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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 -2.94 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 -3.01. And the median was -2.66.
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 * 1.038||+||0.528 * 0.9656||+||0.404 * 0.8428||+||0.892 * 0.8597||+||0.115 * 0.9111|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8737||+||4.679 * -0.0589||-||0.327 * 1.0801|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was €9,179 Mil.|
Revenue was 21227.1617327 + 18427.4261603 + 20921.7347453 + 18805.1784232 = €79,382 Mil.
Gross Profit was 8815.38718849 + 8219.08471276 + 8649.62178517 + 7215.2033195 = €32,899 Mil.
Total Current Assets was €30,672 Mil.
Total Assets was €109,551 Mil.
Property, Plant and Equipment(Net PPE) was €60,303 Mil.
Depreciation, Depletion and Amortization(DDA) was €9,016 Mil.
Selling, General & Admin. Expense(SGA) was €958 Mil.
Total Current Liabilities was €21,590 Mil.
Long-Term Debt was €18,430 Mil.
Net Income was 2869.84445559 + 1751.02239533 + 1761.95999328 + 545.261410788 = €6,928 Mil.
Non Operating Income was 230.071918381 + -381.1749432 + 12.3213985544 + -874.954356846 = €-1,014 Mil.
Cash Flow from Operations was 6659.97658471 + 1739.11067835 + 4953.20221886 + 1039.80082988 = €14,392 Mil.
|Accounts Receivable was €10,286 Mil.
Revenue was 21326.147739 + 21570.8828829 + 22516.7659425 + 26918.7345526 = €92,333 Mil.
Gross Profit was 7638.22920262 + 9240.79279279 + 8536.65031535 + 11534.684462 = €36,950 Mil.
Total Current Assets was €25,099 Mil.
Total Assets was €107,319 Mil.
Property, Plant and Equipment(Net PPE) was €60,629 Mil.
Depreciation, Depletion and Amortization(DDA) was €8,151 Mil.
Selling, General & Admin. Expense(SGA) was €1,276 Mil.
Total Current Liabilities was €22,425 Mil.
Long-Term Debt was €13,873 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)|
|=||(9178.65863857 / 79381.5010616)||/||(10285.7956507 / 92332.5311171)|
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)|
|=||(8219.08471276 / 92332.5311171)||/||(8815.38718849 / 79381.5010616)|
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 - (30672.2194347 + 60303.0607125) / 109550.560294)||/||(1 - (25098.9299275 + 60629.2716603) / 107319.105972)|
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))|
|=||(8151.02797002 / (8151.02797002 + 60629.2716603))||/||(9016.49604318 / (9016.49604318 + 60303.0607125))|
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)|
|=||(958.445315046 / 79381.5010616)||/||(1276.01635928 / 92332.5311171)|
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)|
|=||((18429.9715672 + 21590.4331828) / 109550.560294)||/||((13873.2481878 + 22424.887815) / 107319.105972)|
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|
|=||(6928.08825499 - -1013.73598311||-||14392.0903118)||/||109550.560294|
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 -2.94 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