[PRNewswire] Fully Integrated and Optimized Strategies for Growth Propel JCET
to Quarterly Highs for Revenue and Profit in Q1 2021
* Q1 2021 financial highlights:
- Revenue was RMB 6.71 billion. It was an increase of 17.6% year on year and a record high first quarter in the company's history.
- Generated RMB 1.20 billion cash from operations, up 4.9% year on year. With net capex investments of RMB 0.56 billion, free cash flow for the quarter was RMB 0.64 billion.
- Net profit was RMB 0.39 billion. A record high first quarter in the company's history with 188.7% year on year growth.
- Earnings per share was RMB 0.24, as compared to RMB 0.08 in Q1 2020.
(SHANGHAI, April 28, 2021 PRNewswire=연합뉴스) JCET (SSE: 600584), a leading global provider of integrated circuit (IC) manufacturing and technology services, today announced its financial results for the first quarter of 2021 ended March 31, 2021. According to the financial report, in Q1 2021, JCET maintained its momentum of growth and strong profitability, with revenue of RMB 6.71 billion and net profit of RMB 0.39 billion, which achieved 17.6% and 188.7% year on year growth respectively
In 2020, JCET played on its strengths of unparalleled industry insights and strategies, promoted development with innovation, and improved efficiency led by a world class management team. After nearly two years of resource optimization and integration, JCET's operations are now running in their optimum mode. With a concise development strategy and roadmap in place, as well as a team driven by passion to win, JCET has constructed a solid foundation for growth in 2021.
Mr. Li Zheng, CEO of JCET said, "After reaching new highs in financial performance for 2020, including a net profit more than doubled of the previous 17 years' combined, JCET's earnings and revenue for the first quarter of 2021 again set new records year-over-year. Our continued excellence in R&D, manufacturing and strategic management is the key to our success and positions us well for even better results in 2021."
Ms. Janet Chou, CFO of JCET said: "We achieved record quarterly revenue and profitability. Our gross margin expanded 2.9 percentage points year over year. Our debt leverage ratio decreased to below 2.0. We delivered RMB 0.64 billion free cash flow which demonstrated the strength of our business model. Our outstanding performance reflects solid execution of our growth strategy."
Recently, with a strong recovery underway in the automotive market and an increased demand for deeper collaborative design within the industry supply chain, JCET announced the official opening of its Automotive Electronics Business Center and Design Services Business Center to further enhance the technology innovation advantage. The investment of resources into these two new business units demonstrates JCET's commitment to promoting collaborative and synergistic development across the IC industry and further strengthens its position for continued growth.
For more information, please refer to JCET Q1FY2021 report.
CONSOLIDATED BALANCE SHEET (Unaudited) (RMB in millions)
_____ | As of Mar 31, 2021 | As of Dec 31, 2020
ASSETS
Current assets
Currency funds | 1,913 | 2,235
Trading financial assets | 5 | 5
Derivative financial assets | 0 | 8
Accounts receivable | 3,458 | 3,846
Receivables financing | 58 | 41
Prepayments | 190 | 158
Other receivables | 26 | 41
Inventories | 2,650 | 2,946
Other current assets | 83 | 149
Total current assets | 8,383 | 9,429
Non-current assets
Long-term receivables | 40 | 42
Long-term equity investments | 948 | 949
Other equity investments | 432 | 430
Investment properties | 95 | 96
Fixed assets | 18,065 | 17,790
Construction in progress | 689 | 866
Right-of-use assets | 709 | 0
Intangible assets | 477 | 526
Goodwill | 2,086 | 2,071
Deferred tax assets | 106 | 128
Other non-current assets | 1 | 1
Total non-current assets | 23,648 | 22,899
Total assets | 32,031 |32,328
CONSOLIDATED BALANCE SHEET (CONTINUED) (Unaudited) (RMB in millions)
_____ | As of Mar 31, 2021 | As of Dec 31, 2020
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings | 4,477 | 5,288
Derivative financial liabilities | 7 | 0
Notes payable | 449 | 513
Accounts payable | 4,155 | 4,499
Contract liabilities | 271 | 173
Employee benefits payable | 664 | 858
Taxes and surcharges payable | 135 | 109
Other payables | 232 | 254
Current portion of long-term liabilities | 2,474 | 2,131
Other current liabilities | 315 | 21
Total current liabilities | 13,179 | 13,846
Non-current liabilities
Long-term borrowings | 2,446 | 2,978
Bonds payable | 999 | 999
Lease liabilities | 597 | 0
Long-term payables | 487 | 592
Long-term employee benefits payable | 7 | 4
Deferred income | 344 | 375
Deferred tax liabilities | 129 | 124
Total non-current liabilities | 5,009 | 5,072
Total liabilities | 18,188 | 18,918
Equity
Paid-in capital | 1,603 | 1,603
Surplus reserves | 10,242 | 10,242
Accumulated other comprehensive income | (36) | (83)
Specialized reserves | 120 | 120
Unappropriated profit | 1,904 | 1,518
Total equity attributable to owners of the parent | 13,833 | 13,400
Minority shareholders | 10 | 10
Total equity | 13,843 | 13,410
Total liabilities and equity | 32,031 | 32,328
CONSOLIDATED INCOME STATEMENT (Unaudited) (RMB in millions, except share data)
_____ | Three months ended Mar 31, 2021 | Three months ended Mar 31, 2020
Revenue | 6,712 | 5,708
Less: Cost of sales | 5,636 | 4,961
Taxes and surcharges | 20 | 8
Selling expenses | 49 | 57
Administrative expenses | 230 | 209
Research and development expenses | 258 | 215
Finance expenses | 96 | 147
Including: Interest expenses | 110 | 154
Interest income | 5 | 9
Add: Other income | 41 | 34
Investment income / (loss) | (2) | (1)
Including: Income / (loss) from investments in associates and joint ventures | (2) | (1)
Gain / (loss) on the net position hedging | (2) | (1)
Credit impairment (loss is expressed by "-") | 4 | 5
Asset impairment (loss is expressed by "-") | (28) | 3
Gain / (loss) on disposal of assets | 6 | 4
Operating profit / (loss) | 442 | 155
Less: Non-operating expenses | 2 | 6
Profit / (loss) before income taxes | 440 | 149
Less: Income tax expenses | 53 | 15
Net profit / (loss) | 387 | 134
Classified by continuity of operations
Profit / (loss) from continuing operations | 387 | 134
Classified by ownership
Net profit / (loss) attributable to owners of the parent | 386 | 134
Net profit / (loss) attributable to minority shareholders | 1 | 0
Add: Unappropriated profit at beginning of period | 1,518 | 231
Unappropriated profit at end of period (attributable to owners of the parent) | 1,904 | 365
CONSOLIDATED INCOME STATEMENT (CONTINUED) (Unaudited) (RMB in millions, except share data)
_____ | Three months ended Mar 31, 2021 | Three months ended Mar 31, 2020
Other comprehensive income, net of tax | 47 | 131
Comprehensive income attributable to owners of the parent | 47 | 131
Comprehensive income not be reclassified to profit or loss | 1 | 0
Remeasurement gains or losses of a defined benefit plan | 1 | 0
Comprehensive income to be reclassified to profit or loss | 46 | 131
Cash flow hedge reserve | (10) | (2)
Exchange differences of foreign currency financial statements | 56 | 133
Total comprehensive income | 434 | 265
Including:
Total comprehensive income attributable to owners of the parent | 433 | 265
Total comprehensive income attributable to minority shareholders | 1 | 0
Earnings per share
Basic earnings per share | 0.24 | 0.08
Diluted earnings per share | 0.24 | 0.08
CONSOLIDATED CASH FLOW STATEMENT (Unaudited) (RMB in millions)
_____ | Three months ended Mar 31, 2021 | Three months ended Mar 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from the sale of goods and the rendering of services | 7,439 | 6,035
Receipts of taxes and surcharges refunds | 157 | 223
Other cash receipts relating to operating activities | 51 | 293
Total cash inflows from operating activities | 7,647 | 6,551
Cash payments for goods and services | 5,073 | 4,225
Cash payments to and on behalf of employees | 1,128 | 959
Payments of all types of taxes and surcharges | 130 | 90
Other cash payments relating to operating activities | 112 | 128
Total cash outflows from operating activities | 6,443 | 5,402
Net cash flows from operating activities | 1,204 | 1,149
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets | 36 | 7
Total cash inflows from investing activities | 36 | 7
Cash payments to acquire fixed assets, intangible assets and other long-term assets | 597 | 678
Total cash outflows from investing activities | 597 | 678
Net cash flows from investing activities | (561) | (671)
CONSOLIDATED CASH FLOW STATEMENT (CONTINUED) (Unaudited) (RMB in millions)
_____ | Three months ended Mar 31, 2021 | Three months ended Mar 31, 2020
CASH FLOWS FROM FINANCING ACTIVITIES
Cash receipts from borrowings | 1,623 | 5,931
Other cash receipts relating to financing activities | 347 | 0
Total cash inflows from financing activities | 1,970 | 5,931
Cash repayments for debts | 2,662 | 5,748
Cash payments for distribution of dividends or profit and interest expenses | 134 | 164
Other cash payments relating to financing activities | 107 | 174
Total cash outflows from financing activities | 2,903 | 6,086
Net cash flows from financing activities | (933) | (155)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 7 | 22
NET INCREASE IN CASH AND CASH EQUIVALENTS | (283) | 345
Add: Cash and cash equivalents at beginning of period | 2,167 | 1,866
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,884 | 2,211
Logo - https://mma.prnewswire.com/media/1498784/JCET_Logo.jpg
(PRNewsfoto/JCET Group)
Source: JCET Group
[편집자 주] 본고는 자료 제공사에서 제공한 것으로, 연합뉴스는 내용에 대해 어떠한 편집도 하지 않았음을 밝혀 드립니다.
(끝)
출처 : PRNewswire 보도자료
to Quarterly Highs for Revenue and Profit in Q1 2021
* Q1 2021 financial highlights:
- Revenue was RMB 6.71 billion. It was an increase of 17.6% year on year and a record high first quarter in the company's history.
- Generated RMB 1.20 billion cash from operations, up 4.9% year on year. With net capex investments of RMB 0.56 billion, free cash flow for the quarter was RMB 0.64 billion.
- Net profit was RMB 0.39 billion. A record high first quarter in the company's history with 188.7% year on year growth.
- Earnings per share was RMB 0.24, as compared to RMB 0.08 in Q1 2020.
(SHANGHAI, April 28, 2021 PRNewswire=연합뉴스) JCET (SSE: 600584), a leading global provider of integrated circuit (IC) manufacturing and technology services, today announced its financial results for the first quarter of 2021 ended March 31, 2021. According to the financial report, in Q1 2021, JCET maintained its momentum of growth and strong profitability, with revenue of RMB 6.71 billion and net profit of RMB 0.39 billion, which achieved 17.6% and 188.7% year on year growth respectively
In 2020, JCET played on its strengths of unparalleled industry insights and strategies, promoted development with innovation, and improved efficiency led by a world class management team. After nearly two years of resource optimization and integration, JCET's operations are now running in their optimum mode. With a concise development strategy and roadmap in place, as well as a team driven by passion to win, JCET has constructed a solid foundation for growth in 2021.
Mr. Li Zheng, CEO of JCET said, "After reaching new highs in financial performance for 2020, including a net profit more than doubled of the previous 17 years' combined, JCET's earnings and revenue for the first quarter of 2021 again set new records year-over-year. Our continued excellence in R&D, manufacturing and strategic management is the key to our success and positions us well for even better results in 2021."
Ms. Janet Chou, CFO of JCET said: "We achieved record quarterly revenue and profitability. Our gross margin expanded 2.9 percentage points year over year. Our debt leverage ratio decreased to below 2.0. We delivered RMB 0.64 billion free cash flow which demonstrated the strength of our business model. Our outstanding performance reflects solid execution of our growth strategy."
Recently, with a strong recovery underway in the automotive market and an increased demand for deeper collaborative design within the industry supply chain, JCET announced the official opening of its Automotive Electronics Business Center and Design Services Business Center to further enhance the technology innovation advantage. The investment of resources into these two new business units demonstrates JCET's commitment to promoting collaborative and synergistic development across the IC industry and further strengthens its position for continued growth.
For more information, please refer to JCET Q1FY2021 report.
CONSOLIDATED BALANCE SHEET (Unaudited) (RMB in millions)
_____ | As of Mar 31, 2021 | As of Dec 31, 2020
ASSETS
Current assets
Currency funds | 1,913 | 2,235
Trading financial assets | 5 | 5
Derivative financial assets | 0 | 8
Accounts receivable | 3,458 | 3,846
Receivables financing | 58 | 41
Prepayments | 190 | 158
Other receivables | 26 | 41
Inventories | 2,650 | 2,946
Other current assets | 83 | 149
Total current assets | 8,383 | 9,429
Non-current assets
Long-term receivables | 40 | 42
Long-term equity investments | 948 | 949
Other equity investments | 432 | 430
Investment properties | 95 | 96
Fixed assets | 18,065 | 17,790
Construction in progress | 689 | 866
Right-of-use assets | 709 | 0
Intangible assets | 477 | 526
Goodwill | 2,086 | 2,071
Deferred tax assets | 106 | 128
Other non-current assets | 1 | 1
Total non-current assets | 23,648 | 22,899
Total assets | 32,031 |32,328
CONSOLIDATED BALANCE SHEET (CONTINUED) (Unaudited) (RMB in millions)
_____ | As of Mar 31, 2021 | As of Dec 31, 2020
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings | 4,477 | 5,288
Derivative financial liabilities | 7 | 0
Notes payable | 449 | 513
Accounts payable | 4,155 | 4,499
Contract liabilities | 271 | 173
Employee benefits payable | 664 | 858
Taxes and surcharges payable | 135 | 109
Other payables | 232 | 254
Current portion of long-term liabilities | 2,474 | 2,131
Other current liabilities | 315 | 21
Total current liabilities | 13,179 | 13,846
Non-current liabilities
Long-term borrowings | 2,446 | 2,978
Bonds payable | 999 | 999
Lease liabilities | 597 | 0
Long-term payables | 487 | 592
Long-term employee benefits payable | 7 | 4
Deferred income | 344 | 375
Deferred tax liabilities | 129 | 124
Total non-current liabilities | 5,009 | 5,072
Total liabilities | 18,188 | 18,918
Equity
Paid-in capital | 1,603 | 1,603
Surplus reserves | 10,242 | 10,242
Accumulated other comprehensive income | (36) | (83)
Specialized reserves | 120 | 120
Unappropriated profit | 1,904 | 1,518
Total equity attributable to owners of the parent | 13,833 | 13,400
Minority shareholders | 10 | 10
Total equity | 13,843 | 13,410
Total liabilities and equity | 32,031 | 32,328
CONSOLIDATED INCOME STATEMENT (Unaudited) (RMB in millions, except share data)
_____ | Three months ended Mar 31, 2021 | Three months ended Mar 31, 2020
Revenue | 6,712 | 5,708
Less: Cost of sales | 5,636 | 4,961
Taxes and surcharges | 20 | 8
Selling expenses | 49 | 57
Administrative expenses | 230 | 209
Research and development expenses | 258 | 215
Finance expenses | 96 | 147
Including: Interest expenses | 110 | 154
Interest income | 5 | 9
Add: Other income | 41 | 34
Investment income / (loss) | (2) | (1)
Including: Income / (loss) from investments in associates and joint ventures | (2) | (1)
Gain / (loss) on the net position hedging | (2) | (1)
Credit impairment (loss is expressed by "-") | 4 | 5
Asset impairment (loss is expressed by "-") | (28) | 3
Gain / (loss) on disposal of assets | 6 | 4
Operating profit / (loss) | 442 | 155
Less: Non-operating expenses | 2 | 6
Profit / (loss) before income taxes | 440 | 149
Less: Income tax expenses | 53 | 15
Net profit / (loss) | 387 | 134
Classified by continuity of operations
Profit / (loss) from continuing operations | 387 | 134
Classified by ownership
Net profit / (loss) attributable to owners of the parent | 386 | 134
Net profit / (loss) attributable to minority shareholders | 1 | 0
Add: Unappropriated profit at beginning of period | 1,518 | 231
Unappropriated profit at end of period (attributable to owners of the parent) | 1,904 | 365
CONSOLIDATED INCOME STATEMENT (CONTINUED) (Unaudited) (RMB in millions, except share data)
_____ | Three months ended Mar 31, 2021 | Three months ended Mar 31, 2020
Other comprehensive income, net of tax | 47 | 131
Comprehensive income attributable to owners of the parent | 47 | 131
Comprehensive income not be reclassified to profit or loss | 1 | 0
Remeasurement gains or losses of a defined benefit plan | 1 | 0
Comprehensive income to be reclassified to profit or loss | 46 | 131
Cash flow hedge reserve | (10) | (2)
Exchange differences of foreign currency financial statements | 56 | 133
Total comprehensive income | 434 | 265
Including:
Total comprehensive income attributable to owners of the parent | 433 | 265
Total comprehensive income attributable to minority shareholders | 1 | 0
Earnings per share
Basic earnings per share | 0.24 | 0.08
Diluted earnings per share | 0.24 | 0.08
CONSOLIDATED CASH FLOW STATEMENT (Unaudited) (RMB in millions)
_____ | Three months ended Mar 31, 2021 | Three months ended Mar 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from the sale of goods and the rendering of services | 7,439 | 6,035
Receipts of taxes and surcharges refunds | 157 | 223
Other cash receipts relating to operating activities | 51 | 293
Total cash inflows from operating activities | 7,647 | 6,551
Cash payments for goods and services | 5,073 | 4,225
Cash payments to and on behalf of employees | 1,128 | 959
Payments of all types of taxes and surcharges | 130 | 90
Other cash payments relating to operating activities | 112 | 128
Total cash outflows from operating activities | 6,443 | 5,402
Net cash flows from operating activities | 1,204 | 1,149
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash receipts from disposal of fixed assets, intangible assets and other long-term assets | 36 | 7
Total cash inflows from investing activities | 36 | 7
Cash payments to acquire fixed assets, intangible assets and other long-term assets | 597 | 678
Total cash outflows from investing activities | 597 | 678
Net cash flows from investing activities | (561) | (671)
CONSOLIDATED CASH FLOW STATEMENT (CONTINUED) (Unaudited) (RMB in millions)
_____ | Three months ended Mar 31, 2021 | Three months ended Mar 31, 2020
CASH FLOWS FROM FINANCING ACTIVITIES
Cash receipts from borrowings | 1,623 | 5,931
Other cash receipts relating to financing activities | 347 | 0
Total cash inflows from financing activities | 1,970 | 5,931
Cash repayments for debts | 2,662 | 5,748
Cash payments for distribution of dividends or profit and interest expenses | 134 | 164
Other cash payments relating to financing activities | 107 | 174
Total cash outflows from financing activities | 2,903 | 6,086
Net cash flows from financing activities | (933) | (155)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 7 | 22
NET INCREASE IN CASH AND CASH EQUIVALENTS | (283) | 345
Add: Cash and cash equivalents at beginning of period | 2,167 | 1,866
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,884 | 2,211
Logo - https://mma.prnewswire.com/media/1498784/JCET_Logo.jpg
(PRNewsfoto/JCET Group)
Source: JCET Group
[편집자 주] 본고는 자료 제공사에서 제공한 것으로, 연합뉴스는 내용에 대해 어떠한 편집도 하지 않았음을 밝혀 드립니다.
(끝)
출처 : PRNewswire 보도자료
