Trading Statement
Incorporated in the Republic of South Africa
Registration number: 1970/008484/06
JSE Limited (“JSE”) share code: PSG
ISIN code: ZAE000013017
Incorporated in the Republic of South Africa
Registration number: 1919/000478/06
JSE share code: PGFP
ISIN code: ZAE000096079
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
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.
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
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
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
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.
6 October 2017
PSG Capital
Date: 06/10/2017 04:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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