Sky Deutschland AG (LTS:0QXE) Operating Income : €-54 Mil (TTM As of Dec. 2013)

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What is Sky Deutschland AG Operating Income?

Sky Deutschland AG's Operating Income for the six months ended in Dec. 2013 was €-54 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2013 was €-54 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Sky Deutschland AG's Operating Income for the six months ended in Dec. 2013 was €-54 Mil. Sky Deutschland AG's Revenue for the six months ended in Dec. 2013 was €1,546 Mil. Therefore, Sky Deutschland AG's Operating Margin % for the quarter that ended in Dec. 2013 was -3.46%.

Good Sign:

Sky Deutschland AG operating margin is expanding. Margin expansion is usually a good sign.

Sky Deutschland AG's 5-Year average Growth Rate for Operating Margin % was 35.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Sky Deutschland AG's annualized ROC % for the quarter that ended in Dec. 2013 was -4.36%. Sky Deutschland AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2013 was -42.20%.

Sky Deutschland AG Operating Income Historical Data

The historical data trend for Sky Deutschland 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.

Sky Deutschland AG Operating Income Chart

Sky Deutschland AG Annual Data

Trend

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Operating Income

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-687.99

-367.58

-219.89

-121.14

-53.53

Sky Deutschland AG Semi-Annual Data
	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13
Operating Income	Get a 7-Day Free Trial					-687.99	-367.58	-219.89	-121.14	-53.53

Sky Deutschland 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.

For stock reported annually, GuruFocus uses latest annual data as the TTM data. Operating Income for the trailing twelve months (TTM) ended in Dec. 2013 was €-54 Mil.

Sky Deutschland AG (LTS:0QXE) Operating Income Explanation

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

Sky Deutschland AG's annualized ROC % for the quarter that ended in Dec. 2013 is calculated as:

	ROC % (Q: Dec. 2013 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2012 )	+	Invested Capital (Q: Dec. 2013 ))	/ count )
=	-53.528 * ( 1 - -4.71% )	/	( (1465.263	+	1106.732)	/ 2 )
=	-56.0491688	/	1285.9975
=	-4.36 %

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	))
=	1147.968	-	266.203	-	( 7.089	-	max(0, 802.789	-	219.291	+	7.089	))
=	1465.263

	Invested Capital		(Q: Dec. 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	))
=	1386.917	-	277.254	-	( 199.158	-	max(0, 410.386	-	413.317	+	199.158	))
=	1106.732

Note: The Operating Income data used here is one times the annual (Dec. 2013) data.

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

Sky Deutschland AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2013 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2013 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2012		Q: Dec. 2013
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-53.528	/	( ( (30.867 + max(-191.063, 0))	+	(222.825 + max(-177.52, 0)) )	/	2 )
=	-53.528	/	( ( 30.867	+	222.825 )	/	2 )
=	-53.528	/	126.846
=	-42.20 %

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)
=	(85.726	+	19.358	+	107.118)	-	(266.203	+	0	+	137.062)
=	-191.063

	Working Capital		(Q: Dec. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(76.324	+	26.329	+	111.506)	-	(277.254	+	0	+	114.425)
=	-177.52

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Dec. 2013) EBIT data.

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

Sky Deutschland AG's Operating Margin % for the quarter that ended in Dec. 2013 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2013 )	/	Revenue (Q: Dec. 2013 )
	=	-53.528	/	1546.45
	=	-3.46 %

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.

Sky Deutschland AG Operating Income Related Terms

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Sky Deutschland AG (LTS:0QXE) Business Description

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GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Sky Deutschland AG (LTS:0QXE) » Definitions » Operating Income

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Address

Website

http://www.info.sky.de

Sky Deutschland AG is a Germany-based holding company established in 2002. The Company along with its subsidiaries operates a pay-TV business in Germany and Austria under the Sky trademark. The Company's package includes: Sky Welt Package, FuÃŸball Bundesliga Package, Premium Bundesliga HD channels, Sport Package, Premium Sport HD Channels, Film Package and Premium Film HD Channels. The Company is also engaged in the purchase, sale and distribution of rights to ï¬lms, series and TV productions, the acquisition, sale and distribution of broadcasting rights for public events, the arrangement of program magazine subscriptions, and other activities associated with the operation of the pay-TV business. The Company's services includes: Sky Go, Sky+, Sky Anytime, and Sky Home. Its offers channels of various genres, which includes; Sky Sports News HD, Sky Cinema HD, Sky Atlantic HD, Sky Sport HD, Sky Bundesliga and Sky Select HD. The Company competes with platform operators offering both pay-TV packages and VoD services. It also competes with over-the-top players who provide video-on-demand and subscription-video-on-demand entertainment via the Internet.

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