 |
JCET Q3 2021 Financial Highlights:
- Revenue was RMB 8.10 billion, an increase of 19.3% year on year. A record high third quarter in the company’s history.
- Generated RMB 1.91 billion cash from operations, an increase of 29.2% year on year. With net capex investments of RMB 1.27 billion, free cash flow for the quarter was RMB 0.64 billion.
- Net profit was RMB 0.79 billion, a record high third quarter in the company’s history.
- Earnings per share was RMB 0.45, as compared to RMB 0.25 in Q3 2020.
SHANGHAI, Oct. 27, 2021 /PRNewswire/ — Today, JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) manufacturing and technology services announced its financial results for the third quarter of 2021. According to the financial report, JCET achieved revenue of RMB 8.10 billion in the third quarter, an increase of 19.3% year on year, and net profit of RMB 0.79 billion, a record high third quarter in the company’s history.
Ms. Janet Chou, CFO of JCET said, "We delivered another quarter of record highs in revenue and profit in Q3. Our balance sheet continues to be strengthened with significant improvements in our key financial metrics. JCET’s outstanding performance in 2021 is the result of the successful execution of our focused growth strategy."
Mr. Li Zheng, CEO of JCET said, "After delivering record high results in the first half of 2021, JCET continued its positive momentum of steady growth in the third quarter. In the second half of this year, JCET’s global manufacturing centers continue to optimize their mass production technologies and operational efficiency. All manufacturing centers continue to enhance their R&D and innovation capabilities for advanced technologies. In particular, the XDFOI™ series of products for 3D packaging was launched in July providing industry-leading ultra-high density heterogeneous integration solutions for a wide range of global customers engaged in high performance computing. The company’s development over the past 50 years has built a solid foundation for the more internationalized management strategies implemented by JCET in recent years. With the support of shareholders and the collaborative efforts of all our employees, JCET is growing together with its customers and partners and has entered a new phase of technology leadership and steady growth."
Click to view: JCET 2021 Third Quarter Report
About JCET Group
JCET Group is the world’s leading integrated-circuit manufacturing and technology services 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 |
||||||||
|
Sep 30, 2021 |
Dec 31, 2020 |
|||||||
|
ASSETS |
||||||||
|
Current assets |
||||||||
|
Currency funds |
2,980 |
2,235 |
||||||
|
Trading financial assets |
1,925 |
5 |
||||||
|
Derivative financial assets |
2 |
8 |
||||||
|
Accounts receivable |
4,218 |
3,846 |
||||||
|
Receivables financing |
44 |
41 |
||||||
|
Prepayments |
336 |
158 |
||||||
|
Other receivables |
31 |
41 |
||||||
|
Inventories |
3,674 |
2,946 |
||||||
|
Other current assets |
129 |
149 |
||||||
|
Total current assets |
13,339 |
9,429 |
||||||
|
Non-current assets |
||||||||
|
Long-term receivables |
38 |
42 |
||||||
|
Long-term equity investments |
772 |
949 |
||||||
|
Other equity investments |
430 |
430 |
||||||
|
Investment properties |
93 |
96 |
||||||
|
Fixed assets |
18,219 |
17,790 |
||||||
|
Construction in progress |
1,015 |
866 |
||||||
|
Right-of-use assets |
661 |
0 |
||||||
|
Intangible assets |
444 |
526 |
||||||
|
Goodwill |
2,058 |
2,071 |
||||||
|
Deferred tax assets |
85 |
128 |
||||||
|
Other non-current assets |
1 |
1 |
||||||
|
Total non-current assets |
23,816 |
22,899 |
||||||
|
Total assets |
37,155 |
32,328 |
||||||
|
LIABILITIES AND EQUITY |
||||||||
|
Current liabilities |
||||||||
|
Short-term borrowings |
3,827 |
5,288 |
||||||
|
Derivative financial liabilities |
17 |
0 |
||||||
|
Notes payable |
422 |
513 |
||||||
|
Accounts payable |
6,034 |
4,499 |
||||||
|
Contract liabilities |
342 |
173 |
||||||
|
Employee benefits payable |
916 |
858 |
||||||
|
Taxes and surcharges payable |
139 |
109 |
||||||
|
Other payables |
286 |
254 |
||||||
|
Current portion of long-term liabilities |
1,357 |
2,131 |
||||||
|
Other current liabilities |
12 |
21 |
||||||
|
Total current liabilities |
13,352 |
13,846 |
||||||
|
Non-current liabilities |
||||||||
|
Long-term borrowings |
2,415 |
2,978 |
||||||
|
Bonds payable |
0 |
999 |
||||||
|
Lease liabilities |
638 |
0 |
||||||
|
Long-term payables |
0 |
592 |
||||||
|
Long-term employee benefits payable |
4 |
4 |
||||||
|
Deferred income |
335 |
375 |
||||||
|
Deferred tax liabilities |
132 |
124 |
||||||
|
Total non-current liabilities |
3,524 |
5,072 |
||||||
|
Total liabilities |
16,876 |
18,918 |
||||||
|
Equity |
||||||||
|
Paid-in capital |
1,780 |
1,603 |
||||||
|
Capital reserves |
14,984 |
10,242 |
||||||
|
Accumulated other comprehensive income |
(160) |
(83) |
||||||
|
Surplus reserves |
120 |
120 |
||||||
|
Unappropriated profit |
3,544 |
1,518 |
||||||
|
Total equity attributable to owners of the parent |
20,268 |
13,400 |
||||||
|
Minority shareholders |
11 |
10 |
||||||
|
Total equity |
20,279 |
13,410 |
||||||
|
Total liabilities and equity |
37,155 |
32,328 |
||||||
|
CONSOLIDATED INCOME STATEMENT (Unaudited) |
RMB in millions, except share data |
|||||||
|
Three months ended |
Nine months ended |
|||||||
|
Sep 30, 2021 |
Sep 30, 2020 |
Sep 30, 2021 |
Sep 30, 2020 |
|||||
|
Revenue |
8,099 |
6,787 |
21,917 |
18,763 |
||||
|
Less: Cost of sales |
6,576 |
5,631 |
18,006 |
15,863 |
||||
|
Taxes and surcharges |
16 |
11 |
58 |
28 |
||||
|
Selling expenses |
49 |
59 |
145 |
175 |
||||
|
Administrative expenses |
276 |
252 |
743 |
687 |
||||
|
Research and development expenses |
312 |
277 |
860 |
768 |
||||
|
Finance expenses |
20 |
179 |
176 |
482 |
||||
|
Including: Interest expenses |
70 |
131 |
270 |
433 |
||||
|
Interest income |
14 |
12 |
34 |
31 |
||||
|
Add: Other income |
38 |
17 |
135 |
97 |
||||
|
Investment income / (loss) |
15 |
(1) |
299 |
(8) |
||||
|
Including: Income / (loss) from investments in associates and joint ventures |
3 |
(1) |
286 |
(8) |
||||
|
Gain / (loss) on the net position hedging |
(8) |
6 |
(11) |
1 |
||||
|
Gain / (loss) on changes in fair value of financial assets/liabilities |
0 |
28 |
0 |
28 |
||||
|
Credit impairment (loss is expressed by "-") |
14 |
(1) |
14 |
(7) |
||||
|
Asset impairment (loss is expressed by "-") |
(34) |
0 |
(52) |
(25) |
||||
|
Gain / (loss) on disposal of assets |
16 |
33 |
30 |
42 |
||||
|
Operating profit / (loss) |
891 |
460 |
2,344 |
888 |
||||
|
Add: Non-operating income |
0 |
3 |
6 |
3 |
||||
|
Less: Non-operating expenses |
8 |
10 |
11 |
18 |
||||
|
Profit / (loss) before income taxes |
883 |
453 |
2,339 |
873 |
||||
|
Less: Income tax expenses |
89 |
55 |
222 |
108 |
||||
|
Net profit / (loss) |
794 |
398 |
2,117 |
765 |
||||
|
Classified by continuity of operations |
||||||||
|
Profit / (loss) from continuing operations |
794 |
398 |
2,117 |
765 |
||||
|
Classified by ownership |
||||||||
|
Net profit / (loss) attributable to owners of the parent |
793 |
398 |
2,116 |
764 |
||||
|
Net profit / (loss) attributable to minority shareholders |
1 |
0 |
1 |
1 |
||||
|
Add: Unappropriated profit at beginning of period |
2,751 |
598 |
1,517 |
231 |
||||
|
Less: Cash dividends payable |
0 |
0 |
89 |
0 |
||||
|
Other reductions |
0 |
2 |
0 |
2 |
||||
|
Unappropriated profit at end of period (attributable to owners of the parent) |
3,544 |
994 |
3,544 |
994 |
||||
|
Other comprehensive income, net of tax |
24 |
(354) |
(78) |
(197) |
||||
|
Comprehensive income attributable to owners of the parent |
24 |
(354) |
(78) |
(197) |
||||
|
Comprehensive income not be reclassified to profit or loss |
0 |
(10) |
1 |
(10) |
||||
|
Remeasurement gains or losses of a defined benefit plan |
0 |
0 |
1 |
0 |
||||
|
Change in the fair value of other equity investments |
0 |
(10) |
0 |
(10) |
||||
|
Comprehensive income to be reclassified to profit or loss |
24 |
(344) |
(79) |
(187) |
||||
|
Comprehensive income using the equity method that may be reclassified to profit or loss |
0 |
0 |
(21) |
0 |
||||
|
Cash flow hedge reserve |
(4) |
(1) |
(9) |
1 |
||||
|
Exchange differences of foreign currency financial statements |
28 |
(343) |
(49) |
(188) |
||||
|
Total comprehensive income |
818 |
42 |
2,039 |
567 |
||||
|
Including: |
||||||||
|
Total comprehensive income attributable to owners of the parent |
817 |
42 |
2,038 |
566 |
||||
|
Total comprehensive income attributable to minority shareholders |
1 |
0 |
1 |
1 |
||||
|
Earnings per share |
||||||||
|
Basic earnings per share |
0.45 |
0.25 |
1.23 |
0.48 |
||||
|
Diluted earnings per share |
0.45 |
0.25 |
1.23 |
0.48 |
||||
|
CONSOLIDATED CASH FLOW STATEMENT (Unaudited) |
RMB in millions |
|||||||
|
Three months ended |
Nine months ended |
|||||||
|
Sep 30, 2021 |
Sep 30, 2020 |
Sep 30, 2021 |
Sep 30, 2020 |
|||||
|
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
|
Cash receipts from the sale of goods and the rendering of services |
8,048 |
6,468 |
22,834 |
19,360 |
||||
|
Receipts of taxes and surcharges refunds |
107 |
105 |
340 |
528 |
||||
|
Other cash receipts relating to operating activities |
94 |
244 |
207 |
767 |
||||
|
Total cash inflows from operating activities |
8,249 |
6,817 |
23,381 |
20,655 |
||||
|
Cash payments for goods and services |
4,995 |
4,241 |
14,415 |
13,584 |
||||
|
Cash payments to and on behalf of employees |
1,057 |
856 |
3,327 |
2,644 |
||||
|
Payments of all types of taxes and surcharges |
210 |
81 |
589 |
313 |
||||
|
Other cash payments relating to operating activities |
75 |
159 |
257 |
482 |
||||
|
Total cash outflows from operating activities |
6,337 |
5,337 |
18,588 |
17,023 |
||||
|
Net cash flows from operating activities |
1,912 |
1,480 |
4,793 |
3,632 |
||||
|
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
|
Cash receipts from returns of investments |
2,455 |
6 |
2,852 |
6 |
||||
|
Cash receipts from investment income |
13 |
0 |
13 |
0 |
||||
|
Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets |
93 |
38 |
261 |
65 |
||||
|
Total cash inflows from investing activities |
2,561 |
44 |
3,126 |
71 |
||||
|
Cash payments to acquire fixed assets, intangible assets and other long-term assets |
1,365 |
726 |
3,013 |
2,062 |
||||
|
Cash payments for investments |
2,420 |
0 |
4,376 |
0 |
||||
|
Total cash outflows from investing activities |
3,785 |
726 |
7,389 |
2,062 |
||||
|
Net cash flows from investing activities |
(1,224) |
(682) |
(4,263) |
(1,991) |
||||
|
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
|
Cash proceeds from investments by others |
0 |
0 |
4,966 |
0 |
||||
|
Cash receipts from borrowings |
2,268 |
1,418 |
4,629 |
9,950 |
||||
|
Other cash receipts relating to financing activities |
0 |
0 |
347 |
0 |
||||
|
Total cash inflows from financing activities |
2,268 |
1,418 |
9,942 |
9,950 |
||||
|
Cash repayments for debts |
2,985 |
2,311 |
8,515 |
10,452 |
||||
|
Cash payments for distribution of dividends or profit and interest expenses |
161 |
120 |
366 |
425 |
||||
|
Other cash payments relating to financing activities |
212 |
206 |
771 |
491 |
||||
|
Total cash outflows from financing activities |
3,358 |
2,637 |
9,652 |
11,368 |
||||
|
Net cash flows from financing activities |
(1,090) |
(1,219) |
290 |
(1,418) |
||||
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
1 |
(48) |
(7) |
(33) |
||||
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
(401) |
(469) |
813 |
190 |
||||
|
Add: Cash and cash equivalents at beginning of period |
3,381 |
2,525 |
2,167 |
1,866 |
||||
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
2,980 |
2,056 |
2,980 |
2,056 |
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