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| NOTES TO FINANCIAL INFORMATION |
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Accounting policies comply with South African
Statements of Generally Accepted Accounting
Practice ("SA GAAP") and, except as stated
in note 4, are consistent with those applied
in the previous year. The financial information
has been reviewed by KPMG Inc., whose unqualified
review opinion is available for inspection
at the Company's registered office. It is
anticipated that an unqualified audit opinion
will be issued in due course once the annual
financial statements have been audited.
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Revenue comprises turnover, other income,
interest received and dividends received.
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Headline earnings of R552.5 million (2003:
R497.7 million) is net profit for the year
adjusted for the add back of goodwill amortisation
and exceptional items.
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During the year the Group changed the following
accounting policies to comply with SA GAAP:
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To comply with AC 132 the Pick 'n Pay
Share Purchase Trust, which holds both
Stores and Pikwik shares, is now consolidated.
This change has not had an effect on
earnings in the current or prior year,
however it has had an effect on the
earnings per share due to the treasury
shares held by the trust. The prior
year figures have been restated and
now include the Pikwik shares as an
investment at cost and the Stores treasury
shares in equity.
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To comply with AC 133 listed investments
are now valued at market value and the
participation in export partnerships
are reflected at amortised cost using
the effective interest rate method.
In accordance with the adoption provisions
of AC 133 an adjustment has been made
to the Group's reserves at the beginning
of the year and no adjustment has been
made to prior year figures.
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The weighted average number of shares is
lower than that in issue due to the treasury
shares held by the Group being treated as
cancelled for this calculation.
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Effective 1 April 2004 the Boardmans division
was sold for net asset value plus goodwill
of R26 million.
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