Ad-hoc | 26 August 2009 13:27
ZhongDe Waste Technology AG / Half Year Results
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
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The issuer is solely responsible for the content of this announcement.
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In the first half of the fiscal year 2009 the revenues of ZhongDe Waste
Technology-Group decreased by 1.6m EUR to 18.4m EUR compared to the first
half 2008. In the same time period the EBITDA decreased by 6.4m EUR to 4.5m
EUR.
The decrease of the revenues results from a lower number of sold small- and
medium-size incinerators in the first half year 2009 compared to the first
half 2008. Some Chinese municipalities have postponed their purchase plans
for the small-sized incinerators due to reduced tax incomes as a
consequence of the global economic crisis in the first half of the fiscal
year 2009. The Company has reacted on that market change by shifting its
strategic focus on the market divisions of the large-size EPC (Engineering,
Procurement and Construction) projects, such as the projects in Datong and
Zhaodong. Thanks to the high efficiency and stable cash inflow of the
large-size incineration plants with electricity generation, these
large-size projects are supported not only by the municipal authorities but
also the central government. As the result, the demand for large-size
'waste-to-energy' projects is increasing because of the economy-stimulating
policies of the Chinese government under the circumstance of the global
economic recession.
Regarding the profit development, generally speaking the gross profits
margin of EPC projects is lower than with small- and medium size
incinerators. As the result, the gross profits margin has decreased to 43%
in the first half of 2009, compared to 69% in the same period last year.
The decrease of the EBITDA has reflected that. The Company began to pay
company income tax in 2009 after the two year period of tax-free holiday
has elapsed. The 1.2 m EUR income tax has reduced the net profit to 2.1m
EUR.
However, irrespective of the investments for the new facility in Beijing,
the Company's net cash position was improved to 115.8m EUR at 30 June 2009.
Further information and the complete half year financial report for the
first part of the fiscal year 2009 will be published by ZhongDe Waste
Technology AG on 31 August 2009.
William Jiuhua Wang
Director & CFO
ZhongDe Waste Technology AG
Phone: +86 (10) 885 98 010
E-Mail: william.jw@zhongdetech.com
26.08.2009 Financial News transmitted by DGAP
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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, München, Hamburg, Stuttgart
End of News DGAP News-Service
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