PSG Group Ltd \PSG Financial Services Ltd - 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
 
 
SUM-OF-THE-PARTS (“SOTP”) AND RECURRING HEADLINE EARNINGS
 
 
PSG, an investment holding company, continues to use the
 
SOTP value and recurring headline earnings per share
 
benchmarks to provide management and investors with a
 
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. One-off items are excluded from
 
recurring headline earnings.
 
 
RESTATEMENT OF COMPARATIVES
 
 
The comparative results have been restated following
 
Capespan’s early adoption of amendments made to IAS 41
 
Biological Assets applicable retrospectively to bearer
 
plants and its change in the accounting treatment of an
 
existing lease arrangement.
 
 
The result of aforementioned restatements on PSG is as
 
follows:
 
 
- Recurring headline earnings per share for the
 
previous financial year ended 28 February 2014
 
amounts to 448.8 cents instead of 446.9 cents;
 
 
- Headline earnings per share for the previous
 
financial year ended 28 February 2014 amounts to
 
553.2 cents instead of 551.3 cents; and
 
 
- Attributable earnings per share for the previous
 
financial year ended 28 February 2014 amounts to
 
578.5 cents instead of 574.9 cents.
 
 
The full particulars of the aforementioned restatements
 
will be included in the announcement of PSG’s reviewed
 
financial results for the year ended 28 February 2015.
 
 
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 28 February 2015 was
 
R163.28, being 71.9% higher than the R95.01
 
reported as at 28 February 2014;
 
 
2. Its SOTP value per share as at 7 April 2015 was
 
R195.02;
 
 
3. For the year ended 28 February 2015:
 
 
- Recurring headline earnings per share will be
 
between 590 cents and 597 cents, or between
 
31.5% and 33% higher than the 448.8 cents
 
reported for the year ended 28 February 2014;
 
 
- Headline earnings per share will be between 814
 
cents and 823 cents, or between 47.1% and 48.8%
 
higher than the 553.2 cents reported for the
 
year ended 28 February 2014; and
 
 
- Attributable earnings per share will be between
 
806 cents and 816 cents, or between 39.3% and
 
41.1% higher than the 578.5 cents reported for
 
the year ended 28 February 2014.
 
 
The increase in recurring headline earnings per share was
 
primarily due to commendable recurring headline earnings
 
per share growth from Capitec (26%), PSG Konsult (31%)
 
and Zeder (15%).
 
 
Headline earnings per share increased by a larger margin
 
than recurring headline earnings per share mainly due to
 
marked-to-market profits achieved on listed shares held
 
by PSG’s associated BEE investment holding company
 
(previously Thembeka).
 
 
Attributable earnings per share increased by a smaller
 
margin than headline earnings per share mainly due to
 
non-headline impairments of intangible assets.
 
 
This financial information has not been reviewed or
 
reported on by the auditor of PSG. The reviewed results
 
for the year ended 28 February 2015 will be published on
 
or about 15 April 2015.
 
 
Stellenbosch
 
10 April 2015
 
 
Sponsor
 
PSG Capital
 
 
Date: 10/04/2015 03:27:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
 
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