Poly Culture Group (HKSE:03636) Operating Income : HK$-79 Mil (TTM As of Jun. 2023)

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What is Poly Culture Group Operating Income?

Poly Culture Group's Operating Income for the six months ended in Jun. 2023 was HK$-21 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2023 was HK$-79 Mil.

Warning Sign:

Poly Culture Group Corporation Ltd had lost money in 67% of the time over the past 3quarters.

Operating Margin % is calculated as Operating Income divided by its Revenue. Poly Culture Group's Operating Income for the six months ended in Jun. 2023 was HK$-21 Mil. Poly Culture Group's Revenue for the six months ended in Jun. 2023 was HK$1,725 Mil. Therefore, Poly Culture Group's Operating Margin % for the quarter that ended in Jun. 2023 was -1.19%.

Poly Culture Group'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. Poly Culture Group's annualized ROC % for the quarter that ended in Jun. 2023 was -0.55%. Poly Culture Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2023 was 3.47%.

Poly Culture Group Operating Income Historical Data

The historical data trend for Poly Culture 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.

Poly Culture Group Operating Income Chart

Poly Culture Group Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Operating Income

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463.30

243.76

-258.44

43.14

-161.63

Poly Culture Group Semi-Annual Data
	Dec13	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23
Operating Income	Get a 7-Day Free Trial															110.30	-68.66	-108.36	-58.40	-20.61

Poly Culture 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 Jun. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was HK$-79 Mil.

Poly Culture Group (HKSE:03636) Operating Income Explanation

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

Poly Culture Group's annualized ROC % for the quarter that ended in Jun. 2023 is calculated as:

	ROC % (Q: Jun. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2022 )	+	Invested Capital (Q: Jun. 2023 ))	/ count )
=	-41.214 * ( 1 - -22.41% )	/	( (8555.43	+	9866.947)	/ 2 )
=	-50.4500574	/	9211.1885
=	-0.55 %

where

	Invested Capital		(Q: Dec. 2022 )
=	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	))
=	13334.598	-	1685.629	-	( 3396.851	-	max(0, 7592.234	-	10685.773	+	3396.851	))
=	8555.43

	Invested Capital		(Q: Jun. 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	))
=	13143.63	-	1878.764	-	( 1397.919	-	max(0, 8228.452	-	10584.556	+	1397.919	))
=	9866.947

Note: The Operating Income data used here is two times the semi-annual (Jun. 2023) data.

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

Poly Culture Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Jun. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2022		Q: Jun. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	91.11	/	( ( (1126.344 + max(1691.159, 0))	+	(1015.272 + max(1423.495, 0)) )	/	2 )
=	91.11	/	( ( 2817.503	+	2438.767 )	/	2 )
=	91.11	/	2628.135
=	3.47 %

where Working Capital is:

	Working Capital		(Q: Dec. 2022 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(687.734	+	2490.947	+	1376.287)	-	(1685.629	+	0	+	1178.18)
=	1691.159

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(737.392	+	2414.531	+	1384.368)	-	(1878.764	+	0	+	1234.032)
=	1423.495

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Jun. 2023) EBIT data.

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

Poly Culture Group's Operating Margin % for the quarter that ended in Jun. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Jun. 2023 )	/	Revenue (Q: Jun. 2023 )
	=	-20.607	/	1724.811
	=	-1.19 %

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.

Poly Culture Group Operating Income Related Terms

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Poly Culture Group (HKSE:03636) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Poly Culture Group Corporation Ltd (HKSE:03636) » Definitions » Operating Income

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Address

1 North Street of Chaoyangmen, District A, B and C, 11th Floor, Dongcheng District, Beijing, CHN, 100010

Website

http://www.polyculture.com.cn

Poly Culture Group Corporation Ltd is engaged in art business and auction, performance and theater management, and cinema investment and management. Its Art business and the auction include buy and sell antiques, modern and contemporary calligraphy and painting, ancient calligraphy and painting, oil painting and sculpture, and other cultural relics and artwork. It also provides artwork investment consultation and other services. Performance and theatre management, which is the key revenue driver, includes daily management of the theatre, the arrangement of performances, leases of theatres and theatre design consultation services. Cinema Investment and management includes cinema construction and cinema operation. It earns the majority of its revenue in Mainland China.

Executives

Ubs Group Ag	2201 Interest of corporation controlled by you
Jpmorgan Chase & Co.	2106 Person having a security interest in shares
The Bank Of New York Mellon Corporation	2201 Interest of corporation controlled by you
Li Shuming

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