JCET Group Records Strong Performance in Q1
SHANGHAI, April 30, 2020 /PRNewswire/ -- 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 of RMB 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 -1,355,424.01 -1,366,630.50 ventures (loss is expressed by"-") 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 6,683,773.20 5,781,022.60 long-term assets 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- 677,493,801.79 589,599,854.74 term assets 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 22,800,903.29 -20,118,766.71 EQUIVALENTS 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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SOURCE JCET Group