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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