Asia Cork (STU:6A3) EBIT : €4.65 Mil (TTM As of Dec. 2010)

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What is Asia Cork EBIT?

Asia Cork's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2010 was €4.65 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2010 was €4.65 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Asia Cork's annualized ROC % for the quarter that ended in Dec. 2010 was 21.54%. Asia Cork's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2010 was 40.30%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Asia Cork's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2010 was 2,582.22%.

Asia Cork EBIT Historical Data

The historical data trend for Asia Cork'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.

Asia Cork EBIT Chart

Asia Cork Annual Data

Trend

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

EBIT

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0.59

1.56

2.87

3.18

4.65

Asia Cork Semi-Annual Data
	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10
EBIT	Get a 7-Day Free Trial			0.59	1.56	2.87	3.18	4.65

Competitive Comparison of Asia Cork's EBIT

For the Furnishings, Fixtures & Appliances subindustry, Asia Cork'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.

Asia Cork's EV-to-EBIT Distribution in the Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Asia Cork's EV-to-EBIT distribution charts can be found below:

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

Asia Cork 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.

For stock reported annually, GuruFocus uses latest annual data as the TTM data. EBIT for the trailing twelve months (TTM) ended in Dec. 2010 was €4.65 Mil.

Asia Cork (STU:6A3) EBIT Explanation

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

Asia Cork's annualized ROC % for the quarter that ended in Dec. 2010 is calculated as:

	ROC % (Q: Dec. 2010 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2009 )	+	Invested Capital (Q: Dec. 2010 ))	/ count )
=	4.554 * ( 1 - 15.24% )	/	( (16.445	+	19.403)	/ 2 )
=	3.8599704	/	17.924
=	21.54 %

where

	Invested Capital		(Q: Dec. 2009 )
=	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	))
=	18.018	-	1.539	-	( 0.034	-	max(0, 2.19	-	9.487	+	0.034	))
=	16.445

	Invested Capital		(Q: Dec. 2010 )
=	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	))
=	24.892	-	2.275	-	( 3.214	-	max(0, 2.903	-	17.502	+	3.214	))
=	19.403

Note: The Operating Income data used here is one times the annual (Dec. 2010) data.

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

Asia Cork's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2010 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2010 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2009		Q: Dec. 2010
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	4.648	/	( ( (1.605 + max(7.871, 0))	+	(1.678 + max(11.914, 0)) )	/	2 )
=	4.648	/	( ( 9.476	+	13.592 )	/	2 )
=	4.648	/	11.534
=	40.30 %

where Working Capital is:

	Working Capital		(Q: Dec. 2009 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(3.551	+	4.096	+	1.786)	-	(1.539	+	0	+	0.023)
=	7.871

	Working Capital		(Q: Dec. 2010 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(5.414	+	6.302	+	2.572)	-	(2.275	+	0	+	0.099)
=	11.914

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Dec. 2010) EBIT data.

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

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

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Dec. 2010 )
	=	4.648	/	0.180
	=	2,582.22 %

Asia Cork EBIT Related Terms

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Asia Cork (STU:6A3) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Furnishings, Fixtures & Appliances » Asia Cork Inc (STU:6A3) » Definitions » EBIT

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Address

Website

Asia Cork Incorporated formerly known as Hankersen International Corp., was incorporated under the laws of the State of Delaware on August 1, 1996. On July 11, 2008, the Company's wholly owned subsidiary, Asia Cork Inc., was merged into its parent, the Company, in order to change the name of the Company, after approval by the Board of Directors of the Company according to the Delaware General Corporation Law. As permitted by Delaware General Corporation Law, the Company assumed the name of its wholly owned subsidiary following the merger and now operates under the name Asia Cork Inc. The Company through its subsidiaries is engaged in the development, manufacture and distribution of cork products including cork wood floor, wall and decorating materials. It produces approximately seven series of cork flooring planks with over approximately 50 different patterns, colors and granules. It produces approximately 16 types of cork wallboard and approximately three types of cork art crafts with different patterns. It products include Cork Granule, Cork Sheet and Roll, Glue-down Floor, Floating Floor, Cork Wallboard and Basic Board. All these products utilize staining technology to create different colors. Its cork art crafts include ornaments and decorations. Wallboard could also be used as decorative material. It also sells semi-finished cork products to other manufacturers which use cork granule and sheet roll as raw materials. Cork granule comes in varies sizes and is the early stage of cork material processing. It sells its products directly to customers in China through its own sales team, and it distributes its products to customers overseas through unrelated distributors and sales agents. The countries in which its products were distributed through these sales agents include India, the United States of America, Germany and Japan. The Company competes with Portugal cork manufacturers as its major product is cork stopper used for wine bottles, which usually accounts for one third of its total sales and even higher percentage of profit. Domestically, the Company competes with local mid-sized cork manufacturers. These companies' products are semi-finished cork boards, sheets and roles.

Asia Cork (STU:6A3) Headlines

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