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
2.	REVENUE
	Turnover		63 117.0	59 271.3			63 117.0	59 271.3
	Interest received		44.3	42.8			44.3	42.8
	Bank balances and investments		32.3	30.0			32.3	30.0
	Trade and other receivables		8.2	9.7			8.2	9.7
	Staff loans and other		3.8	3.1			3.8	3.1
	Other trading income*		500.6	518.9			500.6	518.9
	Franchise fee income		311.2	321.5			311.2	321.5
	Operating lease income (note 11)		77.8	75.8			77.8	75.8
	Commissions and other income		111.6	121.6			111.6	121.6
			63 661.9	59 833.0			63 661.9	59 833.0

	The Group has a customer loyalty programme, smart shopper, whereby customers are rewarded with smart shopper points (reward credits) which are effectively redeemed as cash against future purchases. At period end the Group has deferred revenue of R92.3 million (2013: R139.8 million) which represents the fair value of the smart shopper points granted and yet to be redeemed, adjusted for an expected forfeiture rate of 25.0% (2013: 25.0%) (refer note 23).
	*	During the period under review, trading income previously included under cost of merchandise sold has been reclassified and disclosed separately. This has been done to improve visibility of all other trading income, specifically commissions received. The prior year has been restated to align with the current year disclosures (refer to note 31).