Rm   26 weeks
June 2019
(Reviewed)
  IFRS 16
adjustment*
  26 weeks
June 2019
(Adjusted)*
  26 weeks
June 2018
(Reviewed)
    Period
% change
  Adjusted*
% change
  52 weeks
December 2018
(Audited)
   
                                   
Revenue    43,909.4      43,909.4    41,688.4      5.3    5.3    91,180.6    
Sales    43,832.4      43,832.4    41,558.4      5.5    5.5    90,941.6    
Cost of sales    (35,403.5)      (35,403.5)    (33,416.3)      (5.9)    (5.9)    (73,250.4)    
Gross profit    8,428.9      8,428.9    8,142.1      3.5    3.5    17,691.2    
Other income    76.6      76.6    127.9      (40.1)    (40.1)    231.0    
Depreciation and amortisation    (1,548.4)    890.5    (657.9)    (546.7)      (183.2)    (20.3)    (1,134.6)    
Employment costs    (3,967.4)      (3,967.4)    (3,653.8)      (8.6)    (8.6)    (7,582.9)    
Occupancy costs    (644.6)    (1,210.8)    (1,855.4)    (1,706.6)      62.2    (8.7)    (3,491.3)    
Other operating costs    (2,026.2)      (2,026.2)    (1,698.5)      (19.3)    (19.3)    (3,644.5)    
Trading profit/(loss) before interest and taxation    318.9    (320.3)    (1.4)    664.4      (52.0)    (100.2)    2,068.9    
Restructuring cost          (110.3)      100.0   100.0    (161.0)    
Impairment of assets    (46.9)      (46.9)    (8.5)      (451.8)    (451.8)    (21.4)    
Insurance proceeds on items in PP&E    0.4      0.4    2.1      (81.0)    (81.0)    8.0    
Operating profit/(loss) before foreign exchange movements and interest    272.4    (320.3)    (47.9)    547.7      (50.3)    (108.7)    1,894.5    
Foreign exchange (loss)/gain (note 4)    (157.1)    75.2    (81.9)    23.4      (771.4)    (450.0)    (2.7)    
Operating profit/(loss) before interest    115.3    (245.1)    (129.8)    571.1      (79.8)    (122.7)    1,891.8    
– Finance costs    (921.9)    556.5    (365.4)    (310.5)      (196.9)    (17.7)    (648.8)    
– Finance income    12.3      12.3    10.8      13.9    13.9    25.1    
Net finance costs    (909.6)    556.5    (353.1)    (299.7)      (203.5)    (17.8)    (623.7)    
(Loss)/Profit before taxation    (794.3)    311.4    (482.9)    271.4      (392.7)    (278.0)    1,268.1    
Taxation (note 9)    (38.1)    (64.8)    (102.9)    (81.4)      53.2    (26.4)    (399.4)    
(Loss)/Profit for the period    (832.4)    246.6    (585.8)    190.0      (538.1)    (408.3)    868.7    
                                   
(Loss)/Profit attributable to:                                  
– Owners of the parent    (836.1)    246.6    (589.5)    195.7      (527.2)    (401.2)    888.6    
– Non-controlling interests    3.7      3.7    (5.7)      164.9   164.9    (19.9)    
(Loss)/Profit for the period    (832.4)    246.6    (585.8)    190.0      (538.1)    (408.3)    868.7    
                                   
Basic EPS (cents)    (382.8)    112.9    (269.9)    90.9      (521.1)    (396.9)    410.6    
Diluted basic EPS (cents)    (378.3)    111.6    (266.7)    89.0      (525.1)    (399.7)    401.9    
Dividend (cents):                                  
– Interim          68.0      (100.0)    (100.0)    68.0    
– Final                  140.0    
– Total          68.0      (100.0)    (100.0)    208.0    
                                   

To provide a more meaningful comparison of the current period’s performance, the performance summary has been prepared on a like-on-like basis which excludes the impact of IFRS 16 ‘Leases’ in the current and prior financial periods. Refer to note 2 for detail on the impact of the new accounting standard using the modified retrospective approach.

The like-on-like financial performance, for which the Directors of Massmart are responsible, are provided for illustrative purposes only to compare the current financial period’s results with the 1 July 2018 and the 30 December 2018 Income Statement, allowing for a like-on-like comparison to June 2019. The Group’s external auditor has issued a reporting accountants’ report on the 30 June 2019 Income Statement. A copy of their procedures report is available at the Group’s registered office.