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| Pick n Pay Stores Limited and its subsidiaries |
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GROUP |
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2009 |
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2008 |
| 11. |
INVESTMENT IN ASSOCIATE |
Country |
Ownership |
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Ownership |
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The Group has the following investment in an associate: |
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TM Supermarkets (Pvt) Limited |
Zimbabwe |
25%
Rm |
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25%
Rm |
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At 1 March |
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— |
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9.1 |
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Current share of profit |
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— |
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— |
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Impairment recognised |
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— |
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(9.1) |
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At 28 February |
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— |
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— |
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Comprising: |
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Cost of investment |
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5.0 |
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5.0 |
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Share of post-acquisition profits |
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68.1 |
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68.1 |
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Impairment recognised |
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(73.1) |
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(73.1) |
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Summary financial information of TM Supermarkets (Pvt) Limited – now presented in US dollars (comparative figures have not been provided as no meaningful US dollar amounts could be determined) |
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100% |
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US$m |
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Assets |
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13.3 |
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Liabilities |
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6.2 |
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Equity |
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7.1 |
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Turnover |
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15.2 |
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Profit for the year |
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1.4 |
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Due to the uncertain economic, political and social climate in Zimbabwe, an annual impairment review is performed on the value of the Group’s investment in TM Supermarkets (Pvt) Limited. In the prior year this investment was fully impaired down to a value of Rnil. Currently there is no evidence to support carrying this investment at a value exceeding Rnil. The Group is still unable to remit any dividends from Zimbabwe due to the lack of available foreign exchange. |
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