Press releases
ZhongDe Waste Technology AG maintains high growth rates
Hamburg, April 30th, 2009
Revenues increase by 47.8% to EUR 46.0 million in 2008
Double digit growth rates of earnings
Net profit margin of 48.8%
Proposed dividend EUR 0.15 per share
ZhongDe Waste Technology AG´s sales rose strongly in the year under review. Revenue in 2008 reached EUR 46.0 million, with an increase of 47.8% year-on-year. This revenue growth was a direct reflection of the Company's shift in emphasis to focus on the rising demand for municipal waste incinerators which accounted for 75.8% of total sales volume in 2008.
CEO Mr. Zefeng Chen says: "2008 was a successful year for ZhongDe. Thanks to the expertise and efficiency of our staff, we have achieved solid progress in development and innovation of medium- and large-size waste-to-energy incinerators. Our first large-size project in Datong has been going on smoothly and has contributed to the profit of 2008. Due to the Chinese government's environmental policies, our earnings have continued to increase in a market experiencing huge growth in demand. We expect our business environment to remain strong and the Company is set to make further progress over 2009."
Net profit in 2008 amounted to EUR 22.4 million, an increase of 17.7% year-on-year. The net profit margin hit 48.8% in 2008, more than the previous guidance of 45%. Gross profit in 2008 increased substantially by EUR 5.5 million or 25.2% to EUR 27.1 million. This was reflected in EBITDA, which rose 10.7% in 2008 to EUR 20.7 million versus EUR 18.7 million in 2007, and EBIT which also rose by 9.8% to EUR 20.4 million. The gross profit margin remained at a high level of 58.9% in 2008.
The Management Board and the Supervisory Board will propose at the Annual General Meeting to distribute a dividend of EUR 0.15 per share. The Annual General Meeting is scheduled for 29 June 2009 in Hamburg.
Order intake and backlog reflect a strong market demand. Total order intake for the year 2008 rose to EUR 58.8 million, a substantial increase of 32.5% compared to the 2007 figure of EUR 44.4 million. Municipal waste incinerators accounted for 49% and large-scale turnkey EPC (engineering, procurement and construction) contracts accounted for 47% of the order intake. The company actively develops medium- and large-size waste-to-energy facilities, and is gradually establishing the concept of integrating sales and operations. The order backlog as of 31 December 2008 amounted to EUR 28.4 million, exceeding the figure for 2007 amounting to EUR 20.5 million, or 38.5%.
The Company's core business is the sale of municipal waste incinerators, where the total sales volume increased by 60.8% year-on-year to EUR 34.9 million. Sales of municipal waste incinerators accounted for 75.8% of total sales volume in 2008. During the reporting period, the company sold 13 municipal waste incinerators. With the improvement of living standards, the increase in municipal waste and the growth of environmental protection awareness, municipal waste incinerators will enjoy a buoyant market. The new SSR series of municipal incinerators, which started selling in this year, can greatly reduce both operating and production costs.
The new product segment large-size facilities EPC contributed EUR 8.9 million or 19.3% to total sales. All the revenue in this segment in 2008 comes from Datong waste-to-energy project which is the first large-size EPC project for the company. With the shifting of ZhongDe's focus to large-size waste-to-energy project, the revenue from large-size facilities EPC will take more share in the total revenue. The company has signed another large-size EPC contract with the value of approximately EUR 30 million in January 2009.
In the current difficult market environment and the uncertainty in the international financial markets, ZhongDe Waste can not give any concrete financial outlook for 2009. However, due to the decided strategy and the significant increase in demand, the management is convinced to maintain the growth in the ongoing financial year.
Key Financial Highlights
| Key figures in k€ | 2008 | 2007 | Change |
|---|---|---|---|
Order intake | 58,758 | 44,351 | 32.48% |
Order backlog | 28,355 | 20,494 | 38.36% |
Revenues | 46,007 | 31,133 | 47.78% |
Gross profit | 27,093 | 21,637 | 25.22% |
Gross profit margin | 58.90% | 69% | -14.64% |
Cost of sales | 18,914 | 9,496 | 99.18% |
EBITDA | 20,693 | 18,685 | 10.75% |
EBIT | 20,429 | 18,612 | 9.76% |
Net profit | 22,430 | 19,058 | 17.69% |
Net profit margin | 48.8% | 61% | -20.00% |
Earnings per share | 1.73 | 1.47 | 17.69% |
About ZhongDe Group
ZhongDe Group designs, manufactures and installs pyrolytic, grate and rotary kiln waste incinerators for the disposal of solid municipal, industrial (including hazardous) and medical waste, as well as complete sets of incineration plants with electricity generation. Since 1996, ZhongDe Group has installed approximately 190 waste incinerators in about 13 provinces, and more than 130 waste incinerators in the last three financial years alone. Its waste incinerators are principally constructed for small and midsized Chinese cities in developed areas of the People's Republic of China, as well as for operators of medical disposal centers in the hospital and healthcare industry. ZhongDe Group is one of the leading suppliers of small and midsized solid waste incinerators in China, supplying state-of-the-art products.
Contact
Linda Zhong
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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