Corporate | 28 November 2014 08:21
DGAP-News: ZhongDe Waste Technology AG / Key word(s): Quarter Results
28.11.2014 / 08:21
---------------------------------------------------------------------
Results 9M 2014
ZhongDe Waste Technology AG: Strong year-on-year improvement of financial
results in the first nine months 2014
* Revenue grew by 54.9 per cent to 11.5 million Euros
* EBIT increased by 40.4 per cent
* Improved net result of -5.5 million Euros
* Financial outlook confirmed
Frankfurt, 28 November 2014 - The first nine months of 2014 remained a
challenging transition period for ZhongDe Waste Technology AG.
Nevertheless, ZhongDe succeeded in improving its financial results
compared to the previous year period.
During the third quarter 2014 the contribution out of ZhongDe's current BOT
and EPC projects amounting to 6.9 million Euros continued to increase.
While ZhongDe's two current EPC projects Zhucheng and Dingzhou contributed
3.9 million Euros to the total group revenues, BOT projects contributed
3.0 million Euros. Thus revenues in the first nine months of 2014 increased
significantly by 54.9 per cent to 11.5 million Euros (9M 2013: 7.4 million
Euros).
Especially the trial run revenues from the advanced stage BOT projects and
the progress of the EPC projects had a positive impact on ZhongDe's gross
profit, which went up from -0.7 million Euros in the first nine months of
2013 to 2.4 million Euros in the first nine months of 2014. Accordingly,
gross profit margin improved by 30 percentage points to 21 per cent (9M
2013: -9 per cent). EBIT reached -3.1 million Euros (9M 2013: -5.1 million
Euros) - a plus of 40.4 per cent. Net result slightly improved to -5.5
million Euros (9M 2013: -5.8 million Euros).
High order backlog and still strong cash position
Due to the project progress partly compensated by foreign currency
translation ZhongDe's order backlog decreased by 2.6 per cent to 231.9
million Euros (9M 2013: 237.2 million Euros).
As at 30 September 2014, ZhongDe still maintains a strong cash position of
89.2 million Euros (31 December 2013: 110.1 million Euros). Besides the
regular cash outflow due to the company's normal operation, the decrease in
cash position was also caused by repayment of principal and interest for
the loans of BOT projects.
Financial outlook remains unchanged
With regard to the full year of 2014 ZhongDe maintains its outlook given at
the end of June in its half-year report 2014. Thus, the company expects
improved operating results for the full year 2014, although still leading
to a loss before taxes.
The completion of the two BOT projects Zhoukou and Xianning has been
postponed from 2014 to 2015, since it has become apparent during the
trial-run phases that additional adjustment works are needed due to new
government requirements. Furthermore, the trial operations in the BOT
project in Kunming are expected to start in the first quarter of 2015.
ZhongDe also plans to finalise the two existing EPC projects Zhucheng and
Dingzhou in 2015.
In the mid-term, ZhongDe still expects to benefit from the favourable
political and economic environment for eco-friendly waste disposal, as well
as from the growing demand for energy-from-waste-plants, both in China and
throughout Asia. Furthermore, the management board evaluates all strategic
opportunities on a regular basis, which refers to the acquisition of new
BOT or EPC contracts as well as to the potential sale of several or all BOT
projects.
Please find the complete 9M report of ZhongDe Waste Technology AG on the
company's website under the following link:
http://www.zhongde-ag.com/investor_relations/publikationen.html
About ZhongDe Group
ZhongDe Group designs, invests, constructs, finances and operates
energy-from-waste plants generating electricity from the incineration 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 throughout
China. ZhongDe is one of the leading players in the project development and
operation of energy-from-waste plants in China.
Contact
ZhongDe Waste Technology AG
William Jiuhua Wang
Executive Director and CFO
E-Mail: william.jw@zhongdetech.com
Ying Sun
Investor Relations
Messeturm 25th floor
Friedrich-Ebert-Anlage 49
60308 Frankfurt am Main
T: +49 69 50956 5655
F: +49 69 50956 5520
E-Mail: ying.sun@zhongde-ag.de
Kirchhoff Consult AG
Nicole Schüttforth
Investor Relations Consultant
T: +49 40 60 91 86 64
F: +49 40 60 91 86 60
E-Mail: nicole.schuettforth@kirchhoff.de
---------------------------------------------------------------------
28.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP 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
Messeturm 25th floor
60308 Frankfurt
Germany
Phone: + 49 69 50956 5655
Fax: + 49 69 50956 5520
E-mail: william.jw@163.com,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
---------------------------------------------------------------------
300357 28.11.2014