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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