Corporate | 31 August 2011 08:45
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ZhongDe Waste Technology AG / Key word(s): Half Year Results
Frankfurt, August 31, 2011 – ZhongDe Waste Technology AG ('ZhongDe', 'the Company', Ticker symbol 'ZEF') today published its audited results for the second quarter and the first six months of the financial year 2011. In consistency with its already announced preliminary figures, the audited results show improved Q2 2011 revenues compared to Q1 2011, but a decline in revenues on a year-on-year basis. Revenues in Q2 2011 increased by 92% to EUR 4.6 million from EUR 2.4 million in Q1 2011. However, ZhongDe's revenues decreased by 59% in Q2 2011 compared to the EUR 11.3 million revenues in Q2 2010. The decreased revenues were the main reason for the net loss of EUR -1.8 million in Q2 2011. In the first six months of 2011, ZhongDe recorded total revenues of EUR 7.0 million, a decline of 53% compared to H1 2010 revenues of EUR 15.0 million. The EBITDA showed a corresponding development, amounting to EUR -2.2 million (H1 2010: EUR -0.4 million). As a consequence, the Company recorded a net loss for the first half of 2011 of EUR -3.2 million (H1 2010: EUR -1.7 million). The major reason for the decrease in revenues in Q2 and H1 2011 is the delay of the construction progress of current large-scale energy-from-waste projects, which still caused by the delay of local government approvals. Strong cash and order positions indicate potential revenue increase Although more cash was invested in the construction of ongoing projects, ZhongDe's cash position kept strong and amounted to EUR 99.3 million at the end of the second quarter. Although there is no order intake in Q2 2011, three new project contracts are under the approval procedure of ZhongDe. All three projects are large-size plants with a minimum waste disposal capacity of 1000 ton/day, each of them will bring more order intake and order backlog in 2011. The strong order backlog and cash position indicate the Company's potential in the coming quarters, hence ZhongDe still are confident of catching up with the annual plan of completing one or two projects by the end of 2011, which will bring more annual revenues and profits in 2011 than those in 2010. About ZhongDe Group ZhongDe Group designs, constructs, finances and operates energy-from-waste incineration plants generating electricity from the disposal of solid municipal and industrial waste. ZhongDe realises either EPC (Engineering, Procurement and Construction) or BOT (Build, Operate and Transfer) projects, focusing on large-scale plants with waste disposal capacities of around 1,000 tons per day. Since 1996, ZhongDe Group has installed approximately 200 waste incinerators in 13 provinces and more than 80 waste incinerators in the last three financial years alone. ZhongDe is one of the leading players in the project development and operation of large-size energy-from-waste plants in China. Contact William Jiuhua Wang
Executive Director and CFO
Ying Sun
Investor Relations
T: +49 69 67733 172
Kirchhoff Consult AG
Nicole Schüttforth
T: +49 40 60 91 86 64
End of Corporate News 31.08.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
| Language: | English | |
| Company: | ZhongDe Waste Technology AG | |
| Stadthausbrücke 1-3 | ||
| 20355 Hamburg | ||
| Germany | ||
| Phone: | + 49 69 67733 172 | |
| Fax: | + 49 69 67733 200 | |
| E-mail: | ying.sun@zhongde-ag.de | |
| Internet: | www.zhongde-ag.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 |
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