Wrap Text
Audited summarised consolidated results for the annual financial period ended 3 March 2013
PIK/PWK - Pick n Pay Stores Limited/Pick n Pay Holdings Limited - Audited summarised consolidated results for the
annual financial period ended 3 March 2013
PICK n PAY STORES LIMITED
(the Group or the Company)
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA - Reg. no. 1968/008034/06
Share code: PIK ISIN code: ZAE000005443
KEY INDICATORS
Continuing operations 2013 2012 Change
Turnover R59.3 billion R55.3 billion 7.1%
Headline earnings per share (cents) 111.30 cents 160.78 cents (30.8%)
EBITDA (R million) R1 793.1 million R2 073.7 million (13.5%)
Total dividend per share 84.00 cents 130.85 cents (35.8%)
Pick n Pay is a great business. But the past few years have been challenging, and this has been reflected in our
financial results. We are a growing business in a growing market. Weve served more customers and sold more product this
year than we did last year. However, we have delivered a disappointing result as we failed to turn those sales into
sufficient profit. We have invested heavily to build a better future for Pick n Pay. These investments have yet to
generate sufficient value for our customers and shareholders. We are intensely focused on improving the shopping experience
for our customers and delivering better returns for our shareholders.
REVIEW OF OPERATIONS
The Group experienced a challenging trading period against a backdrop of depressed economic growth, waning consumer
confidence, high levels of household cost inflation and increasing competition in the marketplace, resulting in
unsatisfactory turnover growth of 7.1%. Operating profit at R808.9 million, 30.9% below last financial period, reflects our
weak trading performance. We have invested heavily in the business and we now need to ensure we deliver the benefits.
We are a scale business that is growing. The Group opened 107 stores during the year, ending with 992, consisting of
570 company owned and 422 franchise stores across multiple formats and in 8 geographies. In addition 49 stores are
operated in Zimbabwe by our associate TM Supermarkets. Our customer count increased by 4.3% and we serviced our customers
with close on 750 million transactions. More than half of South African consumers regularly shop with us (source: AMPS
2012). Close on 60% of the Groups turnover is through smartshopper, the largest loyalty programme in South Africa.
Every second our business is open 10 smartshopper cards are swiped in our stores.
During the past two years, as part of our business improvement plan, we implemented centralised specialist category
buying, invested in our central distribution capability and worked on improving our service and offering to our customers.
We have achieved the following notable milestones in the current financial period under review:
- The successful opening of our second major distribution centre in Philippi in the Western Cape.
- Significant operational efficiencies achieved by taking the management of our distribution centre in Longmeadow,
Johannesburg, in-house.
- The bedding down of our category buying team, which has brought a major change in the way we develop the product
offer for our customers.
The costs related to these business improvement initiatives have contributed to increased operating expenses in the
financial result.
FINANCIAL REVIEW
During the review period the Group adopted a 52 week financial reporting calendar for all future annual financial
periods. This change will align financial reporting with Group operational structures. As a result, the 2013 annual
financial period ended on 3 March 2013 compared to 29 February 2012 in the comparative period. The effect of the
additional trading days is included in the 2013 reporting period.
The Group is managed through two divisions, the South Africa Division and the Africa Division. The South Africa
Division operates in various formats under the Pick n Pay and Boxer brands. The Africa Division is responsible for the
Groups emerging expansion into the rest of Africa and operates in Namibia, Lesotho, Swaziland, Mozambique, Mauritius,
Botswana, Zimbabwe and Zambia.
Number of stores
2012 Opened Closed Conversion 2013
Company owned
Pick n Pay 374 45 (1) 2 420
Hypermarkets 20 - - - 20
Supermarkets 174 10 (1) 2 185
Clothing 62 14 - - 76
Liquor 117 18 - - 135
Pharmacy 1 3 - - 4
Boxer 129 23 (3) 1 150
Supercities 3 7 (1) - 9
Superstores 96 7 - 1 104
Hardware 13 2 - - 15
Liquor 8 5 (1) - 12
Punch 9 2 (1) - 10
Total company owned 503 68 (4) 3 570
Franchise
Pick n Pay
Family 215 8 (1) (2) 220
Score Conversions 45 - - (2) 43
Mini Market 21 1 - 1 23
Daily 1 - - - 1
Express 9 8 - - 17
Clothing 12 1 - - 13
Liquor 85 21 (1) - 105
Total franchise 388 39 (2) (3) 422
Total Group stores 891 107 (6) - 992
African footprint 95 11 (2) - 104
Pick n Pay company owned 9 1 - - 10
Pick n Pay franchise 36 10 (1) - 45
TM Supermarkets associate 50 - (1) - 49
Turnover
Group turnover increased by 7.1% to R59.3 billion (2012: R55.3 billion). The increase is 6.3% if the impact of the
change in reporting calendar is excluded. Inflation for the period was 5.9%. Like-for like turnover growth was 3.0%
and 107 new stores contributed 5.2% to our trading space and 3.3% to sales.
The South Africa division, representing the majority of the Groups operations, experienced positive growth in number
of stores, customers and volumes, underpinning the broad appeal of the Groups brands. Turnover was however negatively
affected by the difficult trading environment and the transport strike during September and October 2012. The strike
caused major supply chain disruption, resulting in out-of-stock positions with a consequential negative impact on
turnover across all our brands.
The Africa division increased segmental turnover by 35.0% to R2.7 billion during the review period. This division is
becoming a sizable business, with store openings in Zambia, Namibia, Swaziland, Lesotho and Mauritius contributing to
strong growth, albeit off a small base. The Group is focused on our core South African business but will continue to
look for profitable growth opportunities in the rest of Africa.
Gross margin
The Groups gross margin reduced to 17.7% from 18.0% in a highly competitive market that necessitated investment in
price. A number of factors further contributed to the lower margin:
- We launched a targeted promotion in the latter part of the financial year in a determined and successful effort to
clear out under-performing inventory lines.
- Distribution costs are included in the Groups gross profit. During the financial period, once-off costs were
incurred to bring the management of our Longmeadow distribution centre in Gauteng in-house.
- The Group also opened a new distribution centre in Philippi in Cape Town with the expected related initial startup
costs. Our investment in the distribution channel is focused on improving product availability and freshness for our
customers.
Shrinkage across the Group remained well controlled and within industry benchmarks.
Trading profit
The trading margin decreased from 2.3% to 1.4% as a result of the reduction in gross margin and our investment in
people and infrastructure.
Operating expenses increased by 11.5% compared to turnover growth of 7.1%. Apart from the business improvement costs,
the following also contributed to the increase:
- The Group is South Africas largest acceptor of electronic tender. A significant increase in credit card sales
participation is a concerning indicator that customers are supplementing household income with debt.
- Occupancy costs increased in line with the Groups expansion strategy.
- Short term cost increase due to the overlap of regional and centralised structures as we transition to centralised
buying and administration. Increased efficiencies from the new structure will contribute to future profitability.
- Employee costs were well managed, with an increase of 6.3%, especially when taking into account the increase in our
store footprint.
Interest and tax
The net interest expense of R88.5 million (2012: R95.6 million) was well managed and the Groups effective tax rate
decreased from 34.9% to 31.9% due to the replacement of STC with a dividend withholding tax.
Earnings per share
Headline earnings per share (HEPS) from continuing operations decreased by 30.8% from 160.78 cents to 111.30 cents and
the change in the financial reporting calendar made a positive contribution to HEPS. The additional trading days
included in the 2013 result contributed 6.09 cents per share to HEPS and, if excluded, the decrease on the prior period is
34.6%.
Basic earnings per share, including discontinued operations decreased by 50.6% from 233.21 cents to 115.14 cents per
share as the prior period result included a non-recurring after tax profit of R438 million on the disposal of Franklins,
our discontinued Australian operation.
Financial position
The financial position of the Group as at 3 March 2013 was also impacted by the change in reporting close off date due
to the changeover to a 52 week reporting calendar. During the additional days, a net cash outflow of R1.1 billion was
recorded, which related mainly to the payment of trade creditors. Although cash balances were reduced, this did not have
an impact on the net working capital of the Group.
When evaluating the Groups financial position, it is more appropriate to consider the movement in net working capital
in order to eliminate cut off impacts and ensure year-on-year comparability. The decrease in net working capital during
the reporting period was predominantly due to increases in inventory and trade and other receivables.
The 20% increase in inventory is a result of the following:
- Provisioning of the new Western Cape distribution centre in Philippi and expanding our store footprint, ensuring
that our customer offering is accessible and convenient.
- Increase in imported merchandise to strengthen the customer offering in our Hypermarkets.
If these factors are taken into account our inventory levels are in line with those of the comparable period.
The increase of R240 million in trade and other receivables relates to the change in reporting cut-off and 39 new
franchisee stores. Franchise receivables were well controlled, but our exposure to emerging market franchisees has resulted
in some challenges.
Cash outflows during the period related to the settlement of loan funding of R250 million and capital expenditure of
R1.3 billion. More than half of capital expenditure consisted of expanding our store base and improving the customer
experience in existing stores.
Capital commitments to the value of R1.8 billion are planned for the next financial period. More than half will be
focused on an increase in our footprint and convenience offering to the customer. We will add trading space via more than a
100 stores and improve our existing stores to ensure an improved customer experience.
Shareholder dividends
The Group maintains a dividend cover at 1.33 times headline earnings per share. The final dividend of 69.25 cents per
share for Pick n Pay Stores Limited (Stores) and 33.61 cents per share for Pick n Pay Holdings Limited (Holdings) brings
the total dividend for the year to 84.0 cents per share for Pick n Pay Stores Limited (35.8% down on last year) and
40.78 cents per share for Pick n Pay Holdings Limited (35.8% down on last year).
During the previous financial year, an additional dividend of 9.85 cents for Stores and 4.78 cents for Holdings was
declared in respect of STC no longer payable by the Group thus passing on the cash benefit to shareholders. If this is
excluded, the decline in the year on year dividend was 30.6% and 30.5% for Stores and Holdings respectively, in line with
the decrease in headline earnings per share.
PROSPECTS
Under the leadership of newly appointed CEO Richard Brasher our immediate priority is improving the shopping trip for
our customers. We need to deliver on our promises to our customers and have opportunities to improve the range we offer,
the quality of our products and the value we give back to our customers through price and promotion.
Pick n Pay is a great business, but as a team we know that a lot of hard work lies ahead. It will be a challenging and
exciting period for the Group and we look forward to the future with optimism.
Gareth Ackerman Richard Brasher
Chairman Pick n Pay Stores Limited Group Chief Executive Officer
22 April 2013
Consolidated statement of comprehensive income
for the period ended 3 March 2013
2013 2012
Rm Growth % Rm
Continuing Operations
Revenue 59 658.5 55 634.4
Turnover 59 271.3 7.1 55 330.5
Cost of merchandise sold (48 761.4) (45 350.0)
Gross profit 10 509.9 9 980.5
Other trading income 344.4 264.4
Trading expenses (10 001.9) (8 969.8)
Employee costs (4 952.0) (4 658.5)
Occupancy (1 500.5) (1 302.1)
Operations (2 363.9) (2 149.4)
Merchandising and administration (1 185.5) (859.8)
Trading profit 852.4 (33.2) 1 275.1
Profit/(loss) on sale of property, equipment and vehicles and 21.6 (7.6)
intangible assets
Interest received 42.8 39.5
Interest paid (131.3) (135.1)
Share of associates income/(losses) 23.4 (1.9)
Profit before tax 808.9 1 170.0
Tax (258.3) (407.7)
Profit for the period from continuing operations 550.6 (27.8) 762.3
Profit for the period from discontinued operation - 351.2
Profit on sale of discontinued operation - 438.4
Loss from discontinued operation - (87.2)
Profit for the period 550.6 1 113.5
Other comprehensive income/(loss), net of tax 6.5 (358.3)
Exchange rate differences on translating foreign operations 5.1 224.1
Net loss on hedge of net investment in foreign operation - (49.9)
Foreign currency translation deficit realised on sale of
discontinued operation - (539.8)
Retirement benefit actuarial gain 1.4 7.3
Total comprehensive income for the period 557.1 755.2
EBITDA 1 793.1 (13.5) 2 073.7
Earnings per share - cents
Basic 115.14 (50.6) 233.21
Continuing operations 115.14 (27.9) 159.64
Discontinued operation - 73.57
Diluted 113.39 (50.4) 228.69
Continuing operations 113.39 (27.6) 156.55
Discontinued operation - 72.14
Headline earnings per share - cents 111.30 (22.0) 142.69
Continuing operations 111.30 (30.8) 160.78
Discontinued operation - (18.09)
Diluted headline earnings per share - cents 109.61 (21.7) 139.92
Continuing operations 109.61 (30.5) 157.67
Discontinued operation - (17.75)
Consolidated statement of financial position
As at As at
3 March 29 February
2013 2012
Rm Rm
Assets
Non-current assets
Intangible assets 947.9 799.6
Property, equipment and vehicles 3 917.7 3 863.9
Operating lease asset 105.5 84.8
Participation in export partnerships 28.1 34.8
Deferred tax assets 174.4 116.5
Investments in associates 133.9 110.5
Loans 98.5 80.8
Available-for-sale investment 0.2 0.2
Retirement scheme assets 1.8 -
5 408.0 5 091.1
Current assets
Inventory 3 996.5 3 334.9
Trade and other receivables 2 360.9 2 120.6
Cash and cash equivalents 1 255.7 1 271.7
7 613.1 6 727.2
Total assets 13 021.1 11 818.3
Equity and Liabilities
Capital and reserves
Share capital 6.0 6.0
Treasury shares (139.4) (142.8)
Retained earnings 2 562.6 2 559.2
Foreign currency translation deficit (13.2) (18.3)
Total shareholders equity 2 416.0 2 404.1
Non-current liabilities
Borrowings 772.5 771.2
Retirement scheme obligations - 9.0
Operating lease liability 924.6 829.1
1 697.1 1 609.3
Current liabilities
Bank overdraft and overnight borrowings 1 525.6 -
Borrowings 431.5 693.3
Tax 82.8 99.6
Trade and other payables 6 865.0 7 006.3
Derivative financial instruments 3.1 5.7
8 908.0 7 804.9
Total equity and liabilities 13 021.1 11 818.3
Number of shares in issue - millions 480.4 480.4
Weighted average number of shares in issue - millions 478.1 477.4
Net asset value - cents per share (property value based on directors' valuation) 586.0 548.0
Consolidated statement of changes in equity
for the period ended 3 March 2013
Foreign
currency
translation
Share Treasury Retained reserve/
capital shares earnings (deficit) Total
Rm Rm Rm Rm Rm
At 1 March 2011 6.0 (172.0) 1 977.5 347.3 2 158.8
Total comprehensive income for the period - - 1 120.8 (365.6) 755.2
Profit for the period 1 113.5 1 113.5
Exchange rate differences on translating foreign 224.1 224.1
operations
Net loss on hedge of net investment in translating (49.9) (49.9)
foreign operation
Foreign currency translation deficit realised on sale (539.8) (539.8)
of discontinued operation
Retirement benefit actuarial gain 7.3 7.3
Transactions with owners - 29.2 (539.1) - (509.9)
Dividends paid (605.4) (605.4)
Share repurchases (42.7) (42.7)
Net effect of settlement of employee share options 71.9 (29.4) 42.5
Share options expense 95.7 95.7
At 29 February 2012 6.0 (142.8) 2 559.2 (18.3) 2 404.1
Total comprehensive income for the period - - 552.0 5.1 557.1
Profit for the period 550.6 550.6
Exchange rate differences on translating foreign 5.1 5.1
operations
Retirement benefit actuarial gain 1.4 1.4
Transactions with owners - 3.4 (548.6) - (545.2)
Dividends paid (583.5) (583.5)
Share repurchases (77.9) (77.9)
Net effect of settlement of employee share options 81.3 (56.4) 24.9
Share options expense 91.3 91.3
At 3 March 2013 6.0 (139.4) 2 562.6 (13.2) 2 416.0
Consolidated statement of cash flows
for the period ended 3 March 2013
2013 2012
Rm Rm
Cash flows from operating activities
Trading profit 852.4 1 275.1
Depreciation and amortisation 895.5 808.1
Share options expense 91.3 95.7
Net operating lease liability 74.8 52.7
Cash generated before movements in working capital 1 914.0 2 231.6
Movements in working capital (1 012.1) 490.3
(Decrease)/increase in trade and other payables (152.4) 1 030.4
Increase in inventory (626.0) (172.2)
Increase in trade and other receivables (233.7) (367.9)
Cash generated by trading activities 901.9 2 721.9
Interest received 42.8 39.5
Interest paid (131.3) (135.1)
Cash generated by operations 813.4 2 626.3
Dividends paid (583.5) (605.4)
Tax paid (311.6) (462.1)
Net cash (utilised in)/generated by operating activities - continuing operations (81.7) 1 558.8
Net cash utilised in operating activities - discontinued operation - (330.4)
Total net cash (utilised in)/generated by operating activities (81.7) 1 228.4
Cash flows from investing activities
Investment in property, equipment and vehicles and intangible assets (1 212.5) (1 611.0)
Intangible asset additions (242.4) (271.7)
Property additions (166.5) (446.8)
Equipment and vehicle additions and leasehold improvements (803.6) (889.9)
Aircraft additions - (2.6)
Increase in investment in associate - (102.5)
Purchase of operations (118.3) (106.4)
Proceeds on disposal of property, equipment and vehicles and intangible assets 231.5 44.5
Loans (advanced)/repaid (17.7) 9.4
Net cash utilised in investing activities - continuing operations (1 117.0) (1 766.0)
Net cash generated by investing activities - discontinued operation - 1 459.6
Total net cash utilised in investing activities (1 117.0) (306.4)
Cash flows from financing activities
Borrowings (repaid)/raised (260.5) 787.5
Share repurchases (77.9) (42.7)
Proceeds from employees on settlement of share options 2.9 31.1
Total net cash (utilised in)/generated by financing activities (335.5) 775.9
Net (decrease)/increase in cash and cash equivalents (1 534.2) 1 697.9
Cash and cash equivalents at beginning of period 1 271.7 (431.8)
Effect of exchange rate fluctuations on cash and cash equivalents (7.4) 5.6
Cash and cash equivalents at end of period (269.9) 1 271.7
Notes to the financial information
for the period ended 3 March 2013
1. Basis of preparation and accounting policies
The summarised consolidated financial statements for the period ended 3 March 2013 have been prepared
in accordance with IAS 34 and International Financial Reporting Standards (IFRS), the requirements of
the South African Companies Act, No 71 of 2008, as amended, and in compliance with the Listings
Requirements of the JSE. The summarised consolidated statements does not include all the information
required by IFRS for full annual financial statements and should be read in conjunction with the 2013
Integrated Annual Report. The accounting policies and methods of computation applied are consistent
with those applied in the previous annual financial statements, except for the change in financial
period cut-off date as disclosed in note 2 below. These results have been audited by KPMG Inc., whose
unqualified report is available for inspection at the registered office of the company. The auditors
report does not necessarily cover all of the information contained in this financial report.
Shareholders are therefore advised that in order to obtain a full understanding of the nature of the
auditors work they should obtain a copy of that report together with the accompanying financial
information from the registered office of the company. These financial statements have been prepared
by the Finance Division under the supervision of the Chief Finance Officer, Mr Bakar Jakoet CA(SA).
2. Change in financial period cut-off date
During the financial period under review the Group adopted a 52-week financial reporting calendar for
all future financial periods. This change will align financial reporting with Group operational
structures and will improve comparative reporting to both internal and external stakeholders.
As a result, the 2013 annual financial period ended on 3 March 2013 compared to 29 February 2012 in
the comparative period. The additional trading days included in the 2013 result had the following estimated
impact on the consolidated financial statements.
Rm
2013
Statement of comprehensive income
Turnover 479.6
Net profit after tax 28.0
Statement of financial position
Trade and other payables 1 158.7
Trade and other receivables (99.5)
Cash and cash equivalents (1 059.2)
Net working capital -
3. Related parties
During the period, certain companies within the Group entered into transactions with each other. These intra-
group transactions are eliminated on consolidation. For further information please refer to note 27 of the
2013 Integrated Annual Report.
4. Discontinued operation
In September 2011, the Group sold its Australian business, Franklins, to Metcash Limited for R1.2 billion,
net of fees. Franklins is disclosed as a discontinued operation in the prior period.
5. Share capital
2013 2012
Rm Rm
Authorised
800 000 000 ordinary shares of 1.25 cents each 10.0 10.0
Issued
480 397 321 ordinary shares of 1.25 cents each 6.0 6.0
The number of shares in issue at end of period is made up as follows:
2013 2012
000s 000s
Treasury shares held in the share trust 2 046.6 2 482.2
Shares held outside the Group 478 350.7 477 915.1
Total shares in issue at end of period 480 397.3 480 397.3
Under a general authority, 24 million of the unissued shares remain under the control of the directors until the
next annual general meeting (5% of the issued share capital of the Company). In addition to the general authority
above, 63.9 million unissued shares (13.3% of issued shares) remain under the control of the directors to implement
the terms and provisions of the Pick n Pay 1997 Share Option Scheme. The holders of ordinary shares are entitled to
receive dividends as declared and are entitled to one vote per share at meetings of the Company.
Directors interest in shares
2013 2012
% %
Beneficial 1.0 1.3
Non-beneficial 27.5 27.6
28.5 28.9
The directors interest in shares is their effective direct shareholding in the Company (excluding treasury shares)
and their effective indirect shareholding through Pick n Pay Holdings Limited (excluding treasury shares).
6. Operating segments
Discon-
Total tinued
South continuing operation Total
Africa Africa operations Australia operations
Rm Rm Rm Rm Rm
2013
Total revenue 57 776.6 2 672.9 60 449.5 - 60 449.5
External revenue 57 776.6 1 881.9 59 658.5 - 59 658.5
Direct deliveries* - 695.4 695.4 - 695.4
Inter-segment revenue - 95.6 95.6 - 95.6
External turnover 56 694.0 2 577.3 59 271.3 - 59 271.3
Profit before tax 716.2 92.7 808.9 - 808.9
Other information
Statement of comprehensive income
Interest income 42.8 - 42.8 - 42.8
Interest expense 131.3 - 131.3 - 131.3
Depreciation and amortisation 881.4 14.1 895.5 - 895.5
Share of associates income - 23.4 23.4 - 23.4
Statement of financial position
Total assets 12 504.3 516.8 13 021.1 - 13 021.1
Total liabilities 10 150.7 454.4 10 605.1 - 10 605.1
2012
Total revenue 54 284.1 2 009.9 56 294.0 3 389.3 59 683.3
External revenue 54 284.1 1 350.3 55 634.4 3 389.3 59 023.7
Direct deliveries* - 604.7 604.7 - 604.7
Inter-segment revenue - 54.9 54.9 - 54.9
External turnover 53 375.5 1 955.0 55 330.5 3 389.2 58 719.7
Profit/(loss) before tax 1 120.3 49.7 1 170.0 (87.2) 1 082.8
Other information
Statement of comprehensive income
Interest income 39.5 - 39.5 0.2 39.7
Interest expense 135.1 - 135.1 6.0 141.1
Depreciation and amortisation 800.1 8.0 808.1 - 808.1
Share of associates loss - (1.9) (1.9) - (1.9)
Profit on sale of Franklins
(after tax) - - - 438.4 438.4
Statement of financial position
Total assets 11 377.8 440.5 11 818.3 - 11 818.3
Total liabilities 9 004.9 409.3 9 414.2 - 9 414.2
* Direct deliveries are issues to franchisees directly by Group suppliers facilitated through the Groups supply chain.
7. Headline earnings reconciliation
2013 2012
Rm Rm
Basic earnings (profit for the period) 550.6 1 113.5
Continuing operations 550.6 762.3
Discontinued operation - 351.2
Adjustments (net of tax):
Continuing operations (18.4) 5.5
(Profit)/loss on sale of property, equipment and vehicles and intangible assets (18.4) 5.5
Discontinued operation - (437.6)
Loss on sale of property, equipment and vehicles and intangible assets - 0.8
Profit on sale of discontinued operation - (438.4)
Headline earnings 532.2 681.4
Continuing operations 532.2 767.8
Discontinued operation - (86.4)
Pick n Pay Holdings Limited (PIKWIK)
INCORPORATED IN SOUTH AFRICA - Reg. No. 1981/009610/06
Share Code: PWK ISIN code: ZAE000005724
Pikwiks only asset is its 53.80% (2012: 53.85%) effective holding in Pick n Pay Stores Limited (excluding treasury
shares). The Pikwik Group earnings are directly related to those of this investment.
Headline earnings for the annual financial period amount to R284.6 million (2012: R365.5 million).
Headline earnings per share for the annual financial period is 55.11 cents (2012: 70.79 cents).
Headline earnings per share from continuing operations is 55.11 cents (2012: 79.81 cents).
Diluted headline earnings per share from continuing operations is 53.70 cents (2012: 77.63 cents).
The total number of shares in issue is 527.2 million (2012: 527.2 million) and the weighted average number of shares
in issue during the period is 516.3 million (2012: 516.4 million).
Raymond Ackerman
Chairman Pick n Pay Holdings Limited
22 April 2013
Dividend declarations
Pick n Pay Stores Limited - Tax Reference number: 9275/141/71/2
Number of shares in issue: 480 397 321
Notice is hereby given that the directors have declared a final gross dividend (number 90) of 69.25 cents per share
out of income reserves.
The dividend declared is subject to dividend withholding tax at 15%.
There is no Secondary Tax on Companies (STC) to be taken into account when determining the dividend tax to withhold.
The tax payable is 10.3875 cents per share, leaving shareholders who are not exempt from dividends tax with a net
dividend of 58.8625 cents per share.
Pick n Pay Holdings Limited - Tax Reference number: 9050/141/71/3
Number of shares in issue: 527 249 082
Notice is hereby given that the directors have declared a final gross dividend (number 63) of 33.61 cents per share
out of income reserves.
The dividend declared is subject to dividend withholding tax at 15%.
There is no Secondary Tax on Companies (STC) to be taken into account when determining the dividend tax to withhold.
The tax payable is 5.0415 cents per share, leaving shareholders who are not exempt from dividends tax with a net
dividend of 28.5685 cents per share.
Dividend dates
For both Companies, the last day of trade in order to participate in the dividend (CUM dividend) will be Friday, 7
June 2013.
The shares will trade EX dividend from the commencement of business on Monday, 10 June 2013 and the record date will
be Friday, 14 June 2013.
The dividends will be paid on Tuesday, 18 June 2013.
Share certificates may not be dematerialised or rematerialised between Monday, 10 June 2013 and Friday, 14 June 2013,
both dates inclusive.
On behalf of the boards of directors
DE Muller - Company Secretary
22 April 2013
Cape Town
Corporate information
Registered office
Pick n Pay Office Park
101 Rosmead Avenue
Kenilworth
Cape Town 7708
Tel: +2721 658 1000
Fax: +2721 797 0314
Postal Address
PO Box 23087
Claremont
7735
Website
Pick n Pay: www.picknpay.co.za
Investor relations: www.picknpay-ir.co.za
Transfer Secretaries
Computershare Investor Services
Proprietary Limited
70 Marshall Street
Johannesburg 2001
PO Box 61051
Marshalltown 2107
Tel: +2711 370 5000
Fax: +2711 688 5248
Sponsor
Investec Bank Limited
100 Grayston Drive
Sandton 2196
Company secretary
Debra Muller
email address: demuller@pnp.co.za
Auditors
KPMG Inc.
Attorneys
Edward Nathan Sonnenberg
Pick n Pay Stores - Board of directors
Executive
RWP Brasher (CEO), RSJ van Rensburg
(deputy CEO), A Jakoet (CFO), JG Ackerman,
SD Ackerman-Berman
Non-executive
GM Ackerman (Chairman), D Robins (German)
Independent non-executive:
HS Herman, L Phalatse, BJ van der Ross,
J van Rooyen, A Mathole*
*Resigned 28 February 2013
Pick n Pay Holdings - Board of directors
Non-executive
RD Ackerman (Chairman), GM Ackerman,
W Ackerman
Independent non-executive:
RP de Wet, HS Herman, J van Rooyen
Alternate
JG Ackerman, SD Ackerman-Berman,
D Robins (German)
Date: 23/04/2013 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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