Ad-hoc-News

Release of an Ad hoc announcement according to Sec. 15, German Securities Trading Act (WpHG)

 

ZhongDe Waste Technology AG: Further delays in completion process of energy-from-waste plants leads to revision of full year 2011 outlook

 

Frankfurt, 24 November 2011

According to the preliminary results for the third quarter of 2011, ZhongDe Waste Technology AG ("ZhongDe", "the Company", Ticker symbol "ZEF") generated revenues of 6.4 million Euro and 1.5 million Euro gross profit while EBIT amounted to -1.2 million Euro. Compared to the third quarter of 2010, this represents a revenue increase of 38.8%. At the same time, gross profit increased by 16.6% while EBIT decreased by 90.7%.

 

Based on the preliminary results for Q3, ZhongDe’s revenues in the first nine moths of 2011 amounted to 13.4 million Euro, decreasing by 31.5% compared to the first nine months of 2010. EBIT decreased, too, and total -3.7 million Euro compared to -1.2 million Euro in the first nine months of 2010.

 

Even though the preliminary operating result is worse than expected, ZhongDe’s net cash position of around 100 million Euro as at 30 September 2011 still remains on a high level. This strong cash position ensures the flexibility of ZhongDe in the fields of BOT investment and project finance.

 

The net loss in the third quarter, was mainly caused by further delays in the completion process of energy-from-waste plants under construction. ZhongDe expects three or four projects under construction to be completed in 2012. Accordingly, ZhongDe now expects revenues and net result for the full year 2011 to be slightly below previous year’s benchmark. In line with the delays, the Company anticipates the affected projects to generate their contribution to the Company’s income in the course of 2012.

 

 

Contact

William Jiuhua Wang

Executive Director and CFO
E-Mail: william.jw@zhongdetech.com

 

Ying Sun

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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