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
21.	BORROWINGS
21.1	Secured and unsecured borrowings
	Secured		784.9	804.0			784.9	804.0
	Secured loan in respect of property with a carrying value of R65.6 million (2013: R70.0 million) (note 10) bearing interest at a fixed annual rate of 11.4% and payable monthly in arrears over a 15-year period, ending on 28 October 2018.		50.3	58.0			50.3	400.0
	Secured loan in respect of property with a carrying value of R559.3 million (2013: R579.3 million) (note 10). Interest is payable every six months in arrears at a fixed rate of 8.8% per annum. The capital is repayable on 29 June 2015.		250.0	250.0			250.0	400.0
	Secured loan raised to fund property development. The loan is secured by property with a carrying value of R559.3 million (2013: R579.3 million) (note 10). Interest is payable every six months in arrears at a fixed rate of 8.9% per annum. The capital is repayable on 28 August 2016.		400.0	400.0			400.0	400.0
	Finance leases in respect of vehicles with a carrying value of R93.9 million (2013: R97.3 million) (note 10) held under finance lease agreements bearing interest at prime bank rate less 2% and payable monthly in arrears over a four-year period (refer note 21.2). At the end of the lease period the Group has the option to refinance or settle the lease and take ownership of the asse t. Lease agreements do not contain any escalation or penalty clauses.		84.6	96.0			8 4.6.0	96.0
	Unsecured		700.0	400.0			700.0	400.0
	Unsecured three-month corporate paper, issued under our Domestic Medium Term Note Programme, to fund capital projects. The notes are repayable on 12 May 2014 and 22 May 2014 (2013: 23 May 2013) and carry variable interest rates of 17 basis points above the three-month Jibar rate of 5.7% per annum (2013: 5.5% per annum)		700.0	400.0			700.0	400.0
	Total borrowings at end of period		1 484.9	1 204.0			1 484.9	1 204.0
	Less: Current portion (repayable within one year)		(737.8)	(431.5)			(737.8)	(431.5)
	Non-current portion (repayable after one year)		747.1	772.5			747.1	772.5
21.2	Finance lease commitments
	At end of period finance lease rentals are payable as follows:
	Cash flows within one year		31.2	27.4			31.2	27.4
	Capital repayments		29.1	23.8			29.1	23.8
	Interest		2.1	3.6			2.1	3.6
	Cash flows within two to five years		59.4	77.3			59.4	77.3
	Capital repayments		55.5	72.2			55.5	72.2
	Interest		3.9	5.1			3.9	5.1
	Total cash flows		90.6	104.7			90.6	104.7
	Consisting of:
	Capital repayments		84.6	96.0			84.6	96.0
	Interest		6.0	8.7			6.0	8.7