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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
Medium
FY2023, FY2024, FY2025
Provision rate on receivables sits at the peer floor in every computed year
The allowance held against receivables is lower, relative to the balance, than nearly every company in the population in each year it could be computed.
Indicators: Provision for Bad Debt Relative to Trade Receivables
Reads Provision for Bad Debt Relative to Trade ReceivablesIndicator analysisProvision or reserve judgementconfidence moderate
Medium
FY2024
Segment result excludes a restructuring charge the group result carries
The measure reported to management is stated before a restructuring charge of 88 million, so the segment table shows a result the group statement does not.
“Segment result excludes a restructuring charge of 88 million that the group result carries”
Line items: Operating Income
Document reviewCompany-defined measureconfidence moderate
Medium
FY2023
Provision policy rests on management judgement of the age profile
The filing states that the provision is set by judgement on the age profile of the inventory rather than by a stated rule, and that it was reduced again in the year.
“The provision against slow-moving parts is set by management judgement on the age profile of the inventory and was reduced in the year from 3.4 per cent of the balance to 3.1 per cent.”
Line items: Inventories
Document reviewProvision or reserve judgementconfidence moderate
Medium
FY2023
Balance sheet identity holds in every year read
Assets equal liabilities plus equity in each year presented, to the last unit printed.
“Total assets of 6,102 million equal total liabilities of 3,180 million plus total equity of 2,922 million.”
Line items: Total AssetsTotal Equity
Identity checkconfidence high
Low
FY2025
Operating cash covers reported profit in every year
Cash generated by operations exceeds reported profit in each of the five years, which argues against a reported result the collections do not support.
Line items: Operating Cash FlowNet Income
Reads Operating Cash Flow · Net IncomeIndicator analysisCash qualityconfidence high
Low
FY2024, FY2025
Gross margin slips for a second year while inventory grows
Gross margin fell by about a point for the second year running, in the same years the inventory balance grew ahead of sales.
“Gross profit of 1,081 million was 25.8 per cent of revenue, against 26.9 per cent in 2024.”
Indicators: Days Inventory Outstanding
Indicator analysisMargin qualityconfidence moderate
Low
FY2023, FY2024
No other prior-period figure was restated in the series
Beside the reclassification of contract costs, the filings restate nothing else in the years read.
“No other prior-period figure in the series has been restated”
Line items: Restatement Flag
Restatement comparisonCash flow classificationconfidence low
Low
FY2023
Audit opinion unmodified in every year read
Each filing carries an unmodified opinion, and no matter was reported under the going-concern requirements.
“The audit opinion is unmodified in every year presented”
Line items: Audit Opinion
Document reviewGovernanceconfidence high
Showing 12 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