Corporate | 30 November 2011 09:41
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ZhongDe Waste Technology AG / Key word(s): Quarter Results
Frankfurt, 30 November 2011 – In the third quarter of 2011, ZhongDe Waste Technology AG ('ZhongDe', 'the Company', Ticker symbol 'ZEF') achieved revenues of EUR 6.4 million and a gross profit of EUR 1.3 million. This represents a year-on-year revenue increase of 38.8% and a gross profit increase of 3.0%. However, EBIT decreased to EUR -1.2 million (Q3 2010: EUR -0.6 million) and net profit fell to EUR -1.8 million (Q3 2010: EUR 0.3 million). Increased selling and distribution expenses together with higher administrative expenses for newly hired staff were the main reasons for the operating loss in Q3 2011. In the first nine moths of 2011, ZhongDe's revenues decreased by 31.5% to EUR 13.4 million (9M 2010: EUR 19.6 million) and EBIT decreased to EUR -3.7 million (9M 2010: EUR -1.2 million) year-on-year, due to the delay of construction works on energy-from-waste-projects. ZhongDe's cash position of around EUR 100 million as at 30 September 2011 still remains on a high level. This strong cash position ensures the flexibility of ZhongDe in the fields of BOT investment and project finance. Although no new orders were taken in during Q3 2011, there are currently four new project contracts in the process of approval by ZhongDe. The order backlog decreased by 11.2% to EUR 150.0 million year-on-year. This was mainly a result of the construction phase of BOT and EPC projects being recognised according to the PoC (percentage of completion) method and due to foreign exchange differences. ZhongDe expects three or four projects, which are currently under construction, to be completed in 2012. In line with this delay of completion dates, the Company anticipates the affected projects to generate their contribution to the Company's income in the course of 2012. Accordingly, ZhongDe now expects revenues and net result for the full year 2011 to be slightly below previous year's benchmark. 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
Herriotstr. 1
T: +49 69 67733 172
Kirchhoff Consult AG
Nicole Schüttforth
T: +49 40 60 91 86 64
End of Corporate News 30.11.2011 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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