Ad-hoc-News
Ad hoc announcement according to Sec. 15, German Securities Trading Act (WpHG)
ZhongDe Waste Technology AG: Preliminary Q2 2011 results better than Q1 2011 but worse than Q2 2010
Frankfurt, August 22, 2011
According to its unaudited preliminary results for the second quarter of 2011, ZhongDe Waste Technology AG ("ZhongDe", "the Company", Ticker symbol "ZEF") increased its revenues by 92% from € 2.4 million in Q1 2011 to € 4.6 million in Q2.
However, ZhongDe's revenues in Q2 2011 decreased by 59.0% compared to the € 11.3 million in Q2 2010. This decline in revenues compared to previous year’s Q2 period is the main reason for the € -1.8 million net profit in Q2 2011.
The major reason for the decrease in revenues in Q2 and H1 2011 is the delay of the construction progress of current large-scale energy-from-waste projects, which are still caused by the delay of local government approvals. The approval delay shows that the stimulating policy needs some time to achieve real effects in China.
Strong cash and order positions indicate potential revenue increase
Although more cash was invested in the construction of ongoing projects, ZhongDe’s cash position kept strong and amounted to EUR 99.3 million at the end of the second quarter. The order backlog decreased by 23.0% to € 144.6 million year on year. The main reasons were the percentage of construction of BOT and EPC projects completed, booked according to the IFRS PoC (Percentage-of-Completion) method and foreign exchange differences.
Although there was no order intake in Q2 2011, three new project contracts are under the approval procedure of ZhongDe. All three projects are large-size plants with a minimum waste disposal capacity of 1000 ton/day, each of them will bring more order intake and order backlog in 2011.
The strong order backlog and cash position indicate the Company’s potential in the coming quarters. Hence, ZhongDe’s management team is still confident to catch up with the annual plan of completing one or two projects by the end of 2011, which will bring more annual revenues and profits in 2011 than those in 2010.
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
E-Mail: william.jw@zhongdetech.com
Ying Sun
Investor Relations
Herriotstr. 1
60528 Frankfurt am Main
Germany
T: +49 69 67733 172
F: +49 69 67733 200
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
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