Corporate | 10 November 2008 09:29
ZhongDe Waste Technology AG / Preliminary Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.
----------------------------------------------------------------------
Press Release
ZhongDe Waste Technology AG releases preliminary results for the nine
months to 30 September 2008: revenues increased by 82% in Q3 2008 – net
profit of € 18.7 million in Q1-3 2008 and € 6.5 million in Q3 2008 – order
backlog increased by 215% to € 36.3 million
Hamburg, 10 November 2008 – ZhongDe Waste Technology AG ('the Company',
ticker symbol 'ZEF') today announced preliminary results for the first nine
months of the financial year as at 30 September 2008.
Revenues:
Sales revenues grew strongly to € 35.7 million in the nine months to end of
September 2008, an increase of 51% compared to the same period in 2007,
with a contribution of € 15.6 million in Q3 2008 compared to € 8.5 million
in Q3 2007.
EBITDA:
EBITDA rose by 24% in the first nine months of 2008 to € 17.4 million
compared to € 14.0 million in 2007 and to € 6.4 million in Q3 2008 compared
to € 5.2 million in Q3 2007.
Net result:
The net profit increased to € 18.7 million in the nine months to September
2008, compared with € 14.4 million in the previous year period. In Q3 2008,
net profit amounted to € 6.5 million compared to € 5.5 million in Q3 2007,
an increase of 17%.
Order intake and order backlog:
Total order intake in the nine months to the end of September 2008 rose to
€ 53.0 million, a substantial rise compared to the same period in 2007 at €
29.8 million. The order backlog as at 30 September 2008 amounted to € 36.3
million*, an increase of 215% compared to € 11.5 million in 2007.
Earnings per share:
Earnings per share amounted to € 1.44 in the first nine months of 2008,
with € 0.50 in Q3 2008, compared to € 1.10 and € 0.43, respectively in
2007.
The company’s CEO Zefeng Chen states: 'I’m pleased to present our
preliminary results for the nine months to 30 September 2008, in which the
Q3 performance reflects, once again, our ability to grow revenues and
profits in line with expectations. The third quarter for the first time
consolidates contributions from the Datong project, the first of larger
projects which combine waste disposal and electricity generation. The
development of Datong with a total contract volume of approx. € 30 million
shows the Company’s ability to secure large orders, which remains the
primary growth focus in the future'
The gross profit margin came down to 61% in the nine months to the end of
September 2008 from 68% in the same period in 2007, in line with the
anticipated slight margin convergence due to the strategic focus on larger
incinerators. For FY 2008 the management however leaves its previous
guidance unchanged with expectations of revenues above € 50 million and a
net profit margin of above 45%.
The complete financial results for the first nine months up to 30 September
2008 will be published on 28 November 2008.
*Based on exchange rate €/RMB as at 30 September 2008.
Key Financial Highlights
Key figures in k€ Q3 2008 Q3 2007 Change Q1-3 2008 Q1-3 2007 Change
Order intake 8,455 10,809 -22% 53,013 29,754 +78%
Order backlog 36,264* 11,515 +215% 36,264* 11,515 +215%
Revenues 15,563 8,541 +82% 35,655 23,558 +51%
Gross profit 7,865 6,058 +30% 21,718 16,115 +35%
Gross profit 51% 71% - 61% 68% -
margin
Cost of sales 7,698 2,483 +210% 13,937 7,443 +87%
EBITDA 6,388 5,190 23% 17,363 13,978 +24%
EBITDA margin 41% 61% - 49% 59% -
EBIT 6,317 5,175 22% 17,179 13,939 +23%
EBIT margin 41% 61% - 48% 59% -
Net profit 6,515 5,547 +17% 18,737 14,356 +31%
Net profit margin 42% 65% - 53% 61% -
Earnings per 0.50 0.43 +17% 1.44 1.10 +31%
share
About ZhongDe Group:
ZhongDe Group designs, manufactures and installs pyrolytic, grate and
rotary kiln waste incinerators for the disposal of solid medical, municipal
and industrial (including hazardous) waste. Since 1996, ZhongDe Group has
installed approximately 180 waste incinerators in about 13 provinces, and
more than 120 waste incinerators in the last three financial years alone.
Its waste incinerators are principally constructed for operators of medical
disposal centres in the hospital and healthcare industry, as well as for
small and midsized Chinese cities in developed areas of the People’s
Republic of China. ZhongDe Group is one of the leading suppliers of small
and midsized solid waste incinerators in China, supplying state-of-the-art
products.
Contact
Matthias Link
Director
Citigate Dewe Rogerson GmbH
Goethestraße 26-28
60313 Frankfurt am Main
Tel: 0049-69 90 500-150
Fax: 0049-69 90 500-102
E-Mail: matthias.link@citigatedr.de
Internet: www.citigatedr.de
10.11.2008 Financial News transmitted by DGAP
----------------------------------------------------------------------
Language: English
Issuer: ZhongDe Waste Technology AG
Stadthausbrücke 1-3
20355 Hamburg
Deutschland
Phone: +49 40 37644 745
Fax: +49 40 37644 500
E-mail: cornelia.dieker@zhongdetech.de
Internet: www.zhongdetech.de
ISIN: DE000ZDWT018
WKN: ZDWT01
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------------