United Malt Group (ASX:UMG) Operating Income : A$19 Mil (TTM As of Mar. 2023)

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What is United Malt Group Operating Income?

United Malt Group's Operating Income for the six months ended in Mar. 2023 was A$13 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2023 was A$19 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. United Malt Group's Operating Income for the six months ended in Mar. 2023 was A$13 Mil. United Malt Group's Revenue for the six months ended in Mar. 2023 was A$757 Mil. Therefore, United Malt Group's Operating Margin % for the quarter that ended in Mar. 2023 was 1.76%.

United Malt 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. United Malt Group's annualized ROC % for the quarter that ended in Mar. 2023 was 1.51%. United Malt Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2023 was 0.73%.

United Malt Group Operating Income Historical Data

The historical data trend for United Malt 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.

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United Malt Group Operating Income Chart

United Malt Group Annual Data

Trend

Sep19

Sep20

Sep21

Sep22

Operating Income

82.20

38.30

21.50

United Malt Group Semi-Annual Data
	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23
Operating Income	Get a 7-Day Free Trial			25.70	12.60	15.90	5.60	13.30

United Malt 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. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was A$19 Mil.

United Malt Group (ASX:UMG) Operating Income Explanation

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

United Malt Group's annualized ROC % for the quarter that ended in Mar. 2023 is calculated as:

	ROC % (Q: Mar. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2022 )	+	Invested Capital (Q: Mar. 2023 ))	/ count )
=	26.6 * ( 1 - -1.47% )	/	( (1714.6	+	1865.3)	/ 2 )
=	26.99102	/	1789.95
=	1.51 %

where

	Invested Capital		(Q: Sep. 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	))
=	2236.1	-	298.6	-	( 222.9	-	max(0, 565.2	-	981.2	+	222.9	))
=	1714.6

	Invested Capital		(Q: Mar. 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	))
=	2177.1	-	152.7	-	( 159.1	-	max(0, 544.9	-	931.8	+	159.1	))
=	1865.3

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

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

United Malt Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2022		Q: Mar. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	10	/	( ( (839.9 + max(443.7, 0))	+	(831.9 + max(612.3, 0)) )	/	2 )
=	10	/	( ( 1283.6	+	1444.2 )	/	2 )
=	10	/	1363.9
=	0.73 %

where Working Capital is:

	Working Capital		(Q: Sep. 2022 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(248.5	+	475.7	+	51.2)	-	(298.6	+	0.2	+	32.9)
=	443.7

	Working Capital		(Q: Mar. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(264.2	+	506.7	+	20.8)	-	(152.7	+	0.5	+	26.2)
=	612.3

When net working capital is negative, 0 is used.

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

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

United Malt Group's Operating Margin % for the quarter that ended in Mar. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2023 )	/	Revenue (Q: Mar. 2023 )
	=	13.3	/	756.6
	=	1.76 %

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.

United Malt Group Operating Income Related Terms

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United Malt Group Business Description

Industry

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Traded in Other Exchanges

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Address

18110 SE 34th Street, Suite 240, Vancouver, WA, USA, 98683

Website

https://www.unitedmalt.com

United Malt processes grains into malt, primarily for brewing into beer. The company is the fourth largest global malt processor and works with some of the world's largest breweries and distillers as well as fast growing craft producers. The business has capacity to process about 1.25 million metric tons of malt annually, primarily housed in the U.S. and Canada, serving the North American beer market, with additional facilities in Australia (serving both domestic brewing and exports to Asia) and the U.K. (selling to Scotch whisky distillers).

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