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Trading statement
PSG GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number: 1970/008484/06
Share code: PSG
ISIN number: ZAE000013017
(“PSG”)
PSG FINANCIAL SERVICES LIMITED
Incorporated in the Republic of South Africa
Registration number: 1919/000478/06
Share code: PGFP
ISIN number: 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. One-off items are excluded from
recurring headline earnings.
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 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 29 February 2016 was
R186.67, being 14.3% higher than the R163.28
reported as at 28 February 2015;
2. Its SOTP value per share as at 13 April 2016 was
R208.21;
3. For the year ended 29 February 2016:
- Recurring headline earnings per share will be
between 782 cents and 793 cents, being between
31.7% and 33.6% higher than the 593.6 cents
reported for the year ended 28 February 2015;
- Headline earnings per share will be between 658
cents and 674 cents, being between 17.7% and
19.6% lower than the 818.6 cents reported for
the year ended 28 February 2015; and
- Attributable earnings per share will be between
714 cents and 728 cents, being between 10.3% and
12% lower than the 811.3 cents reported for the
year ended 28 February 2015.
The increase in recurring headline earnings per share was
mainly as a result of strong earnings growth from PSG’s
core investments.
Headline earnings per share decreased as a result of a
non-recurring headline loss emanating from PSG Konsult’s
settlement of a legacy tax matter, and the incurrence of
unrealised marked-to-market losses on Dipeo’s (previously
Thembeka) listed share portfolio in contrast to
significant unrealised marked-to-market profits achieved
thereon in the prior year.
Attributable earnings per share decreased by a lower
percentage than headline earnings per share mainly due to
a dilution gain made by Capespan following Golden Wing
Mau’s, an associate, merger with Joyvio, both being
leading players in China’s fresh fruit business.
This financial information has not been reviewed or
reported on by the auditor of PSG. The reviewed results
for the year ended 29 February 2016 will be published on
or about 18 April 2016.
Stellenbosch
15 April 2016
Sponsor
PSG Capital
Date: 15/04/2016 04:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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