Coca-Cola Hellenic Bottling Company S.A. (LSE:CCB) Operating Income : €339 Mil (TTM As of Mar. 2013)

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What is Coca-Cola Hellenic Bottling Company S.A. Operating Income?

Coca-Cola Hellenic Bottling Company S.A.'s Operating Income for the three months ended in Mar. 2013 was €-11 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2013 was €339 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Coca-Cola Hellenic Bottling Company S.A.'s Operating Income for the three months ended in Mar. 2013 was €-11 Mil. Coca-Cola Hellenic Bottling Company S.A.'s Revenue for the three months ended in Mar. 2013 was €1,432 Mil. Therefore, Coca-Cola Hellenic Bottling Company S.A.'s Operating Margin % for the quarter that ended in Mar. 2013 was -0.79%.

Coca-Cola Hellenic Bottling Company S.A.'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. Coca-Cola Hellenic Bottling Company S.A.'s annualized ROC % for the quarter that ended in Mar. 2013 was -0.47%. Coca-Cola Hellenic Bottling Company S.A.'s annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2013 was -1.49%.

Coca-Cola Hellenic Bottling Company S.A. Operating Income Historical Data

The historical data trend for Coca-Cola Hellenic Bottling Company S.A.'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.

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Coca-Cola Hellenic Bottling Company S.A. Operating Income Chart

Coca-Cola Hellenic Bottling Company S.A. Annual Data

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Operating Income

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454.60

638.80

645.00

468.40

337.70

Coca-Cola Hellenic Bottling Company S.A. Quarterly Data
	Jun08	Sep08	Dec08	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13
Operating Income	Get a 7-Day Free Trial															-12.80	182.70	211.00	-43.20	-11.30

Coca-Cola Hellenic Bottling Company S.A. 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 Mar. 2013 adds up the quarterly data reported by the company within the most recent 12 months, which was €339 Mil.

Coca-Cola Hellenic Bottling Company S.A. (LSE:CCB) Operating Income Explanation

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

Coca-Cola Hellenic Bottling Company S.A.'s annualized ROC % for the quarter that ended in Mar. 2013 is calculated as:

	ROC % (Q: Mar. 2013 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2012 )	+	Invested Capital (Q: Mar. 2013 ))	/ count )
=	-45.2 * ( 1 - 21.29% )	/	( (7065.8	+	8042.4)	/ 2 )
=	-35.57692	/	7554.1
=	-0.47 %

where

	Invested Capital		(Q: Dec. 2012 )
=	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	))
=	7250.1	-	435.8	-	( 452.7	-	max(0, 2222.3	-	1970.8	+	452.7	))
=	7065.8

	Invested Capital		(Q: Mar. 2013 )
=	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	))
=	7249.5	-	0	-	( 342.6	-	max(0, 2759.9	-	1967	+	342.6	))
=	8042.4

Note: The Operating Income data used here is four times the quarterly (Mar. 2013) data.

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

Coca-Cola Hellenic Bottling Company S.A.'s annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2013 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2013 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2012		Q: Mar. 2013
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-45.2	/	( ( (3041.4 + max(-1186, 0))	+	(3027.3 + max(-1139.4, 0)) )	/	2 )
=	-45.2	/	( ( 3041.4	+	3027.3 )	/	2 )
=	-45.2	/	3034.35
=	-1.49 %

where Working Capital is:

	Working Capital		(Q: Dec. 2012 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	458	+	23.3)	-	(435.8	+	33.2	+	1198.3)
=	-1186

	Working Capital		(Q: Mar. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	550.4	+	0)	-	(0	+	0	+	1689.8)
=	-1139.4

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2013) EBIT data.

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

Coca-Cola Hellenic Bottling Company S.A.'s Operating Margin % for the quarter that ended in Mar. 2013 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2013 )	/	Revenue (Q: Mar. 2013 )
	=	-11.3	/	1431.9
	=	-0.79 %

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.

Coca-Cola Hellenic Bottling Company S.A. Operating Income Related Terms

Thank you for viewing the detailed overview of Coca-Cola Hellenic Bottling Company S.A.'s Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

Coca-Cola Hellenic Bottling Company S.A. (LSE:CCB) Business Description

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Coca-Cola Hellenic Bottling Company S.A. was incorporated in Greece and founded in 1969. It took its current form in August 2000 through the acquisition of the Coca-Cola Beverages PLC by Hellenic Bottling Company S.A. The Company is headquartered in Athens. Its two major shareholders are the Kar-Tess Holding S.A., a private holding company, and The Coca-Cola Company. The Company and its subsidiaries are primarily engaged in the production, sales and distribution of non-alcoholic ready to drink beverages, under franchise from The Coca-Cola Company. The Company distributes its products in 27 countries in Europe and Nigeria. The Company has one business, being the production, sale and distribution of non-alcoholic, ready-to-drink beverages. The Company operates in 28 such as Austria, Cyprus, Greece, Italy, Northern Ireland, Republic of Ireland and Switzerland, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia, Armenia, Belarus, Bosnia and Herzegovina, Bulgaria, FYROM, Moldova, Montenegro, Nigeria, Romania, Russia, Serbia and Ukraine. The Company is licensed to produce, sell and distribute a range of beverages. The Coca-Cola Company owns the trademarks for most of these. It supplies the concentrates and is largely responsible for consumer marketing. The Company's product portfolio consists of the world-leading brands Coca-Cola, Coca-Cola Light (diet Coke), Fanta and Sprite brands that it owns manufactures and distributes, including Amita, Avra, Deep RiverRock and Fruice brands licensed by other companies, such as Nestea and Monster. The Company produces, markets and sells its customers valuable brands, in addition to the 136 brands. In 2012, sparkling beverages of The Coca-Cola Company accounted for 62% of its sales volume, low calorie sparkling beverages accounted for 6%, while still and water beverages accounted for approximately 32% of its sales volume. With more than 30 water brands in its portfolio, it focuses on generating value through the 'on-the-go' or immediate consumption occasion.