Acucap Properties (JSE:ACP) EBIT : R1,349.0 Mil (TTM As of Sep. 2014)

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What is Acucap Properties EBIT?

Acucap Properties's earnings before interest and taxes (EBIT) for the six months ended in Sep. 2014 was R745.6 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Sep. 2014 was R1,349.0 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Acucap Properties's annualized ROC % for the quarter that ended in Sep. 2014 was -2.77%. Acucap Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2014 was 93,632.78%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Acucap Properties's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Sep. 2014 was 10.17%.

Acucap Properties EBIT Historical Data

The historical data trend for Acucap Properties'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.

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Acucap Properties EBIT Chart

Acucap Properties Annual Data

Trend

Mar07

Mar08

Mar09

Mar10

Mar11

Mar12

Mar13

Mar14

EBIT

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764.89

1,188.75

1,042.83

1,088.33

1,292.15

Acucap Properties Semi-Annual Data
	Mar10	Sep10	Mar11	Sep11	Mar12	Sep12	Mar13	Sep13	Mar14	Sep14
EBIT	Get a 7-Day Free Trial					295.84	792.49	688.68	603.46	745.55

Competitive Comparison of Acucap Properties's EBIT

For the REIT - Retail subindustry, Acucap Properties'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.

Acucap Properties's EV-to-EBIT Distribution in the REITs Industry

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

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

Acucap Properties 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 Sep. 2014 adds up the semi-annually data reported by the company within the most recent 12 months, which was R1,349.0 Mil.

Acucap Properties (JSE:ACP) EBIT Explanation

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

Acucap Properties's annualized ROC % for the quarter that ended in Sep. 2014 is calculated as:

	ROC % (Q: Sep. 2014 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Mar. 2014 )	+	Invested Capital (Q: Sep. 2014 ))	/ count )
=	-461.604 * ( 1 - 0.26% )	/	( (13052.001	+	20149.572)	/ 2 )
=	-460.4038296	/	16600.7865
=	-2.77 %

where

	Invested Capital		(Q: Mar. 2014 )
=	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	))
=	12572.756	-	422.88	-	( 21.794	-	max(0, 1171.804	-	269.679	+	21.794	))
=	13052.001

	Invested Capital		(Q: Sep. 2014 )
=	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	))
=	20081.536	-	327.882	-	( 326.611	-	max(0, 1057.992	-	662.074	+	326.611	))
=	20149.572

Note: The Operating Income data used here is two times the semi-annual (Sep. 2014) data.

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

Acucap Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2014 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2014 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2014		Q: Sep. 2014
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	1491.102	/	( ( (1.64 + max(-317.295, 0))	+	(1.545 + max(-238.676, 0)) )	/	2 )
=	1491.102	/	( ( 1.64	+	1.545 )	/	2 )
=	1491.102	/	1.5925
=	93,632.78 %

where Working Capital is:

	Working Capital		(Q: Mar. 2014 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	247.885)	-	(422.88	+	0	+	142.3)
=	-317.295

	Working Capital		(Q: Sep. 2014 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	335.463)	-	(327.882	+	0	+	246.257)
=	-238.676

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Sep. 2014) EBIT data.

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

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

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Sep. 2014 )
	=	1349.014	/	13259.454
	=	10.17 %

Acucap Properties EBIT Related Terms

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Acucap Properties (JSE:ACP) Business Description

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Address

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Acucap Properties Ltd carries on the business of a property holding company through the ownership of investment properties by its wholly owned subsidiaries. Its segments include Retail, Offices, Industrial, Property development and Storage.