Pick n Pay Stores Limited and its subsidiaries
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18. DISCONTINUED OPERATION
 

The Group has committed to the closure of its subsidiary, Score Supermarkets Operating Limited (Score). The Score stores will be closed and the property, equipment and vehicles sold. Many of the sites will be sub-let to black franchisees and will be converted into Pick n Pay Family Franchise stores. The closure of the Score operation will be predominantly complete by 28 February 2010 and will result in the discontinuation of the Score brand.
Score has been presented as a discontinued operation in the financial year to 28 February 2009 and the comparative information has been restated accordingly. Previously Score was reflected as a part of the Southern African segment within the segmental report.
The salient financial information of Score is as follows:
    GROUP  
    2009       2008    
    Rm       Rm    
  Income statement          
  Revenue 2 073.0       2 910.3    
  Turnover 2 070.8       2 906.4    
  Trading expenses 512.4       606.4    
  Loss on sale of equipment and vehicles 3.9       —    
  Trading loss for the year 123.0       35.2    
  Loss for the year 118.5       31.3    
  Loss from operations 109.4       31.3    
  Losses recognised on the remeasurement of the carrying value of assets 9.1       —    
  Balance sheet          
  Non-current assets 14.3       182.2    
  Intangible assets 0.8       1.4    
  Property, equipment and vehicles —       177.0    
  Loans 2.4       3.8    
  Operating lease asset 11.1       —    
  Current assets 301.7       306.8    
  Inventory 157.2       266.3    
  Trade and other receivables 20.4       15.1    
  Cash and cash equivalents 61.5       25.4    
  Assets held for sale* 62.6       —    
  Total assets 316.0       489.0    
  Equity          
  Capital and reserves (12.3)      85.1    
  Non-current liabilities          
  Operating lease liability 55.8       54.9    
  Current liabilities 272.5       349.0    
  Trade and other payables 271.9       348.9    
  Tax 0.6       0.1    
  Total equity and liabilities 316.0       489.0    
  Cash flow statement          
  Net cash (used in)/from operating activities (56.1)      8.5    
  Net cash from/(used in) investing activities 68.9       (9.3)   
  Net cash from financing activities —       —    
  Inter-company rental and interest eliminated on consolidation 23.3     —    
  Net increase/(decrease) in cash and cash equivalents 36.1       (0.8)   
  * Assets held for sale include fixed assets only. All other assets and liabilities will be received and paid in the ordinary course of trade.