Thai Cane Paper Public Company Limited (BKK:TCP) Operating Income : ฿786 Mil (TTM As of Sep. 2013)

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What is Thai Cane Paper Public Company Limited Operating Income?

Thai Cane Paper Public Company Limited's Operating Income for the three months ended in Sep. 2013 was ฿199 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2013 was ฿786 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Thai Cane Paper Public Company Limited's Operating Income for the three months ended in Sep. 2013 was ฿199 Mil. Thai Cane Paper Public Company Limited's Revenue for the three months ended in Sep. 2013 was ฿1,404 Mil. Therefore, Thai Cane Paper Public Company Limited's Operating Margin % for the quarter that ended in Sep. 2013 was 14.15%.

Thai Cane Paper Public Company Limited's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Thai Cane Paper Public Company Limited's annualized ROC % for the quarter that ended in Sep. 2013 was 11.61%. Thai Cane Paper Public Company Limited's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2013 was 16.36%.

Thai Cane Paper Public Company Limited Operating Income Historical Data

The historical data trend for Thai Cane Paper Public Company Limited's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Thai Cane Paper Public Company Limited Operating Income Chart

Thai Cane Paper Public Company Limited Annual Data

Trend

Dec03

Dec04

Dec05

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Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Operating Income

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-83.15

250.39

346.03

332.36

649.38

Thai Cane Paper Public Company Limited Quarterly Data
	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13
Operating Income	Get a 7-Day Free Trial											199.27	174.13	247.09	166.51	198.65

Thai Cane Paper Public Company Limited Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Sep. 2013 adds up the quarterly data reported by the company within the most recent 12 months, which was ฿786 Mil.

Thai Cane Paper Public Company Limited (BKK:TCP) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Thai Cane Paper Public Company Limited's annualized ROC % for the quarter that ended in Sep. 2013 is calculated as:

	ROC % (Q: Sep. 2013 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2013 )	+	Invested Capital (Q: Sep. 2013 ))	/ count )
=	794.612 * ( 1 - 19.86% )	/	( (5508.206	+	5460.496)	/ 2 )
=	636.8020568	/	5484.351
=	11.61 %

where

	Invested Capital		(Q: Jun. 2013 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	6494.672	-	494.58	-	( 491.886	-	max(0, 721.135	-	2080.312	+	491.886	))
=	5508.206

	Invested Capital		(Q: Sep. 2013 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	6614	-	500.654	-	( 652.85	-	max(0, 728.438	-	2229.64	+	652.85	))
=	5460.496

Note: The Operating Income data used here is four times the quarterly (Sep. 2013) data.

2. Joel Greenblatt's definition of Return on Capital:

Thai Cane Paper Public Company Limited's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2013 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2013 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2013		Q: Sep. 2013
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	794.612	/	( ( (4213.752 + max(1079.85, 0))	+	(4198.028 + max(220.93, 0)) )	/	2 )
=	794.612	/	( ( 5293.602	+	4418.958 )	/	2 )
=	794.612	/	4856.28
=	16.36 %

where Working Capital is:

	Working Capital		(Q: Jun. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(856.031	+	730.324	+	2.0709999999999)	-	(494.58	+	0	+	13.996)
=	1079.85

	Working Capital		(Q: Sep. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	732.46	+	2.2979999999998)	-	(500.654	+	0	+	13.174)
=	220.93

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Sep. 2013) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Thai Cane Paper Public Company Limited's Operating Margin % for the quarter that ended in Sep. 2013 is calculated as:

Operating Margin %	=	Operating Income (Q: Sep. 2013 )	/	Revenue (Q: Sep. 2013 )
	=	198.653	/	1403.838
	=	14.15 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Thai Cane Paper Public Company Limited Operating Income Related Terms

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Thai Cane Paper Public Company Limited (BKK:TCP) Business Description

Industry

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Traded in Other Exchanges

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Address

Website

http://www.thaicane.com

Thai Cane Paper Public Company Limited manufactures and sells kraft paper used in the manufacture of packaging, such as corrugated box, paper cement bags, envelopes and core paper in Thailand. The Company's products are categorized into two groups i.e. kraft liner board which is used in making packaging surfaces and kraft paper which is used for making corrugated medium. The Company offers numerous grade of products to meet the diverse market demand.