Ad-hoc-News

Ad hoc notification in accordance with § 15 Securities' Trading Act

Hamburg, 26 August 2009

 

Decrease of Revenues and Profits of ZhongDe Waste Technology in the first half year 2009

 

ZhongDe Waste Technology/Half Year Results

 

In the first half of the fiscal year 2009 the revenues of ZhongDe Waste Technology-Group decreased by 1.6m € to 18.4m € compared to the first half 2008. In the same time period the EBITDA decreased by 6.4m €  to 4.5m €.

 

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 € income tax has reduced the net profit to 2.1m €.

 

However, irrespective of the investments for the new facility in Beijing, the Company's net cash position was improved to 115.8m € 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.


 

Contact

William Jiuhua Wang

Director & CFO

ZhongDe Waste Technology AG

Phone: +86 (10) 885 98 010

E-Mail: william.jw@zhongdetech.com

 

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