REG - Symphony Int Hdgs - Interim Financial Results
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RNS Number : 5714Z Symphony International Holdings Ltd 17 September 2025
Not for Distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.
17 September 2025
Symphony International Holdings Limited
Interim Financial Results for the six-month period ended 30 June 2025
Symphony International Holdings Limited ("SIHL", the "Company" or "Symphony")
announces the interim results for the six months ended 30 June 2025. The
condensed interim financial statements of the Company and its subsidiaries
have been prepared in accordance with IAS 34 Interim Financial Reporting and
have not been audited or reviewed by the auditors of the Company.
Introduction
The Company is an investment company initially incorporated as a limited
liability company under the laws of the British Virgin Islands on 5 January
2004. The Company voluntarily re-registered itself as a BVI Business Company
on 17 November 2006. The Company's investment objectives are to increase the
aggregate net asset value of the Company ("NAV") calculated in accordance with
the Company's policies through strategic longer-term investments in
consumer-related businesses, primarily in the healthcare, hospitality,
lifestyle (including branded real estate developments), logistics and
education sectors, and through investments in special situations and
structured transactions, which have the potential to generate attractive
returns and to enhance the NAV.
The Company was admitted to the Official List of the UK Listing Authority on 3
August 2007 under Chapter 14 of the UK Listing Rules and its securities were
admitted to trading on the London Stock Exchange's main market for listed
securities on the same date.
Symphony's Investment Manager is Symphony Asia Holdings Pte. Ltd. (the
"Investment Manager" or "SAHPL"). The Company has entered into an Investment
Management Agreement with the Investment Manager. SAHPL's licence for
carrying on fund management in Singapore is restricted to serving only
accredited investors and/or institutional investors. Symphony is an
accredited investor.
As at 30 June 2025, the issued share capital of the Company was US$409.70
million (31 December 2024: US$409.70 million) consisting of 513,366,198 (31
December 2024: 513,366,198) ordinary shares.
Net Asset Value
Symphony's NAV is the sum of its cash and cash equivalents, temporary
investments, the fair value of unrealised investments (including investments
in subsidiaries, associates and joint ventures) and any other assets, less any
other liabilities. The unaudited financial statements contained herein may not
account for the fair value of certain unrealised investments. Accordingly,
Symphony's NAV may not be comparable to the net asset value in the unaudited
financial statements. The primary measure of SIHL's financial performance
and the performance of its subsidiaries will be the change in Symphony's NAV
per share resulting from changes in the fair value of investments.
The NAV attributable to the ordinary shares on 30 June 2025 was US$0.88 (30
June 2024: US$0.74) per share. This represented a 2.68% increase over the
NAV per share of US$0.85 at 31 December 2024.
The change in NAV from 31 December 2024 to 30 June 2025 is due to an increase
in the value of unlisted investments and follow-on investments made during the
same period that were partially offset by a decrease in value of listed
securities and general operating expenses.
Portfolio Overview
The following is an overview of the Company's portfolio as at 30 June 2025:
HOSPITALITY
Minor International Public Company Limited ("MINT") is a global company
focused on two core businesses: hospitality and restaurants. MINT is a hotel
owner, operator and investor with a portfolio of over 560 hotels under the
Anantara, Avani, Oaks, Tivoli, NH Collection, NH, nhow and Elewana in 57
countries. MINT is also one of Asia's largest restaurant companies with over
2,650 outlets system-wide in 24 countries under The Pizza Company, The Coffee
Club, Riverside, Benihana, Thai Express, Bonchon, Swensen's, Sizzler, Dairy
Queen, Burger King, GAGA and other brands.
MINT reported a 2.95% and 2.60% increase in core revenue and EBITDA on a
constant currency basis, respectively, in H1 2025 year-over-year. The growth
was driven by both the hotel and restaurant divisions. Core net profit
improved by 21.61% on the same basis due to lower interest expense and
effective tax management.
As at 30 June 2025, the Company's gross cost in MINT was approximately
US$82.82 million (31 December 2024: US$82.82 million). The net cost on the
same date, after deducting partial realisations and dividends received was
(US$246.16 million) (31 December 2024: (US$245.08 million)). The negative
net investment cost is due to the proceeds from partial realisations and
dividends being in excess of cost for this investment.
As at 30 June 2025, the market value of the Company's investment in MINT was
US$43.28 million (31 December 2024: US$46.26 million). The change in value
since 31 December 2024 is due to (i) the sale of 0.63 million shares that
cumulatively generated net proceeds of US$0.49 million and (ii) a decline in
the share price of MINT by 9.90%, which was partially offset by an
appreciation in the Thai baht by 4.67% during the same period.
HEALTHCARE
ASG Hospital Private Limited ("ASG") is a full-service eye-healthcare
provider with operations in India, Africa, and Nepal. ASG was co-founded in
Rajasthan, India in 2005 by Dr. Arun Singhvi and Dr. Shilpi Gang. ASG's
operations have since grown to 157 eye hospitals, which offer a full range of
eye-healthcare services, including outpatient consultation and a full suite of
inpatient procedures (cataract, retina surgeries, Lasik, glaucoma, cornea and
other complicated eye surgeries). ASG also operates an optical and pharmacy
business, which is located within clinics. Symphony initially invested in
ASG in tranches from October 2019 through to July 2020 and subsequently
acquired secondary shares in October 2021. In 2022, Symphony sold
approximately a third of its shares at 2.4 times its cost of shares sold. In
December 2024 and January 2025, Symphony participated with other existing
shareholders to acquire shares through a secondary offering and rights issue,
respectively. At 30 June 2025, Symphony held a 9.21% interest in ASG.
ASG reported growth in revenue and adjusted EBITDA for the last 12-months
ended 30 June 2025 compared to the same period ended 31 December 2024 of
14.92% and 24.40%, respectively. Management continue to scale the business
organically and inorganically with strong margin improvement driven by Vasan
Health Care Pvt. Ltd that was consolidated in 2023.
In addition to the 157 eye hospitals, ASG entered a partnership with the State
Government of Bihar to operate 200 vision centres for outpatient consultations
supported by tele-ophthalmology. Patients requiring surgical intervention will
be referred to ASG's seven existing hospitals in Bihar. At 10 August 2025, 168
visions centres were operational.
Symphony's gross and net investment cost in ASG was US$26.61 million and
US$9.60 million at 30 June 2025 (31 December 2024: US$22.13 million and
US$5.11 million), respectively. The fair value of Symphony's investment on
the same date was US$84.96 million (31 December 2024: US$83.63 million). The
change in value since 31 December 2024 is primarily due to a higher EBITDA
that has been partially offset by a lower comparable multiple used to value
this investment.
Soothe Healthcare Pvt. Ltd. ("Soothe") was founded in 2012 and operates within
the fast-growing consumer healthcare products market segment in India. With
growing disposable income, the demand for consumer healthcare products is
expected to grow rapidly over the coming decades. Soothe's core product
portfolio includes feminine hygiene and diaper products. Symphony completed an
initial equity investment in Soothe in August 2019 and subsequently made
investments through convertible notes and securities from 2020 to 2023.
The business faced challenges in the first half of 2025 due to postponed bank
financing for working capital needs. Recently, the company secured extra funds
through a small rights issue, enabling it to pursue growth opportunities in
the second half of the year, which is traditionally a strong sales period.
Symphony's gross and net investment cost in Soothe was US$13.42 million at 30
June 2025 (31 December 2024: US$13.42 million). The fair value of Symphony's
investment at 30 June 2025 was US$9.26 million, which compares to US$14.69
million at 31 December 2024. The change value is due to lower trailing
12-month revenue and the median multiple of listed comparable companies used
to value this business.
LIFESTYLE
The Liaigre Group ("Liaigre") was founded in 1985 in Paris and is a brand
synonymous with discreet luxury, and has become one of the most sought-after
luxury furniture brands, renowned for its minimalistic design style. Liaigre
has a strong intellectual property portfolio and provides a range of bespoke
furniture, lighting, fabric & leather, and accessories. In addition to
operating a network of 25 showrooms across Europe, the US and Asia, Liaigre
undertakes exclusive interior architecture projects for select yachts, hotels,
and restaurants and private residences.
Liaigre's interior architecture operations and retail activities in Asia
continue to drive growth for the business. Sales across Europe and the US
remain subdued, prompting management to place greater emphasis on expanding
the client base in newer markets. While the new US tariff regime is
anticipated to have some effect, management does not expect it to be
materially disruptive to the business.
Symphony's gross investment cost in Liaigre was US$80.92 million at 30 June
2025 (31 December 2024: US$79.68 million). The net cost on the same date,
after deducting partial realisations, was US$53.04 million (31 December 2024:
US$53.08 million). The fair value of Symphony's investment at 30 June 2025
was US$21.80 million (31 December 2024: US$12.66 million). The change in fair
value from 31 December 2024 is predominantly due to an increase in trailing
earnings before interest, tax, depreciation and amortisation ("EBITDA") and
also a higher median multiple of comparable companies used to value the
business. Prior to 31 December 2024, Liaigre was combined with LHV for cost
and fair value reporting.
CHANINTR ("Chanintr") Chanintr is a luxury lifestyle company, based in
Thailand, which primarily distributes high-end U.S. and European furniture and
household accessory brands, including Liaigre, Barbara Barry, Baker, Herman
Miller, Marquee, Minotti, Bulthaup kitchens amongst others. Chanintr also
provides Furniture, Fixtures & Equipment solutions for real estate and
hotel projects. In 2019, Chanintr launched a new program called Chanintr
Residences which will showcase custom-designed luxury residences as turnkey
projects.
Despite ongoing challenges to the Thai economy during H1 2025, including
elevated household debt, subdued consumer confidence, new U.S. tariffs on
exports and political uncertainty, the company's sales continued to recover.
Sales closed in H1 2025 rose by 17% year-on-year, driven by luxury retail and
commercial sectors. Sales recorded also advanced during the same comparative
period and grew by 21%. A warehouse sale event in June was especially
successful, with the company achieving the best campaign results in recent
years.
LIFESTYLE/REAL ESTATE
Minuet Ltd ("Minuet") is a joint venture between the Company and an
established Thai partner. The Company has a direct 49% interest in the venture
and is considering several development and/or sale options for the land owned
by Minuet, which is located in close proximity to central Bangkok, Thailand.
As at 30 June 2025, Minuet held approximately 186.75 rai (29.88 hectares) of
land in Bangkok, Thailand.
The Thai real estate market has experienced some recovery in certain areas
with residential transactions trending upwards. However, the absorption of
unsold condominium stock continues to be slow. Following the earthquake in
2025, buyers are favouring low-rise and earthquake resistant homes. This trend
should be favourable to the demand for land by developers in the coming years
that should benefit Minuet. Foreign investment has also been strong in 2025 in
key tourist zones and has attracted investment from China, Russia and Europe.
The Company initially invested approximately US$78.30 million by way of an
equity investment and interest-bearing shareholder loans. Since the initial
investment by the Company, Minuet has received proceeds from rental income and
partial land sales. As at 30 June 2025, the Company's investment cost (net
of shareholder loan repayments) was approximately US$13.13 million (31
December 2024: US$13.13 million). The fair value of the Company's interest
in Minuet on the same date was US$88.21 million (31 December 2024: US$83.42
million) based on an independent third-party valuation of the land plus the
net value of the other assets and liabilities of Minuet. The change in value
of Symphony's interest is predominantly due to an appreciation in the Thai
baht by 5.52%.
Liaigre Hospitality Ventures Limited ("LHV") is a joint venture with the
shareholders of the Liaigre Group and entered into agreements in January 2022
to acquire a majority interest in a residential and hospitality project in
Florence, Italy. Following a seven-year planning and approval process,
building permits were received in March 2024 that allow for a luxury 89-room
hotel with ten Liaigre designed and branded residences (to be sold as part of
the project), as well as extensive food & beverage and spa facilities. The
project consists of several historical and two new buildings with the interior
design by the renowned Liaigre Design Studio. Construction is underway and the
hotel is expected to open in late 2027 under the management of Capella Hotels
and Resorts.
Florence's hospitality industry continues to benefit from rising international
visitor numbers and growth in prestigious events and conference tourism. These
trends are attracting affluent travellers and solidifying the city's status as
a premier destination. At the same time, Florence has become Italy's
second-most expensive city for residential property after Milan, a change
driven by robust demand from American, British, and French buyers who continue
to elevate prices in luxury segments.
The development is progressing on schedule and promises to redefine luxury
living and hospitality in Europe. Impressively, nearly 40% of residences have
already been sold without any formal marketing -underscoring the appeal and
reputation of the Liaigre and Capella brands, as well as robust demand for
luxury managed real estate in Florence.
Symphony's gross and net investment cost in LHV was US$20.50 million at 30
June 2025 (2024: US$19.21 million). The fair value of Symphony's investment on
the same date was US$58.42 million (2024: US$53.26 million). The project was
fair valued at 30 June 2025 by an independent third-party valuer. The change
in value is predominantly due to an appreciation of the Euro that was
partially offset by other movements in the net assets of the joint venture.
Niseko Property Joint Venture ("Niseko JV") is a property development venture
that acquired land in Niseko, Hokkaido, Japan. Symphony has a 37.5%
interest in this venture, which it acquired for a total investment of US$10.41
million and has to date received distributions of US$16.73 million that relate
to the partial sale of land held by the venture.
The Niseko JV sold 31% of the development site to Hanwha Hotels & Resorts
with a further 39% to a new joint venture company that is equally held and
being co-developed by the Niseko JV and Hanwha Hotels & Resorts. The
Niseko JV continues to effectively hold approximately 50% of the development
site.
While tourist arrivals and demand for residences remain strong in Niseko,
there is scarcity of onsen and ski-adjacent land, particularly in Hirafu,
where the joint ventures' land is located. We continue to explore options for
the land that is wholly owned by the Niseko JV.
Desaru property joint venture in Malaysia ("Desaru") is a property joint
venture in Malaysia with an affiliate of Destination Resorts and Hotels Sdn
Bhd, a hotel and destination resort investment subsidiary of Khazanah Nasional
Berhad, the investment arm of the Government of Malaysia. The joint venture
has developed a beachfront resort with private villas for sale on the
south-eastern coast of Malaysia. The hotel operations were officially launched
in September 2020. The Company has a 49% equity interest in the joint
venture.
In early June 2025, the joint venture finalised agreements to appoint Mandarin
Oriental Hotel Group as the new operator, with the transition effective from
July 3, 2025. The property is scheduled to complete its rebranding under the
Mandarin Oriental name in early 2026. This strategic shift is a highly
positive milestone for the investment and is anticipated to enhance the appeal
and value of the residence offering.
Symphony invested approximately US$58.78 million in the joint venture at 30
June 2025 (31 December 2024: US$58.78 million). The fair value for this
investment on the same date was US$16.54 million based on a discounted
cashflow model and independent third-party valuation of the land. This
compares to US$15.09 million at 31 December 2024. The marginal change in
value is due to different assumptions used in the discounted cashflow and an
appreciation in the Malaysian ringgit by 5.87%.
Isprava Vesta Private Limited ("Isprava") is a company that designs, builds
and sells branded villas in non-urban markets in India such as Alibagh, Goa
and Kasauli. The Company is also in the business of renting luxury holiday
homes under the brand name of "Lohono Stays" that includes both homes
constructed and sold by Isprava and third-party homes in India and overseas.
Symphony made an investment in Isprava in January 2023.
The company reported healthy growth in 2025. For the quarter ended 30 June
2025, orders were ahead of budget by 20.79%, supported by sustained demand
across key markets and a robust sales pipeline. During the same period, the
company handed over 23 homes in Goa and also launched Solene, a new private
members' club in North Goa. This initiative expands the company's lifestyle
offering and deepens engagement with its premium customer base. Construction
activity remains strong, with close to 400 homes currently at various stages
of development - a significant increase compared to the prior year.
EDUCATION
WCIB International Co. Ltd. ("WCIB") is a joint venture that developed and
operates Wellington College International Bangkok, the fifth international
addition to the Wellington College family of schools. WCIB operates a
co-educational school for students aged 2-18 years of age. WCIB commenced
operations in August 2018 with inaugural students attending Nursery to Year
6. Symphony initially invested in the joint venture in January 2017 and has
made subsequent investments with its partners to facilitate ongoing
development of the school and support working capital requirements.
The school continues to outperform as enrolments ramp up. Final enrolled
students during the summer term was 985 and this has increased to well over
1,000 in the current Michaelmas term. The expansion of facilities is ongoing
that will support up to 1,650 students once fully completed.
LOGISTICS
Indo Trans Logistics Corporation ("ITL") was founded in 2000 as a
freight-forwarding company and has since grown to become Vietnam's largest
independent integrated logistics company with a network that is spread across
Vietnam, Cambodia, Laos, Myanmar, and Thailand. ITL has grown to national
champion status in Vietnam. The Company acquired a significant minority
interest in ITL in June 2019 for US$42.64 million and had a net cost of
US$35.28 million (31 December 2024: US$42.14 million) at 30 June 2025.
Symphony completed the sale of a small number of shares to a strategic Asian
logistics company as part of a larger secondary offering mentioned in earlier
updates in 2023. The gross and net sale consideration received was 5.5 times
and 4.6 times Symphony's cost of shares sold, respectively.
The logistics sector in Vietnam continues to experience robust growth,
supported by major infrastructure investments, growing e-commerce, and
government initiatives. ITL reported an 5.02% and 15.19% growth in trailing
12-month net revenue and EBITDA, respectively, at 30 June 2025 compared to 31
December 2024. Management are optimistic on the prospects for the business.
The fair value for Symphony's interest in ITL at 30 June 2025 was US$72.03
million. The change in value from US$69.15 million at 31 December 2024 is
predominantly due to a 15.19% increase in trailing EBITDA that was partially
offset by 3.5% decline in the median comparable company multiples used to
value this investment and a depreciation of the Vietnamese dong by 2.42%.
.
NEW ECONOMY
Smarten Spaces Pte. Ltd. ("Smarten Spaces") is a Singapore based SaaS
(Software-as-a-Service) company that provides software solutions for space
management in commercial and industrial properties. Smarten was founded in
2017 by Dinesh Malkani and offers an end-to-end solution for workplace
flexibility on a single technology platform, to help businesses navigate the
new hybrid workplace. The SaaS technology includes four key aspects - Desk
Management, Workforce Rostering, Demand & Supply, Expenses &
Chargeback, and Asset Management; bringing together key workforce and
workplace considerations for a future-ready solution.
Smarten Spaces launched an early version of its AI-enabled SpaceOnAi SaaS
platform in December 2024, with the full production release debuting in August
2025 to strong customer reception. The product is gaining traction, and the
pipeline of new business opportunities is robust. Despite persistent cash
constraints, management continues to prioritize business development and
market expansion. Looking ahead, the company intends to evaluate strategic
options in Q3/Q4 2025, which may include pursuing a significant capital raise
(subject to shareholder approval) or merging with a better-capitalized partner
to accelerate growth.
Good Capital Partners and Good Capital Fund I ("Good Capital" or "GCP") is
majority owned by Arjun Malhotra who founded Investopad in 2014 by investing
his own capital into building substantial infrastructure across India (Delhi,
Bangalore and Gurgaon) and creating a thriving ecosystem of technology
startups. Symphony announced its investment in the General Partner, Good
Capital Partners ("GCP") and its first fund, Good Capital Fund I, in July
2019. In March 2023, Symphony made a commitment to Good Capital Fund II.
Good Capital Fund I is now fully invested. The outperformers from Fund I now
represent over 50% of the fund's value and have reached significant
operational maturity. Of these, companies like Solar Square, Entri, Orange
Health and Wealthy continue to demonstrate improving economics and gain market
leadership in their respective categories. Good Capital Fund II conducted its
final close on April 30, 2025 at approximately US$29 million with over a third
of committed funds deployed across 12 investments.
House of Kieraya Private Limited ("Furlenco") is a Bangalore based
online residential furniture business. Founded by Ajith Karimpana in October
2012, Furlenco sells furniture and also operates subscription-based furniture
rental business. Furlenco completed a capital raise from Sheila Foam Limited
("SFL") in 2023. SFL is an Indian publicly listed company that provides foam
products for furniture and other related fixtures and fittings. The investment
by SFL's facilitated the reduction of debt and provided working capital to
grow the business.
Customer acquisitions continued to grow across key markets such as Bangalore,
Mumbai, NCR, Hyderabad and Pune, underscoring the strength of demand and
increasing brand penetration. The recent launch of an affordable, modular
furniture line targeting younger customers has been well received, helping the
company tap previously underserved segments and drive higher engagement. With
a strong pipeline of new products, continued geographic expansion and
disciplined execution, the company remains well positioned to deliver
sustained growth going forward.
Meesho, Inc ("Meesho") is a Bangalore based social e-commerce platform for
micro-entrepreneurs and Medium and Small Enterprises ("MSME") to sell to the
next 500 million Indians coming online. Founded by Vidit Aatrey and
Sanjeev Barnwal in March 2016, Meesho aims to enable small businesses,
including individual entrepreneurs, to succeed online by bringing a range of
products and new customers onto the Meesho platform. Meesho started as a
reseller-focused platform enabling millions to sell online and has now become
a single ecosystem connecting sellers to consumers and entrepreneurs.
Meesho has expanded its commerce offering through "Meesho Mall," signing
partnerships with leading FMCG companies such as P&G, HUL, and Himalaya.
This move strengthens the platform's reach into Tier-2 and Tier-3 markets,
broadens its mix beyond unbranded goods, and positions it for higher-quality
growth. The company is expected to list on the Indian stock exchange later in
2025.
MAVI Holding Pte. Ltd. ("MAVI") is a B2B insurance and warranty programme
administration services company headquartered in Singapore with operations in
India, Thailand, and Singapore. Mavi is an early-stage start-up business
with a goal to develop insurance products that are accessible, competitively
priced, and tailored for the Asian markets. The Company will provide
insurance and warranty programme management services and partner with
insurance and carriers in the region to bring these products to market.
In early 2025, MAVI successfully addressed funding shortfalls by securing US$
2 million in venture debt. The company has since been performing in line with
plan and is on track to achieve cash-flow neutrality by year-end, with
adequate capital to support this transition. Currently, approximately 80% of
the business is derived from automotive warranty services, with a strong
emphasis on extended warranties for EV batteries. Singapore and Thailand
account for the majority of this automotive activity. In parallel, MAVI's
Occupational Disability Insurance offering has established good traction in
the Indian market. The company is also actively exploring new business
opportunities in China and Europe, though these remain at the negotiation
stage.
August Jewellery Private Limited ("Melorra"), is a Bangalore based
omni-channel fast fashion Indian jewellery company. Founded by Saroja
Yeramilli in January 2015, Melorra has an online presence and operates
experience centres. Melorra continues to underperform and we continue to
monitor the business closely.
In the first half of 2025, Symphony completed its exit from Solar Square
Energy Pvt. Ltd. ("SolarSquare"), an Indian provider of rooftop solar
solutions, as well as Catbus Infolabs Private Limited ("Blowhorn"), which
specializes in same-day intra-city last-mile logistics. The exit from
SolarSquare generated a net annualized return of 68.96% and a multiple of 5.44
times the original investment cost, while the Blowhorn exit was completed
above its most recent fair value as reported for NAV purposes.
Cash and cash equivalents
Symphony has placed funds in certain temporary investments. As at 30 June
2025, cash and cash equivalents amounted to US$257,000 (31 December 2024:
US$316,000).
Outlook
Global economic growth remained surprisingly resilient in the first half of
2025, with output projected International Monetary Fund ("IMF") at 3.0% for
the year amid increasingly stable inflation, modest tariff de-escalations, and
selective fiscal stimulus in major economies. While headline inflation is
expected to ease, progress remains uneven, as supply shocks, trade frictions,
and currency fluctuations still present downside risks-especially for emerging
markets. Central banks have begun a cautious pivot towards easing, but the
pace remains inconsistent across regions due to ongoing tariff and
geopolitical pressures.
Against this backdrop, Asia's key emerging economies delivered divergent
performances. Thailand's government raised full year 2025 growth forecasts to
2.2%, aided by digital transformation and strong exports, though waning
Chinese tourism and lingering tariff concerns has impacted growth. Vietnam led
the region with a decade-high 7.5% GDP surge in H1 2025, fueled by
manufacturing and services, robust foreign investment, and steady inflation.
The IMF forecast India's growth to remain strong at 6.4% in 2025, marginally
lower than 6.5% achieved in 2024, due to resilient consumption, renewed
capital inflows, and strong corporate earnings, cementing its position as one
of the regional outperformers despite external volatility.
Private equity activity in Asia gained momentum in the first quarter of 2025,
with buyout deal value more than doubling year-on-year, largely helped by a
flurry of big-ticket transactions in China, Japan, and India. US tariff
negotiations hindered some of the deal momentum in recent months, but there is
an expectation that transaction volumes will continue an upward trajectory
towards the end of 2025. The long-term fundamentals for Asia remain intact
with a growing disposable income, urbanisation, technology adoption and
favourable demographics.
Principal Risks
Some of the risks that the Company is exposed to are described below.
The Company's investment management team's past performance is not necessarily
indicative of the Company's future performance and any unrealised values of
investments presented in this document may not be realised in the future.
The Company is not structured as a typical private equity vehicle (it is
structured as a permanent capital vehicle), and thus may not have a comparable
investment strategy. The investment opportunities for the Company are more
likely to be as a long-term strategic partner in investments, which may be
less liquid, and which are less likely to increase in value in the short term.
The Company's organisational, ownership and investment structure may create
certain conflicts of interests (for example in respect of the directorships,
shareholdings or interests, including in portfolio companies that some of the
Directors and members of the Company's investment management team may have).
In addition, neither the Investment Manager nor any of its affiliates owes the
Company's shareholders any fiduciary duties under the Investment Management
Agreement between, inter alia, the Company and the Investment Manager. The
Company cannot assume that any of the foregoing will not result in a conflict
of interest that will have a material adverse effect on the business,
financial condition and results of operations.
The Company is highly dependent on the Investment Manager, the Key Persons (as
defined in the Investment Management Agreement) and the other members of the
Company's investment management team and the Company cannot assure
shareholders that it will have continued access to them or their undivided
attention, which could affect the Company's ability to achieve its investment
objectives.
The Investment Manager's remuneration is based on the Company's NAV (subject
to a maximum amount) and is payable even if the NAV does not increase, which
could create an incentive for the Investment Manager to increase or maintain
the NAV in the short term (rather than the long-term) to the potential
detriment of Shareholders.
The Company's investment policies contain no requirements for investment
diversification and its investments could therefore be concentrated in a
relatively small number of portfolio companies in the healthcare, hospitality,
lifestyle (including branded real estate developments), logistics, education
and new economy related sectors predominantly in Asia.
The Company has made, and may continue to make, investments in companies in
emerging markets, which exposes it to additional risks (including, but not
limited to, the possibility of exchange control regulations, political and
social instability, nationalisation or expropriation of assets, the imposition
of taxes, higher rates of inflation, difficulty in enforcing contractual
obligations, fewer investor protections and greater price volatility) not
typically associated with investing in companies that are based in developed
markets.
Furthermore, the Company has made, and may continue to make, investments in
portfolio companies that are susceptible to economic recessions or downturns.
Such economic recessions or downturns may also affect the Company's ability to
obtain funding for additional investments.
The Company's investments include investments in companies that it does not
control and/or made with other co-investors for financial or strategic
reasons. Such investments may involve risks not present in investments where
the Company has full control or where a third party is not involved. For
example, there may be a possibility that a co-investor may have financial
difficulties or become bankrupt or may at any time have economic or business
interests or goals which are inconsistent with those of the Company or may be
in a position to take or prevent actions in a manner inconsistent with the
Company's objectives. The Company may also be liable in certain circumstances
for the actions of a co-investor with which it is associated. In addition, the
Company holds a non-controlling interest in certain investments, and
therefore, may have a limited ability to protect its position in such
investments.
A number of the Company's investments are currently, and likely to continue to
be, illiquid and/ or may require a long-term commitment of capital. The
Company's investments may also be subject to legal and other restrictions on
resale. The illiquidity of these investments may make it difficult to sell
investments if the need arises.
The Company's real estate related investments may be subject to the risks
inherent in the ownership and operation of real estate businesses and assets.
A downturn in the real estate sector or a materialization of any of the risks
inherent in the real estate business and assets could materially adversely
affect the Company's real estate investments. The Company's portfolio
companies also anticipate selling a significant proportion of development
properties prior to completion. Any delay in the completion of these projects
may result in purchasers terminating off-plan sale agreements and claiming
refunds, damages and/or compensation.
The Company is exposed to foreign exchange risk when investments and/ or
transactions are denominated in currencies other than the U.S. dollar, which
could lead to significant changes in the net asset value that the Company
reports from one quarter to another.
The Company's investment policies and procedures (which incorporate the
Company's investment strategy) provide that the Investment Manager should
review the Company's investment policies and procedures on a regular basis
and, if necessary, propose changes to the Board when it believes that those
changes would further assist the Company in achieving its objective of
building a strong investment base and creating long term value for its
Shareholders. The decision to make any changes to the Company's investment
policy and strategy, material or otherwise, rests with the Board in
conjunction with the Investment Manager and Shareholders have no prior right
of approval for material changes to the Company's investment policy.
Investments in connection with special situations and structured transactions
typically have shorter operating histories, narrower product lines and smaller
market shares than larger businesses, which tend to render them more
vulnerable to competitors' actions and market conditions, as well as general
economic downturns. Investments that fall into this category tend to have
relatively short holding periods and entail little or no participation in the
board of the Company in which such investments may be made. Special situations
and structured transactions in the form of fixed debt investments also carry
an additional risk that an increase in interest rates could decrease their
value.
The Company's current investment policies and procedures provide that it may
invest an amount of no more than 30% of its total assets in special situations
and structured transactions which, although they are not typical longer-term
investments, have the potential to generate attractive returns and enhance the
Company's net asset value. Following the Company's investment, it may be that
the proportion of its total assets invested in longer-term investments falls
below 70% and the proportion of its total assets invested in special
situations and structured transactions exceeds 30% due to changes in the
valuations of the assets, over which the Company has no control.
Pending the making of investments, the Company's capital will need to be
temporarily invested in liquid investments and managed by a third-party
investment manager of international repute or held on deposit with commercial
banks before they are invested. The returns that temporary investments are
expected to generate and the interest that the Company will earn on deposits
with commercial banks will be substantially lower than the returns that it
anticipates receiving from its longer-term investments or special situations
and structured transactions.
In addition, while the Company's temporary investments will be relatively
conservative compared to its longer-term investments or special situations and
structured transactions, they are nevertheless subject to the risks associated
with any investment, which could result in the loss of all or a portion of the
capital invested.
The Investment Manager has identified but has not yet contracted to make
further potential investments. The Company cannot guarantee shareholders that
any or all of these prospective investments will take place in the future.
The market price of the Company's shares may fluctuate significantly and
shareholders may not be able to resell their shares at or above the price at
which they purchased them.
The Company's shares are currently trading, and have in the past traded, and
could in the future trade, at a discount to NAV for a variety of reasons,
including due to market conditions. The only way for shareholders to realise
their investment is to sell their shares for cash. Accordingly, in the event
that a shareholder requires immediate liquidity, or otherwise seeks to realise
the value of his investment through a sale, the amount received by the
shareholder upon such sale may be less than the underlying NAV of the shares
sold.
The Company could be materially adversely affected by the widespread outbreak
of infectious disease or other public health crises (or by the fear or
imminent threat thereof). Public health crises such as SARS, H1N1/09 flu,
avian flu, Ebola, COVID-19, together with any related containment or other
remedial measures undertaken or imposed, could have a material and adverse
effect on the Company including by (i) disrupting or otherwise materially
adversely affecting the human capital, business operations or financial
resources of the Company, the Company's portfolio companies, the Investment
Manager or service providers and (ii) adversely affect the ability, or the
willingness, of a party to perform its obligations under its contracts and
lead to uncertainty over whether such failure to perform (or delay in
performing) might be excused under so-called "material adverse change," force
majeure and similar provisions in such contracts that could cause a material
impact to the Company, the Company's portfolio companies, the Investment
Manager or service providers and (iii) severely disrupting global, national
and/or regional economies and financial markets and precipitating an economic
downturn or recession that could materially adversely affect the value and
performance of the Company's shares.
The Company's business could be materially affected by conditions in the
global capital markets and the economy generally. Geopolitical issues,
including wars and related international response measures may have a negative
impact on regional and global economic conditions, as a result of disruptions
in foreign currency markets and increased energy and commodity prices. This
could in turn have a spill-over effect on our portfolio companies, such as
reducing demand for products or services offered by our portfolio companies
and/or cause for example, higher operating and financing costs.
Directors' Responsibility Statement
We, the directors of Symphony International Holdings Limited, confirm that to
the best of our knowledge:
(a) the condensed interim financial statements, which have been prepared
in accordance with IAS 34 - Interim Financial Reporting, give a true and fair
view of the assets, liabilities, financial position and profit or loss of the
Company as required by DTR 4.2.4R; and
(b) the interim financial results include a fair review of information
required by:
(i) DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the financial statements, and a
description of the principal risks and uncertainties for the remaining six
months of the year; and
(ii) DTR 4.2.8R of the Disclosure and Transparency Rules, being related
party transactions that have taken place in the first six months of the
current financial year and that have materially affected the financial
position or performance of the Company during that period, and any changes in
the related party transactions described in the last annual report that could
do so.
For and on behalf of the Board of Directors
Georges Gagnebin
Chairman, Symphony International Holdings Limited
Anil Thadani
Chairman, Symphony Asia Holdings Pte. Ltd.
Director, Symphony International Holdings Limited
Symphony International Holdings Limited
Condensed statement of financial position
As at 30 June 2025
Note 30 June 31 December 2024
2025
US$'000 US$'000
Non-current assets
Financial assets at fair value through profit or loss 7 466,233 452,736
Prepayment * *
466,233 452,736
Current assets
Other receivables and prepayments 33 61
Cash and cash equivalents 257 316
290 377
Total assets 466,523 453,113
Equity attributable to equity holders
of the Company
Share capital 409,704 409,704
Retained earnings 40,413 28,487
Total equity 450,117 438,191
Current liabilities
Interest-bearing borrowings 13,263 13,621
Other payables 3,143 1,301
Total liabilities 16,406 14,922
Total equity and liabilities 466,523 453,113
* Less than US$1,000
Symphony International Holdings Limited
Condensed statement of comprehensive income
Period from 1 January 2025 to 30 June 2025
Note 6 months ended 6 months ended
30 June 2025 30 June 2024
US$'000 US$'000
Other operating income 9,816 92
Other operating expenses (809) (2,241)
Management fees (4,820) (4,262)
Profit/(Loss) before investment results and income tax 4,187 (6,411)
Gain on disposal of financial assets at fair value through profit or loss 11 -
Fair value changes in financial assets at fair value through profit or loss 7 7,794 3,894
Profit/(Loss) before income tax 11,992 (2,517)
Income tax expense (66) -
Profit/(Loss) for the period 11,926 (2,517)
Other comprehensive income for the period, - -
net of tax
Total comprehensive income for the period 11,926 (2,517)
Earnings per share:
US Cents US Cents
Basic 8 2.32 (0.49)
Diluted 2.32 (0.49)
Symphony International Holdings Limited
Condensed statement of changes in equity
Period from 1 January 2025 to 30 June 2025
Share Accumulated Total
equity
capital losses
US$'000 US$'000 US$'000
At 1 January 2024 409,704 (28,311) 381,393
Total comprehensive income for the period - (2,517) (2,517)
At 30 June 2024 409,704 (30,828) 378,876
Share Retained earnings Total
equity
capital
US$'000 US$'000 US$'000
At 1 January 2025 409,704 28,487 438,191
Total comprehensive income for the period - 11,926 11,926
At 30 June 2025 409,704 40,413 450,117
Symphony International Holdings Limited
Condensed statement of cash flows
Period from 1 January 2025 to 30 June 2025
6 months 6 months
ended
ended
30 June 2025
30 June 2024
US$'000 US$'000
Cash flows from operating activities
Profit/(Loss) before income tax 11,992 (2,517)
Adjustments for:
Dividend income (1,145) -
Exchange (gain)/loss, net (8,671) 1,770
Interest income * (92)
Interest expense 372 -
Gain on disposal of financial assets at fair value through profit or loss (11) -
Fair value changes in financial assets at fair value through profit or loss (7,794) (3,894)
(5,257) (4,733)
Changes in:
- Other receivables and prepayments 28 31
- Other payables 1,854 (55)
(3,375) (4,757)
Dividend received from listed investments (net of withholding tax) 590 -
Dividend received from unconsolidated subsidiaries 490 -
Interest received * 97
Net cash used in operating activities (2,295) (4,660)
Cash flows from investing activities
Net proceeds received from disposal of listed investments 488 -
Net proceeds received from/(provided to) unconsolidated subsidiaries 2,500 (3,390)
Net cash from/(used in) investing activities 2,988 (3,390)
Cash flows from financing activities
Interest paid (389) -
Proceeds from borrowings 1,989 -
Repayments of borrowings (2,347) -
Net cash used in financing activities (747) -
Net decrease in cash and cash equivalents (54) (8,050)
Cash and cash equivalents at beginning of period 316 9,093
Effect of exchange rate fluctuations (5) (2)
Cash and cash equivalents at end of the period 257 1,041
* Less than US$1,000
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
1 REPORTING ENTITY
Symphony International Holdings Limited (the "Company") is a company domiciled
in the British Virgin Islands.
The financial statements of the Company as at and for the year ended 31
December 2024 are available upon request from the Company's registered office
at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola
VG1110 British Virgin Islands.
2 STATEMENT OF COMPLIANCE
These condensed interim financial statements have been prepared in accordance
with IAS 34 Interim Financial Reporting. They do not include all of the
information required for full annual financial statements, and should be read
in conjunction with the financial statements of the Company as at and for the
year ended 31 December 2024.
These condensed interim financial statements were approved by the Board of
Directors on 15 September 2025.
As at 30 June 2025, the Company's current liabilities exceeded its current
assets by US$16,116,000. The Company holds listed securities amounting
to US$43,277,000 (2024: US$46,264,000). These listed securities are liquid
and can therefore be sold from time-to-time to generate additional cash to
settle any existing and ongoing liabilities of the Company. The directors are
therefore confident that the use of the going concern assumption for interim
period ended 30 June 2025 remains appropriate.
3 MATERIAL ACCOUNTING POLICIES
The accounting policies applied by the Company in these condensed interim
financial statements are the same as those applied by the Company in its
financial statements as at and for the year ended 31 December 2024. The
Company qualifies as an investment entity, as a result of which all immediate
investments are carried at fair value through profit or loss.
4 Estimates
The preparation of interim financial statements in conformity with
International Financial Reporting Standards requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.
In preparing these condensed interim financial statements, the significant
judgements made by management in applying the Company's accounting policies
and the key sources of estimation uncertainty were the same as those that
applied to the condensed financial statements as at and for the year ended 31
December 2024.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
Uncertain economic environment
The uncertain economic environment has increased the estimation uncertainty in
developing significant accounting estimates, predominantly related to
financial assets at fair value through profit or loss ('FVTPL').
The estimation uncertainty is associated with:
· the macroeconomic risks that may affect economies such as inflation
and interest rates. These factors may result in increasing unemployment,
declines in consumer spending and forecasts for key economic factors;
· geopolitical risks that may affect economic instability as a result
of conflict and trade disputes, including tariffs and other trade barriers;
and
· the effectiveness of government and central bank measures to support
growth of businesses and consumption.
The Company has developed accounting estimates based on forecasts of economic
conditions which reflect expectations and assumptions as at 30 June 2025 about
future events that management believes are reasonable in the circumstances.
There is a considerable degree of judgement involved in preparing forecasts.
The underlying assumptions are also subject to uncertainties which are often
outside the control of the Company. Accordingly, actual economic conditions
are likely to be different from those forecast since anticipated events
frequently do not occur as expected, and the effect of those differences may
significantly impact accounting estimates included in these condensed
financial statements.
The impact of the uncertain economic environment on financial assets at FVTPL
is discussed further in Note 7.
5 financial risk management
The Company's financial risk management objectives and policies are consistent
with those disclosed in the financial statements as at and for the year ended
31 December 2024.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
6 Financial assets at fair value through profit or loss
During the financial period ended on 30 June 2025:
i. The Company recognised a fair value gain in financial assets at
FVTPL of US$7,794,000 (30 June 2024: gain of US$3,894,000).
ii. During the six-month period ended 30 June 2025, the Company sold
approximately 0.63 million shares held in Minor International PCL in the
market through a series of transactions.
iii. On 13 January 2025, the Company's wholly owned subsidiary, Dynamic
Idea Investments Limited, made follow-on investments in Macassar Holdings
S.A.R.L.. The associated cost from this investment was less than 1% of NAV.
iv. On 15 January 2025, the Company's wholly owned subsidiary, Britten's
Holdings Pte. Ltd., made follow-on investments in ASG Hospital Private
Limited. The associated cost from this investment was approximately 1% of NAV.
v. On 27 January 2025, the Company's wholly owned subsidiary, Symphony
Assure Pte. Ltd., made follow-on investments in Mavi Holding Pte. Ltd. The
associated cost from this investment was less than 1% of NAV.
vi. On 21 May 2025, the Company's wholly owned subsidiary, Dynamic Idea
Investments Limited, made follow-on investments in Liaigre Hospitality
Ventures Pte. Ltd. The associated cost from this investment was less than 1%
of NAV.
vii. In January 2025, the Company's wholly-owned subsidiary, Wynton
Holdings Pte. Ltd., sold the entire interests in Solarsquare Energy Private
Limited. The net sales proceeds amounted to less than 1% of the Company's NAV.
viii. On 26 March 2025, the Company's wholly-owned subsidiary, Wynton
Holdings Pte. Ltd., sold the entire interests in Catbus Infolabs Private
Limited. The net sales proceeds amounted to less than 1% of the Company's NAV.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
7 financial instruments
Accounting classification and fair values
The carrying amounts and fair values of financial assets and financial
liabilities are as follows. It does not include fair value information for
financial assets and financial liabilities not measured at fair value if the
carrying amount is a reasonable approximation of fair value.
Fair value through Amortised cost Other Total Fair value
profit or loss
financial liabilities
US$'000 US$'000 US$'000 US$'000 US$'000
30 June 2025
Financial assets measured at fair value
Financial assets at fair value through profit or loss 466,233 - - 466,233 466,233
Financial assets not measured at fair value
Other receivables(1) - * - *
Cash and cash equivalents - 257 - 257
466,233 257 - 466,490
Financial liabilities not measured at fair value
Interest-bearing borrowings - - (13,263) (13,263)
Other payables - - (3,143) (3,143)
- - (16,406) (16,406)
31 December 2024
Financial assets measured at fair value
Financial assets at fair value through profit or loss 452,736 - - 452,736 452,736
Financial assets not measured at fair value
Other receivables(1) - * - *
Cash and cash equivalents - 316 - 316
452,736 316 - 453,052
Financial liabilities not measured at fair value
Interest-bearing borrowings - - (13,621) (13,621)
Other payables - - (1,301) (1,301)
- - (14,922) (14,922)
(1) Excludes prepayments
* Less than US$1,000
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
Fair value
The financial assets at fair value through profit or loss are measured using
the adjusted net asset value method, which is based on the fair value of the
underlying investments. The fair values of the underlying investments are
determined based on the following methods:
i) for quoted equity investments, based on quoted market bid prices at
the financial reporting date without any deduction for transaction costs;
ii) for unquoted investments, with reference to the enterprise value at
which the portfolio company could be sold in an orderly disposition over a
reasonable period of time between willing parties other than in a forced or
liquidation sale, and is determined by using valuation techniques such as (a)
market multiple approach that uses a specific financial or operational measure
that is believed to be customary in the relevant industry, (b) price of recent
investment, or offers for investment, for the portfolio company's securities,
(c) current value of publicly traded comparable companies, (d) comparable
recent arms' length transactions between knowledgeable parties, and (e)
discounted cash flows analysis; and
iii) for financial assets and liabilities with a maturity of less than one
year or which reprice frequently (including other receivables, cash and cash
equivalents, and other payables) the notional amounts are assumed to
approximate their fair values because of the short period to
maturity/repricing.
The objective of valuation techniques is to arrive at a fair value measurement
that reflects the price that would be received to sell the asset or paid to
transfer the liability in an orderly transaction between market participants
at the measurement date.
Fair value hierarchy for financial instruments
The table below analyses financial instruments carried at fair value, by
valuation method. The different levels have been defined as follows:
· Level 1: Inputs that are quoted market prices (unadjusted) in
active markets for identical instruments.
· Level 2: Inputs other than quoted prices included within
Level 1 that are observable, either directly (i.e. as prices) or indirectly
(i.e. derived from prices). This category includes instruments valued using:
quoted market prices in active markets for similar instruments; quoted prices
for identical or similar instruments in markets that are not considered
active; or other valuation techniques in which all significant inputs are
directly or indirectly observable from market data.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
· Level 3: Inputs that are unobservable. This category
includes all instruments for which the valuation technique includes input not
based on observable data and the unobservable inputs have a significant effect
on the instruments' valuation. This category includes instruments that are
valued based on quoted prices for similar instruments but for which
significant unobservable adjustments or assumptions are required to reflect
differences between instruments.
Level 1 Level 2 Level 3 Total
US$'000 US$'000 US$'000 US$'000
30 June 2025
Financial assets at fair value through profit or loss 43,277 - 422,956 466,233
31 December 2024
Financial assets at fair value through profit or loss 46,264 - 406,472 452,736
The fair value hierarchy table excludes financial assets and financial
liabilities such as cash and cash equivalents, other receivables and other
payables because their carrying amounts approximate their fair values due to
their short-term period to maturity/repricing.
Level 1 valuations
The following table shows a reconciliation from the beginning balances to the
ending balances for fair value measurements in Level 1 of the fair value
hierarchy.
30 June 31 December 2024
2025
Financial assets at fair value through profit or loss
US$'000 US$'000
Balance at 1 January 46,264 -
Fair value changes in profit or loss (2,512) (1,060)
Net (disposals)/additions (475) 47,324
Balance at 30 June/31 December 43,277 46,264
Level 3 valuations
The following table shows a reconciliation from the beginning balances to the
ending balances for fair value measurements in Level 3 of the fair value
hierarchy.
30 June 31 December 2024
2025
Financial assets at fair value through profit or loss
US$'000 US$'000
Balance at 1 January 406,472 372,655
Fair value changes in profit or loss 10,306 19,916
Net additions 209 -
Net proceeds received from unconsolidated subsidiaries 5,969 13,901
Balance at 30 June/31 December 422,956 406,472
Significant unobservable inputs used in measuring fair value
This table below sets out information about significant unobservable inputs
used at 30 June 2025 in measuring the underlying investments of the financial
assets categorised as Level 3 in the fair value hierarchy excluding
investments purchased during the year that are valued at transaction prices as
they are reasonable approximation of fair values and ultimate investments in
listed entities.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
Description Fair value at 30 June Fair value at Valuation technique Unobservable input Range (Weighted average) Sensitivity to changes in significant unobservable
inputs
2025 31 December 2024
US$'000 US$'000
Land related investments 142,034 132,052 Comparable valuation method Price per US$578 to US$7,360 per square meter The estimated fair value would increase if the price per square meter was
square meter
(Dec 2024: US$546 - US$5,719 per square meter) higher.
for comparable land
Discounted cashflow method Revenue growth 2.0% -20.9% The estimated fair value would increase if the revenue growth increases,
expenses ratio decreases, and WACC was lower.
(Dec 2024: 2.0% - 20.9%)
Expense ratio 61.8% - 79.6%
(Dec 2024: 61.8% - 79.6%)
8.18%
WACC (Dec 2024: 8.53%)
Operating business 221,960 219,276 Enterprise value using comparable traded multiples EBITDA multiple (times) 5.1x - 748.5x, median 12.6x The estimated fair value would increase if the EBITDA multiple was higher.
(Dec 2024:
5.1x - 64.4x, median 12.1x)
Revenue multiple (times) 0.2x - 11.2x, The estimated fair value would increase if the revenue multiple was higher
Median 2.3x
(Dec 2024:
0.3x - 13.4x, median 2.7x)
Discount for lack of marketability ('DLOM') 25% The estimated fair value would increase if the discount for lack of
(Dec 2024: 25%) marketability was lower.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
Description Fair value at 30 June Fair value at Valuation technique Unobservable input Range (Weighted average) Sensitivity to changes in significant unobservable
inputs
2025 31 December 2024
US$'000 US$'000
Option pricing model* Volatility 34.1% - 49.6% The estimated fair value would increase or decrease if the volatility was
(Dec 2024: higher depending on factors specific to the investment.
32.1% - 56.1%)
Risk-free rate 3.2% - 5.7% The estimated fair value would increase or decrease if risk-free rate was
(Dec 2024: lower depending on factors specific to the investment
4.0% - 6.4%)
Greenfield business held for more than 12-months 35,887 32,737 Discounted cash flow method Revenue growth 1.0% - 122.4% The estimated fair value would increase if the revenue growth increases,
(Dec 2024: 1.0% - 106.1%) expense ratio decreases, and WACC was lower.
Expense ratio 62.2% - 164.5%
(Dec 2024: 62.2% - 112.6%)
WACC 11.4% - 16.2%
(Dec 2024: 11.9% -16.4%)
Comparable valuation Price per square meter US$572.8 - The estimated fair value would increase if the price per square meter was
US$639.3 per square meter higher.
method
(Dec 2024: US$229 -
US$864.6 per square meter)
* The option pricing model is used as a secondary valuation
technique for certain investments to allocate equity value where the capital
structure of the investment consists of instruments with significantly
different rights/terms.
The discount rate is related to the current yield on long-term government
bonds plus a risk premium to reflect the additional risk of investing in the
subject properties. Management adopts a valuation report produced by an
independent valuer that determines the discount based on the independent
valuer's judgement after considering current market rates.
The comparable recent sales represent the recent sales prices of properties
that are similar to the investee companies' properties, which are in the same
area. Management adopts a valuation report produced by an independent valuer
to determine the value per square meter based on the average recent sales
prices.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
The EBITDA multiple represents the amount that market participants would use
when pricing investments. The EBITDA multiple is selected from comparable
public companies with similar business as the underlying investment.
Management obtains the median EBITDA multiple from the comparable companies
and applies the multiple to the EBITDA of the underlying investment. In some
instances, Management obtains the lower quartile multiple from comparable
companies and applies the multiple to the EBITDA of the underlying
investment. The amount is further discounted for considerations such as lack
of marketability.
The revenue multiple represents the amount that market participants would use
when pricing investments. The revenue multiple is selected from comparable
public companies with similar business as the underlying investment.
Management obtains the median revenue multiple from the comparable companies
and applies the multiple to the revenue of the underlying investment. The
amount is further discounted for considerations such as lack of marketability.
The discount for lack of marketability represents the discount applied to the
comparable market multiples to reflect the illiquidity of the investee
relative to the comparable peer group. Management determines the discount
for lack of marketability based on its judgement after considering market
liquidity conditions and company-specific factors.
During the period ended 30 June 2025, one investment that was valued using the
price of recent investment for the investee company's securities was valued
using the revenue multiple technique as there were no recent third party
transactions.
The option pricing model uses distribution allocation for each equity
instrument at different valuation breakpoints, taking into consideration the
different rights/terms of each instrument. An option pricing computation is
done using a Black Scholes Model at different valuation breakpoints (strikes)
using market volatility and risk-free rate parameters. Where a recent
transaction price for an identical or similar instrument is available, it is
used as the basis for fair value.
The revenue growth represents the growth in sales of the underlying business
and is based on the operating management team's judgement on the change of
various revenue drivers related to the business from year-to-year. The expense
ratio is based on the judgement of the operating management team after
evaluating the expense ratio of comparable businesses and is a key component
in deriving EBITDA and free cash flow for the greenfield business. The free
cashflow is discounted at the WACC to derive the enterprise value of the
greenfield business. Net debt is then deducted to arrive at an equity value
for the business. WACC is derived after adopting independent market quotes
or reputable published research-based inputs for the risk-free rate, market
risk premium, small cap premium and cost of debt.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
The investment entity approach requires the presentation and fair value
measurement of immediate investments; the shares of intermediate holding
companies are not listed. However, ultimate investments in listed entities
amounting to US$43,277,000 (31 December 2024: US$46,264,000) are held by the
Company; the value are mainly determined by the fair values of the ultimate
investments.
Sensitivity analysis
Although the Company believes that its estimates of fair value are
appropriate, the use of different methodologies or assumptions could lead to
different measurements of fair value. For fair value measurements in Level 3
assets, changing one or more of the assumptions used to reasonably possible
alternative assumptions would have the following effects on the profit or loss
by the amounts shown below. The effect of the uncertain economic environment
has meant that the range of reasonably possible changes is wider than in
periods of stability.
‹-------- 30 June 2025 --------› ‹-------- 30 June 2024 --------›
Effect on profit or loss Effect on profit or loss
Favourable (Unfavourable) Favourable (Unfavourable)
US$'000 US$'000 US$'000 US$'000
Level 3 assets 144,886 (108,918) 97,627 (61,637)
The favourable and unfavourable effects of using reasonably possible
alternative assumptions have been calculated by recalibrating the valuation
model using a range of different values.
For rental properties, the projected rental rates and occupancy levels were
increased by 10% (30 June 2024: 10%) for the favourable scenario and reduced
by 10% (30 June 2024: 10%) for the unfavourable scenario. The discount rate
used to calculate the present value of future cash flows was also decreased by
2% (30 June 2024: 2%) for the favourable case and increased by 2% (30 June
2024: 2%) for the unfavourable case compared to the discount rate used in the
valuation as at 30 June 2025.
For land related investments (except those held for less than 12-months where
cost represents the most reliable estimate of fair value in the absence of
significant developments since the transaction), which are valued on
comparable transaction basis by third party valuation consultants, the fair
value of the land is increased by 20% (30 June 2024: 20%) in the favourable
scenario and reduced by 20% (30 June 2024: 20%) in the unfavourable scenario.
For operating businesses (except those where a last transacted price exists
within the past 12-months that provides the basis for fair value) that are
valued on a trading comparable basis using enterprise value to revenue or
EBITDA, the revenue or EBITDA is increased by 20% (30 June 2024: 20%) and
decreased by 20% (30 June 2024: 20%), and DLOM is decreased by 5% (30 June
2024: 5%) and increased by 5% (30 June 2024: 5%) in the favourable and
unfavourable scenarios respectively.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
In the option pricing model sensitivity analysis, the change in risk-free rate
and volatility results in different outcomes for each investment. An
increase in risk-free rate and volatility may have a favourable or
unfavourable impact and vice versa. This is a result of multiple factors
including cumulative impact of two variables (risk-free rate, volatility)
being changed simultaneously after taking into account variations in
investment specific input variables, such as time to expiry, capital structure
and the liquidation preference related to securities. The volatility is
adjusted by 10% (30 June 2024: 10%) and the risk-free rate is adjusted by 2%
(30 June 2024: 2%) to arrive at the favourable and unfavourable scenario
depending on factors specific to each investment.
For greenfield businesses (except those where a last transacted price exists
within the past 12-months) that are valued using a discounted cashflow, the
revenue growth rate is increased by 2% (30 June 2024: 2%), the expense ratio
rate is decreased by 10% (30 June 2024: 10%) and the WACC is reduced by 2% (30
June 2024: 2%) in the favourable scenario. Conversely, in the unfavourable
scenario, the revenue growth rate is reduced by 2% (30 June 2024: 2%), the
expense ratio rate is increased by 10% (30 June 2024: 10%) and the WACC is
increased by 2% (30 June 2024: 2%).
8 earnings PER SHARE
6 months ended 6 months ended
30 June 2025 30 June 2024
US$'000 US$'000
Basic and diluted earnings per share are based on:
Profit/(Loss) for the period attributable to ordinary shareholders 11,926 (2,517)
Basic and diluted earnings per share
Number Number
of shares
of shares
30 June 2025 30 June 2024
Issued ordinary shares at 1 January and 30 June 513,366,198 513,366,198
Weighted average number of shares (basic and diluted) 513,366,198 513,366,198
At 30 June 2025 and 30 June 2024, there were no outstanding share options to
subscribe for ordinary shares of no par value.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
9 Operating segments
The Company has investment segments, as described below. Investment segments
are reported to the Board of Directors of Symphony Asia Holdings Pte. Ltd.,
the Investment Manager, who review this information on a regular basis.
Segment results, assets and liabilities include items directly attributable to
a segment as well as those that can be allocated on a reasonable basis.
Business activities which do not meet the definition of an operating segment
have been reported in the reconciliations of total reportable segment amounts
to the financial statements.
The following summary describes the investments in each of the Company's
reportable segments.
Healthcare Includes investments in ASG Hospital Private Limited (ASG) and Soothe
Healthcare Private Limited (Soothe)
Hospitality Minor International Public Company Limited (MINT)
Education Includes investments in WCIB International Co. Ltd. (WCIB)
Lifestyle Includes investments in Chanintr Living Ltd. (Chanintr) and Liaigre Group
(Liaigre)
Lifestyle/Real Estate Includes investments in Minuet Ltd., a property joint venture in Niseko,
Hokkaido, Japan, Desaru Peace Holdings Sdn Bhd and Isprava Vesta Private
Limited (Isprava) and Liaigre Hospitality Ventures Pte. Ltd. (LHV)
Logistics ITL Corporation (formerly In Do Trans Logistics Corporation) (ITL)
Includes Smarten Spaces Pte. Ltd. (Smarten), Good Capital Partners, Good
Capital Fund I and Good Capital Fund II (collectively, Good Capital), August
New Economy Jewellery Private Limited (Melorra), House of Kieraya Limited (Furlenco),
Catbus Infolabs Private Limited (Blowhorn), Meesho Inc. (Meesho), SolarSquare
Energy Private Limited (Solar Square), Mavi Holding Pte. Ltd. (Mavi) and Epic
Games, Inc.
Cash and temporary investments Includes government securities or other investment grade securities, liquid
investments which are managed by third party investment managers of
international repute, and deposits placed with commercial banks
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
The reportable operating segments derive their revenue primarily by achieving
returns, consisting of dividend income, interest income and appreciation in
fair value. The Company does not monitor the performance of the investments by
measure of profit or loss.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
Information regarding the results of each reportable segment is included
below:
Healthcare Hospitality Education Lifestyle Lifestyle/ real estate Logistics Cash and temporary investments New Economy Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
6 months ended 30 June 2025
Investment income
- Dividend income - 655 - - - - - 490 1,145
- Interest income - - - - - - - * *
- Exchange gain, net 6 - 8 6,019 2,589 7 2 40 8,671
6 655 8 6,019 2,589 7 2 530 9,816
Fair value changes of financial assets at FVTPL (8,604) (2,512) 1,665 1,751 9,870 5,873 (20) (229) 7,794
(8,604) (2,512) 1,665 1,751 9,870 5,873 (20) (229) 7,794
Gain on disposal of financial assets at FVTPL - 11 - - - - - - 11
- 11 - - - - - - 11
Net investment results (8,598) (1,846) 1,673 7,770 12,459 5,880 (18) 301 17,621
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
Healthcare Hospitality Education Lifestyle Lifestyle/ real estate Logistics Cash and temporary investments New Economy Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
6 months ended 30 June 2024
Investment income
- Interest income - - - - - - 92 - 92
- Fair value changes of financial assets at FVTPL 17,960 (1,980) 2,563 (9,235) 13,178 (14,893) (4) (3,695) 3,894
17,960 (1,980) 2,563 (9,235) 13,178 (14,893) 88 (3,695) 3,986
- Exchange loss (3) - (3) (1,209) (541) (2) 1 (13) (1,770)
(3) - (3) (1,209) (541) (2) 1 (13) (1,770)
Net investment results 17,957 (1,980) 2,560 (10,444) 12,637 (14,895) 89 (3,708) 2,216
* Less than US$1,000
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
Healthcare Hospitality Education Lifestyle Lifestyle/ real estate Logistics Cash and temporary investments New Economy Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
30 June 2025
Segment assets 93,996 43,277 19,346 26,279 173,023 75,038 255 35,276 466,490
Segment liabilities - - - - - - (13,263) - (13,263)
31 December 2024
Segment assets 102,758 46,380 17,643 17,228 160,448 69,152 308 39,135 453,052
Segment liabilities - - - - - - (13,621) - (13,621)
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
Reconciliations of reportable segment profit or loss, assets and liabilities
30 June 30 June
2025 2024
US$'000 US$'000
Profit or loss
Net investments results 17,621 2,216
Unallocated amounts:
- Other corporate expenses (5,695) (4,733)
Profit/(Loss) for the period 11,926 (2,517)
Assets
Total assets for reportable segments 466,490 379,203
Other assets 33 35
Total assets 466,523 379,238
Liabilities
Total liabilities for reportable segments 13,263 -
Other payables 3,143 362
Total liabilities 16,406 362
10 Significant Related Party Transactions
For the purposes of these condensed interim financial statements, parties are
considered to be related to the Company if the Company has the ability,
directly or indirectly, to control the party or exercise significant influence
over the party in making financial and operating decisions, or vice versa, or
where the Company and the party are subject to common control or common
significant influence. Related parties may be individuals or entities.
Key management personnel compensation
Key management personnel of the Company are those persons having the authority
and responsibility for planning, directing and controlling the activities of
the Company. The directors of the Company are considered as key management
personnel.
During the financial period ended 30 June 2025, directors' fees amounting to
US$74,000 (30 June 2024: US$149,000) were declared as payable to three
directors (30 June 2024: three directors) of the Company. The remaining two
directors of the Company are also directors of the Investment Manager who
provides management and administrative services to the Company on an exclusive
and discretionary basis. No remuneration has been paid to these two
directors as the cost of their services form part of the Investment Manager's
remuneration.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2025 to 30 June 2025
These notes form an integral part of the condensed interim financial
statements.
Other related party transactions
Pursuant to the Investment Management Agreement, the Investment Manager will
provide investment management and advisory services exclusively to the
Company. Details of the remuneration of the Investment Manager are disclosed
in the financial statements as at and for the year ended 31 December 2024.
During the financial period ended 30 June 2025, management fee amounting to
US$4,820,000 (30 June 2024: US$4,262,000) paid/payable to the Investment
Manager has been recognised in the condensed interim financial statements.
Other than as disclosed elsewhere in the condensed interim financial
statements, there were no other significant related party transactions during
the 6 months periods ended 30 June 2025 and 30 June 2024.
11 commitments
In July 2019, the Company committed to subscribe to Good Capital Fund I for an
amount less than 1% of the net asset value as at 30 June 2025. Approximately
94.16% of this commitment has been funded at 30 June 2025 with 5.84% of the
commitment subject to be called.
In March 2023, the Company committed to subscribe to Good Capital Fund II for
an amount less than 2% of net asset value at 30 June 2025. Approximately
48.69% of this commitment has been funded at 30 June 2025 with 51.31% of the
commitment subject to be called.
The Company and its wholly owned subsidiary Dynamic Idea Investments Limited,
together with the other principal shareholders of Liaigre Hospitality Ventures
Pte. Ltd. ("LHV"), entered into an Equity Commitment Letter ("ECL") dated 18
June 2025 in favour of the lending banks providing senior secured financing to
San Gallo DVP S.r.l. ("San Gallo"), the operating company for the San Gallo
hospitality and residential development project in Florence, Italy.
Under the ECL, the Company (alongside the other LHV shareholders and their
respective sponsors) has irrevocably undertaken, on a joint and several basis
to provide funding to LHV, up to LHV's pro-rata interest in San Gallo, for
onward support of San Gallo, as may be required to fund principal, interest,
fees and other payments under the project facilities agreement, cover
operating and capital expenditure shortfalls, and meet any cost overruns, up
to an aggregate maximum amount of EUR 53,684,000, accounting for 80% of the
residual total commitment of EUR 67,106,000 (after taking into account
applicable shareholder injections up to 30 June 2025) from the shareholders of
San Gallo. The Company (alongside the other LHV shareholders and their
respective sponsors) has irrevocably undertaken, on a joint and several basis
to provide a further EUR 28,000,000 million, accounting for 80% of a total
additional commitment of US$35,000,000 ("Additional Commitment") to cover a
balloon payment and cash sweep due on 31 December 2027. The Additional
Commitment is expected to be prepaid before this date from proceeds from the
sale of residences, of which EUR33,600,000 has already been secured based on
booking commitments at 30 June 2025.
In the general interests of the Company and its unconsolidated subsidiaries,
it is the Company's current policy to provide such financial and other support
to its group of companies to enable them to continue to trade and to meet
liabilities as they fall due.
12 SUBSEQUENT EVENTS
Subsequent to 30 June 2025,
· the Company completed a follow-on investment in Well Round
Holdings Limited. The investment amounted less than 1% of the Company's net
asset value;
· the Company completed a follow-on investment in Isprava Vesta
Private Limited. The investment amounted less than 1% of the Company's net
asset value; and
· the Company funded a capital call from the Good Capital Fund II as
part of its commitment as an anchor investor. The capital call amounted less
than 1% of the Company's net asset value.
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