Pick n Pay Group of Companies financial statements
Notes to the Group financial statements
for the period ended

		Pick n Pay Stores Group				Pick n Pay Holdings Group
			364 days to   2 March   2014   Rm	368 days to   3 March   2013   Rm			364 days to   2 March   2014   Rm	368 days to   3 March   2013   Rm
13.	DEFERRED TAX ASSETS
	The movement in deferred tax assets are as follows:
	At beginning of period		174.4	116.5			174.4	116.5
	Recognised in the statement of comprehensive income (note 6)		59.9	58.5			59.9	58.5
	Participation in export partnerships		4.9	6.7			4.9	6.7
	Property, plant and equipment and intangible assets		17.3	(12.4)			17.3	(12.4)
	Net operating lease liability		25.6	19.6			25.6	19.6
	Retirement benefits and actuarial gains		(1.1)	(2.5)			(1.1)	(2.5)
	Prepayments		(0.3)	(0.2)			(0.3)	(0.2)
	Allowance for impairment losses		8.3	13.6			8.3	13.6
	Income and expense accruals		5.2	33.7			5.2	33.7
	Recognised in other comprehensive income (note 6)
	Tax effect of remeasurement of retirement scheme assets		(22.2)	(0.6)			(22.2)	(0.6)
	At end of period		212.1	174.4			212.1	174.4
	Comprising:
	Participation in export partnerships		(30.4)	(35.3)			(30.4)	(35.3)
	Property, plant and equipment and intangible assets		(123.3)	(140.6)			(123.3)	(140.6)
	Net operating lease liability		231.8	206.2			231.8	206.2
	Retirement benefits and actuarial gains		(23.9)	(0.6)			(23.9)	(0.6)
	Prepayments		(5.2)	(4.9)			(5.2)	(4.9)
	Allowance for impairment losses		55.8	47.5			55.8	47.5
	Income and expense accruals		107.3	102.1			107.3	102.1
			212.1	174.4			212.1	174.4

The Group has approximately R120.0 million (2013: R132.6 million) of estimated tax losses available for set-off against future taxable income, for which no deferred tax assets have been raised.