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:
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) |
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31 March 2020 |
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Expressed in Renminbi Yuan |
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ASSETS |
31 March 2020 |
31 December 2019 |
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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 |
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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 |
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Deferred tax assets |
122,964,117.85 |
128,106,315.77 |
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Other non-current assets |
738,596.31 |
934,907.57 |
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Total non-current assets |
23,783,103,451.17 |
24,022,533,178.97 |
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Total assets |
32,801,469,804.09 |
33,581,893,568.01 |
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CONSOLIDATED BALANCE SHEET (CONTINUED) (Unaudited) |
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31 March 2020 |
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Expressed in Renminbi Yuan |
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LIABILITIES AND EQUITY |
31 March 2020 |
31 December 2019 |
||
Current liabilities |
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Short-term borrowings |
6,788,675,448.76 |
9,098,056,842.77 |
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Derivative financial liabilities |
129,247,374.07 |
160,941,443.47 |
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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 |
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Current portion of non-current liabilities |
1,841,259,569.03 |
1,826,772,611.88 |
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Total current liabilities |
14,282,638,886.21 |
17,649,360,729.47 |
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Non-current liabilities |
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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 |
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Deferred income |
327,442,496.71 |
336,470,799.39 |
||
Deferred tax liabilities |
176,941,252.41 |
156,293,450.06 |
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Total non-current liabilities |
5,615,608,775.00 |
3,294,177,442.18 |
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Total liabilities |
19,898,247,661.21 |
20,943,538,171.65 |
||
Equity |
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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 |
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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 |
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Total equity |
12,903,222,142.88 |
12,638,355,396.36 |
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Total liabilities and equity |
32,801,469,804.09 |
33,581,893,568.01 |
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CONSOLIDATED INCOME STATEMENT (Unaudited) |
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For The Three Months Ended 31 March 2020 |
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Expressed in Renminbi Yuan |
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For The Three Months Ended of March 31 |
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2020 |
2019 |
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Revenue |
5,708,103,216.96 |
4,514,773,490.97 |
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Less: Cost of sales |
4,960,479,797.74 |
4,148,858,484.70 |
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Taxes and surcharges |
8,496,390.50 |
8,427,302.31 |
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Selling expenses |
56,415,920.92 |
64,459,043.18 |
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Administrative expenses |
209,175,100.75 |
245,961,758.35 |
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Research and development expenses |
214,447,183.03 |
172,776,325.03 |
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Finance expenses |
146,866,963.10 |
247,960,718.09 |
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Including: Interest expenses |
153,627,683.35 |
197,226,529.98 |
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Interest income |
8,963,046.00 |
7,448,691.54 |
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Add: Other income |
34,096,572.65 |
143,267,973.38 |
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Investment income |
-1,355,424.01 |
-1,366,630.50 |
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Including: Income from investments in associates and joint |
-1,355,424.01 |
-1,366,630.50 |
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Loss on the net position hedging (loss is expressed by"-") |
-1,677,212.22 |
0.00 |
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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 |
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Profit/Loss on disposal of assets (loss is expressed by"-") |
3,595,368.41 |
-64,624.42 |
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Operating profit/(loss) |
155,255,262.89 |
-227,370,120.31 |
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Add: Non-operating income |
129,297.09 |
472,293.14 |
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Less: Non-operating expenses |
5,920,556.72 |
3,532,845.12 |
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Profit/(loss) before income taxes |
149,464,003.26 |
-230,430,672.29 |
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Less: Income tax expenses |
15,361,632.22 |
-184,374,430.08 |
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Net Profit/(loss) |
134,102,371.04 |
-46,056,242.21 |
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Classified by continuity of operations |
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Profit/(loss) from continuing operations |
134,102,371.04 |
-46,056,242.21 |
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Classified by ownership |
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Net Profit/(loss) attributable to owners of the parent |
133,787,621.75 |
-46,516,845.29 |
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Net Profit/(loss) attributable to minority shareholders |
314,749.29 |
460,603.08 |
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CONSOLIDATED INCOME STATEMENT (CONTINUED) (Unaudited) |
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For The Three Months Ended 31 March 2020 |
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Expressed in Renminbi Yuan |
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For The Three Months Ended of March 31 |
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2020 |
2019 |
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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 |
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Exchange differences of foreign currency financial statements |
132,802,765.12 |
-215,612,339.86 |
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Total comprehensive income |
264,866,746.52 |
-258,374,752.16 |
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Including: |
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Total comprehensive income attributable to owners of the parent |
264,551,997.23 |
-258,835,355.24 |
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Total comprehensive income attributable to minority shareholders |
314,749.29 |
460,603.08 |
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Earnings per share |
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Basic earnings per share |
0.08 |
-0.03 |
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Diluted earnings per share |
0.08 |
-0.03 |
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CONSOLIDATED CASH FLOW STATEMENT (Unaudited) |
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For The Three Months Ended 31 March 2020 |
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Expressed in Renminbi Yuan |
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For The Three Months Ended of March 31 |
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2020 |
2019 |
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1 |
CASH FLOWS FROM OPERATING ACTIVITIES |
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Cash receipts from the sale of goods and the rendering of services |
6,034,987,407.22 |
5,409,211,254.94 |
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Receipts of taxes and surcharges refunds |
222,820,490.19 |
84,045,680.63 |
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Other cash receipts relating to operating activities |
292,911,054.91 |
166,305,244.26 |
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Total cash inflows from operating activities |
6,550,718,952.32 |
5,659,562,179.83 |
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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 |
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Payments of all types of taxes and surcharges |
89,648,853.34 |
118,435,872.25 |
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Other cash payments relating to operating activities |
128,353,850.33 |
135,377,603.19 |
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Total cash outflows from operating activities |
5,402,134,762.07 |
5,490,368,969.72 |
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Net cash flows from operating activities |
1,148,584,190.25 |
169,193,210.11 |
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2 |
CASH FLOWS FROM INVESTING ACTIVITIES |
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Cash receipts from returns of investments |
72,000.00 |
15,900,000.00 |
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Cash receipts from investment income |
36,000.00 |
23,850,000.00 |
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Net cash receipts from disposal of fixed assets, intangible assets and other |
6,683,773.20 |
5,781,022.60 |
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Other cash receipts relating to investing activities |
0.00 |
20,000,000.00 |
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Total cash inflows from investing activities |
6,791,773.20 |
65,531,022.60 |
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Cash payments to acquire fixed assets, intangible assets and other long- |
677,493,801.79 |
589,599,854.74 |
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Total cash outflows from investing activities |
677,493,801.79 |
589,599,854.74 |
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Net cash flows from investing activities |
-670,702,028.59 |
-524,068,832.14 |
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CONSOLIDATED CASH FLOW STATEMENT (CONTINUED) (Unaudited) |
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For The Three Months Ended 31 March 2020 |
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Expressed in Renminbi Yuan |
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For The Three Months Ended of March 31 |
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2020 |
2019 |
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3 |
CASH FLOWS FROM FINANCING ACTIVITIES |
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Cash receipts from borrowings |
5,930,556,630.68 |
5,861,598,188.73 |
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Total cash inflows from financing activities |
5,930,556,630.68 |
5,861,598,188.73 |
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Cash repayments for debts |
5,748,192,045.98 |
6,827,205,711.73 |
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Cash payments for distribution of dividends or profit and interest expenses |
163,937,060.56 |
301,119,352.01 |
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Other cash payments relating to financing activities |
173,393,562.04 |
432,652,569.27 |
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Total cash outflows from financing activities |
6,085,522,668.58 |
7,560,977,633.01 |
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Net cash flows from financing activities |
-154,966,037.90 |
-1,699,379,444.28 |
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4 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH |
22,800,903.29 |
-20,118,766.71 |
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5 |
NET INCREASE IN CASH AND CASH EQUIVALENTS |
345,717,027.05 |
-2,074,373,833.02 |
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Add: Cash and cash equivalents at beginning of the year |
1,865,553,082.53 |
4,206,347,524.52 |
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6 |
CASH AND CASH EQUIVALENTS AT END OF THE YEAR |
2,211,270,109.58 |
2,131,973,691.50 |
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