Hoshino Resorts REIT (TSE:3287) Operating Income : 円5,091 Mil (TTM As of Apr. 2023)

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What is Hoshino Resorts REIT Operating Income?

Hoshino Resorts REIT's Operating Income for the six months ended in Apr. 2023 was 円2,628 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Apr. 2023 was 円5,091 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Hoshino Resorts REIT's Operating Income for the six months ended in Apr. 2023 was 円2,628 Mil. Hoshino Resorts REIT's Revenue for the six months ended in Apr. 2023 was 円6,266 Mil. Therefore, Hoshino Resorts REIT's Operating Margin % for the quarter that ended in Apr. 2023 was 41.93%.

Warning Sign:

Hoshino Resorts REIT Inc operating margin has been in a 5-year decline. The average rate of decline per year is -5.9%.

Hoshino Resorts REIT's 5-Year average Growth Rate for Operating Margin % was -5.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Hoshino Resorts REIT's annualized ROC % for the quarter that ended in Apr. 2023 was 2.52%. Hoshino Resorts REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2023 was 2.87%.

Hoshino Resorts REIT Operating Income Historical Data

The historical data trend for Hoshino Resorts REIT'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.

Hoshino Resorts REIT Operating Income Chart

Hoshino Resorts REIT Annual Data

Trend

Oct13

Oct14

Oct15

Oct16

Oct17

Oct18

Oct19

Oct20

Oct21

Oct22

Operating Income

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6,284.62

6,573.73

6,638.48

3,662.52

4,663.77

Hoshino Resorts REIT Semi-Annual Data
	Oct13	Apr14	Oct14	Apr15	Oct15	Apr16	Oct16	Apr17	Oct17	Apr18	Oct18	Apr19	Oct19	Apr20	Oct20	Apr21	Oct21	Apr22	Oct22	Apr23
Operating Income	Get a 7-Day Free Trial															1,816.86	1,845.66	2,200.54	2,463.23	2,627.75

Hoshino Resorts REIT 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 Apr. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was 円5,091 Mil.

Hoshino Resorts REIT (TSE:3287) Operating Income Explanation

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

Hoshino Resorts REIT's annualized ROC % for the quarter that ended in Apr. 2023 is calculated as:

	ROC % (Q: Apr. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Oct. 2022 )	+	Invested Capital (Q: Apr. 2023 ))	/ count )
=	5255.492 * ( 1 - 0.08% )	/	( (207175.192	+	210364.218)	/ 2 )
=	5251.2876064	/	208769.705
=	2.52 %

where

	Invested Capital		(Q: Oct. 2022 )
=	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	))
=	205962.695	-	1361.15	-	( 11206.704	-	max(0, 14797.839	-	12224.192	+	11206.704	))
=	207175.192

	Invested Capital		(Q: Apr. 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	))
=	208555.585	-	1481.068	-	( 11555.206	-	max(0, 15559.054	-	12269.353	+	11555.206	))
=	210364.218

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

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

Hoshino Resorts REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Apr. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Oct. 2022		Q: Apr. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	5258.2	/	( ( (182209.014 + max(-1313.208, 0))	+	(184652.583 + max(-1724.905, 0)) )	/	2 )
=	5258.2	/	( ( 182209.014	+	184652.583 )	/	2 )
=	5258.2	/	183430.7985
=	2.87 %

where Working Capital is:

	Working Capital		(Q: Oct. 2022 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(153.588	+	0	+	863.9)	-	(1361.15	+	0	+	969.546)
=	-1313.208

	Working Capital		(Q: Apr. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(207.984	+	0	+	506.163)	-	(1481.068	+	0	+	957.984)
=	-1724.905

When net working capital is negative, 0 is used.

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

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

Hoshino Resorts REIT's Operating Margin % for the quarter that ended in Apr. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Apr. 2023 )	/	Revenue (Q: Apr. 2023 )
	=	2627.746	/	6266.299
	=	41.93 %

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.

Hoshino Resorts REIT Operating Income Related Terms

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Hoshino Resorts REIT (TSE:3287) Business Description

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GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Hoshino Resorts REIT Inc (TSE:3287) » Definitions » Operating Income

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Address

2-14-4 Hattsuchoubori, Chuo-Ku, Tokyo, JPN, 104-0032

Website

http://www.hoshinoresort.com

Hoshino Resorts REIT Inc is a closed-end real estate investment trust company. It aims to achieve stable earnings and sustainable growth of its investment assets, by investing in hotels, Japanese-Style Inns, and related facilities.

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