aap Implantate AG (LTS:0N5A) Operating Income : €-4.11 Mil (TTM As of Jun. 2024)

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What is aap Implantate AG Operating Income?

aap Implantate AG's Operating Income for the six months ended in Jun. 2024 was €-0.76 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2024 was €-4.11 Mil.

Warning Sign:

aap Implantate AG has never been profitable in the past 3 years. It lost money every year.

Operating Margin % is calculated as Operating Income divided by its Revenue. aap Implantate AG's Operating Income for the six months ended in Jun. 2024 was €-0.76 Mil. aap Implantate AG's Revenue for the six months ended in Jun. 2024 was €6.45 Mil. Therefore, aap Implantate AG's Operating Margin % for the quarter that ended in Jun. 2024 was -11.77%.

Good Sign:

aap Implantate AG operating margin is expanding. Margin expansion is usually a good sign.

aap Implantate AG's 5-Year average Growth Rate for Operating Margin % was 16.30% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. aap Implantate AG's annualized ROC % for the quarter that ended in Jun. 2024 was -9.76%. aap Implantate AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2024 was -14.79%.

aap Implantate AG Operating Income Historical Data

The historical data trend for aap Implantate AG'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.

aap Implantate AG Operating Income Chart

aap Implantate AG Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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-7.49

-7.59

-2.69

-3.39

-5.17

aap Implantate AG Semi-Annual Data
	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Operating Income	Get a 7-Day Free Trial															-2.00	-1.39	-1.82	-3.35	-0.76

aap Implantate AG 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 Jun. 2024 adds up the semi-annually data reported by the company within the most recent 12 months, which was €-4.11 Mil.

aap Implantate AG (LTS:0N5A) Operating Income Explanation

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

aap Implantate AG's annualized ROC % for the quarter that ended in Jun. 2024 is calculated as:

	ROC % (Q: Jun. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2023 )	+	Invested Capital (Q: Jun. 2024 ))	/ count )
=	-1.518 * ( 1 - -0.23% )	/	( (15.375	+	15.791)	/ 2 )
=	-1.5214914	/	15.583
=	-9.76 %

where

	Invested Capital		(Q: Dec. 2023 )
=	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	))
=	19.472	-	2.457	-	( 1.64	-	max(0, 4.72	-	8.557	+	1.64	))
=	15.375

	Invested Capital		(Q: Jun. 2024 )
=	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	))
=	19.307	-	2.316	-	( 1.2	-	max(0, 4.235	-	8.993	+	1.2	))
=	15.791

Note: The Operating Income data used here is two times the semi-annual (Jun. 2024) data.

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

aap Implantate AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2024 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Jun. 2024 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2023		Q: Jun. 2024
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-1.518	/	( ( (6.309 + max(3.751, 0))	+	(5.887 + max(4.584, 0)) )	/	2 )
=	-1.518	/	( ( 10.06	+	10.471 )	/	2 )
=	-1.518	/	10.2655
=	-14.79 %

where Working Capital is:

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1.999	+	4.518	+	0.13)	-	(2.457	+	0	+	0.439)
=	3.751

	Working Capital		(Q: Jun. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(2.376	+	4.629	+	0.788)	-	(2.316	+	0	+	0.893)
=	4.584

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Jun. 2024) EBIT data.

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

aap Implantate AG's Operating Margin % for the quarter that ended in Jun. 2024 is calculated as:

Operating Margin %	=	Operating Income (Q: Jun. 2024 )	/	Revenue (Q: Jun. 2024 )
	=	-0.759	/	6.446
	=	-11.77 %

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.

aap Implantate AG Operating Income Related Terms

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aap Implantate AG Business Description

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AAQ1:Germany

Address

Lorenzweg 5, Berlin, DEU, 12099

Website

https://www.aap.de

aap Implantate AG develops, manufactures, and markets trauma products for orthopedics. The company classifies its products that are Trauma and Others. The product line of the company consists of a plating system under the brand LOQTEQ, and cannulated screws. The company's projects such as antibacterial silver coating technology and magnesium-based implants. It develops a plating system for the Shoulder, Knee, Elbow, Wrist, and Ankle Joint. The company sells its product directly to hospitals, syndicates, and hospital groups with the help of distributors.

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