Pick n Pay’s debt jumps after accounting changes
The adoption of IFRS 16 will mean the group’s net debt for the 53 weeks ended March 3 will increase to R17bn
25 September 2019 - 09:07
Retailer Pick n Pay said on Wednesday its total debt had increased to R17bn from R1.6bn for the 53 weeks ended March 3, as a result of accounting changes.
The company now had R15.4bn in theoretical lease liabilities, following the adoption of the International Financial Reporting Standards (IFRS) 16 standards...
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