Ad-hoc-News

Release of an Ad hoc announcement according to Sec. 15

Hamburg, November 16th, 2009

 

ZhongDe Waste Technology AG:

 

Preliminary figures for the first nine months reflect difficult market environment in small- and medium-size incinerators segment

 

According to preliminary IFRS figures consolidated revenues of ZhongDe Waste Technology AG ("ZhongDe", Ticker symbol "ZEF") declined from EUR 15.6 million in Q3 2008 to EUR 6.3 million in Q3 2009, representing a decrease of 60% year-on-year and revenues declined to EUR 24.7 million in the first 9 months of 2009, representing a decrease of 31% year-on-year (9M 2008: EUR 35.7 million). The decrease was caused primarily by the number of units sold in small- and medium-size incinerators segment. Some municipal authorities in China postponed their purchase plans for small- and medium-size incinerators as the international financial crisis reduced local tax incomes. No small- and medium-size municipal and medical waste incinerators were sold during the period under review (Q3 2009).


Gross profit dropped to EUR 2 million (Q3 2008: EUR 7.9 million) and net profit decreased to EUR 0.4 million in Q3 2009 (Q3 2008: EUR 6.5 million). The fall in profit and margin was mainly due to the characteristics of large-size projects. In general, an EPC (Engineering, Procurement and Construction) project has much higher revenues, higher cost of sales and a lower margin contribution. Under the circumstance of the global economic recession, the demand for large-size "waste-to-energy" projects is increasing because of the economy-stimulating policies of the Chinese government. The Company has reacted on that market change by shifting its strategic focus to the market segment of the large-size EPC projects, such as the projects in Datong, Zhaodong and Zhucheng. Although the margin percentage of EPC projects is lower than that of incinerators, their much larger revenue will still bring attractive profit in the coming quarters.


During the period under review the Company received orders for contracts worth EUR 24 million, compared with EUR 8.5 million in the same period last year, mainly due to the new Zhaodong EPC project which amounts EUR 23 million. This is the third largest EPC project after Datong and Zhucheng.

 

ZhongDe group will be publishing final figures on the third quarter performance in its interim report on November 30, 2009.

 

ISIN:DE000ZDWT018
WKN: ZDWT01
Listing:

Regulated Market / Prime Standard

Frankfurt Stock Exchange

Registered office:

Germany


Contact

William Jiuhua Wang
Executive Director and CFO
E-Mail: William.jw@zhongdetech.com

 

Li Zhong (Linda)
Investor Relations Manager
Stadthausbrücke 1-3
20355 Hamburg
Tel: +49 40 37644 756
Fax: +49 40 37644 500
E-Mail: li.zhong@zhongde-ag.de

 

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