ALINA HOLDINGS PLC Alina
Holdings PLC
Annual Report
For the Year Ended 31 December 2022
Directors, Secretary and Advisers
Directors | C Duncan Soukup, Chairman |
T Donell | |
M Porter | |
Registered Office | Eastleigh Court, |
Bishopstrow | |
Warminster | |
BA12 9HW | |
Company Secretary | Alasdair Johnston |
Solicitors to the Company | Locke Lord (UK) LLP |
201 Bishopsgate | |
London | |
EC2M 3AB | |
Eversheds Sutherland | |
One Wood Street | |
London | |
EC2V 7WS | |
Auditors | RPG Crouch Chapman LLP |
5th Floor, 14-16 Dowgate Hill | |
London, EC4R 2SU | |
Registrars | Equiniti Limited |
Aspect House | |
Spencer Street | |
Lancing | |
BN99 6QQ | |
Company website | www.alina-holdings.com |
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Contents | |
Directors, Secretary and Advisers | 2 |
Highlights for the Year ended 31 December 2022 | 4 |
Report for the Year to 31 December 2022 | 5 |
Chairman's Statement | 5 |
Financial Review | 6 |
Corporate Responsibility Statement | 11 |
Governance | 13 |
Directors' Report | 18 |
Statement of Directors' Responsibilities | 21 |
Independent Auditors' Report to the members of Alina Holdings PLC | 23 |
Consolidated Statement of Income | 28 |
Consolidated Statement of Comprehensive Income | 29 |
Consolidated Statement of Financial Position | 30 |
Consolidated Statement of Cash Flows | 31 |
Consolidated Statement of Changes in Equity | 32 |
Notes to the Consolidated Financial Statements | 33 |
Company Balance Sheet | 53 |
Notes to the Financial Statements | 54 |
Glossary | 59 |
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Highlights for the Year ended 31 December 2022
GROUP RESULTS 2022 versus 2021
Group Net Loss for the year - £000 | (£136) vs (£294) |
Group Loss Per Share (both basic and diluted)*1 | (0.60p) vs (1.30p) |
Reported Book value per share*1 | 26.9p vs 27.5p |
Cash - £000*2 | £873 vs £1,767 |
Financial Holdings - £000 | £2,597 vs £1,819 |
Property Holdings - £000*3 | £3,304 vs £2,784 |
*1 Basic and diluted number of shares are the same as actual shares outstanding of 22,697,397 (2021: 22,697,397)
*2 Cash as at May 2023 was £1.5m, reflecting the sale of Oldham, Manchester.
*3 Property Holdings, as shown above, reflect ownership of Oldham (as at 31 December 2022). The current valuation of the Company's remaining Property Assets is £2,5m
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Report for the Year to 31 December 2022
Alina Holdings PLC ("Alina" or the "Company") is a company registered on the Main Market of the London Stock Exchange. The group financial statements consolidate those of the Company and its subsidiaries (together referred to as the "Group").
Chairman's Statement
The Board of Alina apologise for the delay in presenting the Company's Accounts for the year ended 31 December 2022, due to the untimely and unforeseen resignation of the Company's previous auditor.
2022 was a year of transition for ALNA. Significant Board time was spent on repositioning the Company's property assets in Brislington, Bristol, for which development plans for a substantial mixed commercial and residential development have been prepared and where preliminary planning discussions with Bristol Council have been initiated. In Hastings, the Company is still in dispute with Argos (now part of Sainsbury), which had a 'full-repairing' lease but vacated the property without completing their contractually obligated repairs. Nonetheless, repair of the vacated property is now nearing completion despite the discovery of asbestos in some of the floor and ceiling tiles. The Board is confident that once building works have been completed that the company will achieve a substantial uplift on the rent previously received from Argos.
The Company's holdings in HEIQ and Dolphin Capital (DCI) went in opposite directions. HEIQ is guilty of over promising and under delivering, and suffering from cyclical weakness in the retail sector, which resulted in a substantial fall in the Company's share price. DCI, on the other hand announced the disposal of one of its assets at a premium to BV, which was well received by the market.
Notwithstanding the political chaos across the Western Hemisphere, stretching from Russia and Turkey to the USA, your Board is confident that the Company is well positioned to benefit from the initiatives commenced in 2022 and being implemented in 2023.
Duncan Soukup
Chairman
Alina Holdings plc 31 May 2023
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Disclaimer
Alina Holdings plc published this content on 06 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 June 2023 12:35:07 UTC.
