Kofola CeskoSlovensko AS Beneish M-Score Historical Data
The historical data trend for Kofola CeskoSlovensko AS'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.
Kofola CeskoSlovensko AS Beneish M-Score Chart
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Kofola CeskoSlovensko AS Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.88 |
-3.02 |
-2.99 |
-2.66 |
-2.42 |
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Kofola CeskoSlovensko AS Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.66 |
-2.81 |
-2.81 |
-2.54 |
-2.42 |
Competitive Comparison of Kofola CeskoSlovensko AS's Beneish M-Score
For the Beverages - Non-Alcoholic subindustry, Kofola CeskoSlovensko AS'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.
Kofola CeskoSlovensko AS's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry
For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Kofola CeskoSlovensko AS's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kofola CeskoSlovensko AS's Beneish M-Score falls into.
Kofola CeskoSlovensko AS 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 Kofola CeskoSlovensko AS 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 * 1.0633 | + | 0.528 * 0.9399 | + | 0.404 * 0.9472 | + | 0.892 * 1.1035 | + | 0.115 * 1.3847 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0353 | + | 4.679 * -0.017457 | - | 0.327 * 0.9848 |
| = | -2.42 |
* 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.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was Kč949 Mil.
Revenue was 2070.103 + 2567.2 + 2340.389 + 1712.421 = Kč8,690 Mil.
Gross Profit was 883.952 + 1221.2 + 1067.096 + 715.175 = Kč3,887 Mil.
Total Current Assets was Kč2,897 Mil.
Total Assets was Kč8,028 Mil.
Property, Plant and Equipment(Net PPE) was Kč3,113 Mil.
Depreciation, Depletion and Amortization(DDA) was Kč404 Mil.
Selling, General, & Admin. Expense(SGA) was Kč3,195 Mil.
Total Current Liabilities was Kč2,807 Mil.
Long-Term Debt & Capital Lease Obligation was Kč3,370 Mil.
Net Income was -35.203 + 243.6 + 123.145 + -34.921 = Kč297 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Kč0 Mil.
Cash Flow from Operations was 0 + 0 + 471.343 + -34.582 = Kč437 Mil.
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Total Receivables was Kč809 Mil.
Revenue was 1810.984 + 2347.2 + 2211.23 + 1505.89 = Kč7,875 Mil.
Gross Profit was 743.966 + 1023.8 + 947.342 + 596.155 = Kč3,311 Mil.
Total Current Assets was Kč2,415 Mil.
Total Assets was Kč7,503 Mil.
Property, Plant and Equipment(Net PPE) was Kč3,098 Mil.
Depreciation, Depletion and Amortization(DDA) was Kč586 Mil.
Selling, General, & Admin. Expense(SGA) was Kč2,797 Mil.
Total Current Liabilities was Kč2,552 Mil.
Long-Term Debt & Capital Lease Obligation was Kč3,311 Mil.
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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) |
| = | (949.475 / 8690.113) | / | (809.219 / 7875.304) |
| = | 0.109259 | / | 0.102754 |
| | = | 1.0633 |
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) |
| = | (3311.263 / 7875.304) | / | (3887.423 / 8690.113) |
| = | 0.420462 | / | 0.447339 |
| | = | 0.9399 |
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 - (2897.353 + 3113.262) / 8027.601) | / | (1 - (2414.503 + 3098.477) / 7503.433) |
| = | 0.251256 | / | 0.265272 |
| | = | 0.9472 |
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 |
| = | 8690.113 | / | 7875.304 |
| | = | 1.1035 |
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)) |
| = | (586.096 / (586.096 + 3098.477)) | / | (404.055 / (404.055 + 3113.262)) |
| = | 0.159068 | / | 0.114876 |
| | = | 1.3847 |
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) |
| = | (3194.798 / 8690.113) | / | (2796.518 / 7875.304) |
| = | 0.367636 | / | 0.3551 |
| | = | 1.0353 |
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) |
| = | ((3369.836 + 2807.099) / 8027.601) | / | ((3310.82 + 2551.706) / 7503.433) |
| = | 0.769462 | / | 0.781313 |
| | = | 0.9848 |
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 |
| = | (296.621 - 0 | - | 436.761) | / | 8027.601 |
| | = | -0.017457 |
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.
Kofola CeskoSlovensko AS has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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