Annual Financial Report

RNS Number : 5773U

Symphony International Holdings Ltd

07 April 2021

SYMPHONY INTERNATIONAL HOLDINGS PUBLICATION OF ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

7 April 2021

Symphony International Holdings Limited (LSE: SIHL) is pleased to announce the publication of its 2020 annual report, which is available on its website at www.symphonyasia.com .

For further information, please contact:

Symphony Asia Holdings Pte. Ltd.: +65 6536 6177

Anil Thadani

Rajgopal Rajkumar

Dealing codes

The ISIN number of the Ordinary Shares is VGG548121059, the SEDOL code is B231M63 and the TIDM is SIHL.

The LEI number of the Company is 254900MQE84GV5DS6F03.

IMPORTANT INFORMATION

This announcement is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States or any other jurisdiction into which the publication or distribution would be unlawful. These materials do not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities in the United States or any other jurisdiction in which such offer or solicitation would be unlawful. The securities referred to in this document have not been and will not be registered under the securities laws of such jurisdictions and may not be sold, resold, taken up, transferred, delivered or distributed, directly or indirectly, within such jurisdictions.

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.

Statements contained in this announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The information contained in this document is subject to change without notice and, except as required by applicable law, neither the Company nor the Investment Manager assumes any responsibility or obligation to update publicly or review any of the forward-looking statements contained herein. You should not place undue reliance on forward-looking statements, which speak only as of the date of this announcement.

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

Independent auditors' report

Members of the Company

Symphony International Holdings Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Symphony International Holdings Limited ('the Company'), which comprise the statement of financial position of the Company as at 31 December 2020 , the statement of comprehensive income, statement of changes in equity and statement of cash flows of the Company for the year then ended, including a summary of significant accounting policies and other explanatory information, as set out on pages FS 1 to FS 40 .

In our opinion, the accompanying financial statements of the Company are properly drawn up in accordance with International Financial Reporting Standards (IFRS) so as to give a true and fair view of the financial position of the Company as at 31 December 2020 and of the financial performance and changes in equity and cash flows of the Company for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors' responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (IESBA Code) and the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code, and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Valuation of financial assets at fair value through profit or loss (Level 3)

(Refer to Note 17 to the financial statements, page FS27 et seq.)

The key audit matter

How the matter was addressed in our audit

The Company's investments are measured at fair value and amount to US $382 million ( 2019 : US$569 million ) at 31 December 2020 . The Company holds its investments directly or through its unconsolidated subsidiaries. The underlying investments comprise both quoted and unquoted securities.

The Company has underlying unquoted investments amounting to US$293 million ( 2019 : US$300 million) which require significant judgement in the determination of the fair values as significant unobservable inputs are used in their estimation. Changes in these unobservable inputs could have a material impact on the valuation of these investments.

In 2020, the resulting economic uncertainty from the COVID-19 pandemic has caused significant estimation uncertainty and as a result there is increased judgement in forecasting cash flows and assumptions used in the discounted cash flow models, and future maintainable earnings and market multiples used in its fair value calculations. These conditions and the uncertainty of their continuation results in a risk of inaccurate forecasts or a significantly wider range of possible outcomes to be considered.

The Company used external valuers to measure the fair value of the land related investments and rental properties. The Company used internal models to value the operating businesses.

· For land related investments in Thailand, Japan and Malaysia, the external valuers applied the comparable valuation method with the price per square metre as the most determinative parameter.

As part of our audit procedures, we have:

· Evaluated the design and implementation of controls over the preparation, review and approval of the valuations.

· Our in-house valuation specialist has assessed the appropriateness of the internal models used to value the operating businesses.

· For land related investments and rental properties, evaluated the valuers' independence and qualification; and compared the assumptions and parameters used to externally derived data, considering the implications of COVID-19 and market uncertainty in the valuations.

· For operating businesses valued using the comparable enterprise model, checked consistency of earnings before interest, tax, depreciation and amortisation ('EBITDA') or revenue multiples and share prices to publicly available information.

· For the operating business valued using the adjusted net asset value method, assessed that the items deducted from assets to be consistent with market practices.

· For operating businesses valued using the option pricing model, involved our in-house valuation specialist in assessing the liquidation preference of each instrument by agreeing to underlying agreements and term sheets.

Valuation of financial assets at fair value through profit or loss (Level 3)

(Refer to Note 17 to the financial statements, page FS27 et seq.)

The key audit matter

How the matter was addressed in our audit

· For rental properties in Thailand, an income approach was used to determine the fair value, by using the rental growth rate, occupancy rate and discount rate as the key input parameters.

· For operating businesses in Thailand, France, India, Vietnam and UAE, the Company measured the investments using either:

(i) the enterprise values by applying comparable traded multiples and a discount for the lack of marketability;

(ii) the adjusted net asset value method and applied a discount to tangible assets for lack of liquidity to certain classes of assets; or

(iii) the option pricing method, using Black Scholes model at different breakpoints (strikes) using market volatility and risk-free rate parameters.

· For a greenfield operating business in Thailand, the Company used a discounted cash flow method to determine the fair value, using projected revenue and expenses, terminal growth rate, small capitalisation premium and weighted average cost of capital ('WACC') as key input parameters.

· For the operating business valued using the discounted cash flow method, challenged the Company's assessment of the impact of COVID-19 on cash flows and the reasonableness of key assumptions used including projected revenue and expenses by corroborating to past performance and market data.

· Involved our in-house valuation specialist in assessing the appropriateness of comparable enterprises and challenging key assumptions such as the discount used for the lack of marketability and the lack of liquidity, small capitalisation premium, WACC, terminal growth rate volatility and risk-free rate, taking into consideration the impact of COVID-19, and corroborated the reasons for any unexpected movements from prior valuations.

· Reviewed the adequacy of the disclosures in the financial statements on the key assumptions in the estimates applied in the valuations.

Other information

Management is responsible for the other information contained in the annual report. Other information is defined as all information in the annual report, but does not include the financial statements and our auditors' report thereon.

We have obtained all other information prior to the date of this auditors' report.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of management and directors for the financial statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with IFRS, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The directors' responsibilities include overseeing the Company's financial reporting process.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

· Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

·Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal controls.

·Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

·Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.

·Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal controls that we identify during our audit.

We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditors' report is Shelley Chan Hoi Yi.

KPMG LLP

Public Accountants and

Chartered Accountants

Singapore

6 April 2021

Statement of financial position As at 31 December 2020
	Note	2020	2019
		US$'000	US$'000

Non-current assets
Financial assets at fair value through profit or loss	5	381,949	569,339
Prepayment		*	-
		381,949	569,339
Current assets
Other receivables and prepayments	6	73	69
Cash and cash equivalents	7	257	7,671
		330	7,740
Total assets		382,279	577,079

Equity attributable to equity holders of the Company
Share capital	8	409,704	409,704
Accumulated (losses)/profits		(30,645)	93,945
Total equity carried forward		379,059	503,649

Current liabilities
Interest-bearing borrowings	9	2,730	72,879
Other payables	10	490	551
Total liabilities		3,220	73,430
Total equity and liabilities		382,279	577,079

* Less than US$1,000

The financial statements were approved by the Board of Directors on 6 April 2021 .

Anil Thadani

Director

Sunil Chandiramani

Director

The accompanying notes form an integral part of these financial statements.

Statement of comprehensive income Year ended 31 December 2020
	Note	2020	2019
		US$'000	US$'000

Other operating income		5,156	784
Other operating expenses		(1,923)	(3,156)
Management fees		(8,712)	(11,839)
Loss before investment results and income tax		(5,479)	(14,211)
Loss on disposal of financial assets at fair value through profit or loss		-	(410)
Fair value changes in financial assets at fair value through profit or loss		(119,111)	43,533
(Loss)/Profit before income tax	11	(124,590)	28,912
Income tax expense	12	-	*
(Loss)/Profit for the year		(124,590)	28,912
Other comprehensive income for the year, net of tax		-	-
Total comprehensive income for the year		(124,590)	28,912

Earnings per share:
		US Cents	US Cents

Basic	13	(24.27)	5.63
Diluted	13	(24.27)	5.63

* Less than US$1,000

The accompanying notes form an integral part of these financial statements.

Statement of changes in equity Year ended 31 December 2020
	Share capital	Accumulated profits/(losses)	Total equity
	US$'000	US$'000	US$'000

At 1 January 2019	409,704	83,001	492,705

Total comprehensive income for the year	-	28,912	28,912

Transactions with owners of the Company, recognised directly in equity
Contributions by and distributions to owners
Dividend paid of US$ 0.035 per share	-	(17,968)	(17,968)
Total transaction with owners of the Company	-	(17,968)	(17,968)

At 31 December 2019	409,704	93,945	503,649

At 1 January 2020	409,704	93,945	503,649

Total comprehensive income for the year	-	(124,590)	(124,590)

At 31 December 2020	409,704	(30,645)	379,059

The accompanying notes form an integral part of these financial statements.

Statement of cash flows Year ended 31 December 2020
	Note	2020	2019
		US$'000	US$'000
Cash flows from operating activities
(Loss)/Profit before income tax		(124,590)	28,912
Adjustments for:
Dividend income		-	(231)
Exchange (gain)/ loss, net		(5,126)	534
Interest income		(28)	(553)
Interest expense		647	1,389
Loss on disposal of financial assets at fair value through profit or loss		-	410
Fair value changes in financial assets at fair value through profit or loss		119,111	(43,533)
		(9,986)	(13,072)
Changes in:
- Other receivables and prepayments		(15)	*
- Other payables		72	60
		(9,929)	(13,012)
Interest received (net of withholding tax)		40	556
Net cash used in operating activities		(9,889)	(12,456)

Cash flows from investing activities
Net proceeds received from/(provided to) unconsolidated subsidiaries		73,670	(48,334)
Purchase of investments		(260)	-
Net proceeds received from financial assets at fair value through profit or loss		-	8,654
Net cash from/(used in) investing activities		73,410	(39,680)

Cash flows from financing activities
Interest paid		(770)	(1,268)
Dividend paid		-	(17,968)
(Repayment of)/Proceeds from borrowings		(70,146)	67,483
Net cash (used in)/from financing activities		(70,916)	48,247

Net decrease in cash and cash equivalents		(7,395)	(3,889)
Cash and cash equivalents at 1 January		7,671	11,538
Effect of exchange rate fluctuations		(19)	22
Cash and cash equivalents at 31 December	7	257	7,671

* Less than US$1,000

Significant non-cash transactions

During the financial year ended 31 December 2019, the Company received dividends of US$231,000 from its unconsolidated subsidiaries of which US$231,000 was set off against the non-trade amounts due to the unconsolidated subsidiaries.

Notes to the financial statements

These notes form an integral part of the financial statements.

The financial statements were authorised for issue by the Board of Directors on 6 April 2021 .

1 Domicile and activities

Symphony International Holdings Limited ('the Company') was incorporated in the British Virgin Islands (BVI) on 5 January 2004 as a limited liability company under the International Business Companies Ordinance. The address of the Company's registered office is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola VG1110 British Virgin Islands effective 13 February 2017. The Company does not have a principal place of business as the Company carries out its principal activities under the advice of its Investment Manager.

The principal activities of the Company are those relating to an investment holding company while those of its unconsolidated subsidiaries consist primarily of making strategic investments with the objective of increasing the net asset value through strategic long-term investments in consumer-related businesses, primarily in the healthcare, hospitality, lifestyle (including branded real estate developments), logistics and education sectors predominantly in Asia and through investments in special situations and structured transactions, which have the potential of generating attractive returns.

2 Going concern

As at 31 December 2020 , the Company's current liabilities exceeded its current assets by US$2,890,000 ( 2019 : US$65,690,000). The Company, through its wholly owned subsidiaries, holds listed securities amounting to US$109,027,000 ( 2019 : US$282,494,000). These listed securities are liquid and can therefore be sold from time-to-time to generate additional cash to settle any existing and ongoing liabilities of the Company. The directors are therefore confident that the use of the going concern assumption for the year ended 31 December 2020 remains appropriate.

3 Basis of preparation

3.1 Statement of compliance

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS).

3.2 Basis of measurement

The financial statements have been prepared on a fair value basis, except for certain items which are measured on a historical cost basis.

3.3 Functional and presentation currency

The financial statements are presented in thousands of United States dollars (US$'000), which is the Company's functional currency, unless otherwise stated.

3.4 Use of estimates and judgements

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets within the next financial year are included in the following note:

· Note 17 - Fair value of investments

Except as disclosed above, there are no other significant areas of estimation uncertainty or critical judgements in the application of accounting policies that have a significant effect on the amount recognised in the financial statements.

Coronavirus (COVID-19) pandemic

The COVID-19 pandemic has increased the estimation uncertainty in the preparation of the financial statements.

The estimation uncertainty is associated with:

• the extent and duration of the expected economic downturn and subsequent recovery. This includes the impacts on liquidity, increasing unemployment, declines in consumer spending and forecasts for key economic factors;

• the extent and duration of the disruption to business arising from the containment measures by governments, businesses and consumers to contain the spread of the virus; and

• the effectiveness of government and central bank measures that have and will be put in place to support businesses and consumers through this disruption and economic downturn.

The Company has developed accounting estimates based on forecasts of economic conditions which reflect expectations and assumptions as at 31 December 2020 about future events that management believes are reasonable in the circumstances.

There is a considerable degree of judgement involved in preparing forecasts. The underlying assumptions are also subject to uncertainties which are often outside the control of the Company. Accordingly, actual economic conditions are likely to be different from those forecast since anticipated events frequently do not occur as expected, and the effect of those differences may significantly impact accounting estimates included in these financial statements. The significant accounting estimate impacted by these forecasts and associated uncertainties is predominantly related to financial assets at fair value through profit or loss.

The impact of the COVID-19 pandemic on financial assets at fair value through profit or loss is discussed further in note 17.

3.5 Changes in accounting policies

The Company has applied the following IFRSs, amendments to and interpretations of FRSs for the first time for the annual period beginning on 1 January 2020:

· Amendments to References to Conceptual Framework in IFRS Standards

· Amendments to IFRS 3 Definition of a Business

· Amendments to IAS 1 and IAS 8 Definition of Material

· Amendments to IFRS 9, IAS 39 and IAS 7 Interest Rate Benchmark Reform

The application of these amendments to standards and interpretations does not have a material effect on the financial statements.

4 Significant accounting policies

The accounting policies set out below have been applied consistently to all period presented in these financial statements, except as explained in note 3.5, which address changes in accounting policies.

4.1 Subsidiaries

Subsidiaries are investees controlled by the Company. The Company controls an investee when it is exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

The Company is an investment entity and does not consolidate its subsidiaries and measures them at fair value through profit or loss. In determining whether the Company meets the definition of an investment entity, management considered the structure of the Company and its subsidiaries as a whole in making its assessment.

4.2 Functional currency

Items included in the financial statements of the Company are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to the Company (the functional currency).

For the purposes of determining the functional currency of the Company, management has considered the activities of the Company, which are those relating to an investment holding company. Funding is obtained in US dollars through the issuance of ordinary shares.

4.3 Foreign currency

Foreign currency transactions

Transactions in foreign currencies are translated to the functional currency of the Company at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year.

Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction.

Foreign currency differences arising on translation are recognised in profit or loss.

4.4 Financial instruments

(i) Recognition and initial measurement

Non-derivative financial assets and financial liabilities

Trade receivables and debt investments issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Company becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

(ii) Classification and subsequent measurement

Non-derivative financial assets

On initial recognition, a financial asset is classified as measured at: amortised cost; or FVTPL.

Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

Financial assets at amortised cost

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:

· it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

· its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at FVTPL

All financial assets not classified as measured at amortised cost as described above are measured at FVTPL. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Financial assets: Business model assessment

The Company makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes:

· the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management's strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets;

· how the performance of the portfolio is evaluated and reported to the Company's management;

· the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed;

· how managers of the business are compensated - e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and

· the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity.

Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Company 's continuing recognition of the assets.

Financial assets that are held-for-trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL.

Non-derivative financial assets: Assessment whether contractual cash flows are solely payments of principal and interest

For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.

In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Company considers:

· contingent events that would change the amount or timing of cash flows;

· terms that may adjust the contractual coupon rate, including variable rate features;

· prepayment and extension features; and

· terms that limit the Company's claim to cash flows from specified assets (e.g. non-recourse features).

A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable compensation for early termination of the contract. Additionally, for a financial asset acquired at a significant discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition.

Non-derivative financial assets: Subsequent measurement and gains and losses

Financial assets at amortised cost

These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.

Financial assets at FVTPL

These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss.

Non-derivative financial liabilities: Classification, subsequent measurement and gains and losses

Other financial liabilities are initially measured at fair value less directly attributable transaction costs. They are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss.

(iii) Derecognition

Financial assets

The Company derecognises a financial asset when:

· the contractual rights to the cash flows from the financial asset expire; or

· it transfers the rights to receive the contractual cash flows in a transaction in which either:

- substantially all of the risks and rewards of ownership of the financial asset are transferred; or

- the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

The Company enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised.

Financial liabilities

The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.

(iv) Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

(v) Cash and cash equivalents

Cash and cash equivalents comprise cash balances and short-term deposits with maturities of three months or less from the date of acquisition that are subject to an insignificant risk of changes in their fair value, and are used by the Company in the management of its short-term commitments.

(vi) Share capital

Ordinary shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.

4.5 Impairment

(i) Non-derivative financial assets

The Company recognises loss allowances for expected credit losses (ECL) on financial assets measured at amortised cost.

Loss allowances of the Company are measured on either of the following bases:

- 12-month ECLs: these are ECLs that result from default events that are possible within the 12 months after the reporting date (or for a shorter period if the expected life of the instrument is less than 12 months); or

- Lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.

General approach

The Company applies the general approach to provide for ECLs on all financial instruments. Under the general approach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition.

At each reporting date, the Company assesses whether the credit risk of a financial instrument has increased significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss allowance is measured at an amount equal to lifetime ECLs.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company's historical experience and informed credit assessment and includes forward-looking information.

If credit risk has not increased significantly since initial recognition or if the credit quality of the financial instruments improves such that there is no longer a significant increase in credit risk since initial recognition, loss allowance is measured at an amount equal to 12-month ECLs.

The Company considers a financial asset to be in default when:

- the debtor is unlikely to pay its credit obligations to the Company in full, without recourse by the Company to actions such as realising security (if any is held); or

- the financial asset is more than 90 days past due.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.

Measurement of ECLs

ECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive). ECLs are discounted at the effective interest rate of the financial asset.

Credit-impaired financial assets

At each reporting date, the Company assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is 'credit-impaired' when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable data:

- significant financial difficulty of the debtor;

- a breach of contract such as a default or being more than 90 days past due;

- the restructuring of a loan or advance by the Company on terms that the Company would not consider otherwise;

- it is probable that the debtor will enter bankruptcy or other financial reorganisation; or

- the disappearance of an active market for a security because of financial difficulties.

Presentation of allowance for ECLs in the statement of financial position

Loss allowances for financial assets measured at amortised cost is deducted from the gross carrying amount of these assets.

Write-off

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Company determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company's procedures for recovery of amounts due.

(ii) Non-financial assets

The carrying amounts of the Company's non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. For goodwill, the recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (CGU) exceeds its estimated recoverable amount.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs.

The Company's corporate assets do not generate separate cash inflows and are utilised by more than one CGU. Corporate assets are allocated to CGUs on a reasonable and consistent basis and tested for impairment as part of the testing of the CGU to which the corporate asset is allocated.

Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis.

An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

4.6 Share-based payment transactions

The share option programme allows the option holders to acquire shares of the Company. The fair value of options granted to the Investment Manager is recognised as an expense in profit or loss in the statement of comprehensive income with a corresponding increase in equity. The fair value is measured when the services are received and spread over the period during which the Investment Manager becomes unconditionally entitled to the options.

The proceeds received net of any directly attributable transactions costs are credited to share capital when the options are exercised.

The fair value of Management Shares granted to the Investment Manager is recognised as an expense, with a corresponding increase in equity, over the vesting period, i.e. when the Investment Manager becomes unconditionally entitled to the Management Shares.

4.7 Dividend income

Dividend income is recognised in profit on loss on the date that the shareholder's right to receive payment is established. For quoted equity securities, this is usually the ex-dividend date. For unquoted equity securities, this is usually the date on which the shareholders approve the payment of a dividend.

4.8 Finance income and finance expense

The Company's finance income and finance expense includes interest income, interest expense and foreign currency gain or loss on financial assets and financial liabilities.

Interest income or expense is recognised using the effective interest method. The 'effective interest rate' is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

· the gross carrying amount of the financial asset; or

· the amortised cost of the financial liability.

In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.

4.9 Income tax

Tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income.

The Company has determined that interest and penalties related to income taxes, including uncertain tax treatments, do not meet the definition of income taxes, and therefore accounted for them under IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, measured using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Current tax also includes any tax arising from dividends.

Current tax assets and liabilities are offset only if certain criteria are met.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for:

· taxable temporary differences arising on the initial recognition of goodwill; and

· temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss.

The measurement of deferred taxes reflects the tax consequences that would follow the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on tax rates and tax laws that have been enacted or substantively enacted by the reporting date, and reflect uncertainty related to income taxes, if any.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for the Company. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised; such reductions are reversed when the probability of future taxable profits improves.

Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable profits will be available against which they can be used.

4.10 Earnings per share

The Company presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares and share options granted to the Investment Manager.

4.11 Segment reporting

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company's other components. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker has been identified as the Board of Directors of the Investment Manager that makes strategic investment decisions.

Segment results that are reported to the chief operating decision-maker include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate expenses and other assets and payables.

4.12 New standards and interpretations not adopted

A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2020 and earlier application is permitted; however, the Company has not early adopted the new or amended standards in preparing these financial statements.

The following amendments to IFRSs are not expected to have a significant impact on the Company's financial statements.

· IFRS 17 Insurance Contracts

· Classification of Liabilities as Current or Non-current (Amendments to IAS 1)

· Covid-19-Related Rent Concessions (Amendment to IFRS 16)

· Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)

5 Financial assets at fair value through profit or loss

	2020	2019
	US$'000	US$'000

Investments	381,949	569,339

6 Other receivables and prepayments

	2020	2019
	US$'000	US$'000

Interest and other receivables	1	11
Other prepayments	72	58
	73	69

7 Cash and cash equivalents

	2020	2019
	US$'000	US$'000

Fixed deposits with financial institutions and placements in money market funds	8	6,406
Cash at bank	249	1,265
	257	7,671

The effective interest rate on fixed deposits with financial institutions as at 31 December 2020 was 0% to 1.80% (2019: 0.05% to 2.60%) per annum. Interest rates reprice at intervals of one day to three months.

8 Share capital

	Company
	2020	2019
	Number of shares	Number of shares
Fully paid ordinary shares, with no par value:
At 1 January and 31 December	513,366,198	513,366,198

Share capital in the statement of financial position represents subscription proceeds received from, and the amount of liabilities capitalised through, the issuance of ordinary shares of no par value in the Company, less transaction costs directly attributable to equity transactions.

The Company does not have an authorised share capital and is authorised to issue an unlimited number of no par value shares.

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at shareholder meetings of the Company. All shares rank equally with regard to the Company's residual assets.

9 Interest-bearing borrowings

The interest-bearing borrowings comprises:

· term loan amounting to US$Nil ( 2019 : US$5,428,000) denominated in Japanese Yen. Interest is charged at Nil ( 2019 : 0.45%) per annum and reprices on a daily/quarterly basis. The loan principal is repayable quarterly unless the loan is rolled-over.

· term loan amounting to US$2,730,000 ( 2019 : US$67,451,000) denominated in United States Dollar. Interest is charged at 1.56% to 3.26% ( 2019 : 3.11% to 3.98%) per annum and reprices on maturity. The loan principal is repayable on maturity unless the loan is rolled-over. The interest-bearing term loan is secured by the listed securities held through the Company's wholly owned subsidiary.

10 Other payables

	2020	2019
	US$'000	US$'000

Accrued operating expenses	377	276
Amounts due to a director and shareholders	113	152
Interest payable	*	123
	490	551

The amount due to a director is unsecured, interest free and repayable on demand.

* Less than US$1,000

Reconciliation of movements of liabilities to cash flows arising from financing activities

	Liabilities			Equity
	Bank overdraft	Interest-bearing borrowings	Interest payable	Share capital	Accumulated profits/(losses)	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000

As at 1 January 2019	*	5,327	2	409,704	83,001	498,034
Changes from financing cash flows
Interest paid	-	-	(1,268)	-	-	(1,268)
Dividend paid	-	-	-	-	(17,968)	(17,968)
Proceeds from borrowings	-	67,483	-	-	-	67,483
Total changes from financing cash flows	-	67,483	(1,268)	-	(17,968)	48,247
The effect of changes in foreign exchange rates	-	69	-	-	-	69

Other changes
Liability-related
Change in bank overdraft	*	-	-	-	-	*
Interest expense	-	-	1,389	-	-	1,389
Total liability-related other changes	*	-	1,389	-	-	1,389
Total equity-related other changes	-	-	-	-	28,912	28,912
Balance as at 31 December 2019	-	72,879	123	409,704	93,945	576,651

* Less than US$1,000

	Liabilities		Equity
	Interest-bearing borrowings	Interest payable	Share capital	Accumulated profits/(losses)	Total
	US$'000	US$'000	US$'000	US$'000	US$'000

As at 1 January 2020	72,879	123	409,704	93,945	576,651
Changes from financing cash flows
Interest paid	-	(770)	-	-	(770)
Repayment of borrowings	(70,146)	-	-	-	(70,146)
Total changes from financing cash flows	(70,146)	(770)	-	-	(70,916)
The effect of changes in foreign exchange rates	(3)	-	-	-	(3)

Other changes
Liability-related
Interest expense	-	647	-	-	647
Total liability-related other changes	-	647	-	-	647
Total equity-related other changes	-	-	-	(124,590)	(124,590)
Balance as at 31 December 2020	2,730	*	409,704	(30,645)	381,789

* Less than US$1,000

11 (Loss)/Profit before income tax

(Loss)/Profit before income tax includes the following:

	2020	2019
	US$'000	US$'000
Other operating income
Dividend income	-	231
Interest income from:
- fixed deposits and placements in money market fund	23	151
- loans to unconsolidated subsidiaries	5	402
Other income	2	*
Exchange gain, net	5,126	-
	5,156	784

Other operating expenses
Exchange loss, net	-	534
Non-executive director remuneration	400	384
Interest expense	647	1,389

* Less than US$1,000

12 Income tax expense

The Company is incorporated in a tax-free jurisdiction, thus, it is not subject to income tax. However, interest income of US$Nil (2019: US$36) is subject to withholding tax imposed in the country of origin. During the year ended 31 December 2019, the average statutory withholding tax rate was 30%.

13 Earnings per share

	2020	2019
	US$'000	US$'000
Basic and diluted earnings per share are based on:
(Loss)/Profit for the year attributable to ordinary shareholders	(124,590)	28,912

Basic and diluted earnings per share

	Number of shares 2020	Number of shares 2019

Issued ordinary shares at 1 January and 31 December	513,366,198	513,366,198

Weighted average number of shares (basic and diluted)	513,366,198	513,366,198

At 31 December 2020 and 31 December 2019 , there were no outstanding share options to subscribe for ordinary shares of no par value.

14 Significant related party transactions

Dividend income

During the financial year ended 31 December 2020, the Company recognised dividend income from its unconsolidated subsidiaries amounting to US$Nil (2019: US$231,000).

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.

During the financial year, directors' fees amounting to US$400,000 (2019: US$384,000) were declared as payable to four directors (2019: five directors) of the Company. The remaining two directors of the Company are also directors of the Investment Manager who provides management and administrative services to the Company on an exclusive and discretionary basis. No remuneration has been paid to these directors as the cost of their services form part of the Investment Manager's remuneration.

Other related party transactions

During the financial year ended 31 December 2020, the Company recognised interest income from its unconsolidated subsidiaries totalling US$5,000 (31 December 2019: US$402,000).

On 10 July 2007, the Company entered into an Investment Management and Advisory Agreement with Symphony Investment Managers Limited ("SIMgL") pursuant to which SIMgL would provide investment management and advisory services exclusively to the Company. On 15 October 2015, SIMgL was replaced by Symphony Asia Holdings Pte. Ltd. ("SAHPL") (with SAHPL and SIMgL, as the case may be, hereinafter referred to as the "Investment Manager"). The Company entered into an Investment Management Agreement with SAHPL, which replaced the Investment Management and Advisory Agreement (as the case may be, hereinafter referred to as the "Investment Management Agreement"). The key persons of the management team of the Investment Manager comprise certain key management personnel engaged by the Investment Manager pursuant to arrangements agreed between the parties. They will (subject to certain existing commitments) devote substantially all of their business time as employees, and on behalf of the Investment Management Group, to assist the Investment Manager in its fulfilment of the investment objectives of the Company and be involved in the management of the business activities of the Investment Management Group. Pursuant to the Investment Management Agreement, the Investment Manager is entitled to the following forms of remuneration for the investment management and advisory services rendered.

a. Management fees

Management fees of 2.25% per annum of the net asset value, payable quarterly in advance on the first day of each quarter, based on the net asset value of the previous quarter end. The management fees payable will be subject to a minimum amount of US$6,000,000 (2019: US$8,000,000) per annum and a maximum amount of US$15,000,000 (2019: US$15,000,000) per annum. The Investment Manager announced a voluntary reduction in management fees effective from the fee payable on 1 October 2020 whereby the minimum fee was reduced from US$8,000,000 to US$6,000,000.

In 2020, Management fees amounting to US$8,712,000 (2019: US$11,839,000) have been paid to the Investment Manager and recognised in the financial statements.

b. Management shares

The Company did not issue any management shares during the year. At the reporting date, an aggregate of 10,298,275 (2019: 10,298,725) management shares had been issued, credited as fully paid to the Investment Manager.

c. Share options

There were no share options outstanding as at 31 December 2020 and at 31 December 2019.

The share options granted on 3 August 2008 expired on 3 August 2018. The share options granted on 22 October 2012 have been fully exercised. These share options cannot be reissued to the Investment Manager.

Other than as disclosed elsewhere in the financial statements, there were no other significant related party transactions during the financial year.

15 Commitments

In September 2008, the Company entered into a loan agreement with a joint venture, held via its unconsolidated subsidiary, to grant loans totaling US$4,700,000 (THB140,000,000). As at 31 December 2020, US$4,005,000 (THB120,000,000)(2019: US$4,000,000 (THB120,000,000)) has been drawn down. The Company is committed to grant the remaining loan amounting to US$668,000 (THB20,000,000) (2019: US$673,000 (THB20,000,000)), subject to terms set out in the agreement.

During the financial year ended 31 December 2020, the Company entered into the following transactions:

· in March 2020, the Company entered into an agreement to subscribe to a convertible note from Soothe Healthcare Private Limited. The total subscription price is less than 1% of the Company's net asset value at 31 December 2020.

·the Company has committed to subscribe to Good Capital Fund I for an amount less than 1% of the Company's net asset value as at 31 December 2020. Approximately 41% of this commitment had been funded at 31 December 2020 with 59% of the commitment subject to be called over the next three years.

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.

16 Operating segments

The Company has investment segments, as described below. Investment segments are reported to the Board of Directors of Symphony Asia Holdings Pte. Ltd., the Investment Manager, who review this information on a regular basis.

Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

Business activities which do not meet the definition of an operating segment have been reported in the reconciliations of total reportable segment amounts to the financial statements.

The following summary describes the investments in each of the Company's reportable segments.


Healthcare	Includes an investment in IHH Healthcare Bhd (IHH), ASG Hospital Private Limited (ASG) and Soothe Healthcare Private Limited (Soothe)

Hospitality	Includes investment in Minor International Public Company Limited (MINT)

Lifestyle	Includes investments in Chanintr Living Ltd. (Chanintr), the Wine Connection Group (WCG) and Liaigre Group (Liaigre)

Lifestyle/Real Estate	Includes investments in Minuet Ltd, SG Land Co. Ltd., a property joint venture in Niseko, Hokkaido, Japan, Desaru Peace Holdings Sdn Bhd and a villa in Phuket, Thailand

Education	Includes WCIB International Co. Ltd. (WCIB) and Creative Technology Solutions DMCC (CTS)

Logistics	Includes investment in Indo Trans Logistics Corporation

Other	Includes Smarten Spaces Pte. Ltd. (Smarten), Good Capital Partners and Good Capital Fund I (collectively, Good Capital), August Jewellery Pvt Ltd (Melorra) and Epic Games

Cash and temporary investments	Includesgovernment 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 regarding the results of each reportable segment is included below:
	Healthcare	Hospitality	Education	Lifestyle	Lifestyle/ real estate	Logistics	Cash and temporary investments	Others	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
31 December 2020
Investment income
- Interest income	-	-	-	-	5	-	23	-	28
- Other income	-	-	-	-	-	-	2	-	2
- Exchange gain, net	2	*	2	3,685	1,362	1	72	2	5,126
	2	*	2	3,685	1,367	1	97	2	5,156

Fair value changes of financial assets at fair value through profit or loss	2,775	(103,501)	(16,446)	(3,969)	(13,685)	11,487	2	4,226	(119,111)

Net investment results	2,777	(103,501)	(16,444)	(284)	(12,318)	11,488	99	4,228	(113,955)

31 December 2019
Investment income
- Dividend income	-	-	-	-	-	-	231	-	231
- Interest income	-	-	-	-	24	378	151	-	553
	-	-	-	-	24	378	382	-	784
Investment expenses - Exchange loss, net	95	*	1	(1,058)	411	*	16	1	(534)
- Loss on disposal of financial assets at fair value through profit or loss	-	-	-	-	-	-	(231)	(179)	(410)
	95	*	1	(1,058)	411	*	(215)	(178)	(944)

Fair value changes of financial assets at fair value through profit or loss	219	42,018	5,770	(22,232)	17,396	(281)	(152)	795	43,533

Net investment results	314	42,018	5,771	(23,290)	17,831	97	15	617	43,373

31 December 2020
Segment assets	30,258	109,239	12,466	33,166	119,283	54,155	268	23,371	382,206

Segment liabilities	-	-	-	-	-	-	( 2,730 )	-	( 2,730 )

31 December 2019
Segment assets	28,301	278,019	25,086	33,415	145,848	42,641	7,681	16,019	577,010

Segment liabilities	-	-	-	-	(5,428)	-	(67,451)	-	(72,879)
* Less than US$1,000

The reportable operating segments derive their revenue primarily by achieving returns, consisting of dividend income, interest income and appreciation of fair value. The Company does not monitor the performance of the investments by measure of profit or loss.

Reconciliations of reportable segment profit or loss and assets

	2020	2019
	US$'000	US$'000

Profit or loss
Net investments results	(118,183)	42,756
Net investment results for other segment	4,228	617
Unallocated amounts:
- Management fees	(8,712)	(11,839)
- Non-executive director remuneration	(400)	(384)
- General operating expenses	(1,523)	(2,238)
(Loss)/Profit for the year	(124,590)	28,912

Assets
Total assets for reportable segments	358,835	560,991
Assets for other segments	23,371	16,019
Other assets	73	69
Total assets	382,279	577,079

Liabilities
Total liabilities for reportable segments	2,730	72,879
Other payables	490	551
Total liabilities	3,220	73,430

Geographical information

In presenting information on the basis of geographical information, revenue, comprising dividend income from investments, is based on the geographical location of the underlying investment. Assets are based on the principal geographical location of the assets or the operations of the investee companies. None of the underlying investments which generate revenue or assets are located in the Company's country of incorporation, BVI.

	Singapore	Malaysia	Thailand	Japan	Mauritius	Other	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
2020
Investment income:
- Interest income	23	-	-	-	-	5	28
- Other income	-	-	2	-	-	-	2
- Exchange gain, net	167	-	-	-	*	4,959	5,126
	190	-	2	-	*	4,964	5,156

Fair value changes of financial assets at fair value through profit or loss	-	(11,052)	(117,744)	(4,335)	-	14,020	(119,111)

Net investment results	190	(11,052)	(117,742)	(4,335)	-	18,984	(113,955)

	Singapore	Malaysia	Thailand	Japan	Mauritius	Other	Total
	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000	US$'000
2019
Investment income:
- Dividend income	-	-	-	-	-	231	231
- Interest income	528	-	-	-	-	25	553
	528	-	-	-	-	256	784
Investment expense:
- Exchange loss	(33)	-	-	-	94	(595)	(534)
- Loss on disposal of financial assets at fair value through profit or loss	(231)	-	-	-	-	(179)	(410)
	(264)	-	-	-	94	(774)	(944)

Fair value changes of financial assets at fair value through profit or loss	(7)	(12,539)	48,526	24,946	-	(17,393)	43,533

Net investment results	257	(12,539)	48,526	24,946	94	(17,911)	43,373

2020
Segment assets	252	35,296	193,777	21,887	301	130,693	382,206

Segment liabilities	(2,730)	-	-	-	-	-	(2,730)

2019
Segment assets	7,885	38,190	381,738	43,358	317	105,522	577,010

Segment liabilities	(72,879)	-	-	-	-	-	(72,879)

17 Financial risk management

The Company's financial assets comprise mainly financial assets at fair value through profit or loss, other receivables, and cash and cash equivalents. The Company's financial liabilities comprise interest-bearing borrowings and other payables. Exposure to credit, price, interest rate, foreign currency and liquidity risks arises in the normal course of the Company's business.

The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework. The Company's risk management policies are established to identify and analyse the risks faced by the Company and to set appropriate controls. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company's activities.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations.

Investments in the form of advances are made to investee companies which are of acceptable credit risk. Credit risk exposure on the investment portfolio is managed on an asset-specific basis by the Investment Manager.

The Company held cash and cash equivalents of US$257,000 as at 31 December 2020 ( 2019 : US$7,671,000). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated AA to Baa3, based on Moody's/TRIS/Standard & Poor's ratings.

Loss allowance on cash and cash equivalents has been measured on the 12-month expected loss basis and reflects the short maturities of the exposures. The Company considers that its cash and cash equivalents to have low credit risk based on external credit ratings of the counterparties. The amount of the allowance on cash and cash equivalents was negligible.

At the reporting date, there was no significant concentration of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statement of financial position.

Market risk

Market risk is the risk that changes in market prices, such as interest rates, foreign exchange rates and equity prices will affect the Company's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.

Interest rate risk

The Company's exposure to changes in interest rates relates primarily to its interest-earning fixed deposits placed with financial institutions and interest-bearing borrowings. The Company's fixed rate financial assets and liabilities are exposed to a risk of change in their fair value due to changes in interest rates while the variable-rate financial assets and liabilities are exposed to a risk of change in cash flows due to changes in interest rates. The Company does not enter into derivative financial instruments to hedge against its exposure to interest rate risk.

Sensitivity analysis

A 100 basis point ("bp") move in interest rate against the following financial assets and financial liabilities at the reporting date would increase/(decrease) profit or loss by the amounts shown below. The analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.

	Impact on Profit or loss		Impact on Profit or loss
	100 bp increase	100 bp decrease	100 bp increase	100 bp decrease
	2020	2020	2019	2019
	US$'000	US$'000	US$'000	US$'000
Deposits with financial institutions	*	(*)	64	(64)
Interest-bearing borrowings	(27)	27	(729)	729
	(27)	27	(665)	665

* Less than US$1,000

Foreign exchange risk

The Company is exposed to transactional foreign exchange risk when transactions are denominated in currencies other than the functional currency of the operation. The Company does not enter into derivative financial instruments to hedge its exposure to Singapore dollars, Japanese Yen, Thailand Baht, Malaysian Ringgit, Hong Kong dollars and Euro as the currency position in these currencies is considered to be long-term in nature and foreign exchange risk is an integral part of the Company's investment decision and returns.

The Company's exposure, in US dollar equivalent, to foreign currency risk on other financial instruments was as follows:

	Euro	Japanese Yen	Thailand Baht	Malaysian Ringgit	Others
	US$'000	US$'000	US$'000	US$'000	US$'000
2020
Financial assets at fair value through profit or loss	22,267	21,898	68,225	(18,526)	7,895
Other receivables	-	-	-	-	1
Cash and cash equivalents	34	-	*	-	28
Accrued operating expenses	-	-	-	-	(321)
Net exposure	22,301	21,898	68,225	(18,526)	7,603

2019
Financial assets at fair value through profit or loss	21,970	43,357	92,455	(2,738)	1,710
Other receivables	-	-	-	-	4
Cash and cash equivalents	31	-	*	-	2,357
Interest-bearing borrowings	-	(5,428)	-	-	-
Accrued operating expenses	-	-	(2)	-	(273)
Net exposure	22,001	37,929	92,453	(2,738)	3,798

* Less than US$1,000

Sensitivity analysis

A 10% strengthening of the US dollar against the following currencies at the reporting date would have increased/(decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant.

	Profit or loss
	2020	2019
	US$'000	US$'000

Euro	(2,230)	(2,200)
Japanese Yen	(2,190)	(3,793)
Thailand Baht	(6,823)	(9,245)
Malaysian Ringgit	1,853	274
Others	(760)	(380)

A 10% weakening of the US dollar against the above currencies would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.

Price risk

The valuation of the Company's investment portfolio is dependent on prevailing market conditions and the performance of the underlying assets. The Company does not hedge the market risk inherent in the portfolio but manages asset performance risk on an asset-specific basis.

The Company's investment policies provide that the Company invests a majority of capital in longer-term strategic investments and a portion in special situations and structured transactions. Investment decisions are made by management on the advice of the Investment Manager.

Sensitivity analysis

All of the Company's underlying investments that are quoted equity investments are listed on either The Stock Exchange of Thailand or Bursa Malaysia. A 10% increase in the price of the equity securities at the reporting date would increase profit or loss after tax by the amounts shown below. This analysis assumes that all other variables remain constant.

	Profit or loss
	2020	2019
	US$'000	US$'000
Underlying investments in quoted equity securities at fair value through profit or loss	10,903	28,249

A 10% decrease in the price of the equity securities would have had the equal but opposite effect on the above quoted equity investments to the amounts shown above, on the basis that all other variables remain constant.

L iquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset.

The Company's objective when managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

The Company monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by the Investment Manager to finance the Company's operations and to mitigate the effects of fluctuations in cash flows. Funds not invested in longer-term strategic investments or investments in special situations and structured transactions are temporarily invested in liquid investments and managed by a third-party manager of international repute, or held on deposit with commercial banks. The Company, through its wholly owned subsidiaries, also holds listed securities amounting to US$109,027,000 ( 2019 : US$282,494,000). These listed securities are liquid and can therefore be sold from time-to-time to generate additional cash to settle any existing and ongoing liabilities of the Company.

The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements:

		Cash flows
	Carrying amount	Contractual cash flows	Within 1 year
	US$'000	US$'000	US$'000
2020
Non-derivative financial liabilities
Interest-bearing borrowings	2,730	(2,730)	(2,730)
Other payables	490	(490)	(490)
	3,220	(3,220)	(3,220)

		Cash flows
	Carrying amount	Contractual cash flows	Within 1 year
	US$'000	US$'000	US$'000
2019
Non-derivative financial liabilities
Interest-bearing borrowings	72,879	(72,879)	(72,879)
Other payables	551	(551)	(551)
	73,430	(73,430)	(73,430)

Capital management

The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Capital consists of total equity. The Company seeks to maintain a balance between higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position.

The Company is not subject to externally imposed capital requirements. There were no changes in the Company's approach to capital management during the year.

Accounting classification and fair values

The carrying amounts and fair values of financial assets and financial liabilities are as follows. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

		Carrying amount
	Note	Fair value through profit or loss	Amortised cost	Other financial liabilities	Total	Fair value
		US$'000	US$'000	US$'000	US$'000	US$'000
2020
Financial assets measured at fair value
Financial assets at fair value through profit or loss	5	381,949	-	-	381,949	381,949

Financial assets not measured at fair value
Other receivables¹	6	-	1	-	1
Cash and cash equivalents	7	-	257	-	257
		381,949	258	-	382,207

Financial liabilities not measured at fair value
Interest-bearing borrowings	9	-	-	(2,730)	(2,730)
Other payables	10	-	-	(490)	(490)
		-	-	(3,220)	(3,220)

¹ Excludes prepayment

		Carrying amount
	Note	Fair value through profit or loss	Amortised cost	Other financial liabilities	Total	Fair value
		US$'000	US$'000	US$'000	US$'000	US$'000
2019
Financial assets measured at fair value
Financial assets at fair value through profit or loss	5	569,339	-	-	569,339	569,339

Financial assets not measured at fair value
Other receivables¹	6	-	11	-	11
Cash and cash equivalents	7	-	7,671	-	7,671
		569,339	7,682	-	577,021

Financial liabilities not measured at fair value
Interest-bearing borrowings	9	-	-	(72,879)	(72,879)
Other payables	10	-	-	(551)	(551)
		-	-	(73,430)	(73,430)

¹ Excludes prepayment

Fair value

The financial assets at fair value through profit or loss are measured using the adjusted net asset value method, which is based on the fair value of the underlying investments. The fair values of the underlying investments are determined based on the following methods:

i) for quoted equity investments, based on quoted market bid prices at the financial reporting date without any deduction for transaction costs;

ii) for unquoted investments, with reference to the enterprise value at which the portfolio company could be sold in an orderly disposition over a reasonable period of time between willing parties other than in a forced or liquidation sale, and is determined by using valuation techniques such as (a) market multiple approach that uses a specific financial or operational measure that is believed to be customary in the relevant industry, (b) price of recent investment, or offers for investment, for the portfolio company's securities, (c) current value of publicly traded comparable companies, (d) comparable recent arms' length transactions between knowledgeable parties, and (e) discounted cash flows analysis; and

iii) for financial assets and liabilities with a maturity of less than one year or which reprice frequently (including other receivables, cash and cash equivalents, interest-bearing borrowings and other payables) the notional amounts are assumed to approximate their fair values because of the short period to maturity/repricing.

The objective of valuation techniques is to arrive at a fair value measurement that reflects the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date.

Fair value hierarchy for financial instruments

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

· Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical instruments.

· Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly (i.e. as prices) or indirectly (i.e. derived from prices). This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that not considered active; or other valuation techniques in which all significant inputs are directly or indirectly observable from market data.

· Level 3: Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instruments' valuation. This category includes instruments that are valued based on quoted prices for similar instruments but for which significant unobservable adjustments or assumptions are required to reflect differences between instruments.

	Level 1	Level 2	Level 3	Total
	US$'000	US$'000	US$'000	US$'000
2020
Financial assets at fair value through profit or loss	-	-	381,949	381,949

2019
Financial assets at fair value through profit or loss	-	-	569,339	569,339

As explained in Note 4.1, the Company qualifies as an investment entity and therefore does not consolidate its subsidiaries. Accordingly, the fair value levelling reflects the fair value of the unconsolidated subsidiaries and not the underlying quoted equity investments. There were no transfers from Level 1 to Level 2 or Level 3 and vice versa during the years ended 31 December 2020 and 2019 .

The fair value hierarchy table excludes financial assets and financial liabilities such as cash and cash equivalents, other receivables and payables and interest-bearing borrowings because their carrying amounts approximate their fair values due to their short-term period to maturity/repricing.

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.

	2020	2019
	Financial assets at fair value through profit or loss
	US$'000	US$'000

Balance at 1 January	569,339	486,790
Fair value changes in profit or loss	(119,111)	43,533
Net (repayment from)/payment to unconsolidated subsidiaries	(74,808)	48,080
Additions/(Disposals)	6,529	(9,064)
Balance at 31 December	381,949	569,339

Significant unobservable inputs used in measuring fair value

This table below sets out information about significant unobservable inputs used at 31 December 2020 in measuring the underlying investments of the financial assets categorised as Level 3 in the fair value hierarchy excluding investments purchased during the year that are valued at transaction prices as they are reasonable approximation of fair values and ultimate investments in listed entities.

Description	Fair value at 31 December 2020 US$'000	Fair value at 31 December 2019 US$'000	Valuation technique	Unobservable input	Range (Weighted average)	Sensitivity to changes in significant unobservable inputs

Rental properties	8,093	8,804	Income approach	Rental growth rate Occupancy rate Discount rate	0% - 9% ( 2019 : 0% - 6%) 80% - 90% ( 2019 : 80% - 90%) 13% - 13.5% ( 2019 : 13% - 13.5%)	The estimated fair value would increase if the rental growth rate and occupancy rate were higher and the discount rate was lower.

Land related investments	111,189	137,044	Comparable valuation method	Price per square meter for comparable land	US$28 to US$4,358 per square meter ( 2019 : US$76 to US$4,143 per square meter)	The estimated fair value would increase if the price per square meter was higher.

Description	Fair value at 31 December 2020 US$'000	Fair value at 31 December 2019 US$'000	Valuation technique	Unobservable input	Range (Weighted average)	Sensitivity to changes in significant unobservable inputs

Operating business	133,908	33,415	Enterprise value using comparable traded multiples, adjusted net asset value or option pricing model	EBITDA multiple (times)	3.2x to 71.4x, median 12.6x ( 2019 : 3.0x to 19.4x, median 9.1x )	The estimated fair value would increase if the EBITDA multiple was higher.

				R evenue multiple (times)	0.6x to 5.1 x, median 1.3x ( 2019 : N/A)	The estimated fair value would increase if the Revenue multiple was higher.

				Discount for lack of marketability	25% ( 2019 : 25%)	The estimated fair value would increase if the discount for lack of marketability was lower.

				Discount to tangible assets for lack of liquidity	25% to 100% ( 2019 : 25% to 100%)	The estimated fair value would increase if the discount was lower.

				Volatility	40% - 43% ( 2019 : N/A)	The estimated fair value would increase if volatility was higher.

				Risk-free rate	3% - 5.9% ( 2019 : N/A)	The estimated fair value would increase if risk free rate was lower

Greenfield business held for more than 12-months	11,851	23,484	Discounted cashflow method	Revenue growth Expense ratio WACC	3.5% - 61.5% ( 2019 : 3.8% - 56.0%) 74.7 % - 102.4 % ( 2019 : 73.7% - 102.5% ) 12.0% ( 2019 : 10.7 %)	The estimated fair value would increase if the revenue growth increases, expenses ratio decreases, and WACC was lower.

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 adopt a valuation report produced by an independent valuer 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 adopt a valuation report produced by an independent valuer 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 investee companies' properties, which are in the same area. Management adopt a valuation report produced by an independent valuer to determine the value per square meter based on the average recent sales prices.

The EBITDA multiple represents the amount that market participants would use when pricing investments. The EBITDA multiple is selected from comparable public companies with similar business as the underlying investment. Management obtains the median EBITDA multiple from the comparable companies and applies the multiple to the EBITDA of the underlying investment. The amount is further discounted for considerations such as lack of marketability.

The revenue multiple represents the amount that market participants would use when pricing investments. The revenue multiple is selected from comparable public companies with similar business as the underlying investment. Management obtains the median revenue multiple from the comparable companies and applies the multiple to the revenue of the underlying investment. The amount is further discounted for considerations such as lack of marketability.

The discount for lack of marketability represents the discount applied to the comparable market multiples to reflect the illiquidity of the investee relative to the comparable peer group. Management determines the discount for lack of marketability based on its judgement after considering market liquidity conditions and company-specific factors.

Where an EBITDA multiple is not available, the net assets may be used as a proxy for fair value of an underlying investment. In such instances, a discount to certain tangible assets, including inventory, trade receivables and fixed assets are taken for lack of liquidity to arrive at an adjusted net asset value.

The option pricing model uses distribution allocation for each equity instrument at different valuation breakpoints, taking into consideration the different rights / terms of each instrument. An option pricing computation is done using a Black Scholes Model at different valuation breakpoints (strikes) using market volatility and risk-free rate parameters.

The revenue growth represents the growth in sales of the underlying business and is based on the operating management team's judgement on the change of various revenue drivers related to the business from year-to-year. The expense ratio is based on the judgement of the operating management team after evaluating the expense ratio of comparable businesses and is a key component in deriving EBITDA and free cash flow for the greenfield business. The free cashflow is discounted at the WACC to derive the enterprise value of the greenfield business. Net debt is then deducted to arrive at an equity value for the business. WACC is derived after adopting independent market quotes or reputable published research-based inputs for the risk-free rate, market risk premium, small cap premium and cost of debt.

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$109,027,000 (2019: US$282,494,000) are held through intermediate holding companies; the value of these companies are mainly determined by the fair values of the ultimate investments.

Sensitivity analysis

Although the Company believes that its estimates of fair value are appropriate, the use of different methodologies or assumptions could lead to different measurements of fair value. For fair value measurements in Level 3 assets, changing one or more of the assumptions used to reasonably possible alternative assumptions would have effects on the profit or loss by the amounts shown below. The effect of the COVID-19 pandemic has meant that the range of reasonably possible changes is wider for the 2020 figures than for the comparative year.

	‹------------- 2020------------›		‹------------- 2019 -------------›
	Effect on profit or loss		Effect on profit or loss
	Favourable	(Unfavourable)	Favourable	(Unfavourable)
	US$'000	US$'000	US$'000	US$'000

Level 3 assets	72,267	(56,134)	38,607	(41,458)

The favourable and unfavourable effects of using reasonably possible alternative assumptions have been calculated by recalibrating the valuation model using a range of different values.

For rental properties, the projected rental rates and occupancy levels were increased by 10% (2019: 5%) for the favourable scenario and reduced by 10% (2019: 5%) for the unfavourable scenario. The discount rate used to calculate the present value of future cash flows was also decreased by 2% (2019: 1%) for the favourable case and increased by 2% (2019: 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 represents the most reliable estimate of fair value in the absence of significant developments since the transaction), which are valued on comparable transaction basis by third party valuation consultants, the fair value of the land is increased by 20% (2019: 15%) in the favourable scenario and reduced by 20% (2019: 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) that are valued on a trading comparable basis using enterprise value to EBITDA or revenue, EBITDA is increased by 20% (2019: 15%) and decreased by 20% (2019: 15%) and revenue is increased by 20% (2019: Nil) and decreased by 20% (2019: Nil) in the favourable and unfavourable scenarios respectively. Similarly, where adjusted net tangible assets are used, the value is increased by 20% (2019: 15%) and decreased by 20% (2019: 15%) in the favourable and unfavourable scenarios.

For operating business that are valued using an option pricing model, the volatility is increased by 10% (2019: Nil) and the risk-free rate is reduced by 2% (2019: Nil) in the favourable scenario. The volatility is reduced by 10% (2019: Nil) and the risk-free rate is increased by 2% (2019: Nil) in the unfavourable scenario.

For greenfield businesses (except those where a last transacted price exists within the past 12-months) that are valued using a discounted cashflow, the revenue growth rate is increased by 2% (2019: 1%), the expense ratio rate is decreased by 10% (2019: 5%) and the WACC is reduced by 2% (2019: 1%) in the favourable scenario. Conversely, in the unfavourable scenario, the revenue growth rate is reduced by 2% (2019: 1%), the expense ratio rate is increased by 10% (2019: 5%) and the WACC is increased by 2% (2019: 1%).

18 Unconsolidated subsidiaries

Details of the unconsolidated subsidiaries of the Company are as follows:

			Place of
			incorporation	Equity interest
Name of subsidiary		Principal activities	and business	2020	2019
				%	%

Symphony (Mint) Investment Limited (Formerly Symphony Capital Partners Limited)		Investment holding	Republic of Mauritius	100	100

Lennon Holdings Limited and its subsidiary:		Investment holding	Republic of Mauritius	100	100

Britten Holdings Pte. Ltd.		Investment holding	Republic of Singapore	100	100

Gabrieli Holdings Limited and its subsidiaries:		Investment holding	British Virgin Islands	100	100

Ravel Holdings Pte. Ltd. and its subsidiaries:		Investment holding	Republic of Singapore	100	100

Schubert Holdings Pte. Ltd.		Investment holding	Republic of Singapore	100	100

Haydn Holdings Pte. Ltd.		Investment holding	Republic of Singapore	100	100

Thai Education Holdings Pte. Ltd.		Investment holding	Republic of Singapore	100	100

Teurina Limited	Investment holding		British Virgin Islands	100	100

Lloyd Webber Holdings Limited	Investment holding		British Virgin Islands	100	100

Maurizio Holdings Limited and its subsidiary:	Investment holding		British Virgin Islands	100	100

Groupe CL Pte. Ltd.	Investment holding		Republic of Singapore	100	100

True United Limited	Investment holding		British Virgin Islands	100	100

True Wisdom Limited	Investment holding		British Virgin Islands	100	100

Segovia Holdings Limited	Investment holding		British Virgin Islands	100	100

			Place of
			incorporation	Equity interest
Name of subsidiary		Principal activities	and business	2020	2019
				%	%

Anshil Limited	Investment holding		British Virgin Islands	100	100

Buble Holdings Limited	Investment holding		British Virgin Islands	100	100

O'Sullivan Holdings Limited and its subsidiary:	Investment holding		British Virgin Islands	100	100

Bacharach Holdings Limited	Investment holding		British Virgin Islands	100	100

Brahms Holdings Limited	Investment holding		British Virgin Islands	100	100

Schumann Holdings Limited	Investment holding		British Virgin Islands	100	100

Symphony Healthcare Holdings Limited	Investment holding		British Virgin Islands	100	100

Dynamic Idea Investments Limited	Investment holding		British Virgin Islands	100	100

Ideal Dream Limited	Investment holding		British Virgin Islands	100	100

Eternal Star Ventures Limited	Investment holding		British Virgin Islands	100	100

Symphony Logistics Pte. Ltd. and its subsidiary:	Investment holding		Republic of Singapore	100	100

Eagles Holdings Pte. Ltd.	Lending company		Republic of Singapore	100	100

Stravinsky Holdings Pte. Ltd.	Investment holding		Republic of Singapore	100	100

Alhambra Holdings Limited	Investment holding		United Arab Emirates	100	100

Shadows Holdings Pte. Ltd.	Investment holding		Republic of Singapore	70.97	100

Symphonic Spaces Pte. Ltd.	Investment holding		Republic of Singapore	100	100

19 Underlying investments

Details of the underlying investments in unquoted equities of the Company are as follows:

Place of

Ordinary shares

Preference shares

Principal

incorporation

Equity interest

Name

activities

and business

2020

2019

2020

2019

La Finta Limited¹

Property development

Thailand

Minuet Limited¹

Property

development

Thailand

49.98

SG Land Co. Limited¹

Real estate

Thailand

49.91

¹ Joint venture

		Place of	Ordinary shares		Preference shares
	Principal	incorporation	Equity interest		Equity interest
Name	activities	and business	2020	2019	2020	2019
			%	%	%	%

Chanintr Living Limited²	Distribution of furniture	Thailand	49.90	49.90	-	-

Chanintr Living (Thailand) Limited	Distribution and retail of furniture and home decorations	Thailand	24.45	24.45	-	-

Chanintr Living Pte Ltd	Distribution and retail of furniture and home decorations	Republic of Singapore	49.90	49.90	-	-

Well Round Holdings Limited²	Property development	Hong Kong	37.50	37.50	-	-

Allied Hill Corporation Limited²	Property development	Hong Kong	37.50	-	-	-

Silver Prance Limited²	Property development	Hong Kong	37.50	37.50	-	-

Desaru Peace Holdings Sdn Bhd²	Property development	Malaysia	49	49	49	49

Oak SPV Limited	Hospitality and lifestyle	Cayman Islands	13.40	13.40	-	-

Macassar Holdings SARL	Lifestyle	Luxembourg	33.33	33.33	33.33	33.33

WCIB International Company Limited¹	Education	Thailand	39.10	39.10	-	-

ASG Hospital Private Limited	Healthcare	India	-	-	19.24	17.79

Creative Technology Solutions DMCC	Education	United Arab Emirates	12.82	12.82	-	-

Good Capital Partners	Other	Mauritius	10	10	-	-

In Do Trans Logistics Corporation²	Logistics	Vietnam	25.12	28.57	-	-

Smarten Spaces Pte. Ltd.	Other	Singapore	17.84	10.79	6.75	4.02

Soothe Healthcare Pvt. Ltd²	Healthcare	India	-	-	25.93	27.96

Telong Limited	Real estate	British Virgin Islands	33.33	-	-	-

¹ Joint venture

² Associate

20 Subsequent events

Subsequent to 31 December 2020,

· the Company sold approximately 28.98 million shares of MINT through a series of market transactions at an average price of THB30.92 per share that generated proceeds of approximately US$29.10 million.

·the Company increased its investment in August Jewellery Pvt. Ltd. (Melorra) with a consortium of investors. The increased investment by Symphony amounts to less than 1% of the Company's NAV.

· the Company completed a follow-on investment in WCIB International Co. Ltd. for the ongoing phased development of the school. The investment amounted to less than 1% of the Company's NAV.

· the Company funded a capital call from the Good Capital Fund I as part of its commitment as an anchor investor. The capital call amounted to less than 1% of the Company's NAV.

· the Company entered into an agreement to subscribe to a convertible note from Soothe Healthcare Private Limited. The total subscription price is less than 1% of the Company's NAV.

21 COVID-19

On 11 March 2020, the World Health Organisation declared the COVID-19 outbreak a pandemic in recognition of its rapid spread across the globe, with over 200 countries now affected. The outbreak and the response of governments in dealing with the pandemic has seen a corresponding significant increase in financial market volatility and corresponding fluctuations in the fair value of the Company's investment portfolio.

Management of the Company has performed an assessment of the impact of COVID-19 outbreak on its investment portfolio and believes that the fair value of its investment portfolio reflects the conditions known as at 31 December 2020.

The COVID-19 crisis is still unfolding, and the full impact of the pandemic is not capable of being qualitatively or quantitatively assessed on the businesses of the investee companies and on the value of the Company's investment portfolio. Accordingly, Management has considered a wider range of reasonably possible changes in the fair value of Level 3 assets in their sensitivity analysis in the current year than for the comparative year. Management will continue to assess the situation and take precautionary measures to deal with the implications of COVID-19 in accordance with guidelines provided by the different authorities and will take the necessary actions to ensure the long-term sustainability of the Company.

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