Sharenet Sites 
Sharenet Sites
Interim unaudited consolidated results for the six month period ended 31 December 2014
SOUTHERN VIEW FINANCE LTD
(Incorporated in Bermuda with registration number 47305)
Class A share codes: BSX: SVF.BH JSE: SVF ISIN: BMG829251013
Class B share codes: BSX: SVFB.BH JSE: SVFB ISIN: BMG 829251195
("SVF" or "the Company")
INTERIM UNAUDITED CONSOLIDATED RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER
2014
Southern View Finance Ltd (the Company) was incorporated in Bermuda on 10 January 2013 and obtained
its certificate to commence business on the same day. The Company has been established for the purpose
of holding investments. The Company aquired 100% of the share capital in Southern View Finance
Mauritius Ltd and Southern View Finance UK Ltd during the 2013 financial year and 100% of the share
capital in Southern View Finance SA Holdings (Pty) Ltd during the 2014 financial year (the Group). The
Company's primary listing is on the Bermuda Stock Exchange ("BSX"). It has a secondary listing on the
Alternative Exchange of the JSE Limited ("AltX").
DESCRIPTION OF THE BUSINESS
The Group is an international financial services business, offering affordable and appropriate access to
financial service products aimed at the mass market. The Group's aim is to provide low cost financial
service products, which currently includes (i) small and affordable loans and may include in the future (ii)
mobile banking (iii) money transfers and (iv) micro insurance products. The Group partners with and
leverages established retail and other networks to distribute its products. The Group's initial focus has
been in South Africa, where it has partnered with a significant clothing and apparel retailer to offer small,
low cost loans to its customers. It is in the process of expanding into further jurisdictions. The key business
metrics of the Group's loan product are:
(1) an average loan amount of R3 500
(2) a loan term of 7 months
(3) a targeted monthly cash yield percentage on the loan portfolio of >20%
(4) targeted write-offs (all capital, interest and fees) of <12% of all advances and revenues
(5) a bad debt provision of < 20% which delivers a provision cover in excess of 100% of non
performing loans
(6) new loan applications of >100 000 per month
BUSINESS REVIEW
The Group's performance was in line with all the key internal business metrics listed above. The Gross and
Net Loan Book as at 31 December 2014 were R1,974,391,962 and R1,645,065,994 respectively. There
were 523 490 active customers at 31 December 2014.
DIVIDEND
No dividend has been declared for the period under review.
BASIS OF PREPARATION
These interim unaudited consolidated results for the six month period ended 31 December 2014 have
been prepared in accordance with IAS 34 - Interim Financial Reporting, the rules of the BSX and the Listings
Requirements of the JSE Limited.
ACCOUNTING POLICIES
The results below have not been audited or reviewed by the Company's external auditors. The accounting
policies adopted are consistent with those published in the Consolidated Financial Statements for the year
ended 30 June 2014.
By order of the Board
Merwe Scholtz
Chairman
March 2015
SOUTHERN VIEW FINANCE LTD
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2014
Unaudited as at Unaudited as at
31 December 31 December
2014 2013
R R
Assets
Cash and cash equivalents 597 313 552 328 665 365
Loans and advances to clients 1 645 065 994 897 326 504
Property, plant and equipment 163 092 810 1 558 575
Intangible assets 17 827 548 -
Other financial assets 70 233 134 7 181 043
Total assets 2 493 533 038 1 234 731 487
Liabilities
Loans at amortised cost 804 872 758 335 849 515
Trade and other payables 190 974 546 479 001 734
Current income tax liabilities 16 590 068 -
Total liabilities 1 012 437 372 814 851 249
Equity
Shareholders' equity 1 481 095 666 419 880 238
Total equity 1 481 095 666 419 880 238
Total liabilities and equity 2 493 533 038 1 234 731 487
SOUTHERN VIEW FINANCE LTD
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTH PERIOD
ENDED 31 DECEMBER 2014
Unaudited for the Unaudited for
six month period the six month
ended 31 period ended 31
December 2014 December 2013
R R
Net interest income 483 921 110 52 287 605
Loan fee income 371 449 360 88 777 218
Direct distribution expense (131 602 038) (60 241 918)
Net portfolio income 723 768 432 80 822 905
Other income 12 534 477 2 065 103
Operating costs (156 952 444) (57 654 717)
Net bad debt written off (304 949 007) (3 526 380)
Bad debt provision (71 993 932) (143 207 034)
Funding costs (67 361 993) (3 144 485)
Other expenses (588 722 899) (205 467 513)
Operating profit (loss) before tax 135 045 533 (124 644 608)
Income tax expense (23 333 451) -
Profit (loss) for the three month period 111 712 082 (124 644 608)
Earnings (loss) per share cents
Basic 138 (203)
Diluted 138 (203)
*
SOUTHERN VIEW FINANCE LTD
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTH PERIOD ENDED 31
DECEMBER 2014
Share Share Retained Total
capital premium earnings Reserves equity
R R R R R
Balance at 01 July
2013-audited 3 010 30 092 865 (10 332 498) (747 630) 19 015 747
Total comprehensive
loss for the six month
period - - (124 644 608) - (124 644 608)
Shares issued 52 143 525 456 952 - - 525 509 095
Balance at 31
December 2013-
unaudited 55 153 555 549 817 (134 977 106) (747 630) 419 880 234
Total comprehensive
profit for the period - - 176 434 053 - 176 434 053
Shares issued 24 697 123 045 303 - - 123 070 000
Balance at 30 June
2014-audited 79 850 678 595 120 41 456 947 (747 630) 719 384 287
Total comprehensive
profit for the six month
period - - 111 712 082 (678) 111 711 404
Shares issued 62 911 649 937 064 - - 649 999 975
Balance at 31
December 2014-
unaudited 142 761 1 328 532 184 153 169 029 (748 308) 1 481 095 666
SOUTHERN VIEW FINANCE LTD
INTERIM CONSOLIDATED CASH FLOWS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2014
Unaudited as at 31 Unaudited as at 31
December 2014 December 2013
R R
Profit (loss) before taxation 135 045 533 (124 644 608)
Adjustments for:
Depreciation and amortisation 13 535 302 382 635
Tax paid (15 945 455) -
Changes in working capital:
Loans and other receivables (237 855 391) (904 303 014)
Trade and other payables 22 837 221 476 475 793
Net cash utilised in operating activities (82 382 790) (552 089 197)
Net cash utilised in investing activities (30 638 730) (1 334 803)
Net cash generated from financing
activities 147 066 131 861 358 610
Net cash at the beginning of the period 563 268 941 20 730 755
Net cash at the end of the period 597 313 552 328 665 365
* Headline earnings (loss) per share cents
Basic 138 (203)
Diluted 138 (203)
Interests of directors and executive officers:
Mr Hendrik van der Merwe Scholtz’s family trust holds approximately 88% (eighty eight percent) of the
issued shares in Plus27 Financial Services Holdings Pty Ltd (“Plus27”). Plus27 holds approximately 0.59%
(zero point five nine percent) of the issued Class A Shares. Plus27 and its wholly owned subsidiaries hold
90% (ninety percent) of the issued Class B Shares.
Registered office
Mercury House, 101 Front Street, Hamilton, Bermuda, HM12
Directors: James Keyes(Non Executive), Gregory Toloram (Non Executive), James Bareham (Executive
Officer), Hermanus Troskie (Non Executive), Hendrik van der Merwe Scholtz (Non Executive Chairman),
Sam Sithole (Non Executive)
Auditors: PricewaterhouseCoopers Mauritius
Transfer secretary: Computer Share Investor Services (Pty) Ltd
Ground Floor, 70 Marshall Street, Johannesburg, 2001, South Africa
Registrar and transfer agent: Mercury Group Limited
BSX sponsor: Global Custody and Clearing Limited
JSE sponsor: KPMG Services (Pty) Ltd
Company secretary: Mercury Group Limited
27 March 2015
Date: 27/03/2015 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
