INTOSOL Holdings Plc / Ticker: INTO / Index: LSE / Sector: Travel & Leisure

30 October 2019

INTOSOL Holdings Plc (‘INTOSOL’ or the ‘Company’)

Interim results

INTOSOL Holdings Plc, the award-winning international luxury travel company, is pleased to announce its Interim Results for the six months ended 31 July 2019. 

Chairman’s Statement

INTOSOL is an award winning, luxury travel company providing bespoke and unique holiday experiences globally.  We are focussed on growing our luxury travel experience and hotel property portfolio with a robust, low-cost and scalable business model.

Since the beginning of the financial year, we have been delivering our strategy of restructuring and growing the SOUL Private Collection of owned and managed boutique hotels in South Africa, increasing margins and building our international client base.

In the first half of the financial year, from 1 February to 31 July 2019, there were only two months in the high season (February and March), as well as a general stagnation in the tourism markets - despite this I am pleased to announce that  INTOSOL Holdings PLC had a profitable outcome for the period.

During the period we added new revenue streams, for example marketing of events and incentive travel, which helped enhance our gross margin. Furthermore, the traditional travel design business achieved a better gross margin through selling additional experiences to customers during their travels. The SOUL Private Collection experienced strong high season months (two of which fell within the reporting period) with a significant increase in short-term bookings. 

On 29 May 2019, the Company announced it had satisfied the payment of the first tranche of €367,348.28 of the total consideration of €1,967,348.28, through the issue of 938,735 new ordinary shares in the Company to Van Zuijlekom Afrika Trust (the seller) in accordance with the Agreement for the purchase of Oceans Wilderness (‘Oceans’), its flagship nine-bedroom boutique hotel located in the Garden Route in South Africa (www.oceanswilderness.co.za).

Simultaneously, a significant cost reduction took place in both operational companies in Germany and South Africa, which brought the operational side of the business to greater efficiency in management structures and better cost control. The cost reduction was achieved through a reorganisation of the marketing department and the implementation of a more efficient marketing strategy including strong reduction of marketing costs as well as a slight reduction of personnel costs throughout the company.  I am pleased to report that following the listing phase with its associated extraordinary costs the Company has returned to profitability.

INTOSOL Holdings PLC remains focused on building a global lifestyle experience company that merges private travel and unique experiences with hotel ownership.  Our growth strategy is underpinned by strong market fundamentals for high-end tourism, with research showing, that luxury travel is growing twice as fast as the overall market. With a portfolio of high-end, boutique hotels, we are well positioned to take advantage of this.

Finally, I would like to thank all shareholders for their continued support and we were pleased to receive further equity from our base of existing shareholders.  I am looking forward to providing updates on our progress to accomplish our strategic goals.

Rainer Spekowius

Unaudited condensed consolidated statement of profit and loss and other comprehensive income

for the six months ended 31 July 2019

Note             
Unaudited
6 months ended
31 Jul 2019
Unaudited
6 months ended
31 Jul 2018
Audited
year
ended
31 Jan 2019
Revenue 3,294,183 3,590,950 7,181,900
Cost of sales (2,358,013) (2,910,152) (5,820,304)
Gross profit 936,170 680,798 1,361,596
Other Income
Own work capitalised - 17,838 35,675
Other operating income 238,293 112,820 225,639
Finance income 339 4,980 9,959
Administrative expenses (1,151,373) (1,591,354) (3,182,708)
Operating profit/(loss) 23,429 (774,918) (1,549,839)
Finance expense (91,718) (104,140) (208,277)
Loss before taxation (68,289) (879,058) (1,758,116)
Taxation - - -
Loss for the period (68,289) (879,058) (1,758,116)
Other comprehensive income
Total other comprehensive income/(expense) 69,218 (19,764) (39,527)
Total comprehensive profit/(loss) for the period 929 (898,822) (1,797,643)
Total comprehensive profit/(loss):
Attributable to owners of the parent 929 (898,822) (1,797,643)
Loss per share – basic and diluted 3 (0.01) (0.10) (0.17)

The above unaudited condensed consolidated statement of profit and loss and other comprehensive loss for the period relates to continuing operations for the Group.

Unaudited condensed consolidated statement of financial position

as at 31 July 2019

Note Unaudited
31 Jul 2019
Audited
31 Jan 2019
ASSETS
Non-current assets
Receivables from related parties 1,316,651 1,298,693
Intangible assets 45,338 70,066
Property, plant and equipment 2,547,120 719,111
Total non-current assets 3,909,109 2,087,870
Current assets
Trade and other receivables 1,883,796 1,330,738
Cash and cash equivalents 13,546 147,760
Inventories 7,862 7,862
Deposits paid 472,364 489,150
Receivables from related parties 982,312 1,088,497
Receivables from related parties - Directors 351,309 346,703
Prepayments and other assets 70,844 90,004
Total current assets 3,782,033 3,500,714
Total assets 7,691,142 5,588,584
Non-current liabilities
Borrowings 1,801,791 1,923,724
Total non-current liabilities 1,801,791 1,923,724
Current liabilities
Trade and other payables 4,001,734 2,237,931
Borrowings 458,705 496,970
Provisions 45,980 38,852
Other liabilities 215,132 164,563
Total current liabilities 4,721,551 2,938,316
Total liabilities 6,523,342 4,862,040
Net assets/(liabilities) 1,167,800 726,544
Equity
Share capital 4 1,450,712 1,304,953
Share premium account 3,109,027 2,814,459
Merger reserve (750,197) (750,197)
Retained losses (2,655,689) (2,587,400)
FX reserve 13,947 (55,271)
Total equity and reserves 1,167,800 726,544

The interim financial report was approved by the board of Directors on 30 October 2019 and signed on its behalf by:

Rainer Spekowius

Executive Chairman of INTOSOL Holdings Plc

Unaudited condensed consolidated statement of changes in equity

for the six months ended 31 July 2019

Share     capital Share premium Merger reserve
FX reserve
Retained losses Total      equity
Balance as at 1 February 2019 1,304,953 2,814,459 (750,197) (55,271) (2,587,400) 726,544
Comprehensive income
Loss for the period - - - - (68,289) (68,289)
Other comprehensive income - - - 69,218 - 69,218
Total comprehensive income for the period - - - 69,218 (68,289) 929
Transactions with owners, in their capacity as owners
Shares issued 145,759 294,568 - - - 440,327
Total other transactions with owners 145,759 294,568 - - - 440,327
Balance as at 31 July 2019 1,450,712 3,109,027 (750,197) 13,947 (2,655,689) 1,167,800

Audited condensed consolidated statement of changes in equity

for the year ended 31 January 2019

Share     capital Share premium Merger reserve
FX reserve
Retained losses Total       equity
Balance as at 1 February 2018 975,712 - (750,197) (15,744) (829,284) (619,513)
Comprehensive income
Loss for the year - - - - (1,758,116) (1,758,116)
Other comprehensive loss - - - (39,527) - (39,527)
Total comprehensive expense for the year - - - (39,527) (1,758,116) (1,797,643)
Transactions with owners, in their capacity as owners
Shares issued 329,241 2,814,459 - - - 3,143,700
Total other transactions with owners 329,241 2,814,459 - - - 3,143,700
Balance as at 31 January 2019 1,304,953 2,814,459 (750,197) (55,271) (2,587,400) 726,544

Unaudited condensed consolidated statement of cash flows

for the period ended 31 July 2019

6 months ended          31 Jul 2019 Year       ended          31 Jan  2019
Cash flows from operating activities
Loss before taxation (68,289) (1,758,116)
Adjustments for:
Depreciation and amortisation 61,902 224,842
Allowance for impairment losses - 346,412
Other expenses/(income) - (35,544)
(6,387) (1,222,406)
Changes in working capital
Decrease/(increase) in trade and other receivables (553,057) 1,669,057
(Decrease)/increase in trade and other payables 64,710 81,618
Cash (used in)/generated from operations (494,734) 528,269
Taxation received - -
Net (cash used in)/generated by operations (494,734) 528,269
Cash flow from investing activities
Purchase of fixed assets - (38,335)
Loans repaid to related parties (63,604) -
Loans to related parties - (1,020,778)
Net cash used in investing activities (63,604) (1,059,113)
                       
Cash flows from financing activities
Proceeds from issue of shares 250,000 1,654,893
Proceeds from shareholder loans 100,000 -
Loan funds received - (740,840)
Net cash generated from financing activities 350,000 914,053
Decrease in cash and cash equivalents in the period (208,338) 343,209
Effect of changes in foreign exchange rates 74,124 (22,497)
Cash and cash equivalents at opening 147,760 (172,952)
Cash and cash equivalents at closing 13,546 147,760

Notes to the consolidated interim financial report

1.General information

The Company is a public limited company which is admitted to trading on the Standard Segment of the Official List of the London Stock Exchange and is incorporated and domiciled in the UK. The address of the registered office is 201 Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0DT. The registered number of the Company is 10806039.

The unaudited condensed consolidated interim financial report consolidates those of the Company and its subsidiaries (together the “Group”).

The 31 January 2019 ?gures in these interim ?nancial statements are derived from the audited Group's Financial Report for year ended 31 January 2019.

These interim ?nancial statements do not compromise statutory ?nancial statements within the meaning of section 434 of the Companies Act 2006. Statutory ?nancial statements for the year ended 31 January 2019 have been delivered to the Registrar of Companies. These interim ?nancial statements have not been audited and have not been reviewed by the auditors.

2.Accounting polices

2.1Statement of compliance

The interim ?nancial statements comply with the recognition and measurement criteria of International Financial Reporting Standards as adopted by the European Union (EU-IFRSs), with IAS 34 Interim Financial Reporting and with IFRS Interpretations Committee (IFRS IC) interpretations.

The interim ?nancial statements were approved by the Board of Directors on 30 October 2019.

2.2 Signi?cant accounting policies

The accounting policies applied by the Group in these interim ?nancial statements are consistent with those applied by the Group in its Financial Report for year ended 31 January 2019, which were set out on pages 22 to 31 of the annual report.

3.Loss per share

Basic and diluted loss per share

The calculation of basic and diluted loss per share is based upon the loss of €68,289 (2018: loss of €879,058) and the weighted average number of ordinary shares in issue for the period of 11,755,540 (2018: 9,080,636).

4.Share capital and reserves

Allotted, called up and fully paid Ordinary shares Share
capital
Share premium
No.
At 1 February 2018 8,615,101 975,712 -
Shares issued during the year 2,870,517 329,241 2,814,459
As at 31 January 2019 11,485,618 1,304,953 2,814,459
Shares issued during the period 1,728,235 145,759 294,568
As at 31 July 2019 13,213,853 1,450,712 3,109,027

All ordinary shares are equally eligible to receive dividends and the repayment of capital and represent equal votes at meetings of shareholders.

5.Related party transactions

On 11 March 2019 the Company received a loan of €100,000 from Ulrich Stöwer, a shareholder of INTOSOL Holdings PLC. This loan remains outstanding at 31 July 2019.

On 14 March 2019, the Company repaid the following loans from, RSP Beteiligungs GmbH, the company of Rainer Spekowius: €25,000, originally received by the Company on 24 August 2017, and €38,604 which was received on 31 December 2017.

On 29 May 2019 INTOSOL Holdings Plc announced in accordance with the Agreement the purchase of Oceans Wilderness (‘Oceans’), its flagship nine-bedroom boutique hotel located in the Garden Route in South Africa (www.oceanswilderness.co.za), that it has satisfied the payment of the first €367,348.28 tranche of the total consideration of €1,967,348.28, through the issue of 938,735 new ordinary shares in the Company to Van Zuijlekom Afrika Trust (the seller). RSP Beteiligungs GmbH, the company of Rainer Spekowius, supported this transaction.

6.Post balance sheet events

There are no post balance sheet events to report.

For further information on INTOSOL visit the Company’s website www.intosolholdingsplc.com or contact:

Rainer Spekowius

Executive Chairman       INTOSOL Holdings Plc  Tel: +44 (0) 20 7236 1177

Claire Noyce

(Corporate Broker)         Hybridan LLP    Tel: +44 (0) 20 3764 2341

Notes

INTOSOL Holdings PLC is a London-listed international luxury travel company that combines highly personalised travel design with property ownership and management to provide high-end global travel experiences.  To improve  margins, it is building its SOUL Private Collection of leased and owned boutique properties, and is in the process of purchasing and developing a number of sites in South Africa including Oceans Wilderness, a luxury nine-bedroom boutique hotel in the Garden Route, and a commercial safari lodge in the renowned Leadwood Big Game Estate, one of the premier locations  to see the so-called Big Five on safari (lion, leopard, rhinoceros, elephant and Cape buffalo).

The SOUL Private Collection

INTOSOL’s SOUL Private Collection includes two properties in Cape Town, South Africa: SOUL on Llandudno (www.soulonllandudno.co.za) and Penthouse on Beach (www.penthouseonbeach.co.za).

The flagship property in the portfolio, Oceans Wilderness (www.oceanswilderness.co.za), which reported a strong maiden financial performance in its first year of operation, is located on the Garden Route along with SOUL Rainbow’s End and SOUL on the Heads. The Company also owns a site to build the Leadwood Safari Lodge in the Leadwood Big Game Estate (www.leadwood.net), one of the premier locations globally to see the Big Five in the wild.

INTOSOL Private Travel Design

The Private Travel Design division tailors bespoke and unique experiences to a high-end client base which currently stands at over 15,000. The division has a unique and growing network of over 3,500 hotel and agency partners worldwide.

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