Corio NV (LTS:0LNK) Operating Income : €-228.3 Mil (TTM As of Dec. 2013)

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What is Corio NV Operating Income?

Corio NV's Operating Income for the six months ended in Dec. 2013 was €-228.3 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2013 was €-228.3 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Corio NV's Operating Income for the six months ended in Dec. 2013 was €-228.3 Mil. Corio NV's Revenue for the six months ended in Dec. 2013 was €462.2 Mil. Therefore, Corio NV's Operating Margin % for the quarter that ended in Dec. 2013 was -49.39%.

Corio NV'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. Corio NV's annualized ROC % for the quarter that ended in Dec. 2013 was -3.32%. Corio NV's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2013 was -975.64%.

Corio NV Operating Income Historical Data

The historical data trend for Corio NV'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.

Corio NV Operating Income Chart

Corio NV Annual Data

Trend

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Operating Income

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-93.00

475.10

356.40

7.50

-228.30

Corio NV Semi-Annual Data
	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13
Operating Income	Get a 7-Day Free Trial					-93.00	475.10	356.40	7.50	-228.30

Corio NV 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.

For stock reported annually, GuruFocus uses latest annual data as the TTM data. Operating Income for the trailing twelve months (TTM) ended in Dec. 2013 was €-228.3 Mil.

Corio NV (LTS:0LNK) Operating Income Explanation

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

Corio NV's annualized ROC % for the quarter that ended in Dec. 2013 is calculated as:

	ROC % (Q: Dec. 2013 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2012 )	+	Invested Capital (Q: Dec. 2013 ))	/ count )
=	-228.3 * ( 1 - -11.21% )	/	( (7599	+	7674.4)	/ 2 )
=	-253.89243	/	7636.7
=	-3.32 %

where

	Invested Capital		(Q: Dec. 2012 )
=	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	))
=	7631	-	166.1	-	( 85.2	-	max(0, 358.8	-	224.7	+	85.2	))
=	7599

	Invested Capital		(Q: Dec. 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	))
=	7459.6	-	233.4	-	( 32	-	max(0, 654.8	-	206.6	+	32	))
=	7674.4

Note: The Operating Income data used here is one times the annual (Dec. 2013) data.

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

Corio NV's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2013 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2013 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2012		Q: Dec. 2013
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-228.3	/	( ( (23.7 + max(-26.7, 0))	+	(23.1 + max(-63.7, 0)) )	/	2 )
=	-228.3	/	( ( 23.7	+	23.1 )	/	2 )
=	-228.3	/	23.4
=	-975.64 %

where Working Capital is:

	Working Capital		(Q: Dec. 2012 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	139.5)	-	(166.1	+	0	+	0.10000000000002)
=	-26.7

	Working Capital		(Q: Dec. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	174.6)	-	(233.4	+	0	+	4.9)
=	-63.7

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Dec. 2013) EBIT data.

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

Corio NV's Operating Margin % for the quarter that ended in Dec. 2013 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2013 )	/	Revenue (Q: Dec. 2013 )
	=	-228.3	/	462.2
	=	-49.39 %

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.

Corio NV Operating Income Related Terms

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Corio NV (LTS:0LNK) Business Description

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Corio NV was formed in 2000 by the merger between VIB and WBN. It is a retail property company engaged in developing, redeveloping and managing retail properties such as shops and shopping centers, offices and industrial centers in the Netherlands, France, Italy, Spain, Turkey and Germany. The Company has grown from a Dutch mixed retail fund to a pan-European real estate company with a clear focus on retail. The Company has a presence in the largest consumer markets in continental Europe, management is fully in-sourced and the business has a solid financial position. In the changing retail landscape the Company is now ready to enter the next phase and take advantage of future opportunities and dynamics in the industry. The Company has set up an internal platform, called LaunchLab, focused on helping the Company to innovate and execute the Favorite Meeting Place strategy. The programme aims to discover new strategic insights, as well as support innovative ideas to quickly move into action, boosting revenues from other income streams. The Company has six local organisations: Corio Nederland, Corio France, Corio Italia, Corio EspaÃ±a, Corio TÃ¼rkiye and Corio Deutschland. They are responsible for the daily management of Corio's real estate portfolio. Corio N.V. (the Management Board and its general staff) retains the checks and balances. The general staff reports directly to the Management Board of Corio N.V. The green brick is a reward for the sustainable real estate investor of the year.

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