Mota-Engil Africa NV (LTS:0R6D) Operating Income : €102 Mil (TTM As of Dec. 2014)

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What is Mota-Engil Africa NV Operating Income?

Mota-Engil Africa NV's Operating Income for the six months ended in Dec. 2014 was €102 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2014 was €102 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Mota-Engil Africa NV's Operating Income for the six months ended in Dec. 2014 was €102 Mil. Mota-Engil Africa NV's Revenue for the six months ended in Dec. 2014 was €1,048 Mil. Therefore, Mota-Engil Africa NV's Operating Margin % for the quarter that ended in Dec. 2014 was 9.70%.

Mota-Engil Africa NV'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. Mota-Engil Africa NV's annualized ROC % for the quarter that ended in Dec. 2014 was 15.97%. Mota-Engil Africa NV's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2014 was 34.43%.

Mota-Engil Africa NV Operating Income Historical Data

The historical data trend for Mota-Engil Africa NV'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.

Mota-Engil Africa NV Operating Income Chart

Mota-Engil Africa NV Annual Data

Trend

Dec11

Dec12

Dec13

Dec14

Operating Income

87.00

90.92

0.08

101.62

Mota-Engil Africa NV Semi-Annual Data
	Dec11	Dec12	Dec13	Dec14
Operating Income	87.00	90.92	0.08	101.62

Mota-Engil Africa NV 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. 2014 was €102 Mil.

Mota-Engil Africa NV (LTS:0R6D) Operating Income Explanation

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

Mota-Engil Africa NV's annualized ROC % for the quarter that ended in Dec. 2014 is calculated as:

	ROC % (Q: Dec. 2014 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2013 )	+	Invested Capital (Q: Dec. 2014 ))	/ count )
=	101.618 * ( 1 - 19.21% )	/	( (1.01	+	1027.343)	/ 2 )
=	82.0971822	/	514.1765
=	15.97 %

where

	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	))
=	1.215	-	0.112	-	( 0.148	-	max(0, 1.122	-	1.215	+	0.148	))
=	1.01

	Invested Capital		(Q: Dec. 2014 )
=	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	))
=	1694.721	-	543.564	-	( 123.814	-	max(0, 989.449	-	1198.609	+	123.814	))
=	1027.343

Note: The Operating Income data used here is one times the annual (Dec. 2014) data.

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

Mota-Engil Africa NV's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2014 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2014 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2013		Q: Dec. 2014
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	101.618	/	( ( (0 + max(-0.055, 0))	+	(319.173 + max(271.157, 0)) )	/	2 )
=	101.618	/	( ( 0	+	590.33 )	/	2 )
=	101.618	/	295.165
=	34.43 %

where Working Capital is:

	Working Capital		(Q: Dec. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0.368	+	0	+	0.699)	-	(0.112	+	0	+	1.01)
=	-0.055

	Working Capital		(Q: Dec. 2014 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(665.857	+	95.02	+	313.918)	-	(543.564	+	0	+	260.074)
=	271.157

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Dec. 2014) EBIT data.

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

Mota-Engil Africa NV's Operating Margin % for the quarter that ended in Dec. 2014 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2014 )	/	Revenue (Q: Dec. 2014 )
	=	101.618	/	1048.065
	=	9.70 %

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.

Mota-Engil Africa NV Operating Income Related Terms

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Mota-Engil Africa NV (LTS:0R6D) Business Description

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Address

Website

http://www.africa.mota-engil.com

Mota-Engil Africa NV was incorporated on October 31, 2012 by a notarial deed of incorporation as a private company with limited liability under the laws of the Netherlands. The Company is a provider of integrated engineering and construction services. The Company also provides other services, across its target markets in Sub-Saharan Africa. Its portfolio of services ranges from Engineering and Construction which includes infrastructure such as roads, railways, bridges and dams, mining services, civil construction works and real estate construction and services, Logistics which includes ports and other infrastructure management and Environment and Services which includes waste management and collection and water treatment and distribution. The Company currently operates in ten countries comprising its primary markets of Angola, Malawi and Mozambique as well as its other markets of Cape Verde, Ghana, SÃ£o TomÃ© and PrÃncipe, South Africa, Uganda, Zambia and Zimbabwe.

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