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PSG GROUP LIMITED - ANNOUNCEMENT
PSG GROUP LIMITED
(Registration number 1970/008484/06)
Share Code: PSG
ISIN: ZAE000013017
("PSG Group")
PSG Group has been requested by the JSE Securities Exchange South Africa to
reflect, in its income statement and balance sheet, its proprietary
investments on a line by line consolidated basis in terms of AC 132. The
attached summarized income statement and balance sheet show the effect and
are also available on our website (www.psg.co.za). It is clear from the
information provided that there are no changes to the substance of PSG
Group`s income statement and balance sheet and the stated net asset value
remains unchanged.
Annexure A.2
CONSOLIDATED INCOME STATEMENT
GROUP PROPRIETARY GROUP
CONSOLIDATED
INVESTMENTS
as published adjusting adjusted
entries
28.02.2002 28.02.2002 28.02.2002
R `000 R `000 R `000
Income
Revenue 394,239 394,239
Cost of sales 320,281 320,281
Gross profit - 73,958 73,958
Net interest income 364,053 364,053
Investment income 159,737 159,737
Other operating income 215,717 (44,247) 171,470
Other income 11,148 11,148
Total income 739,507 40,859 780,366
Expences
Employee compensation 240,045 240,045
and benefits
Operating expenses 274,100 36,839 310,939
Net income from normal 225,362 4,020 229,382
operations
Financing costs (16,116) (4,020) (20,136)
Income from associated 37,994 37,994
companies
Goodwill amortisation (25,719) (25,719)
Exceptional items 25,828 25,828
Net income before 247,349 - 247,349
taxation
Taxation (83,608) (83,608)
Net income of the 330,957 - 330,957
group
Attributable to 158,041 158,041
outside shareholders
Earnings attributable 172,916 - 172,916
to ordinary
shareholders
Annexure A.1
CONSOLIDATED BALANCE SHEET
GROUP PROPRIETARY GROUP
CONSOLIDATED
INVESTMENTS
as published adjusting adjusted
entries
28.02.2002 28.02.2002 28.02.2002
R `000 R `000 R `000
Assets
Fixed assets 155,972 136,982 292,954
Net intangible assets 99,214 1,000 100,214
Investment in associated
companies 268,084 8,032 276,116
Investments of long-term
insurance subsidiary 371,606 371,606
Other investments and
non-current assets 118,538 12,344 130,882
Assets of proprietary
consolidated investments 261,776 (261,776) -
Deferred tax asset 270,085 987 271,072
Accounts receivable 146,001 102,431 248,432
Loans and advances 1,073,214 1,073,214
Investment and trading
Securities 557,237 557,237
Short term money market assets 656,364 656,364
Cash and short-term funds 498,995 498,995
Total assets 4,477,086 - 4,477,086
Shareholders` funds
Share capital 1,200 1,200
Share premium 382,820 382,820
Non-distributable reserves 23,576 23,576
Retained earnings 810,386 810,386
Ordinary shareholders` funds 1,217,982 - 1,217,982
Outside shareholders` funds 910,327 910,327
Total shareholders` funds 2,128,309 - 2,128,309
Liabilities
Deposits and current accounts 1,339,313 1,339,313
Policyholders` funds 372,146 372,146
Long-term liabilities 75,000 43,993 118,993
Deferred tax liability 1,475 14,480 15,955
Liabilities of proprietary
consolidated investments 170,085 (170,085) -
Accounts payable 292,352 107,724 400,076
Provisions 13,514 13,514
Current tax liabilities 3,734 3,888 7,622
Short-term borrowings 81,158 81,158
Total liabilities 2,348,777 - 2,348,777
Total shareholders` funds
and liabilities 4,477,086 - 4,477,086
Date: 25/06/2002 05:16:22 PM Produced by the SENS Department
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