Press releases

ZhongDe Waste Technology AG expects continuous growth and confirms initial estimation for financial year 2008

Hamburg, September 30, 2008

 

Sound revenue and profit development in Q3 2008 in line with expectations

Order intake set to be positively impacted by resumption of the negotiation process following end of the Olympic Games

Updated regulation by Chinese Ministry of environmental protection to drive demand for municipal waste incinerators

Signing of two BOT projects expected for Q4 2008

Several senior engineers to join in Q4 2008 to further improve R&D capability

 

ZhongDe Waste Technology AG (‘the Company') expects continuous growth for the rest of the financial year 2008 and beyond and the financial results in 2008 to be in line with estimates made at the beginning of the year.

 

Company revenues, operating results and order development in Q3 2008 have been fully in line with expectations. Order intake is expected to be positively impacted by the rapid resumption of the negotiation process after the Olympics: order intake in Q2 2008 was affected by delays of government involvement in the negotiating process of new orders in the run up to the Olympic Games. The audited results for Q3 2008 will be published by 28 November 2008.

 

The upward trend in the municipal solid waste incinerator segment is likely to be further enhanced by recently updated regulation by Chinese Ministry of environmental protection regarding the environmental impact assessment of biomass power generation projects including waste incineration power generation projects. According to the new regulation, the environmental impact assessment of waste incineration power generation projects can be approved by provincial environmental protection authorities instead of the central government. This move is likely to accelerate the process of building new waste to power plants in China. As a result, Shandong province intends to invest RMB 6.6 billion in setting up 88 new waste disposal plants from 2009 to 2011. ZhongDe has a good market reputation in Shandong as a result of the Feicheng BOT project under construction and thus should benefit from this expansion plan.

 

Furthermore, ZhongDe is making excellent progress in implementing its key strategy to expand the value chain into the operation of waste incineration plants, which generates recurring revenues and manifests its market position in this segment. Out of the six BOT projects subject to a letter of intent at the time of the IPO, four have already been confirmed. The remaining two projects are at an advanced stage of negotiation. Signing of both projects is expected for Q4 2008.

 

The construction of the second production plant at Beijing and the infrastructure development for the waste disposal and electricity generation project in Datong (total contract volume of approx. € 30 million) are well underway. The Datong project is expected to be completed in 2009 and will already contribute to 2008 revenues and earnings on a "percentage of completion" basis.

 

Several senior engineers in waste incineration technology development - one expert from Germany among them - will join the Company in Q4 2008 to further improve its capability in research & development and thus maintain its technological leadership.

CEO Zefeng Chen comments: "Our business is successfully developing along our long-term growth strategy untouched by the general turbulences on the financial markets. We are confident that we can continue to take advantage of the huge potential offered by the Chinese waste incineration market and deliver the results our shareholders expect from us. All our projects are well on track and we reiterate our initial estimates that revenues for the full financial year 2008 are expected to amount to € 50 million with a net profit margin above 45%."

 

 

About ZhongDe Group

ZhongDe Group designs, manufactures and installs pyrolytic, grate and rotary kiln waste incinerators for the disposal of solid medical, municipal and industrial (including hazardous) waste. Since 1996, ZhongDe Group has installed approximately 180 waste incinerators in about 13 provinces, and more than 120 waste incinerators in the last three financial years alone. Its waste incinerators are principally constructed for operators of medical disposal centres in the hospital and healthcare industry, as well as for small and midsized Chinese cities in developed areas of the People's Republic of China. ZhongDe Group is one of the leading suppliers of small and midsized solid waste incinerators in China, supplying state-of-the-art products.

 

 

 

Contact

Matthias Link
Managing Director
Citigate Dewe Rogerson GmbH
Goethestraße 26-28
60313 Frankfurt am Main
Tel: 0049-69 90 500-150
Fax: 0049-69 90 500-102
E-Mail: matthias.link@citigatedr.de
Internet: www.citigatedr.de

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28 November 2007
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