Alina Holdings PLC (ALNA) Alina Holdings PLC: Interim Results
for the period ended 30 June 2022 02-Aug-2022 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside
information in accordance with the Market Abuse Regulation (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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Highlights for the 6 months ended 30 June 2022
GROUP RESULTS 1H 2022 versus 1H 2021
Group Net Profit / (Loss) for the period (GBP0.33m) vs. (GBP0.08m)
Group Earnings / (Loss) Per Share (both basic and diluted)*1 (1.44p) vs. (0.36p)
Reported Book value per share*2 GBP0.26 vs. GBP0.28
Net Cash GBP1.1m vs. GBP2.9m
Investment Holdings GBP2.7m vs. GBP1.1m
*1 based on weighted average number of shares in issue of 22,697,397 (1H21: 22,697,397)
*2 based on actual number of shares in issue as at 30 June 2022 of 22,697,397
Chairman's Statement
Trading update
The Company's hedging strategy served its purpose and partially
protected ALNA shareholders during the first half of 2022, thereby
reducing the impact of mark-to-market declines in the Companies
quoted holdings. Both of the Company's two largest holdings Dolphin
Capital Investors (DCI LN) and HEIQ (HEIQ LN) traded lower, like
many small cap. company shares, on lack of interest, rather than on
concerted selling.
Macro Background
Global Technology stock took the full brunt of the 2022
correction on the chin, which has seen Cathie Woods' ARK Innovation
ETF give back virtually all its 383% gain and which is now down 74%
since peaking in December 2021. Many of ARK's investments had no
earnings or were trading on triple digit p/e multiples. Many of the
major stock market indices have performed badly but not as badly as
the investment vehicles with substantial exposure to "Story
Stocks". At the time of writing, the Dow Jones Index is down Year
to Date ("YTD") 15.29%, the S&P 500 is down 51% and the NASDAQ
Index is down 29.19%. whilst European Indices are down YTD between
7% and 22%.
Macro Outlook
Your Board is not convinced by the Markets recent rally, but
take the view that there is another leg down in US and EU (incl.
UK) Stock prices, which will be driven by research analysts
reducing their overly optimistic earnings estimates for 2022, 2023
and 2024.
Analysts surveyed by Bloomberg are still estimating that S&P
500 earnings will increase from current level of 199.67 to 235.78,
an increase of 18.08%, in 2022, by +5.22% in 2023, and by +9.02% in
2024. Given the fact that inflation is currently running at record
levels, and our view that Central Bankers may well tighten too
much, just as Western economic activity slows, we believe that
analysts will rapidly start to reduce their 2022 Q3 and Q4, as well
as 2023 and 2024, earnings estimates when they get back from their
summer holidays.
Operations
Real Estate
We continue to actively manage the Company's realestate assets
and a number of properties will be put up for sale in the second
half of the year. In respect of the Hastings and Bristol
properties, the Board has actioned a refurbishment and capital
expenditure plan, which we believe will enhance both the yield and
potential sale value of both properties.
Holdings 1. Dolphin Capital Investors Ltd (DCI LN)
https://www.dolphinci.com/?doing_wp_cron=1658743513.1735150814056396484375
ALNA currently owns 3.2% of DCI, which is focused on the
development of luxury leisure properties in the Eastern
Mediteranean Greece, Cyprus and Croatia).
The company has had a torrid life and is currently trying to
wind down its realesate portfolio and return capital to
shareholders. DCI's most recently released (July 2022) fact sheet
indicates that the current NAV of the company stands at 12p/share
versus a market price of 3.15p (at the time of writing). Clearly
the new Board are struggling to convince the market that the
liquidation of the company's assets will return stated NAV!. Your
Board has discounted the Company's stated NAV by 33%, and estimate
NAV to be ±8p, which if achieved would result in excess of a 100%
ROI. 2. HEIQ plc (HEIQ LN)
https://www.heiq.com/investors/
ALNA currently owns 0.68% of HeiQ is an IP creator and
established global brand in materials and textile innovation,
adding hygiene, comfort, protection and sustainability to the
products we use every day.
HeiQ has a core chemical business, which in 2021 generated
Revenues of USD57.9m and EBITDA of USD6.5m.
HeiQ has a pipeline of innovative and potentially disruptive
products such as:
HEIQ AeoniQ, an innovative high-performance cellulose filament
yarn that has for the first time in textiles the potential to
replace polyester and nylon. Made from waste, recycled or reactor
grown cellulosic biopolymers that bind carbon (CO2) from the
atmosphere.For every ton of polyester substituted by HeiQ AeoniQ,
up to +5 tons of CO2 can be reduced.
As of February 2022, only four months after we announced the
project, AeoniQ had on-boarded two global brands, The LYCRA Company
and HUGO BOSS, with total financial commitments (subject to
milestone achievements) exceeding USUSD10m.
HeiQ GrapheneX, a highly porous graphene membrane electronics,
batteries and beyond.
Graphene is an atomically-thin, two-dimensional layer of carbon
with unique properties, including exceptionally high strength, high
conductivity, non-permeability, flexibility and chemical inertness.
Permeable membrane materials are a critical feature in diverse
filtration and separation applications that are essential to
society and the environment. Membrane performance is determined by
material strength, minimal permeation resistance to the substances
being filtered and separated, and other material properties such as
conductivity and wettability. HeiQ aims to create an ultra-thin,
extra-strong, fully-permeable and conductive porous graphene
membrane material for use in applications such as batteries and
filtration that enable positive global impact in resource
efficiency, health and sustainability.
Conclusion
We remain cautious on the macro-economic outlook, and do not
believe it is safe to get back into the water yet. Having said
that, we continue to research and find potentially interesting
businesses at increasingly appealing vauations as investor interest
dwindles with the increasing expectation of recession.
Duncan Soukup
Chairman
Thalassa Holdings Ltd
1 August 2022
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 FinancialReporting' and gives a true and fair view
of the assets, liabilities, financial position and profit or loss
of theCompany and the undertakings included in the consolidation as
a whole as required by DTR 4.2.4 R; 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 uncertaintiesfor 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.
Duncan Soukup
Chairman
Thalassa Holdings Ltd
1 August 2022
Interim Condensed Consolidated Statement of Income
For the six months ended 30 June 2022
Six months Six months Year
ended ended ended
30 Jun 22 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Gross rental income 196 218 437
Property operating expenses (158) (72) (136)
Net rental income 38 146 301
Profit/(loss) from change in fair value of investment holdings (441) 125 -
Administrative expenses including non-recurring items (297) (245) (540)
Operating loss before net financing costs (700) 26 (239)
Depreciation (2) (2) (3)
Financing income* 405 54 23
Financing expenses* (30) (160) (75)
Loss before tax (327) (82) (294)
Taxation - - -
Profit/(loss) for the year from continuing operations (327) (82) (294)
Attributable to:
Equity shareholders of the parent (327) (82) (294)
(327) (82) (294)
Earnings per share - GBP- pence (using weighted average number of shares)
Basic and Diluted 3 (1.44) (0.36) (1.30)
The notes on pages 13 to 16 form an integral part of this
consolidated interim financial information. Interim Condensed
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2022
Six months Six months Year
ended ended ended
30 Jun 22 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit/(loss) for the financial year (327) (82) (294)
Total comprehensive income (327) (82) (294)
Attributable to:
Equity shareholders of the parent (327) (82) (294)
Total Comprehensive income (327) (82) (294)
The notes on pages 13 to 16 form an integral part of this
consolidated interim financial information.
Interim Condensed Consolidated Statement of Financial
Position
As at 30 June 2022
As at As at As at
30 Jun 22 30 Jun 21 31 Dec 21
Note Unaudited Unaudited Audited
Assets GBP'000 GBP'000 GBP'000
Non-current assets
Investment properties 4 2,782 2,786 2,784
Total non-current assets 2,782 2,786 2,784
Current assets
Trade and other receivables 495 466 255
Investment holdings 5 2,680 1,082 1,819
Investment properties held for sale - 330 330
Cash and cash equivalents 1,129 2,920 1,767
Total current assets 4,304 4,798 4,171
Total assets 7,086 7,584 6,955
Liabilities
Current liabilities
Trade and other payables 856 815 398
Total current liabilities 856 815 398
Finance lease liabilities 6 324 324 324
Total non-current liabilities 324 324 324
Total liabilities 1,180 1,139 722
Net assets 5,906 6,445 6,233
Shareholders' Equity
Share capital 10 319 319 319
Capital redemption reserve 598 598 598
Retained earnings 4,989 5,528 5,316
Total shareholders' equity 5,906 6,445 6,233
Total equity 5,906 6,445 6,233
The notes on pages 13 to 16 form an integral part of this
consolidated interim financial information.
These financial statements were approved by the board on 1
August 2022.
Signed on behalf of the board by:
Duncan Soukup
Interim Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2022
As at As at As at
30 Jun 22 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit/(Loss) for the period before taxation (702) (82) (239)
(Profit)/Loss from change in fair value of head leases - - 26
Net financing loss/(income) - 117 (3)
Decrease/(Increase) in trade and other receivables 90 (83) (27)
(Decrease)/Increase in trade and other payables 458 92 (168)
Gain/(loss) on foreign exchange 144 (95) (44)
Lease liability interest (11) (11) (22)
Depreciation 2 2 -
Interest paid (17) - (6)
Profit from change in fair value of investments held for sale (17) (125) (4)
Cash generated by operations (53) (185) (487)
Taxation - - -
Net cash flow from operating activities (53) (185) (487)
Purchase of holdings (3,592) (957) (1,993)
Sale of holdings 2,566 - 200
Unrealised Gain or (Loss) on holdings 441 - -
Net cash flow in investing activities (585) (957) (1,793)
Cash flows from financing activities
(Increase)/reduction on head lease liabilities - (11) (26)
Net cash flow from financing activities - (11) (26)
Net increase(decrease) in cash and cash equivalents (638) (1,153) (2,306)
Cash and cash equivalents at the start of the year 1,767 4,073 4,073
Cash and cash equivalents at the end of the year 1,129 2,920 1,767
The notes on pages 13 to 16 form an integral part of this
consolidated interim financial information.
Interim Condensed Consolidated Statement of Changes in
Equity
For the six months ended 30 June 2022
Attributable to owners of the Company
Capital
Share redemption Retained
Capital reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 31 December 2020 319 598 5,610 6,527
Loss for Period - - (82) (82)
Balance as at 30 June 2021 319 598 5,528 6,445
Total comprehensive income for the year - - (212) (212)
Balance as at 31 December 2021 319 598 5,316 6,233
Loss for Period - - (327) (327)
Balance as at 30 June 2022 319 598 4,989 5,906
The notes on pages 13 to 16 form an integral part of this
consolidated interim financial information. Notes to the Interim
Condensed Consolidated Financial Information
1. General information
Alina Holdings PLC ("Alina" or the "Company") is a company
registered on the Main Market of the London Stock Exchange.
2. Significant Accounting policies
The Group prepares its accounts in accordance with applicable UK
Adopted International Accounting Standards (IFRSs).
The accounting policies applied by the Company in this unaudited
consolidated interim financial information are the same as those
applied by the Company in its consolidated financial statements as
at and for the period ended 31 December 2021 except as detailed
below.
The financial information has been prepared under the historical
cost convention, as modified by the accounting standard for
financial instruments at fair value.
Estimates
There are no changes to the estimates since last reporting
period.
Segmental reporting
IFRS 8 requires operating segments to be identified on the basis
of internal reports that are regularly reported to the chief
operating decision maker to allocate resources to the segments and
to assess their performance. Since the strategy review in July 2013
the Group has identified one operation and one reporting segment,
being rental income in the UK, which is reported to the Board of
directors on a quarterly basis. The Board of directors is
considered to be the chief operating decision maker.
2.1. Basis of preparation
The condensed consolidated interim financial information for the
six months ended 30 June 2022 has been prepared in accordance with
International Accounting Standard No. 34, 'Interim Financial
Reporting'. They do not include all of the information required for
full annual financial statements and should be read in conjunction
with the consolidated financial statements of the Company as at and
for the year ended 31 December 2021.
These condensed interim financial statements 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 extracted from the 2021 audited
financial statements. The independent auditor's report on the 2021
financial statements was not qualified.
All intra-group transactions, balances, income and expenses are
eliminated in full on consolidation.
2.2. Going concern
The financial information has been prepared on the going concern
basis as management consider that the Group has sufficient cash to
fund its current commitments for the foreseeable future.
3. Earnings per share
Six months Six months Year
ended ended ended
30 Jun 22 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
The calculation of earnings per share is based on the following loss and number of
shares:
Profit/(loss) for the period (GBP'000) (327) (82) (294)
Weighted average number of shares of the Company ('000) 22,697 22,697 22,697
Earnings per share:
Basic and Diluted (GBP - pence) (1.44) (0.36) (1.30)
Number of shares outstanding at the period end: 22,697,397 22,697,397 22,697,397
4. Investment Properties
Freehold Leasehold
Investment Investment
Properties Properties Total
GBP000 GBP000 GBP000
At 31 December 2020 40 2,722 2,762
Fair value adjustment - head leases - 26 26
Depreciation - head leases - (2) (2)
At 30 June 2021 40 2,746 2,786
Fair value adjustment - head leases - (1) (1)
Depreciation - head leases - (1) (1)
At 31 December 2021 40 2,744 2,784
Fair value adjustment - head leases - - -
Depreciation - head leases - (2) (2)
At 30 June 2022 40 2,742 2,782
The six property assets held at 30 September 2020 were valued at
that date by Allsop LLP. Two of the larger assets were subject to
full RICS valuations, including site inspections, with the
remainder subject to desktop updates of their previous carrying
values. In view of the market uncertainty and the operational
restrictions arising from the COVID-19 outbreak, the directors did
not consider it appropriate to carry out a fresh valuation of the
property portfolio at the half-year. The six properties contained
in the portfolio were therefore continued to be recognised in the
financial statements at their holding value in the Company's
accounts at 30 September 2020. One property was considered to be
held for sale and its holding value in the Company's accounts
therefore took account of agreed pricing and sales costs. There
were no sales during the period.
The Directors are pleased to announce the completion of sale of
the Westcliff property held for sale as at 31 December 2020 and
2021, which was agreed under the previous board in 2019 and has
taken this reporting period to finalise.
The Directors have concluded that they will be maintaining the
valuation of the property portfolio at previous levels. The Board
is also of the opinion that the carrying values, based on the "Red
Book" valuation, do not reflect the real value of the
properties.
The Company's objective is still to liquidate the current
portfolio of shopping assets which currently show a Gross Initial
Yield of more than 16%, but only if a sale can achieve a sensible
return in excess of the year end 2021 carrying value of
GBP2.45m.
The Directors obtained pricing and yields of similar
transactions made within the accounting period to December 2021 and
compared them to the Gross Initial Yield stated above. In all cases
the transactions that were measured came in at a lower value than
that currently being achieved. As stated, although the data is
below the Yield being achieved it was felt prudent to leave the
valuations as they stand.
The outbreak of the Coronavirus (COVID-19), declared by the
World Health Organization as a "Global Pandemic" on 11 March 2020,
has impacted global financial markets and global economy. Despite
the easing of restrictions, the future impact that COVID-19 might
have on the real estate market gives that less certainty should be
attached to the valuation than would normally be the case. A
reconciliation of the portfolio valuation at 30 June 2022 to the
total value for investment properties given in the Consolidated
Balance Sheet is as follows:
As at As at As at
30 Jun 22 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Portfolio valuation 2,445 2,775 2,775
Investment Properties held for sale - (330) (330)
Head leases treated as investment properties per IFRS 16 337 341 339
Total per Balance Sheet 2,782 2,786 2,784
5. Investment Holdings
The Group classifies the following financial assets at fair
value through profit or loss (FVPL):-
Equity investments that are held for trading
As at As at As at
30 Jun 22 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Securities investments
At the beginning of the period 1,783 - -
Additions 2,844 957 1,957
Unrealised gain/(losses) (169) 125 23
Disposals (2,566) - (197)
1,892 1,082 1,783
Investment Holdings
Securities held 1,892 1,082 1,783
Portfolio Holdings 788 - 36
2,680 1,082 1,819
Investments have been valued incorporating Level 1 inputs in
accordance with IFRS7. They are a combination of cash and
securities held with the listed broker.
Financial instruments require classification of fair value as
determined by reference to the source of inputs used to derive the
fair value. This classification uses the following three-level
hierarchy:
Level 1 - quoted prices (unadjusted) in active markets for
identical assets or liabilities;
Level 2 - inputs other than quoted prices included within level
1 that are observable for the asset or liability, either directly
(i.e., as prices) or indirectly (i.e., derived from prices);
Level 3 - inputs for the asset or liability that are not based
on observable market data (unobservable inputs).
6. Lease liabilities
Minimum
Finance lease liabilities on head rents are payable as follows: Lease
Payment Interest Principal
GBP000 GBP000 GBP000
At 30 June 2021 3,040 (2,694) 346
Movement in value (11) 11 -
At 31 December 2021 3,029 (2,683) 346
Movement in value (11) 11 -
At 30 June 2022 3,018 (2,672) 346
Short term liabilities 22 - 22
Long term liabilities 3,018 (2,694) 324
At 30 June 2021 3,040 (2,694) 346
Short term liabilities 22 - 22
Long term liabilities 3,007 (2,683) 324
At 31 December 2021 3,029 (2,683) 346
Short term liabilities 22 - 22
Long term liabilities 3,007 (2,683) 324
At 30 June 2022 3,029 (2,683) 346
In the above table, interest represents the difference between
the carrying amount and the contractual liability/ cash flow. All
leases expire in more than five years.
7. Related party balances and transactions
As at the period end the Group owed GBP49,303 (December 2021:
GBPnil, June 2021: GBP139,599) to Thalassa Holdings Limited
("Thalassa"), a company under common directorship. The balance
relates to accounting and registered office services supplied to
the Group by Thalassa at cost. The total amount is treated as an
unsecured, interest free loan made repayable on demand.
During the period the Group was invoiced GBP88,887 (December
2021: GBP158,401, June 2021: GBP77,598) for consultancy and
administrative services provided to the Group by a company in which
the Chairman has a beneficial interest. The balance owed by the
Group at the period end date was GBP88,887 (December 2021: nil,
June 2021: GBP77,598)
8. Share capital
As at As at As at
30 Jun 22 30 Jun 21 31 Dec 21
Unaudited Unaudited Audited
GBP GBP GBP
Allotted, issued and fully paid:
22,697,397 ordinary shares of GBP0.01 each 226,970 226,970 226,970
9,164,017 treasury shares of GBP0.01 each 91,640 91,640 91,640
Total Share Capital 318,610 318,610 318,610
During the year to 30 September 2019, the Company underwent a
Court approved restructure of capital and buy back of shares. Under
this action the issued 20p shares were converted to 1p; capital
reserves were transferred to distributable reserves; 59,808,456
shares were repurchased, and a new Capital Redemption Reserve of
GBP0.598m was established.
Investment in Own Shares
At the year-end, 9,164,017 shares were held in treasury (June
2021: 9,164,017), and at the date of this report 9,164,017 were
held in treasury.
9. Subsequent events
There were no subsequent events.
10. Copies of the Interim Report
The interim report is available on the Company's website:
www.alina-holdings.com.
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ISIN: GB00B1VS7G47
Category Code: IR
TIDM: ALNA
LEI Code: 213800SOAIB9JVCV4D57
OAM Categories: 1.2. Half yearly financial reports and audit reports/limited reviews
Sequence No.: 178537
EQS News ID: 1410705
End of Announcement EQS News Service
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(END) Dow Jones Newswires
August 02, 2022 02:01 ET (06:01 GMT)
Alina (LSE:ALNA)
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