Symphony Int Hdgs - Interim Financial Results
17/09/2025 07:00
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%.
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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 2025 | 31 December2024 | |
| US$'000 | US$'000 | ||
| Non-current assets | |||
| Financial assets at fair value through profit or loss | 7 | 466,233 | 452,736 |
| Prepayment | * | * | |
| 466,233 | 452,736 | ||
| Current assets | |||
| Other receivables and prepayments | 33 | 61 | |
| Cash and cash equivalents | 257 | 316 | |
| 290 | 377 | ||
| Total assets | 466,523 | 453,113 | |
| Equity attributable to equity holders of the Company | |||
| Share capital | 409,704 | 409,704 | |
| Retained earnings | 40,413 | 28,487 | |
| Total equity | 450,117 | 438,191 | |
| Current liabilities | |||
| Interest-bearing borrowings | 13,263 | 13,621 | |
| Other payables | 3,143 | 1,301 | |
| Total liabilities | 16,406 | 14,922 | |
| Total equity and liabilities | 466,523 | 453,113 | |
| Note | 6 months ended 30 June2025 | 6 months ended 30 June2024 | |
| US$'000 | US$'000 | ||
| Other operating income | 9,816 | 92 | |
| Other operating expenses | (809) | (2,241) | |
| Management fees | (4,820) | (4,262) | |
| Profit/(Loss) before investment results and income tax | 4,187 | (6,411) | |
| Gain on disposal of financial assets at fair value through profit or loss | 11 | - | |
| Fair value changes in financial assets at fair value through profit or loss | 7 | 7,794 | 3,894 |
| Profit/(Loss)before income tax | 11,992 | (2,517) | |
| Income tax expense | (66) | - | |
| Profit/(Loss)for the period | 11,926 | (2,517) | |
| Other comprehensive income for the period, net of tax | - | - | |
| Total comprehensive income for the period | 11,926 | (2,517) | |
| Earnings per share: | |||
| US Cents | US Cents | ||
| Basic | 8 | 2.32 | (0.49) |
| Diluted | 2.32 | (0.49) | |
| Share capital | Accumulated losses | Total equity | |
| US$'000 | US$'000 | US$'000 | |
| At 1 January2024 | 409,704 | (28,311) | 381,393 |
| Total comprehensive income for the period | - | (2,517) | (2,517) |
| At 30 June2024 | 409,704 | (30,828) | 378,876 |
| Share capital | Retained earnings | Total equity | |
| US$'000 | US$'000 | US$'000 | |
| At 1 January2025 | 409,704 | 28,487 | 438,191 |
| Total comprehensive income for the period | - | 11,926 | 11,926 |
| At 30 June2025 | 409,704 | 40,413 | 450,117 |
| 6 months ended 30 June2025 | 6 months ended 30 June2024 | ||
| US$'000 | US$'000 | ||
| Cash flows from operating activities | |||
| Profit/(Loss)before income tax | 11,992 | (2,517) | |
| Adjustments for: | |||
| Dividend income | (1,145) | - | |
| Exchange (gain)/loss, net | (8,671) | 1,770 | |
| Interest income | * | (92) | |
| Interest expense | 372 | - | |
| Gain on disposal of financial assets at fair value through profit or loss | (11) | - | |
| Fair value changes in financial assets at fair value through profit or loss | (7,794) | (3,894) | |
| (5,257) | (4,733) | ||
| Changes in: | |||
| - Other receivables and prepayments | 28 | 31 | |
| - Other payables | 1,854 | (55) | |
| (3,375) | (4,757) | ||
| Dividend received from listed investments (net of withholding tax) | 590 | - | |
| Dividend received from unconsolidated subsidiaries | 490 | - | |
| Interest received | * | 97 | |
| Net cash used in operating activities | (2,295) | (4,660) | |
| Cash flows from investing activities | |||
| Net proceeds received from disposal of listed investments | 488 | - | |
| Net proceeds received from/(provided to) unconsolidated subsidiaries | 2,500 | (3,390) | |
| Net cash from/(used in) investing activities | 2,988 | (3,390) | |
| Cash flows from financing activities | |||
| Interest paid | (389) | - | |
| Proceeds from borrowings | 1,989 | - | |
| Repayments of borrowings | (2,347) | - | |
| Net cash used in financing activities | (747) | - | |
| Net decrease in cash and cash equivalents | (54) | (8,050) | |
| Cash and cash equivalents at beginning of period | 316 | 9,093 | |
| Effect of exchange rate fluctuations | (5) | (2) | |
| Cash and cash equivalents at end of the period | 257 | 1,041 | |
| Fair value through profit or loss | Amortised cost | Other financial liabilities | Total | Fair value | |
| US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
| 30 June2025 | |||||
| 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 receivables1 | - | * | - | * | |
| 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 December2024 | |||||
| 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 receivables1 | - | * | - | * | |
| 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) | ||
| Level 1 | Level 2 | Level 3 | Total | |
| US$'000 | US$'000 | US$'000 | US$'000 | |
| 30 June2025 | ||||
| Financial assets at fair value through profit or loss | 43,277 | - | 422,956 | 466,233 |
| 31 December2024 | ||||
| Financial assets at fair value through profit or loss | 46,264 | - | 406,472 | 452,736 |
| 30 June 2025 | 31 December2024 | |
| Financial assets at fair value through profit or loss | ||
| US$'000 | US$'000 | |
| Balance at 1 January | 46,264 | - |
| Fair value changesin profit or loss | (2,512) | (1,060) |
| Net (disposals)/additions | (475) | 47,324 |
| Balance at 30 June/31 December | 43,277 | 46,264 |
| 30 June 2025 | 31 December2024 | |
| Financial assets at fair value through profit or loss | ||
| US$'000 | US$'000 | |
| Balance at 1 January | 406,472 | 372,655 |
| Fair value changesin 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 |
| Description | Fair value at 30 June 2025 US$'000 | Fair value at 31 December2024 US$'000 | Valuation technique | Unobservable input | Range (Weighted average) | Sensitivity to changes in significant unobservable inputs |
| Land related investments | 142,034 | 132,052 | Comparable valuation method | Price per square meter for comparable land | US$578 to US$7,360 per square meter (Dec2024: US$546-US$5,719per square meter) | The estimated fair value would increase if the price per square meter was higher. |
| Discounted cashflow method | Revenue growth Expense ratio WACC | 2.0% -20.9% (Dec2024:2.0% - 20.9%) 61.8% - 79.6% (Dec2024:61.8% - 79.6%) 8.18% (Dec 2024: 8.53%) | The estimated fair value would increase if the revenue growth increases, expenses ratio decreases, and WACC was lower. | |||
| Operating business | 221,960 | 219,276 | Enterprise value using comparable traded multiples | EBITDA multiple (times) | 5.1x - 748.5x,median 12.6x (Dec2024:5.1x - 64.4x, median 12.1x) | The estimated fair value would increase if the EBITDA multiple was higher. |
| Revenue multiple (times) | 0.2x - 11.2x, Median 2.3x (Dec2024: 0.3x - 13.4x,median 2.7x) | The estimated fair value would increase if the revenue multiple was higher | ||||
| Discount for lack of marketability ('DLOM') | 25% (Dec2024: 25%) | The estimated fair value would increase if the discount for lack of marketability was lower. |
| Description | Fair value at 30 June 2025 US$'000 | Fair value at 31 December2024 US$'000 | Valuation technique | Unobservable input | Range (Weighted average) | Sensitivity to changes in significant unobservable inputs |
| Option pricing model* | Volatility | 34.1% - 49.6% (Dec2024: 32.1% - 56.1%) | The estimated fair value would increase or decrease if the volatility was higher depending on factors specific to the investment. | |||
| Risk-free rate | 3.2% - 5.7% (Dec2024: 4.0% - 6.4%) | The estimated fair value would increase or decrease if risk-free rate was lower depending on factors specific to the investment | ||||
| Greenfield business held for more than 12-months | 35,887 | 32,737 | Discounted cash flow method | Revenue growth | 1.0% - 122.4% (Dec2024:1.0% - 106.1%) | The estimated fair value would increase if the revenue growth increases, expense ratio decreases, and WACC was lower. |
| Expense ratio | 62.2% - 164.5% (Dec2024:62.2% - 112.6%) | |||||
| WACC | 11.4% - 16.2% (Dec2024: 11.9% -16.4%) | |||||
| Comparable valuation method | Price per square meter | US$572.8 - US$639.3 per square meter (Dec 2024: US$229 - US$864.6 per square meter) | The estimated fair value would increase if the price per square meter was higher. | |||
| ‹-------- 30 June2025--------› | ‹-------- 30 June2024--------› | |||
| Effect on profit or loss | Effect on profit or loss | |||
| Favourable | (Unfavourable) | Favourable | (Unfavourable) | |
| US$'000 | US$'000 | US$'000 | US$'000 | |
| Level 3 assets | 144,886 | (108,918) | 97,627 | (61,637) |
| 6 months ended 30 June2025 | 6 months ended 30 June2024 | ||
| US$'000 | US$'000 | ||
| Basic and diluted earnings per share are based on: | |||
| Profit/(Loss)for the period attributable to ordinary shareholders | 11,926 | (2,517) | |
| Basic and diluted earnings per share | |||
| Number of shares | Number of shares | ||
| 30 June2025 | 30 June2024 | ||
| Issued ordinary shares at 1 January and 30 June | 513,366,198 | 513,366,198 | |
| Weighted average number of shares (basic and diluted) | 513,366,198 | 513,366,198 | |
| Healthcare | Includes investments in ASG Hospital Private Limited (ASG) and Soothe Healthcare Private Limited (Soothe) |
| Hospitality | Minor International Public Company Limited (MINT) |
| Education | Includes investments in WCIB International Co. Ltd. (WCIB) |
| Lifestyle | Includes investments in Chanintr Living Ltd. (Chanintr) and Liaigre Group (Liaigre) |
| Lifestyle/Real Estate | Includes investments in Minuet Ltd., a property joint venture in Niseko, Hokkaido, Japan, Desaru Peace Holdings Sdn Bhd and Isprava Vesta Private Limited (Isprava)and Liaigre Hospitality Ventures Pte. Ltd. (LHV) |
| Logistics New Economy | ITL Corporation (formerly In Do Trans Logistics Corporation) (ITL) Includes Smarten Spaces Pte. Ltd. (Smarten), Good Capital Partners, Good Capital Fund I and Good Capital Fund II (collectively, Good Capital), August Jewellery Private Limited (Melorra), House of Kieraya Limited (Furlenco), Catbus Infolabs Private Limited (Blowhorn), Meesho Inc. (Meesho), SolarSquare Energy Private Limited (Solar Square), Mavi Holding Pte. Ltd. (Mavi) and Epic Games, Inc. |
| Cash and temporary investments | Includes government securities or other investment grade securities, liquid investments which are managed by third party investment managers of international repute, and deposits placed with commercial banks |
| Healthcare | Hospitality | Education | Lifestyle | Lifestyle/ real estate | Logistics | Cash and temporary investments | New Economy | Total | |
| US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
| 6 months ended 30 June2025 | |||||||||
| 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 |
| 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$'000 | |
| 6 months ended 30 June2024 | |||||||||
| Investment income | |||||||||
| - Interest income | - | - | - | - | - | - | 92 | - | 92 |
| - Fair value changes of financial assets at FVTPL | 17,960 | (1,980) | 2,563 | (9,235) | 13,178 | (14,893) | (4) | (3,695) | 3,894 |
| 17,960 | (1,980) | 2,563 | (9,235) | 13,178 | (14,893) | 88 | (3,695) | 3,986 | |
| - Exchange loss | (3) | - | (3) | (1,209) | (541) | (2) | 1 | (13) | (1,770) |
| (3) | - | (3) | (1,209) | (541) | (2) | 1 | (13) | (1,770) | |
| Net investment results | 17,957 | (1,980) | 2,560 | (10,444) | 12,637 | (14,895) | 89 | (3,708) | 2,216 |
| Healthcare | Hospitality | Education | Lifestyle | Lifestyle/ real estate | Logistics | Cash and temporary investments | New Economy | Total | |
| US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
| 30 June2025 | |||||||||
| 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 December2024 | |||||||||
| 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) |
| 30 June 2025 | 30 June 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 | |