Trading statement
Incorporated in the Republic of South Africa
Registration number 1970/008484/06
JSE share code: PSG ISIN: ZAE000013017
PSG Financial Services Limited
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 sum-of-
the-parts (“SOTP”) value and recurring headline earnings methods
to provide management and investors with a more realistic and
transparent way of evaluating PSG’s performance. PSG’s SOTP value
is calculated using the quoted market prices for all listed and
over-the-counter (“OTC”) traded unlisted investments, and market
related valuations for unquoted, 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.
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
1. As at 31 August 2012, its SOTP value per share will be between
R67.00 and R69.00 per share, or between 19,8% and 23,4% higher
than that as at 29 February 2012; and
2. For the six month period ended 31 August 2012:
- Recurring headline earnings per share will be between 162 cents
and 163 cents, or between 19,6% and 20,3% higher than that for
the six months ended 31 August 2011;
- Headline earnings per share will be between 209 cents and 211
cents, or between 102,3% and 104,3% higher than that for the
six months ended 31 August 2011; and
- Attributable earnings per share will be between 173 cents and
175 cents, or between 97,9% and 100,2% higher than that for the
six months ended 31 August 2011.
This financial information has not been reviewed or reported on by
the auditor of PSG. The unaudited results for the six months ended
31 August 2012 will be published on or about 8 October 2012.
5 October 2012
PSG Capital
Sponsor to PSG
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