Afristrat Investment Holdings (JSE:ATI) Operating Income : R-53.80 Mil (TTM As of Sep. 2021)

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What is Afristrat Investment Holdings Operating Income?

Afristrat Investment Holdings's Operating Income for the six months ended in Sep. 2021 was R-10.35 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2021 was R-53.80 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Afristrat Investment Holdings's Operating Income for the six months ended in Sep. 2021 was R-10.35 Mil. Afristrat Investment Holdings's Revenue for the six months ended in Sep. 2021 was R0.39 Mil. Therefore, Afristrat Investment Holdings's Operating Margin % for the quarter that ended in Sep. 2021 was -2,668.56%.

Afristrat Investment Holdings'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. Afristrat Investment Holdings's annualized ROC % for the quarter that ended in Sep. 2021 was -2.29%. Afristrat Investment Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2021 was -752.35%.

Afristrat Investment Holdings Operating Income Historical Data

The historical data trend for Afristrat Investment Holdings'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.

Afristrat Investment Holdings Operating Income Chart

Afristrat Investment Holdings Annual Data

Trend

Jun09

Jun10

Sep11

Dec12

Dec13

Dec14

Dec15

Mar18

Jun19

Mar21

Operating Income

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11.10

41.88

206.94

98.62

-69.49

Afristrat Investment Holdings Semi-Annual Data
	Jun05	Jun06	Jun08	Jun09	Jun10	Jun13	Dec13	Jun14	Dec14	Jun15	Dec15	Jun16	Sep17	Mar18	Dec18	Jun19	Dec19	Sep20	Mar21	Sep21
Operating Income	Get a 7-Day Free Trial															-50.03	-1,654.91	-26.05	-43.45	-10.35

Afristrat Investment Holdings 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. 2021 adds up the semi-annually data reported by the company within the most recent 12 months, which was R-53.80 Mil.

Afristrat Investment Holdings (JSE:ATI) Operating Income Explanation

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

Afristrat Investment Holdings's annualized ROC % for the quarter that ended in Sep. 2021 is calculated as:

	ROC % (Q: Sep. 2021 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Mar. 2021 )	+	Invested Capital (Q: Sep. 2021 ))	/ count )
=	-20.708 * ( 1 - 16.1% )	/	( (1061.46	+	457.909)	/ 2 )
=	-17.374012	/	759.6845
=	-2.29 %

where

	Invested Capital		(Q: Mar. 2021 )
=	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	))
=	705.664	-	26.965	-	( 94.755	-	max(0, 635.07	-	252.309	+	94.755	))
=	1061.46

	Invested Capital		(Q: Sep. 2021 )
=	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	))
=	587.943	-	62.816	-	( 67.218	-	max(0, 79.008	-	233.34	+	67.218	))
=	457.909

Note: The Operating Income data used here is two times the semi-annual (Sep. 2021) data.

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

Afristrat Investment Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2021 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2021 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2021		Q: Sep. 2021
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-210.906	/	( ( (28.676 + max(-50.978, 0))	+	(27.39 + max(-50.4, 0)) )	/	2 )
=	-210.906	/	( ( 28.676	+	27.39 )	/	2 )
=	-210.906	/	28.033
=	-752.35 %

where Working Capital is:

	Working Capital		(Q: Mar. 2021 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(12.002	+	0	+	27.203)	-	(26.965	+	0	+	63.218)
=	-50.978

	Working Capital		(Q: Sep. 2021 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(6.713	+	0	+	21.878)	-	(62.816	+	0	+	16.175)
=	-50.4

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Sep. 2021) EBIT data.

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

Afristrat Investment Holdings's Operating Margin % for the quarter that ended in Sep. 2021 is calculated as:

Operating Margin %	=	Operating Income (Q: Sep. 2021 )	/	Revenue (Q: Sep. 2021 )
	=	-10.354	/	0.388
	=	-2,668.56 %

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.

Afristrat Investment Holdings Operating Income Related Terms

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Afristrat Investment Holdings (JSE:ATI) Business Description

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GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » Afristrat Investment Holdings Ltd (JSE:ATI) » Definitions » Operating Income

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Address

43 Garsfontein Road, 1st Floor, The Wedge, Waterkloof, ZAF, 0145

Website

https://www.afristrat.ltd

Afristrat Investment Holdings Ltd is engaged in providing accounting services, taxation services, business consultancy services, digital marketing and funding services, and other strategic services.