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BTLCY (British Land Co) Operating Income : $279.2 Mil (TTM As of Sep. 2024)


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What is British Land Co Operating Income?

British Land Co's Operating Income for the six months ended in Sep. 2024 was $152.1 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2024 was $279.2 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. British Land Co's Operating Income for the six months ended in Sep. 2024 was $152.1 Mil. British Land Co's Revenue for the six months ended in Sep. 2024 was $285.7 Mil. Therefore, British Land Co's Operating Margin % for the quarter that ended in Sep. 2024 was 53.24%.

Good Sign:

British Land Co PLC operating margin is expanding. Margin expansion is usually a good sign.

British Land Co's 5-Year average Growth Rate for Operating Margin % was 4.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. British Land Co's annualized ROC % for the quarter that ended in Sep. 2024 was 2.95%. British Land Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2024 was 1,721.30%.


British Land Co Operating Income Historical Data

The historical data trend for British Land Co'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.

* Premium members only.

British Land Co Operating Income Chart

British Land Co Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 398.52 296.81 251.65 282.77 437.10

British Land Co Semi-Annual Data
Mar15 Sep15 Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24
Operating Income 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 138.17 134.71 301.98 127.07 152.12

British Land Co 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 Sep. 2024 adds up the semi-annually data reported by the company within the most recent 12 months, which was $279.2 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.


British Land Co  (OTCPK:BTLCY) Operating Income Explanation

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

British Land Co's annualized ROC % for the quarter that ended in Sep. 2024 is calculated as:

ROC % (Q: Sep. 2024 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2024 ) + Invested Capital (Q: Sep. 2024 ))/ count )
=304.232 * ( 1 - -0.93% )/( (10127.065 + 10689.153)/ 2 )
=307.0613576/10408.109
=2.95 %

where

Invested Capital(Q: Mar. 2024 )
=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))
=10132.147 - 149.936 - ( 111.817 - max(0, 353.24 - 208.386+111.817))
=10127.065

Invested Capital(Q: Sep. 2024 )
=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))
=10958.995 - 300.265 - ( 116.402 - max(0, 304.233 - 273.81+116.402))
=10689.153

Note: The Operating Income data used here is two times the semi-annual (Sep. 2024) data.

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

British Land Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2024 is calculated as:

ROC (Joel Greenblatt) %(Q: Sep. 2024 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2024  Q: Sep. 2024
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=412.698/( ( (24.142 + max(-251.589, 0)) + (23.81 + max(-142.857, 0)) )/ 2 )
=412.698/( ( 24.142 + 23.81 )/ 2 )
=412.698/23.976
=1,721.30 %

where Working Capital is:

Working Capital(Q: Mar. 2024 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(27.954 + 27.954 + 25.413) - (149.936 + 0 + 182.974)
=-251.589

Working Capital(Q: Sep. 2024 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(55.556 + 29.101 + 72.751) - (300.265 + 0 + 0)
=-142.857

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Sep. 2024) EBIT data.

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

British Land Co's Operating Margin % for the quarter that ended in Sep. 2024 is calculated as:

Operating Margin %=Operating Income (Q: Sep. 2024 )/Revenue (Q: Sep. 2024 )
=152.116/285.714
=53.24 %

* 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.

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.


British Land Co Operating Income Related Terms

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British Land Co Business Description

Traded in Other Exchanges
Address
45 Seymour Street, York House, London, GBR, W1H 7LX
British Land Co PLC is a real estate investment trust that owns, manages, and develops a portfolio of properties across the United Kingdom. The REIT categorizes its portfolio into three types: Offices, Retail, and Canada Water. The retail and leisure portfolio, which accounts for approximately half of total assets, consists of retail stores, shopping centers, and leisure venues. The offices and residential portfolio focuses on offices and residential buildings in London and the West End region and also accounts for approximately half of the entire portfolio. Development, the remaining small portion of portfolio value, represents British Land's London-based development projects.