New Frontier Properties (JSE:NFP) Operating Income : R103.0 Mil (TTM As of May. 2020)

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What is New Frontier Properties Operating Income?

New Frontier Properties's Operating Income for the three months ended in May. 2020 was R12.0 Mil. Its Operating Income for the trailing twelve months (TTM) ended in May. 2020 was R103.0 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. New Frontier Properties's Operating Income for the three months ended in May. 2020 was R12.0 Mil. New Frontier Properties's Revenue for the three months ended in May. 2020 was R38.0 Mil. Therefore, New Frontier Properties's Operating Margin % for the quarter that ended in May. 2020 was 31.63%.

New Frontier 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. New Frontier Properties's annualized ROC % for the quarter that ended in May. 2020 was 2.34%. New Frontier Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in May. 2020 was 1,026.81%.

New Frontier Properties Operating Income Historical Data

The historical data trend for New Frontier 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.

New Frontier Properties Operating Income Chart

New Frontier Properties Annual Data

Trend

Dec14

Aug16

Aug17

Aug18

Aug19

Operating Income

292.75

273.06

204.17

171.09

New Frontier Properties Quarterly Data
	May15	Nov15	Feb16	May16	Aug16	Nov16	Feb17	May17	Aug17	Nov17	Feb18	May18	Aug18	Nov18	Feb19	May19	Aug19	Nov19	Feb20	May20
Operating Income	Get a 7-Day Free Trial															52.76	6.73	54.94	29.27	12.01

New Frontier 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 May. 2020 adds up the quarterly data reported by the company within the most recent 12 months, which was R103.0 Mil.

New Frontier Properties (JSE:NFP) Operating Income Explanation

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

New Frontier Properties's annualized ROC % for the quarter that ended in May. 2020 is calculated as:

	ROC % (Q: May. 2020 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Feb. 2020 )	+	Invested Capital (Q: May. 2020 ))	/ count )
=	48.044 * ( 1 - 6.63% )	/	( (1785.646	+	2052.254)	/ 2 )
=	44.8586828	/	1918.95
=	2.34 %

where

	Invested Capital		(Q: Feb. 2020 )
=	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	))
=	1399.001	-	73.487	-	( 32.053	-	max(0, 571.706	-	111.574	+	32.053	))
=	1785.646

	Invested Capital		(Q: May. 2020 )
=	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	))
=	1554.936	-	41.333	-	( 31.85	-	max(0, 613.914	-	75.263	+	31.85	))
=	2052.254

Note: The Operating Income data used here is four times the quarterly (May. 2020) data.

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

New Frontier Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in May. 2020 is calculated as:

	ROC (Joel Greenblatt) %		(Q: May. 2020 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Feb. 2020		Q: May. 2020
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	42.048	/	( ( (0.078 + max(6.033, 0))	+	(0 + max(2.079, 0)) )	/	2 )
=	42.048	/	( ( 6.111	+	2.079 )	/	2 )
=	42.048	/	4.095
=	1,026.81 %

where Working Capital is:

	Working Capital		(Q: Feb. 2020 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(79.52	+	0	+	0.0010000000000048)	-	(73.487	+	0	+	0.00099999999997635)
=	6.033

	Working Capital		(Q: May. 2020 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(43.413	+	0	+	0)	-	(41.333	+	0	+	0.00099999999997635)
=	2.079

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (May. 2020) EBIT data.

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

New Frontier Properties's Operating Margin % for the quarter that ended in May. 2020 is calculated as:

Operating Margin %	=	Operating Income (Q: May. 2020 )	/	Revenue (Q: May. 2020 )
	=	12.011	/	37.978
	=	31.63 %

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.

New Frontier Properties Operating Income Related Terms

Thank you for viewing the detailed overview of New Frontier Properties's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

New Frontier Properties (JSE:NFP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » New Frontier Properties Ltd (JSE:NFP) » Definitions » Operating Income

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Traded in Other Exchanges

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Address

B45 Twenty Foot Road, 5th Floor, La Croisette, Grand Baie, MUS

Website

http://newfrontierprop.com

New Frontier Properties Ltd operates as a UK real estate investment trust. The company's primary objective is to acquire and develop good quality, income-generating retail and logistics property in the UK and Europe. Its investment portfolio comprises UK shopping centers, Cleveland Centre in Middlesbrough, Coopers Square in Burton upon Trent, and Houndshill Shopping Centre in Blackpool.

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