1. Determination of headline and underlying* earnings
for the six months to 31 August 2021
| US$'000 | Unaudited Six months to 31 August 2021 |
Unaudited Six months to 31 August 2020 |
Audited Year ended 28 February 2021 |
|
| DETERMINATION OF HEADLINE EARNINGS | ||||
| Reconciliation of attributable profit to headline earnings | ||||
| Profit attributable to the equity holders of the parent | 12 508 | 3 147 | 2 601 | |
| Headline earnings adjustments | 61 | 21 | 955 | |
| Impairment of right-of-use assets | – | – | 155 | |
| Loss on disposal of property, plant and equipment, right-of-use assets and intangible assets | 74 | 46 | 912 | |
| Tax effect | (7) | (25) | (72) | |
| Non-controlling interests | (6) | – | (40) | |
| Headline earnings | 12 569 | 3 168 | 3 556 | |
| DETERMINATION OF UNDERLYING* EARNINGS | ||||
| Reconciliation of headline earnings to underlying* earnings | ||||
| Headline earnings | 12 569 | 3 168 | 3 556 | |
| Underlying* earnings adjustments | 3 907 | 4 545 | 23 383 | |
| Unrealised foreign exchange losses/(gains) | 2 127 | (4 110) | 283 | |
| Acquisition-related fair value adjustments | – | (69) | – | |
| Restructuring costs | – | 5 948 | 22 378 | |
| Amortisation of acquired intangible assets | 4 669 | 4 291 | 8 635 | |
| Tax effect | (1 988) | (1 467) | (5 843) | |
| Non-controlling interests | (901) | (48) | (2 070) | |
| Underlying* earnings | 16 476 | 7 713 | 26 939 |
| * | 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 IFRS or the JSE Listings Requirements.
