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

View original content:http://www.prnewswire.com/news-releases/jcet-group-records-strong-performance-in-q1-301049908.html

SOURCE JCET Group