Advantest Corporation - Consolidated (FY2004)
Consolidated Financial Statements, etc.
Consolidated Balance Sheets
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FY2003 FY2004
(As of March 31, 2004) (As of March 31, 2005)
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Amount Percentage Amount Percentage
Notes (in million yen) (%) (in million yen) (%)
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(Assets)
Cash and cash equivalents 101,146 120,986
Trade accounts receivable, less allowance *1 76,133 56,702
for doubtful accounts
Inventories 49,423 29,585
Deferred tax assets 25,875 13,673
Other current assets 3,185 2,985
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Total current assets 255,762 77.3 223,931 75.5
Investment securities Note 4 7,952 2.4 7,772 2.6
Property, plant and equipment, net *2 *3 50,516 15.3 51,364 17.3
Deferred tax assets 10,964 3.3 8,438 2.9
Intangible assets, at cost, less 3,756 1.1 3,090 1.0
accumulated amortization
Other assets 1,858 0.6 2,174 0.7
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Total assets 330,808 100.0 296,769 100.0
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(Liabilities)
Current installments of long-term debt *3 4,543 20,043
Trade accounts payable 38,214 23,196
Income taxes payable 3,845 7,278
Accrued expenses 9,368 13,865
Accrued warranty expenses 3,121 4,090
Deferred revenue 4,543 2,220
Other current liabilities 2,977 3,302
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Total current liabilities 66,611 20.1 73,994 24.9
Long-term debt, excluding current *3 20,083 6.1 40 0.0
installments
Accrued pension and severance cost 18,348 5.6 12,605 4.3
Other long-term liabilities 3,411 1.0 3,381 1.1
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Total liabilities 108,453 32.8 90,020 30.3
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FY2003 FY2004
(As of March 31, 2004) (As of March 31, 2005)
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Amount Percentage Amount Percentage
Notes (in million yen) (%) (in million yen) (%)
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(Minority interests)
Minority interests 587 0.2 - -
(Stockholders' equity)
Common stock 32,363 9.8 32,363 10.9
Capital surplus 32,973 10.0 35,263 11.9
Retained earnings 177,404 53.5 210,121 70.8
Accumulated other comprehensive income *4 (8,061) (2.4) (4,878) (1.6)
(loss)
Treasury stock (12,911) (3.9) (66,120) (22.3)
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Total stockholders' equity 221,768 67.0 206,749 69.7
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Total liabilities and stockholders' 330,808 100.0 296,769 100.0
equity
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(Notes)
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Amount Amount
(in million yen) (in million yen)
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*1. Allowance for doubtful accounts 2,464 2,174
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*2. Accumulated depreciation on property, plant 64,533 67,933
and equipment
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*3. Collateralized assets and secured obligations
Property, plant and equipment 403 393
Obligations secured by the above 38 24
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*4. Accumulated other comprehensive income (loss)
Foreign currency translation adjustment (8,087) (6,452)
Net unrealized gain (loss) on 1,422 1,574
available-for-sale securities
Minimum pension liability Adjustment (1,396) -
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5. Net assets per share (in yen) 2,256.59 2,236.97
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Consolidated Statements of Income
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FY2003 FY2004
(April 1, 2003 through (April 1, 2004 through
March 31, 2004) March 31, 2005)
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Notes Amount Percentage Amount Percentage
(in million yen) (%) (in million yen) (%)
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Net sales 174,218 100.0 239,439 100.0
Cost of sales 85,513 49.1 115,994 48.4
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Gross profit 88,705 50.9 123,445 51.6
Research and development expenses 21,637 12.4 26,280 11.0
Selling, general and administrative expenses 36,108 20.7 36,446 15.2
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Operating income (loss) 30,960 17.8 60,719 25.4
Other income (expense):
Interest and dividends income 339 597
Interest expense (469) (441)
Minority interests (214) (84)
Equity in earnings (losses) of affiliates (117) -
Other (1,621) (2,082) (1.2) 1,017 1,089 0.4
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Income (loss) before income taxes 28,878 16.6 61,808 25.8
Income taxes 11,549 6.6 23,730 9.9
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Net income (loss) 17,329 10.0 38,078 15.9
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FY2003 FY2004
(April 1, 2003 through (April 1, 2004 through
March 31, 2004) March 31, 2005)
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Notes Amount Amount
(in yen) (in yen)
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Net income per share (Net loss per share)
Basic 176.37 389.54
Diluted 176.02 388.51
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Consolidated Statements of Stockholders' Equity
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FY2003 FY2004
(April 1, 2003 through (April 1, 2004 through
March 31, 2004) March 31, 2005)
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Amount Amount
Notes (in million yen) (in million yen)
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Common stock :
Balance at beginning of year 32,363 32,363
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Balance at end of year 32,363 32,363
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Capital surplus :
Balance at beginning of year 32,973 32,973
Stock option compensation expense 2,290
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Balance at end of year 32,973 35,263
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Retained earnings :
Balance at beginning of year 162,547 177,404
Net income (loss) 17,329 38,078
Cash dividends (2,456) (4,915)
Loss on disposal of treasury stock (16) (446)
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Balance at end of year 177,404 210,121
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Accumulated other comprehensive income
(loss) :
Balance at beginning of year (4,055) (8,061)
Other comprehensive income (loss), net of (4,006) 3,183
tax
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Balance at end of year (8,061) (4,878)
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Treasury stock :
Balance at beginning of year (13,165) (12,911)
Treasury stock purchased (32) (54,513)
Exercise of stock options 180 1,302
Decrease in treasury stock upon share 105 -
exchange
Treasury stock sold 1 2
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Balance at end of year (12,911) (66,120)
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Total stockholders' equity 221,768 206,749
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Disclosure of comprehensive income (loss) :
Net income (loss) 17,329 38,078
Other comprehensive income (loss), net of (4,006) 3,183
tax
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Total comprehensive income (loss) 13,323 41,261
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Consolidated Statements of Cash Flows
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FY2003 FY2004
(April 1, 2003 through (April 1, 2004 through
March 31, 2004) March 31, 2005)
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Amount Amount
(in million yen) (in million yen)
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I Cash flows from operating activities:
Net income (loss) 17,329 38,078
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation and amortization 9,328 8,285
Deferred income taxes 6,703 13,540
Impairment loss on long-lived assets 3,030 -
Decrease (increase) in trade accounts (35,285) 20,953
receivable
Decrease (increase) in inventories (14,570) 20,218
Increase (decrease) in trade accounts payable 29,190 (16,375)
Increase (decrease) in income taxes payable 1,997 3,311
Increase (decrease) in accrued expenses 2,536 4,445
Increase (decrease) in accrued warranty 709 969
expenses
Increase (decrease) in deferred revenue 3,441 (2,456)
Increase (decrease) in accrued pension and 2,639 (3,409)
severance cost
Other 1,168 2,768
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Net cash provided by operating activities 28,215 90,327
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II Cash flows from investing activities:
Proceeds from sale of marketable securities 323 1,428
(available-for-sale securities)
Proceeds from sale of non-marketable securities 387 50
Purchases of non-marketable securities (1,288) -
Proceeds from sale of property, plant and 435 132
equipment
Purchases of intangible assets (358) (470)
Purchases of property, plant and equipment (5,068) (8,738)
Other 499 (652)
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Net cash used in investing activities (5,070) (8,250)
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III Cash flows from financing activities:
Principal payments on long-term debt (3,811) (4,543)
Proceeds from sales of treasury stock 90 939
Payments to acquire treasury stock (31) (54,511)
Dividends paid (2,462) (4,907)
Other (162) (14)
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Net cash used in financing activities (6,376) (63,036)
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IV Net effect of exchange rate changes on cash and (2,961) 799
cash equivalents
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V Net change in cash and cash equivalents 13,808 19,840
VI Cash and cash equivalents at beginning of year 87,338 101,146
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VII Cash and cash equivalents at end of year 101,146 120,986
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