Core Operating Profit definition
Core Operating Profit is an amount equal to (i) the Project Operating Income, plus, without double-counting, (ii) any other net revenue of the Company (taking into account only the Company’s direct or indirect proportionate share of such amounts, but excluding any items of Other Profit or Loss), less (iii) the administration fee payable to the Manager by the Parent Company for Administrative Services (as defined in the Parent Company Agreement) provided by the Manager as set forth in the Parent Company Agreement (the “Administration Fee”) (if an amount is payable by the Parent Company) (for the avoidance of doubt, the Administration Fee excludes administration fees borne directly or indirectly at the Project level by persons other than the Parent Company), any management fee, Company Expenses and Parent Company Expenses (other than U.S. federal, state and local income taxes, if any, imposed on the Company) and the Economic Depreciation of Projects incurred during the applicable period, plus (iv) any Administration Fee Rebate (as defined in the Parent Company Agreement), and plus or minus (v) without duplication, any Other Profit or Loss. For purposes of calculating Core Operating Profit, mark-to-market gains or losses on any assets or liabilities will be disregarded.
Core Operating Profit means the excess of Core Revenue (as defined below) over Expenses (as defined below), determined in accordance with generally accepted accounting principles and the usual methods and conventions of accounting used by Buyers. As used herein:
Core Operating Profit is an amount equal to (i) the Project Operating Income (as defined below), plus, without double-counting, (ii) any other net revenue of the Company (taking into account only the Company’s direct or indirect proportionate share of such amounts, but excluding any items of Other Profit or Loss (as defined below)), less (iii) the Administration Fee (if an amount is payable by the Parent Company or the Company) (for the avoidance of doubt, the Administration Fee excludes administration fees borne directly or indirectly at the Project level by persons other than the Parent Company or the Company), the Management Fee, Company Expenses and Parent Company Expenses (other than U.S. federal, state and local income taxes, if any, imposed on the Company) and the Economic Depreciation of Projects incurred during the applicable period, plus (iv) any Administration Fee Rebate, less (v) any distributions made to tax equity investors (but not including any amounts paid to tax equity investors to acquire all or a portion of their interests in a Project (i.e., a buyout of such tax equity investor’s tax equity membership interest)), and plus or minus (vi) without duplication, any Other Profit or Loss. For purposes of calculating Core Operating Profit, (a) a distribution to a tax equity investor pursuant to a tax equity agreement shall reduce Core Operating Profit from the date such a distribution is made through the date of the next expected distribution as determined by the Managing Member (in consultation with the Special Interest Member) (such period, the “Distribution Period”) such that Core Operating Profit for each fiscal quarter that falls within a given Distribution Period shall be reduced by the total amount of the tax equity distribution multiplied by a fraction that is equal to the number of days in such quarter that fall within the Distribution Period divided by the total number of days during the Distribution Period; (b) mark-to-market gains or losses on any assets or liabilities will be disregarded and (c) (1) expenses that the Managing Member determines to have been incurred in connection with the acquisition of a Project, regardless of when such expenses were incurred (“Acquisition Expenses”), will be capitalized into, and treated as part of, the Company’s total purchase price for such Project for purposes of the calculation of Economic Depreciation, whether or not such Acquisition Expenses are considered acquisition expenses under generally accepted accounting...
Examples of Core Operating Profit in a sentence
The Committee shall determine each of System Sales Growth Percentage and Core Operating Profit Growth Percentage for the Performance Period by comparing the performance of each to the applicable targets set forth in Section 3(a) below and each shall be given a weight of 50% in determining the Performance Target for the Performance Period.
Linear interpolation shall be used to determine System Sales Growth and Core Operating Profit Growth, as applicable, in the event that the 2023-2025 CAGR does not fall directly on one of the levels listed in the above chart.
More Definitions of Core Operating Profit
Core Operating Profit means, in relation to any Four Quarter Period with respect to a Transaction Date, the earnings of the Group before interest, taxes, depreciation and amortisation (being consistent with the term “EDITDA” referred to in page 22 of the annual report of the Issuer for FY2019) but excluding extraordinary and exceptional items (which shall, for the avoidance of doubt, exclude fair value changes in investment properties and fair value changes in financial derivatives, other assets and liabilities) as determined from the latest consolidated financial statements of the Group.
Core Operating Profit means, for any specified period, the operating profit of the consolidated Group, excluding that of LPAL and its subsidiaries, and excluding interest, income, interest expense, realised and unrealised investment gains and losses, goodwill amortisation and write-offs, income taxes, the loss on disposal of London Pacific Life & Annuity Company, fees and expenses owed or paid to BoS including management fees, restructuring fees, facility fees, guarantee fees, legal fees (including legal fees incurred in relation to this Agreement), accountancy fees, valuation fees, due diligence fees and other fees, costs and expenses), and amounts paid on behalf of Furniture Builders Limited ("FBL") and its Subsidiaries relating to FBL's and its Subsidiaries borrowings from BoS (including principal payments, interest, facility fees and other fees, costs and expenses).