China Everbright Water (SGX:U9E) Operating Income : S$382 Mil (TTM As of Dec. 2023)

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What is China Everbright Water Operating Income?

China Everbright Water's Operating Income for the six months ended in Dec. 2023 was S$182 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was S$382 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. China Everbright Water's Operating Income for the six months ended in Dec. 2023 was S$182 Mil. China Everbright Water's Revenue for the six months ended in Dec. 2023 was S$618 Mil. Therefore, China Everbright Water's Operating Margin % for the quarter that ended in Dec. 2023 was 29.52%.

Good Sign:

China Everbright Water Ltd operating margin is expanding. Margin expansion is usually a good sign.

China Everbright Water's 5-Year average Growth Rate for Operating Margin % was 3.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. China Everbright Water's annualized ROC % for the quarter that ended in Dec. 2023 was 5.26%. China Everbright Water's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 80.95%.

China Everbright Water Operating Income Historical Data

The historical data trend for China Everbright Water'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.

China Everbright Water Operating Income Chart

China Everbright Water Annual Data

Trend

Jun14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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259.80

317.75

382.81

328.26

380.97

China Everbright Water Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Operating Income	Get a 7-Day Free Trial															207.73	162.65	168.14	200.04	182.43

China Everbright Water 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 Dec. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was S$382 Mil.

China Everbright Water (SGX:U9E) Operating Income Explanation

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

China Everbright Water's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	364.864 * ( 1 - 25.42% )	/	( (5366.906	+	4985.971)	/ 2 )
=	272.1155712	/	5176.4385
=	5.26 %

where

	Invested Capital		(Q: Jun. 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	))
=	5761.339	-	480.016	-	( 425.215	-	max(0, 1671.357	-	1585.774	+	425.215	))
=	5366.906

	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	))
=	5836.941	-	567.333	-	( 338.245	-	max(0, 1354.044	-	1637.681	+	338.245	))
=	4985.971

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

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

China Everbright Water's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	367.538	/	( ( (182.344 + max(299.521, 0))	+	(166.725 + max(259.48, 0)) )	/	2 )
=	367.538	/	( ( 481.865	+	426.205 )	/	2 )
=	367.538	/	454.035
=	80.95 %

where Working Capital is:

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(713.998	+	16.223	+	49.316)	-	(480.016	+	0	+	0)
=	299.521

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(756.391	+	9.95	+	60.473)	-	(567.333	+	0	+	0.00099999999997635)
=	259.48

When net working capital is negative, 0 is used.

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

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

China Everbright Water's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	182.432	/	617.913
	=	29.52 %

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.

China Everbright Water Operating Income Related Terms

Thank you for viewing the detailed overview of China Everbright Water's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

China Everbright Water (SGX:U9E) Business Description

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GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » China Everbright Water Ltd (SGX:U9E) » Definitions » Operating Income

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Address

Number 1003 Shennan Avenue, 26th Floor, Block A, Oriental Xintiandi Plaza, Futian District, Shenzhen, CHN, 518000

Website

https://www.ebwater.com

China Everbright Water Ltd provides water supply, waste water treatment, sludge treatment, and other environmental services. It designs, constructs, and operates water treatment plants, and extracts energy from water discharged by the plants to power air-conditioning for various buildings. Concession arrangements from various Chinese government authorities span multiple years, and allow the company to operate plants and charge users a fee for consumption. Under the arrangements, China Everbright is obligated to maintain the plants, and receives annual payments from the grantors. Raw materials and consumables are utilized by experienced technicians to repair and maintain facilities. Majority of sales and assets are generated and located in China.

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