Acino Holding AG (LTS:0QM8) Beneish M-Score : 0.00 (As of May. 26, 2024)

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What is Acino Holding AG 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 Acino Holding AG's Beneish M-Score or its related term are showing as below:

During the past 11 years, the highest Beneish M-Score of Acino Holding AG was 0.00. The lowest was 0.00. And the median was 0.00.

Acino Holding AG Beneish M-Score Historical Data

The historical data trend for Acino Holding AG'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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Acino Holding AG Beneish M-Score Chart

Acino Holding AG Annual Data

Trend

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Beneish M-Score

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-2.21

-3.22

Acino Holding AG Semi-Annual Data
	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13
Beneish M-Score	Get a 7-Day Free Trial						-	-2.21	-3.22	-	-

Competitive Comparison of Acino Holding AG's Beneish M-Score

For the Drug Manufacturers - General subindustry, Acino Holding AG'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.

Acino Holding AG's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Acino Holding AG's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Acino Holding AG's Beneish M-Score falls into.

Acino Holding AG 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 Acino Holding AG 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 * 0.9078

0.528 * 0.9547

0.404 * 0.9997

0.892 * 1.0331

0.115 * 0.6368

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.090711

0.327 * 0.9598

-3.01

This Year (Dec13) TTM:

Last Year (Dec12) TTM:

Total Receivables was CHF65.70 Mil.
Revenue was CHF321.15 Mil.
Gross Profit was CHF215.13 Mil.
Total Current Assets was CHF156.24 Mil.
Total Assets was CHF560.52 Mil.
Property, Plant and Equipment(Net PPE) was CHF185.60 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF56.63 Mil.
Selling, General, & Admin. Expense(SGA) was CHF0.00 Mil.
Total Current Liabilities was CHF78.22 Mil.
Long-Term Debt & Capital Lease Obligation was CHF117.35 Mil.
Net Income was CHF-17.76 Mil.
Gross Profit was CHF0.00 Mil.
Cash Flow from Operations was CHF33.08 Mil.

Total Receivables was CHF70.05 Mil.
Revenue was CHF310.85 Mil.
Gross Profit was CHF198.80 Mil.
Total Current Assets was CHF180.21 Mil.
Total Assets was CHF611.56 Mil.
Property, Plant and Equipment(Net PPE) was CHF192.68 Mil.
Depreciation, Depletion and Amortization(DDA) was CHF33.70 Mil.
Selling, General, & Admin. Expense(SGA) was CHF0.00 Mil.
Total Current Liabilities was CHF102.23 Mil.
Long-Term Debt & Capital Lease Obligation was CHF120.07 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)
	=	(65.699 / 321.15)	/	(70.05 / 310.848)
	=	0.204574	/	0.225351
	=	0.9078

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)
	=	(198.798 / 310.848)	/	(215.129 / 321.15)
	=	0.639534	/	0.669871
	=	0.9547

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 - (156.239 + 185.596) / 560.516)	/	(1 - (180.208 + 192.681) / 611.558)
	=	0.390142	/	0.390264
	=	0.9997

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
	=	321.15	/	310.848
	=	1.0331

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))
	=	(33.7 / (33.7 + 192.681))	/	(56.625 / (56.625 + 185.596))
	=	0.148864	/	0.233774
	=	0.6368

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)
	=	(0 / 321.15)	/	(0 / 310.848)
	=	0	/	0
	=	1

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)
	=	((117.351 + 78.215) / 560.516)	/	((120.072 + 102.233) / 611.558)
	=	0.348904	/	0.363506
	=	0.9598

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
	=	(-17.761 - 0	-	33.084)	/	560.516
	=	-0.090711

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.

Acino Holding AG has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.

Acino Holding AG Beneish M-Score Related Terms

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Acino Holding AG (LTS:0QM8) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Acino Holding AG (LTS:0QM8) » Definitions » Beneish M-Score

Traded in Other Exchanges

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Address

Website

http://www.acino-pharma.com

Acino Holding AG is a Switzerland-based company engaged in the pharmaceutical industry. The Company develops, manufactures, and markets pharmaceuticals in novel drug delivery forms internationally. It is divided into four segments Business to Consumer (BtC); Business to Business (BtB); Technology marketing (TM); and Production (Prod). The BtC segment comprises all direct marketing activities. Under the company's "Acino Switzerland" brand and, with the promise of Swiss quality, the company sells its products in emerging markets around the globe. This reporting segment includes the business purchased from Mepha/Cephalon in the Middle East, Africa, Latin America and Asia. The BtB segment comprises Acino's business with its internally developed products, for which the company also owns the intellectual property rights. Acino develops and produces high-quality medicines with proven active ingredients and modern drug delivery systems and grants licenses for them to leading pharmaceutical and generic pharmaceutical companies worldwide. The technology marketing segment comprises a broad spectrum of fully integrated contract services, including procurement, contract development, production and packaging for companies in the life sciences industry. On behalf of these customers, Acino develops a comprehensive product pipeline on the basis of its special technological know-how. This includes both new types of medicines as well as projects with innovative drug delivery systems for established active ingredients. The production segment is responsible for the manufacturing of products and the supplying of the other three segments, and generates turnover through the reimbursement of its services. The manufacturing costs of products are credited to the production segment at standard prices along with remuneration in the form of a mark-up for materials and production costs.

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