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For more information call +27 11 517 0000 or visit massmart.co.za/results2017 
Massmart Holdings Limited 
("the Company" or "the Group") 

JSE code MSM 

ISIN ZAE000152617 

Company registration number  1940/014066/06 

Registered office 
Massmart House, 16 Peltier Drive, Sunninghill Ext 6, 2157 

Company secretary NJ Ralebepa 

Sponsor 
Deutsche Securities (SA) Proprietary Limited   
3 Exchange Square, 87 Maude Street,   
Sandton, Johannesburg, 2196, South Africa 

Transfer secretaries 
Computershare Investor Services Pty Ltd, 
Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196,  
South Africa 

Registered auditors 
Ernst & Young Inc. 
102 Rivonia Road, Sandton,   
Johannesburg, 2196, South Africa 

Directorate 
K Dlamini (Chairman), CS Seabrooke (Deputy Chairman), GRC Hayward 1 (Chief Executive Officer), R Burnley2, NN Gwagwa, P Langeni, S 
Muigai3,   
E Ostale4 , JJM van Lierop1 (Chief Financial Officer)5 
1Executive 2UK 3Canada 4Chile 5Netherlands 


Our stores 

MASSDISCOUNTERS
GENERAL MERCHANDISE DISCOUNTER AND FOOD   
RETAILER

Game 
142 STORES
South Africa, Botswana, Ghana, Kenya, Lesotho, Malawi, Mozambique, Namibia, Nigeria, Tanzania, Uganda, Zambia 

DionWired
24 STORES
South Africa 

MASSWAREHOUSE 
WAREHOUSE CLUB 

Makro
Fruitspot
21 STORES
South Africa 

MASSBUILD
HOME IMPROVEMENT   
RETAILER AND BUILDING MATERIALS SUPPLIER 

Builders Warehouse  
38 STORES
South Africa, Botswana, Mozambique, Zambia 

Builders Express
44 STORES
South Africa 

Builders Trade Depot
15 STORES
South Africa 

Builders Superstore
11 STORES
South Africa 

MASSCASH 

FOOD WHOLESALER,   
RETAILER AND BUYING ASSOCIATION 

Jumbo
67 WHOLESALE 
South Africa, Botswana, Lesotho, Mozambique, Namibia, Swaziland, Zambia 

Cambridge Food
Rhino Cash & Carry
61 RETAIL 
South Africa 

Jumbo
Liquorland
Saverite
BUYING ASSOCIATIONS AND FRANCHISES 
South Africa, Botswana, Swaziland 



Massdiscounters
2.8% 
Sales 
R19,971.7 million 
2016: R20,544.5 million 

Masswarehouse
4.4% 
Trading profit** 
R373.5 million 
2016: R390.7 million 

Massbuild
4.0% 
Sales 
R27,311.9 million 
2016: R26,270.3 million 
0.2% 
Trading profit** 
R1,256.6 million 
2016: R1,254.2 million 

2.4% 
Sales 
R12,993.6 million 
2016: R12,687.1 million 

Masscash
2.8% 
Trading profit** 
R735.5 million 
2016: R715.3 million 

0.4% 
Sales 
R31,871.4 million 
2016: R31,748.1 million 

54.1% 
Trading profit** 
R127.1 million 
2016: R276.9 million 
^ 
* Certain comparative figures shown do not correspond with the 2016 financial statements and reflect adjustments made. Refer to note 6. 

Date of publication 22 February 2018
Date: 22/02/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.
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MSM: MASSMART HOLDINGS LIMITED - Results for the 53 weeks ended 31 December 2017
Results for the 53 weeks ended 31 December 2017

Massmart Holdings Limited 
("the Company" or "the Group") 
JSE code MSM 
ISIN ZAE000152617 
Company registration number 1940/014066/06


Results for the 53 weeks ended 31 December 2017 

Massmart, Africa's second largest retail group, comprises four Divisions operating in 423 stores, across 13 sub-Saharan countries. 
Through our widely-recognised, differentiated retail and wholesale formats, we have leading shares in the General Merchandise, Liquor, Home 
Improvement and wholesale Food markets. Our key foundations of high volume, low cost and operational excellence enable our price 
leadership. 

Overview 

This month's events in the South African political landscape unleashed a sense of optimism for the future that is in stark contrast to the uncertainty and pessimism 
that characterised the 2017 financial year. In retail terms, the 2017 South African consumer environment was exceedingly difficult. This challenging 
consumer environment included three factors that impacted Massmart's 2017 performance, being: very weak consumer confidence that resulted in 
low consumer demand for Durable goods (being the General Merchandise and Home Improvement categories); significant deflation in most major 
commodities in the wholesale businesses; and the impact of generally weaker African economies and currencies. 

As can be expected in this environment, Food & Liquor sales were better than those of Durable goods. A number of our Food and Grocery categories 
grew ahead of the market, including: convenience meals, cereals and carbonated drinks. Similarly we continued to increase 
market share in Durable departments, including major appliances, audio-visual, information technology and gaming. 

Massmart's 2017 financial year was a 53-week trading period which complicates meaningful comparisons with the prior year 's 52-week period. 
Apart from the paragraph immediately below and the performance summary, this results commentary focuses on Massmart's performance for the 
current and prior 52-week periods. 

For the 53 weeks to 31 December 2017 Massmart's total sales increased to R93.7 billion, representing a 2.7% growth compared to the 52 weeks to 25 
December 2016. Group operating profit, excluding foreign exchange movements and interest, increased by 4.8% to R2.8 billion while Headline 
earnings increased by 14.0% to R1.5 billion. The information for the 52-week comparable period has been restated for an error in the accounting for 
rebates and the capitalisation of some costs to inventory. 

Total sales for the 2017 52-week period of R92.1 billion represents growth of 1.0%, with comparable store sales declining by 0.8%. Product inflation 
was 2.0%. These headline figures mask an improved sales performance in the second half of 2017 which saw three of our four Divisions record 
higher comparable sales growths than those for the six months to June 2017, and where product inflation fell from 3.2% to 2.0% in the second half of 
the year. Adjusting for product inflation shows that all Divisions reported higher real comparable sales in the second half. New stores opened in 
2017 contributed 0.5% to total sales growth. 
Total sales from our South African stores for the 52-week period grew by 1.5%, while comparable sales declined by 0.2%. Total sales from our ex-SA stores for the 
52-week period grew by 3.5%, with comparable store sales growth of 0.8% (both measured in constant currencies^). The total ex-SA Rand sales decline was 4.8%, which 
was an improvement on the equivalent first-half figure of an 11.9% decline. 

Our expense management remained effective with total expense growth of only 1.2% for the 52-week period while comparable expenses were 1.3% lower 
than 2016. This incredible performance was however insufficient to neutralise the pressure from soft sales (particularly in Durable goods) and lower 
gross margin and Group trading profit excluding foreign exchange movements and interest declined by 5.4% to R2.5 billion. Headline 
earnings increased by 1.6% to R1.3 billion, benefitting partially from lower foreign exchange losses in 2017. 

Our omnichannel focus, which improves our customers' choice and experience, was rewarded with the Group's aggregate Online sales growing by 
47%. This was achieved through our four ecommerce points of presence (being Makro, Game, DionWired and Builders Warehouse), all of which are 
currently utilising or migrating to the SAP Hybris software solution. 

Eleven stores were opened, representing new space growth of 2.8%. Our portfolio of 423 stores includes 42 stores outside South Africa producing 
8.3% of the Group's sales. At R181.1 million, our average sales per ex-SA store is more than four times higher than that of other South African competitors. 

South African environment 

The structural challenges within the South African economy continued to weigh on consumer confidence and spending, although some of the cyclical 
factors (lower deflation in Durables and lower Food inflation) contributed positively. Recent sales trends in the retail sector are difficult to interpret with, for 
example, national sales growths as reported by StatsSA being higher than those for most JSE-listed retailers. 

The divergent sales performances across our major product categories reflect the economic pressures on the consumer in South Africa, with total 
Food & Liquor sales growing at 2.4% for the period while General Merchandise sales declined by 2.5% (albeit with greater product deflation too) 
and Home Improvement sales grew by 2.4%. 

African environment 

Expressed in constant currencies^, total sales growth from our ex-SA stores was 3.5% whilst comparable sales growth was 0.8%. Sales performance 
in Food & Liquor was significantly better than in other categories. While strong sales performances, in constant currencies, were recorded in 
Ghana and Kenya. Sales growths in Rands and constant currencies improved in the second half of 2017. 

Our Divisions on a 52-week basis

Massdiscounters 

Massdiscounters comprises the 142-store General Merchandise and Food discounter Game, which trades in South Africa and 11 other African 
countries; and the 24-store Hi-tech retailer DionWired in South Africa. 

Year-to-date product deflation increased from 0.3% in June to 2.5% in December 2017, while total sales decreased by 2.8% and comparable sales 
were down 4.2%. For the 52-week period, Game's South African stores' total sales of R15.0 billion decreased by 1.9%, while comparable sales were down 
2.9%. Despite this negative sales performance, Game gained market share in most Durables categories. Game Africa's total sales in constant currencies^ 
increased by 10.5%, but declined by 4.1% in Rands due to currency weakness, particularly in Mozambique and Nigeria. Given the difficult consumer environment 
for Hi-Tech and Appliances, DionWired sales were below the prior year.
 
The Division aggressively managed expenses which, in total, were lower than the comparable prior period, and reduced its inventory value below 
that for December 2016. Both these position the business to benefit strongly from any positive sales momentum. Despite great expense management, 
the sales pressure was such that for the 52-weeks Massdiscounters' trading profit before interest and tax decreased by 4.4% to R373.5 million. 
The new GK-POS point-of-sale roll-out was completed successfully across all but three Game and DionWired stores. The more significant SAP ERP 
system implementation remains on schedule for early 2019. In November 2017, Game launched its online shopping platform using SAP Hybris and 
had an overwhelmingly positive response from customers. DionWired will move from its legacy online system to SAP Hybris in March 2018. 
Our Fresh roll-out continues with 72 Game stores in South Africa and 17 in other African countries now offering this category, resulting in Food & 
Liquor sales participation of 23%. During the year one Game store was opened in Ghana, increasing trading space by 0.6% to 548,544m2. 
^ Refer to the footnote at the base of page 5. 

Masswarehouse

Masswarehouse comprises the 21-store Makro warehouse-club trading in Food, General Merchandise and Liquor in South Africa; and Massfresh, 
which houses the Group's fresh produce, fresh meat and bakery operations including The Fruitspot. 

Total sales of R27.3 billion increased by 4.0% and comparable sales grew by 2.4%. As seen in Massdiscounters, year-to-date product inflation declined from 3.9% 
in June 2017 to 2.3% in December 2017. Total sales growth in Food & Liquor was 5.9%, a good performance given the consumer environment and 
despite continued deflation in commodities, while General Merchandise sales growth, which was impacted by deflation and lower discretionary 
spending, grew by 0.1%. 

A focus on inventory resulted in inventory days remaining flat. For the 52-week period, trading profit before interest and tax increased by 0.2% to R1,3 billion. 

Online sales grew by 37% and represented 4.0% of Makro's Durables sales in November and December 2017. In May 2017, we successfully launched the 
Makro digitised rewards programme mCard. The Online product range is expanding and now also offers a marketplace solution. 

One new Makro store was opened in Riversands, north of Johannesburg, increasing trading space by 6.0% to 231,021m2. This store includes new 
merchandise layouts which have attracted great responses from customers. Once the surrounding national road infrastructure is completed, this will 
develop into another successful Makro store. 

Massbuild

Massbuild comprises 102 stores, trading in DIY, Home Improvement and Building Materials, under the Builders Warehouse, Builders Express, 
Builders Trade Depot and Builders Superstore brands in South Africa; and six Builders Warehouse stores across Botswana, Mozambique and 
Zambia. 

For the 52 weeks, Massbuild grew total sales for the year by 2.4% to R13.0 billion, with comparable sales increasing by 1.6% and year-to-date product inflation of 
3.7%, which is lower than the 4.7% reported at June. This performance is the best in the South African DIY and Home Improvement market. Total 
sales growth in our ex-SA stores was 0.5% in constant currencies^ but down 7.1% in Rands. Our two stores in Mozambique continue to be affected 
by the economic challenges in that country. 

Good expense management saw expense growth of only 2.6%. Massbuild was able to reduce its inventory level by eight days compared to the same 
period last year. For the 52 weeks, trading profit before interest and tax of R735.5 million grew by 2.8%. 

The product range on the Builders Warehouse online platform launched in March 2017 is being expanded continually. The customer response, 
particularly from high basket value commercial customers, is very positive and Online sales are accelerating. 

Three Builders Superstores were opened in South Africa and one Builders Warehouse store was opened in Zambia, our second in that country. Net 
trading space increased by 1.6% to 456,313m2. 

Masscash

Masscash comprises 54 Wholesale Cash & Carry stores, and 61 Retail stores trading in South Africa; 13 Cash & Carry stores in Botswana, Lesotho, 
Mozambique, Namibia, Swaziland and Zambia; and Shield, a voluntary buying association. 

Total sales of R31.9 billion increased by 0.4%, while comparable sales decreased by 2.3%. Monthly product inflation fell from 9.8% in December 
2016 to 3.9% in December 2017, with commodities like maize, wheat, oil and rice moving steeply into price deflation. Commodities represent 16.0% 
of our Wholesale sales and, excluding this category, the remaining Wholesale business grew sales by 1.5%. Cambridge and Rhino performed well in 
this difficult consumer environment, growing total sales at 5.8%. 

Effective cost control and a much stronger trading performance in the second half were insufficient to make up for the very weak first half 
performance. For the 52 weeks the trading profit before interest and tax declined by 54.1%, improving from a decline of more than 90% in the six 
months to June 2017. 

Four Retail stores were opened in South Africa and one Wholesale store was opened in Zambia. Net trading space increased by 5.8% to 377,038m2. 
In September 2017 the Retail and Wholesale executive teams were combined into a single smaller executive team under the leadership of Kevin 
Vyvyan-Day. The respective management skills of the two business teams complemented one another and so the new combined executive is balanced 
and stronger. 

For several years effective and fair competition by formal players in the South African FMCG industry, but particularly within the lower-margin 
wholesale channel, has been compromised by declining standards of policing and enforcement by the South African Revenue Services (SARS) and 
other law enforcement agencies. Amongst other consequences, this has allowed a rapid and pervasive penetration of illicit and grey product, VAT and tax 
round-tripping and declining VAT compliance. This situation has compromised our competitive positioning in Masscash and Makro. We therefore 
strongly welcome and support the South African Government's intention to address the effectiveness of SARS. 

Financial review 

Financial performance 

For the 53 weeks to 31 December 2017 Massmart's total sales increased to R93.7 billion representing 2.7% growth compared to the 52 weeks to 25 
December 2016. Expenses continued to be well-managed and increased by 1.6% resulting in trading profit before interest and taxation (excluding 
impairment of assets and insurance proceeds) growing by 4.1% to R 2.7 billion. Headline earnings improved by 14.0%. 

To allow for useful comparison with the prior year 's 52-weeks, and unless otherwise stated, the commentary below reflects Massmart's performance 
for the current and prior year 52-week periods. The information for the 52-week comparable period has been restated for an error in the accounting 
for rebates and the capitalisation of some costs to inventory. In addition, an incorrect classification of unrealised foreign exchange movements in the 
2016 cash flow statement has been addressed. Refer to note 6 for more detail. 

Massmart's total sales for the 52 weeks ended December 2017 increased by 1.0% and comparable store sales declined by 0.8%. Year-to-date product 
inflation reduced from 3.2% at June 2017 to 2.0% at December 2017. Inflation in Food & Liquor and Home Improvement reduced slightly to 4.0% 
and 3.5% respectively, while Durables went further into deflation of 2.5%. Our ex-SA businesses represent 8.3% (2016: 8.7%) of total sales and 
decreased by 4.8% in Rands (a 3.5% increase in constant currencies^). Comparable sales in Rands declined by 7.0%. 
Eleven stores were opened, resulting in 423 stores at December 2017. Net trading space increased by 2.8% from 2016 to 1,612,916m2. 
The Group's 52-week gross margin of 18.8% is lower than that of the prior year of 19.0%, mostly driven by a decline in the participation of higher- 
margin Durable categories and margin pressure from commodity deflation. 

Expenses were tightly controlled, increasing by only 1.2% over the prior year, while comparable expenses declined by 1.3%. Expenses as a % of 
sales were 16.4% (2016: 16.3%). Employment costs, the Group's biggest cost category, increased by 0.5% (with a comparable decrease of 2.7%), due 
to a combination of better staff-scheduling in stores and Distribution Centres (DCs), and a selective replacement of vacancies which resulted in full- 
time equivalent employees remaining stable at just over 48,000. Favourable lease renewals resulted in occupancy cost increases being limited to 
1.3%, despite the opening of 11 new stores. Depreciation and amortisation increased by 5.7%. Other operating expenses increased by 1.4%. The non- 
capital costs of upgrading our IT infrastructure, as well as repairs and maintenance, are included in this expense category. 
Included in operating profit are net realised and unrealised foreign exchange losses of R39.9 million (2016: loss of R141.8 million). Foreign 
exchange losses for the 53-week period were R47.2 million, caused by strengthening of the Rand in the last fortnight of 2017. We continue to 
actively manage our foreign-denominated monetary balances and have taken out foreign exchange contracts on selected exposures. All foreign- 
denominated inventory orders are automatically covered forward. 

Earnings before interest, tax, depreciation, amortisation and impairments (EBITDA) of R3.6 billion decreased by 0.6%. Over the 53-week period, 
EBITDA improved by 6.2% to R3.8 billion. 

Net finance costs have declined to R548.7 million (2016: R571.9 million), mainly due to lower borrowing levels from our improved net working 
capital position. The Group's effective tax rate of 29.9% is in line with expectations (2016: 30.8%). 

Headline earnings and Headline EPS increased by 1.6% and 2.1% respectively over the prior year. For the 53-week period, Headline earnings and 
Headline EPS increased by 14.0% and 14.6% respectively. 

Financial position 

During the year investment spend was focused on new IT infrastructure, store openings and the refurbishment of existing stores. As a result, the net 
book value of property, plant and equipment increased by 8.8% over the prior year. Total capital expenditure was R1.8 billion. Expansionary 
expenditure was R1.1 billion and included the rebuild of the Jumbo Crown Mines store, the new Makro Riversands store, the Massfresh meat plant 
and investments in IT systems. Replacement expenditure was R0.7 billion and included store refurbishments. 

Interest-bearing borrowings decreased due to the repayment of some of our maturing medium-term debt in the current year. 
Operating cash before working capital movements amounted to R4.0 billion, 7.1% higher than the prior year. Cash flow from working capital 
movements was a positive R705.8 million compared to a negative R279.0 million in 2016. Improved management saw our inventory balance 
decrease by 2.0% compared to December 2016, with inventory days reducing by one* day to 54 days, despite 11 new store openings. Trade 
receivables increased marginally by 2.7% and debtors' days remained steady at nine days. Creditors' days increased to 74 days (2016: 69* days). 

The constant currency information included in these preliminary reviewed condensed consolidated results has been presented to illustrate the Group's 
underlying ex-SA business performance, in terms of sales growth, excluding the effect of foreign currency fluctuations. In determining the 
application of constant currency, sales for the prior comparable financial reporting period have been adjusted to take into account the average 
monthly exchange rate for the current period. The table to the right depicts the percentage change in sales in both reported currency and constant 
currency for the given material currencies. The constant currency information incorporated in these preliminary reviewed condensed consolidated 
results has not been audited or reviewed or otherwise reported on by our external auditors. The constant currency information is the responsibility of 
the Directors of Massmart. It has been prepared for illustrative purposes only and due to its nature, may not fairly present Massmart's financial 
position, changes in equity, results of operations or cash flows. 

Sales growth in: 
                         Reported Currency     Constant Currency 
Ghanaian Cedi            9.6%                  34.3% 
Mozambican Metical      (28.5%)               (15.0%)           
Nigerian Naira          (13.2%)                23.1% 
Total ex-SA             (16.3%)                6.5% 

 
Our people 

The contribution of our 48,000 colleagues across sub-Saharan Africa is always noticed and appreciated, especially in the current environment where 
many of their own families feel the adverse consequences of the weak economy. We therefore acknowledge and thank our colleagues in all our stores, 
offices, DCs, and call-centres for their service and support, knowing that the Group's steadily improving trading and financial performance comes 
from their efforts. 

Cape Town water crisis 

The potentially very serious water crisis underway in the Cape Town area is a dynamic situation that we are monitoring actively. Group and 
operational Executives have had regular meetings with the City of Cape Town and have contingency plans for our staff and customers, as well as for 
the safe and effective operation of our stores, DCs and plants. This includes ablutions, food, health and safety, and fire prevention.
 
Prospects 

Notwithstanding the Group's soft sales trends subsequent to December 2017, we are hopeful however that the 2018 sales environment will be better than 2017. 

Whilst South Africa's new political leadership and direction will, in the short- to medium-term, undoubtedly improve many economic factors, the 
structural, policy and public sector impediments remain long-term challenges. This is undoubtedly South Africa's best shot in recent memory at 
reinvigorating our own social, economic and political progress and prowess, and restoring our place as a key actor on the African continent. We are 
an excited and proud South African company. 

The financial information on which this outlook statement is based has not been reviewed and reported on by the Company's external auditors. 

Strategic priorities 

Our areas of strategic focus remain unchanged: 

Improve and grow our core business
To drive the growth and profitability of the core South African business over the medium-term; 

Grow Africa
Sub-Saharan African expansion through opening Builders Warehouse, Game and Masscash stores. In the next three years we anticipate increasing net 
trading space by 76,823 m2 representing ex-SA space growth of about 35.6%; and 
 
Grow online / omnichannel
To expand, improve and refine our online / e-commerce offerings in Game, DionWired, Makro, and Builders Warehouse. 


Dividend
 
Massmart's current dividend policy is to declare and pay an interim and final cash dividend representing a 2.0 times dividend cover unless 
circumstances dictate otherwise. Notice is hereby given that a gross final cash dividend of 271.0 cents per share, in respect of the year ended 
December 2017 has been declared. The number of shares in issue at the date of this declaration is 217,145,489. 

The dividend has been declared out of income reserves and will be subject to the South African dividend withholding tax ("DWT") rate of 20% 
which will result in a net dividend of 216.8 cents per share to those shareholders who are not exempt from paying dividend tax. Massmart's tax 
reference number is 9900/196/71/9. 
 
The salient dates relating to the payment of the dividend are as follows: 
Last day to trade cum dividend on the JSE: Tuesday, 13 March 2018 
First trading day ex dividend on the JSE: Wednesday, 14 March 2018 
Record date: Friday, 16 March 2018 
Payment date: Monday, 19 March 2018 

Share certificates may not be dematerialised or rematerialised between Wednesday, 14 March 2018 and Friday, 16 March 2018, both days inclusive. 
Massmart shareholders who hold Massmart ordinary shares in certificated form ("certificated shareholders") should note that dividends will be paid 
by cheque and by means of an electronic funds transfer ("EFT") method. Where the dividend payable to a particular certificated shareholder is less 
than R100, the dividend will be paid by EFT only to such certificated shareholder. Certificated shareholders who do not have access to any EFT 
facilities are advised to contact the Company's transfer secretaries, Computershare Investor Services at Rosebank Towers, 15 Biermann Avenue, 
Rosebank, Johannesburg, 2196; on 011 370 5000; or on 0861 100 9818 (fax), to make the necessary arrangements to take delivery of the proceeds of 
their dividend. 

Massmart shareholders who hold Massmart ordinary shares in dematerialised form will have their accounts held at their CSDP or broker credited 
electronically with the proceeds of their dividend. 

On behalf of the Board 

Guy Hayward 
Chief Executive Officer

Johannes van Lierop 
Chief Financial Officer
 
21 February 2018 

Performance summary 

Up 2.7% 
Sales 
R93.7 billion 
52 weeks 
Up by 1.0% to R92.1 billion
 
Up by 4.2% 
Trading profit before interest 
R2.7 billion 
52 weeks 
Down by 5.4% to R2.5 billion 

Up by 14.0% 
Headline Earnings 
R1.5 billion 
52 weeks 
Up by 1.6% to R1.3 billion 

Up by 16.1% 
Total dividend   
per share 
347.0 cents 

* Certain comparative figures shown do not correspond with the 2016 financial statements and reflect adjustments made. Refer to note 6. 



Divisional operational review 
                                    
                                                                      Restated*                                     
                   53 weeks                         52 weeks           52 weeks                      
                   December                         December           December                                 52 weeks   Estimated
                       2017    % of   53rd week         2017    % of       2016    % of   53 weeks   52 weeks   comparable     % sales  
Rm                (Reviewed)  sales  (Pro forma)  (Pro forma)  sales  (Reviewed)  sales   % growth   % growth     % growth   inflation
Sales              93,735.2           1,586.6      92,148.6            91,250.0                2.7        1.0        (0.8)         2.0 
Massdiscounters    20,330.6             358.9      19,971.7            20,544.5               (1.0)      (2.8)       (4.2)        (2.5) 
Masswarehouse      27,748.9             437.0      27,311.9            26,270.3                5.6        4.0         2.4          2.3 
Massbuild          13,191.9             198.3      12,993.6            12,687.1                4.0        2.4         1.6          3.7 
Masscash           32,463.8             592.4      31,871.4            31,748.1                2.3        0.4        (2.3)         3.9 
Trading profit**    2,743.9     2.9     251.2       2,492.7      2.7    2,637.1     2.9        4.0       (5.5) 
Massdiscounters       454.3     2.2      80.8         373.5      1.9      390.7     1.9       16.3       (4.4) 
Masswarehouse       1,313.1     4.7      56.5       1,256.6      4.6    1,254.2     4.8        4.7        0.2 
Massbuild             797.5     6.0      62.0         735.5      5.7      715.3     5.6       11.5        2.8 
Masscash              179.0     0.6      51.9         127.1      0.4      276.9     0.9      (35.4)     (54.1) 

To make comparisons with the prior financial year meaningful, all current year income statement figures in this announcement are given as 52-week 
and 53-week results, and certain comparisons are based on the 52-week results. Refer to note 5. 
** The 'Trading profit before interest and tax' above is the amount per the condensed consolidated income statement less the BEE transaction IFRS 2 
charge. 
^ Refer to the footnote at the base of page 5. 

Condensed consolidated income statement 

                                                                                                            Restated*
                                                                    53 weeks                   52 weeks     52 weeks                 
                                                                    December    53rd week      December     December           
                                                                        2017    pro forma          2017         2016    53 weeks   52 weeks 
Rm                                                                 (Reviewed)     (note 5)   (Pro forma)   (Reviewed)   % change   % change 
Revenue                                                             94,029.1      1,586.8      92,442.3     91,564.9         2.7        1.0 
Sales                                                               93,735.2      1,586.6      92,148.6     91,250.0         2.7        1.0 
Cost of sales                                                      (76,084.6)    (1,284.5)    (74,800.1)   (73,924.7)       (2.9)      (1.2) 
Gross profit                                                        17,650.6        302.1      17,348.5     17,325.3         1.9        0.1 
Other income                                                           235.1          0.2         234.9        216.8         8.4        8.3 
Depreciation and amortisation                                       (1,095.4)           -      (1,095.4)    (1,036.5)       (5.7)      (5.7) 
Employment costs                                                    (7,402.9)       (21.0)     (7,381.9)    (7,346.6)       (0.8)      (0.5) 
Occupancy costs                                                     (3,187.0)       (12.6)     (3,174.4)    (3,133.2)       (1.7)      (1.3) 
Other operating costs                                               (3,463.3)       (17.5)     (3,445.8)    (3,397.8)       (1.9)      (1.4) 
Trading profit before interest and taxation                          2,737.1        251.2       2,485.9      2,628.0         4.2       (5.4) 
Impairment of assets (note 7)                                          (18.9)           -         (18.9)       (76.7)       75.4       75.4 
Insurance proceeds on items in PP&E (note 7)                            58.8            -          58.8         98.1       (40.1)     (40.1) 
Operating profit before foreign exchange movements and interest      2,777.0        251.2       2,525.8      2,649.4         4.8       (4.7) 
Foreign exchange loss (note 2)                                         (47.2)        (7.3)        (39.9)      (141.8)       66.7       71.9 
Operating profit before interest                                     2,729.8        243.9       2,485.9      2,507.6         8.9       (0.9) 
- Finance costs                                                       (585.4)       (10.8)       (574.6)      (601.0)        2.6        4.4 
- Finance income                                                        26.4          0.5          25.9         29.1        (9.3)     (11.0) 
Net finance costs                                                     (559.0)       (10.3)       (548.7)      (571.9)        2.3        4.1 
Profit before taxation                                               2,170.8        233.6       1,937.2      1,935.7        12.1        0.1 
Taxation                                                              (649.1)       (69.9)       (579.2)      (595.9)       (8.9)       2.8 
Profit for the year                                                  1,521.7        163.7       1,358.0      1,339.8        13.6        1.4 
Profit attributable to: 
- Owners of the parent                                               1,507.7        162.2       1,345.5      1,325.6        13.7        1.5 
- Non-controlling interests                                             14.0          1.5          12.5         14.2        (1.4)     (12.0) 
Profit for the year                                                  1,521.7        163.7       1,358.0      1,339.8        13.6        1.4 

Basic EPS (cents)                                                      700.3         75.4         625.0        612.7        14.3        2.0 
Diluted basic EPS (cents)                                              687.3         74.0         613.4        602.3        14.1        1.8 
Dividend (cents): 
- Interim                                                               76.0            -          76.0         74.1         2.6        2.6 
- Final                                                                271.0            -         271.0        224.8        20.6       20.6 
- Total                                                                347.0            -         347.0        298.9        16.1       16.1 

* Certain comparative figures shown do not correspond with the 2016 financial statements and reflect restatements made. Refer to note 6. 

Headline earnings 

                                                                                                                Restated*       
                                                                           53 weeks                 52 weeks    52 weeks         
                                                                           December   53rd week     December    December 
Rm                                                                             2017   pro forma         2017        2016   53 weeks   52 weeks   
Reconciliation of profit for the year to Headline earnings                (Reviewed)    (note 5)  (Pro forma)  (Reviewed)  % change   % change 
Profit for the year attributable to owners of the parent                    1,507.7       162.2      1,345.5     1,325.6       13.7        1.5 
Impairment of assets                                                           18.9           -         18.9        76.7      (75.4)     (75.4) 
Net loss on disposal of tangible and intangible assets                         23.3           -         23.3         6.7      247.8      247.8 
Profit on sale of non-current assets classified as held for sale               (2.3)          -         (2.3)          -          -          - 
Insurance proceeds on items in PP&E                                           (58.8)          -        (58.8)      (98.1)      40.1       40.1 
Available-for-sale reserve re-classified to the income statement                1.1           -          1.1           -          -          - 
Total tax effects of adjustments                                                4.4           -          4.4        (0.2)   2,300.0    2,300.0 
Headline earnings                                                           1,494.3       162.2      1,332.1     1,310.7       14.0        1.6 
Foreign exchange loss after taxation                                           39.1        (6.0)        45.1        95.3      (59.0)     (52.7) 
Headline earnings before foreign exchange (taxed)                           1,533.4       156.2      1,377.2     1,406.0        9.1       (2.0) 
Headline EPS (cents)                                                          694.1        75.3        618.8       605.8       14.6        2.1 
Headline EPS before foreign exchange (taxed) (cents)                          712.3        72.6        639.7       649.9        9.6       (1.6) 
Diluted headline EPS (cents)                                                  681.2        73.9        607.3       595.5       14.4        2.0 
Diluted headline EPS before foreign exchange (taxed) (cents)                  699.1        71.3        627.8       638.8        9.4       (1.7) 

Condensed consolidated statement of comprehensive income 

Profit for the year                                                         1,521.7       163.7      1,358.0     1,339.8       13.6        1.4
Items that will not subsequently be re-classified to the income statement:     15.1           -         15.1         3.6      319.4      319.4
Net post retirement medical aid actuarial profit                               15.1           -         15.1         3.6      319.4      319.4
Items that will subsequently be re-classified to the income statement:        (99.8)          -        (99.8)     (368.2)      72.9       72.9
Foreign currency translation reserve                                         (109.7)          -       (109.7)     (376.9)      70.9       70.9
Cash flow hedges - effective portion of changes in fair value                 (14.2)          -        (14.2)      (23.2)      38.8       38.8
Fair value movement on available-for-sale financial assets                      0.4           -          0.4           -          -          -
Total tax effects relating to components of other comprehensive income         23.7           -         23.7        31.9      (25.7)     (25.7)
Other comprehensive loss for the year, net of tax                             (84.7)          -        (84.7)     (364.6)      76.8       76.8
Total comprehensive income for the year                                     1,437.0       163.7      1,273.3       975.2       47.4       30.6
Total comprehensive income attributable to: 
- Owners of the parent                                                      1,423.0       162.2      1,260.8       961.0       48.1       31.2
- Non-controlling interests                                                    14.0         1.5         12.5        14.2       (1.4)     (12.0)
Total comprehensive income for the year                                     1,437.0       163.7      1,273.3       975.2       47.4       30.6

* Certain comparative figures shown do not correspond with the 2016 financial statements and reflect restatements made. Refer to note 6. 

Condensed consolidated statement of financial position 
                  
                                                               Restated*              Restated*
                                                 December      December               December         
                                                     2017          2016         %         2015         %
Rm                                              (Reviewed)    (Reviewed)   change    (Reviewed)   change 
ASSETS 
Non-current assets                               13,402.4      12,515.4       7.1     12,025.8       4.1 
Property, plant and equipment                     9,214.7       8,470.2       8.8      8,117.8       4.3 
Goodwill and other intangible assets              3,378.9       3,159.0       7.0      2,999.1       5.3 
Investments and other financial assets              156.2         164.2      (4.9)       165.1      (0.5) 
Deferred taxation                                   652.6         722.0      (9.6)       743.8      (2.9) 
Current assets                                   18,893.8      18,905.9      (0.1)    18,228.5       3.7 
Inventories                                      10,984.6      11,210.2      (2.0)    11,317.5      (0.9) 
Trade, other receivables and prepayments          5,119.1       4,684.7       9.3      4,697.4      (0.3) 
Taxation                                            396.5         208.7      90.0        208.7         - 
Cash on hand and bank balances                    2,393.6       2,802.3     (14.6)     2,004.9      39.8 
Non-current assets classified as held for sale       19.9          17.7      12.4         11.5      53.9 
Total assets                                     32,316.1      31,439.0       2.8     30,265.8       3.9 

EQUITY AND LIABILITIES 
Total equity                                      6,391.4       5,755.8      11.0      5,346.0       7.7 
Equity attributable to owners of the parent       6,348.2       5,681.3      11.7      5,191.8       9.4 
Non-controlling interests                            43.2          74.5     (42.0)       154.2     (51.7) 
Non-current liabilities                           3,934.6       4,722.4     (16.7)     3,053.4      54.7 
Interest-bearing borrowings                       2,553.0       3,301.9     (22.7)     1,819.6      81.5 
Deferred taxation                                    66.3          73.9     (10.3)        73.5       0.5 
Other non-current liabilities and provisions      1,315.3       1,346.6      (2.3)     1,160.3      16.1 
Current liabilities                              21,990.1      20,960.8       4.9     21,866.4      (4.1) 
Trade, other payables and provisions             20,581.5      19,634.1       4.8     20,077.8      (2.2) 
Taxation                                             59.1         121.6     (51.4)       136.1     (10.7) 
Bank overdrafts                                      87.5         180.6     (51.6)       446.4     (59.5) 
Interest-bearing borrowings                       1,262.0       1,024.5      23.2      1,206.1     (15.1) 

Total equity and liabilities                     32,316.1      31,439.0       2.8     30,265.8       3.9 

* Certain comparative figures shown do not correspond with the 2016 financial statements and reflect restatements made. Refer to note 6. 

Condensed consolidated statement of cash flows 

                                                                                         Restated*
                                                                           December      December 
                                                                               2017          2016
Rm                                                                        (Reviewed)    (Reviewed) 
Operating cash before working capital movements                             3,964.7       3,700.9 
Working capital movements                                                     705.8        (279.0) 
Cash generated from operations                                              4,670.5       3,421.9 
Taxation paid                                                                (795.0)       (573.9) 
Net finance costs paid                                                       (593.6)       (489.3) 
Dividends received                                                             80.0          50.0 
Dividends paid                                                               (689.9)       (453.2) 
Cash inflow from operating activities                                       2,672.0       1,955.5 
Investment to maintain operations                                            (678.5)       (826.7) 
Investment to expand operations                                            (1,138.3)       (953.7) 
Investment in subsidiaries                                                     (6.5)        (17.7) 
Proceeds on disposal of property, plant and equipment                          12.9          27.3 
Proceeds on disposal of non-current assets classified as held for sale          9.4             - 
Other net investing activities                                                 (5.7)         (4.1) 
Cash outflow from investing activities                                     (1,806.7)     (1,774.9) 
(Decrease)/increase in non-current liabilities                               (403.3)      1,463.4 
Decrease in current liabilities                                              (433.2)       (223.0) 
Non-controlling interests acquired                                           (112.6)       (177.7) 
Net acquisition of treasury shares                                           (193.1)       (103.2) 
Cash (outflow)/inflow from financing activities                            (1,142.2)        959.5 
Net (decrease)/increase in cash and cash equivalents                         (276.9)      1,140.1 
Foreign exchange movements on cash and cash equivalents                       (38.7)        (76.9) 
Opening cash and cash equivalents                                           2,621.7       1,558.5 
Closing cash and cash equivalents                                           2,306.1       2,621.7 

Condensed consolidated statement of changes in equity 

                                                                                                               Equity               
                                                                                                         attributable          Non-
                                                                Share    Share       Other   Retained       to owners   controlling 
Rm                                                            capital   premium   reserves     profit   of the parent     interests      Total 
Balance as at December 2015 (Audited) as previously stated        2.2     675.1      735.3    4,223.4         5,636.0         155.1    5,791.1 
Effect of error*                                                    -         -       (0.1)    (444.1)         (444.2)         (0.9)    (445.1) 
Balance as at December 2015 (Reviewed) Restated                   2.2     675.1      735.2    3,779.3         5,191.8         154.2    5,346.0 
Dividends declared                                                  -         -          -     (404.4)         (404.4)        (48.5)    (452.9) 
Total comprehensive income - restated                               -         -     (364.6)   1,325.6           961.0          14.2      975.2 
Total comprehensive income - as previously stated                   -         -     (364.6)   1,308.2           943.6          14.4      958.0 
Effect of error*                                                    -         -          -       17.4            17.4          (0.2)      17.2 
Changes in non-controlling interests                                -         -     (132.3)         -          (132.3)        (45.4)    (177.7) 
IFRS 2 charge and Share Trust transactions                          -         -      198.5      (28.1)          170.4             -      170.4 
Treasury shares acquired                                            -    (106.1)       0.9          -          (105.2)            -     (105.2) 
Balance as at December 2016 (Reviewed) Restated                   2.2     569.0      437.7    4,672.4         5,681.3          74.5    5,755.8 
Dividends declared                                                  -         -          -     (653.2)         (653.2)        (35.4)    (688.6) 
Total comprehensive income                                          -         -      (84.7)   1,507.7         1,423.0          14.0    1,437.0 
Changes in non-controlling interests                                -         -     (103.2)         -          (103.2)         (9.9)    (113.1) 
IFRS 2 charge and Share Trust transactions                          -    (193.1)     203.7      (35.5)          (24.9)            -      (24.9) 
Treasury shares acquired                                            -      25.3       (0.1)         -            25.2             -       25.2 

Year ended December 2017 (Reviewed)                               2.2     401.2      453.4    5,491.4         6,348.2          43.2    6,391.4 

* Certain comparative figures shown do not correspond with the 2016 financial statements and reflect restatements made. Refer to note 6.
 
Fair value hierarchy 

For financial instruments traded in an active market (level 1), fair value is determined using stock exchange quoted prices. For other financial 
instruments (level 2), appropriate valuation techniques, including recent market transactions and other valuation models, have been applied and 
significant inputs include market yield curves and exchange rates. For non-current assets classified as held for sale (level 3) fair value less costs to 
sell, in terms of IFRS 5, has been determined based on the sale agreements. The table below reflects 'Financial instruments' and 'Non-current assets 
classified as held for sale' carried at fair value, and those 'Financial instruments' and 'Non-current assets classified as held for sale' that have 
carrying amounts that differ from their fair values, in the statement of financial position.
 
                                                                   December                                  December 
                                                                       2017                                      2016   
Rm                                                                (Reviewed)  Level 1   Level 2   Level 3   (Reviewed)   Level 1   Level 2   Level 3
Financial assets at fair value through profit or loss                 134.9         -     134.9         -       142.9          -     142.9         -
- Investment in cell captives and other                               132.1         -     132.1         -       140.9          -     140.9         -
- FEC asset (non-designated hedge)                                      2.8         -       2.8         -         2.0          -       2.0         -
Financial asset designated as a cash flow hedging instrument            1.1         -       1.1         -         3.1          -       3.1         -
- FEC asset                                                             1.1         -       1.1         -         3.1          -       3.1         -
Loans and receivables                                                  13.1         -      13.1         -        13.1          -      13.1         -
- Employee share trust loans                                           13.1         -      13.1         -        13.1          -      13.1         -
Available-for-sale financial assets                                     1.1       1.1         -         -         2.4        2.4         -         - 
- Listed investments                                                    1.1       1.1         -         -         2.4        2.4         -         -
Non-current assets classified as held for sale                         19.9         -         -      19.9        20.8          -         -      20.8
Financial assets                                                      170.1       1.1     149.1      19.9       182.3        2.4     159.1      20.8
Financial liabilities at amortised cost                             3,259.5         -   3,259.5         -     3,214.1          -   3,214.1         -
- Medium-term loan and bank loans                                   3,259.5         -   3,259.5         -     3,214.1          -   3,214.1         -
Financial liabilities at fair value through profit or loss             28.7         -      28.7         -         7.5          -       7.5         -
- FEC liability (non-designated hedge)                                 28.7         -      28.7         -         7.5          -       7.5         -
Financial liability designated as a cash flow hedging instrument       23.8         -      23.8         -         3.5          -       3.5         -
- FEC liability                                                        23.8         -      23.8         -         3.5          -       3.5         -
Financial liabilities                                               3,312.0         -   3,312.0         -     3,225.1          -   3,225.1         -

There were no transfers of financial instruments between Level 1, Level 2 and Level 3 fair value measurements during the year ended December 
2017. The financial assets and financial liabilities have been presented based on an analysis of their respective natures, characteristics and risks. 

Additional information 
                                                                    Restated* 
                                                      December      December 
                                                          2017          2016 
                                                     (Reviewed)    (Reviewed) 
Net asset value per share (cents)                      2,923.5       2,616.5 
Ordinary shares (000's): 
- In issue                                           217,145.5     217,136.3 
- Weighted average (net of treasury shares)          215,276.1     216,352.8 
- Diluted weighted average                           219,352.1     220,091.9 
Preference shares (000's): 
- Black Scarce Skills Trust 'B' shares in issue        2,831.3       2,840.5 
Capital expenditure (Rm): 
- Authorised and committed                               797.6         612.0 
- Authorised not committed                             1,378.3       1,147.8 
Net operating lease commitments (2018 - 2032) (Rm)    15,059.0      15,386.5 
US dollar exchange rates: - year end (R/$)               12.44         14.11 
- average (R/$)                                          13.37         14.74 
 
* Certain comparative figures shown do not correspond with the 2016 financial statements and reflect restatements made. Refer to note 6. 

Share Data 

25 Dec 2016 - 31 Dec 2017 
Closing price, 29 Dec 2017 R139.54 
Share price (53 week high) R152.85 
Share price (53 week low) R102.64 
Market cap (billions) R30.30 
Shares in issue (millions) 217.1 
Shares traded (millions)  139.9 
Percentage of shares traded 64.4% 
Reuters MSMJ.J 
Bloomberg MSM SJ 

Source: I-Net 

Notes 

1. These preliminary reviewed condensed consolidated results have been prepared in accordance with the framework concepts and the 
measurement and recognition requirements of International Financial Reporting Standards (IFRS), its interpretations issued by the IFRS 
Interpretations Committee, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial 
Pronouncements as issued by the Financial Reporting Standards Council, presentation and disclosure as required by International Accounting 
Standard (IAS) 34 'Interim Financial Reporting', the JSE Limited Listings Requirements and the requirements of the Companies Act 71 of 
2008 of South Africa. The accounting policies and methods of computation used in the preparation of the preliminary reviewed condensed 
consolidated results are in terms of IFRS and are consistent in all material respects with those applied in the most recent Annual Financial 
Statements, except for restatement in note 6. None of the amendments coming into effect in the current financial year have had a material 
impact on the financial reporting of the Group.
 
2. The majority of Massmart's realised and unrealised foreign exchange loss of R47.2 million (52 weeks: R39,9 million) arose as a result of the 
settlement of its Rand-denominated foreign creditors and currency hedging. Despite Massmart's increased investment into the rest of Africa, 
the volatility of the Rand against the US Dollar and average basket of the other African currencies, Massmart managed to reduce its foreign 
exchange exposure. 

3. Massmart and its Divisions enter into certain transactions with related parties in the normal course of business. At December 2017, the 
Supplier Development Fund had a closing balance of R34.6 million (December 2016: R72.2 million). The Group has a medium-term loan with 
Walmart that is repayable in April 2018, on which interest of 7.46% is paid quarterly. The loan of R600.0 million is accounted for in interest- 
bearing borrowings in current liabilities. As a 52.4% shareholder, Main Street 830 Proprietary Limited, a subsidiary of Walmart, will also be 
receiving a dividend based on their number of shares held. 

4. Massmart offers a diverse range of retail offerings to the market consisting of Food & Liquor, General Merchandise and Home Improvement. 
Due to the cyclical nature of this industry, higher revenues and operating profits are usually expected in the second half of the year rather than 
in the first six months. Higher sales during the period October to December are mainly attributed to the increased demand for our non-Food 
categories where we see an increase in discretionary spend leading up to the Christmas holiday period. 
In the 53 weeks ended December 2017, Christmas fell into the 53rd week of trading in the financial year, and so is excluded from the 52-week 
like-on-like comparison numbers. 

5. The pro forma financial effects, for which the Directors of Massmart are responsible, are provided for illustrative purposes only to show the 
effect of the additional week of trading in the current year on the financial information of Massmart, allowing for a like-on-like comparison of 
the 52-week periods. These pro forma financial effects are not expected to have a continuing effect as they will only occur in every 53-week 
year. 

a) Due to its nature, the pro forma financial effects may not fairly present the Group's financial position, changes in equity, results of operations or 
cash flows. 
b) The accounting policies adopted by the Group in the 2017 preliminary reviewed condensed consolidated results, which have been prepared in 
accordance with IFRS, have been used in preparing the unaudited pro forma 52-weeks information. 
c) The '53 weeks to 31 December 2017' column is the reviewed results for the 53-week period ended 31 December 2017. 
d) The amounts in the '53rd week pro forma' column relate to the adjustments for sales and the related cost of sales (calculated with reference to 
the gross profit margin for the month of December 2017), including weekly employment costs and other relevant variable costs, foreign 
exchange loss, finance costs and tax expense (calculated with reference to the effective tax rate for the 53-week period) for the one-week period 
from 25 December 2017 to 31 December 2017, together with the resultant gross profit, trading profit, operating profit, profit before tax and 
profit for the said one-week period. The relevant amounts for the one-week period from 25 December 2017 to 31 December 2017 have been 
extracted and recalculated from the Group's accounting records. 
e) The '53rd week pro forma' column, in the opinion of the Directors, fairly reflects the results for the one-week period from 25 December 2017 
to 31 December 2017. 
f) The calculation of EPS and Headline EPS for the pro forma 52-week period is based on the weighted average number of shares in issue over 
the full 53-week period. 
g) The Group's external auditor has issued a reporting accountants' report on the pro forma 53-week information. A copy of their procedures 
report is available at the Group's registered office. 

6. Restatement of comparative figures 
We have reconsidered our accounting with respect to the valuation of inventory in line with IAS 2 'Inventories' relating to the valuation of 
inventory including the capitalisation of costs and recognition of rebates on inventory. Previously the value of inventory incorrectly included 
certain elements of preparing the product for sale while some rebates were immediately recognised against cost of sales rather than deferring these 
rebates in line with the movement of inventory. 
In addition, while preparing the 2017 Group cash flow statement, we observed that elements of unrealised foreign exchange movements had 
been incorrectly included in the 'Foreign exchange movement on cash and cash equivalents' line on the 2016 Group cash flow statement. 
We therefore concluded that both the error in the application of the accounting policy of the Group's inventory valuation and the error of 
classification in the disclosure of unrealised foreign exchange differences on the face of the Group's cash flow statement should be corrected in 
accordance with IAS 8: 'Accounting policies, changes in accounting estimates and errors'. The correction to the accounting treatment is 
effective for the year ended 31 December 2017 and has been applied retrospectively. This has therefore resulted in a restatement of the 
comparative 2016 and 2015 periods. The aggregate effect of the restatement for these periods is as follows: 

Note 6 continued 
                                                                          December 2016                           December 2015 
                                                                               52 weeks                                52 weeks 
                                                                                                 
                                                    Previously    Effect of                Previously    Effect of             
Rm                                                    reported       change    Restated      reported       change     Restated 
Statement of financial position 
Deferred taxation                                        724.2         (2.2)      722.0         749.2         (5.4)       743.8 
Inventories                                           11,803.0       (592.8)   11,210.2      11,934.5       (617.0)    11,317.5 
Taxation                                                  58.3        150.4       208.7          50.8        157.9        208.7 
Total assets                                          12,585.5       (444.6)   12,140.9      12,734.5       (464.5)    12,270.0 
Trade, other payables and provisions                  19,634.0          0.1    19,634.1      20,077.7          0.1     20,077.8 
Taxation                                                 138.4        (16.8)      121.6         155.6        (19.5)       136.1 
Total liabilities                                     19,772.4        (16.7)   19,755.7      20,233.3        (19.4)    20,213.9 
Net impact on total equity                                           (427.9)                                (445.1) 
                                                               
                                                    Previously    Effect of                         
                                                      reported       change    Restated
Income statement 
Cost of sales                                        (73,948.9)        24.2   (73,924.7) 
Gross profit                                          17,301.1         24.2    17,325.3 
Profit before taxation                                 1,911.5         24.2     1,935.7 
Taxation                                                (588.9)        (7.0)     (595.9) 
Profit for the year                                    1,322.6         17.2     1,339.8 

Profit attributable to: 
- Owners of the parent                                 1,308.2         17.4     1,325.6 
- Non-controlling interests                               14.4         (0.2)       14.2 
Profit for the year                                    1,322.6         17.2     1,339.8 

Basic EPS (cents)                                        604.7          8.0       612.7 
Diluted basic EPS (cents)                                594.4          7.9       602.3 
Headline EPS (cents)                                     597.8          8.0       605.8 
Diluted headline EPS (cents)                             587.6          7.9       595.5 

Statement of cash flows 
Operating cash before working capital movements        3,984.9       (284.0)    3,700.9 
Working capital movements                               (263.0)       (16.0)     (279.0) 
Foreign exchange movement on cash and cash 
equivalents                                             (376.9)       300.0       (76.9) 
       
7. In the current year, the majority of the impairment of property, plant and equipment of R18.9 million (2016: R76.7 million) and the insurance 
compensation income of R58.8 million (2016: R98.1 million) are as a result of the two store fires that occurred within the 
Massdiscounters Division. In the prior year, the impairment of assets was as a result of the Jumbo Crown Mines' store fire. These amounts 
have all been excluded in the calculation of headline earnings. 
8. These preliminary reviewed condensed consolidated results have been reviewed by independent external auditors, Ernst & Young Inc. and their 
unmodified review report is available for inspection at the Company's registered office. The review was performed in accordance with ISRE 
2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'. Any reference to future financial 
performance included in this announcement has not been reviewed or reported on by the Group's external auditors. The auditor's report does 
not necessarily report on all of the information contained in this announcement/financial results. Shareholders are therefore advised that in order to obtain a 
full understanding of the nature of the auditor 's engagement, they should obtain a copy of the auditor 's report together with the accompanying 
financial information from the Group's registered office. The preparation of the Group's preliminary reviewed condensed consolidated financial 
statements was supervised by the Chief Financial Officer, Johannes van Lierop, Bachelor of Business Economics, RA (Netherlands). 
" } [2]=> array(7) { ["content"]=> string(5) " " ["ID"]=> string(36) "faee8f00-5f11-429f-b75e-5c5fd9165682" ["CID"]=> string(36) "faee8f00-5f11-429f-b75e-5c5fd9165682" ["HEADLINE"]=> string(78) "MSM: MASSMART HOLDINGS LIMITED - Sales update for the year to 31 December 2017" ["DATE"]=> string(10) "2018/01/18" ["SOURCE"]=> string(23) "JSE News Service (SENS)" ["BODY"]=> string(4527) "
MSM: MASSMART HOLDINGS LIMITED - Sales update for the year to 31 December 2017
Sales update for the year to 31 December 2017

Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1940/014066/06)
Share code: MSM
ISIN: ZAE000152617
("Massmart" or "the Company")

Sales update for the year to 31 December 2017

Massmart´s 2017 financial year is a 53-week trading period ended 31 December 2017 which
complicates useful comparisons with the prior year´s 52-week period ended 25 December 2016.
Apart from the paragraph immediately below, this update focuses on the sales performances for
the current 52-week and prior 52-week periods.

For the 53 weeks to 31 December 2017 Massmart´s total sales increased to R93.7 billion,
representing 2.7% growth compared to the 52 weeks to 25 December 2016.

Total sales for the 2017 52-week period of R92.1 billion represents growth of 1.0%, with
comparable store sales declining by 0.8%. Product inflation is estimated at 2.0%.

Total sales growths for each division for the 52-week period (comparable sales growths in
brackets) and product inflation rates were as follows:

   -   Massdiscounters decreased by 2.8% (-4.2% comparable) with inflation of -2.5%

   -   Masswarehouse increased by 3.9% (2.4% comparable) with inflation of 2.3%

   -   Massbuild increased by 2.4% (1.6% comparable) with inflation of 3.7%

   -   Masscash increased by 0.4% (-2.3% comparable) with inflation of 3.9%

The second half of 2017 saw improved comparable sales performances in both Massbuild and
Masswarehouse in South Africa (SA) and in all divisions´ ex-SA stores. Management of
Massmart´s operating expenses and working capital remains effective.

Total sales from our SA stores for the 52-week period grew by 1.5%, while comparable SA store
sales declined by 0.2%.

Total sales from our ex-SA stores measured in constant currencies* for the 52-week period grew
by 3.5% with comparable store sales growth of 0.8%, while in Rands these were -4.8% and -7%
respectively.

Massmart´s 2017 financial results will be released on the Stock Exchange News Service of the
JSE Limited on 22 February 2018.

The above information has not been reviewed and reported on by the Company`s external
auditors.

* The constant currency information included in this sales update has been presented to illustrate
the Group´s underlying ex-SA business performance, in terms of sales growth, excluding the
effect of foreign currency fluctuations. In determining the application of constant currency, sales
for the prior comparable financial reporting period have been adjusted to take into account the
average daily exchange rate for the current period. The table below depicts the percentage
change in sales in both reported currency and constant currency for the given material currencies.
The constant currency information incorporated in this sales update has not been audited or
reviewed or otherwise reported on by our external auditors. The constant currency information is
the responsibility of the Directors of Massmart. It has been prepared for illustrative purposes only
and due to its nature, may not fairly present Massmart´s financial position, changes in equity,
results of operations or cash flows.

                                                                 Sales growth in:
                                                     Reported Currency     Constant Currency
 Ghanaian Cedi                                             9.6%                   34.3%
 Mozambican Metical                                       -28.5%                  -15.0%
 Nigerian Naira                                           -13.2%                  23.1%
                                                          -16.3%                   6.5%



Johannesburg
18 January 2018

Sponsor: Deutsche Securities (SA) Proprietary Limited

Date: 18/01/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.
" } [3]=> array(7) { ["content"]=> string(5) " " ["ID"]=> string(36) "765de7d6-6bc6-4e4e-8103-b50bdcac4b20" ["CID"]=> string(36) "765de7d6-6bc6-4e4e-8103-b50bdcac4b20" ["HEADLINE"]=> string(76) "MSM: MASSMART HOLDINGS LIMITED - Notices of Changes to Committee Composition" ["DATE"]=> string(10) "2017/11/23" ["SOURCE"]=> string(23) "JSE News Service (SENS)" ["BODY"]=> string(1437) "
MSM: MASSMART HOLDINGS LIMITED - Notices of Changes to Committee Composition
Notices of Changes to Committee Composition

Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
Company registration No. 1940/014066/06
JSE Code: MSM
ISIN: ZAE 000152617
("Massmart")


NOTICE OF CHANGES TO COMMITTEE COMPOSITION

In compliance with paragraph 3.59 of the JSE Limited Listings Requirements and the King IV Code on
Corporate Governance, shareholders are advised that Ms Phumzile Langeni, a member of the
Massmart board of directors and chairperson of the Massmart Social and Ethics Committee is appointed
as a member of the Massmart Remuneration and Nominations Committees with effect from 22
November 2017.

23 November 2017

Sponsor
Deutsche Securities (SA) Proprietary Limited

Date: 23/11/2017 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.
" } [4]=> array(7) { ["content"]=> string(5) " " ["ID"]=> string(36) "be27211f-02c5-4a02-bcd8-c3552a26766d" ["CID"]=> string(36) "be27211f-02c5-4a02-bcd8-c3552a26766d" ["HEADLINE"]=> string(131) "MSM: MASSMART HOLDINGS LIMITED - Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan" ["DATE"]=> string(10) "2017/11/17" ["SOURCE"]=> string(23) "JSE News Service (SENS)" ["BODY"]=> string(2055) "
MSM: MASSMART HOLDINGS LIMITED - Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan
Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan

Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
Company registration No. 1940/014066/06
JSE Code: MSM
ISIN: ZAE 0000152617
("Massmart")

Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share
Incentive Plan


The Massmart Holdings Limited Employee Share Trust ("Massmart Share Trust") purchased
Massmart ordinary shares through on-market trades to fulfil its obligations towards participants
of the Massmart Share Trust and Share Incentive Plan (SIP). The details are as follows:

Trade date:                                    15 November 2017
Number of shares:                              100,000
Price per share:                               R105.2489
Value of transaction:                          R10,524,890.00


Trade date:                                    16 November 2017
Number of shares:                              100,000
Price per share:                               R104.0222
Value of transaction:                          R10,402,220.00

Clearance has been obtained in terms of the JSE Limited Listings Requirements.

Johannesburg
17 November 2017

Sponsor
Deutsche Securities (SA) Proprietary Limited

Date: 17/11/2017 10:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.
" } [5]=> array(7) { ["content"]=> string(5) " " ["ID"]=> string(36) "b482dbaa-8386-4f9f-8e8d-b3320101e017" ["CID"]=> string(36) "b482dbaa-8386-4f9f-8e8d-b3320101e017" ["HEADLINE"]=> string(131) "MSM: MASSMART HOLDINGS LIMITED - Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan" ["DATE"]=> string(10) "2017/10/25" ["SOURCE"]=> string(23) "JSE News Service (SENS)" ["BODY"]=> string(1738) "
MSM: MASSMART HOLDINGS LIMITED - Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan
Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan

Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
Company registration No. 1940/014066/06
JSE Code: MSM
ISIN: ZAE 0000152617
("Massmart")

Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share
Incentive Plan

The Massmart Holdings Limited Employee Share Trust ("Massmart Share Trust") purchased
Massmart ordinary shares through on-market trades to fulfil its obligations towards participants
of the Massmart Share Trust and Share Incentive Plan (SIP). The details are as follows:

Trade date:                  24 October 2017
Number of shares:            49,502
Price per share:             R108.9292
Value of transaction:        R5,392,213.26

Clearance has been obtained in terms of the JSE Limited Listings Requirements.

Johannesburg
25 October 2017

Sponsor
Deutsche Securities (SA) Proprietary Limited

Date: 25/10/2017 04:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.
" } [6]=> array(7) { ["content"]=> string(5) " " ["ID"]=> string(36) "7a7a1fcf-5453-4e2c-a075-40462b0eca53" ["CID"]=> string(36) "7a7a1fcf-5453-4e2c-a075-40462b0eca53" ["HEADLINE"]=> string(131) "MSM: MASSMART HOLDINGS LIMITED - Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan" ["DATE"]=> string(10) "2017/10/24" ["SOURCE"]=> string(23) "JSE News Service (SENS)" ["BODY"]=> string(1896) "
MSM: MASSMART HOLDINGS LIMITED - Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan
Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan

Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
Company registration No. 1940/014066/06
JSE Code: MSM
ISIN: ZAE 0000152617
("Massmart")

Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share
Incentive Plan

The Massmart Holdings Limited Employee Share Trust ("Massmart Share Trust") purchased
Massmart ordinary shares through on-market trades to fulfil its obligations towards participants
of the Massmart Share Trust and Share Incentive Plan (SIP). The details are as follows:

Trade date:                  20 October 2017
Number of shares:            40,743
Price per share:             R109.9986
Value of transaction:        R4,481,672.96

Trade date:                  23 October 2017
Number of shares:            640
Price per share:             R110.0000
Value of transaction:        R70,400.00

Clearance has been obtained in terms of the JSE Limited Listings Requirements.

Johannesburg
24 October 2017

Sponsor
Deutsche Securities (SA) Proprietary Limited

Date: 24/10/2017 10:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.
" } [7]=> array(7) { ["content"]=> string(5) " " ["ID"]=> string(36) "d54b1370-fb4a-44d9-ac6a-31bb23182db4" ["CID"]=> string(36) "d54b1370-fb4a-44d9-ac6a-31bb23182db4" ["HEADLINE"]=> string(131) "MSM: MASSMART HOLDINGS LIMITED - Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan" ["DATE"]=> string(10) "2017/10/12" ["SOURCE"]=> string(23) "JSE News Service (SENS)" ["BODY"]=> string(1971) "
MSM: MASSMART HOLDINGS LIMITED - Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan
Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan

Massmart Holdings Limited:
(Incorporated in the Republic of South Africa)
Company registration No. 1940/014066/06
JSE Code: MSM
ISIN: ZAE 0000152617
("Massmart")


Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share
Incentive Plan

The Massmart Holdings Limited Employee Share Trust ("Massmart Share Trust") purchased
Massmart ordinary shares through on-market trades to fulfil its obligations towards participants
of the Massmart Share Trust and Share Incentive Plan (SIP). The details are as follows:

        Trade date:                  10 October 2017
        Number of shares:            100,000
        Price per share:             R105.9669
        Value of transaction:        R10,596,690.00

        Trade date:                  11 October 2017
        Number of shares:            10,321
        Price per share:             R108.7456
        Value of transaction:        R1,122,363.34

Clearance has been obtained in terms of the JSE Limited Listings Requirements.


Johannesburg
12 October 2017

Sponsor
Deutsche Securities (SA) Proprietary Limited

Date: 12/10/2017 11:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.
" } [8]=> array(7) { ["content"]=> string(5) " " ["ID"]=> string(36) "c5a0d247-86d6-44d7-b06b-fa5502d0b6d4" ["CID"]=> string(36) "c5a0d247-86d6-44d7-b06b-fa5502d0b6d4" ["HEADLINE"]=> string(55) "MSM: MASSMART HOLDINGS LIMITED - Dealings in securities" ["DATE"]=> string(10) "2017/10/11" ["SOURCE"]=> string(23) "JSE News Service (SENS)" ["BODY"]=> string(3311) "
MSM: MASSMART HOLDINGS LIMITED - Dealings in securities
Dealings in securities

Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
Company Registration No. 1940/014066/06
JSE Code: MSM
ISIN: ZAE 0000152617
("Massmart")

Dealings in securities

In compliance with paragraphs 3.63 to 3.66 of the JSE Limited Listings Requirements ("Listings Requirements"), the
following information is provided regarding the settlement of grants by The Massmart Holdings Limited 2013 Share
Plan ("the Share Plan") to the under-mentioned Director, as defined in terms of the Listings Requirements. As
required in paragraph 3.66 of the Listings Requirements, the necessary authority has been obtained. In terms of The
Massmart Holdings Limited 2013 Share Plan, 6,150 Massmart shares were released to GRC Hayward. Following
deduction of the associated tax obligation, Mr Hayward has retained ownership of 3,381 shares.

 Name and designation of Director               GRC Hayward, Chief Executive Officer: Massmart Holdings Limited
 Nature of transaction                    Settlement of grants in terms of the Share Plan in off market transactions
 Date of grant                                              15-Sep-14                                     16-Sep-13
 Date of vesting                                            15-Sep-17                                     16-Sep-17
 Number of restricted shares settled                              3,834                                       2,316
 Vesting price per share                                        120.03                                       118.65
 Total value of restricted shares
 settled                                                  R460,195.02                                   R274,793.40

 Date of transaction                                                                                       11-Oct-17
 Nature of transaction                                Transfer of shares to participant in an off market transaction
 Net shares settled                                              2,108                                         1,273
 Price per share                                                120.03                                        118.65
 Value of net shares settled                              R253,023.24                                  R151,041.45
 Class of securities                                   Ordinary shares                              Ordinary shares
 Extent of interest                                   Direct, beneficial                           Direct, beneficial

Johannesburg
11 October 2017

Sponsor
Deutsche Securities (SA) Proprietary Limited

Date: 11/10/2017 04:47:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.
" } [9]=> array(7) { ["content"]=> string(5) " " ["ID"]=> string(36) "c10ee515-448e-481b-9d68-879231fcb2c3" ["CID"]=> string(36) "c10ee515-448e-481b-9d68-879231fcb2c3" ["HEADLINE"]=> string(131) "MSM: MASSMART HOLDINGS LIMITED - Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan" ["DATE"]=> string(10) "2017/10/10" ["SOURCE"]=> string(23) "JSE News Service (SENS)" ["BODY"]=> string(2049) "
MSM: MASSMART HOLDINGS LIMITED - Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan
Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share Incentive Plan

Massmart Holdings Limited:
(Incorporated in the Republic of South Africa)
Company registration No. 1940/014066/06
JSE Code: MSM
ISIN: ZAE 0000152617
("Massmart")



Trading of Massmart ordinary shares on behalf of the Massmart Share Trust and Share
Incentive Plan

The Massmart Holdings Limited Employee Share Trust ("Massmart Share Trust") purchased
Massmart ordinary shares through on-market trades to fulfil its obligations towards participants
of the Massmart Share Trust and Share Incentive Plan (SIP). The details are as follows:

        Trade date:                            9 October 2017
        Number of shares:                      67,571
        Price per share:                       R106.6299
        Value of transaction:                  R7,205,088.97

        Trade date:                            9 October 2017
        Number of shares:                      99,760
        Price per share:                       R105.9904
        Value of transaction:                  R10,573,602.30

Clearance has been obtained in terms of the JSE Limited Listings Requirements.


Johannesburg
10 October 2017

Sponsor
Deutsche Securities (SA) Proprietary Limited

Date: 10/10/2017 12:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.
" } } } }
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