Alina Holdings PLC
Alina Holdings
PLC
(Reuters: ALNA.L, Bloomberg: ALNA:LN)
("Alina" or the "Company")
Interim Results for the period ended 30 June 2024
The Company is pleased to announce its results for the six
months ended 30 June 2024. The unaudited interim results have been
submitted to the FCA and will shortly be available on the Company’s
website: www.alina-holdings.com
Highlights
for the 6 months ended 30 June 2024
GROUP RESULTS 1H 2024 versus 1H 2023
|
|
|
|
Group Net Profit / (Loss) for the period -
£000
|
£348k vs (£821k)
|
|
|
|
|
Group Earnings / (Loss) Per Share (both basic
and diluted)*1
|
1.53p vs (3.62p)
|
|
|
|
|
Reported Book value per
share*2
|
23.4p vs 23.2p
|
|
|
|
|
Net Cash - £000
|
£1,415 vs £1,503
|
|
|
|
|
Investments at fair value through profit and
loss - £000
|
£1,675 vs £1,907
|
|
|
|
|
*1
based on weighted average number of
shares in issue of 22,697,397 (1H23: 22,697,397)
|
|
*2
based on actual number of shares in
issue as at 30 June 2024 of 22,697,397
|
Chairman’s
Statement
Macro Background/Outlook
After a first half correction,
the US market markets (in particular the Tech led Nasdaq) have
continued to reach for Infinity and Beyond, although it is the DJII
and S7P 500 that have reached new all time highs as investors
rotate out of Tech. Whilst interest rates are finally on the
decline as the Fed lowers rates, it is too early to assess how much
damage may have been done to economic components such as Real
Estate where, both in the USA and Europe, commercial real estate
prices are in full retreat.
As pointed out in last year’s
Interims, Niall Fergusson, Bloomberg columnist and the Milbank
Family Senior Fellow at the Hoover Institution at Stanford
University wrote…As Humpty Dumpty says to Alice: “When I use a
word, it means just what I choose it to mean — neither more nor
less.” Inflation has been above target for nearly two and a half
years. Whenever it returns to 2%, we’ll be told: “That’s what we
meant by transitory!”
The Company’s Board is still in
the “Markets are overvalued camp”, and believe that Central Bank
fiddling and tinkering will eventually result in the likelihood of
stagflation in the UK and Europe and, if they get lucky, only
recession in US, but possibly worse in Europe.
Recessions have a habit of
creeping up on one and then falling off a cliff. Past downturns
have taken longer than expected to manifest themselves but when
they arrive they invariable bring pain and a dose of sanity back to
markets as they adjust to the new “normal”.
I stand by my earlier statement
that that the Fed and ECB are still behind the curve. Their efforts
to curb inflation have, in my opinion, ironically caused rates to
stay higher for longer. We are, therefore, sceptical that the Fed
can engineer a Soft landing. In our opinion, the prolonged increase
in interest rates has severely damaged commercial and personal
property prices in the US, UK and Europe (the greatest store of
personal value for most families), which is likely to result in a
substantial stock market correction … that I and other (older!)
participants have alluded to for some time.
As at the time of writing, the
Buffet Indicator, which compares total market capitalisation to GDP
stands at 200%, indicating that the Stock Market is Significantly
Overvalued and that a reversion to the mean (barring any
overshoot!) would indicate a potential 30% to 50% decline in US
markets from current levels. I do not believe that this is a
question of “if” the markets will correct, but “when” will they
correct.
Add to the above scenario the
European issues of “Corporate Obsolescence”, specifically the Auto
industry, and we have the makings of potential mass unemployment in
Germany, offset by increased Government spending, which reminds me
very much of the Weimar Republic (1918 – 1933). I realise that this
is an unpopular position to take but a closer look at the growing
problems in Western Society should really temper political and
economic complacency. Both the US and Europe have major migration
problems, which the US Democrats have generally ignored and the
Republicans wish to deal with using force. Whilst in Europe,
“Angela Merkel (aka “Mutti”) used her dominant position in the EU to
‘persuade’ member States to open their borders to the influx of
migrants…until now that is when Chancellor Olaf Scholz’s Government
having lost two regional elections in Eastern Germany has closed
German Boarders to ‘illegal’ migrants, and in France, in an effort
to repel the Far Right, the new Barnier Government have also
announced that migration is at the top of their Task
List.
And whilst the migrant problem
becomes increasingly complex, Germany’s massive exposure to ICE
powered cars (internal combustion engine) and uncompetitive EV cars
is estimated to result in a possible 50% decline in auto related
jobs from 830,000 (which does not include a further 300,000+ people
employed in support industries) to 400,000 by 2030.
Warren Buffett is well known
for saying that ‘one should be fearful when others are greedy, and
greedy when others are fearful’.
Conclusion…
In our opinion, now is not the
time to be greedy…peak earnings and peak stock prices do not make
for a good entry point when buying stocks.
Operations
Real
Estate
Hastings
Works to remove asbestos have
now been completed and the tenant that had moved into the former
Restaurant has been evicted for taking possession without a
contract and in breach of the Head Lease covenants. Removal of the
illegal occupants required legal action and took over a year.
Unfortunately the tenant only conceded the week Court proceedings
were due to commence. Whilst Hastings is now structurally ready for
occupancy, substantial electrical wiring is now required to ensure
that the building is compliant with today’s regulatory
requirements. On a positive note, the departure of a number of
smaller tenants now gives us the opportunity to attract a larger
tenant at current market rates rather than the historical
discounted rates. Securing a Nationally recognised tenant would
also have a significant, positive impact on the Book Value of the
Property.
Bristol
We are in the process of
retaining an agent to sell the Brislington Property. The agent has
indicated a sales price in excess of our Book Value, which has
resulted in an upward revaluation in these accounts to reflect
some, but not all of the increased potential sales
value.
Stafford
We recently withdrew from the
sale of our Stafford property due to the buyers constant excuses
for delayed completion. In the meantime, the rental market has
firmed and recent rent increases give us reason to believe that we
can achieve an improved sales price.
Holdings
-
DCI Advisors Ltd (DCI LN)
https://www.dciadvisorsltd.com/index.html
As at June 30 2024, ALNA owned
2.99% of DCI Advisors Ltd., which is focused on the development of
luxury leisure properties in the Eastern Mediterranean, Greece,
Cyprus and Croatia).
The Company’s trophy asset is a
Golf and Leisure development on the outskirts of Porto Cheli in the
Peloponnese. Porto Cheli is currently going through a development
boom, including 3 major projects - a new Four Seasons Hotel and
Private villa, Beach resort in Hinitsa Bay, adjacent to Porto Cheli
fronted by Irish Billionaire Paul Coulson; a Six Senses Hotel
Resort and a Waldorf Astoria Hotel.
In the past few days, DCI also
announced that the sale of the Livka Bay property should complete
in the coming weeks.
On a less positive note, the
company is up to its neck in litigation with the founder and former
manager of the Group. Further, the Company’s shares are suspended
as accounts have not been filed.
-
HEIQ plc (HEIQ LN)
https://www.heiq.com/investors/
HEIQ continues to drag and has
now fallen from a 2021 high of ~244p to a current level of 5.5p, a
decline of 97.5%, and a decline of 89% from the Company’s Main
Market listing price of 50p/share.
2020 and 2021 accounts have
been restated and instead of the profits that the Company had
previously announced, which drove the share price up, restated 2021
results showed a loss versus a previously announced profit whilst
losses in 2022 ballooned as the Company took a $13m impairment
charge and had to reverse $4m of revenues.
The fact that the Company’s
Directors thought it conservative or prudent to use stage of
completion accounting rather than cash accounting where revenues
are only booked when invoiced, beggars belief.
Quote from the Executive
Director, “Previously, we had recognized revenue from these
contracts at the point in time of achieving certain technical
development milestones. However, upon further review, we concluded
that it is appropriate to recognize such revenues over time to
coincide with specific exclusivity
rights being
granted by HeiQ to the partners. Consequently, total revenue of
US$4.0 million has been deferred over a period of four years with
initial revenues being recognized in H2 2022.”
Sadly this statement indicates
that the Company is still using stage of completion accounting
rather than the more conservative and, given the appalling results,
prudent cash accounting convention.
Conclusion
As I write the Fed has cut its
benchmark rate by half a point, which would indicate that they are
concerned about the weakness of the US economy, and most
importantly about flagging employment numbers. A half point cut is
also significant as it indicates that the Fed may, as we have
previously suggested, be behind the curve. The coming months,
culminating in the US Presidential election will probably be
volatile as was the Market’s 1% positive knee-jerk reaction to the
0.5% rate cut before it fizzled and turned into losses for all 3
major US Indices.
We are concerned by, in our
opinion, the extreme over-valuation of the US Stock, and RealEstate
Markets and the enormous over-hang of US consumer credit, which
gets far too little mention these days.
Whilst we are pleased to report
improved results for the period under review, we believe that the
second half of the year will pose multiple headwinds and will focus
our efforts on raising cash from property sales and by monitoring
and managing our other assets as best we can.
Duncan Soukup
Chairman
Alina
Holdings plc
26
September 2024
Financial
Review
Total
income for the 1H 2024 period was £503k (1H 2023: £(286)k). This
was supported by the strong performance of financial holdings,
particularly the largest short position in Tesla (TSLA).
Gross
Rental Income declined by 27% due to increased vacancy rates at
Hastings, the sale of Shaw in April 2023 during the comparative
period and tenant issues at a Brislington property partially caused
by scaffolding erected for work on the Landlord’s adjacent
building.
Cost of
sales reduced from £148k to £21k, driven by a service charge credit
of £132k at Hastings within Property operating expenses. The credit
related to service charges at vacant units for required work which
had been invoiced in 2022 and 2023. As the work has not yet been
done, the property management company had to refund this to units
that had paid, including Nos 4 Limited’s vacant units.
The
Board has reassessed the carrying value of Brislington and revalued
this property up +£200,000 to £1,362,500. The revaluation reflects
the selling agent’s estimated sale value, less fees and
contingencies.
At
Hastings, following the refurbishment and removal of asbestos, a
claim for expenditure plus costs has now been submitted to
Sainsbury’s, the owner of Argos, per the ‘full repairing
lease’.
During
the period under review Book Value increased 7.0% to 23.4p/shr from
21.9p/shr as at 31 December 2023.
Responsibility
Statement
We
confirm that to the best of our knowledge:
-
the condensed set of financial
statements has been prepared in accordance with IAS 34 ‘Interim
Financial Reporting’ and gives a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company
and the undertakings included in the consolidation as a whole as
required by DTR 4.2.4 R;
-
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
-
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
Alina
Holdings plc
26
September 2024
Interim
Condensed Consolidated Statement of Income
For the six months ended 30 June 2024
|
|
|
|
Six
months
|
Six
months
|
Year
|
|
|
|
ended
|
ended
|
ended
|
|
|
|
30
Jun 24
|
30
Jun 23
|
31
Dec 23
|
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
Note
|
|
£'000
|
£'000
|
£'000
|
|
Gross rental income
|
|
|
116
|
165
|
305
|
|
Net gains/(losses) on investments
at fair value
|
|
|
375
|
(385)
|
(288)
|
|
Interest income
|
|
|
12
|
9
|
18
|
|
Dividend income
|
|
|
3
|
1
|
3
|
|
Loss on disposal of investment
properties
|
|
|
-
|
(73)
|
(73)
|
|
Currency losses
|
|
|
(3)
|
(3)
|
(19)
|
|
Total Income
|
|
|
503
|
(286)
|
(54)
|
|
Property operating
expenses
|
|
|
(14)
|
(142)
|
(298)
|
|
Financial holdings
expenses
|
|
|
(7)
|
(6)
|
(14)
|
|
Total Cost of Sales
|
|
|
(21)
|
(148)
|
(312)
|
|
Gross
profit
|
|
|
482
|
(434)
|
(366)
|
|
Administrative expenses including
non-recurring items
|
|
|
(321)
|
(371)
|
(739)
|
|
Gain from change in fair value of
investment properties
|
|
|
200
|
-
|
-
|
|
Operating loss
before net financing costs
|
|
|
361
|
(805)
|
(1,105)
|
|
Depreciation
|
|
|
(2)
|
(2)
|
(3)
|
|
Net financial
income/(expense)
|
|
|
(11)
|
(14)
|
(27)
|
|
Share of profits of associated
entities
|
|
|
-
|
-
|
12
|
|
Profit/(Loss)
before tax
|
|
|
348
|
(821)
|
(1,123)
|
|
Taxation
|
7
|
|
-
|
-
|
-
|
|
Profit/(loss)
for the year from continuing operations
|
|
|
348
|
(821)
|
(1,123)
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
Equity shareholders of the
parent
|
|
348
|
(821)
|
(1,123)
|
|
|
|
|
348
|
(821)
|
(1,123)
|
|
|
|
|
|
|
|
|
Earnings per
share - GBP- pence (using weighted average number of
shares)
|
|
|
|
|
|
|
Basic and
Diluted
|
3
|
|
1.53
|
(3.62)
|
(4.95)
|
The notes
on pages 15 to 19 form an integral part of this consolidated
interim financial information.
Interim
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2024
|
|
Six
months
|
Six
months
|
Year
|
|
|
ended
|
ended
|
ended
|
|
30
Jun 24
|
30
Jun 23
|
31
Dec 23
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
Profit/(loss)
for the financial year
|
348
|
(821)
|
(1,123)
|
|
|
|
|
|
|
Total
comprehensive income
|
348
|
(821)
|
(1,123)
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
Equity shareholders of the
parent
|
348
|
(821)
|
(1,123)
|
|
Total
Comprehensive income
|
348
|
(821)
|
(1,123)
|
The notes
on pages 15 to 19 form an integral part of this consolidated
interim financial information.
Interim
Condensed Consolidated Statement of Financial Position
As at 30
June 2024
|
|
|
As
at
|
As
at
|
As
at
|
|
|
|
30
Jun 24
|
30
Jun 23
|
31
Dec 23
|
|
Note
|
Unaudited
|
Unaudited
|
Audited
|
|
Assets
|
|
£'000
|
£'000
|
£'000
|
|
Non-current
assets
|
|
|
|
|
|
Investment properties
|
4
|
2,569
|
2,502
|
2,371
|
|
Investments in associated
entities
|
|
17
|
5
|
17
|
|
Total
non-current assets
|
|
2,586
|
2,507
|
2,388
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Trade and other
receivables
|
|
423
|
356
|
367
|
|
Investments at fair value through
profit and loss
|
5
|
1,675
|
1,907
|
2,013
|
|
Investment properties held for
sale
|
|
130
|
-
|
130
|
|
Cash and cash
equivalents
|
|
1,415
|
1,503
|
1,117
|
|
Total current
assets
|
|
3,643
|
3,766
|
3,627
|
|
Total
assets
|
|
6,229
|
6,273
|
6,015
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Trade and other payables
|
|
584
|
673
|
718
|
|
Total current
liabilities
|
|
584
|
673
|
718
|
|
|
|
|
|
|
|
Finance lease
liabilities
|
6
|
323
|
324
|
323
|
|
Total
non-current liabilities
|
|
323
|
324
|
323
|
|
|
|
|
|
|
|
Total
liabilities
|
|
907
|
997
|
1,041
|
|
|
|
|
|
|
|
Net
assets
|
|
5,322
|
5,276
|
4,974
|
|
|
|
|
|
|
|
Shareholders’
Equity
|
|
|
|
|
|
Share capital
|
9
|
319
|
319
|
319
|
|
Capital redemption
reserve
|
|
598
|
598
|
598
|
|
Retained earnings
|
|
4,405
|
4,359
|
4,057
|
|
Total
shareholders' equity
|
|
5,322
|
5,276
|
4,974
|
|
Total
equity
|
|
5,322
|
5,276
|
4,974
|
The notes
on pages 15 to 19 form an integral part of this consolidated
interim financial information.
These
financial statements were approved by the board on 26 September
2024.
Signed on
behalf of the board by:
Duncan Soukup
Interim
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2024
|
|
|
As
at
|
As
at
|
As
at
|
|
|
|
30
Jun 24
|
30
Jun 23
|
31
Dec 23
|
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from operating activities
|
|
|
|
|
|
Profit/(Loss)
for the year before financing
|
|
361
|
(805)
|
(1,105)
|
|
Gain from change in fair value of
investment properties
|
|
(200)
|
-
|
-
|
|
Finance costs
|
|
(11)
|
(7)
|
1
|
|
(Profit)/Loss from change in fair
value of head leases
|
|
-
|
-
|
(3)
|
|
(Profit)/Loss on disposal of
investment properties
|
|
-
|
73
|
73
|
|
Decrease/(Increase) in trade and
other receivables
|
|
(56)
|
(123)
|
(134)
|
|
(Decrease)/Increase in trade and
other payables
|
|
(134)
|
82
|
126
|
|
Gain/(loss) on foreign
exchange
|
|
(3)
|
(3)
|
(18)
|
|
Lease liability interest
|
|
(11)
|
(11)
|
(23)
|
|
Depreciation
|
|
2
|
1
|
3
|
|
Fair value movement on portfolio
investments
|
|
198
|
331
|
298
|
|
(Profit)/Loss from change in fair
value of investments held for sale
|
(576)
|
57
|
(3)
|
|
Cash generated
by operations
|
|
(430)
|
(405)
|
(785)
|
|
Taxation
|
|
-
|
-
|
-
|
|
Net cash flow
from operating activities
|
|
(430)
|
(405)
|
(785)
|
|
|
|
|
|
|
|
Cash flows
from investing activities
|
|
|
|
|
|
Net (purchase)/sale of portfolio
investments
|
|
716
|
302
|
(562)
|
|
Net Proceeds from sale of
investment properties
|
|
-
|
727
|
727
|
|
Net cash flow
in investing activities
|
|
716
|
1,029
|
165
|
|
|
|
|
|
|
|
Cash flows
from financing activities
|
|
|
|
|
|
Interest received
|
|
12
|
9
|
18
|
|
Interest
paid
|
|
-
|
(3)
|
(5)
|
|
(Increase)/reduction on head lease
liabilities
|
|
-
|
-
|
3
|
|
Net cash flow
from financing activities
|
|
12
|
6
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
in cash and cash equivalents
|
|
298
|
630
|
(604)
|
|
Cash and cash equivalents at the
start of the year
|
|
1,117
|
873
|
1,721
|
|
Cash and cash
equivalents at the end of the year
|
|
1,415
|
1,503
|
1,117
|
The notes
on pages 15 to 19 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 2024
|
|
|
Capital
|
|
|
|
|
Share
|
redemption
|
Retained
|
|
|
|
Capital
|
reserve
|
Earnings
|
Total
|
|
|
£'000
|
£'000
|
£'000
|
£'000
|
|
|
|
|
|
|
|
Balance as at
31 December 2022
|
319
|
598
|
5,180
|
6,097
|
|
Loss for Period
|
-
|
-
|
(821)
|
(821)
|
|
Balance as at
30 June 2023
|
319
|
598
|
4,359
|
5,276
|
|
Total comprehensive income for the
year
|
-
|
-
|
(302)
|
(302)
|
|
Balance as at
31 December 2023
|
319
|
598
|
4,057
|
4,974
|
|
Loss for Period
|
-
|
-
|
348
|
348
|
|
Balance as at
30 June 2024
|
319
|
598
|
4,405
|
5,322
|
The notes
on pages 15 to 19 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 2023 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. The Group’s
reportable
segments under IFRS 8 are: a portfolio of UK property; and other
investment assets, which are 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 2024 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 2023. Prior year comparatives have
been reclassified to conform to current year
presentation.
These
condensed interim financial statements 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 period ended 31 December
2023 are extracted from the 2023 audited financial statements. The
independent auditor’s report on the 2023 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 24
|
30
Jun 23
|
31
Dec 23
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
The calculation of earnings per
share is based on the following loss and number of
shares:
|
|
|
|
|
Profit/(loss)
for the period (£'000)
|
348
|
(821)
|
(1,123)
|
|
|
|
|
|
|
Weighted
average number of shares of the Company ('000)
|
22,697
|
22,697
|
22,697
|
|
Earnings per share:
|
|
|
|
|
Basic and Diluted (GBP -
pence)
|
1.53
|
(3.62)
|
(4.95)
|
|
|
|
|
|
|
Number of
shares outstanding at the period end:
|
22,697,397
|
22,697,397
|
22,697,397
|
Notes to
the Interim Condensed Consolidated Financial Information
Continued
4. Investment
Properties
|
|
|
Leasehold
|
Investment
|
|
|
|
|
Investment
|
Properties
|
|
|
|
|
Properties
|
Held for
sale
|
Total
|
|
|
|
£000
|
£000
|
£000
|
|
|
|
|
|
|
|
At
31 December 2022
|
|
2,504
|
800
|
3,304
|
|
Depreciation - head
leases
|
|
(2)
|
-
|
(2)
|
|
Sale of property
|
|
-
|
(800)
|
(800)
|
|
At
30 June 2023
|
|
2,502
|
-
|
2,502
|
|
Depreciation - head
leases
|
|
(1)
|
-
|
(1)
|
|
Reclassification of property for
sale
|
|
(130)
|
130
|
-
|
|
At
31 December 2023
|
|
2,371
|
130
|
2,501
|
|
Depreciation - head
leases
|
|
(2)
|
-
|
(2)
|
|
Fair value adjustment -
property
|
|
200
|
-
|
200
|
|
At
30 June 2024
|
|
2,569
|
130
|
2,699
|
|
|
|
As
at
|
As
at
|
As
at
|
|
|
|
30
Jun 24
|
30
Jun 23
|
31
Dec 23
|
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
|
£000
|
£000
|
£000
|
|
|
|
|
|
|
|
Portfolio
valuation
|
|
2,368
|
2,168
|
2,168
|
|
Investment Properties held for
sale
|
|
(130)
|
-
|
(130)
|
|
Head leases treated as investment
properties per IFRS 16
|
331
|
334
|
333
|
|
Total per
Balance Sheet
|
|
2,569
|
2,502
|
2,371
|
Notes to the Interim Condensed Consolidated Financial Information
Continued
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 24
|
30
Jun 23
|
31
Dec 23
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
£000
|
£000
|
£000
|
|
Securities
investments
|
|
|
|
|
At the beginning of the
period
|
2,013
|
1,749
|
1,749
|
|
Additions
|
848
|
1,117
|
2,311
|
|
Unrealised gain/(losses)
|
371
|
(385)
|
(288)
|
|
Disposals
|
(1,557)
|
(574)
|
(1,759)
|
|
|
1,675
|
1,907
|
2,013
|
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
|
Finance lease
liabilities on head rents are payable as
follows:
|
Minimum
|
|
|
|
Lease
|
|
|
|
Payment
|
Interest
|
Principal
|
|
|
£000
|
£000
|
£000
|
|
At
30 June 2023
|
2,995
|
(2,649)
|
346
|
|
Movement in value
|
(12)
|
12
|
-
|
|
At
31 December 2023
|
2,983
|
(2,637)
|
346
|
|
Movement in value
|
(11)
|
11
|
-
|
|
At
30 June 2024
|
2,972
|
(2,626)
|
346
|
|
|
|
|
|
|
Short term liabilities
|
22
|
-
|
22
|
|
Long term liabilities
|
2,973
|
(2,649)
|
324
|
|
At
30 June 2023
|
2,995
|
(2,649)
|
346
|
|
Short term liabilities
|
22
|
-
|
22
|
|
Long term liabilities
|
2,961
|
(2,637)
|
324
|
|
At
31 December 2023
|
2,983
|
(2,637)
|
346
|
|
Short term liabilities
|
23
|
-
|
23
|
|
Long term liabilities
|
2,949
|
(2,626)
|
323
|
|
At
30 June 2024
|
2,972
|
(2,626)
|
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. Taxation
The tax charge for the period under
review was nil (1H 2023: nil). The Group has substantial carried
forward trading losses and capital losses available. Accordingly,
no provision for corporation tax has been made in these
accounts.
It is not
anticipated that sufficient profits from the residual business will
be generated in the foreseeable future to utilise the losses
carried forward, therefore no asset for unrelieved tax losses has
been recognised in these accounts. Unrelieved tax losses and other
deferred tax assets are recognised only to the extent that is it
probable that they will be recovered against the reversal of
deferred tax liabilities or other future taxable
profits.
Notes to the Interim Condensed Consolidated Financial Information
Continued
8. Related
party balances and transactions
As at
the period end the Group owed £44,380 (December 2023: £18,505, June
2023: £49,887) to Thalassa Holdings Limited (“Thalassa”), a company
under common directorship. The balance relates to administration
fees, 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 accrued £64,712 (December 2023: £144,213, June
2023: £75,755) for consultancy and administrative services provided
to the Group by a company, Fleur De Lys, in which the Chairman has
a beneficial interest. The balance owed by the Group at the period
end date was £37,076 including expenses (December 2023: £34,929,
June 2023: (£33,245)).
Athenium
Consultancy Ltd, a company in which the Group owns shares invoiced
the group for financial and corporate administration services
totalling £90,750 for the period (December 2023: £181,500, June
2023: £90,750).
9. Share
capital
|
|
As
at
|
As
at
|
As
at
|
|
|
30
Jun 24
|
30
Jun 23
|
31
Dec 23
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
£
|
£
|
£
|
|
|
|
|
|
|
Allotted, issued
and fully paid:
|
|
|
|
|
22,697,397 ordinary shares of £0.01
each
|
226,970
|
226,970
|
226,970
|
|
|
|
|
|
|
9,164,017 treasury shares of £0.01
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 £0.598m was
established.
Investment in Own
Shares
At the
year-end, 9,164,017 shares were held in treasury (June 2023:
9,164,017), and at the date of this report 9,164,017 were held in
treasury.
10. Subsequent
events
There
were no subsequent events.
11. Copies
of the Interim Report
The
interim report is available on the Company’s website:
www.alina-holdings.com.
END
|
Investor Enquiries:
|
enquiries@alina-holdings.com
|
|
Alina Holdings PLC
|
|
|
|
|
www.alina-holdings.com