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Abridged Unaudited Financial Results For The Three Month Period Ended 30 September 2015
SOUTHERN VIEW FINANCE LTD
(Incorporated in Bermuda with registration number 47305)
Class A share codes: BSX: SVF.BH JSE: SVF ISIN: BMG829251013
(“SVF” or the “Company”)
ABRIDGED UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTH PERIOD ENDED 30
SEPTEMBER 2015
The Company is incorporated in Bermuda and its main purpose is the holding
of investments. The Company maintains a primary listing on the Bermuda
Stock Exchange (“BSX”) and a secondary listing on the Alternative Exchange
(“AltX”) of JSE Limited (“JSE”). The listing of the Company’s Class A
shares on the AltX, in so far as it relates to their trading, has been
suspended with effect from Monday, 9 November 2015.
BUSINESS REVIEW
The effective date of the disposal of all shares in the Company’s
subsidiaries and loan claims was 1 July 2015. Therefore, no consolidated
accounts were presented from 1 July 2015. The Company recorded a net profit
after tax for the three months ended 30 September 2015 (“2015 Three Month
Period”) of R3,481,300,271 (2014: Group: R46,482,948).
DIVIDENDS
No dividend has been declared in respect of the 2015 Three Month Period.
BASIS OF PREPARATION
The abridged unaudited consolidated results for the 2015 Three Month Period
have been prepared in accordance with International Financial Reporting
Standards including International Accounting Standard 34 – Interim
Financial Reporting, the Bermuda Companies Act, 1981 (the “Act”), the BSX
Listing Regulations and the JSE Listings Requirements.
ACCOUNTING POLICIES
The financial results set out below have neither been audited nor reviewed
by the Company’s external auditors. The accounting policies adopted are
consistent with those published in the audited Consolidated Financial
Statements for the year ended 30 June 2015.
By order of the Board
31 December 2015
Summary information of the financial results of the Group for the 2015
Three Month Period, are as set out below:
ABRIGED UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT
30 SEPTEMBER 2015
Unaudited Company as at Group as at
30 September 30 September
2015 2014
R R
ASSETS
Cash and cash equivalents 103,231,481 641,383,527
Loans and advances to clients - 1,357,610,694
Property, plant and equipment - 156,284,466
Intangible assets - 35,156,513
Other financial assets 4,674,929,270 75,773,797
Total assets 4,778,160,751 2,266,208,997
LIABILITIES
Loans at amortised costs - 1,332,189,192
Trade and other payables 1,936,840 149,337,047
Current income tax liabilities - 18,815,523
Total liabilities 1,936,840 1,500,341,762
EQUITY
Shareholders’ equity 4,776,223,911 765,867,235
Total equity 4,776,223,911 765,867,235
Total liabilities and equity 4,778,160,751 2,266,208,997
ABRIDGED UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE
THREE MONTHS ENDED 30 SEPTEMBER 2015
Unaudited Company for the Group for the
three month three month
period ended period ended
30 September 30 September
2015 2014
R R
Net interest income - 233,778,643
Loan fee income - 167,789,467
Direct distribution expenses - (59,113,735)
Net portfolio income - 342,454,376
Other income 3,486,518,416 6,743,023
Operating costs (5,218,145) (87,588,208)
Net bad debt written off - (158,035,424)
Bad debt provision - (9,943,697)
Funding costs - (34,850,317)
Other income / (expenses) 3,481,300,271 (283,674,622)
Operating profit before taxation 3,481,300,271 58,779,754
Income tax expense - (12,296,806)
Profit for the three month period 3,481,300,271 46,482,948
Earnings per share (cents)
Basic 2,721 67
Diluted 2,721 67
ABRIDGED UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE
THREE MONTHS ENDED 30 SEPTEMBER 2015
Retained
Company: Unaudited Share capital Share premium earnings
R R R
Balance at 1 July 2014 (audited) 69,850 678,595,120 41,466,947
Total comprehensive profit for the three month
period - - 46,482,948
Balance at 30 September 2014 (unaudited) 69,850 678,595,120 87,949,895
Balance at 1 October 2014 (unaudited) 69,850 678,595,120 87,949,895
Total comprehensive profit for the period - - 321,484, 741
Other comprehensive income - - -
Increase in non-controlling interest – Spotco
Holdings Pty Ltd - - (987,252)
Dividends paid to shareholders - - (20,965,011)
Shares issued 62,912 649,937,063 -
Balance at 30 June 2015 132,762 1,328,532,183 387,482,373
Disposal of subsidiaries - - (421,112,635)
Total comprehensive profit for the three month
period - - 3,481,300,271
Balance at 30 September 2015 (unaudited) 132,762 1,328,532,183 3,447,670,009
(Continued)
Company: Unaudited Reserves Non-controlling Total equity
R R R
Balance at 1 July 2014 (audited) (747,630) - 719,384,287
Total comprehensive profit for the three month
period - - 46,482,948
Balance at 30 September 2014 (unaudited) (747,630) - 765,867,235
Balance at 1 October 2014 (unaudited) (747,630) - 765,867,235
Total comprehensive profit for the period - 512,482 321,997,223
Other comprehensive income 223,942 25,067 249,009
Increase in non-controlling interest – Spotco
Holdings Pty Ltd - 1,000,049 12,797
Dividends paid to shareholders - - (20,965,011)
Shares issued - - 649,999,975
Balance at 30 June 2015 (523,688) 1,537,598 1,717,161,228
Disposal of subsidiaries 412,645 (1,537,598) (422,237,588)
Total comprehensive profit for the three month
period - - 3,481,300,271
Balance at 30 September 2015 (unaudited) (111,043) - 4,776,223,911
ABRIDGED UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE
MONTH PERIOD ENDED 30 SEPTEMBER 2015
Unaudited Company as at Group as at
30 September 30 September
2015 2014
R R
Profit before taxation 3,481,300,271 58,779,754
Adjustments for:
Depreciation and amortisation - 6,625,816
Tax paid - (12,296,806)
Changes in working capital:
Loans and other receivables 530,127 29,202,229
Trade and other payables (1,461,359) (10,225,882)
Net cash generated in operating activities 3,480,369,039 72,085,111
Net cash utilised in investing activities (3,472,570,490) (18,363,115)
Net cash generated from financing activities - 24,392,590
Net cash at the beginning of the period 95,432,932 563,268,941
Net cash at the end of the period 103,231,481 641,383,527
CHANGE OF NAME
Shareholders are reminded that the Company on 15 December 2015, announced
the implementation of a change of the name of the Company from Southern
View Finance Ltd to VestIN Holdings Ltd (“Change of Name”).
The Company will trade on the BSX under the ticker “VIN.BH” and the short
name “VestIN”, on the AltX under the ticker “VIN” and the short name
“VestIN”, and the International Securities Identification Number of the
Company will change from “BMG829251013” to “BMG934031060” once the Change
of Name becomes effective on 4 January 2016, on each of the BSX and AltX.
31 December 2015
Hamilton/Johannesburg
BSX sponsor: Global Custody and Clearing Limited
JSE sponsor: Bravura Capital Proprietary Limited
Date: 31/12/2015 12:51:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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