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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.
During the past 13 years, the highest Beneish M-Score of Statoil ASA was -2.24. The lowest was -3.48. And the median was -2.74.
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 Statoil ASA 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 * 1.1407||+||0.528 * 1.2055||+||0.404 * 1.1282||+||0.892 * 0.7093||+||0.115 * 1.4284|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2335||+||4.679 * -0.0976||-||0.327 * 0.9866|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was €5,334 Mil.|
Revenue was 10786.7771541 + 9696.51121396 + 9083.15373563 + 12019.645644 = €41,586 Mil.
Gross Profit was 3558.76325403 + 3225.34709861 + 3320.76149425 + 4473.51510144 = €14,578 Mil.
Total Current Assets was €23,659 Mil.
Total Assets was €101,209 Mil.
Property, Plant and Equipment(Net PPE) was €59,172 Mil.
Depreciation, Depletion and Amortization(DDA) was €10,152 Mil.
Selling, General & Admin. Expense(SGA) was €725 Mil.
Total Current Liabilities was €15,399 Mil.
Long-Term Debt was €25,486 Mil.
Net Income was -384.923817161 + -273.228907084 + 545.079022989 + -1033.69136142 = €-1,147 Mil.
Non Operating Income was 80.1924619086 + 79.2096831613 + 747.126436782 + -473.698705591 = €433 Mil.
Cash Flow from Operations was 3259.37806291 + 1018.15592738 + 1980.06465517 + 2036.17001744 = €8,294 Mil.
|Accounts Receivable was €6,592 Mil.
Revenue was 12130.4464047 + 15523.4785708 + 14333.3641319 + 16646.4030819 = €58,634 Mil.
Gross Profit was 4117.43740533 + 6577.56393121 + 5542.82546429 + 8541.37226277 = €24,779 Mil.
Total Current Assets was €27,968 Mil.
Total Assets was €103,480 Mil.
Property, Plant and Equipment(Net PPE) was €58,858 Mil.
Depreciation, Depletion and Amortization(DDA) was €15,568 Mil.
Selling, General & Admin. Expense(SGA) was €829 Mil.
Total Current Liabilities was €14,594 Mil.
Long-Term Debt was €27,778 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(5333.68974428 / 41586.0877476)||/||(6592.35231222 / 58633.6921894)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(24779.1990636 / 58633.6921894)||/||(14578.3869483 / 41586.0877476)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (23659.4493451 + 59172.2355876) / 101209.12412)||/||(1 - (27967.5541299 + 58858.0335026) / 103479.950993)|
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.
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))|
|=||(15567.6009633 / (15567.6009633 + 58858.0335026))||/||(10151.5105202 / (10151.5105202 + 59172.2355876))|
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)|
|=||(725.236914427 / 41586.0877476)||/||(828.972805052 / 58633.6921894)|
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)|
|=||((25486.0554219 + 15398.7347412) / 101209.12412)||/||((27778.2999198 + 14593.5961864) / 103479.950993)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-1146.76506268 - 432.829876261||-||8293.7686629)||/||101209.12412|
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.
Statoil ASA has a M-score of -2.89 suggests that the company will not be a manipulator.
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
Statoil ASA Annual Data
Statoil ASA Quarterly Data