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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 -3.09. And the median was -2.71.
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 * 1.2536||+||0.528 * 0.9688||+||0.404 * 0.8336||+||0.892 * 0.9041||+||0.115 * 0.9957|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0206||+||4.679 * -0.0731||-||0.327 * 1.8943|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was €10,017 Mil.|
Revenue was 18103.6127509 + 17840.7267071 + 21137.7418279 + 18730.0945549 = €75,812 Mil.
Gross Profit was 6694.18339237 + 7038.86691927 + 8778.25216811 + 8366.74274535 = €30,878 Mil.
Total Current Assets was €28,450 Mil.
Total Assets was €112,799 Mil.
Property, Plant and Equipment(Net PPE) was €65,378 Mil.
Depreciation, Depletion and Amortization(DDA) was €10,141 Mil.
Selling, General & Admin. Expense(SGA) was €964 Mil.
Total Current Liabilities was €22,452 Mil.
Long-Term Debt was €19,655 Mil.
Net Income was -574.136166863 + 1461.35645383 + 2857.75517011 + 1758.91750897 = €5,504 Mil.
Non Operating Income was 85.5096418733 + 194.847527177 + 229.102735157 + -522.921421585 = €-13 Mil.
Cash Flow from Operations was 3188.28807556 + 2204.21265119 + 6631.92128085 + 1735.14835344 = €13,760 Mil.
|Accounts Receivable was €8,838 Mil.
Revenue was 21317.4991619 + 19130.599047 + 21593.5651271 + 21814.2534759 = €83,856 Mil.
Gross Profit was 8813.24170298 + 7340.06126617 + 7678.60231794 + 9255.78716578 = €33,088 Mil.
Total Current Assets was €24,607 Mil.
Total Assets was €104,353 Mil.
Property, Plant and Equipment(Net PPE) was €58,692 Mil.
Depreciation, Depletion and Amortization(DDA) was €9,059 Mil.
Selling, General & Admin. Expense(SGA) was €1,045 Mil.
Total Current Liabilities was €20,564 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)|
|=||(10016.8437623 / 75812.1758409)||/||(8838.3506537 / 83855.916812)|
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)|
|=||(7038.86691927 / 83855.916812)||/||(6694.18339237 / 75812.1758409)|
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 - (28450.2794176 + 65378.2290437) / 112799.433294)||/||(1 - (24606.7717063 + 58692.1723098) / 104352.799195)|
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))|
|=||(9059.24216528 / (9059.24216528 + 58692.1723098))||/||(10141.4889014 / (10141.4889014 + 65378.2290437))|
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)|
|=||(964.037790968 / 75812.1758409)||/||(1044.76127448 / 83855.916812)|
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)|
|=||((19655.0019677 + 22452.3888233) / 112799.433294)||/||((0 + 20564.2306403) / 104352.799195)|
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|
|=||(5503.89296604 - -13.4615173775||-||13759.570361)||/||112799.433294|
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 -3.05 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