TIDMINTO
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 EUR367,348.28 of the total consideration of EUR1,967,348.28, 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 Unaudited Audited
6 months 6 months year
ended ended ended
31 Jul 2019 31 Jul 2018 31 Jan 2019
EUR EUR EUR
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/ 69,218 (19,764) (39,527)
(expense)
Total comprehensive profit/(loss) for 929 (898,822) (1,797,643)
the period
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 Audited
31 Jul 2019 31 Jan 2019
ASSETS EUR EUR
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 - 351,309 346,703
Directors
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 Share Merger Retained Total
capital premium reserve FX reserve losses equity
EUR EUR EUR EUR EUR EUR
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 Share Merger Retained Total
capital premium reserve FX reserve losses equity
EUR EUR EUR EUR EUR EUR
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 Year
ended ended
31 Jul 2019 31 Jan 2019
EUR EUR
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 (553,057) 1,669,057
receivables
(Decrease)/increase in trade and other 64,710 81,618
payables
Cash (used in)/generated from operations (494,734) 528,269
Taxation received - -
Net (cash used in)/generated by (494,734) 528,269
operations
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 350,000 914,053
activities
Decrease in cash and cash equivalents in (208,338) 343,209
the period
Effect of changes in foreign exchange 74,124 (22,497)
rates
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 EUR
68,289 (2018: loss of EUR879,058) 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 Ordinary Share Share
paid shares capital premium
No. EUR EUR
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 1,728,235 145,759 294,568
period
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 EUR100,000 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: EUR25,000, originally received by the
Company on 24 August 2017, and EUR38,604 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 EUR
367,348.28 tranche of the total consideration of EUR1,967,348.28, 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.
END
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