PSG FINANCIAL SERVICES LIMITED - Trading Statement

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

SOTP AND RECURRING HEADLINE EARNINGS

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

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

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 4 October 2013 will
     be between R84 and R86; and

2.   For the six month period ended 31 August 2013:

-    Recurring headline earnings per share will be
     between 191 cents and 198 cents, or between 17.5%
    and 21.8% higher than that for the six month period
    ended 31 August 2012;

-   Headline earnings per share will be between 235
    cents and 243 cents, or between 11.8% and 15.6%
    higher than that for the six month period ended 31
    August 2012; and

-   Attributable earnings per share will be between 242
    cents and 250 cents, or between 38.8% and 43.4%
    higher than that for the six month period ended 31
    August 2012.

The increase in recurring headline earnings per share was
primarily due to strong performances from Capitec and PSG
Konsult.

Headline earnings per share increased by a smaller margin
than recurring headline earnings per share as PSG
achieved lower non-recurring headline profits during the
period under review.    This was mainly as a result of
substantial marked-to-market profits achieved in Thembeka
Capital’s portfolio of listed shares during the previous
corresponding financial period, which were not repeated
to the same extent during the period under review.

The increase in attributable earnings per share was
mainly as a result of non-headline gains during the
period under review as opposed to non-headline impairment
losses  during   the  previous   corresponding  financial
period.

This financial information has not been reviewed or
reported on by the auditor of PSG. The unaudited results
for the six month period ended 31 August 2013 will be
published on SENS on or about 14 October 2013.

Stellenbosch
8 October 2013

Sponsor
PSG Capital

Date: 08/10/2013 12:28:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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