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Yamana Gold Inc (NYSE:AUY)
Beneish M-Score
0.00 (As of Today)

The zones of discrimination for M-Score is as such:

An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.

Yamana Gold Inc has a M-score of 5.74 signals that the company is a manipulator.

AUY' s 10-Year Beneish M-Score Range
Min: -10000000   Max: 364.07
Current: 0

-10000000
364.07

During the past 13 years, the highest Beneish M-Score of Yamana Gold Inc was 364.07. The lowest was -10000000.00. And the median was -2.47.


Definition

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Yamana Gold Inc for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0+0.528 * 2.1964+0.404 * 21.9506+0.892 * 0.7623+0.115 * 0.0357
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7934+4.679 * 0-0.327 * 0
=5.74

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Jun14) TTM:Last Year (Jun13) TTM:
Accounts Receivable was $0 Mil.
Revenue was 450.832 + 353.916 + 420.663 + 456.675 = $1,682 Mil.
Gross Profit was 74.807 + 33.101 + 70.113 + 144.01 = $322 Mil.
Total Current Assets was $0 Mil.
Total Assets was $0 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $323 Mil.
Selling, General & Admin. Expense(SGA) was $91 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt was $0 Mil.
Net Income was 5.105 + -29.608 + -583.894 + 43.45 = $-565 Mil.
Non Operating Income was 0.26 + 3.135 + 0 + 0 = $3 Mil.
Cash Flow from Operations was 0 + 38.977 + 184.842 + 99.078 = $323 Mil.
Accounts Receivable was $62 Mil.
Revenue was 430.471 + 534.873 + 629.505 + 611.807 = $2,207 Mil.
Gross Profit was 118.646 + 208.009 + 322.083 + 279.158 = $928 Mil.
Total Current Assets was $837 Mil.
Total Assets was $11,961 Mil.
Property, Plant and Equipment(Net PPE) was $10,579 Mil.
Depreciation, Depletion and Amortization(DDA) was $392 Mil.
Selling, General & Admin. Expense(SGA) was $151 Mil.
Total Current Liabilities was $553 Mil.
Long-Term Debt was $1,060 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 1682.086) / (62.431 / 2206.656)
=0 / 0.02829213
=0

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(33.101 / 2206.656) / (74.807 / 1682.086)
=0.42049871 / 0.19144741
=2.1964

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 0) / 0) / (1 - (837.175 + 10578.78) / 11960.854)
=1 / 0.04555686
=21.9506

4. SGI = Sales Growth Index

Ratio of sales in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=1682.086 / 2206.656
=0.7623

5. DEPI = Depreciation Index

Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(391.667 / (391.667 + 10578.78)) / (322.583 / (322.583 + 0))
=0.03570201 / 1
=0.0357

6. SGAI = Sales, General and Administrative expenses Index

The ratio of SGA expenses in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(91.229 / 1682.086) / (150.846 / 2206.656)
=0.05423563 / 0.06835954
=0.7934

7. LVGI = Leverage Index

The ratio of total debt to total assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase$sgai= in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((0 + 0) / 0) / ((1060.186 + 553.058) / 11960.854)
=0 / 0.13487699
=0

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-564.947 - 3.395 - 322.897) / 0
=0

An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.

Yamana Gold Inc has a M-score of 5.74 signals that the company is likely to be a manipulator.


Related Terms

Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Yamana Gold Inc Annual Data

Feb04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
DSRI 6.41041.93491.43670.73190.18193.37171.8460.59520.79110.5795
GMI 0.74981.31940.83210.6651.16261.40010.89920.83021.05471.635
AQI -0-5.26538691277E+140.67270.69220.55311.87570.93151.09980.87860.7437
SGI 3.39232.32393.67544.41531.41161.1221.42551.28841.07520.7886
DEPI 4.61621.6071.53522.16770.37390.82480.80530.86791.05420.9569
SGAI 1.06061.35281.40070.23960.72261.27870.75510.86351.11761.1765
LVGI 0.12715.54630.18142.16550.76470.98350.97971.00061.41371.3168
TATA -0.0411-0.0064-0.0139-0.0064-0.0172-0.038-0.0179-0.0516-0.0508-0.0963
M-score 4.59-212,721,631,275,750.810.28-0.13-2.990.14-1.46-2.88-3.01-3.41

Yamana Gold Inc Quarterly Data

Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14
DSRI 0.53180.95481.31090.79110.65540.30510.53370.57951.0612
GMI 0.88210.94670.97591.05471.11451.16681.24611.6352.0611
AQI 0.75910.72030.78720.87860.87130.86470.92650.74370.6652
SGI 1.24251.08881.06371.07521.02430.99430.90140.78860.7188
DEPI 0.91680.96631.03531.05421.04611.06081.03520.95690.9336
SGAI 0.96460.94541.02161.03971.07241.17221.14441.16831.2016
LVGI 1.38951.31541.41421.41371.07241.27621.26391.31681.3714
TATA -0.0506-0.0486-0.0561-0.0497-0.0467-0.0548-0.034-0.096-0.0964
M-score -3.22-2.91-2.63-2.99-3.02-3.46-3.16-3.41-2.86
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