JCET Group Records Strong Performance in Q1

2020-04-30 18:04

SHANGHAI, April 30, 2020  -- Global leading semiconductor microsystem integration packaging and test provider, JCET Group (SH: 600584) reported the financial results for Q1 2020, ended March 31, 2020. 

Q1 2020 financial highlights:

  • Revenue was RMB 5,708 million, a record high in the first quarter. On a comparable basis, taking into account the accounting change in revenue recognition, it was an increase of 44.2% year on year (see note*).
  • Generated RMB 1,149 million cash from operations, up 579% year on year. With net capex investments of RMB 671 million, the free cash flow for the quarter was RMB 478 million.
  • Net profit was RMB 133.8 million, a record first quarter high in the past five years.
  • Earnings per share was 0.08 RMB, as compared to -0.03 in Q1 2019.

Note*: During the reporting period, we optimized the business model for the purchase and sale of certain packaged products, of which JCET Group no longer bears the general inventory risk on the main raw materials. In accordance with PRC GAAP, both revenue and costs of goods sold were recorded on the net basis and decreased by RMB 803 million respectively in the reporting period. This change had no impact on the company's net profit. Assuming that revenue was still recognized by the gross method (should be recorded on the net basis according to PRC GAAP), it would be RMB 6,511 million, an increase of 44.2% over the same period last year.

JCET Group CFO Ms. Janet Chou said, "JCET Group has been a leading innovator in System in Package, Wafer Level and Flip Chip advanced microsystem integration technologies for years. The ramping up of 5G market segments provided a perfect match for JCET Group's advanced technologies and manufacturing capabilities. JCET Group overcame the impact of Covid-19 and went against the industry trend, with revenues ofRMB 5,708 million which was a record high for the first quarter."

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 (Unaudited)

31 March 2020

Expressed in Renminbi Yuan


ASSETS


31 March 2020


31 December 2019

Current assets





  Currency funds


2,667,287,264.14


2,569,393,396.00

  Derivative financial assets


180,674.37


4,119,413.24

  Accounts receivable


3,004,234,491.07


3,349,731,893.13

  Receivables financing


39,363,670.87


67,584,630.96

  Prepayments


212,443,068.51


187,863,377.10

  Other receivables


9,293,025.43


10,944,727.48

  Inventories


2,581,182,782.87


2,730,914,425.68

  Current portion of non-current assets


137,458,152.98


137,458,152.98

  Other current assets


366,923,222.68


501,350,372.47

Total current assets


9,018,366,352.92


9,559,360,389.04

Non-current assets





  Long-term receivables


38,975,986.44


40,222,976.53

  Long-term equity investments


966,281,402.61


971,660,594.36

  Other equity investments


526,890,056.51


517,049,881.56

  Investment properties


98,957,148.36


99,877,458.60

  Fixed assets


17,630,171,071.32


17,798,818,045.91

  Construction in progress


1,543,924,889.46


1,664,082,709.03

  Intangible assets


592,018,291.59


586,737,281.83

  Goodwill


2,261,147,119.92


2,213,786,772.01

  Long-term prepaid expenses


1,034,770.80


1,256,235.80

  Deferred tax assets


122,964,117.85


128,106,315.77

  Other non-current assets


738,596.31


934,907.57

Total non-current assets


23,783,103,451.17


24,022,533,178.97

Total assets


32,801,469,804.09


33,581,893,568.01


CONSOLIDATED BALANCE SHEET (CONTINUED) (Unaudited)

31 March 2020

Expressed in Renminbi Yuan


LIABILITIES AND EQUITY 


31 March 2020


31 December 2019

Current liabilities





  Short-term borrowings


6,788,675,448.76


9,098,056,842.77

  Derivative financial liabilities


129,247,374.07


160,941,443.47

  Notes payable


652,010,110.73


958,145,682.25

  Accounts payable


4,024,475,573.16


4,617,703,102.89

  Receipts in advance


0.00


112,646,926.13

  Contract liabilities


73,173,140.74


0.00

  Employee benefits payable


505,569,143.68


586,441,964.86

  Taxes and surcharges payable


60,748,543.35


53,226,873.84

  Other payables


207,479,982.69


235,425,281.38

  Current portion of non-current liabilities


1,841,259,569.03


1,826,772,611.88

Total current liabilities


14,282,638,886.21


17,649,360,729.47

Non-current liabilities





  Long-term borrowings


3,037,255,169.36


1,584,384,891.47

  Bonds payable


1,000,000,000.00


0.00

  Long-term payables


1,071,924,846.56


1,215,622,628.92

  Long-term employee benefits payable


2,045,009.96


1,405,672.34

  Deferred income


327,442,496.71


336,470,799.39

  Deferred tax liabilities


176,941,252.41


156,293,450.06

Total non-current liabilities


5,615,608,775.00


3,294,177,442.18

Total liabilities


19,898,247,661.21


20,943,538,171.65

Equity





  Paid-in capital


1,602,874,555.00


1,602,874,555.00

  Surplus reserves


10,242,039,552.06


10,242,039,552.06

  Accumulated other comprehensive income


559,711,303.19


428,946,927.71

  Specialised reserves


122,283,975.32


122,283,975.32

  Unappropriated profit


365,073,592.09


231,285,970.34

Total equity attributable to owners of the parent


12,891,982,977.66


12,627,430,980.43

Minority shareholders


11,239,165.22


10,924,415.93

Total equity


12,903,222,142.88


12,638,355,396.36

Total liabilities and equity


32,801,469,804.09


33,581,893,568.01

 

 

CONSOLIDATED INCOME STATEMENT (Unaudited)

For The Three Months Ended 31 March 2020

Expressed in Renminbi Yuan




  For The Three Months Ended of March 31



2020


2019

Revenue


5,708,103,216.96


4,514,773,490.97

Less: Cost of sales


4,960,479,797.74


4,148,858,484.70

          Taxes and surcharges


8,496,390.50


8,427,302.31

          Selling expenses


56,415,920.92


64,459,043.18

          Administrative expenses


209,175,100.75


245,961,758.35

          Research and development expenses


214,447,183.03


172,776,325.03

          Finance expenses


146,866,963.10


247,960,718.09

            Including: Interest expenses


153,627,683.35


197,226,529.98

                           Interest income


8,963,046.00


7,448,691.54

Add:  Other income


34,096,572.65


143,267,973.38

          Investment income


-1,355,424.01


-1,366,630.50

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


-1,355,424.01


-1,366,630.50

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


-1,677,212.22


0.00

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


4,897,177.94


1,461,773.07

          Impairment losses (loss is expressed by"-")


3,476,919.20


3,001,528.85

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


3,595,368.41


-64,624.42

Operating profit/(loss)


155,255,262.89


-227,370,120.31

Add: Non-operating income


129,297.09


472,293.14

Less: Non-operating expenses


5,920,556.72


3,532,845.12

Profit/(loss) before income taxes


149,464,003.26


-230,430,672.29

Less: Income tax expenses


15,361,632.22


-184,374,430.08

Net Profit/(loss)


134,102,371.04


-46,056,242.21

Classified by continuity of operations





  Profit/(loss) from continuing operations


134,102,371.04


-46,056,242.21

Classified by ownership





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


133,787,621.75


-46,516,845.29

  Net Profit/(loss) attributable to minority shareholders


314,749.29


460,603.08


CONSOLIDATED INCOME STATEMENT (CONTINUED) (Unaudited)

For The Three Months Ended 31 March 2020

Expressed in Renminbi Yuan




  For The Three Months Ended of March 31



2020


2019

Other comprehensive income, net of tax


130,764,375.48


-212,318,509.95

Comprehensive income attributable to owners of the parent


130,764,375.48


-212,318,509.95

Comprehensive income to be reclassified to profit or loss


130,764,375.48


-212,318,509.95

  Comprehensive income using the equity method


148,427.34


0.00

  Cash flow hedge reserve


-2,186,816.98


3,293,829.91

  Exchange differences of foreign currency financial statements


132,802,765.12


-215,612,339.86

Total comprehensive income


264,866,746.52


-258,374,752.16

  Including:





     Total comprehensive income attributable to owners of the parent


264,551,997.23


-258,835,355.24

     Total comprehensive income attributable to minority shareholders


314,749.29


460,603.08

Earnings per share





  Basic earnings per share


0.08


-0.03

  Diluted earnings per share


0.08


-0.03

 

 

CONSOLIDATED CASH FLOW STATEMENT (Unaudited)

For The Three Months Ended 31 March 2020

Expressed in Renminbi Yuan





  For The Three Months Ended of March 31




2020


2019

1

CASH FLOWS FROM OPERATING ACTIVITIES






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


6,034,987,407.22


5,409,211,254.94


Receipts of taxes and surcharges refunds


222,820,490.19


84,045,680.63


Other cash receipts relating to operating activities


292,911,054.91


166,305,244.26


Total cash inflows from operating activities


6,550,718,952.32


5,659,562,179.83


Cash payments for goods and services


4,225,366,613.14


4,274,933,708.31


Cash payments to and on behalf of employees


958,765,445.26


961,621,785.97


Payments of all types of taxes and surcharges


89,648,853.34


118,435,872.25


Other cash payments relating to operating activities


128,353,850.33


135,377,603.19


Total cash outflows from operating activities


5,402,134,762.07


5,490,368,969.72


Net cash flows from operating activities


1,148,584,190.25


169,193,210.11

2

CASH FLOWS FROM INVESTING ACTIVITIES






Cash receipts from returns of investments


72,000.00


15,900,000.00


Cash receipts from investment income


36,000.00


23,850,000.00


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


6,683,773.20


5,781,022.60


Other cash receipts relating to investing activities


0.00


20,000,000.00


Total cash inflows from investing activities


6,791,773.20


65,531,022.60


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


677,493,801.79


589,599,854.74


Total cash outflows from investing activities


677,493,801.79


589,599,854.74


Net cash flows from investing activities


-670,702,028.59


-524,068,832.14


CONSOLIDATED CASH FLOW STATEMENT (CONTINUED) (Unaudited)

For The Three Months Ended 31 March 2020

Expressed in Renminbi Yuan





  For The Three Months Ended of March 31




2020


2019

3

CASH FLOWS FROM FINANCING ACTIVITIES






Cash receipts from borrowings


5,930,556,630.68


5,861,598,188.73


Total cash inflows from financing activities


5,930,556,630.68


5,861,598,188.73


Cash repayments for debts


5,748,192,045.98


6,827,205,711.73


Cash payments for distribution of dividends or profit and interest expenses


163,937,060.56


301,119,352.01


Other cash payments relating to financing activities


173,393,562.04


432,652,569.27


Total cash outflows from financing activities


6,085,522,668.58


7,560,977,633.01


Net cash flows from financing activities


-154,966,037.90


-1,699,379,444.28

4

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH 
EQUIVALENTS


22,800,903.29


-20,118,766.71

5

NET INCREASE IN CASH AND CASH EQUIVALENTS


345,717,027.05


-2,074,373,833.02


Add: Cash and cash equivalents at beginning of the year


1,865,553,082.53


4,206,347,524.52

6

CASH AND CASH EQUIVALENTS AT END OF THE YEAR


2,211,270,109.58


2,131,973,691.50

 


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