HiWave Technologies (LSE:HIW) ROCE % : -136.09% (As of Sep. 2012)

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What is HiWave Technologies 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. HiWave Technologies's annualized ROCE % for the quarter that ended in Sep. 2012 was -136.09%.

HiWave Technologies ROCE % Historical Data

The historical data trend for HiWave Technologies'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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HiWave Technologies ROCE % Chart

HiWave Technologies Annual Data

Trend

Jun03

Jun04

Jun05

Jun06

Jun07

Jun08

Jun09

Jun10

Sep11

Sep12

ROCE %

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-154.44

-48.64

-130.04

-133.55

-107.80

HiWave Technologies Semi-Annual Data
	Dec02	Jun03	Dec03	Jun04	Dec04	Jun05	Dec05	Jun06	Dec06	Jun07	Dec07	Jun08	Dec08	Jun09	Dec09	Jun10	Dec10	Jun11	Mar12	Sep12
ROCE %	Get a 7-Day Free Trial															-161.73	-98.75	-52.48	-88.47	-136.09

HiWave Technologies ROCE % Calculation

HiWave Technologies's annualized ROCE % for the fiscal year that ended in Sep. 2012 is calculated as:

ROCE %	=	EBIT	/	( (Capital Employed	+	Capital Employed)	/ count )
		(A: Sep. 2012 )		(A: Sep. 2011 )		(A: Sep. 2012 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(A: Sep. 2012 )		(A: Sep. 2011 )		(A: Sep. 2012 )
	=	-3.295	/	( ( (5.252 - 0.66)	+	(2.148 - 0.627) )	/ 2 )
	=	-3.295	/	( (4.592	+	1.521)	/ 2 )
	=	-3.295	/	3.0565
	=	-107.80 %

HiWave Technologies's ROCE % of for the quarter that ended in Sep. 2012 is calculated as:

ROCE %	=	EBIT ⁽¹⁾	/	( (Capital Employed	+	Capital Employed)	/ count )
		(Q: Sep. 2012 )		(Q: Mar. 2012 )		(Q: Sep. 2012 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(Q: Sep. 2012 )		(Q: Mar. 2012 )		(Q: Sep. 2012 )
	=	-3.032	/	( ( (4.138 - 1.203)	+	(2.148 - 0.627) )	/ 2 )
	=	-3.032	/	( ( 2.935	+	1.521 )	/ 2 )
	=	-3.032	/	2.228
	=	-136.09 %

(1) Note: The EBIT data used here is two times the semi-annual (Sep. 2012) EBIT data.

HiWave Technologies (LSE:HIW) 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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