JCET Posts Second Consecutive Quarter with Record High in Q2 2020

JCET Posts Second Consecutive Quarter with Record High in Q2 2020

PR Newswire

SHANGHAI, Aug. 20, 2020

Strong demand for advanced technology drives growth (Q2 2020 Financial Highlights):

SHANGHAI, Aug. 20, 2020 /PRNewswire/ -- Global leading semiconductor microsystem integration packaging and test provider, JCET Group (SH: 600584) reported financial results for the second quarter 2020, ended June 30th, 2020. Revenue was RMB 6.27 billion and net profit was RMB 0.23 billion, both a record second quarter high in the past five years. These results show that JCET's investment in the development of advanced packaging and test technologies has begun to bear fruit.

Mr. Li Zheng, Chief Executive Officer of JCET Group, said, "Following our strong Q1 with this Q2 performance shows that JCET is benefiting from the strengths of our three global manufacturing hubs, and the continuous improvement of our operational excellence. The rapid development of the 5G communications industry and high-performance computing applications has increased the demand for advanced packaging technologies and manufacturing processes. JCET Group's global supply chain resources and strong portfolio of advanced technology combined with our world-class management team will continue to provide our global customers with industry-leading semiconductor packaging, test and design services."

Ms. Janet Chou, Chief Financial Officer of JCET Group, said, "JCET delivered solid second quarter results with improvement in key financial metrics. Our performance demonstrated our commitment to drive profitable growth and cash generation."

About JCET Group:

JCET Group is a leading global semiconductor system 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 two R&D centers in China and Korea, six manufacturing locations in China, Korea and Singapore, 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) 

RMB in millions
















As of


ASSETS






Jun 30, 2020


Dec 31, 2019


Current assets










  Currency funds






2,813


2,569


  Derivative financial assets






3


4


  Accounts receivable






2,958


3,350


  Receivables financing






59


68


  Prepayments






214


188


  Other receivables






12


11


  Inventories






2,663


2,731


  Current portion of non-current assets






137


137


  Other current assets






186


501


Total current assets






9,045


9,559


Non-current assets










  Long-term receivables






31


40


  Long-term equity investments






986


972


  Other equity investments






527


517


  Investment properties






98


100


  Fixed assets






18,130


17,799


  Construction in progress






1,146


1,664


  Intangible assets






560


587


  Goodwill






2,248


2,214


  Long-term prepaid expenses






0


1


  Deferred tax assets






121


128


  Other non-current assets






1


1


Total non-current assets






23,848


24,023


Total assets






32,893


33,582









 

 

 

CONSOLIDATED BALANCE SHEET (CONTINUED) (Unaudited) 

RMB in millions
















 As of


LIABILITIES AND EQUITY 






Jun 30, 2020


Dec 31, 2019


Current liabilities










  Short-term borrowings






6,127


9,098


  Derivative financial liabilities






101


161


  Notes payable






589


958


  Accounts payable






3,788


4,618


  Receipts in advance






0


113


  Contract liabilities






38


0


  Employee benefits payable






588


586


  Taxes and surcharges payable






93


53


  Other payables






210


235


  Current portion of long term liabilities






2,590


1,827


Total current liabilities






14,124


17,649


Non-current liabilities










  Long-term borrowings






3,185


1,585


  Bonds payable






1,012


0


  Long-term payables






920


1,216


  Long-term employee benefits payable






1


1


  Deferred income






332


337


  Deferred tax liabilities






159


156


Total non-current liabilities






5,609


3,295


Total liabilities






19,733


20,944


Equity










  Paid-in capital






1,603


1,603


  Surplus reserves






10,242


10,242


  Accumulated other comprehensive income






586


429


  Specialized reserves






122


122


  Unappropriated profit






598


231


Total equity attributable to owners of the parent






13,151


12,627


Minority shareholders






9


11


Total equity






13,160


12,638


Total liabilities and equity






32,893


33,582


 

 

 

CONSOLIDATED INCOME STATEMENT(Unaudited) 


RMB in millions, except share data








Three months ended


Six months ended



Jun 30, 2020


Jun 30, 2019


Jun 30, 2020


Jun 30, 2019

Revenue


6,268


4,634


11,976


9,149

Less: Cost of sales


5,271


4,149


10,232


8,298

          Taxes and surcharges


9


9


17


17

          Selling expenses


59


63


116


128

          Administrative expenses


226


303


435


549

          Research and development expenses


276


176


491


349

          Finance expenses


156


186


303


434

            Including: Interest expenses


149


171


303


368

                     Interest income


10


5


19


12

Add: Other income


46


41


80


185

          Investment income/(loss)


(6)


(2)


(7)


(3)

            Including: Income/(loss) from investments in
associates and joint ventures


(6)


(2)


(7)


(3)

          Gain/(loss) on the net position hedging


(4)


0


(5)


0

          Credit impairment (loss is expressed by"-")


(11)


(9)


(6)


(8)

          Asset impairment (loss is expressed by"-")


(28)


(17)


(25)


(14)

          Gain/(loss) on disposal of assets


5


7


9


7

Operating profit/(loss)


273


(232)


428


(459)

Add: Non-operating income


0


0


0


1

Less: Non-operating expenses


2


0


8


4

Profit/(loss) before income taxes


271


(232)


420


(462)

Less: Income tax expenses


38


(20)


53


(204)

Net profit/(loss)


233


(212)


367


(258)

Classified by continuity of operations









  Profit/(loss) from continuing operations


233


(212)


367


(258)

Classified by ownership









  Net profit/(loss) attributable to owners of the parent


232


(212)


366


(259)

  Net profit/(loss) attributable to minority shareholders


1


0


1


1

 

 

 

CONSOLIDATED INCOME STATEMENT (CONTINUED) (Unaudited)

RMB in millions, except share data










Three months ended


Six months ended




Jun 30, 2020


Jun 30, 2019


Jun 30, 2020


Jun 30, 2019


Other comprehensive income, net of tax


27


170


157


(42)


Comprehensive income attributable to owners of the
parent


27


170


157


(42)


Comprehensive income to be reclassified to profit or loss


27


170


157


(42)


  Comprehensive income using the equity method


0


0


0


0


  Cash flow hedge reserve


5


2


3


5


  Exchange differences of foreign currency financial
statements


22


168


154


(47)


Total comprehensive income


260


(42)


524


(300)


  Including:










     Total comprehensive income attributable to owners of
the parent


259


(42)


524


(301)


     Total comprehensive income attributable to minority
shareholders


1


0


0


1


Earnings per share










  Basic earnings per share


0.15


(0.13)


0.23


(0.16)


  Diluted earnings per share


0.15


(0.13)


0.23


(0.16)


 

 

 

CONSOLIDATED CASH FLOW STATEMENT (Unaudited)


RMB in millions










Three months ended


Six months ended




Jun 30, 2020


Jun 30, 2019


Jun 30, 2020


Jun 30, 2019


CASH FLOWS FROM OPERATING ACTIVITIES










Cash receipts from the sale of goods and the rendering of
services


6,857


4,547


12,892


9,956


Receipts of taxes and surcharges refunds


200


74


423


158


Other cash receipts relating to operating activities


230


41


523


208


Total cash inflows from operating activities


7,287


4,662


13,838


10,322


Cash payments for goods and services


5,117


2,901


9,342


7,176


Cash payments to and on behalf of employees


829


826


1,788


1,788


Payments of all types of taxes and surcharges


142


119


232


238


Other cash payments relating to operating activities


195


168


323


303


Total cash outflows from operating activities


6,283


4,014


11,685


9,505


Net cash flows from operating activities


1,004


648


2,153


817


CASH FLOWS FROM INVESTING ACTIVITIES










Cash receipts from returns of investments


0


50


0


66


Cash receipts from investment income


0


(24)


0


0


Net cash receipts from disposal of fixed assets, intangible
assets and other long-term assets


20


9


27


15


Other cash receipts relating to investing activities


0


0


0


20


Total cash inflows from investing activities


20


35


27


101


Cash payments to acquire fixed assets, intangible assets and
other long-term assets


659


940


1,337


1,530


Total cash outflows from investing activities


659


940


1,337


1,530


Net cash flows from investing activities


(639)


(905)


(1,310)


(1,429)

 

 

 

CONSOLIDATED CASH FLOW STATEMENT (CONTINUED) (Unaudited)

RMB in millions














Three months ended


Six months ended




Jun 30, 2020


Jun 30, 2019


Jun 30, 2020


Jun 30, 2019


CASH FLOWS FROM FINANCING ACTIVITIES










Cash receipts from borrowings


2,601


2,632


8,531


8,494


Other cash receipts relating to financing activities


0


777


0


777


Total cash inflows from financing activities


2,601


3,409


8,531


9,271


Cash repayments for debts


2,393


2,379


8,141


9,206


Cash payments for distribution of dividends or profit and
interest expenses


141


136


305


437


Other cash payments relating to financing activities


111


284


285


717


Total cash outflows from financing activities


2,645


2,799


8,731


10,360


Net cash flows from financing activities


(44)


610


(200)


(1,089)


EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS


(7)


26


16


6


NET INCREASE IN CASH AND CASH EQUIVALENTS


314


379


659


(1,695)


Add: Cash and cash equivalents at beginning of the year


2,211


2,132


1,866


4,206


CASH AND CASH EQUIVALENTS AT END OF THE PERIOD


2,525


2,511


2,525


2,511


 

 

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