Trading Statement
 
 
PSG GROUP LIMITED
 
(Incorporated in the Republic of South Africa)
 
Registration number: 1970/008484/06
 
Share code: PSG
 
ISIN code: ZAE000013017
 
(“PSG”)
 
 
PSG FINANCIAL SERVICES LIMITED
 
(Incorporated in the Republic of South Africa)
 
Registration number: 1919/000478/06
 
Share code: PGFP
 
ISIN code: ZAE000096079
 
 
SOTP AND RECURRING HEADLINE EARNINGS PER SHARE
 
 
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 investments and market related
 
valuations for 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. Marked-to-
 
market fluctuations and one-off items are excluded.
 
 
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 3 October 2014 was
 
between R117 and R118, or between 23.1% and 24.2%
 
higher than the R95.01 reported as at 28 February
 
2014; and
 
 
2. For the six month period ended 31 August 2014:
 
- Recurring headline earnings per share will be
 
between 250 cents and 255 cents, or between 28.7%
 
and 31.2% higher than the 194.3 cents reported for
 
the six months ended 31 August 2013;
 
 
- Headline earnings per share will be between 310
 
cents and 315 cents, or between 29.7% and 31.8%
 
higher than the 239 cents reported for the six
 
months ended 31 August 2013; and
 
 
- Attributable earnings per share will be between 300
 
cents and 310 cents, or between 21.9% and 25.9%
 
higher than the 246.2 cents reported for the six
 
months ended 31 August 2013.
 
 
The increase in recurring headline earnings per share and
 
headline earnings per share were due to strong
 
performances from the majority of PSG’s key investments.
 
 
Headline earnings per share is higher than recurring
 
headline earnings per share as PSG achieved significant
 
non-recurring headline marked-to-market profits in
 
respect of Thembeka’s portfolio of listed shares during
 
the period under review.
 
 
Attributable earnings per share increased by a lower
 
percentage than recurring headline earnings per share and
 
headline earnings per share, mainly because of a non-
 
headline loss in respect of goodwill impaired by an
 
associate during the period under review, as opposed to a
 
non-headline fair value gain following Capespan becoming
 
a subsidiary 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 months ended 31 August 2014 will be published
 
on SENS on or about Monday, 13 October 2014.
 
 
Stellenbosch
 
9 October 2014
 
 
Sponsor
 
PSG Capital
 
 
Date: 09/10/2014 10:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 
information disseminated through SENS.