Interim Financial Results
Summary by AI BETAClose X
Not for Distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.
22 September 2026
Symphony International Holdings Limited
Interim Financial Results for the six-month period ended 30 June 2026
Symphony International Holdings Limited ("SIHL", the "Company" or "Symphony") announces the interim results for the six months ended 30 June 2026. 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 2026, the issued share capital of the Company was US$409.70 million (31 December 2025: US$409.70 million) consisting of 513,366,198 (31 December 2025: 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 2026 was US$0.83 (30 June 2025: US$0.88) per share. This represented a 3.05% decrease over the NAV per share of US$0.86 at 31 December 2025.
The decrease in NAV from 31 December 2025 to 30 June 2026 was primarily attributable to a reduction in the value of the investment portfolio, together with a decrease in temporary investments and net working capital resulting from follow-on investments and general operating expenses. The movements in temporary investments was partially offset by dividends received and proceeds from investment realisations.
Portfolio Overview
The following is an overview of the Company's portfolio as at 30 June 2026:
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 2,770 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 year-on-year growth of 3.33% in core revenue and 2.02% in EBITDA for H1 2026. Revenue growth was supported by stronger performance across its owned and leased hotel portfolio, mixed-use operations and restaurant business. While higher costs placed pressure on margins, disciplined operating cost management partially mitigated the impact.
As at 30 June 2026, the Company's gross cost in MINT was US$82.82 million (31 December 2025: US$82.82 million). The net cost on the same date, after deducting partial realisations and dividends received was (US$264.51 million) (31 December 2025: (US$249.07 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 2026, the market value of the Company's investment in MINT was US$27.22 million (31 December 2025: US$44.11 million). The change in value since 31 December 2025 is due to (i) the sale of 20.43 million shares that cumulatively generated net proceeds of US$14.92 million and (ii) an increase in the share price of MINT by 1.23% and a depreciation in the Thai baht onshore rate by 5.45% 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 215 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 the cost of shares sold. In December 2024, January 2025, and April 2026 Symphony participated with other existing shareholders to acquire shares in a secondary offering and two primary issues. As at 30 June 2026, Symphony held a 9.43% interest in ASG.
ASG delivered continued year-on-year growth for the quarter ended 30 June 2026, supported by its diversified hospital network, higher patient activity and ongoing organic and inorganic expansion initiatives. Management remains focused on disciplined execution, the integration of recent acquisitions and operational enhancement.
Symphony's gross and net investment cost in ASG was US$37.63 million and US$20.62 million at 30 June 2026 (31 December 2025: US$26.61 million and US$9.60 million), respectively. The increase in cost is due to the payment of deferred consideration related to secondary shares acquired in late 2024 and participation in a rights issue during the first half of the year with other shareholders. The fair value of Symphony's investment on the same date was US$95.73 million (31 December 2025: US$92.55 million). The change in value since 31 December 2025 is primarily due to a lower market comparable multiple used to value the investment, which was partially offset by higher EBITDA.
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.
Symphony's gross and net investment cost in Soothe was US$13.42 million at 30 June 2026 (31 December 2025: US$13.42 million). Soothe continues to face operating challenges, principally as a result of working-capital constraints. The company is currently seeking additional capital from a prospective third-party investor. Pending completion of this financing and evidence that Soothe can continue to operate as a going concern, Symphony has written down the carrying value of its interest in Soothe to NIL (31 December 2025: US$3.24 million).
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 20 showrooms across Europe, the US and Asia, Liaigre undertakes exclusive interior architecture projects for select yachts, hotels, and restaurants and private residences.
Liaigre continues to operate in a challenging luxury retail environment, with softer housing markets and more cautious discretionary spending affecting its European and US businesses. However, its interior architecture division remains supported by a strong pipeline of larger projects and demand from high-net-worth clients across Asia, Europe and the US. Trading and cash generation during the period were also affected by a fire at Maison Chartier, a key supplier, which disrupted production and delayed delivery of certain orders. All affected orders have now been reallocated to alternative factories, although related deliveries are expected to be completed later in the year.
Symphony's gross investment cost in Liaigre was US$80.92 million at 30 June 2026 (31 December 2025: US$80.92 million). The net cost on the same date, after deducting partial realisations and shareholder loan repayments, was US$53.04 million (31 December 2025: US$53.04 million). The fair value of Symphony's investment at 30 June 2026 was US$10.64 million (31 December 2025: US$9.37 million). Given the delay in completing certain orders following the fire at Maison Chartier, the investment has been valued using an enterprise value-to-forward FY2026 EBITDA basis, rather than EBITDA performance over the preceding 12 months used for the 31 December 2025 valuation.
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 showcases custom-designed luxury residences as turnkey projects.
Thailand's residential property market remained challenging during the first half of 2026, although demand in the luxury and ultra-luxury segments was relatively resilient. Against this backdrop, Chanintr's furniture sales closed increased year on year, supported by special orders for hospitality projects, stronger Minotti furniture sales and solid warehouse sales, which more than offset lower customer traffic at outlet showrooms.
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 2026, Minuet held approximately 186.75 rai (29.88 hectares) of land in Bangkok, Thailand.
The mass-market condominium sector continued to face structural weakness, while demand has instead shifted towards low-rise luxury housing, a trend reinforced by changing buyer preferences following the earthquake in March 2025. The demand trend toward lower-density living and seismic resilience has supported valuations around the land held by Minuet. However, demand for land remains subdued due to tighter credit conditions that have affected many developers. Subsequent to 30 June 2026, Minuet entered into an agreement to sell 13.39% of its land holdings that is expected to complete in Q1 2027.
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 2026, the Company's investment cost (net of shareholder loan repayments) was approximately US$13.13 million (31 December 2025: US$13.13 million). The fair value of the Company's interest in Minuet on the same date was US$86.13 million (31 December 2025: US$90.89 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 a depreciation in the Thai baht by 5.48%.
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 market remained resilient in early 2026, with average daily rates increasing by 2.3% in year on year in the first quarter and average occupancy reaching 68.5%. The city continues to benefit from its global appeal among high-spending international visitors, supported by its cultural heritage, luxury retail offering and programme of major events.
The residential market also benefited from strong demand for prime property. Florence ranked Italy's second most expensive major city, with homes in the historic centre and other sought-after locations commanding a substantial premium. International purchasers continued to play an important role in the prime segment and are estimated to account for 65% of transactions.
The development continues to progress and more than half of the residential gross area has been pre-sold without any formal marketing. This is indicative of the robust demand for luxury managed real estate in Florence. We anticipate additional sales before year end, which will support ongoing development costs and hotel inventory once operations begin.
Symphony's gross and net investment cost in LHV was US$23.65 million at 30 June 2026 (2025: US$20.50 million). The fair value of Symphony's investment on the same date was US$58.41 million (2025: US$61.39 million). The project was fair valued at 30 June 2026 by an independent third-party valuer. The change in value is predominantly due to a depreciation of the Euro and 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, including ongoing costs, for a total investment of US$10.44 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 continues to effectively hold approximately 50% of the development site with ski-in/ski-out access.
Niseko's luxury-property market remained supported by limited developable land, a growing base of international visitors and continued demand for branded, professionally managed residences. The strongest performance has been concentrated in scarce, well-located assets, particularly ski-in/ski-out properties and developments with established brands. 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 entered into definitive agreements to appoint Mandarin Oriental Hotel Group as the property's new operator, with the transition taking effect on 3 July 2025. The property subsequently completed its rebranding under the Mandarin Oriental name in early 2026.
The joint venture is commencing the pre-launch of the Mandarin Oriental branded residences at a curated series of events from late October 2026. This next phase of the development is expected to support the monetisation of the joint venture's land assets.
Symphony invested approximately US$58.78 million in the joint venture at 30 June 2026 (31 December 2025: US$58.78 million). The fair value for this investment on the same date was US$18.04 million based on a discounted cashflow model and independent third-party valuation of the land. This compares to US$18.92 million at 31 December 2025. The marginal change in value is due to different assumptions used in the discounted cashflow and a depreciation in the Malaysian ringgit by 0.61%.
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.
Isprava recorded year-on-year revenue growth of more than 60% for the quarter ended 30 June 2026, while its order book increased by 61.48% during the same period. Cashflow generation remains strong and Isprava continues to progress negotiations on significant land acquisitions to support future development activity.
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 scale operations. The new Crowthorne Building is now fully operational, providing dedicated mathematics, music and sports facilities, while the introduction of Year 11 IGCSE and Wellington Sixth Form A-Level programmes supports student progression, retention and the continued development of the school's academic offering. Management continue to focus on growing enrolments.
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. 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 for this sale was 5.5 times and 4.6 times Symphony's cost of shares sold, respectively.
ITL delivered solid revenue and profit growth in the first half of 2026, with most business segments performing favourably against both the prior-year period and year-to-date budget. Aviation, Forwarding and Port Logistics were the principal contributors, benefiting from resilient air-freight demand, the front-loading of shipments ahead of anticipated US tariff changes and continued AI-driven demand for high-value technology products. Contract Logistics remained the Group's weakest-performing segment. Although revenue trends improved during the period, rising energy costs began to affect operating expenses, particularly in the trucking business, resulting in some margin pressure.
The gross and net cost for this investment at 30 June 2026 was US$42.64 million (31 December 2025: US$42.64 million) and US$35.55 million (31 December 2025: US$32.55 million), respectively. The fair value for Symphony's interest in ITL on the same date was US$70.79 million (2025: US$60.79 million). The change in value from 31 December 2025 is due to a 11.93% increase in trailing EBITDA, a 2.28% increase in the median comparable company multiples used to value this investment, and other smaller movements in cash and debt of the business.
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.
Performance of Smarten Spaces' legacy business remains under pressure, prompting management to evaluate niche commercial opportunities utilizing its core IP to support liquidity. While strategic alternatives, including a potential capital raise or merger, remain on the table, near-term capital generation is constrained by shareholder restrictions. Furthermore, the business faces structural competition from low-cost, AI-accelerated software development alternatives, creating execution risk around its growth and recapitalization strategy.
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.
Fund I is fully deployed, with approximately US$14.0 million invested across 20 core investments. As at the end of the quarter, the Fund reported a multiple on invested capital ("MOIC") of approximately 2.97x and distributed to paid-in capital ("DPI") of approximately 0.23x. The portfolio continues to mature positively. During the quarter, SolarSquare completed a Series C financing led by B Capital, while Orange Health completed a Series C financing led by Iron Pillar. Neufin and Oyela are also expected to complete new financing rounds during the coming quarter. Subsequent to the period end, Fund I completed a partial redemption of its investment in Groq and distributed the resulting proceeds to investors.
Fund II is approximately 69% deployed, with approximately US$14.9 million committed across 15 core investments. The portfolio comprises 13 active investments, one realised exit and one investment that has been wound up. Aggregate MOIC for Fund II was 1.15x as at the end of the quarter.
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.
The company continues to grow, with revenue and profitability both improving consistently month-on-month. Asset utilisation remained strong and the active subscriber base continued to grow with healthy net additions each month, and during the quarter the company expanded its product catalogue to address a broader and more premium customer segment. Customer experience scores remained stable, indicating that the business has scaled without compromising service quality.
Meesho, Inc ("Meesho") is a Bangalore based 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 become a single ecosystem connecting sellers to consumers and entrepreneurs. The company completed its initial public offering and listed on the Indian stock exchanges in December 2025.
For the quarter ended 30 June 2026, revenue from operations grew 48% year-on-year and net merchandise value rose 34%. Annual transacting users grew 29% to 274 million, orders placed during the quarter grew 29% to 725 million, and the seller base expanded 81% to 1.04 million. The company continues to build out Meesho Mall, its branded-goods proposition, which now hosts some 1,200 brands and grew net merchandise value by 93% year-on-year, broadening the mix beyond unbranded merchandise and deepening the platform's reach into Tier-2 and Tier-3 markets.
MAVI Holding Pte. Ltd. ("MAVI") is a Singapore-headquartered B2B provider delivering scalable embedded insurance solutions across ASEAN, India, the Middle East, and Europe. The company specializes in deploying tailor-made warranty programs through its automotive lines and providing financial security through specialized group and occupational income protection lines.
Operational performance is aligned with targets, though revenue and cash-flow momentum have been slower than anticipated, moving the estimated breakeven target to later in 2026. MAVI continues to expand its international footprint, securing multiple electric vehicle battery warranty contracts across Asia-Pacific, the Middle East, and Europe. Although revenue conversion remains gradual, both signed contracts and prospective opportunities have scaled significantly, supporting strong multi-million-dollar gross premium forecasts. Subsequent to mid-year, the business successfully closed an interim capital raise in advance of its upcoming series A funding round.
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 continued to underperform during the period. The proposed investment by the Senco Group, which was the subject of a term sheet signed in October 2024, has yet to progress to definitive documentation. The long-stop date for execution has been extended on several occasions and is currently 30 September 2026.
Under the contemplated transaction terms, existing investors would retain a substantially diluted interest in Melorra on completion. Symphony's investment was fully written down previously and continues to be held at nil value.
Cash and cash equivalents
Symphony has placed funds in certain temporary investments. As at 30 June 2026, cash and cash equivalents amounted to US$140,000 (31 December 2025: US$169,000).
Outlook
The global economic outlook remains resilient but uneven. The International Monetary Fund ("IMF") forecasts global growth of 3.0% in 2026, supported by continued technology investment and generally resilient domestic demand, although activity remains exposed to elevated energy prices, geopolitical tensions, trade fragmentation and the risk of tighter financial conditions. Inflation has re-emerged as a key consideration following higher commodity prices, which may limit the scope and pace of further monetary-policy easing in some markets.
Asia continues to offer comparatively attractive structural growth prospects, albeit with increasingly divergent outcomes across markets. The IMF expects emerging and developing Asia to grow by approximately 5.0% in 2026, supported by technology-related investment, domestic consumption and the continued development of regional manufacturing and supply chains. India is expected to remain among the fastest-growing major economies, with GDP growth forecast at 6.4% in 2026, underpinned by private consumption and services-sector activity. Vietnam is also expected to remain a regional outperformer with GDP of 7.5% in 20226, benefiting from continued investment in export-oriented manufacturing and its integration into technology supply chains. In contrast, Thailand's outlook remains more moderate, reflecting softer domestic demand, elevated household debt and a slower recovery in tourism and property-related activity.
Private capital markets in Asia are expected to remain selective but constructive. Investors continue to favour businesses with clear paths to profitability, resilient domestic demand, differentiated technology or intellectual property, and exposure to long-term themes including digitalisation, artificial intelligence, healthcare, logistics and premium consumer spending. While geopolitical uncertainty and higher financing costs may continue to affect transaction timing and valuations, Asia's long-term investment case remains underpinned by rising incomes, urbanisation, favourable demographics and accelerating technology adoption. India, in particular, remains a significant source of high-growth investment opportunities, supported by its large domestic market, expanding digital economy and improving depth of the capital markets.
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 the Company's portfolio companies, such as reducing demand for products or services offered by the portfolio companies and/or cause for example, higher operating and financing costs. Escalation of hostilities, expansion of sanctions regimes, disruption to energy supply or key shipping routes, and shifts in investor risk appetite could impair exit opportunities and increase funding and hedging costs for the Company. Such conditions may also increase counterparty and credit risk for investee companies with direct or indirect exposure to affected jurisdictions, which in turn could negatively impact the Group's returns, net asset value and ability to execute its investment strategy.
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 2026
|
|
Note |
30 June 2026 |
31 December 2025 |
|
|
|
US$'000 |
US$'000 |
|
Non-current assets |
|
|
|
|
Financial assets at fair value through profit or loss |
7 |
436,851 |
456,792 |
|
Prepayment |
|
* |
* |
|
|
|
436,851 |
456,792 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Other receivables and prepayments |
|
34 |
56 |
|
Cash and cash equivalents |
|
140 |
169 |
|
|
|
174 |
225 |
|
|
|
|
|
|
Total assets |
|
437,025 |
457,017 |
|
|
|
|
|
|
Equity attributable to equity holders |
|
|
|
|
Share capital |
|
409,704 |
409,704 |
|
Retained earnings |
|
16,776 |
30,390 |
|
Total equity |
|
426,480 |
440,094 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Interest-bearing borrowings |
|
3,245 |
11,125 |
|
Other payables |
|
7,300 |
5,798 |
|
Total liabilities |
|
10,545 |
16,923 |
|
Total equity and liabilities |
|
437,025 |
457,017 |
|
|
|
|
|
* Less than US$1,000
Symphony International Holdings Limited
Condensed statement of comprehensive income
Period from 1 January 2026 to 30 June 2026
|
|
Note |
6 months ended 30 June 2026 |
6 months ended 30 June 2025 |
|
|
|
US$'000 |
US$'000 |
|
|
|
|
|
|
Other operating income |
|
969 |
9,816 |
|
Other operating expenses |
|
(2,249) |
(809) |
|
Management fees |
|
(4,742) |
(4,820) |
|
(Loss)/Profit before investment results and income tax |
|
(6,022) |
4,187 |
|
(Loss)/Gain on disposal of financial assets at fair value through profit or loss |
|
(840) |
11 |
|
Fair value changes in financial assets at fair value through profit or loss |
7 |
(6,694) |
7,794 |
|
(Loss)/Profit before income tax |
|
(13,556) |
11,992 |
|
Income tax expense |
|
(58) |
(66) |
|
(Loss)/Profit for the period |
|
(13,614) |
11,926 |
|
Other comprehensive income for the period, |
|
- |
- |
|
Total comprehensive income for the period |
|
(13,614) |
11,926 |
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
US Cents |
US Cents |
|
|
|
|
|
|
Basic |
8 |
(2.65) |
2.32 |
|
Diluted |
|
(2.65) |
2.32 |
|
|
|
|
|
Symphony International Holdings Limited
Condensed statement of changes in equity
Period from 1 January 2026 to 30 June 2026
|
|
|
Share capital |
Retained earnings |
Total |
|
|
|
US$'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 |
|
|
|
|
|
|
|
|
|
Share capital |
Retained earnings |
Total |
|
|
|
US$'000 |
US$'000 |
US$'000 |
|
|
|
|
|
|
|
At 1 January 2026 |
|
409,704 |
30,390 |
440,094 |
|
|
|
|
|
|
|
Total comprehensive income for the period |
|
- |
(13,614) |
(13,614) |
|
|
|
|
|
|
|
At 30 June 2026 |
|
409,704 |
16,776 |
426,480 |
|
|
|
|
|
|
Symphony International Holdings Limited
Condensed statement of cash flows
Period from 1 January 2026 to 30 June 2026
|
|
|
6 months |
6 months |
|
|
|
US$'000 |
US$'000 |
|
Cash flows from operating activities |
|
|
|
|
(Loss)/Profit before income tax |
|
(13,556) |
11,992 |
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
Dividend income |
|
(966) |
(1,145) |
|
Exchange loss/(gain), net |
|
1,649 |
(8,671) |
|
Interest income |
|
(3) |
* |
|
Interest expense |
|
229 |
372 |
|
Loss/(gain) on disposal of financial assets at fair value through profit or loss |
|
840 |
(11) |
|
Fair value changes in financial assets at fair value through profit or loss |
|
6,694 |
(7,794) |
|
|
|
(5,113) |
(5,257) |
|
Changes in: |
|
|
|
|
- Other receivables and prepayments |
|
23 |
28 |
|
- Other payables |
|
1,517 |
1,854 |
|
|
|
(3,573) |
(3,375) |
|
Dividend received from listed investments (net of withholding tax) |
|
525 |
590 |
|
Dividend received from unconsolidated subsidiaries |
|
383 |
490 |
|
Interest received |
|
3 |
* |
|
Net cash used in operating activities |
|
(2,662) |
(2,295) |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Net proceeds received from disposal of listed investments |
|
14,918 |
488 |
|
Net proceeds (provided to)/received from unconsolidated subsidiaries |
|
(4,154) |
2,500 |
|
Net cash from investing activities |
|
10,764 |
2,988 |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Interest paid |
|
(244) |
(389) |
|
Net repayments of borrowings |
|
(7,880) |
(358) |
|
Net cash used in financing activities |
|
(8,124) |
(747) |
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
(22) |
(54) |
|
Cash and cash equivalents at beginning of period |
|
169 |
316 |
|
Effect of exchange rate fluctuations |
|
(7) |
(5) |
|
Cash and cash equivalents at end of the period |
|
140 |
257 |
|
|
|
|
|
* Less than US$1,000
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2026 to 30 June 2026
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 2025 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 2025.
These condensed interim financial statements were approved by the Board of Directors on 21 September 2026.
As at 30 June 2026, the Company's current liabilities exceeded its current assets by US$10,371,000 (2025: US$16,698,000). The Company holds listed securities amounting to US$27,218,000 (2025: US$44,110,000). 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 2026 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 2025. 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.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2026 to 30 June 2026
These notes form an integral part of the condensed interim financial statements.
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 2025.
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 2026 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 2025.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2026 to 30 June 2026
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 2026:
i. The Company recognised a fair value loss in financial assets at FVTPL of US$6,694,000 (30 June 2025: gain of US$7,794,000).
ii. During the six-month period ended 30 June 2026, the Company sold approximately 20.43 million (2025: 0.63 million) shares held in Minor International PCL in the market through a series of transactions.
iii. On 2 February 2026, the Company's wholly owned subsidiary, Stravinsky Holdings Pte. Ltd., funded capital call in Good Capital Fund II. The associated cost from this investment was less than 1% of NAV.
iv. On 20 February 2026, 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
v. On 31 March 2026, the Company's wholly owned subsidiary, Stravinsky Holdings Pte. Ltd., made follow-on investments in Good Capital Partners. The associated cost from this investment was less than 1% of NAV.
vi. On 22 May 2026, the Company's wholly owned subsidiary, Bublé Holdings Limited, made follow-on investments in Well Round Holdings Limited. The associated cost from this investment was less than 1% of NAV.
vii. In March 2026, the Company's wholly owned subsidiary, Britten Holdings Pte. Ltd. entered into a facility agreement for US$11 million, to facilitate a follow-on investment in ASG Hospital Private Limited in April 2026. The loan was disbursed on 6 April 2026.
viii. On 10 April 2026, the Company's wholly owned subsidiary, Britten Holdings Pte. Ltd., made follow-on investments in ASG Hospital Private Limited. The associated cost from this investment was less than 5% of NAV.
ix. On 5 June 2026, the Company's wholly owned subsidiary, Britten Holdings Pte. Ltd., settled the balance 25% of the consideration for acquired ordinary shares of ASG Hospital Private Limited in December 2024. The associated cost from this investment was less than 1% of NAV.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2026 to 30 June 2026
These notes form an integral part of the condensed interim financial statements.
7 financial instruments
Accounting classification and fair values
The carrying amounts and fair values of financial assets and financial liabilities are as follows. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
|
|
Carrying amount |
|
|||
|
|
Fair value through |
Amortised cost |
Other financial liabilities |
Total |
Fair value |
|
|
US$'000 |
US$'000 |
US$'000 |
US$'000 |
US$'000 |
|
30 June 2026 |
|
|
|
|
|
|
Financial assets measured at fair value |
|
|
|
|
|
|
Financial assets at fair value through profit or loss |
436,851 |
- |
- |
436,851 |
436,851 |
|
|
|
|
|
|
|
|
Financial assets not measured at fair value |
|
|
|
|
|
|
Other receivables1 |
- |
* |
- |
* |
|
|
Cash and cash equivalents |
- |
140 |
- |
140 |
|
|
|
436,851 |
140 |
- |
436,991 |
|
|
Financial liabilities not measured at fair value |
|
|
|
|
|
|
Interest-bearing borrowings |
- |
- |
(3,245) |
(3,245) |
|
|
Other payables |
- |
- |
(7,300) |
(7,300) |
|
|
|
- |
- |
(10,545) |
(10,545) |
|
|
|
|
|
|
|
|
|
31 December 2025 |
|
|
|
|
|
|
Financial assets measured at fair value |
|
|
|
|
|
|
Financial assets at fair value through profit or loss |
456,792 |
- |
- |
456,792 |
456,792 |
|
|
|
|
|
|
|
|
Financial assets not measured at fair value |
|
|
|
|
|
|
Other receivables1 |
- |
* |
- |
* |
|
|
Cash and cash equivalents |
- |
169 |
- |
169 |
|
|
|
456,792 |
169 |
- |
456,961 |
|
|
Financial liabilities not measured at fair value |
|
|
|
|
|
|
Interest-bearing borrowings |
- |
- |
(11,125) |
(11,125) |
|
|
Other payables |
- |
- |
(5,798) |
(5,798) |
|
|
|
- |
- |
(16,923) |
(16,923) |
|
|
|
|
|
|
|
|
1 Excludes prepayments
* Less than US$1,000
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2026 to 30 June 2026
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 2026 to 30 June 2026
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$'000 |
|
30 June 2026 |
|
|
|
|
|
Financial assets at fair value through profit or loss |
27,218 |
- |
409,633 |
436,851 |
|
|
|
|
|
|
|
31 December 2025 |
|
|
|
|
|
Financial assets at fair value through profit or loss |
44,110 |
- |
412,682 |
456,792 |
|
|
|
|
|
|
The fair value hierarchy table excludes financial assets and financial liabilities such as cash and cash equivalents, other receivables and other payables because their carrying amounts approximate their fair values due to their short-term period to maturity/repricing.
Level 1 valuations
The following table shows a reconciliation from the beginning balances to the ending balances for fair value measurements in Level 1 of the fair value hierarchy.
|
|
30 June 2026 |
31 December 2025 |
|
|
Financial assets at fair value through profit or loss |
|
|
|
US$'000 |
US$'000 |
|
|
|
|
|
Balance at 1 January |
44,110 |
46,264 |
|
Fair value changes in profit or loss |
(1,134) |
919 |
|
Net disposals |
(15,758) |
(3,073) |
|
Balance at 30 June/31 December |
27,218 |
44,110 |
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2026 to 30 June 2026
These notes form an integral part of the condensed interim financial statements.
Level 3 valuations
The following table shows a reconciliation from the beginning balances to the ending balances for fair value measurements in Level 3 of the fair value hierarchy.
|
|
30 June 2026 |
31 December 2025 |
|
|
Financial assets at fair value through profit or loss |
|
|
|
US$'000 |
US$'000 |
|
|
|
|
|
Balance at 1 January |
412,682 |
406,472 |
|
Fair value changes in profit or loss |
(5,560) |
186 |
|
Net payment to unconsolidated subsidiaries |
2,511 |
5,794 |
|
Net additions |
- |
230 |
|
Balance at 30 June/31 December |
409,633 |
412,682 |
|
|
|
|
Significant unobservable inputs used in measuring fair value
This table below sets out information about significant unobservable inputs used at 30 June 2026 in measuring the underlying investments of the financial assets categorised as Level 3 in the fair value hierarchy excluding investments purchased during the year that are valued at transaction prices as they are reasonable approximation of fair values and ultimate investments in listed entities.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2026 to 30 June 2026
These notes form an integral part of the condensed interim financial statements.
|
Description |
Fair value at 30 June 2026 US$'000 |
Fair value at 31 December 2025 US$'000 |
Valuation technique |
Unobservable input |
Range (Weighted average) |
Sensitivity to changes in significant unobservable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land related investments |
138,239 |
145,456 |
Comparable valuation method |
Price per |
US$640 to US$6,521 per square meter |
The estimated fair value would increase if the price per square meter was higher. |
|
|
|
|
|
|
|
|
|
|
|
|
Discounted cashflow method
|
Revenue growth
Expense ratio
WACC |
2.0% - 20.9% (Dec 2025: 2.0% - 20.9%)
66.2% - 71.5%) (Dec 2025: 20.4% - 71.5%)
8.1% (Dec 2025: 8.1%)
|
The estimated fair value would increase if the revenue growth increases, expenses ratio decreases, and WACC was lower. |
|
|
|
|
|
|
|
|
|
Operating business |
204,508 |
196,545 |
Enterprise value using comparable traded multiples
|
EBITDA multiple (times) |
2.9x - 29.9x, median 10.8x |
The estimated fair value would increase if the EBITDA multiple was higher.
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue multiple (times) |
0.4x - 5.3x median 1.8x |
The estimated fair value would increase if the revenue multiple was higher |
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount for lack of marketability ('DLOM') |
25% |
The estimated fair value would increase if the discount for lack of marketability was lower. |
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2026 to 30 June 2026
These notes form an integral part of the condensed interim financial statements.
|
Description |
Fair value at 30 June 2026 US$'000 |
Fair value at 31 December 2025 US$'000 |
Valuation technique |
Unobservable input |
Range (Weighted average) |
Sensitivity to changes in significant unobservable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option pricing model* |
Volatility |
32.6% - 60.9% |
The estimated fair value would increase or decrease if the volatility was higher depending on factors specific to the investment. |
|
|
|
|
|
|
|
|
|
|
|
|
Risk-free rate |
3.0% -5.5% |
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 |
38,093 |
41,552 |
Discounted cash flow method |
Revenue growth |
1.0% -79.7% |
The estimated fair value would increase if the revenue growth increases, expense ratio decreases, and WACC was lower. |
|
|
|
|
|
|
||
|
|
|
|
Expense ratio |
50.9% - 91.1%) |
||
|
|
|
|
|
|
||
|
|
|
|
WACC
|
12.1% - 16.2% |
||
|
|
|
|
|
|
|
|
|
|
|
|
Comparable valuation method |
Price per square meter |
US$632 - (Dec 2025: US$562.1 - |
The estimated fair value would increase if the price per square meter was higher. |
|
|
|
|
|
|
|
|
* 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.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2026 to 30 June 2026
These notes form an integral part of the condensed interim financial statements.
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.
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 2026, one investment that was valued at cost was valued using the price of recent investment for the investee company's securities.
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 2026 to 30 June 2026
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. The underlying investment is a listed security held through a special purpose vehicle structure and is subject to certain restrictions, including lock-up arrangements and investment-related fees, with the fair value of the Company's interest, after such fees, amounting to US$15,334,000 (31 December 2025: U$15,146,000)
Listed securities amount to US$27,218,000 (31 December 2025: U$44,110,000) are held by the Company.
Sensitivity analysis
Although the Company believes that its estimates of fair value are appropriate, the use of different methodologies or assumptions could lead to different measurements of fair value. For fair value measurements in Level 3 assets, changing one or more of the assumptions used to reasonably possible alternative assumptions would have the following effects on the profit or loss by the amounts shown below. The effect of the uncertain economic environment has meant that the range of reasonably possible changes is wider than in periods of stability.
|
|
‹-------- 30 June 2026 --------› |
‹-------- 30 June 2025 --------› |
||
|
|
Effect on profit or loss |
Effect on profit or loss |
||
|
|
Favourable |
(Unfavourable) |
Favourable |
(Unfavourable) |
|
|
US$'000 |
US$'000 |
US$'000 |
US$'000 |
|
|
|
|
|
|
|
Level 3 assets |
156,470 |
(105,207) |
144,886 |
(108,918) |
|
|
|
|
|
|
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 2025: 10%) for the favourable scenario and reduced by 10% (30 June 2025: 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 2025: 2%) for the favourable case and increased by 2% (30 June 2025: 2%) for the unfavourable case compared to the discount rate used in the valuation as at 30 June 2026.
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 2025: 20%) in the favourable scenario and reduced by 20% (30 June 2025: 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 2025: 20%) and decreased by 20% (30 June 2025: 20%), and DLOM is decreased by 5% (30 June 2025: 5%) and increased by 5% (30 June 2025: 5%) in the favourable and unfavourable scenarios respectively.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2026 to 30 June 2026
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 2025: 10%) and the risk-free rate is adjusted by 2% (30 June 2025: 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 2025: 2%), the expense ratio rate is decreased by 10% (30 June 2025: 10%) and the WACC is reduced by 2% (30 June 2025: 2%) in the favourable scenario. Conversely, in the unfavourable scenario, the revenue growth rate is reduced by 2% (30 June 2025: 2%), the expense ratio rate is increased by 10% (30 June 2025: 10%) and the WACC is increased by 2% (30 June 2025: 2%).
8 earnings PER SHARE
|
|
|
6 months ended 30 June 2026 |
6 months ended 30 June 2025 |
|
|
|
US$'000 |
US$'000 |
|
Basic and diluted earnings per share are based on: |
|
|
|
|
(Loss)/ Profit for the period attributable to ordinary shareholders |
|
(13,614) |
11,926 |
|
|
|
|
|
|
Basic and diluted earnings per share |
|
|
|
|
|
|
Number |
Number |
|
|
|
30 June 2026 |
30 June 2025 |
|
|
|
|
|
|
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 2026 and 30 June 2025, 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 2026 to 30 June 2026
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
New Economy |
ITL 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), Meesho Inc. (Meesho), 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 2026 to 30 June 2026
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 2026 to 30 June 2026
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 2026 |
|
|
|
|
|
|
|
|
|
||
|
Investment income |
|
|
|
|
|
|
|
|
|
||
|
- Dividend income |
- |
583 |
- |
- |
- |
- |
- |
383 |
966 |
||
|
- Interest income |
- |
- |
- |
- |
- |
- |
- |
3 |
3 |
||
|
- Exchange loss, net |
* |
- |
(1) |
(1,235) |
(401) |
(1) |
(6) |
(5) |
(1,649) |
||
|
|
* |
583 |
(1) |
(1,235) |
(401) |
(1) |
(6) |
381 |
(680) |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Fair value changes of financial assets at FVTPL |
(10,884) |
(1,134) |
(2,609) |
(9,218) |
(718) |
9,999 |
- |
7,870 |
(6,694) |
||
|
|
(10,884) |
(1,134) |
(2,609) |
(9,218) |
(718) |
9,999 |
- |
7,870 |
(6,694) |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Loss on disposal of financial assets at FVTPL |
- |
(840) |
- |
- |
- |
- |
- |
- |
(840) |
||
|
|
- |
(840) |
- |
- |
- |
- |
- |
- |
(840) |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Net investment results |
(10,884) |
(1,391) |
(2,610) |
(10,453) |
(1,119) |
9,998 |
(6) |
8,251 |
(8,214) |
||
|
|
|
|
|
|
|
|
|
|
|
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2026 to 30 June 2026
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 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 |
||
|
|
|
|
|
|
|
|
|
|
|
* Less than US$1,000
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2026 to 30 June 2026
These notes form an integral part of the condensed interim financial statements.
|
|
Healthcare |
Hospitality |
Education |
Lifestyle |
Lifestyle/ real estate |
Logistics |
Cash and temporary investments |
New Economy |
Total |
||
|
|
US$'000 |
US$'000 |
US$'000 |
US$'000 |
US$'000 |
US$'000 |
US$'000 |
US$'000 |
US$'000 |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
30 June 2026 |
|
|
|
|
|
|
|
|
|
||
|
Segment assets |
85,160 |
27,218 |
20,051 |
15,657 |
170,803 |
71,044 |
140 |
46,918 |
436,991 |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Segment liabilities |
- |
- |
- |
- |
- |
- |
(3,245) |
- |
(3,245) |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
31 December 2025 |
|
|
|
|
|
|
|
|
|
||
|
Segment assets |
95,568 |
44,110 |
22,636 |
15,020 |
179,675 |
61,031 |
169 |
38,752 |
456,961 |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
Segment liabilities |
- |
- |
- |
- |
- |
- |
(11,125) |
- |
(11,125) |
||
|
|
|
|
|
|
|
|
|
|
|
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2026 to 30 June 2026
These notes form an integral part of the condensed interim financial statements.
Reconciliations of reportable segment profit or loss, assets and liabilities
|
|
|
30 June 2026 |
30 June 2025 |
|
|
|
US$'000 |
US$'000 |
|
Profit or loss |
|
|
|
|
Net investments results |
|
(8,214) |
17,621 |
|
Unallocated amounts: |
|
|
|
|
- Other corporate expenses |
|
(5,342) |
(5,695) |
|
- Income tax expenses |
|
(58) |
- |
|
(Loss)/Profit for the period |
|
(13,614) |
11,926 |
|
|
|
|
|
|
Assets |
|
|
|
|
Total assets for reportable segments |
|
436,991 |
466,490 |
|
Other assets |
|
34 |
33 |
|
Total assets |
|
437,025 |
466,523 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Total liabilities for reportable segments |
|
3,245 |
13,263 |
|
Other payables |
|
7,300 |
3,143 |
|
Total liabilities |
|
10,545 |
16,406 |
|
|
|
|
|
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 2026, directors' fees amounting to US$74,000 (30 June 2025: US$74,000) were declared as payable to three directors (30 June 2025: 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 2026 to 30 June 2026
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 2025. During the financial period ended 30 June 2026, management fee amounting to US$4,742,000 (30 June 2025: US$4,820,000) 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 2026 and 30 June 2025.
11 commitments
In July 2019, the Company committed to subscribe to Good Capital Fund I for an amount less than 2% of the net asset value as at 30 June 2026. Approximately 94.16% of this commitment has been funded at 30 June 2026 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 2026. Approximately 63.60% of this commitment has been funded at 30 June 2026 with 36.40% 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 EUR35,300,000 has already been secured based on booking commitments at 30 June 2026.
The Company's wholly owned direct subsidiary, Lennon Holdings Limited ("Lennon"), and wholly owned indirect subsidiary, Britten Holdings Pte. Ltd. ("Britten"), entered into a US$11.0 million senior secured facility on 10 March 2026. The facility is secured by a first-ranking charge over Lennon's entire shareholding in Britten and its rights under shareholder loans to Britten, together with fixed and floating charges over Britten's assets. Amounts due from Britten to Lennon under shareholder loans are subordinated to the senior facility. The facility was drawn on 6 April 2026 and proceeds were used to fund Britten's participation in the rights issue of ASG.
Symphony International Holdings Limited
Notes to the condensed interim financial statements
Period from 1 January 2026 to 30 June 2026
These notes form an integral part of the condensed interim financial statements.
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 2026,
· the Company received net distributions after offsetting a capital call from the Good Capital Fund I. The net distribution received was less than 1% of the Company's net asset value;
· the Company funded capital calls 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;
· the Company funded its share of capital to Liaigre Holdings Venture for the development costs that amounted to less than 1% of the Company's net asset value.
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