JCET Group Integration Turns Loss to Profit in 2019

2020-04-30 17:53

SHANGHAI, April 30, 2020 -- Global leading semiconductor microsystem integration packaging and test provider, JCET Group (SH: 600584) reported the financial results for full year 2019, ended December 31, 2019. 

2019 full year financial highlights:

  • Revenue for the year was RMB 23,526 million, as compared to RMB 23,856 million in 2018.
  • Generated RMB 3,176 million cash from operations, an increase of 26.6% from 2018. With net capex investments of RMB 2,736 million, free cash flow for the year was RMB 441 million.
  • Net profit was RMB 89 million, as compared to a loss of 939 million in 2018.
  • Earnings per share was RMB 0.06, as compared to RMB -0.65 in 2018.

JCET Group CEO Mr. Li Zheng said, "JCET Group is gradually realizing the synergy among the companies under the group with a series of integration and adjustment measures implemented. Our portfolio of technologies, capabilities and capacities match the needs of customers and the market more appropriately. JCET Group is working aggressively on advancements in R&D, production and operations and has made significant progress. In 2019, JCET Group gained a profit of RMB 89 million, which is a qualitative improvement compared with 2018. Our achievements are closely connected with our customers' recognition of JCET Group's brand, quality, service and technical capabilities."

JCET Group is an industry leader in the development of advanced packaging technologies, with a comprehensive portfolio of technical products and complete full turnkey services for our customers all over the world. Benefiting from both the semiconductor industry's continued rapid growth and recognition by customers of the company's brand and consistent outstanding quality, JCET Group ranks near the top of the global semiconductor packaging and test industry. With the 5G era ramping up, JCET Group will continue to invest in the development of solutions for 5G communication, mobile terminals, automotive electronics, big data memory, AI and IoT industries, while closely aligning with customers to achieve mutual success.

JCET Group 2019 Annual Report

About JCET Group:

JCET Group is a leading global semiconductor microsystem integration packaging and test provider, offering a full range of turnkey services that include semiconductor package integration design and characterization, R&D, wafer probe, wafer bumping, package assembly, final test and drop shipment to vendors around the world.

Our comprehensive portfolio covers a wide spectrum of semiconductor applications such as mobile, communication, compute, consumer, automotive and industry etc., through advanced wafer level packaging, 2.5D/3D, System-in-Packaging, and reliable flip chip and wire bonding technologies. JCET Group has three R&D centers, six manufacturing locations in China, Singapore and Korea, and sales centers around the world, providing close technology collaboration and efficient supply-chain manufacturing to customers in China and around the world.

CONSOLIDATED BALANCE SHEET

31 December 2019

Expressed in Renminbi Yuan


ASSETS


31 December 2019


31 December 2018

Current assets





  Currency funds


2,569,393,396.00


4,774,269,922.92

  Derivative financial assets


4,119,413.24


1,922,363.72

  Notes receivable


0.00


91,323,124.65

  Accounts receivable


3,349,731,893.13


2,779,382,584.24

  Receivables financing


67,584,630.96


0.00

  Prepayments


187,863,377.10


197,362,287.60

  Other receivables


10,944,727.48


151,613,133.40

  Inventories


2,730,914,425.68


2,273,584,896.44

  Current portion of non-current assets


137,458,152.98


124,238,367.69

  Other current assets


501,350,372.47


511,684,443.56

Total current assets


9,559,360,389.04


10,905,381,124.22

Non-current assets





  Available-for-sale financial assets


0.00


405,909,682.09

  Long-term receivables


40,222,976.53


47,130,045.11

  Long-term equity investments


971,660,594.36


190,369,225.77

  Other equity investments


517,049,881.56


0.00

  Investment properties


99,877,458.60


117,526,718.28

  Fixed assets


17,798,818,045.91


16,179,209,690.65

  Construction in progress


1,664,082,709.03


3,453,861,241.82

  Intangible assets


586,737,281.83


635,188,017.08

  Goodwill


2,213,786,772.01


2,271,301,559.78

  Long-term prepaid expenses


1,256,235.80


772,851.48

  Deferred tax assets


128,106,315.77


83,600,496.22

  Other non-current assets


934,907.57


137,150,377.86

Total non-current assets


24,022,533,178.97


23,522,019,906.14

Total assets


33,581,893,568.01


34,427,401,030.36


CONSOLIDATED BALANCE SHEET (CONTINUED)

31 December 2019

Expressed in Renminbi Yuan


LIABILITIES AND EQUITY 


31 December 2019


31 December 2018

Current liabilities





  Short-term borrowings


9,098,056,842.77


7,128,699,854.55

  Derivative financial liabilities


160,941,443.47


137,935,110.87

  Notes payable


958,145,682.25


650,097,598.13

  Accounts payable


4,617,703,102.89


4,169,887,317.71

  Receipts in advance


112,646,926.13


112,808,250.03

  Employee benefits payable


586,441,964.86


453,301,515.12

  Taxes and surcharges payable


53,226,873.84


109,398,233.53

  Other payables


235,425,281.38


362,555,207.79

  Current portion of non-current liabilities


1,826,772,611.88


5,280,194,159.04

Total current liabilities


17,649,360,729.47


18,404,877,246.77

Non-current liabilities





  Long-term borrowings


1,584,384,891.47


2,933,790,044.10

  Long-term payables


1,215,622,628.92


329,090,257.01

  Long-term employee benefits payable


1,405,672.34


815,921.74

  Deferred income


336,470,799.39


269,351,180.54

  Deferred tax liabilities


156,293,450.06


165,407,393.44

  Other non-current liabilities


0.00


28,904,903.75

Total non-current liabilities


3,294,177,442.18


3,727,359,700.58

Total liabilities


20,943,538,171.65


22,132,236,947.35

Equity





  Paid-in capital


1,602,874,555.00


1,602,874,555.00

  Surplus reserves


10,242,039,552.06


10,242,498,350.42

  Accumulated other comprehensive income


428,946,927.71


181,944,546.61

  Specialized reserves


122,283,975.32


122,283,975.32

  Unappropriated profit


231,285,970.34


142,622,532.75

Total equity attributable to owners of the parent


12,627,430,980.43


12,292,223,960.10

Minority shareholders


10,924,415.93


2,940,122.91

Total equity


12,638,355,396.36


12,295,164,083.01

Total liabilities and equity


33,581,893,568.01


34,427,401,030.36

 

 

CONSOLIDATED INCOME STATEMENT

Year ended 31 December 2019

Expressed in Renminbi Yuan




    For The Year Ended of December 31



2019


2018

Revenue


23,526,279,785.46


23,856,487,366.62

Less: Cost of sales


20,895,116,352.45


21,130,758,310.68

          Taxes and surcharges


36,665,583.88


45,921,812.58

          Selling expenses


264,828,644.36


285,371,372.61

          Administrative expenses


1,043,776,803.88


1,110,520,305.93

          Research and development expenses


968,754,249.66


888,385,192.40

          Finance expenses


870,112,601.50


1,131,025,122.06

            Including: Interest expenses


742,065,949.87


907,841,772.96

                            Interest income


26,537,653.94


35,134,730.03

Add:  Other income


296,061,195.13


154,847,121.45

          Investment income


6,828,037.45


452,297,019.16

            Including: Income from investments in associates and joint
ventures (loss is expressed by "-")


4,341,593.44


-695,341.67

          Loss on the net position hedging (loss is expressed by "-")


-13,428,960.03


0.00

          Loss on changes in fair value (loss is expressed by "-")


-86,233,054.18


-123,367,191.19

          Credit impairment losses (loss is expressed by "-")


-34,827,911.59


0.00

          Asset Impairment losses (loss is expressed by "-")


-233,928,751.44


-546,919,999.29

          Profit/Loss on disposal of assets (loss is expressed by "-")


743,480,368.26


-5,200,932.93

Operating profit/(loss)


124,976,473.33


-803,838,732.44

Add: Non-operating income


6,240,343.02


9,863,684.62

Less: Non-operating expenses


50,846,499.16


19,020,577.91

Profit/(loss) before income taxes


80,370,317.19


-812,995,625.73

Less: Income tax expenses


-16,277,413.42


113,644,871.50

Net Profit/(loss)


96,647,730.61


-926,640,497.23

Classified by continuity of operations





  Profit/(loss) from continuing operations


96,647,730.61


-926,640,497.23

Classified by ownership





  Net Profit/(loss) attributable to owners of the parent


88,663,437.59


-939,315,302.79

  Net Profit/(loss) attributable to minority shareholders


7,984,293.02


12,674,805.56


CONSOLIDATED INCOME STATEMENT (CONTINUED)

Year ended 31 December 2019

Expressed in Renminbi Yuan




    For The Year Ended of December 31



2019


2018

Other comprehensive income, net of tax


156,601,051.39


226,297,220.02

Comprehensive income attributable to owners of the parent


156,601,051.39


226,161,283.69

1. Comprehensive income not be reclassified to profit or loss


10,045,132.01


-2,614,766.63

    Remeasurement gains or losses of a defined benefit plan


-522,237.30


-2,614,766.63

    Change in the fair value of other equity investments


10,567,369.31


0.00

2. Comprehensive income to be reclassified to profit or loss


146,555,919.38


228,776,050.32

    Comprehensive income using the equity method


179,917.20


351,355.06

    Cash flow hedge reserve


3,100,955.92


-17,194,190.53

    Exchange differences of foreign currency financial statements


143,275,046.26


245,618,885.79

Comprehensive income attributable to minority shareholders


0.00


135,936.33

Total comprehensive income


253,248,782.00


-700,343,277.21

  Including:





     Total comprehensive income attributable to owners of the parent


245,264,488.98


-713,154,019.10

     Total comprehensive income attributable to minority shareholders


7,984,293.02


12,810,741.89

Earnings per share





  Basic earnings per share


0.06


-0.65

  Diluted earnings per share


0.06


-0.65

 

 

CONSOLIDATED CASH FLOW STATEMENT

Year ended 31 December 2019

Expressed in Renminbi Yuan





    For The Year Ended of December 31




2019


2018

1

CASH FLOWS FROM OPERATING ACTIVITIES






Cash receipts from the sale of goods and the rendering of services


24,198,767,112.26


25,200,141,629.18


Receipts of taxes and surcharges refunds


651,451,339.42


317,543,293.11


Other cash receipts relating to operating activities


395,958,810.94


226,230,952.74


Total cash inflows from operating activities


25,246,177,262.62


25,743,915,875.03


Cash payments for goods and services


17,384,550,114.34


18,089,404,361.42


Cash payments to and on behalf of employees


3,766,281,452.70


3,819,875,805.53


Payments of all types of taxes and surcharges


252,464,256.86


441,552,824.15


Other cash payments relating to operating activities


666,456,842.25


883,890,214.86


Total cash outflows from operating activities


22,069,752,666.15


23,234,723,205.96


Net cash flows from operating activities


3,176,424,596.47


2,509,192,669.07

2

CASH FLOWS FROM INVESTING ACTIVITIES






Cash receipts from returns of investments


72,742,469.17


1,550,655,559.36


Cash receipts from investment income


32,486,410.68


7,248,389.49


Net cash receipts from disposal of fixed assets, intangible assets and other 
long-term assets


67,900,554.30


70,500,322.89


Net cash receipts from disposal of subsidiaries and other business units


0.00


574,172,809.98


Other cash receipts relating to investing activities


20,000,000.00


288,050,846.49


Total cash inflows from investing activities


193,129,434.15


2,490,627,928.21


Cash payments to acquire fixed assets, intangible assets and other long-
term assets


2,803,587,529.88


4,311,127,824.46


Cash payments for investments


0.00


1,714,569,354.51


Net cash payments for acquisition of subsidiaries and other business units


0.00


20,788,047.49


Total cash outflows from investing activities


2,803,587,529.88


6,046,485,226.46


Net cash flows from investing activities


-2,610,458,095.73


-3,555,857,298.25


CONSOLIDATED CASH FLOW STATEMENT (CONTINUED)

Year ended 31 December 2019

Expressed in Renminbi Yuan





    For The Year Ended of December 31




2019


2018

3

CASH FLOWS FROM FINANCING ACTIVITIES






Cash proceeds from investments by others


0.00


3,599,324,919.28


Cash receipts from borrowings


14,280,102,227.20


10,144,543,666.76


Other cash receipts relating to financing activities


2,117,868,426.98


0.00


Total cash inflows from financing activities


16,397,970,654.18


13,743,868,586.04


Cash repayments for debts


17,300,176,448.99


8,015,300,137.16


Cash payments for distribution of dividends or profit and interest expenses


726,372,320.64


979,292,533.19


  Including: Dividends or profit paid to non-controlling shareholders of 
subsidiaries


0.00


6,683,000.00


Other cash payments relating to financing activities


1,310,313,853.45


1,327,395,344.30


Total cash outflows from financing activities


19,336,862,623.08


10,321,988,014.65


Net cash flows from financing activities


-2,938,891,968.90


3,421,880,571.39

4

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH 
EQUIVALENTS


32,131,026.17


91,498,868.57

5

NET INCREASE IN CASH AND CASH EQUIVALENTS


-2,340,794,441.99


2,466,714,810.78


Add: Cash and cash equivalents at beginning of the year


4,206,347,524.52


1,739,632,713.74

6

CASH AND CASH EQUIVALENTS AT END OF THE YEAR


1,865,553,082.53


4,206,347,524.52

 


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