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 Financial Services Limited
(Incorporated in the Republic of South Africa)
Registration number: 1919/000478/06
JSE share code: PGFP
ISIN number: ZAE000096079
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.
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.
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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