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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 -2.27. The lowest was -3.14. And the median was -2.71.
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 * 0.9062||+||0.528 * 0.9984||+||0.404 * 0.9547||+||0.892 * 0.9216||+||0.115 * 0.8501|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9503||+||4.679 * -0.1124||-||0.327 * 1.0375|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was €6,441 Mil.|
Revenue was 17017.4929918 + 18103.6127509 + 17840.7267071 + 21137.7418279 = €74,100 Mil.
Gross Profit was 7043.25839609 + 6694.18339237 + 7038.86691927 + 8778.25216811 = €29,555 Mil.
Total Current Assets was €28,396 Mil.
Total Assets was €109,928 Mil.
Property, Plant and Equipment(Net PPE) was €62,643 Mil.
Depreciation, Depletion and Amortization(DDA) was €11,976 Mil.
Selling, General & Admin. Expense(SGA) was €853 Mil.
Total Current Liabilities was €19,948 Mil.
Long-Term Debt was €22,857 Mil.
Net Income was -991.851261474 + -574.136166863 + 1461.35645383 + 2857.75517011 = €2,753 Mil.
Non Operating Income was -479.209036443 + 85.5096418733 + 194.847527177 + 229.102735157 = €30 Mil.
Cash Flow from Operations was 3053.5645578 + 3188.28807556 + 2204.21265119 + 6631.92128085 = €15,078 Mil.
|Accounts Receivable was €7,713 Mil.
Revenue was 18670.6716661 + 21191.9544083 + 19027.3995916 + 21513.4405812 = €80,403 Mil.
Gross Profit was 8259.78154548 + 8750.46932618 + 7301.36147039 + 7705.31049991 = €32,017 Mil.
Total Current Assets was €28,380 Mil.
Total Assets was €105,250 Mil.
Property, Plant and Equipment(Net PPE) was €57,925 Mil.
Depreciation, Depletion and Amortization(DDA) was €9,152 Mil.
Selling, General & Admin. Expense(SGA) was €974 Mil.
Total Current Liabilities was €19,835 Mil.
Long-Term Debt was €19,669 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)|
|=||(6441.46100148 / 74099.5742777)||/||(7713.09096837 / 80403.4662472)|
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)|
|=||(6694.18339237 / 80403.4662472)||/||(7043.25839609 / 74099.5742777)|
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 - (28395.9215083 + 62642.6510196) / 109928.324081)||/||(1 - (28380.3716987 + 57925.4320183) / 105249.820672)|
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))|
|=||(9151.7217753 / (9151.7217753 + 57925.4320183))||/||(11975.6330751 / (11975.6330751 + 62642.6510196))|
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)|
|=||(852.677174389 / 74099.5742777)||/||(973.583509258 / 80403.4662472)|
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)|
|=||((22857.1565987 + 19948.4691914) / 109928.324081)||/||((19668.9761982 + 19835.3602869) / 105249.820672)|
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|
|=||(2753.1241956 - 30.2508677645||-||15077.9865654)||/||109928.324081|
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 -3.20 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