Audited  Year ended  28 February  2022	Audited  Year ended  28 February  2021
Headline and underlying* earnings
HEADLINE EARNINGS (USD '000 )	33 008	3 556
Headline earnings per share (US cents)
Headline	16.2	1.8
Diluted headline	15.8	1.7
UNDERLYING* EARNINGS (USD '000 )	38 083	26 939
Underlying* earnings per share (US cents)
Underlying*	18.7	13.6
Diluted underlying*	18.2	13.2
Net asset value
Net asset value per share (US cents)	263.7	293.2
Key ratios
Gross margin (%)	16.6	16.8
EBITDA margin (%)	3.3	2.9
Effective tax rate (%)	20.8	77.4
Exchange rates
Average Rand/US$ exchange rate	15.0	16.5
Closing Rand/US$ exchange rate	15.4	15.1
Number of shares issued (millions)
Issued	217	201
Issued (excluding treasury shares and shares held by participants under deferred bonus plan)	214	199
Weighted average	203	199
Diluted weighted average	209	204

*

Underlying earnings exclude impairments of goodwill and intangible assets, profit or loss on sale of investments and assets, amortisation of acquired intangible assets, unrealised foreign exchange movements, acquisition-related adjustments, fair value movements on acquisition-related financial instruments, restructuring costs relating to fundamental reorganisations and the taxation effect on all of the aforementioned.

The underlying* earnings measure is specific to Datatec and is not required in terms of International Financial Reporting Standards or the JSE Listings Requirements.