Jinpan International (FRA:3QN) Operating Income : €12.3 Mil (TTM As of Sep. 2015)

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What is Jinpan International Operating Income?

Jinpan International's Operating Income for the three months ended in Sep. 2015 was €3.3 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2015 was €12.3 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Jinpan International's Operating Income for the three months ended in Sep. 2015 was €3.3 Mil. Jinpan International's Revenue for the three months ended in Sep. 2015 was €64.7 Mil. Therefore, Jinpan International's Operating Margin % for the quarter that ended in Sep. 2015 was 5.15%.

Jinpan International'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. Jinpan International's annualized ROC % for the quarter that ended in Sep. 2015 was 4.22%. Jinpan International's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2015 was 6.84%.

Jinpan International Operating Income Historical Data

The historical data trend for Jinpan International'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.

Jinpan International Operating Income Chart

Jinpan International Annual Data

Trend

Dec05

Dec06

Dec07

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Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Operating Income

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11.59

20.11

11.45

12.42

12.71

Jinpan International Quarterly Data
	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15
Operating Income	Get a 7-Day Free Trial															4.01	1.83	1.94	5.20	3.33

Jinpan International 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. 2015 adds up the quarterly data reported by the company within the most recent 12 months, which was €12.3 Mil.

Jinpan International (FRA:3QN) Operating Income Explanation

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

Jinpan International's annualized ROC % for the quarter that ended in Sep. 2015 is calculated as:

	ROC % (Q: Sep. 2015 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2015 )	+	Invested Capital (Q: Sep. 2015 ))	/ count )
=	13.332 * ( 1 - 14.14% )	/	( (276.778	+	265.742)	/ 2 )
=	11.4468552	/	271.26
=	4.22 %

where

	Invested Capital		(Q: Jun. 2015 )
=	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	))
=	357.983	-	66.541	-	( 14.664	-	max(0, 124.782	-	268.601	+	14.664	))
=	276.778

	Invested Capital		(Q: Sep. 2015 )
=	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	))
=	359.918	-	67.65	-	( 26.526	-	max(0, 129.772	-	275.079	+	26.526	))
=	265.742

Note: The Operating Income data used here is four times the quarterly (Sep. 2015) data.

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

Jinpan International's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2015 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2015 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2015		Q: Sep. 2015
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	14.184	/	( ( (64.382 + max(147.162, 0))	+	(60.552 + max(142.856, 0)) )	/	2 )
=	14.184	/	( ( 211.544	+	203.408 )	/	2 )
=	14.184	/	207.476
=	6.84 %

where Working Capital is:

	Working Capital		(Q: Jun. 2015 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(152.942	+	57.385	+	24.082)	-	(66.541	+	20.706	+	0)
=	147.162

	Working Capital		(Q: Sep. 2015 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(152.605	+	56.409	+	21.932)	-	(67.65	+	20.44	+	-2.8421709430404E-14)
=	142.856

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Sep. 2015) EBIT data.

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

Jinpan International's Operating Margin % for the quarter that ended in Sep. 2015 is calculated as:

Operating Margin %	=	Operating Income (Q: Sep. 2015 )	/	Revenue (Q: Sep. 2015 )
	=	3.333	/	64.732
	=	5.15 %

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.

Jinpan International Operating Income Related Terms

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Jinpan International (FRA:3QN) Business Description

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Website

http://www.jst.com.cn

Jinpan International Ltd was incorporated in the British Virgin Islands on April 3, 1997 under the International Business Companies Act of the British Virgin Islands. The Company design, manufacture and sells electrical power control and distribution equipment that are used in commercial, industrial, and infrastructural applications. Its product lines include cast resin transformers, VPI transformers, VPI line reactors, switchgears and unit substations. Its manufactures low and medium voltage switchgear products under license from Schneider. It also manufactures switchgears, Vacuum Pressure Impregnated (VPI) reactors and transformers, and unit substations. The Company offers switchgear products for general power distribution and for specialized infrastructural and industrial applications. The two main categories of dry type transformers that currently dominate the market are cast resin and open ventilated dry type transformers. Cast resin dry type transformers are predominant in Europe, Japan, and newly developed markets in Asia, including China. Open ventilated dry type transformers are widely used in North America. The Company manufactures medium and low voltage switchgear products for the China market. They use sheet metal to manufacture switchgear enclosures, coat the enclosure, and assemble switchgears using components from brand name suppliers such as Siemens and Schneider. The Company owns the rights to the trademark 'JST,' which is registered with the Trademark Bureau of the State Administration of Industry and Commerce in China.

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