Massmart Annual Report 2008

Income statement
for the year ended 30 June 2008

    2008 2007
  Notes Rm Rm
Revenue 3 39 944,8 34 964,7
Sales   39 783,6 34 807,6
Cost of sales   (32 481,4) (28 435,7)
Gross profit   7 302,2 6 371,9
Other income 3 161,2 157,1
Depreciation and amortisation   (297,8) (240,9)
Impairment of assets 4 (4,7) (26,3)
Employment costs   (2 736,2) (2 449,8)
Occupancy costs   (962,7) (846,0)
Other operating costs   (1 376,9) (1 292,7)
Operating profit 5 2 085,1 1 673,3
   Finance costs 7 (110,6) (100,4)
   Finance income 7 46,5 56,0
Net finance costs   (64,1) (44,4)
Profit before taxation   2 021,0 1 628,9
Taxation 8 (662,9) (554,8)
Profit for the year   1 358,1 1 074,1
Attributable to:      
   Equity holders of the parent   1 314,1 1 049,9
   Preference shareholders   22,5 8,9
   Minority interest 22 21,5 15,3
    1 358,1 1 074,1
Earnings per share (cents)      
Basic EPS 10 660,3 523,7
Diluted basic EPS 10 644,6 514,5
Dividend/distribution per share (cents)      
Interim   223,0 197,0
Final   163,0 123,0
Total 9 386,0 320,0
Headline earnings 10 1 319,4 1 083,3
Headline EPS (cents) 10 663,0 540,4
Dilute headline EPS (cents) 10 647,2 530,9

Massmart uses the retail calender which means that the 2008 financial year represents a 53-week period which started on Monday, 25 June 2007 and ended on Sunday, 29 June 2008. For further explanation see the Chief Financial Officer’s review.