TIDMSIHL
RNS Number : 0273P
Symphony International Holdings Ltd
29 August 2017
Symphony International Holdings Limited
Interim Financial Results for the six month period ended 30 June
2017.
29 August 2017
Symphony International Holdings Limited (LSE: SIHL, "SIHL", the
"Company" or "Symphony"), the London listed investor in fast
growing Asian consumer businesses, today announces its interim
results for the six months to 30 June 2017.
Key operational and financial highlights:
-- Symphony's unaudited Net Asset Value ("NAV") at 30 June 2017
("2Q17") was US$636.9 million, which is 4.0% and 1.4% lower than at
31 March 2017 (US$663.2 million) and 31 December 2016 (US$645.8
million), respectively. NAV per share was US$1.24 compared to
US$1.28 and US$1.22, respectively, on the same dates. On a
fully-diluted basis (adjusting for in-the-money vested options),
the NAV per share at 30 June 2017 was $1.22
-- The change in NAV was predominantly due to cash dividends
paid to shareholders, cash used to buyback and cancel shares under
the share buyback programme and fair value adjustments to unlisted
investments during the quarter, which were partially offset by an
increase in the share price of Minor International Pcl ("MINT") and
an appreciation in the Thai baht, Malaysian ringgit and Singapore
dollar. In addition, the NAV per share was positively impacted by
the purchase and cancellation of 3.3% of the shares outstanding at
31 December 2016
-- At 30 June 2017, Symphony's share price had increased by 3.7%
since 31 December 2016. The discount to NAV that Symphony's share
price traded on 30 June 2017 was 33.1%, which compares to 34.3% at
31 December 2016
-- Temporary investments (which include cash and cash
equivalents) and listed investments at 30 June 2017 amounted to
US$456.4 million or US$0.89 per share. Symphony's share price on
the same date represented a discount of 6.6% to temporary and
listed investments
For further information:
Anil Thadani +65 6536 6177
Symphony Asia Holdings Pte. Ltd.
Numis Securities Limited:
Hugh Jonathan +44 (0)20 7260 1000
Nathan Brown
About Symphony International Holdings Limited
Symphony International Holdings Limited (LSE:SIHL) is a London
listed strategic investment company that invests in hospitality,
healthcare and lifestyle businesses and develops luxury branded
real estate in Asia. It offers a way for investors to gain exposure
to rising disposable incomes and wealth in fast growing economies.
Symphony's objective is to provide superior capital growth by
investing in high quality companies and form long-term business
partnerships with talented entrepreneurs and management teams.
Symphony's investment team has a broad range of expertise - many of
its professionals have been working in Asia for more than 25 years.
For more information please visit our website at
www.symphonyasia.com.
Not for distribution, directly or indirectly, in or into the
United States or any jurisdiction in which such distribution would
be unlawful.
The foregoing may contain certain forward looking or forward
sounding statements with respect to the investments, prospects
and/or liquidity of the Company. Forward looking statements, by
their very nature, involve risk and uncertainty, because they
relate to circumstances and events that may or may not take place
in the future due to the numerous factors that could cause actual
events to differ materially from those implied by any forward
looking statements. Neither the Company nor its Investment Manager
undertake to update any such forward looking statements.
No representation or warranty is made by the Company as to the
accuracy or completeness of the information contained in this
announcement and no liability will be accepted for any loss arising
from its use.
This announcement is for information purposes only and does not
constitute an invitation or offer to underwrite, subscribe for or
otherwise acquire or dispose of any securities of the Company in
any jurisdiction. All investments are subject to risk. Past
performance is no guarantee of future returns. Prospective
investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment
decisions.
This announcement is not an offer of securities for sale into
the United States. The Company's securities have not been, and will
not be, registered under the United States Securities Act of 1933
and may not be offered or sold in the United States absent
registration or an exemption from registration. There will be no
public offer of securities in the United States.
The Company and the Investment Manager are not associated or
affiliated with any other fund managers whose names include
"Symphony", including, without limitation, Symphony Financial
Partners Co., Ltd.
Not for distribution, directly or indirectly, in or into the
United States or any jurisdiction in which such distribution would
be unlawful.
29 August 2017
Symphony International Holdings Limited
Interim Financial Results for the six-month period ended 30 June
2017
Symphony International Holdings Limited (the "Company" or
"Symphony") announces the interim results for the six months ended
30 June 2017. 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 and lifestyle ("HH&L") sectors (including branded
real estate developments) 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 2017, the issued share capital of the Company was
US$400.89 million (30 June 2016: US$414.08 million) consisting of
511,885,713 (30 June 2016: 528,838,811) ordinary shares.
Net Asset Value
The NAV attributable to the ordinary shares on 30 June 2017 was
US$1.244 (30 June 2016: US$1.3472) per share. This represented a
1.9% increase over the NAV per share of US$1.221 at 31 December
2016. On a fully diluted basis (adjusting for in-the-money vested
options), the NAV per share was US$1.221 at 30 June 2017 (30 June
2016: US$1.3315).
Portfolio Overview
The following is an overview of the Company's portfolio as at 30
June 2017:
Minor International Public Company Limited ("MINT") is a
diversified consumer business and is one of the largest hospitality
and restaurant companies in the Asia-Pacific region. Anil Thadani
(a Director of the Company) currently serves on MINT's board of
directors. Sunil Chandiramani (a Director of the Company) currently
serves as an advisor to MINT's board of directors. MINT is a
company that is incorporated under the laws of Thailand and is
listed on the Stock Exchange of Thailand.
MINT owns 69 hotels and manages 86 other hotels and serviced
suites with 19,896 rooms. In addition to owning hotels under the
Four Seasons, St. Regis and Marriott brands, MINT owns and manages
hotels under its own brand names that include Anantara, Oaks,
Elwana, Avani, Per AQUUM and Tivoli in 24 countries.
As at 30 June 2017, MINT also owned and operated 2,037
restaurants (comprising 1,031 equity-owned outlets and 1,006
franchised outlets) under the brands The Pizza Company, Swensen's,
Sizzler, Dairy Queen, Burger King, Beijing Riverside, Thai Express,
The Coffee Club, Veneziano Coffee Roasters, and Breadtalk.
Approximately two-thirds of these outlets are in Thailand with the
remaining number in other Asian countries and the Middle East.
MINT's operations also include contract manufacturing an d an
international lifestyle consumer brand distribution business in
Thailand focusing on fashion, cosmetics through retail (339
outlets), wholesale and direct marketing channels under brands that
include GAP, Esprit, Bossini, Tumi and Zwilling Henckels amongst
others.
As at 30 June 2017, the Company's gross investment in MINT was
approximately US$74.0 million through the acquisition of ordinary
shares (including shares in Minor Corporation Public Company
Limited that were exchanged for ordinary shares in MINT) and
exercise of warrants.
The Company sold 4 million, 25.3 million and 4.2 million shares
in 2014, 2016 and the first half of 2017, respectively. The gross
proceeds from these sales amounted to US$36.2 million, which
reduced the Company's net investment cost in MINT to US$37.8
million. As at 30 June 2017, the fair market value of the Company's
investment in MINT was US$393.7 million (31 December 2016: US$336.0
million), representing an unrealised gain in value of approximately
US$355.9 million. Symphony has also received aggregate after tax
dividends if US$21.2 million from the date of the investment to 30
June 2017.
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.
* The Company also has a 49% shareholding in La Finta Limited,
which itself holds a 2% interest in Minuet.
The Company initially invested approximately US$78.3 million by
way of an equity investment and interest bearing shareholder loan
for its interest in Minuet. Since the initial investment by the
Company, Minuet has received proceeds from rental income and
partial land sales. As at 30 June 2017, the Company's investment
cost (net of shareholder loan repayments) was approximately US$47.2
million. The fair value of the Company's interest in Minuet as at
30 June 2017 was US$80.2 million (31 December 2016: US$76.7
million) based on an independent third party valuation.
IHH Healthcare Berhad ("IHH") is one of the largest healthcare
providers in the world by market capitalisation. Its portfolio of
healthcare assets includes Parkway Holdings Limited, Pantai
Holdings Berhad, International Medical University and Acibadem
Saglik Yatirimlari Holding A.S. ("Acibadem"). IHH has a broad
footprint of assets in Asia as well as Turkey, Abu Dhabi, Central
and Eastern Europe that employ 30,000 people and operate over
10,000 licensed beds in 50 hospitals in ten countries
worldwide.
The Company invested US$50.1 million in February 2012 to acquire
shares in Integrated Healthcare Hastaneler Turkey Sdn Bhd, which
were subsequently converted into 56,203,299 shares of IHH at the
time of IHH's IPO in July 2012. During 2015 and 2016 the Company
sold 14.0 million and 3.4 million shares of IHH, respectively, in
the market. The Company's cost, net of proceeds from these sales
amounted to approximately US$21.6 million at 30 June 2017. On the
same date, the fair value of the Company's investment in IHH was
US$52.0 million (31 December 2016: US$54.9 million), representing
an unrealised gain in value of approximately US$30.4 million. Since
the initial investment in IHH, Symphony has received aggregate
dividends and has dividends receivable that amount to US$1.3
million up to 30 June 2017.
Christian Liaigre Group ("CLG"): Symphony announced in May 2016
that it acquired, as part of a consortium, Financier CL SAS, the
holding company of the Christian Liaigre Group ("CLG"). The Liaigre
brand is synonymous with discreet luxury, and has become one of the
most sought-after luxury furniture brands. CLG has a strong
intellectual property portfolio and offers a range of bespoke
furniture, lighting, fabric & leather, and accessories through
a network of 26 showrooms in 11 countries across Europe, the US and
Asia. In addition, CLG also undertakes exclusive interior
architecture projects for select yachts, hotels, restaurants and
private residences. In January 2017, Symphony entered into an
assignment agreement to take-up part of a bridge loan.
Parkway Life Real Estate Investment Trust ("PREIT") is one of
Asia's largest listed healthcare real estate investment trusts by
asset size. It is listed on the Singapore Exchange. PREIT was
established by Parkway Holdings Limited to invest primarily in
income-producing real estate and/or real estate-related assets in
the Asia-Pacific region (including Japan and Singapore) that is/are
used primarily for healthcare and/or healthcare-related purposes.
As at 30 June 2017, PREIT's total portfolio size stood at 49
properties with a value of approximately S$1.7 billion. PREIT owns
the leasehold to three Singapore hospitals, which are leased to
Parkway Holdings Limited on long-term leases, and a mixture of
leasehold and freehold ownership of 45 properties in Japan
(comprising 44 nursing homes and one pharmaceutical manufacturing
unit) and strata titled units/lots within Gleneagles Medical
Centre, Kuala Lumpur, Malaysia. At 30 June 2017, the Company held
12.8 million units in PREIT, which equates to a shareholding of
approximately 2.1 per cent.
As at 30 June 2017, the Company's gross investment cost was
US$33.8 million (31 December 2016: US$33.8 million) in PREIT units.
The Company sold 1.2 million and 24.5 million units in PREIT in
2016 and the first half of 2017, respectively. The net proceeds
from these sales amounted to US$45.1 million providing a surplus in
proceeds over cost of US$11.3 million. The fair value of Symphony's
residual interest at 30 June 2017 was US$24.9 million (31 December
2016: US$60.5 million), together with the surplus over cost it
represents an unrealised gain in value of approximately US$36.2
million. Since the initial investment in PREIT, Symphony has also
received aggregate dividends of US$26.5 million up to 30 June
2017.
Desaru property joint venture in Malaysia ("Desaru") - The
Company has a 49% interest in redeemable preference shares in 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 is developing
a beachfront country club and private villas on the south-eastern
coast of Malaysia that will be branded and managed by
Amanresorts.
The Company invested approximately US$29.0 million in January
2012 for its interest in Desaru. Based on an independent third
party valuation, the investment was valued at US$22.6 million
million at 30 June 2017 (31 December 2016: US$21.4 million).
WCIB International Co. Ltd ("WCIB") - Symphony announced in
January 2017 that it entered into a joint venture, WCIB
International Co. Ltd. ("WCIB"), that will build and operate
Wellington College International Bangkok, the fifth international
addition to the Wellington College family of schools. WCIB will
operate a co-educational school that will cater to over 1,500
students aged 2-18 years of age when fully completed.
C Larsen Singapore Pte Limited ("C Larsen") is an importer and
distributor of high-end US and European furniture brands that
include Christian Liaigre, Barbara Barry, Baker, Herman Miller,
Minotti, Thomasville, and Bulthaup. The market served by this
business is primarily Thailand, but the intention is to grow the
business gradually into other parts of Asia. Recently, a new
F&B business was added to the company under the brand of
Clinton Street Baking Company.
SG Land Co. Ltd ("SG Land") - is a joint venture company that
owns the leasehold rights for two office buildings in downtown
Bangkok - SG Tower and Millenia Tower. The two buildings in SG
Land's portfolio have high occupancy rates and offer attractive
rental yields. The Company holds a 49.9% interest in the
venture.
The value of SG Land as at 30 June 2017 was US$10.7 million (31
December 2016: US$10.0 million) based on an independent third party
valuation.
Niseko property Joint Venture in Japan - The Company invested in
a property development venture in March 2011 that acquired two
hotels in Niseko, Hokkaido, Japan, which were demolished in late
2012 and are intended to be redeveloped into an upmarket ski-resort
development. The joint venture is still evaluating its options in
relation to the development of the project. The Company has a 37.5%
interest in the venture. The investment amount was less than 2% of
NAV.
Wine Connection Group: At the end of April 2014, Symphony
invested in the Wine Connection Group ("WCG"), Southeast Asia's
leading wine themed F&B chain. WCG currently has over 70
outlets located in Singapore, Thailand and Malaysia. The investment
amount was less than 2% of NAV.
Global Healthcare Services Portfolio - During the fourth quarter
of 2016, SIHL invested in a portfolio of listed healthcare
companies. This investment represents a first step towards gaining
diversified exposure to the healthcare sector using a portfolio
approach and the scope may be expanded in the future to cover other
sectors as well.
Structured Transaction - In February 2014, Symphony completed a
structured transaction, which provides a minimum return of 15% per
annum. Following the repayment of interest and part of the
principal balance during the second quarter of 2017, the amount
outstanding was reduced to less than 1% of NAV.
Cash and cash equivalents
Pending investment in suitable opportunities, Symphony has
placed funds in certain temporary investments. As at 30 June 2017,
cash and cash equivalents that predominantly comprised bank
deposits amounted to US$11.9 million.
Outlook
Financial markets generally performed well during the first half
of 2017 despite uncertainty over the geopolitical climate. In
particular, there remain concerns over the protectionist agenda and
foreign policy of the current US administration, ongoing Brexit
negotiations, an escalation in tensions with North Korea and
continued conflict in the Middle East.
Despite the concerns over trade and geopolitical security, the
economic outlook is positive. In July, the International Monetary
Fund ("IMF") released its revised economic forecast. The IMF kept
its forecast unchanged for global output growth at 3.5% and 3.6%
for 2017 and 2018, respectively, as growth in global trade and
industrial production remained well above 2015-2016 growth rates.
For Emerging and Developing Asia, the IMF increased its output
growth forecast to 6.5% from 6.4% for both 2017 and 2018 due to a
pickup in global trade and strengthening domestic demand, and
China's policy easing and supply-side reforms inclusive of
anticipated delays to fiscal adjustments. As a result, the IMF's
forecasts for China's output growth increased to 6.7% from 6.6% and
to 6.4% from 6.2% for 2017 and 2018, respectively, but for India
output estimates were maintained at growth of 7.2% and 7.7% for
2017 and 2018, respectively.
Symphony's listed investments that include MINT, IHH Healthcare
Berhad ("IHH"), and PREIT continued to build their respective
portfolios during the first six-months of 2017. MINT entered the
India hospitality market with the Oaks brand, added additional
managed properties and increased its interest in the Riverside
restaurants group in addition to other restaurant openings. IHH
announced it broke ground for the new Gleneagles Shanghai hospital
and increased its interest in Continental Hospitals and PREIT
acquired an additional yield accretive nursing home in Japan.
Symphony's unlisted lifestyle investments that include CLG, WCG
and C Larsen continue to focus on building their operations while
WCIB is being developed to begin operations in late 2018. With
respect to Symphony's land related investments, the Desaru
Amanresorts development is ongoing and expected to launch later
this year and we continue to explore strategic options for property
investments in Thailand and Japan.
Symphony continues to support the management teams of its
portfolio companies and is currently evaluating several
opportunities to grow its portfolio.
Principal Risks
Some of the risks that the Company is exposed to are described
below.
The Company's and 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 Company is more
likely to invest 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.
Shareholders have no rights to direct the Company's investments
or its investment policies and procedures, since the Investment
Manager has a broad discretion as regards this. The decision to
make changes (material or otherwise) to the Company's investment
policy and strategy rests solely with the Board. Only in very
limited circumstances: (i) does the Board have a prior right of
approval in respect of the making of investments or disposals; and
(ii) is the Company able to remove the Investment Manager (which do
not include the underperformance of the Investment Manager and/or
the Company's investments).
The Investment Manager's remuneration is based on the Company's
NAV (subject to minimum and maximum amounts) 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 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 NAV
that the Company reports from one quarter to another.
The Company's investments include investments in companies that
it does not control, meaning that there is a risk that such
portfolio companies may make decisions which do not serve the
Company's interests.
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 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 HH&L sectors (including branded real estate developments)
within the Asia-Pacific region.
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 Company cannot assure shareholders that the values of
investments that it reports from time to time will in fact be
realised. For certain of the Company's investments, there is no
single standard for determining fair value and, in many cases, fair
value is best expressed as a range of fair values from which a
single estimate may be derived. The NAV could be adversely affected
if the values of investments that it records are materially higher
than the values that are ultimately realised upon the disposal of
the 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 investments may be subject to the
risks inherent in the ownership and operation of real estate
businesses and assets. A down turn in the real estate sector or a
materialisation 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's current investment policies and procedures provide
that it may invest an amount equivalent to not less than 70% of its
total assets, as determined at the time of each investment,
predominantly in longer-term investments in the HH&L sectors
(including branded real estate developments) in the Asia-Pacific
region and 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.
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.
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
Pierangelo Bottinelli
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 2017
30 June 31 December
Note 2017 2016
US$'000 US$'000
Non-current assets
Financial assets at fair value through
profit or loss 6 655,950 638,222
------- -----------
655,950 638,222
------- -----------
Current assets
Other receivables and prepayments 93 67
Cash and cash equivalents 11,879 15,793
------- -----------
11,972 15,860
------- -----------
Total assets 667,922 654,082
======= ===========
Equity attributable to equity holders
of the Company
Share capital 400,893 414,080
Equity compensation reserve 63,040 62,960
Accumulated profits 173,013 168,713
------- -----------
Total equity 636,946 645,753
------- -----------
Current liabilities
Interest-bearing borrowings (secured) 8 30,602 4,953
Other payables 374 3,362
Bank overdraft - 14
Total liabilities 30,976 8,329
------- -----------
Total equity and liabilities 667,922 654,082
======= ===========
Symphony International Holdings Limited
Condensed statement of comprehensive income
for the financial period from 1 January 2017 to 30 June 2017
6 months 6 months
ended ended
Note 30 June 2017 30 June 2016
US$'000 US$'000
Other operating income 4,976 3,209
Other operating expenses (983) (544)
Management fees (7,303) (7,459)
(3,310) (4,794)
Share options expense (327) (603)
------------- -------------
Loss before investment results and
income tax (3,637) (5,397)
Fair value changes in financial assets
at fair value through profit or loss 6 31,520 61,207
Profit before income tax 27,883 55,810
Income tax expense - -
------------- -------------
Profit for the period 27,883 55,810
Other comprehensive income for the
period,
net of tax - -
------------- -------------
Total comprehensive income for the
period 27,883 55,810
US Cents US Cents
Earnings per share:
Basic 9 5.36 10.57
Diluted 5.32 10.53
============= =============
Symphony International Holdings Limited
Condensed statement of changes in equity
for the financial period from 1 January 2017 to 30 June 2017
Foreign
currency
Share Equity compensation translation Accumulated Total
capital reserve reserve profits equity
US$'000 US$'000 US$'000 US$'000 US$'000
At 1 January 2016 413,358 62,074 - 220,154 695,586
Transactions with owners of the Company,
recognised
directly in equity
-------- ------------------- ------------ ----------- --------
Issuance of shares 446 - - - 446
Value of services received for issue of share
options - 603 - - 603
Exercise of share options 276 (276) - - -
Profit for the period - - - 55,810 55,810
Dividend paid - - - (39,980) (39,980)
Total transactions with owners of the Company 722 327 - 15,830 16,879
-------- ------------------- ------------ ----------- --------
At 30 June 2016 414,080 62,401 - 235,984 712,465
======== =================== ============ =========== ========
At 1 January 2017 414,080 62,960 - 168,713 645,753
Transactions with owners of the Company,
recognised
directly in equity
-------- ------------------- ------------ ----------- --------
Issuance of shares 373 - - - 373
Value of services received for issue of share
options - 326 - - 326
Exercise of share options 246 (246) - - -
Share buyback (13,807) - - (1,627) (15,434)
Profit for the period - - - 27,883 27,883
Dividend paid - - - (21,955) (21,955)
Total transactions with owners of the Company (13,188) 80 - 4,301 (8,807)
-------- ------------------- ------------ ----------- --------
At 30 June 2017 400,892 63,040 - 173,014 636,946
======== =================== ============ =========== ========
Symphony International Holdings Limited
Condensed statement of cash flows
for the financial period from 1 January 2017 to 30 June 2017
6 months 6 months
ended ended
30 June 30 June
2017 2016
US$'000 US$'000
Cash flows from operating activities
Profit before income tax 27,883 55,810
Adjustments for:
Exchange differences (4,772) (2,593)
Interest income (106) (616)
Other income (98) -
Interest expense 306 12
Fair value changes in financial assets
at fair value through profit or loss (31,520) (61,207)
Share options expense 326 603
(7,981) (7,991)
Changes in working capital:
Decrease in other receivables and
prepayments 73 19
(Decrease) in other payables and
accrued operating expenses (4,597) (6)
Cash used in operations (12,505) (7,978)
Interest received (net of withholding
tax) 134 875
Net cash used in operating activities (12,371) (7,103)
-------- --------
Cash flows from investing activities
Net proceeds from disposal/(purchase)
of financial assets at fair value
through profit or loss 18,420 (12,016)
Net cash from/(used in) investing
activities 18,420 (12,016)
-------- --------
Cash flows from financing activities
Interest paid (271) (11)
Dividend paid (20,389) (36,938)
Issue of new shares 373 446
Share buyback (15,434) -
Proceeds from/(repayment of) borrowings 25,424 (20)
Net cash used in financing activities (10,297) (36,523)
--------- --------
Net decrease in cash and cash equivalents (4,248) (55,642)
Cash and cash equivalents at beginning of
period 15,779 73,142
Effect of exchange rate fluctuations 348 111
--------- --------
Cash and cash equivalents at end of the
period 11,879 17,611
========= ========
Symphony International Holdings Limited
Notes to the condensed interim financial statements
for the financial period from 1 January 2017 to 30 June 2017
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 2016 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 condensed
financial statements of the Company as at and for the year ended 31
December 2016.
These condensed interim financial statements were approved by
the Board of Directors on 25 August 2017.
3 SIGNIFICANT 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 2016. The Company qualifies as
investment entity, as a result of which all immediate investments
are carried at fair value.
4 Estimates
The preparation of interim financial statements in conformity
with International Financial Reporting Standards requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
In preparing these condensed interim financial statements, the
significant judgements made by management in applying the Company's
accounting policies and the key sources of estimation uncertainty
were the same as those that applied to the condensed financial
statements as at and for the year ended 31 December 2016.
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 2016.
6 Financial assets at fair value through profit or loss
During the financial period ended on 30 June 2017:
i. During the six month period ended 30 June 2017, Britten
Holdings Pte. Ltd. and Symphony (Mint) Investment Limited,
subsidiaries of the Company, sold approximately 24.5m shares held
in Parkway Life Real Estate and 4.2 million shares held in Minor
International PCL., respectively in the market through a series of
transactions; and
ii. On 27 January 2017, the Company's wholly owned subsidiary,
Dynamic Idea Investments Limited, which holds the Company's
interest in the Christian Liaigre Group, entered into an assignment
agreement to take-up part of a bridge loan related to this
investment. The associated cost for the assignment was less than 5%
of NAV
iii. On 6 June 2017, the Company's wholly owned subsidiary,
Teurina Limited, which entered into a structured investment,
received the repayment of accrued interest and partial payment of
principal associated with the structured investment. The proceeds
received were less than 2% of NAV
iv. The Company recognised a gain in financial assets at fair
value through profit or loss of US$31,520,000 (30 June 2016:
US$61,207,000).
7 financial instruments
Carrying amounts versus fair values
The fair values of financial assets and financial liabilities,
together with the carrying amounts in the condensed statement of
financial position, are as follows.
Fair value
through
profit Loans and Other financial Total carrying
or loss receivables liabilities amount Fair value
US$'000 US$'000 US$'000 US$'000 US$'000
30 June 2017
Financial assets
measured at fair
value
Financial assets
at fair value through
profit or loss 655,950 - - 655,950 655,950
Financial assets
not measured at fair
value
Other receivables
and prepayments - 93 - 93 93
Cash and cash equivalents - 11,879 - 11,879 11,879
------------------- ------------ --------------- -------------- ----------
655,950 11,972 - 667,922 667,922
=================== ============ =============== ============== ==========
Financial liabilities
not measured at fair
value
Other payables - - 374 374 374
Interest-bearing
borrowings (secured) - - 30,602 30,602 30,602
Bank overdraft - - - - -
------------------- ------------ --------------- -------------- ----------
- - 30,976 30,976 30,976
=================== ============ =============== ============== ==========
Fair value
through
profit Loans and Other financial Total carrying
or loss receivables liabilities amount Fair value
US$'000 US$'000 US$'000 US$'000 US$'000
31 December 2016
Financial assets
measured at fair
value
Financial assets
at fair value through
profit or loss 638,222 - - 638,222 638,222
Financial assets
not measured at fair
value
Other receivables
and prepayments - 67 - 67 67
Cash and cash equivalents - 15,793 - 15,793 15,793
------------------- ------------ --------------- -------------- ----------
638,222 15,860 - 654,082 654,082
=================== ============ =============== ============== ==========
Financial liabilities
not measured at fair
value
Other payables - - 3,362 3,362 3,362
Interest-bearing
borrowings (secured) - - 4,953 4,953 4,953
Bank overdraft - - 14 14 14
------------------- ------------ --------------- -------------- ----------
- - 8,329 8,329 8,329
=================== ============ =============== ============== ==========
Quoted investments
Fair value is based on quoted market bid prices at the financial
reporting date without any deduction for transaction costs.
Unquoted investments
The fair value of unquoted equity investments including joint
ventures and associates are measured 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.
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.
Other financial assets and liabilities
The notional amounts of financial assets and liabilities with a
maturity of less than one year or which reprice frequently
(including other receivables, cash and cash equivalents, accrued
operating expenses, and other payables) approximate their fair
values because of the short period to maturity/repricing.
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: quoted prices (unadjusted) in active markets for
identical assets or liabilities;
-- Level 2: inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from
prices);
-- Level 3: inputs for the asset or liability that are not based
on observable market data (unobservable inputs).
Level 1 Level 2 Level 3 Total
US$'000 US$'000 US$'000 US$'000
30 June 2017
Financial assets at fair
value through profit or
loss (non-current) - - 655,950 655,950
31 December 2016
Financial assets at fair
value through profit or
loss (non-current) - - 638,222 638,222
Significant unobservable inputs used in measuring fair value
This table below sets out information about significant
unobservable inputs used at 30 June 2017 in measuring financial
instruments categorised as Level 3 in the fair value hierarchy.
Fair value Sensitivity to
at changes in significant
30 June Valuation Unobservable Range (Weighted unobservable
Description 2017 technique input average) inputs
Rental properties Income approach Rental growth 0%-6% (Dec The estimated
rate 2016: 0%-6%) fair value would
increase if the
Occupancy 77%-82% (Dec rental growth
rate 2016: 77-82%) rate and occupancy
rate were higher
13% and the discount
Discount (Dec 2016: rate was lower.
rate 13%)
Land related Comparable Price per US$53 to The estimated
investments valuation square meter US$1,941 fair value would
method for comparable per square increase if the
land meter price per square
(Dec 2016: meter were higher.
US$51 to
US$1,865
per square
meter)
Fair value Sensitivity to
at changes in significant
30 June Valuation Unobservable Range (Weighted unobservable
Description 2017 technique input average) inputs
Operating Enterprise EBITDA multiple 3.2x to 47.8x, The estimated
business value using (times) median 11.9x fair value would
comparable (Dec 2016: increase if the
traded multiples 4.7x to 116.9x, EBITDA multiple
median 10.9x) was higher.
Discount 20% The estimated
for lack fair value would
of marketability increase if the
discount for
lack of marketability
were lower.
(Dec 2016:
20%)
The rental growth rate represents the growth in rental income
during the leasehold period while the occupancy rates represent the
percentage of the building that is expected to be occupied during
the leasehold period. Management adopts independent valuation
report that determines the rental growth rate and occupancy rate
after considering the current market conditions and comparable
occupancy rates for similar buildings in the same area.
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
independent valuation report that determines the discount based on
the independent valuers judgement after considering current market
rates.
The comparable recent sales represent the recent sales prices of
properties that are similar to the Group's properties, which are in
the same area. Management adopts independent valuation report 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
average EBITDA multiple from the 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 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.
The investment entity approach requires the presentation and
fair value measurement of immediate investments; the shares of
intermediate holding companies are not listed. However, ultimate
investments in listed entities amounting to US$470,613,000 are held
through intermediate holding companies; the value of these
companies are mainly determined by the fair values of the ultimate
investments.
Level 3 valuations
The following table shows a reconciliation from the beginning
balances to the ending balances for fair value measurements in
Level 3 of the fair value hierarchy.
-------- 30 June ---- 31 December
2017 ------- 2016 ----
Financial Financial
assets at assets at
fair value fair value
through profit through profit
or loss Total or loss Total
US$'000 US$'000 US$'000 US$'000
Balance at 1 January 638,222 638,222 627,292 627,292
Total gains or losses
in
profit or loss 31,520 31,520 8,571 8,571
Additions/(Deductions) (13,792) (13,792) 2,359 2,359
Balance at 30 June/
31 December 655,950 655,950 638,222 638,222
=============== ======== =============== =======
Sensitivity analysis
Although the Company believes that its estimates of fair value
are appropriate, the use of different methodologies or assumptions
could lead to different measurements of fair value. For fair value
measurements in Level 3 assets, changing one or more of the
assumptions used to reasonably possible alternative assumptions
would have the following effects on the profit or loss:
-------- 30 June -------- 30 June
2017 -------- 2016 --------
Effect on profit or Effect on profit or
loss loss
Favourable (Unfavourable) Favourable (Unfavourable)
US$'000 US$'000 US$'000 US$'000
Level 3 assets 16,689 (17,381) 17,081 (16,527)
========== ============== ========== ==============
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 5% for the favourable scenario and reduced
by 5% for the unfavourable scenario. The discount rate used to
calculate the present value of future cash flows was also decreased
by 1% for the favourable case and increased by 1% for the
unfavourable case compared to the discount rate used in the
year-end valuation.
For land related investments (except those held for less than
12-months where cost approximates fair value), which are valued on
comparable transaction basis by third party valuation consultants,
the fair value of the land is increased by 15% in the favourable
scenario and reduced by 15% 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 or another method due to unobservable inputs) that are
valued on a trading comparable basis using enterprise value to
earnings before interest, tax, depreciation and amortisation
("EBITDA"), EBITDA is increased by 15% and decreased by 15% in the
favourable and unfavourable scenarios.
8 Interest bearing borrowings (secured)
Total interest bearing borrowings at 30 June 2017 amounted to
US$30,601,982 (31 December 2016: US$4,952,820), which consisted of
US$5,182,972 (31 December 2016: US$4,952,820) associated with a
property related investment in Niseko, Hokkaido, Japan and bank
debt of US$25,419,010 (31 December 2016: nil), which has been drawn
primarily to facilitate the share buy-back programme. At 31
December 2016, the Company's unconsolidated subsidiary, Symphony
(MINT) Investment Limited, had bank debt outstanding of
US$10,073,433, which was subsequently paid down by the Company and
had nil balance outstanding at 30 June 2017.
9 earnings PER SHARE
6 months 6 months
ended ended
30 June 2017 30 June 2016
US$'000 US$'000
Basic and diluted earnings per share
are based on:
Net profit for the period attributable
to equity holders of the Company 27,883 55,810
============= =============
Number Number
of shares of shares
Weighted average number of shares
(basic)
* Outstanding during the period 520,195,374 528,158,080
============= =============
For the purpose of calculation of the diluted earnings per
share, the weighted average number of shares in issue is adjusted
to take into account any potential dilutive effect arising from the
dilutive warrants, share options and contingently issuable shares,
with the potential shares weighted for the period outstanding.
The effect of the exercise of warrants and issue of contingently
issuable shares on the weighted average number of shares in issue
is as follows:
30 June 2017 30 June 2016
Number Number
of shares of shares
Weighted average number of shares
(diluted)
* Weighted average number of shares (basic) 520,195,374 528,158,080
* Effect of options 4,233,783 1,775,723
524,429,157 529,933,803
============ ============
At 30 June 2017, there were 110,213,176 (30 June 2016:
110,835,078) outstanding share options to subscribe for ordinary
shares of no par value. At 30 June 2017, 82,782,691 (30 June 2016:
82,782,691) of the share options had fully vested and have an
exercise price of US$1.00 and have not been included in the
computation of diluted earnings per share as their effect would
have been anti-dilutive.
At 30 June 2017, 19,097,185 share options (30 June 2016:
11,385,787) had fully vested and had not been exercised with an
exercise price of US$0.60 and has been included in the diluted
earnings per share calculation. At 30 June 2017, 8,333,300 of the
share options (30 June 2016: 16,666,600) had not yet vested and had
an exercise price of US$ 0.60 and have been included in the
computation of diluted earnings per share.
10 Operating segments
The Company has investment segments, as described below.
Investment segments are reported to the Board of Directors of
Symphony Investment Managers Limited, who review this information
on a regular basis. The following summary describes the investments
in each of the Company's reportable segments.
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.
Healthcare Includes investments in Parkway Life
Real Estate Investment Trust (PREIT)
and IHH Healthcare Bhd (IHH) and a
Global Healthcare Services Portfolio
Hospitality Includes investment in Minor International
Public Company Limited (MINT)
Lifestyle/Education Includes investments in C Larsen (Singapore)
Pte Ltd and Wine Connection Group and
the Christian Liaigre Group and WCIB
International Co. Ltd.
Lifestyle/Real Estate Includes investments in Minuet Ltd,
SG Land Co. Ltd. and a property joint
venture in Niseko, Hokkaido, Japan
and Desaru Peace Holdings Sdn Bhd
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
Information on reportable segments
Cash and
Lifestyle/ Lifestyle/ temporary
Healthcare Hospitality education real estate investments Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
6 months ended
30 June 2017
Investment
income
* Interest income 58 - - 12 36 106
* Other income - - 98 - - 98
* Exchange gain (441) -* 3,943 1,049 221 4,772
* Unrealised gain in profit or loss 6,290 65,600 (44,392) 3,156 866 31,520
---------- ----------- ---------- ------------ ------------ -------
5,907 65,600 (40,351) 4,217 1,123 36,496
Investment
expenses
* Exchange loss - - - - - -
Net investment
results 5,907 65,600 (40,351) 4,217 1,123 36,496
========== =========== ========== ============ ============ =======
6 months ended
30 June 2016
Investment
income
* Interest income 448 - - 11 157 616
* Other income - - - - - -
* Exchange gain 788 -* (203) 1,890 118 2,593
* Unrealised gain in profit or loss 11,377 50,849 (2,804) 996 789 61,207
---------- ----------- ---------- ------------ ------------ -------
12,613 50,849 (3,007) 2,897 1,064 64,416
Investment
expenses
* Exchange loss - - - - - -
---------- ----------- ---------- ------------ ------------ -------
Net investment
results 12,613 50,849 (3,007) 2,897 1,064 64,416
========== =========== ========== ============ ============ =======
Cash and
Lifestyle/ Lifestyle/ temporary
Healthcare Hospitality education real estate investments Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
30 June 2017
Segment assets 87,433 398,866 57,381 107,506 16,643 667,829
========== =========== ========== ============ ============ =======
31 December 2016
Segment assets 125,145 325,895 70,496 104,198 28,281 654,015
========== =========== ========== ============ ============ =======
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.
'-*=less than US$1,000
Reconciliations of reportable segment profit or loss and
assets
30 June 30 June
2017 2016
US$'000 US$'000
Profit or loss
Net investments results 36,496 64,416
Unallocated amounts:
* Other corporate expenses (8,613) (8,606)
------- -------
Profit for the period 27,883 55,810
======= =======
30 June 31 Dec
2017 2016
US$'000 US$'000
Assets
Total assets for reportable segments 667,829 654,015
Other assets 93 67
------- -------
Total assets 667,922 654,082
======= =======
11 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 other
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 2017, directors' fees
amounting to US$198,000
(30 June 2016: US$198,000) were declared as payable to certain
directors of the Company. The remaining two directors of the
Company are also directors of the Investment Manager which 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.
Other related party transactions
During the financial period ended 30 June 2017, the Company
recognised interest income received/receivable from subsidiaries
totalling US$70,000 (30 June 2016: US$459,000).
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 2016. During the financial
period ended 30 June 2017, management fee amounting to US$7,303,000
(30 June 2016: US$7,459,000) paid/payable to the Investment Manager
has been recognised in the condensed interim financial
statements.
Pursuant to the Investment Management Agreement and on 3 August
2008, the Company granted 82,782,691 share options to subscribe for
ordinary shares with an exercise price of US$1.00 to the Investment
Manager, which had been previously deferred. These share options
have fully vested in five tranches over a period of five years and
will expire on the tenth anniversary of the actual grant date,
which has been similarly deferred by 1 year as a result of the
deferment of the grant. On 22 October 2012 and pursuant to the
Investment Management Agreement, the Company granted to the
Investment Manager 41,666,500 share options to subscribe for
ordinary shares with an exercise price of US$0.60 that will vest in
five equal tranches over a period of five years and will expire on
the tenth anniversary of the date of grant.
The Investment Manager exercised share options amounting to
4,054,970 and 4,278,330 on 8 May 2014 and 10 June 2014,
respectively, and 4,538,197 on 17 April 2015, and 742,616 on 23
June 16, and 621,902 on June 26 2017 at the exercise price of
US$0.60 per share.
At 30 June 2017, the Investment Manager has been issued nil (30
June 2016: nil) management shares.
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 2017 and 30
June 2016.
12 commitments
In September 2008, the Company entered into a loan agreement
with a joint venture, held via its unconsolidated subsidiary, to
grant loans totalling THB140 million (US$4.1 million equivalent at
30 June 2017) to the latter in accordance with the terms as set out
therein. As at 30 June 2017, THB120 million (U$3.5 million
equivalent at 30 June 2017) has been drawdown. The Company is
committed to grant the remaining loan amounting to THB20 million
(US$0.6 million equivalent at 30 June 2017), subject to terms set
out in the agreement.
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.
13 Subsequent events
i. Subsequent to 30 June 2017 through to 21 August 2017, the
Company sold approximately 0.9 million units and 9.5 million shares
of PREIT and MINT, respectively, which generated proceeds of
approximately US$16.4 million
ii. Subsequent to 30 June 2017 through to 21 August 2017, the
Company acquired and cancelled an additional 15.6 million shares as
part of its share buyback programme at a total cost of US$13.2
million
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SEDFSIFWSEEA
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