PGFP PSG
 
PSG/PGFP - PSG Group Limited/ PSG Financial Services Limited - Recurring
 
headline earnings and Trading statement
 
PSG Group Limited
 
(Incorporated in the Republic of South Africa)
 
Registration number: 1970/008484/06
 
JSE share code: PSG
 
ISIN number: ZAE000013017
 
("PSG")
 
PSG Financial Services Limited
 
(Incorporated in the Republic of South Africa)
 
Registration number: 1919/000478/06
 
JSE share code: PGFP
 
ISIN number: ZAE000096079
 
RECURRING HEADLINE EARNINGS
 
PSG continues to use the recurring headline earnings method to provide
 
management and investors with a more realistic and transparent way of evaluating
 
PSG's earnings performance. Recurring headline earnings represent the sum of
 
PSG's effective interest in that of each investment, regardless of its
 
percentage shareholding. The result is that investments in which PSG or an
 
underlying investment holds less than 20% and are generally not equity
 
accountable in terms of accounting standards, are included in the calculation of
 
our consolidated recurring headline earnings. Marked-to-market fluctuations and
 
one-off items are excluded.
 
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 aware 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, for the
 
six months ended 31 August 2011:
 
* recurring headline earnings will be between 135 cents and 136 cents per
 
share or between 21,3% to 22,2% higher; and
 
* headline earnings will be between 103 cents and 104 cents per share or
 
between 24,1% to 24,8% lower; and
 
* attributable earnings will be between 87 cents and 88 cents per share or
 
between 29,6% to 30,4% lower
 
than that for the six months ended 31 August 2010.
 
The increase in recurring headline earnings was primarily as a result of
 
Capitec's exceptional performance. The decrease in headline and attributable
 
earnings was mainly as a result of a marked-to-market loss incurred on PSG
 
Financial Services Ltd's interest rate hedge during the past six months as
 
opposed to marked-to-market profits achieved in Thembeka's investment portfolio
 
of listed shares during the same period last year.
 
This financial information has not been reviewed or reported on by the auditor
 
of PSG. The results for the six months ended 31 August 2011 will be published on
 
or about 17 October 2011.
 
Stellenbosch
 
7 October 2011
 
PSG Capital
 
Sponsor to PSG
 
Date: 07/10/2011 17:00:03 Produced by the JSE SENS Department.
 
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