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PICK N PAY STORES LIMITED - Notice of briefing to stakeholders on IFRS 16: Leases

Release Date: 16/09/2019 16:00
Code(s): PIK     PDF:  
 
Wrap Text
Notice of briefing to stakeholders on IFRS 16: Leases

Pick n Pay Stores Limited
(Pick n Pay or the Group)
Incorporated in the Republic of South Africa
Registration number 1968/008034/06
Share code: PIK
ISIN: ZAE000005443

PICK N PAY: NOTICE OF BRIEFING TO STAKEHOLDERS ON IFRS 16: LEASES

Pick n Pay Stores Limited will hold a briefing for shareholders and analysts on the Group’s adoption of
the new international financial reporting standard IFRS 16: Leases (IFRS 16).

IFRS 16 has no impact on the Group’s underlying economic model, revenues, cash flow, operations or
strategy. Its purpose is to align the accounting of leased assets with owned assets. Adoption of the
standard entails significant changes to the organisation of our balance sheet and income statement,
with related implications for the presentation of certain performance and gearing metrics.

Pick n Pay will provide stakeholders with a summary of the provisions of the standard and, using the
Group’s published 2019 financial statements, will detail the implications for the Group’s financial
statements and key performance metrics.

The briefing will be provided by way of a live webcast, and include a short introduction from CEO
Richard Brasher, and a presentation by our CFO, Lerena Olivier, with the opportunity for Q&A.

Webcast details:

Date:           Wednesday, 25 September 2019

Time:           9:00am

Webcast link:   https://www.corpcam.com/PicknPay25092019

All presentation materials, including a recording of the event, will be available on our website at
www.picknpayinvestor.co.za



Cape Town
16 September 2019


Sponsor: Investec Bank Limited

Date: 16/09/2019 04:00:00
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