Kabel Deutschland Holding AG (HAM:KD8) Operating Income : €855 Mil (TTM As of Mar. 2021)

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What is Kabel Deutschland Holding AG Operating Income?

Kabel Deutschland Holding AG's Operating Income for the six months ended in Mar. 2021 was €855 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2021 was €855 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Kabel Deutschland Holding AG's Operating Income for the six months ended in Mar. 2021 was €855 Mil. Kabel Deutschland Holding AG's Revenue for the six months ended in Mar. 2021 was €2,632 Mil. Therefore, Kabel Deutschland Holding AG's Operating Margin % for the quarter that ended in Mar. 2021 was 32.49%.

Kabel Deutschland Holding AG'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. Kabel Deutschland Holding AG's annualized ROC % for the quarter that ended in Mar. 2021 was 12.67%. Kabel Deutschland Holding AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2021 was 26.43%.

Kabel Deutschland Holding AG Operating Income Historical Data

The historical data trend for Kabel Deutschland Holding AG'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.

Kabel Deutschland Holding AG Operating Income Chart

Kabel Deutschland Holding AG Annual Data

Trend

Mar12

Mar13

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Operating Income

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472.80

757.31

534.65

673.25

854.98

Kabel Deutschland Holding AG Semi-Annual Data
	Mar04	Mar05	Mar06	Mar07	Mar08	Mar09	Mar10	Mar11	Mar12	Mar13	Mar14	Mar15	Mar16	Mar17	Mar18	Mar19	Mar20	Mar21
Operating Income	Get a 7-Day Free Trial													472.80	757.31	534.65	673.25	854.98

Kabel Deutschland Holding AG 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 Mar. 2021 was €855 Mil.

Kabel Deutschland Holding AG (HAM:KD8) Operating Income Explanation

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

Kabel Deutschland Holding AG's annualized ROC % for the quarter that ended in Mar. 2021 is calculated as:

	ROC % (Q: Mar. 2021 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Mar. 2020 )	+	Invested Capital (Q: Mar. 2021 ))	/ count )
=	854.976 * ( 1 - 31.68% )	/	( (4749.067	+	4473.526)	/ 2 )
=	584.1196032	/	4611.2965
=	12.67 %

where

	Invested Capital		(Q: Mar. 2020 )
=	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	))
=	4199.38	-	961.379	-	( 1.938	-	max(0, 1773.366	-	262.3	+	1.938	))
=	4749.067

	Invested Capital		(Q: Mar. 2021 )
=	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	))
=	4153.164	-	1213.055	-	( 1.933	-	max(0, 1763.21	-	229.793	+	1.933	))
=	4473.526

Note: The Operating Income data used here is one times the annual (Mar. 2021) data.

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

Kabel Deutschland Holding AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2021 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2021 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2020		Q: Mar. 2021
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	855.477	/	( ( (3241.431 + max(-1248.602, 0))	+	(3231.179 + max(-1464.949, 0)) )	/	2 )
=	855.477	/	( ( 3241.431	+	3231.179 )	/	2 )
=	855.477	/	3236.305
=	26.43 %

where Working Capital is:

	Working Capital		(Q: Mar. 2020 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(93.946	+	22.298	+	14.567)	-	(961.379	+	0	+	418.034)
=	-1248.602

	Working Capital		(Q: Mar. 2021 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(95.184	+	33.858	+	13.82)	-	(1213.055	+	0	+	394.756)
=	-1464.949

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Mar. 2021) EBIT data.

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

Kabel Deutschland Holding AG's Operating Margin % for the quarter that ended in Mar. 2021 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2021 )	/	Revenue (Q: Mar. 2021 )
	=	854.976	/	2631.54
	=	32.49 %

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.

Kabel Deutschland Holding AG Operating Income Related Terms

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Kabel Deutschland Holding AG (HAM:KD8) Business Description

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GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » Kabel Deutschland Holding AG (HAM:KD8) » Definitions » Operating Income

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Address

Betastrasse 6 - 8, Unterfoehring, DEU, 85774

Website

http://www.kabeldeutschland.com

Kabel Deutschland is a triple play cable network operator and holding company. Its primary revenue segments are TV Business and Internet and Phone Business. The TV Business segment offers subscribers basic cable- and premium-TV products. Revenue is generated through monthly subscription fees. The Internet and Phone business is primarily involved with providing broadband Internet as well as fixed-line and mobile phone services. Like the TV Business segment, revenue is earned through monthly subscription fees. The company's infrastructure comes in the form of hybrid fibre coaxial cables. Kabel Deustchland is majority owned by Vodafone and generates the majority of its revenue in Germany.

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