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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