Press releases
ZhongDe Waste Technology AG presents its financial results for Q1 2009
Hamburg, May 29th, 2009
Q1 revenues dropped by 9% to € 10.2 million in line with focus on larger projects
Net profit decreased by 70% to € 2.1 million
New EPC project in Zhucheng with a project volume of € 30 million signed
ZhongDe Waste Technology AG’s revenues declined slightly by € 1 million (from € 11.2 million to € 10.2 million) in the first quarter of 2009 compared to the same period in 2008. The reduction was driven primarily by a decrease in municipal incinerator sales and temporary negative effects of the financial crisis. Moreover, only 6% of project completion was recognized for the large-scale Datong EPC (Engineering, Procurement and Construction) project in this quarter. The development of sales remains in line with the Company's long-term strategy of focusing on the municipal incinerator segment and EPC projects.
Gross profit decreased by 27% year on year and net profit dropped by € 4.9 million to € 2.1 million. The fall in profit was mainly due to an increase in both finance costs and income tax for the first quarter of 2009. At the same time, the gross margin decreased by 13 percentage points as a result of the gradual recognition of profits from the Datong EPC project and lower margins due to an increase in order sizes. ZhongDe Group aims to focus on the manufacturing of larger scale incinerators and EPC projects to maximize production efficiency and future growth.
CEO Mr. Zefeng Chen comments: ”ZhongDe Group’s business is successfully progressing through its long-term growth strategy. Although the company’s performance has been affected temporarily by the global financial crisis, the large-size waste-to-energy market is still booming in China with Chinese government’s policy to stimulate internal demand being launched step by step. The company is confident that it can continue to take advantage of the huge potential offered by the Chinese waste to energy market and create superior values.”
During the period under review, the Company received orders for contracts worth € 25.2 million. The order backlog amounts to € 48.3 million, 93% of which comes from EPC projects.
In the course of Q1 2009, ZhongDe Group signed another large engineering, procurement and construction project (EPC project) in Zhucheng with a project volume of € 30 million (including taxes). This is a milestone in the development of ZhongDe’s technology and products.
ZhongDe Group also signed a cooperation agreement with Genesis Energy that covers the management and operation of waste-to-energy projects. The agreement opens further doors for generating new projects.
With the joint efforts of senior engineers and technicians in waste-to-energy technology, ZhongDe’s capabilities in research & development have greatly improved.
As it is uncertain when and to what extent the markets will recover, and the trust in the financial markets will return, ZhongDe Group cannot give a concrete outlook for the next months. However, there are beneficial circumstances as the Chinese government promotes waste-to-energy projects, which will support our growth in waste-to-energy business and strengthen our market position.
Key Financial Highlights
Key figures in k€ | Q1 2009 | Q1 2008 | Change |
---|---|---|---|
Order intake | 25,220 | 43,992 | -43% |
Order backlog | 48,336 | 54,142 | -11% |
Revenues | 10,203 | 11,211 | -9% |
Gross profit | 5,676 | 7,744 | -27% |
Gross profit margin | 56% | 69% | - |
Cost of sales | 4,527 | 3,467 | 31% |
EBITDA | 4,144 | 6,482 | -36% |
EBITDA-Margin | 41% | 58% | - |
EBIT | 4,052 | 6,426 | -37% |
EBIT-Margin | 40% | 57% | - |
Net profit | 2,125 | 7,027 | -70% |
Net profit margin | 21% | 63% | - |
Earnings per share | 0.16 | 0.54 | -70% |
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 200 waste incinerators in about 13 provinces and more than 80 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 centres 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
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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