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INTERNATIONAL HOTEL PROPERTIES LIMITED - Quarterly report and Financial Statements for the nine months ended 31 May 2017

Release Date: 25/07/2017 16:00
Code(s): IHL     PDF:  
 
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Quarterly report and Financial Statements for the nine months ended 31 May 2017

INTERNATIONAL HOTEL PROPERTIES LIMITED
(Previously International Hotel Group Limited)
(Incorporated in the British Virgin Islands, company number: 1862176)
JSE share code: IHL
("IHL" or the "Company" or the "Group")
ISIN: VGG487261064
LEI Code: 213800VGTQA4SMCAWP71

Quarterly report and Financial Statements for the nine months ended 31 May 2017

HIGHLIGHTS AND CHAIRMAN'S SUMMARY

GROUP HIGHLIGHTS

-    Nine months to May 2017 underlying distributable earnings of GBP2.19 million (2016: GBP0.83 million)
-    Underlying distributable earnings per share of 3.90 pence (2016: 2.37 pence)
-    Portfolio now consists of 9 hotels with 1,143 bedrooms
-    Gearing at 51% loan to value (‘LTV')
-    Key stats for Owner-operated hotels:
          - 7.4% RevPAR growth on prior year
          - RGI (market share of revenue) at 110.1% of the competitor set - all hotels above fair market share
          - Trading remains positive and in line with expectations

CHAIRMAN'S REVIEW

Trading for the 9 months to May 2017 remains positive and in line with expectations. Total revenues were £13.35 million, delivering underlying distributable 
earnings of £2.19 million and underlying distributable earnings per share of 3.90 pence. 

All trading hotels are performing in line with expectations, with the most recent IHL acquisition, the Holiday Inn Express Edinburgh City Centre, comfortably 
exceeding monthly revenue and EBITDA expectations since the acquisition was completed in January 2017. There are no issues to report with IHL’s four 
Investment properties that are let to Travelodge – all rent has been received on time and no rent reviews are currently due. 

There were no new acquisitions during the third quarter, although management continues to monitor both on-market and off-market opportunities. 

All major capital expenditure projects have now been completed for the current financial year. 

IHL’s banking facilities, currently all with Santander, continue to be fully covenant compliant and the Group’s LTV is circa 51%. 

Shareholders are referred to the announcement released on 19 July 2017 (the “announcement”) wherein shareholders were advised that the Board has concluded 
that the listing of the Company’s shares on the JSE and the LuxSE has not provided, and is not anticipated in the medium term to provide, the liquidity or 
access to equity capital markets required to facilitate the growth of the Company and that the costs and administrative burden of maintaining the listings 
are no longer justified. Accordingly, it has been proposed that a delisting be effected by way of a scheme of arrangement to be proposed by Redefine 
International P.L.C. (“Redefine International”), between IHL and its shareholders other than (i) Redefine Share Investments Limited (a subsidiary of 
Redefine International), (ii) Redefine Properties Limited and (iii) Southern Sun Africa Limited (the “scheme members”), pursuant to which Redefine International 
will acquire all IHL shares held by scheme members in consideration for 2.5 Redefine International shares for every 1 IHL share held and on implementation of 
the scheme the listing of the Company’s shares on both the JSE and LuxSE will be terminated. Shareholders are referred to the announcement for further details 
in this regard. 

FINANCIAL REVIEW

Revenue from the owner-operated hotels totalled GBP12.1 million with a further GBP1.2 million of rental income derived from the leased hotels. EBITDAR 
was GBP4.8 million which was GBP3.5 million up on the prior year, predominantly driven by the increased number of hotels in the portfolio. The EBITDAR 
margin at 36% was two percentage points higher than for the 12 months to August 2016. Underlying this is the EBITDAR margin of the trading hotels at 35% 
compared to 12 months to August 2016 of 36% - the last three months of the year are traditionally the strongest period for these hotels and when the 
EBITDAR margin improves.

                                                                                                 Nine months ended   Nine months ended       Year ended   
                                                                                         Notes         31 May 2017         31 May 2016   31 August 2016   
                                                                                                           GBP'000             GBP'000          GBP'000   
Trading Hotel Statistics                                                                                                                                  
Occupancy                                                                                                      81%                 80%              84%   
Average Rate                                                                                              GBP70.47            GBP66.22         GBP71.11   
RevPAR ("Revenue Per Available Room")                                                                     GBP56.87            GBP52.95         GBP59.75   
Rooms Available                                                                                            183,287              66,636          120,732   
Rooms Sold                                                                                                 147,921              53,284          101,452  

Revenue                                                                                                     13,349               4,769            9,472   
Trading Hotels                                                                                              12,123               4,072            8,361   
Rental Income                                                                                                1,226                 697            1,111 

EBITDAR                                                                                      2               4,791               1,321            3,245   
Trading Hotels                                                                                               4,268               1,238            3,005   
Leased Hotels                                                                                                1,152                 666            1,055   
Corporate                                                                                                    (629)               (583)            (815)

EBITDAR Margin                                                                                                 36%                 28%              34%   
- EBITDAR Margin - Trading                                                                                     35%                 30%              36%   
- EBITDAR Margin - Leased                                                                                      94%                 96%              95%   

Rent                                                                                                         (654)               (133)            (386)   
Depreciation                                                                                                 (697)               (401)            (177)   
Net Finance Expense                                                                                        (1,103)               (218)          (1,555)   
Exceptional Items                                                                                                -               (843)          (1,851)   
Taxation                                                                                                     (432)                (97)             (83)   
Profit / (loss) after tax from discontinued operations                                                           -                  81             (73)

Profit Attributable to Equity Holders                                                                        1,905               (289)            (880)  

Adjustments                                                                                  1                 281               1,122            2,909 

Underlying Distributable Earnings                                                            1               2,186                 832            2,029   
                         

Rent includes the amounts payable to head landlords on Hampton by Hilton Gatwick and Holiday Inn Express Edinburgh City Centre. The Gatwick rent is 
turnover related and so will rise in line with increased revenues as the hotel continues to perform strongly.

The income statement also includes, within the Net Finance Expenses of GBP1.1 million, an unrealised gain on the interest rate swaps of GBP0.2 million 
in the period. The Company has implemented hedge accounting which results in gains and losses on new derivative instruments being taken to Other 
Comprehensive Income. The charge through the income statement in the prior year, on existing hedges, will continue to reverse until fully unwound 
through the income statement.

The GBP1.4 million increase in underlying distributable earnings compared to the prior period is the result of the acquisitions that have taken place 
and can be further broken down as follows:
    - GBP3.0 million of additional EBITDAR from owner-operated hotels due to acquisitions
    - GBP0.5 million of additional EBITDAR from leased hotels due to the full period of trading for the completed Belvedere development and the hotels 
      acquired last year
    - GBP0.5 million of additional rent payable to head landlords due to the acquisition of Holiday Inn Express Edinburgh and a full period of Hampton 
      by Hilton Gatwick trading
    - GBP0.9 million increase in net finance costs due to the increased bank funding in place to fund the acquisitions
    - GBP0.3 million of additional taxation charge on incremental profits earned
    - GBP0.2 million increase in the provision for replacement of fixtures, fittings and equipment

The most significant changes in the Statement of Financial Position since August 2016 have been in the Property, plant and equipment balance and in the 
Loans and borrowings balance. Property, plant and equipment has increased by GBP19.6 million from August 2016 to GBP77.3 million at May 2017 and this 
is predominantly due to the acquisition of the Holiday Inn Express Edinburgh City Centre earlier in the year. Loans and borrowings have increased by 
GBP18.5 million from August 2016 to GBP53.7 million at May 2017. This includes the additional debt taken for the acquisition of the Edinburgh hotel 
(GBP9.6 million) and the draw down of debt that had been unutilised in the prior year as discussed in the Annual Report.

The Company's cash balance of GBP4.1 million at May 2017 is GBP0.5 million below the balance at August 2016. This is largely due to the capital spend 
that has taken place in the nine months to May 2017. The Company is fully drawn on its banking facilities with a loan-to-value of 51%.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the nine months ended 31 May 2017

                                                                                                   Nine months ended   Nine months ended       Year ended   
                                                                                        Notes            31 May 2017         31 May 2016   31 August 2016   
                                                                                                                 GBP                 GBP              GBP   
Continuing operations 

Trading hotel revenue                                                                                     12,123,152           4,071,998        8,361,490  

Rental income                                                                                              1,226,056             696,587        1,111,260   

Total revenue                                                                                             13,349,208           4,768,585        9,472,750  

Net fair value gain on investment property                                                                         -                   -          468,541 

Trading hotel cost of sales / expenses                                                                   (7,902,715)         (3,129,634)      (5,365,772) 

Administrative expenses                                                                                  (2,007,636)         (1,695,059)      (3,744,144) 

Operating profit / (loss)                                                                                  3,438,857            (56,108)          831,375 

Net finance costs                                                                                        (1,102,763)           (217,912)      (1,554,956)   
Finance income                                                                                                 1,396             220,377          258,289   
Finance expense                                                                                          (1,104,159)           (438,288)      (1,813,245)  

Profit / (loss) before tax from continuing operations                                                      2,336,094           (274,020)        (723,581)   
Taxation charge                                                                                            (431,536)            (96,733)         (83,329)   
Profit / (loss) after taxation from continuing operations                                                  1,904,558           (370,753)        (806,910)
   
Discontinued operation                                                                                                                                      
Profit / (loss) after tax for the year from discontinued operation                                                 -              81,324         (73,422)   
Profit / (loss) for the period                                                                             1,904,558           (289,429)        (880,332)

Other Comprehensive Income                                                                                                                 
Other comprehensive income that will not be reclassified to                    
profit or loss in subsequent periods:                                                                      
Revaluation of land and buildings, net of tax                                                                     -             301,993        1,150,185   
Related deferred tax                                                                                              -                   -        (229,117)   
                                                                                                                  -             301,993          921,068  

Other comprehensive income items that are or may be reclassified                    
to profit or loss in subsequent periods:                                               
Revaluation of derivatives                                                                                (226,850)                   -                -   
                                                                                                          (226,850)                   -                -

Other comprehensive income for the period, net of tax                                                     (226,850)             301,993          921,068 

Total comprehensive profit for the period                                                                 1,677,708              12,564           40,736 

Earnings per share 

Basic earnings / (loss) per share (pence)                                                   1                  3.40              (0.82)           (2.18)   
Diluted earnings / (loss) per share (pence)                                                 1                  3.40              (0.82)           (2.18)  

Basic headline earnings / (loss) per share (pence)                                          1                  3.40              (0.82)             0.53   
Diluted headline earnings / (loss) per share (pence)                                        1                  3.40              (0.82)             0.53   
                   
CONSOLIDATED STATEMENT OF FINANCIAL POSITION                   
For the nine months ended 31 May 2017                   
                   
                                                                                                                    As at         As at            As at   
                                                                                                              31 May 2017   31 May 2016   31 August 2016   
                                                                                                                      GBP           GBP              GBP   
ASSETS                                                                                                                                                     
Non-current assets                                                                                            107,329,836    88,327,960       87,683,239   
Property, plant and equipment                                                                                  77,361,010    55,930,470       57,713,520   
Goodwill                                                                                                        1,015,968     3,670,146        1,015,968   
Investment property                                                                                            28,950,000    28,705,433       28,950,000   
Derivatives                                                                                                         2,858        21,911            3,751   

Current assets                                                                                                  6,037,100     5,932,050        5,952,927   
Inventories                                                                                                        25,737        25,636           31,337   
Trade and other receivables                                                                                     1,950,348     2,859,922        1,363,505   
Cash and cash equivalents                                                                                       4,061,015     3,046,492        4,558,085

Total assets                                                                                                  113,366,936    94,260,010       93,636,166 

EQUITY                                                                                                                                                     
Capital and Reserves                                                                                           52,507,223    53,940,643       52,061,515   
Share capital                                                                                                      56,000        56,000           56,000   
Share premium                                                                                                  55,233,171    55,529,474       55,233,171   
Retained earnings                                                                                             (3,476,166)   (1,946,824)      (4,148,724)   
Revaluation reserve                                                                                               921,068       301,993          921,068   
Cashflow hedge reserve                                                                                          (226,850)             -                -

LIABILITIES                                                                                                                                                
Non-current liabilities                                                                                        55,011,408    35,446,826       35,963,744   
Loans and borrowings                                                                                           53,184,768    34,729,509       34,150,108   
Derivatives                                                                                                     1,038,316             -        1,025,312   
Deferred tax liabilities                                                                                          788,324       717,317          788,324 

Current liabilities                                                                                             5,848,305     4,872,541        5,610,907   
Trade and other payables                                                                                        5,100,527     4,328,656        4,891,946   
Short term portion of interest-bearing loans and borrowings                                                       473,000       454,000          549,000   
Current tax liabilities                                                                                           274,778        89,885          169,961  

Total equity and liabilities                                                                                  113,366,936    94,260,010       93,636,166   

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the nine months ended 31 May 2017

                                                                                                    Revaluation             Cashflow
                                              Share capital     Share premium   Retained earnings       reserve        hedge reserve        Total equity  
                                                        GBP               GBP                 GBP           GBP                  GBP                 GBP  
Balance as at 31 August 2015                          2,650         2,562,616           (188,392)             -                    -           2,376,874

Loss for the year                                         -                 -           (880,332)             -                    -           (880,332)  
Other comprehensive income for the year                   -                 -                   -       921,068                    -             921,068  
Total comprehensive profit for the year                   -                 -           (880,332)       921,068                    -              40,736  

Transactions with owners of the Company                                                                                                                   
Issue of shares - 14 October 2015                    12,350        12,127,314                   -             -                    -          12,139,664  
Issue of shares - 20 October 2015                    13,875        13,810,102                   -             -                    -          13,823,977  
Issue of shares - 20 November 2015                    6,125         6,069,640                   -             -                    -           6,075,765  
Issue of shares - 23 February 2016                   13,000        12,655,385                   -             -                    -          12,668,385  
Issue of shares - 30 March 2016                       7,000         6,957,455                   -             -                    -           6,964,455  
Issue of shares - 28 May 2016                         1,000         1,050,659                   -             -                    -           1,051,659  
Dividends paid and proposed                               -                 -         (3,080,000)             -                    -         (3,080,000) 

Total transactions with owners of the Company        53,350        52,670,555         (3,080,000)             -                               49,643,905  

Balance as at 31 August 2016                         56,000        55,233,171         (4,148,724)       921,068                    -          52,061,515

Dividends paid and proposed                               -                 -         (1,232,000)             -                    -         (1,232,000)  
Profit for the period                                     -                 -           1,904,558             -                    -           1,904,558  
Other comprehensive income for the period                 -                 -                   -             -            (226,850)           (226,850)  
Total comprehensive profit for the period                 -                 -             672,558             -            (226,850)             445,708 

Balance as at 31 May 2017                            56,000        55,233,171         (3,476,166)       921,068            (226,850)          52,507,223 
                               
 
CONSOLIDATED STATEMENT OF CASH FLOWS
For the nine months ended 31 May 2017

                                                                                                   Nine months ended   Nine months ended       Year ended   
                                                                                                         31 May 2017         31 May 2016   31 August 2016   
                                                                                                                 GBP                 GBP              GBP   
CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                                                       
Profit / (loss) for the period                                                                             1,904,558           (289,429)        (880,332)

Adjustments to reconcile profit / (loss) after tax to net cash flows:                                                                                       
Net fair value movement for the period in investment properties                                                    -                   -        (468,541)   
Depreciation of property, plant and equipment                                                                697,275             401,228          177,160   
Net finance costs                                                                                          1,102,763             217,911        1,554,956   
Impairment of goodwill                                                                                             -                   -        1,057,900   
Tax charge                                                                                                   431,536              96,733           83,329   
Fair value loss on property, plant and equipment                                                                   -                   -          364,706   
(Profit) / loss on sale of discontinued operation                                                                  -            (81,324)           73,422 

Working capital adjustments:                                                                                                                                
Increase in trade and other receivables and prepayments                                                    (266,393)         (2,437,836)         (16,651)   
(Decrease) / increase in trade and other payables                                                          (194,982)           3,311,578          833,785   
Decrease / (increase) in inventories                                                                           5,600            (19,337)            (593)   
Cash generated from operating activities                                                                   3,680,357           1,199,524        2,779,141  

Interest paid                                                                                              (929,665)           (505,369)        (515,450)   
Interest received                                                                                              1,396             220,377          258,289   
Tax paid                                                                                                   (210,310)                   -         (48,176)   
Net cash inflow from operating activities                                                                  2,541,778             914,532        2,473,804 

CASH FLOWS FROM INVESTING ACTIVITIES:                                                                                              
Additions to property, plant and equipment and net cash flows of related assets                         (20,188,748)        (42,411,045)     (41,305,165)   
and liabilities acquired                                                                                                                                       
Additions to investment property                                                                                   -        (23,792,133)     (24,030,093)   
Development expenditure on investment property                                                                     -         (3,780,882)      (3,780,882)   
Proceeds from the sale of a disposal group (net of cash disposed)                                                  -             410,392          410,392   
Net cash outflow from investing activities                                                              (20,188,748)        (69,573,668)     (68,705,748)

CASH FLOWS FROM FINANCING ACTIVITIES:                                                                                                                       
Proceeds from loans and borrowings                                                                        19,780,866          23,706,078       24,217,500   
Repayment of loans and borrowings                                                                          (423,150)         (6,474,001)      (6,501,022)   
Transaction costs relating to loans and borrowings                                                         (527,816)           (490,251)        (490,251)   
Proceeds from issue of share capital                                                                               -              55,000           55,000   
Proceeds from issue of share premium                                                                               -          54,945,000       54,945,000   
Transaction costs relating to issue of shares                                                                      -           (768,829)        (768,829)   
Dividends paid                                                                                           (1,680,000)                   -      (1,400,000)   
Net cash inflow from financing activities                                                                 17,149,900          70,972,997       70,057,398  

Net (decrease) / increase in cash and cash equivalents                                                     (497,070)           2,313,861        3,825,454   
Balance at the beginning of the period                                                                     4,558,085             732,631          732,631   
Balance at the end of the period                                                                           4,061,015           3,046,492        4,558,085   

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. EARNINGS PER SHARE (EPS), HEADLINE EARNINGS PER SHARE (HEPS) AND UNDERLYING DISTRIBUTABLE EARNINGS PER SHARE

Basic EPS amounts are calculated by dividing the profit for the period attributable to ordinary equity holders of the parent by the weighted average 
number of ordinary shares outstanding during the period. Diluted EPS amounts are calculated by dividing the profit attributable to ordinary equity
holders by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would 
be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. Headline earnings and Headline earnings per share ("HEPS") 
are required to be disclosed as a result of the secondary listing on the AltX of the Johannesburg Stock Exchange ("JSE").

The following reflects the income and share data used in the basic and diluted EPS computations:

                                                                                                  Nine months ended   Nine months ended       Year ended   
                                                                                                        31 May 2017         31 May 2016   31 August 2016   
                                                                                                               GBP                  GBP              GBP   
Profit / (loss) attributable to ordinary equity holders of the parent for basic earnings:                                                                  
Continuing operations                                                                                     1,904,558           (370,753)        (806,910)   
Discontinued operations                                                                                           -              81,324         (73,422) 

Potential dilution                                                                                                -                   -                -   
Profit / (loss) attributable to ordinary equity holders adjusted for basic and diluted EPS                1,904,558           (289,429)        (880,332) 

Number of ordinary shares in issue                                                                       56,000,000          56,000,000       56,000,000 

Weighted average number of ordinary shares for basic and diluted EPS                                     56,000,000          35,146,795       40,402,945  

Earnings / (loss) per share (pence)                                                                                                                        
- Basic                                                                                                        3.40              (0.82)           (2.18)   
- Diluted                                                                                                      3.40              (0.82)           (2.18) 

Earnings / (loss) per share for continuing operations (pence)                                                                                              
Basic earnings / (loss) per share                                                                              3.40              (1.05)           (2.00)   
Diluted earnings / (loss) per share                                                                            3.40              (1.05)           (2.00)

Earnings / (loss) per share for discontinued operations (pence)                                                                                            
Basic earnings / (loss) per share                                                                                 -                0.23           (0.18)   
Diluted earnings / (loss) per share                                                                               -                0.23           (0.18) 

Headline earnings per share                                                                                                                                        
The following table provides the profit / (loss) amount used to calculate headline earnings per share:  

Profit / (loss) attributable to equity holders of the parent for the basic and diluted EPS calculations   1,904,558           (289,429)        (880,332) 

Adjustments:                                                                                                                                                       
Revaluation gain on investment property                                                                           -                   -        (468,541)   
Revaluation loss on property, plant and equipment                                                                 -                   -          364,706   
Goodwill write-off                                                                                                -                   -        1,057,900   
Loss on discontinued operation                                                                                    -                   -          139,224   
Headline earnings / (loss)                                                                                1,904,558           (289,429)          212,957

Headline earnings / (loss) per share (pence):                                                                                                              
- Basic                                                                                                        3.40              (0.82)             0.53   
- Diluted                                                                                                      3.40              (0.82)             0.53  

Underlying distributable earnings                                                                                                                          
Adjustments to headline earnings:                                                                                                                          
Loss on discontinued operation                                                                                    -                   -        (139,224)   
Unrealised (gain) / loss on interest rate swaps/cap, net of tax impact                                    (181,007)                   -        1,082,763   
Costs of aborted acquisitions                                                                                     -             396,933          473,374   
Expenses incurred on assumption of net liabilities of Travelodge-owning entities                                  -                   -          238,013   
Foreign exchange loss                                                                                             -             445,738          185,703   
Amortisation of debt issue costs                                                                            128,759                   -           49,486   
Depreciation                                                                                                697,275             401,228          177,160   
Fixtures, fittings and equipment replacement reserve provision [1]                                        (363,695)           (122,160)        (250,845)   
Underlying distributable earnings                                                                         2,185,890             832,310        2,029,387

Underlying distributable earnings per share (pence)                                                            3.90                2.37             5.02   


[1] The fixtures, fittings and equipment replacement reserve provision is based on 3% of trading hotel revenue and is adjusted to ensure sufficient 
    earnings are retained in the business for future expenditure on fixtures, fittings and equipment and refurbishment.

2. RECONCILIATION OF OPERATING PROFIT TO EBITDAR                                                                                            
                                                                                                  Nine months ended   Nine months ended       Year ended   
                                                                                                        31 May 2017         31 May 2016   31 August 2016   
                                                                                                                GBP                 GBP              GBP   
Operating Profit / (Loss)                                                                                 3,438,857            (56,108)          831,375   

Add back:                                                                                                                                                  
Rent payable                                                                                                655,233             133,337          386,165   
Depreciation                                                                                                697,275             401,228          177,160 

EBITDAR before Exceptional Items                                                                          4,791,365             478,457        1,394,700   

Adjust for Exceptional Items:                                                                                                                              
Revaluation gain on Investment Property                                                                           -                   -        (468,541)   
Revaluation loss on Property, Plant & Equipment                                                                   -                   -          364,706   
Goodwill write-off                                                                                                -                   -        1,057,900   
Costs of aborted acquisitions                                                                                     -             396,933          473,374   
Expenses incurred on assumption of net liabilities of Travelodge-owning entities                                  -                   -          238,013   
Foreign exchange loss                                                                                             -             445,738          185,703 
  
EBITDAR                                                                                                   4,791,365           1,321,128        3,245,855   

SPONSOR'S DETAILS

For further information, please contact:

M Partners
Luxembourg listing agent                                                       +352 263 868 602

Java Capital
JSE Sponsor                                                                    +27 (0) 11 722 3050

FTI Consulting
South African Public Relations Advisor
Max Gebhardt                                                                   +27 (0) 11 214 2402

Company Secretary
Osiris Secretarial Services Ltd                                                +1 (284) 494 9820

25 July 2017

IHL has a primary listing on the Euro MTF market of the Luxembourg Stock Exchange and a secondary listing on the AltX of the JSE.



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