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 31 August 2017 was
 
R261.05, being 8.4% higher than the R240.87
 
reported as at 28 February 2017;
 
2. For the six-month period ended 31 August 2017:
 
 
- Recurring headline earnings per share will be
 
between 410 cents and 414 cents, being between
 
0.4% lower and 0.5% higher than the 411.8 cents
 
reported for the six-month period ended 31
 
August 2016;
 
 
- Headline earnings per share will be between 360
 
cents and 365 cents, being between 22.4% and
 
23.5% lower than the 470.5 cents reported for
 
the six-month period ended 31 August 2016; and
 
 
- Attributable earnings per share will be between
 
384 cents and 390 cents, being between 18.4% and
 
19.6% lower than the 477.8 cents reported for
 
the six-month period ended 31 August 2016.
 
 
The six-month period under review saw satisfactory
 
recurring headline earnings performance from PSG’s core
 
investments offset by Zeder’s weaker performance, being
 
largely invested in the food and related sectors that
 
were negatively affected by particularly tough trading
 
conditions.
 
 
Headline earnings per share decreased following Zeder’s
 
lower contribution and marked-to-market losses incurred
 
on Dipeo’s investment portfolio, as opposed to marked-to-
 
market profits achieved in the comparative period last
 
year.
 
 
Attributable earnings per share decreased by a smaller
 
margin than headline earnings per share mainly due to
 
non-headline gains made on businesses sold during the
 
period under review.
 
 
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 unaudited results
 
for the six-month period ended 31 August 2017 will be
 
published on or about 11 October 2017.
 
 
Stellenbosch
 
6 October 2017
 
 
Sponsor
 
PSG Capital
 
 
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