Land Securities Group (FRA:LSU2) Operating Income : €495.9 Mil (TTM As of Mar. 2024)

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What is Land Securities Group Operating Income?

Land Securities Group's Operating Income for the six months ended in Mar. 2024 was €231.5 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2024 was €495.9 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Land Securities Group's Operating Income for the six months ended in Mar. 2024 was €231.5 Mil. Land Securities Group's Revenue for the six months ended in Mar. 2024 was €481.6 Mil. Therefore, Land Securities Group's Operating Margin % for the quarter that ended in Mar. 2024 was 48.06%.

Warning Sign:

Land Securities Group PLC operating margin has been in a 5-year decline. The average rate of decline per year is -5.5%.

Land Securities Group's 5-Year average Growth Rate for Operating Margin % was -5.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Land Securities Group's annualized ROC % for the quarter that ended in Mar. 2024 was 3.57%. Land Securities Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2024 was -127.43%.

Land Securities Group Operating Income Historical Data

The historical data trend for Land Securities Group'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.

Land Securities Group Operating Income Chart

Land Securities Group Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Operating Income

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560.03

484.66

467.76

490.80

497.99

Land Securities Group Semi-Annual Data
	Sep14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24
Operating Income	Get a 7-Day Free Trial															240.46	241.35	251.64	264.40	231.46

Land Securities Group 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 Mar. 2024 adds up the semi-annually data reported by the company within the most recent 12 months, which was €495.9 Mil.

Land Securities Group (FRA:LSU2) Operating Income Explanation

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

Land Securities Group's annualized ROC % for the quarter that ended in Mar. 2024 is calculated as:

	ROC % (Q: Mar. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2023 )	+	Invested Capital (Q: Mar. 2024 ))	/ count )
=	462.922 * ( 1 - 0% )	/	( (12999.716	+	12970.012)	/ 2 )
=	462.922	/	12984.864
=	3.57 %

where

	Invested Capital		(Q: Sep. 2023 )
=	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	))
=	12646.021	-	376.887	-	( 92.772	-	max(0, 1422.895	-	692.313	+	92.772	))
=	12999.716

	Invested Capital		(Q: Mar. 2024 )
=	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	))
=	12466.175	-	406.811	-	( 91.182	-	max(0, 1581.652	-	671.004	+	91.182	))
=	12970.012

Note: The Operating Income data used here is two times the semi-annual (Mar. 2024) data.

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

Land Securities Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2024 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2024 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2023		Q: Mar. 2024
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-212.758	/	( ( (0 + max(195.981, 0))	+	(0 + max(137.941, 0)) )	/	2 )
=	-212.758	/	( ( 195.981	+	137.941 )	/	2 )
=	-212.758	/	166.961
=	-127.43 %

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(442.988	+	128.722	+	27.831)	-	(376.887	+	0	+	26.673)
=	195.981

	Working Capital		(Q: Mar. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(443.05	+	116.9	+	19.872)	-	(406.811	+	0	+	35.07)
=	137.941

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Mar. 2024) EBIT data.

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

Land Securities Group's Operating Margin % for the quarter that ended in Mar. 2024 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2024 )	/	Revenue (Q: Mar. 2024 )
	=	231.461	/	481.626
	=	48.06 %

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.

Land Securities Group Operating Income Related Terms

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Land Securities Group (FRA:LSU2) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Land Securities Group PLC (FRA:LSU2) » Definitions » Operating Income

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Traded in Other Exchanges

LSGOF:USA LDSCY:USA LANDl:UK LAND:UK

Address

100 Victoria Street, London, GBR, SW1E 5JL

Website

https://www.landsec.com

Land Securities Group PLC is a real estate investment trust engaged in buying, selling, developing, and managing commercial property in the United Kingdom. The company's real estate portfolio is made up of the office, retail, and leisure spaces in the London and Greater London regions. Office locations in London's West End, offices in the City of London, and shopping centers comprise the majority of the value of Land Securities' total assets. The company derives nearly all of its revenue in the form of rental income from medium- to long-term leases with tenants. Land Securities' overall net rental income is fairly evenly split between revenue from its London office properties and its retail properties in Greater London.

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