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JSE PGFP PSG
PGFP PSG
PSG/PGFP - PSG Group/PSG Financial Services - Trading Statement
PSG GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number 1970/008484/06
JSE share code: PSG & ISIN: ZAE000013017
("PSG Group")
PSG Financial Services Limited
Registration number 1919/000478/06
JSE share code: PGFP & ISIN code: ZAE000096079
RECURRING HEADLINE EARNINGS
In the spirit of consistent clear and unambiguous communication to stakeholders,
management introduced the recurring headline earnings concept as the predominant
measure of PSG`s financial performance a few years ago. At the time, recurring
headline earnings was defined as reportable headline earnings in terms of
accounting standards, excluding any marked-to-market movements and one-off
items.
During the past year we revisited and fine-tuned this methodology by now
measuring recurring headline earnings on a see-through basis throughout the
group. PSG`s recurring headline earnings is the sum of its effective interest
in that of each of its underlying investees, regardless of its percentage
shareholding. The result is that investments in which PSG or an investee holds
less than 20% and is not allowed to equity account in terms of accounting
standards, are now included in the calculation of our consolidated recurring
headline earnings. This provides management and investors with a more realistic
and simple way of evaluating PSG`s financial performance.
Having applied the aforesaid principles to the prior year figures, PSG`s
recurring headline earnings for the year ended 28 February 2009 amounted to
174.3 cents per share as opposed to the 174.9 cents per share previously
reported in terms of the old methodology.
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 Group hereby advises that a reasonable degree of certainty exists that, for
the year ended 28 February 2010:
- recurring headline earnings will be between 200 cents and 213 cents per
share or between 14.7% to 22.2% higher; and
- headline earnings will be between 243 cents and 256 cents per share or
between 272.1% to 292.0% higher
than that for the year ended 28 February 2009. The increase in headline
earnings per share is mainly as a result of marked-to-market profits.
The attributable earnings per share figure cannot be calculated with a
reasonable degree of certainty at this point and an indication of what the
attributable earnings per share would be is therefore not provided.
This financial information has not been reviewed and reported on by the auditors
of PSG Group. The results for the year ended 28 February 2010 will be published
on 19 April 2010.
Stellenbosch
1 April 2010
PSG Capital (Pty) Limited
Sponsor to PSG Group
Date: 01/04/2010 12:40:01 Produced by the JSE SENS Department.
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