Macau Legend Development (HKSE:01680) EBIT

: HK$-645.5 Mil (TTM As of Dec. 2022)

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Macau Legend Development's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2022 was HK$-231.2 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2022 was HK$-645.5 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Macau Legend Development's annualized ROC % for the quarter that ended in Dec. 2022 was -2.46%. Macau Legend Development's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2022 was -7.38%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Macau Legend Development's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2022 was -14.67%.

Macau Legend Development EBIT Historical Data

The historical data trend for Macau Legend Development's EBIT 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.

Macau Legend Development Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

EBIT

2,543.07

-51.99

-1,734.92

-1,052.17

-645.47

Macau Legend Development Semi-Annual Data
	Jun13	Dec13	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22
EBIT																-1,284.36	-624.93	-427.25	-414.27	-231.20

Macau Legend Development EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2022 adds up the semi-annually data reported by the company within the most recent 12 months, which was HK$-645.5 Mil.

Macau Legend Development (HKSE:01680) EBIT Explanation

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

Macau Legend Development's annualized ROC % for the quarter that ended in Dec. 2022 is calculated as:

	ROC % (Q: Dec. 2022 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2022 )	+	Invested Capital (Q: Dec. 2022 ))	/ count )
=	-542.882 * ( 1 - 60.29% )	/	( (9940.244	+	7559.734)	/ 2 )
=	-215.5784422	/	8749.989
=	-2.46 %

where

	Invested Capital		(Q: Jun. 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	))
=	7586.342	-	895.55	-	( 65.844	-	max(0, 3528.204	-	278.752	+	65.844	))
=	9940.244

	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	))
=	7150.38	-	568.302	-	( 87.341	-	max(0, 1202.371	-	224.715	+	87.341	))
=	7559.734

Note: The Operating Income data used here is two times the semi-annual (Dec. 2022) data.

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

Macau Legend Development's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2022 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2022 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2022		Q: Dec. 2022
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-462.404	/	( ( (6444.115 + max(-771.996, 0))	+	(6080.758 + max(-515.352, 0)) )	/	2 )
=	-462.404	/	( ( 6444.115	+	6080.758 )	/	2 )
=	-462.404	/	6262.4365
=	-7.38 %

where Working Capital is:

	Working Capital		(Q: Jun. 2022 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(122.416	+	22.866	+	67.626)	-	(895.55	+	0	+	89.354)
=	-771.996

	Working Capital		(Q: Dec. 2022 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(74.395	+	21.304	+	41.675)	-	(568.302	+	0	+	84.424)
=	-515.352

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2022) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Macau Legend Development's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Dec. 2022 )
	=	-645.471	/	4398.911
	=	-14.67 %

Macau Legend Development EBIT Related Terms

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Macau Legend Development (HKSE:01680) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » Macau Legend Development Ltd (HKSE:01680) » Definitions » EBIT

Traded in Other Exchanges

MALDF:USA

Address

Avenida da Amizade e Avenida da, Palace Building, Macau Fisherman’s Wharf, Dr. Sun Yat Sen, Macau, MAC

Website

http://www.macaulegend.com

Macau Legend Development Ltd is an investment holdings company,It is engaged in the resorts and casinos industry. The business has two segments: Gaming and Non-Gaming. The Gaming segment is engaged in gaming-related services such as gaming tables and electronic gaming machines. The company's flagship resort and gaming center is The Landmark Macau, a hotel, casino, and luxury shopping center. The Non-Gaming segment is involved in hotel operations, such as food and beverage services and others. The company generates the vast majority of its revenue in Macau.

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