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🧳 | Korean Air returns to profitability for the full year Operating profit is record high


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Korean Air returns to profitability for the full year Operating profit is record high

 
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Operating profit reached record highs for both the full year and the fourth quarter.
 

Korean Air announced its provisional results for the fiscal year ending December 2021.Sales were 12 billion won (up 8% from the previous year ... → Continue reading

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    4th quarter

    Profit

    Profit(Rieki) is the following twomeaningThere is.

    1. To benefit. gain. Profit. Make money (profit). Toku (profit). "Profit"
    2. To be beneficial. To be profitable. "Public interest" (in this sense, the activity to make a profit "(Eiri) ")

    Overview

    ProfitIs simply income minus expenditure, that isCash flowPoint to. But todayCorporate accountingIn, profit (profit and loss) and cash flow are different concepts.

    Accounting profit is revenue minus costs. On the contrary, if the cost is more than the profitlossCall.

    There are two main reasons for distinguishing between profits and cash flows:

    Profit and loss statementIn, to see the situation of the companyAccounting standardsThe profit is calculated in several stages according to the situation.

    Various benefits

    Gross profit

    (Sales)British: gross operating profit) Is(Arari-eki) orAlso called (Arari-eki),amount of salesからCost of salesIs subtracted. It can be said to be an index showing the competitiveness of products and services provided by companies.

    Gross profit = Sales --Cost of sales or gross profit = Sales --Starting product inventory + Current product purchasing --End product inventory
    

    Wholesale trade,Retail tradeIf so, the variable cost and the cost of sales are equal. Therefore, the gross profit and the marginal profit are equal. On the other hand, for exampleManufacturing industryIn this case, there are "expenses that are not included in variable costs but are included in cost of sales" such as "company labor costs" and "factory costs". Therefore, the gross profit is lower than the marginal profit.

    Operating income

    (Eigyo Rieki,British: net operating profit) Is(Jigyo Rieki),(Ebit,British: earnings before interest and tax), Also from gross profitSelling, general and administrative expensesIs subtracted. It can be said that it is an index showing the profitability of a company in its core business, including the efficiency of sales organization and head office operation.

    Operating profit = Gross profit --Selling, general and administrative expenses = (Sales --Cost of sales) --Selling, general and administrative expenses
    

    EBITDA

    (Ebit DA, Ebit Dar, Evita,British: earnings before interest, tax, depreciation, and amortization) Is gross profit minus selling, general and administrative expenses other than depreciation.Profit before interest payment, before tax, before depreciation, other before depreciation,Interest rate, tax, profit before depreciationHowever, "EBITDA" is often used because the translation has not been decided.

    EBITDA = Gross profit --Selling, general and administrative expenses other than depreciation = (Sales --Cost of sales) --Selling, general and administrative expenses other than depreciation
    

    Business profit

    (Jigyo Rieki)

    • Another name for operating income (Above).
    • It is the sum of operating income and non-operating income such as interest income, dividend income, and gain on sales of securities. Ordinary income is obtained by subtracting non-operating expenses such as interest expense, loss on sales of securities, and loss on valuation of securities from business income in this sense.
    Business profit = Operating profit + Non-operating profit = ((Sales-Cost of sales)-Selling, general and administrative expenses) + Non-operating profit
    

    Return on total assetsBusiness profit is usually used as a numerator when calculating (ROA). The reason why business profit is used in calculating ROA is that it is an index of management activities with total assets including investment securities as the denominator.

    • It is desirable to include income from financial activities
    • It would be unreasonable to deduct the financial cost, which is the cost of raising debt.

    Because of that.

    Ordinary profit

    (Profit)British: ordinary profit) IsOperating incomeNon-operating income (interest income, dividend income, gain on sales of securities, etc.) is added to, and non-operating expenses (interest expense, loss on sales of securities, loss on valuation of securities, etc.) are deducted. It can be said that it is an index showing the ordinary profitability of a company, including the skill of raising funds.

    Ordinary income = Operating income + Non-operating income --Non-operating expenses = ((Sales --Sales cost) --Sales expenses and general management expenses) + Non-operating income --Non-operating expenses
    

    NOPAT

    (No putt,British: net operating profit after tax) IsTranslated as (Snoring Goei Gyori-eki) etc., from operating incomeTaxIs subtracted.

    NOPAT = Operating Profit-Tax = ((Sales-Cost of Sales)-Selling, General and Administrative Expenses)-Tax
    

    Net income

    (Junri-eki,British: net profit) Is the ordinary profit plus the extraordinary profit, minus the extraordinary loss.Net income,Final profitAlso called.

    Net income = Ordinary income + Extraordinary income --Extraordinary loss = [{(Sales --Cost of sales) --Selling, general and administrative expenses} + Non-operating income --Non-operating expenses] + Extraordinary income --Extraordinary loss
    

    Comprehensive income

    (Hokatsuri-eki,British: comprehensive income) Is the increase in net assets excluding capital transactions minus the decrease. Calculate by adding or subtracting other comprehensive income from net income.

    Comprehensive income = Increase in net assets-Decrease in net assets = Net income ± Other comprehensive income = [[{(Sales-Cost of sales)-Selling, general and administrative expenses} + Non-operating income-Non-operating expenses] + Special Profit-Extraordinary loss] ± Other comprehensive income
    

    Reservation profit

    Reservation profitRefers to the fact that the past profits generated by the business activities of the company are reserved within the company. In accountingretained earningsThat is.

    Marginal profit

    (Genkai Rieki,British: marginal profit) IsAlso called (Koukenri-eki),amount of salesCorrespond to it from the fluctuation of one unitVariable costIs subtracted.Management accountingUsed in.

    Marginal profit = Sales-Variable costs
    

    Various profit margins

    Gross profit margin

    (Araritsu) is the ratio of gross profit (gross profit) to sales.

    Operating income margin

    (Uriageda Kaei Gyori Ekiritsu) is the ratio of operating income to sales.

    Return on total assets

    (Soshisan Riekiritsu) is the ratio of profit to total assets.ROA(British: return on asset) Also called. When calculating the return on total assets, it is appropriate to use operating profit, NOPAT, and business profit (operating profit plus non-operating profit) as profits. Since the total assets as the denominator are the sum of the liabilities and the equity capital, it is double-counted to reflect the procurement costs of the liabilities in the numerator profit.

    Return on equity

    (Jikoshi Honri Ekiritsu) isnet worthThe ratio of profit to.ROE(British: return on equity) Also called. In this calculation, it is appropriate to use ordinary profit and net profit as numerator. This is because ordinary income and net income are indicators that reflect financial costs, which are the cost of raising debt.

    Components of return on capital

    Return on capitalIt is,Profit margin on salesとAsset turnoverExpressed as the product of.Return on capitalcapitalThe profit margin is the ratio of profit to sales, and the capital turnover is the ratio of sales to capital.For example, return on equity (ROE) is broken down into return on equity and net income.Return on capital is an arbitrage transaction in the capital market, so the difference between industries is not so remarkable.On the other hand, the profit margin on sales and the capital turnover ratio differ greatly depending on the type of industry.For example, the manufacturing industry has a higher rate of return on sales and a lower rate of return on capital than the distribution industry, but in terms of the product of the rate of return on capital, there is no difference between the figures for both industries.

    Legal benefits

    Deadline profit
    Existing profit
    This is the maximum profit that you are actually receiving, minus the amount of consumption and loss.The amount used for entertainment is not included,Cost of livingThe amount used for is included.
    Lost profit
    Reflexive benefits
    The indirect benefit that results from the protection of the public interest by law.
    Example:Doctor lawThe benefit of not being refused medical treatment due to the medical treatment obligation ofCustoms lawProfit of domestic producers due to tariffs.
    ■ Even if it is a reflexive profit, if it has a considerable basis and effect, it may be recognized as a legal profit by the court (judgment: minimum Nisho 33 (e) 710).That is, reflexive interests are not exclusive to legal interests.
    Profit of appeal
    Fulfillment profit
    The profit that a valid contract would have been fulfilled and would have been earned by the creditor.
    Example:landProfit that would have been obtained by purchasing land and reselling it to others when the buyer's sales contract was fulfilled.
    Trust profit
    The interests of those who trust a non-valid contract to be valid.
    Example: The cost of investigating a land, believing that the land sales contract is valid, or the cost of building materials bought on the land.

    Source

    [How to use footnotes]

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