[PPT] - Interim Results Presentation FOR THE 26 WEEKS ENDED JUNE 2019 01 PowerPoint Presentation

SLIDE 1

Interim Results Presentation

FOR THE 26 WEEKS ENDED JUNE 2019

SLIDE 2

01 FINANCIAL REVIEW

02 OPERATIONAL REVIEW

03 ADDITIONAL INFORMATION

SLIDE 3

01 Financial review

SLIDE 4

In Income S Statement

June 2019 like-on-like

Depreciation

increased due to right-of-use (ROU) assets

Occupancy costs

decreased

Finance costs

increased due to the recognition of the lease liability

Taxation – temporary

differences relate to IFRS 16

Condensed Consolidated Income Statement

26 WEEKS JUNE 2019 IFRS 16 26 WEEKS JUNE 2019 26 WEEKS JUNE 2018 ADJUSTED Rm (REVIEWED) ADJUSTMENT (ADJUSTED) (REVIEWED) % CHANGE

Revenue 43,909.4

43,909.4

41,688.4 5.3 Sa Sales 43,832.4

43,832.4

41,558.4 5.5 Cost of sales (35,403.5)

(35,403.5)

(33,416.3) (5.9) Gross p profit 8,428.9

8,428.9

8,142.1 3.5 Other income 76.6

76.6

127.9 (40.1) Depreciation and amortisation (1,548.4) 890.5 (657.9) (546.7) (20.3) Employment costs (3,967.4)

(3,967.4)

(3,653.8) (8.6) Occupancy costs (644.6) (1,210.8) (1,855.4) (1,706.6) (8.7) Other operating costs (2,026.2)

(2,026.2)

(1,698.5) (19.3) Trading p profit b before i interest a and t taxation 318.9 (320.3) (1.4) 664.4 (100.2) Restructuring costs

(110.3)

100.0 Impairment of assets (46.9)

(46.9)

(8.5) (451.8) Insurance proceeds on items in PP&E 0.4

0.4

2.1 (81.0) Operating p profit/(loss) b before f foreign e exchange m movements a and i interest 272.4 (320.3) (47.9) 547.7 (108.7) Foreign exchange loss (157.1) 75.2 (81.9) 23.4 (450.0) Operating p profit/(loss) b before i interest 115.3 (245.1) (129.8) 571.1 (122.7)

Finance costs

(921.9) 556.5 (365.4) (310.5) (17.7)

Finance income

12.3

12.3

10.8 13.9 Net finance costs (909.6) 556.5 (353.1) (299.7) (17.8) (Loss)/Profit b before t taxation (794.3) 311.4 (482.9) 271.4 (278.0) Taxation (38.1) (64.8) (102.9) (81.4) (26.4) (Loss)/Profit f for t the p period (832.4) 246.6 (585.8) 190.0 (408.3) (Loss)/Profit attributable to:

Owners of the parent

(836.1) 246.6 (589.5) 195.7 (401.2)

Non-controlling interests

3.7

3.7

(5.7) 164.9 (Loss)/Profit f for t the p period (832.4) 246.6 (585.8) 190.0 (408.3)

26 WEEKS JUNE 2019 26 WEEKS JUNE 2018 (ADJUSTED) (REVIEWED)

43,909.4 41,688.4 43,832.4 41,558.4 (35,403.5) (33,416.3) 8,428.9 8,142.1 76.6 127.9 (657.9) (546.7) (3,967.4) (3,653.8) (1,855.4) (1,706.6) (2,026.2) (1,698.5) (1.4) 664.4

(110.3)

(46.9) (8.5) 0.4 2.1 (47.9) 547.7 (81.9) 23.4 (129.8) 571.1 (365.4) (310.5) 12.3 10.8 (353.1) (299.7) (482.9) 271.4 (102.9) (81.4) (585.8) 190.0 (589.5) 195.7 3.7 (5.7) (585.8) 190.0

SLIDE 5

ROU assets recognised due to

IFRS 16 adoption entry

Lease liability raised on a

present value basis of future lease commitments

Other non-current liabilities and

provisions decreased to remove the full operating lease smoothing liability which is allocated against the ROU asset

Bala lance S Sheet i impact

Condensed Consolidated Statement of Financial Position

DECEMBER 2018 IFRS 16 2019 JUNE 2019

Rm

(AUDITED) AT ADOPTION ADJUSTMENT OPENING BALANCE (ADJUSTED) (REVIEWED)

ASSETS Non-current assets 14,165.8 8,530.0 22,695.8 22,086.7 Property, plant and equipment 9,109.5

9,109.5

8,820.5 Right-of-use asset 537.7 8,530.0 9,067.7 8,571.6 Goodwill and other intangible assets 3,656.3

3,656.3

3,745.8 Investments and other financial assets 119.2

119.2

143.6 Deferred taxation 743.1

743.1

805.2 Current assets 20,605.2 (118.1) 20,487.1 17,353.9 Non-current assets classified as held for sale 11.6

11.6

166.7 Total assets 34,782.6 8,411.9 43,194.5 39,6 ,607.3 .3 EQUITY AND LIABILITIES Total equity 6,528.6 (227.1) 6,301.5 5,280.3 Non-current liabilities 3,694.5 8,784.3 12,478.8 11,502.5 Interest-bearing borrowings 1,606.0

1,606.0

2,267.6 Lease liability 648.1 10,060.6 10,708.7 9,056.6 Deferred taxation 76.7

76.7

86.5 Other non-current liabilities and provisions 1,363.7 (1,276.3) 87.4 91.8 Current liabilities 24,559.5 (145.3) 24,414.2 22,814.5 Total equity and liabilities 34,782.6 8,411.9 43,194.5 39,607.3

SLIDE 6

Like-on-like basis excluding IFRS 16 impact in both periods

Sales

R43.8bn

2018: R41.6 billion

Gross profit margin

19.2%

2018: 19.6%

Trading loss before interest and tax (excl restructure costs)

R1.4m

2018: R664.4 million profit

Headline loss (excl restructure costs)

R550.0m

2018: R283.5 million earnings

Like-on-like Financial summary

26-week basis

SLIDE 7

Our p ur poor p r per erform rmanc nce in s e in sum ummary

Weaker sales growth:

Continued consumer pressure:
GDP -3.2% Q1
Unemployment 29%
Low food inflation
2nd quarter slow-down, despite

Easter

Margin pressure

(down 36bps*, approx. R160m)

Greater participation of lower-margin

Food & Liquor sales

Increased customer-led promotional

sales mix

Slower than expected recovery in our

margin-management in Game and Masscash

Expenses

(up 110bps*, approx. R900m)

People, property & depreciation

within expectations (75% of total) apart from employee insourcing

Some pressure from 3.1% new space
Other expenses higher than

expected: security, generators’ diesel and maintenance, bad debts, credit card usage, new store pre-opening costs, IT support costs

* As a percentage of sales Like-on-like basis excluding IFRS 16 impact in both periods

SLIDE 8

26-week like-on-like basis excluding IFRS 16 impact in both periods

SA Sales

91.1%

h 4.9%

Ex-SA Sales

8.9%

h 11.8% h 6.4%

Food & Liquor

56%

h 7.9%

Durables

44%

h 1.3%

Group Durables sales h 2.7% Group Food & Liquor sales

h 8.2%

Total Group: R43.8 bn

Constant Currency

Durables

48%

h 8.8%

Food & Liquor

52%

h 14.6%

Sa Sales by g geo eogra raphy a and nd c categ egory

Continued tough trading environment

SLIDE 9

Lower sales participation
f higher-margin Durable

Goods products

Increased lower-margin

promotional sales participation

Weak margin

management in Game and Masscash

Stock aging in Game

Gr Gross pr prof

fit ma

margi gin

Jun 18

19.6%

R8.1 billion Jun 19

19.2%

R8.4 billion

SLIDE 10

Depreciation

h20.3%

h 15.4% COMPARABLE

Re-assessment of useful lives

(IFRS) in 2018. Excluding this increase is 9.3%

Completion of SAP Hybris

in Makro

Net 16 stores opened since

June ’18 with space growth

f 3.1%

Employment costs

h8.6%

h 7.2% COMPARABLE

46,500 FTEs (8% growth) due

to in-sourced temporary contractors to permanent staff: increase to benefits costs

Impact of new stores

Occupancy costs

h8.7%

h 6.5% COMPARABLE

Net 3.1% trading space

increase since June ‘18

Pressure from increased

municipal & electricity tariffs including costs of generators (load- shedding)

Other operating expenses

h19.3%

h 14.3% COMPARABLE

Increased credit card expenses

and security costs (weak economy) R50m

IT system implementations in

change management mode: costs expensed no longer capitalised R50m

Pre-opening expenses R53.5m

(2018: R18.6m): 7 new stores

pened (June 2018: 5 new stores)

Cost p pres ressures ures

Total expenses grew at 11.8%, comparable expenses at 9.2%

Like-on-like basis excluding IFRS 16 impact in both periods

SLIDE 11

Currency weaknesses

in Zambia & Nigeria

Increased average levels
f borrowing
Impairment of deferred

tax assets and limited recognition of further deferred tax assets

Fore rex, int x, interes erest a and nd t tax

Rm Rm JU JUN 2019 JU JUN 2018 MO MOVEME MENT

Foreign exchange loss/(gain)

81.9 (23.4) 105.3

Net finance costs

353.1 299.7 53.4

Tax expense

102.9 81.4 21.5

Like-on-like basis excluding IFRS 16 impact in both periods

SLIDE 12

Product inflation of 0.8%
Good Food growth in Game (9%):

contributes 20% of total sales

Ex-SA sales grew 5.8% in Rands

and was relatively flat in constant currencies

Game SA sales up 3.5% and

customer count up 5.5%

Product inflation of 2.9%
Good sales growth in Liquor

(11.9%)

Durable sales impacted by

deflation

New Makro store opened in

Cornubia in March ‘19

Product inflation of 2.8%
Slow sales growth in SA stores:

negative construction growth in 3 consecutive quarters

Good ex-SA growth of 25.5%,

and 19.2% in constant currencies (new stores)

Product inflation of 3.6%
Good Wholesale sales growth

13.3%, benefitted from inflation

Retail sales growth 2.9% in very

competitive environment

Good ex-SA growth 14.6% and

10.4% in constant currencies

R9.4bn

2018: R9.1bn

R13.4bn

2018: R12.9bn

R6.7bn

2018: R6.4bn

R14.3bn

2018: R13.1bn

Sa Sales es p per erform rmanc nce

Total sales h5.5%. Comparable sales h3.6%

h3.0% SALES h3.7% SALES h5.0% SALES h9.1% SALES Massdiscounters Masswarehouse Massbuild Masscash

SLIDE 13

Increased inventory provisions
Gen Merch sales pressure with

higher Food participation

Lower sales participation in

Gen Merch

Stabilising Massfresh trading

taking longer than anticipated

Higher retail contribution driving

higher margin

Lower collection of rebates and

margin support

Competitive Retail market

R2.2bn

2018: R2.2bn

R2.4bn

2018: R2.3bn

R2.1bn

2018: R2.0bn

R1.7bn

2018: R1.6bn

Gross m marg rgin in

Gross margin % down 36bps

23.3%

i20bps

Massdiscounters Masswarehouse Massbuild Masscash

17.5%

i19bps

31.1%

h23bps

12.0%

i33bps

SLIDE 14

Net n

new st store res: 8 s: 8 7 Game: 2 ex-SA, 5 peri-urban SA (1.3% space growth)

Employment costs impacted by

in-sourcing temporary staff

Occupancy costs due to rates and

utilities increases and self generated power costs

SAP IT project costs, supply chain

& logistics

Net n

new st store res: 1 s: 1 (6.5% space growth)

Pre-opening costs

R13.8m (June 2018: R0m)

Security contractors
Credit card costs
Net n

new st store res: 7 s: 7 (1.8% space growth)

Pre-opening costs

R32.1m (June 2018: R17.3m)

Re-assessment of useful lives

(IFRS) in 2018

Other costs relating to bad

debts, equipment and credit card costs

Employment costs impacted by

in-sourcing temporary staff

R2.6bn

2018: R2.3bn

R2.0bn

2018: R1.8bn

R1.8bn

2018: R1.7bn

R1.9bn

2018: R1.7bn

SG SG&A &A e exp xpens enses es

Total SG&A expenses h11.8%. Comparable expenses h9.2%

h11.1% EXPENSES h9.0% EXPENSES h9.4% EXPENSES h14.4%

EXPENSES

Massdiscounters Masswarehouse Massbuild Masscash

Like-on-like basis excluding IFRS 16 impact in both periods

SLIDE 15

R396.1m

2018: -R95.3 million

R336.4m

2018: R484.7 million

R250.2m

2018: R280.5 million

R190.4m

2018: -R4.1 million

Like-on-like basis, excluding IFRS 16 impact in both periods The 'trading profit before interest and tax' above is the amount per the condensed consolidated income statement less the BEE transaction IFRS 2 charge and excludes restructure costs.

Div ivis isio iona nal p per erform rmanc nce

Trading profit before interest and taxation i100%

Massdiscounters Masswarehouse Massbuild Masscash

SLIDE 16

R11.1bn

2019

R11.0bn

2018

R12.6bn

2019

R12.7bn

2018

R2.4bn

2019

R2.4bn

2018

Actively driving lower stock levels

despite 16 new stores

Mix change with higher Food

purchases (with lower funding days)

Inventory days

57

Creditor days

56

Debtor days

10

Monitoring trade debt carefully

Working ing c capit ital

i3

3 da days

i4

4 da days

no no chang nge

SLIDE 17

EBITDA down 22.7%
Net debt below last year
Improved cash utilised in
perations despite lower

profitability

Mana nagem ement ent d dis iscip ipline ine in a in a t toug ugh en envir ironm nment ent

Rm Rm JUN 2019 JUN 2018

EBITDA 12-month rolling

2,648.9 3,429.6

Net debt

7,036.3 7,157.2

Total equity

5,280.3 6,021.8

Gearing ratio

0.61 0.58

Cash utilised in operations

(3,711.0) (3,891.5)

Like-on-like basis excluding IFRS 16 impact in both periods

SLIDE 18

02 Operational review

SLIDE 19

Hous useh ehold c cons nsum umptio ion

Consumer spending on Durables decreasing as at March 2019 (year-on-year Q1)

Source: South African Reserve Bank Real figures from Q1 2019

h1.0%

NO NON-DU DURABLES

h0.8%

SE SERVICES

i1.5%

DU DURABLES

h1.8%

SE SEMI-DU DURABLES

Consumer prioritising Food

ver Durables

Consumer delaying spend for promotions and prioritising value

SLIDE 20

Improve profitability of Massdiscounters & Masscash Drive structurally lower operating costs Implement a Group DC-services & -network function: reduce cost-to-serve by 1% Invest in online sales and grow Africa Drive VAS customer offerings Responsible business

St Strategic ic pr prior iorit itie ies

SLIDE 21

Fi Fixing our co cont ntrolla llable les

Game Game

Weak margin management
SAP implementation delay
New leadership, incl. Merchandise Director
Rebuilding capacity & processes post-2018

restructure for better margin management & control

SAP implementation delayed to Q2 2020

due to concerns at 3rd party System

Integrator. Engaged constructively, with

SAP support

Ma Masscash

Weak margin management
New leadership
Improving capacity & processes

post-2018 restructure for better margin management & control

Strong supplier support

Ma Massfresh

Slower than expected sales

& margin recovery

New leadership
SAP system redesigned with improved

business rules

Improved focus on trading disciplines

SLIDE 22

Le Levera eraging ng G Group up s sca cale f le for ef r effici ciency ency

Group–wide transport, logistics, planning & storage

Making good progress in establishing multi- tenanted group Distribution Centre Network, which will enable cost effective availability by leveraging group scale Savings achieved particularly through focus on Final Mile deliveries to customers Supplier onboarding through Massmart Distribution Network grew by 5%, with further growth planned for H2

Objective to reduce cost to serve by 1%

SLIDE 23

Builders C s Click & & C Collect delivery e expanded i into Af Afri rica (2 in Botswana) and all Builders stores in major metros (21,300 articles available)

Online sales represents 0.8% sales participation

Online sales down 14%

SAP Hybris implementation issues in

Makro causing system downtime

Builders Warehouse:
Decreased sales on water

harvesting equipment post 2018 Western Cape drought

Positive sales growth in every
ther category

316

Unique customer collection points

h 36%

Online traffic growth

h 20%

Articles available

nline

h 20%

Basket size

Focus us o

n

n

m
mnichannel

Group online highlights

SA Retail’s first Whatsapp chatbot/virtual assistant in Makro

SLIDE 24

242,678

m2 of retail space

R3.9bn

Sales

48

Stores

12

Countries

17%

f total space is ex-SA

Afric rica f footprint rint

Botswana Namibia Zambia Mozambique Uganda Nigeria Tanzania Malawi Ghana Lesotho Kenya Builders Game Masscash NEW

SLIDE 25

VA VAS growth

A competitive range of Financial Services are now available across all divisions

h 12%

growth in sales

h 16%

RCS loans business

h 322%

Increase in electricity sales

h293%

Bill payments (excl. SABC & RCS)

h 22%

RCS credit business

h 50%

Total money collected

SLIDE 26

New Builders branded

products & increased brand exposure sales up 9% and margin up 22%

Growth in sport continues: new

range of Trojan health equipment sales up 27.1% and margin up 36.1% GEN MERCH FOOD HOME IMPROVEMENT

Priv Private La e Label el

Continued focus on Group collaboration and sourcing of Private Label products to offer customers good quality products at low price points Group collaboration focused on reducing product costs to save customers money

21

Brands in portfolio

6.6%

Sales penetration 2018: 6.1%

37

Brands in portfolio

20.5%

Sales penetration 2018: 19.7%

54

Brands in portfolio

11.9%

Sales penetration 2018: 11.8%

SLIDE 27

Good liquor growth

h13.6%

Increased liquor participation Durables demand soft, strong market share

40%

Market shares in Large Domestic Appliances* Click-and-collect in Botswana

+2 stores

Focus on

mnichannel

Cross collaboration

R100 deals

Game & Makro

Key p per erform rmanc nces es

* Source: GFK SA (June 2019)

SLIDE 28

ENERGY SAVING

Re Responsible business

Achieved R1bn milestone from small manufacturers participating in our SDP

Import substitution focus improves
n shelf availability e.g. toilet seats,

nails and chefware

Almost 8 million kWh of renewable energy generated

Anticipated energy savings of

R20 million as a result of renewable energy interventions over the next five years

Only retailer in South Africa to partner with the United Nations Development Programme (UNDP) to promote energy efficient appliances

Major appliances sales growth
f 72.1% at full margin during

promotion

SLIDE 29

Ex Exception ptionally str tron

ng con
nsumer awareness

Ou Outl tlook

ok
Sales growth for the period subsequent to June 2019
n a like-on-like basis for the 33 weeks to 18 August

2019 were R55.8bn, representing total sales growth of 5.0% and comparable sales growth of 3.2%. Estimated product inflation of 2.6%.

Assuming no further deterioration in the SA consumer

economy for 2019, Massmart expects basic earnings per share for Dec 2019 to be at least 50% below last year’s of 410.6 cents excl. IFRS 16 and at least 100% below incl. IFRS 16

On the same basis, Massmart expects headline

earnings per share for Dec 2019 to be at least 50% below last year’s of 416.5 cents excl. IFRS 16 and at least 100% below incl. IFRS 16

Any reference to future financial performance included in this document has not been reviewed

r reported on by the Group’s external auditors. The auditor’s report does not necessarily report
n 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 issuer’s registered office.

SLIDE 31

www.massmart.co.za/interimresults2019

SLIDE 32

03 Additional information

Condensed Consolidated Income Statement Tax rate reconciliation Cash flow statement Capex per category Capital expansion Store portfolio Forecast stores: Jul 2019 – Dec 2022 Number of shares

SLIDE 33

Con Condense sed Con Consol solidated Inc Income e St Statement

Extract from Reviewed Consolidated Results for the period ended 30 June 2019

SLIDE 34

RM RM JU JUN 2019 (RE REVI VIEW EWED) JU JUN 2018 (RE REVIEWED)

Standard tax rate 28.0 28.0 Non-taxable income and disallowable expenses (0.3) (0.5) Assessed losses not utilised (28.7) 1.9 Other - including foreign tax adjustments (3.8) 0.5 Group tax rate (4.8) 29.9

Tax ra x rate rec e reconc ncil ilia iatio ion

Like-on-like basis excluding IFRS 16 impact in both periods

SLIDE 35

RM RM JU JUN 2019 (AD ADJUSTED) JU JUN 2018 (RE REVIEWED)

Operating cash before working capital movements 659.1 1,256.2 Working capital movements (4,370.1) (5,147.7) Cash generated in operations (3,711.0) (3,891.5) Net interest and tax paid (684.2) (532.8) Net investment to maintain operations (318.8) (274.0) Free cash flow (4,714.0) (4,698.3) Dividends paid (129.7) (603.0) Dividends received

14.0

Investment to expand operations and other net investing activities (354.5) (347.2) Cash outflow before financing activities (5,198.2) (5,634.5)

Cash f flow s statem ement ent

Like-on-like basis excluding IFRS 16 impact in both periods

SLIDE 36

RM JUN 2019 (REVIEWED) JUN 2018 (REVIEWED)

Land and buildings/leasehold improvements 68.4 92.7 Vehicles 0.4 39.9 Fixtures, fittings, plant and equipment 72.3 97.1 Computer hardware 71.8 8.6 Computer software 164.0 120.6 Investment to expand operations 376.9 358.9 Land and buildings/leasehold improvements 56.2 54.1 Vehicles 33.9 16.9 Fixtures, fittings, plant and equipment 157.0 94.8 Computer hardware 44.2 46.9 Computer software 27.5 61.3 Investment to maintain operations 318.8 274.0

18 18.1% 0. 0.1% 1% 19 19.2% 19 19.1% 43.5% 43.5%

Land & buildings/leasehold improvements Vehicles Fixtures, fittings, plant & equipment Computer hardware Computer software

Expansionary investment

Capex p x per c er categ egory

Total capex 1.6% of total sales (2018: 1.5%)

SLIDE 37

Capit ital e exp xpans nsio ion

R 0 R 100 R 200 R 300 R 400 R 500 R 600 R 700 R 800

0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 1.8% 2.0%

Businesses acquired Property acquisitions Investment to expand operations Investment to maintain operations Total capex as a % of sales Total capex as a % of sales excluding business and property acquisitions

Capex as a % of sales

JUNE 2014 JUNE 2015 JUNE 2016 JUNE 2017 JUNE 2018 JUNE 2019

SLIDE 38

St Store p re portfolio io

To Total Ma Massdiscounters Ma Masswarehouse Ma Massbuild Ma Masscash

44 441 17 172 22 22 11 117 13 130

Up from 436 in Dec 2018 Up from 171 in Dec 2018 Up from 21 in Dec 2018 Up from 114 In Dec 2018 130 in Dec 2018

+5 +5

Net opened +3 +3

2

Ga Game +2 in South Africa +1 in Namibia Di DionWi Wired

2 in South Africa

+1 +1 Ma Makro +1 in South Africa +2 +2 +1 +1 Bu Builders Su Superstore +2 in South Africa Bu Builders E Express +1 in South Africa

SLIDE 39

Forec recast s stores res

To Total Ma Massdiscounters Ma Massbuild Ma Masscash

+2 +27 +6 +6 +8 +8 +1 +13

Up from 441 to 468 Up from 174 to 182 Up from 117 to 125 Up from 130 to 143

+20 +20

South Africa

+7 +7

Ex-SA +6 +6 Ga Game +1 in South Africa +1 in Kenya +2 in Botswana +1 in Namibia +1 in Zambia +2 +2 +2 +2 +3 +3 Bu Builders W Warehouse +1 in South Africa +1 in Kenya Bu Builders E Express +2 in South Africa Bu Builders Su Superstore +3 in South Africa +1 +12 2 +1 +1 Re Retail +12 in South Africa Wh Wholesa sale +1 in Kenya

+5. 5.6%

Up from 1,679,524m2 to 1,773,886m2

+3. 3.2%

Up from 567,103m2 to 585,103m2 +1 Bu Builders T Trade D Depot +1 in South Africa

+8. 8.1%

Up from 476,582m2 to 514,961m2

+9. 9.8%

Up from 388,714m2 to 426,698m2

Jul 2019 – Dec 2022

This 5.6% increase includes a 10.1% increase in our ex-SA trading space

SLIDE 40

‘000

At Dec 2018 217,179.1 Shares issued 1,959.7 At Jun 2019 219,138.8 Weighted-average at Jun 2019 218,400.1 Diluted weighted-average at Jun 2019 221,006.5