Wrap Text
Abridged Unaudited Consolidated Results for the six months ended 31 December 2013
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
(“Southern View” or “the Company”)
ABRIDGED UNAUDITED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 31
DECEMBER 2013
Southern View 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's primary listing is on the Bermuda Stock Exchange ("BSX"). It has a secondary listing on the
Alternative Exchange of the JSE Limited ("AltX").
REPORTING CURRENCY
The reporting currency of the Company was changed from United States Dollar to South African Rand by
a Directors resolution dated 20 February 2014. Therefore, the opening balances were retranslated effective
from 1st July 2013.
BUSINESS REVIEW
Southern View has performed in line with expectations following its listing on the BSX and the AltX and
the successful acquisition of Southern View Finance Mauritius Ltd and Southern View Finance UK Ltd.
DIVIDEND
No dividend has been declared for the period under review.
BASIS OF PREPARATION
These abridged unaudited consolidated results for the period ended 31 December 2013 have been prepared
in accordance with the International Financial Reporting Standards, including 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 Audited Annual Financial Statements for the
period from incorporation on 10 January 2013 to 30 June 2013.
By order of the Board
Merwe Scholtz James Bareham
Chairman Chief Executive Officer
18 February 2014
ABRIDGED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 31 December 2013
Unaudited Restated
for the period for the period
ended ended
31 Dec 2013 30 June 2013
ZAR ZAR
Revenue
Income 141,155,432 -
Expenses
Operating expenses (234,821,968) -
Administrative expenses (29,889,486) (10,411,077)
Finance costs (3,144,485)
Loss from operations (126,700,507) (10,411,077)
Interest income 891,064 -
Foreign currency gain 1,164,835 78,582
Loss for the period before tax (124,644,608) (10,332,495)
Taxation -
Loss for the period attributable to shareholders (124,644,608) (10,332,495)
Other comprehensive income -
Total comprehensive loss for the period
attributable to shareholders (124,644,608) (10,332,495)
Actual number of shares in issue (Class A shares) 55,299,671.00 3,050,000
Weighted number of shares in issue (Class A shares) 61,466,143.01 2,133,430
Basic loss per share (Class A shares) (2.03) (4.84)
Headline loss per shares (Class A shares) (2.03) (4.84)
Reconciliation of loss and headline loss:
Loss for the period attributable to shareholders (124,644,608) (10,332,495)
Headline loss attributable to shareholders (124,644,608) (10,332,495)
ABRIDGED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2013
Unaudited As at Restated as at
31 Dec 2013 30 June 2013
ZAR ZAR
ASSETS
Non-current Assets
Property, plant and equipment 1,558,575 606,417
Current Assets 1,233,172,912 20,935,286
Total Assets 1,234,731,487 21,541,703
EQUITY AND LIABILITIES
Capital and Reserves
Share Capital 55,153 3,010
Share premium 555,549,817 30,092,865
Retained earnings (134,977,103) (10,332,495)
Other reserves (747,629) (747,629)
Total equity attributable to shareholders 419,880,237 19,015,751
Non-current Liabilities
Loans 335,849,515 -
Trade and other payables 479,001,734 2,525,952
Total liabilities 814,851,249 2,525,952
Total Equity and Liabilities 1,234,731,486 21,541,703
ABRIDGED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 31 December 2013
Share Share Retained Other Total
capital premium earnings Reserves equity
ZAR ZAR ZAR ZAR ZAR
Balance at incorporation - - - -
Total comprehensive loss for the
period - - (10,332,495) (747,629) (11,080,124)
Shares issued 3,010 30,092,865 30,095,875
Balance at 30 June 2013 - Restated 3,010 30,092,865 (10,332,495) (747,629) 19,015,751
Balance at 01 July 2013 3,010 30,092,865 (10,332,495) (747,629) 19,015,751
Total comprehensive loss for the
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 (134,977,103) (747,629) 419,880,237
ABRIDGED CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended 31 December 2013
Unaudited As at Restated as at
31 Dec 2013 30 June 2013
ZAR ZAR
Loss before taxation (124,644,608) (10,332,495)
Adjustments for:
Depreciation and amortisation 382,635 31,535
Unrealised gain on depreciation - 2,271
Unrealised gain on retranslated loss - (747,629)
Changes in working capital:
Trade and other receivables (904,303,016) (204,531)
Trade and other payables 476,475,793 2,525,952
Net cash utilised in operating activities (552,089,197) (8,724,897)
Net cash generated from investing activities (1,334,803) (640,223)
Net cash generated from financing activities 861,358,610 30,095,875
Effect of exchange rate fluctuations on cash held - -
Net cash at the beginning of the period 20,730,755 -
Net cash at the end of the period 328,665,365 20,730,755
Registered office: Mercury House, 101 Front Street, Hamilton, Bermuda, HM12
Directors: James Keyes (Non Executive), Gregory Toloram (Non Executive), James Bareham (Executive
Officer), Herman Troskie (Non Executive), Merwe Scholtz (Non Executive Chairman), Sam Sithole (Non
Executive)
Auditors: Moore Stephens BKV Inc.
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: Bravura Capital (Proprietary) Limited
Company secretary: Mercury Group Limited
24 February 2014
Date: 25/02/2014 09:40:00 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.
Sharenet Sites 
