Trading Statement
 
 
PSG GROUP LIMITED
 
Incorporated in the Republic of South Africa
 
Registration number: 1970/008484/06
 
JSE Limited (“JSE”) share code: PSG
 
ISIN code: ZAE000013017
 
(“PSG”)
 
 
PSG FINANCIAL SERVICES LIMITED
 
Incorporated in the Republic of South Africa
 
Registration number: 1919/000478/06
 
JSE share code: PGFP
 
ISIN code: 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. Once-off items are excluded from
 
recurring headline earnings.
 
 
TRADING STATEMENT
 
 
In terms of the Listings Requirements of the JSE, 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 2017 was
 
R240.87, being 29% higher than the R186.67 reported
 
as at 29 February 2016;
 
2. For the year ended 28 February 2017:
 
 
- Recurring headline earnings per share will be
 
between R9.20 and R9.30, being between 16.8% and
 
18.0% higher than the R7.88 reported for the
 
year ended 29 February 2016;
 
 
- Headline earnings per share will be between
 
R9.95 and R10.05, being between 49.4% and 50.9%
 
higher than the R6.66 reported for the year
 
ended 29 February 2016; and
 
 
- Attributable earnings per share will be between
 
R10.05 and R10.15, being between 39.4% and 40.8%
 
higher than the R7.21 reported for the year
 
ended 29 February 2016.
 
 
The year under review saw resilient recurring headline
 
earnings performance from the majority of PSG’s core
 
investments.
 
 
Headline earnings per share increased by a higher margin
 
than that of recurring headline earnings per share mainly
 
due to marked-to-market profits achieved on Dipeo’s
 
investment portfolio, as opposed to marked-to-market
 
losses incurred in the prior year.
 
 
Attributable earnings per share increased by a smaller
 
margin than headline earnings per share mainly due to the
 
non-recurrence of non-headline dilution gains made from
 
an accounting perspective on associates in the prior
 
year.
 
 
PSG’s live SOTP is available on its website at
 
www.psggroup.co.za.
 
 
This financial information has not been reviewed or
 
reported on by the auditor of PSG. The reviewed results
 
for the year ended 28 February 2017 will be published on
 
or about 19 April 2017.
 
 
Stellenbosch
 
12 April 2017
 
 
Sponsor
 
PSG Capital
 
 
Date: 12/04/2017 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
 
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