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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 -2.80.
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 * 1.1045||+||0.528 * 1.1475||+||0.404 * 1.0496||+||0.892 * 0.7714||+||0.115 * 1.3422|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0744||+||4.679 * -0.1096||-||0.327 * 1.0376|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was €5,218 Mil.|
Revenue was 12092.1414352 + 10786.7771541 + 9696.51121396 + 9083.15373563 = €41,659 Mil.
Gross Profit was 3817.42345246 + 3558.76325403 + 3225.34709861 + 3320.76149425 = €13,922 Mil.
Total Current Assets was €24,074 Mil.
Total Assets was €99,090 Mil.
Property, Plant and Equipment(Net PPE) was €56,457 Mil.
Depreciation, Depletion and Amortization(DDA) was €10,544 Mil.
Selling, General & Admin. Expense(SGA) was €694 Mil.
Total Current Liabilities was €15,924 Mil.
Long-Term Debt was €26,542 Mil.
Net Income was -2644.80045502 + -384.923817161 + -273.228907084 + 545.079022989 = €-2,758 Mil.
Non Operating Income was -982.083609821 + 80.1924619086 + 79.2096831613 + 747.126436782 = €-76 Mil.
Cash Flow from Operations was 1921.50914779 + 3259.37806291 + 1018.15592738 + 1980.06465517 = €8,179 Mil.
|Accounts Receivable was €6,124 Mil.
Revenue was 12019.645644 + 12130.4464047 + 15523.4785708 + 14333.3641319 = €54,007 Mil.
Gross Profit was 4473.51510144 + 4117.43740533 + 6577.56393121 + 5542.82546429 = €20,711 Mil.
Total Current Assets was €25,846 Mil.
Total Assets was €100,745 Mil.
Property, Plant and Equipment(Net PPE) was €56,923 Mil.
Depreciation, Depletion and Amortization(DDA) was €15,243 Mil.
Selling, General & Admin. Expense(SGA) was €837 Mil.
Total Current Liabilities was €14,104 Mil.
Long-Term Debt was €27,508 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)|
|=||(5217.55616646 / 41658.5835389)||/||(6124.11640503 / 54006.9347514)|
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)|
|=||(20711.3419023 / 54006.9347514)||/||(13922.2952994 / 41658.5835389)|
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 - (24074.3198407 + 56456.5361646) / 99089.9611338)||/||(1 - (25845.9561186 + 56922.7944552) / 100745.432847)|
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))|
|=||(15243.2778305 / (15243.2778305 + 56922.7944552))||/||(10544.3775382 / (10544.3775382 + 56456.5361646))|
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)|
|=||(693.505543397 / 41658.5835389)||/||(836.850572264 / 54006.9347514)|
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)|
|=||((26541.8523083 + 15923.784245) / 99089.9611338)||/||((27508.4916919 + 14103.5527403) / 100745.432847)|
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|
|=||(-2757.87415628 - -75.5550279694||-||8179.10779324)||/||99089.9611338|
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 -2.99 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