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
18.	NET CASH AND CASH EQUIVALENTS
	Cash and cash equivalents		1 540.3	1 255.7			1 540.3	1 255.7
	Bank overdraft and overnight borrowings		(670.0)	(1 525.6)			(670.0)	(1 525.6)
	Bank overdraft		—	(25.6)			—	(25.6)
	Overnight bank borrowings		(670.0)	(1 500.0)			(670.0)	(1 500.0)
	Net cash and cash equivalents at end of period		870.3	(269.9)			870.3	(269.9)

	Cash and cash equivalents
	Cash and cash equivalents 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. The interest rate on the current account was 4.8% per annum (2013: 4.5% per annum).
	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 7.5% per annum (2013: 7.0% per annum).
	Overnight bank borrowings
	The Group utilised overnight bank borrowings during the period. Interest rates varied between 5.4% per annum and 6.3% per annum (2013: Varied between 5.3% per annum and 6.0% per annum).