Advantest

ATEYY · OTC

Semiconductors & Related Devices · Fiscal year ends Dec 31 · Reports in JPY

Advantest reported revenue of JPY 163B in the fiscal year ended Mar 2015, up 46.0% from the year before. Operating income was JPY 14.6B, an operating margin of 9.0%, and net income was JPY 12.9B. Operating cash flow of JPY 24.5B less capital expenditure of JPY 3.2B left free cash flow of JPY 21.3B. It held more cash than debt (net cash JPY 72.6B).

Last 5 fiscal years

Revenue and net income

RevenueNet income

Income statement

Fiscal year	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015
Revenue	JPY 99.6B	JPY 141B	JPY 133B	JPY 112B	JPY 163B
Cost of revenue	JPY 51.2B	JPY 72.3B	JPY 64B	JPY 62.5B	JPY 72.9B
Gross profit	JPY 48.5B	JPY 68.7B	JPY 68.9B	JPY 49.3B	JPY 90.4B
Research & development	JPY 21.2B	JPY 30.3B	JPY 33.1B	JPY 32.7B	JPY 29.9B
Selling, general & admin	JPY 21.2B	JPY 37.6B	JPY 35.8B	JPY 40B	JPY 45.7B
Operating income	JPY 6.1B	JPY 837M	JPY 80M	−JPY 36.4B	JPY 14.6B
Interest expense	JPY 3M	JPY 153M	JPY 132M	JPY 140M	JPY 137M
Pre-tax income	JPY 6.3B	JPY 1.4B	JPY 941M	−JPY 35.1B	JPY 14.6B
Income tax	JPY 2.4B	−JPY 1.2B	JPY 2.5B	JPY 61M	JPY 5.9B
Net income	JPY 3.2B	−JPY 2.2B	−JPY 3.8B	−JPY 35.5B	JPY 12.9B
Diluted EPS	18.03	−12.67	−22.03	−204.10	67.16
Diluted shares	175M	173M	173M	174M	193M

Balance sheet

Fiscal year	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015
Cash & equivalents	JPY 75.3B	JPY 58.2B	JPY 45.7B	JPY 69B	JPY 97.6B
Receivables	JPY 22.7B	JPY 24.1B	JPY 27B	JPY 20.4B	JPY 25B
Inventory	JPY 23.5B	JPY 29.8B	JPY 31.8B	JPY 30.2B	JPY 37.2B
Current assets	JPY 137B	JPY 119B	JPY 113B	JPY 125B	JPY 165B
Net PP&E	JPY 31.9B	JPY 34.2B	JPY 41.4B	JPY 39.9B	JPY 38.5B
Goodwill	JPY 645M	JPY 36.5B	JPY 41.7B	JPY 46.8B	JPY 54.6B
Total assets	JPY 180B	JPY 219B	JPY 226B	JPY 230B	JPY 273B
Payables	JPY 11.7B	JPY 15.7B	JPY 10.4B	JPY 12.4B	JPY 18.1B
Current liabilities	JPY 24.5B	JPY 60.4B	JPY 27.9B	JPY 26.6B	JPY 49.7B
Short-term debt	–	JPY 25B	–	–	JPY 10B
Long-term debt	–	–	JPY 25B	JPY 25B	JPY 15B
Total liabilities	JPY 42.2B	JPY 87.7B	JPY 84.3B	JPY 114B	JPY 132B
Shareholders' equity	JPY 138B	JPY 132B	JPY 141B	JPY 116B	JPY 141B

Cash flow

Fiscal year	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015
Operating cash flow	−JPY 693M	JPY 12.3B	−JPY 2.2B	−JPY 3.8B	JPY 24.5B
Capital expenditure	JPY 3.1B	JPY 5.9B	JPY 11.4B	JPY 5.5B	JPY 3.2B
Free cash flow	−JPY 3.8B	JPY 6.4B	−JPY 13.6B	−JPY 9.3B	JPY 21.3B
Depreciation & amortisation	JPY 4.2B	JPY 6.8B	JPY 8.1B	JPY 8.3B	JPY 5.1B
Stock-based compensation	JPY 165M	JPY 583M	JPY 861M	JPY 1.3B	–
Acquisitions	–	JPY 57.1B	–	JPY 1.3B	–
Share buybacks	JPY 10.3B	JPY 1M	JPY 1M	–	–
Dividends paid	JPY 1.8B	JPY 1.7B	JPY 3.5B	JPY 3.5B	JPY 1.7B

Key ratios

Fiscal year	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015
Revenue growth (YoY)	–	41.6%	−5.8%	−15.8%	46.0%
Operating income growth (YoY)	–	−86.3%	−90.4%	−45561.3%	–
EPS growth (YoY)	–	−170.3%	–	–	–
Gross margin	48.6%	48.7%	51.9%	44.1%	55.4%
Operating margin	6.1%	0.6%	0.1%	−32.5%	9.0%
Net margin	3.2%	−1.6%	−2.9%	−31.8%	7.9%
Return on equityBlank when equity is negative	2.3%	−1.7%	−2.7%	−30.6%	9.2%
ROCEEBIT ÷ (assets − current liabilities)	3.9%	0.5%	0.0%	−17.9%	6.5%
Free cash flow margin	−3.8%	4.5%	−10.2%	−8.3%	13.0%
Cash conversion (CFO ÷ net income)	−0.22x	−5.60x	0.58x	0.11x	1.89x
Receivable days	83	62	74	67	56
Inventory days	168	151	182	176	186
Payable days	84	79	59	72	91
Interest cover	2037x	5.47x	0.61x	−260x	107x
Debt ÷ equity	–	–	0.18x	0.22x	0.18x
Net debtDebt − cash & equivalents; excludes investments; negative = net cash	–	–	−JPY 20.7B	−JPY 44B	−JPY 72.6B
Current ratio	5.60x	1.97x	4.04x	4.69x	3.32x

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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.