Accelerate Property Fund (JSE:APF) Operating Income : R418.0 Mil (TTM As of Sep. 2023)

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What is Accelerate Property Fund Operating Income?

Accelerate Property Fund's Operating Income for the six months ended in Sep. 2023 was R165.3 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2023 was R418.0 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Accelerate Property Fund's Operating Income for the six months ended in Sep. 2023 was R165.3 Mil. Accelerate Property Fund's Revenue for the six months ended in Sep. 2023 was R415.9 Mil. Therefore, Accelerate Property Fund's Operating Margin % for the quarter that ended in Sep. 2023 was 39.75%.

Warning Sign:

Accelerate Property Fund Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -2.8%.

Accelerate Property Fund's 5-Year average Growth Rate for Operating Margin % was -2.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Accelerate Property Fund's annualized ROC % for the quarter that ended in Sep. 2023 was 3.04%. Accelerate Property Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2023 was 107.17%.

Accelerate Property Fund Operating Income Historical Data

The historical data trend for Accelerate Property Fund'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.

Accelerate Property Fund Operating Income Chart

Accelerate Property Fund Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Operating Income

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805.55

610.38

422.54

633.61

490.51

Accelerate Property Fund Semi-Annual Data
	Mar14	Sep14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Operating Income	Get a 7-Day Free Trial															316.87	316.74	237.78	252.73	165.31

Accelerate Property Fund 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 Sep. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was R418.0 Mil.

Accelerate Property Fund (JSE:APF) Operating Income Explanation

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

Accelerate Property Fund's annualized ROC % for the quarter that ended in Sep. 2023 is calculated as:

	ROC % (Q: Sep. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Mar. 2023 )	+	Invested Capital (Q: Sep. 2023 ))	/ count )
=	330.616 * ( 1 - -4.82% )	/	( (11731.877	+	11053.704)	/ 2 )
=	346.5516912	/	11392.7905
=	3.04 %

where

	Invested Capital		(Q: Mar. 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	))
=	10342.683	-	434.991	-	( 0	-	max(0, 2927.293	-	1103.108	+	0	))
=	11731.877

	Invested Capital		(Q: Sep. 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	))
=	10228.452	-	527.772	-	( 27.849	-	max(0, 2463.462	-	1110.438	+	27.849	))
=	11053.704

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

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

Accelerate Property Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2023		Q: Sep. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	296.206	/	( ( (1.082 + max(-45.354, 0))	+	(0.957 + max(550.74, 0)) )	/	2 )
=	296.206	/	( ( 1.082	+	551.697 )	/	2 )
=	296.206	/	276.3895
=	107.17 %

where Working Capital is:

	Working Capital		(Q: Mar. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(351.883	+	0	+	113.517)	-	(434.991	+	0	+	75.763)
=	-45.354

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1069.715	+	0	+	12.874)	-	(527.772	+	0	+	4.0769999999998)
=	550.74

When net working capital is negative, 0 is used.

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

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

Accelerate Property Fund's Operating Margin % for the quarter that ended in Sep. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Sep. 2023 )	/	Revenue (Q: Sep. 2023 )
	=	165.308	/	415.916
	=	39.75 %

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.

Accelerate Property Fund Operating Income Related Terms

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

Accelerate Property Fund (JSE:APF) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Accelerate Property Fund Ltd (JSE:APF) » Definitions » Operating Income

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Address

1st Floor, Corner Willow Avenue and Cedar Road, Cedar Square Shopping Centre, Management Office, Fourways, Johannesburg, GT, ZAF, 2055

Website

https://www.acceleratepf.co.za

Accelerate Property Fund Ltd is a retail-focused property fund. It functions through four operating segments. Office segment, which acquires, develops and leases offices. The industrial segment acquires, develops and leases warehouses and factories. The retail segment acquires, develops and leases shopping malls, community centres as well as retail centres. European single-tenant segment acquires develops and leases single-tenant space backed by long-term leases. Out of which Retail segment is a key revenue driver. Geographically, it has a presence in South Africa, Austria and Slovakia, out of which the majority of its revenue is generated from South Africa.

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