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 |
||
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 |
|||
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 |
|||
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 |
|||
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 |
||
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 |
||
SOURCE JCET Group
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