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| NOTES TO FINANCIAL INFORMATION |
- Accounting policies comply with South African
Statements of Generally Accepted Accounting
Practice and 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.
- Revenue comprises turnover, other income,
interest received and dividends received.
- During the year Pick 'n Pay Stores Limited
issued 2 690 000 shares pursuant to the take-up
of share options under the 1997 share option
scheme.
- Treasury shares held by the Group are treated
as cancelled for the weighted average number
of shares calculation.
- Effective 1 April 2004 the Boardmans Division
was sold for net asset value plus goodwill
of R26 million. The profit on sale is the
amount received for goodwill after transaction
costs.
- The South African Revenue Services has
concluded an agreement with the managing partner
and its export partners regarding the tax
treatment of a group company's participation
in export partnerships. This agreement has
no material effect on current or future earnings.
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