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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 -3.06 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Statoil ASA was -2.19. The lowest was -3.34. And the median was -2.69.
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 * 1.2518||+||0.528 * 0.9683||+||0.404 * 0.8336||+||0.892 * 0.9083||+||0.115 * 0.9959|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0224||+||4.679 * -0.0736||-||0.327 * 1.8943|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was €9,863 Mil.|
Revenue was 17824.6646341 + 17464.108272 + 21227.1617327 + 18772.8659526 = €75,289 Mil.
Gross Profit was 6591.03658537 + 6890.27616467 + 8815.38718849 + 8385.84875041 = €30,683 Mil.
Total Current Assets was €28,012 Mil.
Total Assets was €111,061 Mil.
Property, Plant and Equipment(Net PPE) was €64,371 Mil.
Depreciation, Depletion and Amortization(DDA) was €10,048 Mil.
Selling, General & Admin. Expense(SGA) was €958 Mil.
Total Current Liabilities was €22,106 Mil.
Long-Term Debt was €19,352 Mil.
Net Income was -565.289634146 + 1430.50716221 + 2869.84445559 + 1762.9341123 = €5,498 Mil.
Non Operating Income was 84.1920731707 + 190.734288295 + 230.071918381 + -524.1155469 = €-19 Mil.
Cash Flow from Operations was 3139.16158537 + 2157.68163634 + 6659.97658471 + 1739.11067835 = €13,696 Mil.
|Accounts Receivable was €8,674 Mil.
Revenue was 20921.7347453 + 18805.1784232 + 21405.5747325 + 21760.7120721 = €82,893 Mil.
Gross Profit was 8649.62178517 + 7215.2033195 + 7611.75353814 + 9233.06954955 = €32,710 Mil.
Total Current Assets was €24,150 Mil.
Total Assets was €102,415 Mil.
Property, Plant and Equipment(Net PPE) was €57,603 Mil.
Depreciation, Depletion and Amortization(DDA) was €8,948 Mil.
Selling, General & Admin. Expense(SGA) was €1,032 Mil.
Total Current Liabilities was €20,182 Mil.
Long-Term Debt was €0 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)|
|=||(9862.5 / 75288.8005915)||/||(8674.26458228 / 82893.1999731)|
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)|
|=||(6890.27616467 / 82893.1999731)||/||(6591.03658537 / 75288.8005915)|
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 - (28011.9054878 + 64370.8536585) / 111061.371951)||/||(1 - (24149.9411666 + 57602.5382417) / 102415.464784)|
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))|
|=||(8948.33334361 / (8948.33334361 + 57602.5382417))||/||(10047.5039778 / (10047.5039778 + 64370.8536585))|
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)|
|=||(958.406082669 / 75288.8005915)||/||(1032.063752 / 82893.1999731)|
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)|
|=||((19352.1493902 + 22106.4329268) / 111061.371951)||/||((0 + 20182.4508321) / 102415.464784)|
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|
|=||(5497.99609596 - -19.1172670534||-||13695.9304848)||/||111061.371951|
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 -3.06 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