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Atlantis Semiconductor Ltd
CompletedHigh
FY2025
Capitalised development costs double against flat research expense
Development capitalised in the closing year is half again the charge taken to the income statement, and the research expense beside it has not moved in three years. The policy is disclosed and the useful life is stated; what changed is how much of the spend sits on the balance sheet.
“Development costs of 612 million were capitalised in the year, against research and development expense of 214 million charged to the income statement.”
Indicators: Soft Assets Ratio
Document reviewCost capitalisation policyconfidence high
High
FY2025
Inventory build outpaces sales for a third year while the provision rate falls
Inventory grew by a fifth against sales growth of six per cent, and the provision held against slow-moving parts was cut by more than two thirds in the same year. The two movements run in opposite directions.
“Inventory rose to 1,088 million from 902 million while sales grew by six per cent, and the provision held against slow-moving parts fell from 3.1 per cent of the balance to 0.9 per cent.”
Indicators: Days Inventory OutstandingProvision for Bad Debt Relative to Trade Receivables
Indicator analysisProvision or reserve judgementconfidence high
High
FY2024
Receivable days lengthen after the distributor change
Days sales outstanding lengthened by fifteen days in the year the group changed distributor, and the balance grew faster than revenue. The filing states the cause; the reading is that cash is following the reported sale more slowly.
“Trade receivables stood at 1,102 million at the year end and days sales outstanding lengthened to 96 days from 81 days after the change of distributor in the third quarter.”
Indicators: Days Sales Outstanding
Document reviewRevenue recognition policyconfidence high
High
FY2023, FY2024
Contract costs moved between operating and investing, comparatives re-presented
Contract acquisition costs were reclassified from operating to investing cash flows and the prior year was re-presented. Reported operating cash improves by the amount moved, with no change to the result or to equity.
“The comparative figures for 2023 have been restated to reclassify contract acquisition costs from operating to investing cash flows.”
Line items: Operating Cash FlowNet Cash from Investing
Restatement comparisonCash flow classificationconfidence moderate
Showing 4 of 12 · a finding rests on figures this study published, a quoted passage, or bothTypologies: Provision or reserve judgement · Cash flow classification · Cash quality · Company-defined measure · Cost capitalisation policy · Governance · Margin quality · Revenue recognition policy