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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 -2.30. The lowest was -3.16. And the median was -2.73.
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 * 1.188||+||0.528 * 1.0572||+||0.404 * 0.9898||+||0.892 * 0.8355||+||0.115 * 0.6394|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1064||+||4.679 * -0.1422||-||0.327 * 1.1254|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was €9,072 Mil.|
Revenue was 13914.5487292 + 17006.3485956 + 18103.6127509 + 17840.7267071 = €66,865 Mil.
Gross Profit was 5385.53131879 + 7032.11399989 + 6694.18339237 + 7038.86691927 = €26,151 Mil.
Total Current Assets was €32,105 Mil.
Total Assets was €115,616 Mil.
Property, Plant and Equipment(Net PPE) was €64,106 Mil.
Depreciation, Depletion and Amortization(DDA) was €16,622 Mil.
Selling, General & Admin. Expense(SGA) was €867 Mil.
Total Current Liabilities was €18,618 Mil.
Long-Term Debt was €28,915 Mil.
Net Income was -4102.71162698 + -991.851261474 + -574.136166863 + 1461.35645383 = €-4,207 Mil.
Non Operating Income was 219.581749049 + -66.866377178 + 85.5096418733 + 194.847527177 = €433 Mil.
Cash Flow from Operations was 3363.0678407 + 3042.4201616 + 3188.28807556 + 2204.21265119 = €11,798 Mil.
|Accounts Receivable was €9,140 Mil.
Revenue was 21137.7418279 + 18670.6716661 + 21191.9544083 + 19027.3995916 = €80,028 Mil.
Gross Profit was 8778.25216811 + 8259.78154548 + 8750.46932618 + 7301.36147039 = €33,090 Mil.
Total Current Assets was €30,543 Mil.
Total Assets was €109,089 Mil.
Property, Plant and Equipment(Net PPE) was €60,049 Mil.
Depreciation, Depletion and Amortization(DDA) was €9,105 Mil.
Selling, General & Admin. Expense(SGA) was €938 Mil.
Total Current Liabilities was €21,499 Mil.
Long-Term Debt was €18,352 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)|
|=||(9072.19331599 / 66865.2367829)||/||(9139.99332889 / 80027.7674939)|
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)|
|=||(7032.11399989 / 80027.7674939)||/||(5385.53131879 / 66865.2367829)|
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 - (32105.1630979 + 64106.3137883) / 115615.569342)||/||(1 - (30543.012008 + 60049.0326885) / 109089.076051)|
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))|
|=||(9104.60249992 / (9104.60249992 + 60049.0326885))||/||(16622.2424217 / (16622.2424217 + 64106.3137883))|
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)|
|=||(867.272265667 / 66865.2367829)||/||(938.196529251 / 80027.7674939)|
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)|
|=||((28915.4492696 + 18618.2209326) / 115615.569342)||/||((18352.3348899 + 21499.4829887) / 109089.076051)|
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|
|=||(-4207.34260149 - 433.072540922||-||11797.9887291)||/||115615.569342|
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 -3.19 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