Belle International Holdings (Belle International Holdings) Operating Income : $529 Mil (TTM As of Feb. 2017)

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What is Belle International Holdings Operating Income?

Belle International Holdings's Operating Income for the six months ended in Feb. 2017 was $186 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Feb. 2017 was $529 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Belle International Holdings's Operating Income for the six months ended in Feb. 2017 was $186 Mil. Belle International Holdings's Revenue for the six months ended in Feb. 2017 was $3,229 Mil. Therefore, Belle International Holdings's Operating Margin % for the quarter that ended in Feb. 2017 was 5.76%.

Belle International Holdings'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. Belle International Holdings's annualized ROC % for the quarter that ended in Feb. 2017 was 4.32%. Belle International Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2017 was 18.14%.

Belle International Holdings Operating Income Historical Data

The historical data trend for Belle International Holdings'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.

Belle International Holdings Operating Income Chart

Belle International Holdings Annual Data

Trend

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Feb14

Feb15

Feb16

Feb17

Operating Income

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928.96

931.58

990.71

641.44

517.54

Belle International Holdings Semi-Annual Data
	Dec06	Dec07	Dec08	Jun09	Dec09	Jun10	Dec10	Jun11	Dec11	Jun12	Dec12	Jun13	Dec13	Aug14	Feb15	Aug15	Feb16	Aug16	Feb17
Operating Income	Get a 7-Day Free Trial														554.16	448.02	207.91	342.76	185.90

Belle International Holdings 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 Feb. 2017 adds up the semi-annually data reported by the company within the most recent 12 months, which was $529 Mil.

Belle International Holdings (OTCPK:BELLY) Operating Income Explanation

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

Belle International Holdings's annualized ROC % for the quarter that ended in Feb. 2017 is calculated as:

	ROC % (Q: Feb. 2017 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Aug. 2016 )	+	Invested Capital (Q: Feb. 2017 ))	/ count )
=	371.794 * ( 1 - 56.59% )	/	( (3717.796	+	3748.173)	/ 2 )
=	161.3957754	/	3732.9845
=	4.32 %

where

	Invested Capital		(Q: Aug. 2016 )
=	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	))
=	4737.67	-	392.832	-	( 627.042	-	max(0, 707.174	-	3075.572	+	627.042	))
=	3717.796

	Invested Capital		(Q: Feb. 2017 )
=	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	))
=	4621.306	-	350.54	-	( 522.593	-	max(0, 733.295	-	3194.355	+	522.593	))
=	3748.173

Note: The Operating Income data used here is two times the semi-annual (Feb. 2017) data.

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

Belle International Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2017 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Feb. 2017 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Aug. 2016		Q: Feb. 2017
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	457.536	/	( ( (684.591 + max(1741.356, 0))	+	(679.928 + max(1938.467, 0)) )	/	2 )
=	457.536	/	( ( 2425.947	+	2618.395 )	/	2 )
=	457.536	/	2522.171
=	18.14 %

where Working Capital is:

	Working Capital		(Q: Aug. 2016 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(513.044	+	1161.586	+	773.9)	-	(392.832	+	0	+	314.342)
=	1741.356

	Working Capital		(Q: Feb. 2017 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(535.622	+	1146.665	+	989.475)	-	(350.54	+	0	+	382.755)
=	1938.467

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Feb. 2017) EBIT data.

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

Belle International Holdings's Operating Margin % for the quarter that ended in Feb. 2017 is calculated as:

Operating Margin %	=	Operating Income (Q: Feb. 2017 )	/	Revenue (Q: Feb. 2017 )
	=	185.897	/	3228.885
	=	5.76 %

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.

Belle International Holdings Operating Income Related Terms

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Belle International Holdings (Belle International Holdings) Business Description

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GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » Belle International Holdings Ltd (OTCPK:BELLY) » Definitions » Operating Income

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Address

Website

http://www.belleintl.com

Belle International is China's largest women's footwear retailer. Founded in 1992, and headquartered in Hong Kong, Belle owns six of China's top 10 women's footwear brands, commanding as much as 25% market share in fiscal 2013. In addition to the manufacturing and distribution of female footwear, Belle also distributes major sportswear products, including Nike and Adidas.

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