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Westfield (ASX:WFD) EBIT : A$2,012 Mil (TTM As of Dec. 2017)


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What is Westfield EBIT?

Westfield's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2017 was A$1,220 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2017 was A$2,012 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Westfield's annualized ROC % for the quarter that ended in Dec. 2017 was -1.04%. Westfield's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2017 was 1,305.58%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Westfield's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2017 was 10.95%.


Westfield EBIT Historical Data

The historical data trend for Westfield'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.

Westfield EBIT Chart

Westfield Annual Data
Trend Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17
EBIT
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2,701.90 386.37 1,824.80 2,354.62 2,012.18

Westfield Semi-Annual Data
Jun08 Dec08 Jun09 Dec09 Jun10 Dec10 Jun11 Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1,072.85 809.18 1,545.43 792.51 1,219.67

Competitive Comparison of Westfield's EBIT

For the REIT - Retail subindustry, Westfield's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Westfield's EV-to-EBIT Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Westfield's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Westfield's EV-to-EBIT falls into.



Westfield 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. 2017 adds up the semi-annually data reported by the company within the most recent 12 months, which was A$2,012 Mil.

* 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.


Westfield  (ASX:WFD) EBIT Explanation

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

Westfield's annualized ROC % for the quarter that ended in Dec. 2017 is calculated as:

ROC % (Q: Dec. 2017 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jun. 2017 ) + Invested Capital (Q: Dec. 2017 ))/ count )
=-343.512 * ( 1 - 20.65% )/( (26182.268 + 26298.975)/ 2 )
=-272.576772/26240.6215
=-1.04 %

where

Invested Capital(Q: Jun. 2017 )
=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))
=26094.514 - 999.48 - ( 529.381 - max(0, 2041.992 - 954.758+529.381))
=26182.268

Invested Capital(Q: Dec. 2017 )
=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))
=27249.103 - 1162.692 - ( 642.564 - max(0, 1223.974 - 1011.41+642.564))
=26298.975

Note: The Operating Income data used here is two times the semi-annual (Dec. 2017) data.

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

Westfield's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2017 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2017 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jun. 2017  Q: Dec. 2017
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=2439.336/( ( (182.397 + max(-637.156, 0)) + (191.282 + max(-1020.64, 0)) )/ 2 )
=2439.336/( ( 182.397 + 191.282 )/ 2 )
=2439.336/186.8395
=1,305.58 %

where Working Capital is:

Working Capital(Q: Jun. 2017 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(264.821 + 75.013 + 85.543) - (999.48 + 59.152 + 3.9010000000001)
=-637.156

Working Capital(Q: Dec. 2017 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(45.641 + 88.462 + 61.41) - (1162.692 + 53.462 + -0.00099999999997635)
=-1020.64

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2017) EBIT data.

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

Westfield's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Dec. 2017 )
=2012.18/18370.313
=10.95 %

* 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.


Westfield EBIT Related Terms

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Westfield (ASX:WFD) Business Description

Traded in Other Exchanges
N/A
Address
Westfield is one of the largest global retail REITs, with interests in 35 malls with a gross value of USD 21.4 billion and external assets under management of USD 13 billion. Westfield's passive investments generate about 80% of group EBIT, with the balance derived from management fees and development income. It differs from peers by developing malls in signature locations, and aims to make each of its assets into a destination centre, with comprehensive entertainment facilities and premium retailers.

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