Corporate | 27 November 2015 08:24
DGAP-News: ZhongDe Waste Technology AG / Key word(s): 9-month figures
2015-11-27 / 08:24
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Results 9M 2015
Adverse external and internal effects slow down ZhongDe's project progress
* Revenues of 10.3 million Euros
* EBIT amounts to -4.1 million Euros
* Some projects delayed or suspended, but progress as planned at largest
BOT project in Lanzhou
* Year-on-year decrease in revenues and operating result expected for
full-year 2015
Frankfurt, 27 November 2015 - The first nine months of 2015 were marked by
a weaker global economic development and a slow-down in China as well. The
tax income of the Chinese Government decreased leading to a higher level of
debts of the local governments. Due to these adverse external circumstances
as well as due to internal reasons, three BOT projects were delayed and two
EPC projects were suspended, which had a negative impact on the
nine-month-results of the group.
Revenues went down by 10.3 per cent to 10.3 million Euros (9M 2014: 11.5
million Euros) caused by the slow project progress since the second quarter
of 2015. With regard to the business segments of ZhongDe, BOT projects were
the main sales driver with revenues of 9.6 million Euros (9M 2014: 5.3
million Euros), while EPC projects accounted for 0.7 million Euros of total
revenues (9M 2014: 6.2 million Euros).
Gross profit amounted to -1.4 million Euros (9M 2014: 0.7 million Euros).
This decrease was mainly due to the fact that inventories relating to the
incinerator segment amounting to 0.9 million Euros had to be written off
during 2015. EBIT dropped by 33.3 per cent to -4.1 million Euros (9M 2014:
-3.1 million Euros). Net loss increased by 21.9 per cent to -6,7 million
Euros (9M 2014: -5.5 million Euros).
Despite the weak nine-month-results, ZhongDe's equity position remained
stable at 113.0 million Euros as at 30 September 2015 (31 December 2014:
112.9 million Euros). The equity ratio amounted to 43.5 per cent (31
December 2014: 45.3 per cent).
Cash and cash equivalents amounted to 81.2 million Euros as at 30 September
2015, a decrease of 6.9 per cent compared to 87.2 million Euros as at 31
December 2014. The largest part of the group's existing cash is planned to
be invested in the construction of the BOT project in Lanzhou, the biggest
waste-to-energy project throughout China.
Adjusted outlook due to project delay and suspension
Due to the reasons mentioned above, the completion of the BOT projects in
Zhoukou and Xianning had to be postponed to 2016. The Kunming BOT project
is expected to be completed in 2017 instead of 2016. The completion of the
EPC projects in Zhucheng, Dingzhou and Wuhai will also be delayed. While
Zhucheng is assumed to be finalized in 2016, Dingzhou and Wuhai are
temporarily suspended until the referring customers signal that the
construction can be resumed. However, ZhongDe's largest project in Lanzhou
is progressing according to the original plan.
Considering the delay of some current BOT projects and the suspension of
the EPC projects in Dingzhou and Wuhai, the management of ZhongDe was
forced to adjust its outlook for the full-year 2015. The total group sales
and operating profit for the full-year 2015 are expected to decrease
compared to 2014.
Regarding the future development of the company, the management board
evaluates all strategic opportunities on a regular basis and will do its
best to improve ZhongDe's profitability and to balance the cash position of
the group.
Please find the complete 9M report 2015 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 realizes 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
---------------------------------------------------------------------------
2015-11-27 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: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart
End of News DGAP News Service