence on Mainland China market. GRAND VISION MEDIA HOLDINGS PLC ("THE GROUP") 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 :  27 September 2024 Interim Condensed Statement of Comprehensive Income Notes GVMH GVMH GVMH 6 months Ended 6 months Ended Year End 30 June 30 June 31 December 2024 2023 2023 (unaudited) (unaudited) (audited) HK$'000 HK$'000 HK$'000 Turnover 1,878 2,272 5,962 Cost of Sales (1,365) (1,547) (4,210) Gross Profit 513 725 1,752 Other Income / (1) (12) (7) Expenditure Administrative expenses (2,503) (2,381) (5,640) Depreciation (293) (292) Operating Loss 2284 (1,960) (3,895) Finance Cost (4) (10) (18) Loss before taxation (2,288) (1,970) (3,913) Tax on ordinary - - - activities Loss after taxation (2,288) (1,970) (3,913) Exchange difference (162) (670) (349) arising on Translation Loss and total (2,450) (2,640) (4,262) comprehensive loss for the period Loss attributable to: Equity holders of the (2,129) (1,945) (3,793) Company Non-controlling (159) (25) (121) interests (2,288) (1,970) (3,913) Total comprehensive loss attributable to: Equity holders of the (2,291) (2,615) (4,121) Company Non-controlling (159) (25) (121) interests (2,450) (2,640) (4,262) Basic and diluted 5 (0.02) (0.02) (0.04) earnings per share (HK$) Interim Condensed Statement of Changes in Equity GVMH PLC Share  Share Group Capital Exchangeand Non Retained Total Capital Premium Reorganization Contribution OtherReserve -Controlling Earnings Equity Reserve arising from shareholders loan Interest HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 Balance at 96,017 44,106 (100,031) 844 6,895 (473) (87,943) (40,585) 31 December 2022 (audited) Exchange - - - - (1,066) - - (1,066) Reserve Non - - - - - (25) - (25) -Controlling Interest Loss for - - - - - - (1,945) (1,945) the period Balance at 96,017 44,106 (100,031) 844 5,829 (498) (89,888) (43,621) 30 June 2023 (unaudited) Exchange - - - - (85) - - (85) Reserve Lapse of - - - - (975) - 975 - the share option Non - - - - - (95) - (95) -Controlling Interest Loss for - - - - - - (1,848) (1,848) the period Balance at 96,017 44,106 (100,031) 844 4,769 (593) (90,761) (45,649) 31 December 2023 (audited) Exchange - - - - 115 - - 115 Reserve Lapse of - - - - - - - - the share option Non - - - - - (159) - (159) -Controlling Interest Loss for - - - - - - (2,129) (2,129) the period Balance at 96,017 44,106 (100,031) 844 4,884 (752) (92,890) (47,822) 30 June 2024 (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 Notes GVMH GVMH GVMH 30 June 30 June 31 December 2023 2024 2023 (audited) (unaudited) (unaudited) HK$'000 HK$'000 HK$'000 Assets Non-Current Assets Property, plant and 14 8 20 equipment Right of use assets 240 815 527 (IFRS16) Total Non-Current Asset 254 823 547 Current assets Trade and Other 1,448 1,119 1399 Receivables Deposits and Pre-Payments 167 171 234 Cash and Cash Equivalents 4 136 291 Total Current Assets 1,619 1,426 1,925 Total Assets 1,873 1,249 2,472 Equity and Liabilities Share Capital 6 96,017 96,017 96,017 Share Premium Account 6 44,106 44,106 44,106 Group Re-organization (100,031) (100,031) (100,031) Reserve Capital Contribution 844 844 844 arising from Shareholder's Loan Exchange and Other 4,884 5,829 4,769 Reverses Non-Controlling Interest (752) (498) (593) Accumulated deficit (92,890) (89,888) (90,761) Total Equity (47,822) (43,621) (45,649) Liabilities Non-Current Liabilities Convertible Bonds 5,563 5,611 5,601 Shareholders loans 967 9,725 974 Total Non-Current 6,530 15,336 6,575 Liabilities Current Liabilities Trade and Other Payables 15,420 14,190 14,699 Amount Due to Directors 6,069 3,787 4,926 Lease Liability 244 820 533 Deposits Received 45 - 1 Shareholder loan 21,387 11,737 21,387 Total Current Liability 43,165 30,534 41,546 Total Liabilities 49,695 45,870 48,121 Total Equity and 1,873 2,249 2,472 Liabilities Interim Condensed Cash Flow Statement GVMH GVMH GVMH 6 Months 6 Months For the Ended              Ended              year 30 June 2024 30 June 2023 ended 31 December (unaudited) (unaudited) 2023 (audited) HK$'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 capital (1,991) (1,668) (3,311) Increase in receivables (49) (141) (421) (Increase) / Decrease in 67 45 (18) deposits and prepayments Increase in payables 721 1,473 1,982 Increase / (Decrease) in 44 (79) (78) deposit received Net cash flow used in (1,208) (370) (1,846) operating activities Cash flows from investing activities: Payment for purchase of - - (17) property, plant and equipment Net cash outflow from - - (17) investing activities Cash flows from financing activities: Payment of lease (289) (294) (589) liabilities Increase in an amount due 1,143 274 1,413 to directors (Repayment of) / Proceeds (48) 1,334 2,223 from Shareholder loans Net cash generated from 806 1,314 3,047 financing activities Net cash outflow for the (402) 944 1,184 period Opening Cash and cash 291 258 258 equivalents Effect on Foreign exchange 115 (1,066) (1,151) rate changes Closing Cash and cash 4 136 291 equivalents 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 2023. 2.Basis of Preparation These unaudited condensed consolidated interim financial statements for the six months ended 30 June 2024 were approved by the board and authorised for issue on 27 September 2024. The basis of preparation and accounting policies set out in the Annual Report and Accounts for the year ended 31 December 2023 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 2024 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 2024 and 30 June 2023 are unaudited and do not constitute full accounts. The comparative figures for the year ended 31 December 2023 are extracts from the 2023 audited accounts.  The independent auditor's report on the 2023 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 2024 to 30 June 2024 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 2024 was HK$607k (2023: loss of HK$412k, year ended 31 December 2023: HK$445k). The current period operating loss incorporated the following main items: Company Company Company GVMH GVMH GVMH 30 June 2024 30 June 2023 31 December 2023 (unaudited) (unaudited) (audited) HK$`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 30 June 2024 30 June 31 December 2023 (unaudited) 2023 (unaudited) (audited)                                        HK$ HK$ HK$ Loss after (2,288,000) (1,970,000) (3,913,000) tax Weighted 96,287,079 96,287,079 96,287,079 average number of ordinary shares in issue Basic and (0.02) (0.02) (0.04) diluted loss per share 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, Number of Share Share Share Share called up and shares Capital Premium fully Capital Premium paid ordinary shares of 10p each £ HK$ £ HK$ Balance at 31 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565 December 2022 (audited) Balance at 30 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565 June 2023 (unaudited) Balance at 31 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565 December 2023 (audited) Balance at 30 96,287,079 9,628,708 96,017,186 4,422,954 44,105,565 June 2024 (unaudited) 7.Events Subsequent to 30 June 2024 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 This information was brought to you by Cision http://news.cision.com

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