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AUDITED RESULTS - PSG

Release Date: 26/03/1998 17:09
Code(s): PSG
Wrap Text
PSG

* HEADLINE EARNINGS PER SHARE INCREASED BY 85% TO 47,3 CENTS PER SHARE * GROUP INCOME UP BY 241% TO R34,5 MILLION * SHAREHOLDERS' FUNDS INCREASED TO R534,8 MILLION * NAV PER SHARE INCREASED BY 328% TO 617 CENTS
AUDITED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 1998 GROUP INCOME STATEMENT
1998 CHANGE 1997 R'000 % R'000 INCOME BEFORE TAXATION 50 620 279 13 351 TAXATION 16 903 5 315 INCOME AFTER TAXATION 33 717 320 8 036 INCOME FROM ASSOCIATED COMPANIES 762 2 069 OUTSIDE SHAREHOLDERS (12) - HEADLINE EARNINGS ATTRIBUTABLE
TO SHAREHOLDERS 34 467 241 10 105 EXCEPTIONAL ITEMS 277 407 - EARNINGS ATTRIBUTABLE TO
SHAREHOLDERS 311 874 10 105 NUMBER OF SHARES ('000)
- IN ISSUE 86 611 54 000 - WEIGHTED AVERAGE 72 869 39 588 HEADLINE EARNINGS PER SHARE (CENTS) 47,3 85 25,5 EARNINGS PER SHARE (CENTS) 428,0 25,5 NET ASSET VALUE PER SHARE (CENTS) 617 328 144 MARKET VALUE OF LISTED
INVESTMENTS 75 750 5 650 GROUP BALANCE SHEET
1998 1997
R'000 R'000 FUNDS EMPLOYED
ORDINARY SHAREHOLDERS' FUNDS 534 754 77 816
OUTSIDE SHAREHOLDERS 130 602 -
DEBENTURES - 12 000
LONG-TERM LIABILITIES - 184
LIFE ASSURANCE FUNDS 113 241 98 469
DEFERRED TAXATION 3 856 -
782 453 188 469 EMPLOYMENT OF FUNDS
FIXED ASSETS 8 611 9 232
LISTED INVESTMENTS 44 477 3 567
OTHER ASSETS AND INVESTMENTS 73 177 45 949 INVESTMENTS OF THE LIFE
ASSURANCE SUBSIDIARY 152 909 89 330
NET CURRENT ASSETS 503 279 40 391
CURRENT ASSETS 979 319 84 506
CURRENT LIABILITIES 476 040 44 115
782 453 188 469 NOTES
1. THE EXCEPTIONAL ITEMS CONSIST OF THE PROFITS EMANATING FROM THE DISPOSAL OF THE PAG PLACEMENTS BUSINESS AND THE SURPLUS ARISING FROM THE SALE BY PSG OF ITS ASSETS TO SERVGRO INTERNATIONAL LIMITED ("SERVGRO").
2. THESE FIGURES ARE PRESENTED ON THE BASIS OF THE SERVGRO ACQUISITION AND THE INVESTMENT BY SIL, REFERRED TO BELOW, HAVING BEEN APPROVED BY SHAREHOLDERS ON 1 APRIL 1998. SUFFICIENT PROXIES IN FAVOUR OF THE ACQUISITION HAVE BEEN RECEIVED. REVIEW
* ALL DIVISIONS PERFORMED AHEAD OF BUDGET FOR THE PERIOD UNDER REVIEW AND THE EMPLOYEE BENEFIT DIVISION, PSG CHANNEL GROUP LIMITED, WAS LAUNCHED. * DURING THE PAST SIX MONTHS:
*PSG MANAGEMENT COMPANY LIMITED, A UNIT TRUST MANAGER, WAS ESTABLISHED AND THE FIRST TWO PSG UNIT TRUSTS SUCCESSFULLY LAUNCHED;
*PSG ENTERED INTO AN ECONOMIC EMPOWERMENT TRANSACTION WITH SIPHUMELELE INVESTMENTS LIMITED ("SIL") IN TERMS OF WHICH SIL ACQUIRED AN 11,6% INTEREST IN PSG FOR R90 MILLION CASH;
*PSG ACQUIRED CONTROL OF SERVGRO WHICH WILL BECOME A 61,9% SUBSIDIARY OF PSG WITH PSG ALSO RECEIVING SOME R330 MILLION IN CASH WHILST SERVGRO WILL IN TURN ACQUIRE ALL OF PSG'S ASSETS.
*THE CAPITAL BASE OF PSG ANCHOR LIFE LIMITED WAS STRENGTHENED BY R50 MILLION WHICH WILL ENABLE THIS GROUP TO EXPAND BOTH ITS LIFE AND SHORT-TERM ACTIVITIES. * FOLLOWING GENERAL MEETINGS TO BE HELD ON 1 APRIL 1998, SERVGRO'S NAME WILL BE CHANGED TO PSG FINANCIAL SERVICES LIMITED ("PSL").
* SHAREHOLDERS ARE ALSO REFERRED TO THE ACQUISITION CIRCULAR DATED 10 MARCH 1998, IN WHICH THE PRO FORMA EFFECTS OF THE SERVGRO ACQUISITION ARE REFLECTED. * THE ANNUAL REPORT OF PSG AND PSL WILL BE POSTED TO SHAREHOLDERS DURING APRIL AND THESE WILL CONTAIN THE EFFECTS AND RESULTS OF THE THEN IMPLEMENTED TRANSACTIONS.
* SHAREHOLDERS ARE REFERRED TO THE STATUTORY PROFIT ANNOUNCEMENT OF SERVGRO ALSO PUBLISHED TODAY.
* NO DIVIDENDS ARE RECOMMENDED DURING PSG'S EXPANSION PHASE, BUT IT IS THE INTENTION OF THE BOARD TO RECOMMEND THE PAYMENT OF DIVIDENDS IN THE FUTURE. * THE BOARD IS CONFIDENT OF SUSTAINABLE GROWTH FOR THE FORESEEABLE FUTURE, BOTH ORGANICALLY AND THROUGH ACQUISITIONS. J F MOUTON C A OTTO STELLENBOSCH 26 MARCH 1998 PSG GROUP LIMITED (FORMERLY PAG LIMITED) REGISTRATION NUMBER 70/08484/06 REGISTERED OFFICE
1ST FLOOR OU KOLLEGE, 35 KERK STREET, STELLENBOSCH, 7600 TRANSFER SECRETARIES OPTIMUM REGISTRARS (PTY) LIMITED
4TH FLOOR, EDURA BUILDING, 41 FOX STREET, JOHANNESBURG, 2001 DIRECTORS
J F MOUTON (CHAIRMAN), L A DE WAAL, L DE WIT, J DE V DU TOIT, C F MYBURGH, H H OOSTHUIZEN, C A OTTO, L M ROUILLARD, P B SCHABORT, C C VAN DER MEULEN

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