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”) VALUE 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.
 
 
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 29 February 2016 was
 
R186.67, being 14.3% higher than the R163.28
 
reported as at 28 February 2015;
 
2. Its SOTP value per share as at 13 April 2016 was
 
R208.21;
 
 
3. For the year ended 29 February 2016:
 
 
- Recurring headline earnings per share will be
 
between 782 cents and 793 cents, being between
 
31.7% and 33.6% higher than the 593.6 cents
 
reported for the year ended 28 February 2015;
 
 
- Headline earnings per share will be between 658
 
cents and 674 cents, being between 17.7% and
 
19.6% lower than the 818.6 cents reported for
 
the year ended 28 February 2015; and
 
 
- Attributable earnings per share will be between
 
714 cents and 728 cents, being between 10.3% and
 
12% lower than the 811.3 cents reported for the
 
year ended 28 February 2015.
 
 
The increase in recurring headline earnings per share was
 
mainly as a result of strong earnings growth from PSG’s
 
core investments.
 
 
Headline earnings per share decreased as a result of a
 
non-recurring headline loss emanating from PSG Konsult’s
 
settlement of a legacy tax matter, and the incurrence of
 
unrealised marked-to-market losses on Dipeo’s (previously
 
Thembeka) listed share portfolio in contrast to
 
significant unrealised marked-to-market profits achieved
 
thereon in the prior year.
 
 
Attributable earnings per share decreased by a lower
 
percentage than headline earnings per share mainly due to
 
a dilution gain made by Capespan following Golden Wing
 
Mau’s, an associate, merger with Joyvio, both being
 
leading players in China’s fresh fruit business.
 
 
This financial information has not been reviewed or
 
reported on by the auditor of PSG. The reviewed results
 
for the year ended 29 February 2016 will be published on
 
or about 18 April 2016.
 
 
Stellenbosch
 
15 April 2016
 
 
Sponsor
 
PSG Capital
 
 
Date: 15/04/2016 04:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
 
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