Tokyu Land (FRA:TOL) ROCE % : 23.85% (As of Dec. 2013)

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What is Tokyu Land ROCE %?

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Tokyu Land's annualized ROCE % for the quarter that ended in Dec. 2013 was 23.85%.

Tokyu Land ROCE % Historical Data

The historical data trend for Tokyu Land's ROCE % 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.

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Tokyu Land ROCE % Chart

Tokyu Land Annual Data

Trend

Mar04

Mar05

Mar06

Mar07

Mar08

Mar09

Mar10

Mar11

Mar12

Mar13

ROCE %

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4.76

3.78

5.68

3.85

Tokyu Land Quarterly Data
	Dec08	Mar09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13
ROCE %	Get a 7-Day Free Trial															2.27	4.18	2.31	4.81	23.85

Tokyu Land ROCE % Calculation

Tokyu Land's annualized ROCE % for the fiscal year that ended in Mar. 2013 is calculated as:

ROCE %	=	EBIT	/	( (Capital Employed	+	Capital Employed)	/ count )
		(A: Mar. 2013 )		(A: Mar. 2012 )		(A: Mar. 2013 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(A: Mar. 2013 )		(A: Mar. 2012 )		(A: Mar. 2013 )
	=	435.943	/	( ( (16016.243 - 4752.373)	+	(13998.176 - 2602.048) )	/ 2 )
	=	435.943	/	( (11263.87	+	11396.128)	/ 2 )
	=	435.943	/	11329.999
	=	3.85 %

Tokyu Land's ROCE % of for the quarter that ended in Dec. 2013 is calculated as:

ROCE %	=	EBIT ⁽¹⁾	/	( (Capital Employed	+	Capital Employed)	/ count )
		(Q: Dec. 2013 )		(Q: Sep. 2013 )		(Q: Dec. 2013 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(Q: Dec. 2013 )		(Q: Sep. 2013 )		(Q: Dec. 2013 )
	=	2446.468	/	( ( (13240.836 - 2661.021)	+	(12182.138 - 2250.391) )	/ 2 )
	=	2446.468	/	( ( 10579.815	+	9931.747 )	/ 2 )
	=	2446.468	/	10255.781
	=	23.85 %

(1) Note: The EBIT data used here is four times the quarterly (Dec. 2013) EBIT data.

Tokyu Land (FRA:TOL) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

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Tokyu Land (FRA:TOL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Tokyu Land Corp (FRA:TOL) » Definitions » ROCE %

Traded in Other Exchanges

N/A

Address

Website

http://www.tokyu-land.co.jp

Tokyu Land Corp is a real estate company engaged in seven business segments, namely real estate sales, contracted construction, retail sales, leasing of real estate, property management, resorts and real estate agents and other.