PSG GROUP LIMITED - SOTP and recurring headline earnings, trading statement

SOTP and recurring headline earnings, 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 Ltd, 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 2013 will
     be between R70 and R75, or between 25.2% and 34.1%
     higher than that as at 29 February 2012; and

2.   For the year ended 28 February 2013:
-   Recurring headline earnings per share will be
    between 390 cents and 395 cents, or between 26.4%
    and 28% higher than that for the year ended 29
    February 2012;

-   Headline earnings per share will be between 477
    cents and 482 cents, or between 46.2% and 47.8%
    higher than that for the year ended 29 February
    2012; and

-   Attributable earnings per share will be between 623
    cents and 628 cents, or between 54.1% and 55.3%
    higher than that for the year ended 29 February
    2012.

The increase in recurring headline earnings per share was
again predominantly due to Capitec Bank Holdings Ltd’s
(“Capitec”) exceptional performance.

The increase in non-recurring headline earnings was
mainly as a result of substantial marked-to-market
profits achieved in Thembeka Capital Ltd’s portfolio of
listed shares in the current financial year.

The increase in attributable earnings per share was
mainly as a result of the non-headline profits made on
the disposal of PSG’s Capitec rights offer shares and
Zeder Investments Ltd’s disposal of a 15.1% interest in
Capevin Holdings Ltd.

This financial information has not been reviewed or
reported on by the auditor of PSG. The reviewed results
for the year ended 28 February 2013 will be published on
SENS on or about 15 April 2013.

Stellenbosch
11 April 2013

Sponsor
PSG Capital

Date: 11/04/2013 05:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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