They managed to grow in sales, their margins increased and the ramp up of their 40nm process seems on track, their inventory days were almost the same and their debt is hedge only.

Moreover, average current assets had risen to 319 days-worth of annual sales, suggesting that most of the SOEs' working capital was tied up in uncollectable bills or unsaleable inventory.

Days-On-Hand "Days-on-hand" indicates the average days of sales (shipments) in inventory.