Interim Financial Results

Not for Distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

27 September 2024

Symphony International Holdings Limited

Interim Financial Results for the six-month period ended 30 June 2024

Symphony International Holdings Limited ("SIHL", the "Company" or "Symphony") announces the interim results for the six months ended 30 June 2024.  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 2024, the issued share capital of the Company was US$409.70 million (31 December 2023: US$409.70 million) consisting of 513,366,198 (31 December 2023: 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 2024 was US$0.74 (31 December 2023: US$0.74) per share, representing a 0.66% decrease. 

The marginal change in NAV from 31 December 2023 to 30 June 2024 is due to a net increase in the value of investments that was more than offset by general operating expenses.

Portfolio Overview

The following is an overview of the Company's portfolio as at 30 June 2024:

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 550 hotels under the Anantara, Avani, Oaks, Tivoli, NH Collection, NH, nhow, Elewana, Marriott, Four Seasons, St. Regis and Radisson Blu brands in 57 countries across Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe, South and North America.  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, Coffee Journey and GAGA brands. 

As at 30 June 2024, the Company's gross cost in MINT was approximately US$82.82 million (31 December 2023: US$82.82 million). The net cost on the same date, after deducting partial realisations and dividends received was (US$244.67 million) (31 December 2023: (US$244.14 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 2024, the market value of the Company's investment in MINT was US$50.07 million (31 December 2023: US$52.55 million).  The change in value since 31 December 2023 is due to (i) the sale of 3.03 million warrants that cumulatively generated net proceeds of US$0.04 million and (ii) a depreciation in the onshore Thai baht rate by 7.50%, which was partially offset by an increase in the share price of MINT by 2.56% 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 151 clinics, 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 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.  Symphony held an 8.51% interest in ASG as at 30 June 2024. 

Symphony's gross and net investment cost in ASG was US$20.67 million and US$3.65 million at 30 June 2024 (31 December 2023: US$20.67 million and US$3.65 million), respectively.  The fair value of Symphony's investment at 30 June 2024 was US$60.03 million (31 December 2023: US$40.97 million).  The difference in value is due to changes in the performance of the business and certain assumptions used in the valuation for 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.

Symphony's gross and net investment cost in Soothe was US$13.42 million at 30 June 2024 (31 December 2023: US$13.42 million).  The fair value of Symphony's investment at 30 June 2024 was US$17.12 million, which compares to US$18.20 million at 31 December 2023. The difference in value is due to changes in certain assumptions used in the valuation for this investment.

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 24 showrooms across Europe, the US and Asia, Liaigre undertakes exclusive interior architecture projects for select yachts, hotels, and restaurants and private residences.

Symphony's gross investment cost in Liaigre was US$79.95 million at 30 June 2024 (31 December 2023: US$79.68 million).  The net cost on the same date, after deducting partial realisations, was US$67.90 million (31 December 2023: US$67.63 million).  The fair value of Symphony's investment at 30 June 2024 was US$23.34 million (31 December 2023: US$29.89 million).  The change in fair value from 31 December 2023 is due to a decrease in trailing earnings before interest, tax, depreciation and amortisation ("EBITDA"), which was partially offset by  higher comparable company multiples used to value the business.

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.

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 2024, Minuet held approximately 186.75 rai (29.88 hectares) of land in Bangkok, Thailand.

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 2024, the Company's investment cost (net of shareholder loan repayments) was approximately US$13.13 million (31 December 2023: US$13.13 million).  The fair value of the Company's interest in Minuet on the same date was US$77.96 million (31 December 2023: US$61.76 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 increase in the value of the land, which was partially offset by a depreciation in the Thai baht rate by 7.31%.

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, of which one third is held for future development and/or sale.

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 and that are branded and managed by One&Only Resorts ("O&O").  The hotel operations were officially launched in September 2020.  The Company has a 49% equity interest in the joint venture.

Symphony invested approximately US$58.78 million in the joint venture at 30 June 2024 (31 December 2023: US$58.78 million).  The fair value for this investment on the same date was US$20.50 million based on a discounted cashflow model and independent third-party valuation of the land.  This compares to US$27.11 million at 31 December 2023.  The change in value is due weaker than expected performance of hotel operations and a decrease in the net value of the land.

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" and 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. 

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 that will ultimately cater to over 1,500 students aged 2-18 years of age when all phases are fully complete.  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.

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 2023: US$42.14 million) at 30 June 2024.  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 fair value for Symphony's interest in ITL at 30 June 2024 was US$59.71 million.  The change in value from US$74.59 million at 31 December 2023 is predominantly due to a 21.15% decline in the median comparable company multiples used to value this investment and a depreciation of the Vietnamese dong by 4.66% that were partially offset by an increase in EBITDA.

NEW ECONOMY

In November 2019, Symphony invested in Smarten Spaces Pte. Ltd. ("Smarten"), 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. 

In September 2020, Symphony invested in August Jewellery Private Limited ("Melorra"), a Bangalore based omni-channel fast fashion Indian jewellery company.  Founded by Saroja Yeramilli in January 2015, Melorra has an online presence and also operates experience centres in Europe. Melorra continues to be adversely affected due to capital constraints.

Good Capital is majority owned by brothers Rohan and Arjun Malhotra who founded Investopad in 2014 by investing their 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.

In August 2021, Symphony invested in Catbus Infolabs Private Limited ("Blowhorn"), the owner of the Blowhorn platform. Blowhorn is a same-day intra-city last-mile logistics provider headquartered in Bangalore, India.  The company provides seamless transportation, warehousing, and a fully technologically integrated system to manage the end-to-end supply chain process through an asset-light transportation and distributed micro-warehousing network. The business has been scaled down due to capital constraints and is continuing its capital raising exercise to support a revised business plan.

In September 2021, Symphony invested in Kieraya Furnishing Solutions Private Limited ("Furlenco") 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 increased SFL's interest in Furlenco to 35.01% and facilitated the reduction of debt and provided working capital to grow the business.

In September 2021, Symphony invested in Meesho Inc. ("Meesho"), 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.

In September 2021, Symphony invested in SolarSquare Energy Private Limited ("Solar Square") a rooftop solar power company that focuses on residential homes, primarily standalone houses, gated societies, and small commercial centres.  Solar Square was founded by Neeraj Jain and Nikhil Nahar in 2015; they have since been joined by Shreya Mishra to refocus the Company on the consumer space.  The Company aims to make clean energy affordable and accessible and become the trusted brand in the space.

In December 2022, Symphony invested in MAVI Holding Pte. Ltd. ("MAVI"), 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.

Cash and cash equivalents

Symphony has placed funds in certain temporary investments.  As at 30 June 2024, cash and cash equivalents amounted to US$1.04 million (31 December 2023: US$9.09 million).

Outlook

In the first half of 2024, financial markets delivered mixed results. The U.S. market continued to outperform, driven largely by gains in major technology companies with exposure to artificial intelligence. Meanwhile, many other sectors and global markets showed more restrained growth. Notable exceptions in Asia were India and Japan, where the Sensex and Nikkei 225 posted significant gains of 9.35% and 18.28%, respectively, for the six months ending 30 June 2024.

Inflation persisted in most regions, delaying anticipated interest rate cuts earlier in the year. This had a broad impact on asset values, particularly in the housing market and in consumer demand for discretionary goods. While the direction of interest rate policy is now clearer, uncertainty remains regarding the pace and scale of future cuts, as central banks, including the Federal Reserve (FED), continue to focus on containing inflation. The easing that began with the FED's rate cut in September 2024 is expected to bolster labour markets, consumer spending, the housing sector, and capital markets.

Barring any geopolitical shocks, Symphony's portfolio stands to gain from the evolving interest rate cycle in the U.S. and Europe. Asian currencies and risk assets, which have generally underperformed over the past 18 months, are expected to appreciate. For instance, the Thai baht, Vietnamese dong, and Indian rupee have depreciated by 7.92%, 7.71%, and 0.78%, respectively, over this period. Symphony's investments, particularly in lifestyle, real estate and new economy sectors, should benefit from a valuation perspective.

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 and COVID-19 pandemic, 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.

Our business could be materially affected by conditions in the global capital markets and the economy generally. Geopolitical issues, including the Russian-Ukraine war, conflicts in the Middle East 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