Warehouses De Pauw (XBRU:WDP) Operating Income : €154.3 Mil (TTM As of Dec. 2023)

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What is Warehouses De Pauw Operating Income?

Warehouses De Pauw's Operating Income for the three months ended in Dec. 2023 was €72.2 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was €154.3 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Warehouses De Pauw's Operating Income for the three months ended in Dec. 2023 was €72.2 Mil. Warehouses De Pauw's Revenue for the three months ended in Dec. 2023 was €95.0 Mil. Therefore, Warehouses De Pauw's Operating Margin % for the quarter that ended in Dec. 2023 was 75.99%.

Warning Sign:

Warehouses De Pauw SA operating margin has been in a 5-year decline. The average rate of decline per year is -1.2%.

Warehouses De Pauw's 5-Year average Growth Rate for Operating Margin % was -1.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Warehouses De Pauw's annualized ROC % for the quarter that ended in Dec. 2023 was 3.96%. Warehouses De Pauw's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 35.46%.

Warehouses De Pauw Operating Income Historical Data

The historical data trend for Warehouses De Pauw'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.

Warehouses De Pauw Operating Income Chart

Warehouses De Pauw Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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191.83

212.83

251.22

284.57

307.50

Warehouses De Pauw Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Jun23	Sep23	Dec23
Operating Income	Get a 7-Day Free Trial															73.72	73.32	-	82.09	72.22

Warehouses De Pauw 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 Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was €154.3 Mil.

Warehouses De Pauw (XBRU:WDP) Operating Income Explanation

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

Warehouses De Pauw's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	288.88 * ( 1 - 0.51% )	/	( (7385.142	+	7137.704)	/ 2 )
=	287.406712	/	7261.423
=	3.96 %

where

	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	))
=	7105.908	-	72.442	-	( 9.848	-	max(0, 428.828	-	77.152	+	9.848	))
=	7385.142

	Invested Capital		(Q: Dec. 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	))
=	7072.286	-	57.643	-	( 13.029	-	max(0, 196.659	-	73.598	+	13.029	))
=	7137.704

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

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

Warehouses De Pauw's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	59.184	/	( ( (167.763 + max(-374.494, 0))	+	(166.036 + max(-65.966, 0)) )	/	2 )
=	59.184	/	( ( 167.763	+	166.036 )	/	2 )
=	59.184	/	166.8995
=	35.46 %

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(20.506	+	0	+	33.828)	-	(72.442	+	0	+	356.386)
=	-374.494

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(23.848	+	0	+	22.807)	-	(57.643	+	0	+	54.978)
=	-65.966

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

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

Warehouses De Pauw's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	72.22	/	95.039
	=	75.99 %

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.

Warehouses De Pauw Operating Income Related Terms

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Warehouses De Pauw (XBRU:WDP) Business Description

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GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Warehouses De Pauw SA (XBRU:WDP) » Definitions » Operating Income

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Address

Blakebergen 15, Meise, Wolvertem, BEL, B-1861

Website

https://www.wdp.eu

Warehouses De Pauw is a real estate investment trust engaged in the acquisition and development of storage, distribution, and semi-industrial facilities throughout Europe. The vast majority of the company's real estate portfolio in terms of square footage and total rental value is made up of general warehouse space, while offices represent a smaller amount. These properties are mainly located in Belgium and the Netherlands near large transportation hubs. Warehouses De Pauw derives nearly all of its revenue in the form of rental income from the same two countries. The company's tenants in terms of revenue include solar panels, third-party logistics firms, and food industry companies. Warehouses De Pauw is also active in the logistics property markets of France and Romania.

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