Coca-Cola Hellenic Bottling Company S.A. (LSE:CCB) Beneish M-Score : 0.00 (As of May. 17, 2024)

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What is Coca-Cola Hellenic Bottling Company S.A. Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Coca-Cola Hellenic Bottling Company S.A.'s Beneish M-Score or its related term are showing as below:

During the past 12 years, the highest Beneish M-Score of Coca-Cola Hellenic Bottling Company S.A. was 0.00. The lowest was 0.00. And the median was 0.00.

Coca-Cola Hellenic Bottling Company S.A. Beneish M-Score Historical Data

The historical data trend for Coca-Cola Hellenic Bottling Company S.A.'s Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Coca-Cola Hellenic Bottling Company S.A. Beneish M-Score Chart

Coca-Cola Hellenic Bottling Company S.A. Annual Data

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Beneish M-Score

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-2.74

-2.77

-3.12

-2.90

-2.83

Coca-Cola Hellenic Bottling Company S.A. Quarterly Data
	Jun08	Sep08	Dec08	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13
Beneish M-Score	Get a 7-Day Free Trial															-2.89	-2.89	-2.90	-2.83	-2.79

Competitive Comparison of Coca-Cola Hellenic Bottling Company S.A.'s Beneish M-Score

For the Beverages - Non-Alcoholic subindustry, Coca-Cola Hellenic Bottling Company S.A.'s Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Coca-Cola Hellenic Bottling Company S.A.'s Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Coca-Cola Hellenic Bottling Company S.A.'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Coca-Cola Hellenic Bottling Company S.A.'s Beneish M-Score falls into.

Coca-Cola Hellenic Bottling Company S.A. Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Coca-Cola Hellenic Bottling Company S.A. for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9639

0.528 * 1.0501

0.404 * 1.0515

0.892 * 1.0241

0.115 * 0.9803

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9814

4.679 * -0.073495

0.327 * 1.0027

-2.79

This Year (Mar13) TTM:

Last Year (Mar12) TTM:

Total Receivables was €1,074 Mil.
Revenue was 1431.9 + 1576.3 + 2036.3 + 1995.6 = €7,040 Mil.
Gross Profit was 480.4 + 530.4 + 755.1 + 740.6 = €2,507 Mil.
Total Current Assets was €1,967 Mil.
Total Assets was €7,250 Mil.
Property, Plant and Equipment(Net PPE) was €3,027 Mil.
Depreciation, Depletion and Amortization(DDA) was €379 Mil.
Selling, General, & Admin. Expense(SGA) was €2,068 Mil.
Total Current Liabilities was €2,760 Mil.
Long-Term Debt & Capital Lease Obligation was €1,104 Mil.
Net Income was -24.4 + -47.3 + 146.5 + 119.6 = €194 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 12.4 + 78.3 + 405.9 + 230.6 = €727 Mil.

Total Receivables was €1,088 Mil.
Revenue was 1436.5 + 1528.8 + 1929.8 + 1979.6 = €6,875 Mil.
Gross Profit was 496.4 + 545.8 + 749.9 + 778.2 = €2,570 Mil.
Total Current Assets was €2,030 Mil.
Total Assets was €7,293 Mil.
Property, Plant and Equipment(Net PPE) was €3,106 Mil.
Depreciation, Depletion and Amortization(DDA) was €380 Mil.
Selling, General, & Admin. Expense(SGA) was €2,058 Mil.
Total Current Liabilities was €1,955 Mil.
Long-Term Debt & Capital Lease Obligation was €1,921 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(1074 / 7040.1)	/	(1088 / 6874.7)
	=	0.152555	/	0.158261
	=	0.9639

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.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(2570.3 / 6874.7)	/	(2506.5 / 7040.1)
	=	0.373878	/	0.356032
	=	1.0501

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (1967 + 3027.3) / 7249.5)	/	(1 - (2029.6 + 3105.6) / 7292.6)
	=	0.311084	/	0.295834
	=	1.0515

4. SGI = Sales Growth Index

Ratio of Revenue 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.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	7040.1	/	6874.7
	=	1.0241

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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))
	=	(379.7 / (379.7 + 3105.6))	/	(378.5 / (378.5 + 3027.3))
	=	0.108943	/	0.111134
	=	0.9803

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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)
	=	(2067.8 / 7040.1)	/	(2057.5 / 6874.7)
	=	0.293717	/	0.299286
	=	0.9814

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 in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((1103.9 + 2759.9) / 7249.5)	/	((1921.1 + 1955.2) / 7292.6)
	=	0.532975	/	0.531539
	=	1.0027

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(194.4 - 0	-	727.2)	/	7249.5
	=	-0.073495

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Coca-Cola Hellenic Bottling Company S.A. has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.

Coca-Cola Hellenic Bottling Company S.A. Beneish M-Score Related Terms

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Coca-Cola Hellenic Bottling Company S.A. (LSE:CCB) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Non-Alcoholic » Coca-Cola Hellenic Bottling Company S.A. (LSE:CCB) » Definitions » Beneish M-Score

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Coca-Cola Hellenic Bottling Company S.A. was incorporated in Greece and founded in 1969. It took its current form in August 2000 through the acquisition of the Coca-Cola Beverages PLC by Hellenic Bottling Company S.A. The Company is headquartered in Athens. Its two major shareholders are the Kar-Tess Holding S.A., a private holding company, and The Coca-Cola Company. The Company and its subsidiaries are primarily engaged in the production, sales and distribution of non-alcoholic ready to drink beverages, under franchise from The Coca-Cola Company. The Company distributes its products in 27 countries in Europe and Nigeria. The Company has one business, being the production, sale and distribution of non-alcoholic, ready-to-drink beverages. The Company operates in 28 such as Austria, Cyprus, Greece, Italy, Northern Ireland, Republic of Ireland and Switzerland, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia, Armenia, Belarus, Bosnia and Herzegovina, Bulgaria, FYROM, Moldova, Montenegro, Nigeria, Romania, Russia, Serbia and Ukraine. The Company is licensed to produce, sell and distribute a range of beverages. The Coca-Cola Company owns the trademarks for most of these. It supplies the concentrates and is largely responsible for consumer marketing. The Company's product portfolio consists of the world-leading brands Coca-Cola, Coca-Cola Light (diet Coke), Fanta and Sprite brands that it owns manufactures and distributes, including Amita, Avra, Deep RiverRock and Fruice brands licensed by other companies, such as Nestea and Monster. The Company produces, markets and sells its customers valuable brands, in addition to the 136 brands. In 2012, sparkling beverages of The Coca-Cola Company accounted for 62% of its sales volume, low calorie sparkling beverages accounted for 6%, while still and water beverages accounted for approximately 32% of its sales volume. With more than 30 water brands in its portfolio, it focuses on generating value through the 'on-the-go' or immediate consumption occasion.