AX Real Estate (MAL:AXR) Operating Income : €-1.49 Mil (TTM As of Oct. 2023)

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What is AX Real Estate Operating Income?

AX Real Estate's Operating Income for the six months ended in Oct. 2023 was €-4.80 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Oct. 2023 was €-1.49 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. AX Real Estate's Operating Income for the six months ended in Oct. 2023 was €-4.80 Mil. AX Real Estate's Revenue for the six months ended in Oct. 2023 was €46.02 Mil. Therefore, AX Real Estate's Operating Margin % for the quarter that ended in Oct. 2023 was -10.42%.

AX Real Estate'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. AX Real Estate's annualized ROC % for the quarter that ended in Oct. 2023 was -1.60%. AX Real Estate's annualized ROC (Joel Greenblatt) % for the quarter that ended in Oct. 2023 was -4.51%.

AX Real Estate Operating Income Historical Data

The historical data trend for AX Real Estate'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.

AX Real Estate Operating Income Chart

AX Real Estate Annual Data

Trend

Oct21

Oct22

Oct23

Operating Income

0.04

0.63

-1.49

AX Real Estate Semi-Annual Data
	Oct21	Apr22	Oct22	Apr23	Oct23
Operating Income	-	3.37	-2.74	3.31	-4.80

AX Real Estate 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 Oct. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was €-1.49 Mil.

AX Real Estate (MAL:AXR) Operating Income Explanation

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

AX Real Estate's annualized ROC % for the quarter that ended in Oct. 2023 is calculated as:

	ROC % (Q: Oct. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Apr. 2023 )	+	Invested Capital (Q: Oct. 2023 ))	/ count )
=	-9.59 * ( 1 - 38.2% )	/	( (290.957	+	450.313)	/ 2 )
=	-5.92662	/	370.635
=	-1.60 %

where

	Invested Capital		(Q: Apr. 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	))
=	294.108	-	6.495	-	( 4.535	-	max(0, 17.23	-	13.886	+	4.535	))
=	290.957

	Invested Capital		(Q: Oct. 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	))
=	474.028	-	29.469	-	( 10.657	-	max(0, 83.621	-	77.867	+	10.657	))
=	450.313

Note: The Operating Income data used here is two times the semi-annual (Oct. 2023) data.

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

AX Real Estate's annualized ROC (Joel Greenblatt) % for the quarter that ended in Oct. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Oct. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Apr. 2023		Q: Oct. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-8.02	/	( ( (0 + max(-4.383, 0))	+	(324.394 + max(30.89, 0)) )	/	2 )
=	-8.02	/	( ( 0	+	355.284 )	/	2 )
=	-8.02	/	177.642
=	-4.51 %

where Working Capital is:

	Working Capital		(Q: Apr. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(8.913	+	0.438	+	-1.7763568394003E-15)	-	(6.495	+	0	+	7.239)
=	-4.383

	Working Capital		(Q: Oct. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(5.883	+	49.102	+	5.374)	-	(29.469	+	0	+	-1.4210854715202E-14)
=	30.89

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Oct. 2023) EBIT data.

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

AX Real Estate's Operating Margin % for the quarter that ended in Oct. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Oct. 2023 )	/	Revenue (Q: Oct. 2023 )
	=	-4.795	/	46.024
	=	-10.42 %

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.

AX Real Estate Operating Income Related Terms

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AX Real Estate (MAL:AXR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » AX Real Estate PLC (MAL:AXR) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

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Address

AX Business Centre, Triq Id-Difiza Civili, Mosta, MLT, MST 1741

Website

https://www.axrealestate.mt

AX Real Estate PLC serves as the holding company of the Estates Group within the AX Group, with the former boasting a diverse portfolio of properties. The company's portfolio includes warehouses, an office block at Hardrocks Industrial Park, as well as an office block at Falcon House. On the other hand, its subsidiaries own a range of properties and developments, such as the Suncrest Hotels, the Royal Hotels, St. John's Boutique Hotel and Palazzo Merkanti Leisure, as well as Central Leisure Developments, Simblija Developments, Heritage Developments and Skyline Developments.