| Group | |||
| 2013 | 2012 | ||
| Rm | Rm | ||
| 19. | Cash and cash equivalents | ||
| 1 255.7 | 1 271.7 | ||
| Cash at bank and cash on hand | 1 255.7 | 271.7 | |
| Cash investments | — | 1 000.0 | |
| (1 525.6) | — | ||
| Bank overdraft | (25.6) | — | |
| Overnight bank borrowings | (1 500.0) | — | |
| At end of period | (269.9) | 1 271.7 | |
| Cash at bank and cash on hand Cash at bank and cash on hand includes cash floats at stores as well as the Group’s current account balance. The Group’s primary banker, which has a long-term credit rating of AAA (zaf), facilitates the collection of cash at stores, provides general banking facilities and facilitates the payment of suppliers via an electronic banking platform. Interest rates earned on current account balances are linked to the South African prime rate of 8.5% p.a. (2012: 9.0% p.a.) |
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| Cash investments The Group invests surplus cash throughout the year in money market funds with low levels of risk and high levels of liquidity. The funds are exposed primarily to the top 4 South African banks and have minimum rating requirements of AA (zaf). Nominal returns on the funds varied between 5.3% p.a. and 5.6% p.a. (2012: 5.7% p.a.) |
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| Bank overdraft The bank overdraft is secured by an unlimited suretyship given by Pick n Pay Stores Limited and certain subsidiary companies. The average interest rate on the overdraft was 7.0% p.a. (2012: 7.5% p.a.) |
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| Overnight bank borrowings The Group utilised overnight bank borrowings during the period. Interest rates varied between 5.3% p.a. and 6.0% p.a. (2012: 5.8% p.a.) |