Intu Properties (JSE:ITU) Operating Income : R5,879 Mil (TTM As of Dec. 2019)

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What is Intu Properties Operating Income?

Intu Properties's Operating Income for the six months ended in Dec. 2019 was R2,877 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2019 was R5,879 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Intu Properties's Operating Income for the six months ended in Dec. 2019 was R2,877 Mil. Intu Properties's Revenue for the six months ended in Dec. 2019 was R6,833 Mil. Therefore, Intu Properties's Operating Margin % for the quarter that ended in Dec. 2019 was 42.10%.

Intu Properties'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. Intu Properties's annualized ROC % for the quarter that ended in Dec. 2019 was 4.03%. Intu Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2019 was -1,447.55%.

Intu Properties Operating Income Historical Data

The historical data trend for Intu Properties'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.

Intu Properties Operating Income Chart

Intu Properties Annual Data

Trend

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Operating Income

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7,741.51

6,372.94

6,765.27

6,513.29

5,942.17

Intu Properties Semi-Annual Data
	Jun10	Dec10	Jun11	Dec11	Jun12	Dec12	Jun13	Dec13	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19
Operating Income	Get a 7-Day Free Trial															3,413.35	3,177.96	3,273.79	3,002.03	2,876.71

Intu Properties 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 Dec. 2019 adds up the semi-annually data reported by the company within the most recent 12 months, which was R5,879 Mil.

Intu Properties (JSE:ITU) Operating Income Explanation

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

Intu Properties's annualized ROC % for the quarter that ended in Dec. 2019 is calculated as:

	ROC % (Q: Dec. 2019 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2019 )	+	Invested Capital (Q: Dec. 2019 ))	/ count )
=	5753.41 * ( 1 - 0.05% )	/	( (154198.018	+	131039.189)	/ 2 )
=	5750.533295	/	142618.6035
=	4.03 %

where

	Invested Capital		(Q: Jun. 2019 )
=	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	))
=	162632.917	-	4928.214	-	( 3506.685	-	max(0, 13579.393	-	17121.2	+	3506.685	))
=	154198.018

	Invested Capital		(Q: Dec. 2019 )
=	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	))
=	134342.492	-	877.735	-	( 3503.389	-	max(0, 6959.587	-	9385.155	+	3503.389	))
=	131039.189

Note: The Operating Income data used here is two times the semi-annual (Dec. 2019) data.

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

Intu Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2019 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2019 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2019		Q: Dec. 2019
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-38491.972	/	( ( (262.493 + max(4521.535, 0))	+	(269.927 + max(264.264, 0)) )	/	2 )
=	-38491.972	/	( ( 4784.028	+	534.191 )	/	2 )
=	-38491.972	/	2659.1095
=	-1,447.55 %

where Working Capital is:

	Working Capital		(Q: Jun. 2019 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(2913.303	+	0	+	10701.212)	-	(4928.214	+	0	+	4164.766)
=	4521.535

	Working Capital		(Q: Dec. 2019 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(753.153	+	0	+	5128.613)	-	(877.735	+	0	+	4739.767)
=	264.264

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2019) EBIT data.

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

Intu Properties's Operating Margin % for the quarter that ended in Dec. 2019 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2019 )	/	Revenue (Q: Dec. 2019 )
	=	2876.705	/	6833.118
	=	42.10 %

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.

Intu Properties Operating Income Related Terms

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Intu Properties (JSE:ITU) Business Description

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GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Intu Properties PLC (JSE:ITU) » Definitions » Operating Income

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Address

40 Broadway, Westminster, London, GBR, SW1H 0BT

Website

https://www.intugroup.co.uk

Intu Properties PLC is a British real estate investment trust that invests in, develops, and manages retail properties. The company's portfolio includes shopping centres across the United Kingdom and Spain. The company generates revenue from leasing properties to tenants, which include retailers, restaurants, and leisure venues. Intu Properties operates through two geographical segments: the U.K. and Spain. The UK segment delivers the vast majority of total revenue, as most of the company's properties are located in the United Kingdom.

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