PSG GROUP LIMITED - PSG Group Ltd \PSG Financial Services Ltd - Trading statement

PSG Group Ltd \PSG Financial Services Ltd - Trading statement

PSG GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1970/008484/06
Share code: PSG
ISIN number: ZAE000013017
(“PSG”)

PSG FINANCIAL SERVICES LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1919/000478/06
Share code: PGFP
ISIN number: ZAE000096079

SUM-OF-THE-PARTS (“SOTP”) AND RECURRING HEADLINE EARNINGS

PSG, an investment holding company, continues to use the
SOTP value and recurring headline earnings per share
benchmarks to provide management and investors with a
realistic and transparent way of evaluating PSG’s
performance.

PSG’s SOTP value is calculated using the quoted market
prices for all JSE-listed investments, and market related
valuations for unlisted investments.

PSG’s recurring headline earnings is the sum of its
effective interest in that of each of its underlying
investments. The result is that investments in which PSG
holds less than 20% and are generally not equity
accountable in terms of accounting standards, are
included in the calculation of consolidated recurring
headline earnings. One-off items are excluded from
recurring headline earnings.

RESTATEMENT OF COMPARATIVES

The comparative results have been restated following
Capespan’s early adoption of amendments made to IAS 41
Biological Assets applicable retrospectively to bearer
plants and its change in the accounting treatment of an
existing lease arrangement.

The result of aforementioned restatements on PSG is as
follows:

     - Recurring headline earnings per share for the
       previous financial year ended 28 February 2014
       amounts to 448.8 cents instead of 446.9 cents;

     - Headline earnings per share for the previous
       financial year ended 28 February 2014 amounts to
       553.2 cents instead of 551.3 cents; and

     - Attributable earnings per share for the previous
       financial year ended 28 February 2014 amounts to
       578.5 cents instead of 574.9 cents.

The full particulars of the aforementioned restatements
will be included in the announcement of PSG’s reviewed
financial results for the year ended 28 February 2015.

TRADING STATEMENT

In terms of the Listings Requirements of the JSE Limited,
a listed company is required to publish a trading
statement as soon as it becomes reasonably certain that
the financial results for the next period to be reported
on will show a 20% or more difference from those of the
previous corresponding period.

PSG hereby advises that a reasonable degree of certainty
exists that:

1.    Its SOTP value per share as at 28 February 2015 was
      R163.28, being 71.9% higher than the R95.01
      reported as at 28 February 2014;

2.    Its SOTP value per share as at 7 April 2015 was
      R195.02;

3.    For the year ended 28 February 2015:

      - Recurring headline earnings per share will be
        between 590 cents and 597 cents, or between
        31.5% and 33% higher than the 448.8 cents
        reported for the year ended 28 February 2014;

      - Headline earnings per share will be between 814
        cents and 823 cents, or between 47.1% and 48.8%
        higher than the 553.2 cents reported for the
        year ended 28 February 2014; and

      - Attributable earnings per share will be between
        806 cents and 816 cents, or between 39.3% and
        41.1% higher than the 578.5 cents reported for
        the year ended 28 February 2014.

The increase in recurring headline earnings per share was
primarily due to commendable recurring headline earnings
per share growth from Capitec (26%), PSG Konsult (31%)
and Zeder (15%).

Headline earnings per share increased by a larger margin
than recurring headline earnings per share mainly due to
marked-to-market profits achieved on listed shares held
by PSG’s associated BEE investment holding company
(previously Thembeka).

Attributable earnings per share increased by a smaller
margin than headline earnings per share mainly due to
non-headline impairments of intangible assets.

This financial information has not been reviewed or
reported on by the auditor of PSG. The reviewed results
for the year ended 28 February 2015 will be published on
or about 15 April 2015.

Stellenbosch
10 April 2015

Sponsor
PSG Capital

Date: 10/04/2015 03:27:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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