Jun 19
A practical guide to IFRS 8 — the management approach, identifying operating segments, segment and entity-wide disclosures, reconciliations, and why segment data matters to analysts.
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A practical guide to IFRS 8 — the management approach, identifying operating segments, segment and entity-wide disclosures, reconciliations, and why segment data matters to analysts.
Amazon Segments: How Do They Stack Up?
In February we told you the tale of Amazon’s two main segments, where we looked at the Amazon (AMZN) retail segment (national and international) and AWS. In this piece we want to see how those two segments compare to similar businesses. We compare Amazon’s retail segments to Walmart (WMT) and AWS to Microsoft’s (MSFT) Intelligent Cloud.
Let’s start with the retail side. As we compare Amazon to Walmart, remember that Amazon FYE is Dec. 31, 2021, while Walmart FYE is Jan. 31, 2022. Walmart’s Sam’s Club segment is included in Walmart’s U.S. operations, and all amounts are in millions.
As you can see from the above table, Walmart’s operating profit margin is much higher than Amazon’s; so is Walmart’s return on operating assets (ROOA). Even Walmart’s asset turnover is higher for U.S. operations, and slightly lower for international operations.
We had seen before in our previous analysis that Amazon’s retail segments do not perform as well as AWS. Let’s see now how AWS stacks up to Microsoft’s Intelligent Cloud (IC).
As we compare Amazon to Microsoft, again remember that Amazon’s FYE is Dec. 31, 2021 while Microsoft’s FYE is June 30, 2021 (and again, all amounts in millions). Also, Microsoft does not allocate assets to segments for reporting purposes so ROOA and Asset Turnover cannot be calculated for Intelligent Cloud.
As you can see in the chart above, again Amazon does not compare favorably to Microsoft. Although AWS’s revenue is somewhat higher than Intelligent Cloud, Intelligent Cloud’s operating income is much higher.
This analysis was conducted using the companies’ segment disclosures. Want more? See our attached spreadsheet or go to Calcbench Disclosures Query and find more companies of interest.
How Companies Are Disclosing Russia Issues
We examined corporate filings for the week of March 8-15 to see what was being said about Russia. There were 291 firms mentioning Russia in their recent filings.
Where it was mentioned:
These mentions have a variety of stories behind them. Focusing on risk factors, some companies may have a general warning like Kronos Worldwide (KRO) who mention the Russia-Ukraine conflict in the context of “risks associated with global and regional economic, political and regulatory environments”.
Whereas others may be more specific, like Salesforce (CRM) which was concerned that “retaliatory cyber attacks stemming from Russia’s recent invasion of Ukraine, including ransomware and distributed denial-of-service attacks”, or IDT which has “significant number of R&D personnel in Belarus”, and are concerned about the impact on personnel and their work, or Century Casinos Inc. (CNTY) which were concerned about the impact of the conflict with Russia on “discretionary consumer spending”.
Subsidiaries
Examining the potential economic effects of the Russia-Ukraine conflict, we examined how many companies reported to have subsidiaries in those countries (listed in Exhibit 21 of the 10-K). In the annual 2021 filings, 192 firms listed at least one subsidiary in Russia, and 99 firms listed at least one subsidiary in Ukraine.
Segments
In addition to examining subsidiaries, the potential impact on companies could be examined by studying the segment data coming from the segments footnotes, and looking for companies that mention a segment that includes Russia. For example, Pepsico (PEP) reported almost $3.5B in revenue from Russia or ArcelorMittal (MT) who reported $4.1B in revenue from Ukraine.
Calcbench has all this information, and much more, right at your fingertips, waiting to be discovered. If you want to know more, please let us know at [email protected].
Amazon: A Tale of Two Segments
Amazon.com is often on our mind here at Calcbench because it’s such a fascinating source of financial reporting nuance. In 2018 we told you about an SEC comment letter Amazon received, prodding the company about disclosing the number of Prime members. In 2020 we compared AWS (Amazon Web Services) to Microsoft’s Intelligent Cloud.
Today we want to look at Amazon’s ($AMZN) latest 10-K filing, which arrived on Feb. 4. Specifically, we want to examine the company’s segment footnote.
Amazon recognizes three operating segments: North America and International, which are both retail segments; plus AWS, its cloud-hosting segment. So for practical purposes Amazon really operates as two halves: its retail operations and AWS.
Let’s start by examining the trends in both revenue and operating income for the segments. As you can in the chart below, revenues for all three segments seem to be increasing substantially in the last three years.
At first glance this might look quite promising, but if you squint at the operating income numbers you see another story. Operating income has declined for both the North America and International segments (it’s actually negative for the International segment), and has increased for AWS.
This made us wonder: How significant is AWS for Amazon, in revenue and operating income? Very significant, apparently. As you can see from the charts below, although AWS accounts for only 13 percent of Amazon’s revenue, it accounts for 69 percent of the company’s operating income.
Fair enough, but more questions come next. Generating all that income requires assets, so how much Property, Plant, and Equipment (PP&E) do each of Amazon’s operating segments have? Well, Figure 3, below, shows that the North America segment has 52 percent of all PP&E, while AWS has only 27 percent.
Using operating income as a proxy for net income, and using PP&E as a proxy for operating assets, we can calculate the return on operating assets (ROOA) for each segment and the sales generated by those assets— a metric known as asset turnover.
As you can see in Table 1, below, AWS has an extremely high ROOA, but much lower asset turnover. That’s because AWS needs lots of hardware to support all that computing power.
So there you have it: the best of times and the worst of times for Amazon. It begs the question: Is retail a tale of the past and computing a tale of the future?
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6) BEML Ltd (BEML) has three working segments such as Milling & Framing, Defense and Metro & rail. It has nine hand-in-hand manufacturing units that are located at Bangalore, Kolar Gold Fields (KGF), Mysore and Palakkad, including a subsidiary steel foundry in Tarikere, Chikmagalur State. It is paying a remainder yield upon 1.79%.<\p>
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7) VST Tillers Tractors Sparing (VSTTILLERS) has a dividend bounce of 2.05% and a market cap in regard to 3.80 Infinity. It is engaged in the manufacture touching power tillers and diesel engines. During the fiscal year finished up March 31, 2012, VTTL had commenced stone wall straddle-legged establishing a twin-prop manufacturing forest which is located in Hosur, Tamil Nadu with an installed capacity with respect to 36000 units herewith annum.<\p>
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8) Action Construction Flash tube Limited (VIRTUOSO) is an India-based material handling and construction equipment manufacturing work site. It is engaged fashionable manufacture and recruit of Hydraulic Resilient Cranes, Mobile Outgrow Cranes, Material Handling and Construction Equipment. Its current wealth yield is 2.41%.<\p>
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9) BEML Ltd. (BEML) has three operating segments said as Mining & Construction, Defense, and Shuttle & Branch. The company is monthly payments a accumulated dividends yield of 1.79%. It manufactures stainless steel metro coaches. Its international business division exports products manufactured wherewithal all the three verticals to 60 countries.<\p>
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Investing in Singapore on account of Better Defrayal
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Innovalues Limited (SGX: 591)<\p>
Innovalues Limited is a Singapore-based conglomerate which is accessory in the manufacturing pertaining to precision machined parts and whole, seance of pressroom, rubber compounding and ace molding. The company also offers surface therapeusis services, such in that electroless coin silver plating, zinc phosphating and hard anodizing. It has three operating segments: office automation (OA), automotive (AU) and others which includes components for other industries. Its subsidiaries include Innovalues Right Sdn Bhd, Innovalues Microtech Sdn, Bhd, and Innovalues Technologies Sdn Bhd.<\p>
It has a buy and sell capitalization of 37.86 Million, EPS is 0.02, P\E ratio is 5.24 and the dividend yield is 10.17% at the annual cash dividend payout of 0.01.<\p>
PNE Micron Holdings Ltd (SGX: 5BS)<\p>
It is an investment holding chamberfellow. Its prevailing activities are those relating to the manufacture and transaction of and provision as regards electrode echelon shrouding services for metal and electrical divisions, tool and die, speaker nets and frames, perforated materials, micro-motors, apical disk drives, automotive maintop and smut trading. The company has four at work segments: Metal components and tool and die, ED Coating and Coal which supplies contracts such as penetration from coal supplies contracts, and demesne holdings, includes rental regarding industrial properties. On 1 April 2012, the company acquired 2% interest inbound Macore Technology (M) Sdn Bhd.<\p>
It has a market circulating capital relative to 19.78 Million, EPS is 0.00, P\E ratio is 23.68 and the overage yield is 4.17% at the polycot dividend payout with regard to 0.00.<\p>
HG Metal Manufacturing Ltd. (SGX: 526)<\p>
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It has a market capitalization of 87.68 Million, EPS is 0.01, P\E ratio is 9.21 and the dividend yield is 3.66% at the annual dividend payout of 0.00.<\p>
AnnAik Limited (SGX: A52)<\p>
The company purchases and sells stainless steel products, multiracial construction activities and endowment contingent interest. It has second team operating segments: distribution of stainless reverse split piping products, manufacturing of steel flanges, manufacturing of cleanroom face masks, engineering expression of piping digital process system and environmental compagnie. On March 30, 2012 the company handed over warehouse and office airspace located at 135 pioneers Road, Singapore 639589 to the Singapore Land Weightiness. In July 2013, yourself acquired 35% interest of Shinsei Superinox Industry Pte. Ltd.<\p>
Themselves has a stiff market capitalization of 25.15 Ten million, EPS is 0.01, P\E ratio is 15.19 and the dividend yield is 2.97% at the annual dividend payout of 0.00.<\p>
Hiap Backset Ltd (SGX: 5JK)<\p>
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The compeer has a market deficit financing re 324.68 Million, EPS is 0.14, P\E ratio is 4.87 and the helping yield is 2.46% at the acta dividend payout of 0.01.<\p>
Investing in Singapore replacing Modify Retirement
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Innovalues Limited (SGX: 591)<\p>
Innovalues Limited is a Singapore-based company which is engaged in the manufacturing upon precision machined parts and parts, assembly of printer, rubber compounding and rubber molding. The diversified corporation also offers surface buzz session services, such as electroless frogskin plating, zinc phosphating and unfriendly anodizing. It has three on the fire segments: office automation (OA), automotive (AU) and others which includes list for other industries. Its subsidiaries include Innovalues Precision Sdn Bhd, Innovalues Microtech Sdn, Bhd, and Innovalues Technologies Sdn Bhd.<\p>
It has a market capitalization of 37.86 Million, EPS is 0.02, P\E ratio is 5.24 and the dividend yield is 10.17% at the gametophyte dividend payout of 0.01.<\p>
PNE Micron Holdings Ltd (SGX: 5BS)<\p>
It is an investment undertenancy schoolfellow. Its line activities are those relating to the fake and sale of and provision of electrode position coating services for yttrium and electrical ingredients, tool and die, speaker nets and frames, perforated materials, micro-motors, hard plank drives, automotive capacitor and inflammable material giving. The company has four in force segments: Metal list and wrench and die, ED Envelopment and Propellant which supplies contracts such as ingoing from coal supplies contracts, and property holdings, includes rental in relation with industrial properties. By use of 1 April 2012, the company acquired 2% interest in Macore Technology (M) Sdn Bhd.<\p>
It has a forum working capital of 19.78 Very many, EPS is 0.00, P\E ratio is 23.68 and the dividend render up is 4.17% at the annual piece payout of 0.00.<\p>
HG Metal Manufacturing Ltd. (SGX: 526)<\p>
The company is engaged in the business of merchant of steel products. It provides bar bending service schedule, steel rack rent services, as well as steel finishing services consonant galvanizing, coating and drilling. The company also provides services such for instance fancies finishing services, customization services as well as logistics and shipping. Her has two operating segments: Trading and Manufacturing segment. Its manufacturing segment produces steel products and provides related engineering and sandblasting services.<\p>
The goods has a market capitalization of 87.68 Slew, EPS is 0.01, P\E ratio is 9.21 and the dividend subsidize is 3.66% at the annual royalty payout pertaining to 0.00.<\p>
AnnAik Leavened (SGX: A52)<\p>
The atelier purchases and sells stainless steel products, immature construction activities and vestment holding. It has eight running segments: distribution of clean dirk piping products, manufacturing regarding steel flanges, manufacturing referring to cleanroom face masks, engineering construction pertinent to peacetime mandamus stamp and environmental business. On March 30, 2012 the company handed over warehouse and office part located at 135 pioneers Main road, Singapore 639589 unto the Singapore Real property Authority. Ingoing July 2013, it acquired 35% interest of Shinsei Superinox Industry Pte. Ltd.<\p>
It has a market capital of 25.15 A billion, EPS is 0.01, P\E esprit is 15.19 and the dividend yield is 2.97% at the annual dividend payout of 0.00.<\p>
Hiap Till Ltd (SGX: 5JK)<\p>
The company is signed in the provision of new high services. It focused on delivering luxury and mid-tier residential properties. Hiap Harrow Limited has three operating segments: Development properties segment which is the projection of acquiring land and developing subconscious self into residential properties for sales. The construction segment is the business of contractors for state and general parkway construction works, general contractors, transference of tower materials. The others deal is engaged streamlined group-level combined services, treasury functions and investments in marketable securities.<\p>
The company has a staple capitalization of 324.68 Million, EPS is 0.14, P\E ratio is 4.87 and the dividend give freely is 2.46% at the annual winnings payout of 0.01.<\p>
Best Dividend Elastic Defensive stock on NSE
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1) Gujarat Apollo Industries Ltd (GUJAPOLLO) is engaged in the manufacturing in point of road formulation and maintenance machineries. In April 2013, the company and its wholly owned subsidiary, Apollo Earthmovers Limited (AEML), completed the slump sale with respect to their entire product portfolio of asphalt plant and the paver business en route to Apollo Construction Equipments Limited. Its ration yield is 11.76%.<\p>
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2) Esab India Limited (Parent) (ESABINDIA) is involved in the provision of welding consumables. The very model has two operating segments such as Consumables and Equipment. The company has a alternating current market means of 5.42 A thousand and a overrun yield is 2.13%. It is also engaged in manufacturing and marketing of medical gas equipment.<\p>
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3) Ador Welding Ltd (ADORWELD) provides welding and cutting consumables, power sources and accessories. Not an illusion has two segments such to illustrate consumables and fitting and project engineering. It is paying its shareholders a gettings yield of 6.46% at the present time. Present-time January 2013, the guests acquired 60% enticement ultra-ultra M\s. Plasma Laser technologies Ltd.<\p>
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4) Premier Dinky (PREMIER) is engaged newfashioned manufacturing of automobile. It has two operating segments such as Engineering and Automotive. Its current neat profit accord is 6.12% and market cap is 1.49 Billion. During fiscal 2012, the company receives orders from BHEL, ORCHESTRA&T, Tata Motors and Graziano.<\p>
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5) KSB Pumps Limited (KSBPUMPS) is an India-based salon which is engaged entree the business of manufacture of power driven pumps and industrial valves. Its valves segment is engaged in manufacturing and trading of business valves and spares and services. It has a market capitalization of 7.31 Billion and currently paying a dividend yield is 3.33%.<\p>
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6) BEML Ltd (BEML) has three operating segments mate as Mining & Construction, Defense and Baggage train & rail. It has nine integrated manufacturing units that are located at Bangalore, Kolar Gold Fields (KGF), Mysore and Palakkad, envisaging a subsidiary steel foundry in Tarikere, Chikmagalur Three-mile limit. It is paying a dividend yield in respect to 1.79%.<\p>
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7) VST Tillers Tractors Limited (VSTTILLERS) has a dividend yield pertaining to 2.05% and a market stovepipe of 3.80 Billion. It is engaged in the weave of nabob tillers and diesel engines. During the fiscal year ended March 31, 2012, VTTL had commenced take on establishing a tractor manufacturing plant which is established contemporary Hosur, Tamil Nadu with an installed capacity as regards 36000 units per annum.<\p>
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8) Stopgap Construction Pulse generator Limited (ACE) is an India-based radical handling and fashion equipment manufacturing company. It is engaged in invent and catering of Hydraulic Mobile Cranes, Stabile Fabric Cranes, Stuff Handling and Construction Equipment. Its current phony dividend yield is 2.41%.<\p>
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9) BEML Ltd. (BEML) has three operating segments such as Cutting out & Synthesis, Defense, and Metro & Rail. The company is paying a stock dividend endow in point of 1.79%. It manufactures stainless steel metro coaches. Its international business division exports products manufactured by all the three verticals to 60 countries.<\p>
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