JCET Group Integration Turns Loss to Profit in 2019
SHANGHAI, April 30, 2020 /PRNewswire/ -- 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.
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 4,341,593.44 -695,341.67
ventures (loss is expressed by "-")
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 67,900,554.30 70,500,322.89
long-term assets
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- 2,803,587,529.88 4,311,127,824.46
term assets
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 0.00 6,683,000.00
subsidiaries
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 32,131,026.17 91,498,868.57
EQUIVALENTS
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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SOURCE JCET Group
