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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.
Statoil ASA has a M-score of -3.13 suggests that the company is not a 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 -2.68.
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 * 0.8503||+||0.528 * 0.9283||+||0.404 * 0.8195||+||0.892 * 0.9278||+||0.115 * 0.9144|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8858||+||4.679 * -0.072||-||0.327 * 1.0175|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was €8,643 Mil.|
Revenue was 17464.6717212 + 21227.1617327 + 18427.4261603 + 20921.7347453 = €78,041 Mil.
Gross Profit was 6890.49846749 + 8815.38718849 + 8219.08471276 + 8649.62178517 = €32,575 Mil.
Total Current Assets was €26,680 Mil.
Total Assets was €107,482 Mil.
Property, Plant and Equipment(Net PPE) was €62,658 Mil.
Depreciation, Depletion and Amortization(DDA) was €9,513 Mil.
Selling, General & Admin. Expense(SGA) was €883 Mil.
Total Current Liabilities was €20,540 Mil.
Long-Term Debt was €18,645 Mil.
Net Income was 1430.55331505 + 2869.84445559 + 1762.9341123 + 1761.95999328 = €7,825 Mil.
Non Operating Income was 190.740442007 + 230.071918381 + -381.1749432 + 12.3213985544 = €52 Mil.
Cash Flow from Operations was 2157.7512502 + 6659.97658471 + 1739.11067835 + 4953.20221886 = €15,510 Mil.
|Accounts Receivable was €10,956 Mil.
Revenue was 18703.7344398 + 21326.147739 + 21570.8828829 + 22516.7659425 = €84,118 Mil.
Gross Profit was 7177.16182573 + 7638.22920262 + 9240.79279279 + 8536.65031535 = €32,593 Mil.
Total Current Assets was €21,950 Mil.
Total Assets was €102,560 Mil.
Property, Plant and Equipment(Net PPE) was €59,484 Mil.
Depreciation, Depletion and Amortization(DDA) was €8,152 Mil.
Selling, General & Admin. Expense(SGA) was €1,074 Mil.
Total Current Liabilities was €21,075 Mil.
Long-Term Debt was €15,673 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)|
|=||(8642.92627843 / 78040.9943596)||/||(10955.9502075 / 84117.5310043)|
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)|
|=||(8815.38718849 / 84117.5310043)||/||(6890.49846749 / 78040.9943596)|
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 - (26679.8193257 + 62658.2351992) / 107482.239071)||/||(1 - (21949.9419087 + 59484.2157676) / 102559.86722)|
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))|
|=||(8151.70394185 / (8151.70394185 + 59484.2157676))||/||(9512.64957082 / (9512.64957082 + 62658.2351992))|
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)|
|=||(882.895300621 / 78040.9943596)||/||(1074.33583469 / 84117.5310043)|
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)|
|=||((18644.8782062 + 20540.3613486) / 107482.239071)||/||((15673.0954357 + 21074.9875519) / 102559.86722)|
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|
|=||(7825.29187622 - 51.9588157419||-||15510.0407321)||/||107482.239071|
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 -3.13 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