Press releases

ZhongDe Waste Technology AG presents its financial results for Q3 2009

Hamburg, November 30th, 2009

 

In Q3 2009 revenues dropped by 60% to EUR 6.3 million in line with focus on large EPC projects
Net profit decreased by 93% to EUR 0.43 million
New EPC project in Zhaodong with a volume of EUR 25 million
Letter of Intent with Covanta Energy Asia Pacific Holdings Ltd.

 

According to IFRS figures consolidated revenues of ZhongDe Waste Technology AG ("ZhongDe", Ticker symbol "ZEF") revenues declined from EUR 15.6 million in Q3 2008 to EUR 6.3 million in Q3 2009, representing a decrease of 60% year-on-year. In the first nine months of 2009 revenues declined to EUR 24.7 million (9M 2008: EUR 35.7 million). The decrease was caused primarily by the number of units sold in the segment of small- and medium-size incinerators. Some municipal authorities in China postponed their purchase plans for small- and medium-size incinerators as the international financial crisis reduced local tax incomes. No small- and medium-size municipal and medical waste incinerators were sold during the period under review.


Gross profit dropped to EUR 2 million and net profit decreased to EUR 0.4 million in Q3 2009. The fall in profit and margin was mainly due to the characteristics of large-size projects. In general, an EPC (Engineering, Procurement and Construction) project has much higher revenues, higher cost of sales and a lower margin contribution. Under the circumstance of the global economic recession, the demand for large-size "waste-to-energy" projects is increasing because of the economy-stimulating policies of the Chinese government. The Company has reacted on that market change by shifting its strategic focus to the market segment of large-size EPC projects, such as the projects in Datong, Zhaodong and Zhucheng. Although the profit margin of EPC projects is lower than that of small- and mid-sized incinerators, their much larger revenue will still bring attractive profits in the coming quarters.


During the period under review the Company received orders for contracts worth EUR 24.9 million, compared with EUR 9.2 million in the same period last year, mainly due to the new Zhaodong EPC project which has a volume of EUR 21.5 million (excluding VAT). This is the third largest EPC project after the Datong and Zhucheng projects.

 

ZhongDe Waste Technology AG has signed a letter of intent in Beijing with Covanta Energy Asia Pacific Holdings Ltd., a wholly owned subsidiary of Covanta Holding Corporation, in order to cooperate in the development and operation of large-scale, waste-to-energy projects. Through this cooperation, ZhongDe enhances its technical and investment capabilities in the development and operation of large-scale waste-to-energy projects in both, the domestic and international markets.


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 since the policy from the Chinese central government to stimulate the internal demand is being launched step by step. The Company is confident that it can continue taking advantage of the huge market potential in the Chinese waste-to-energy industry to create superior values."

 

 

Key financial highlights

 

Amounts in k€
Q3 2009
Q3 2008 Change
Order intake1 24,870 8,455 >100%
Order backlog 55,927 36,264 +54%
Revenues 6,273 15,563 -60%
Gross profit 2,046 7,865 -74%
Gross profit margin 33% 51% -35%
Cost of sales 4,227 7,698 -45%
EBITDA 468 6,388 -93%
EBITDA margin 7% 41% -82%
EBIT 378 6,317 -94%
EBIT margin 6% 41% -85%
Net profit 433 6,515 -93%
Net profit margin 7% 42% -84%
Earnings per share (in EUR) 0.032 0.50 -93%

 

Amounts in k€ Q1-3 2009 Q1-3 2008 Change
Order intake1 48,842 53,013 -8%
Order backlog 55,927 36,264 +54%
Revenues 24,713 35,655 -31%
Gross profit 9,948 21,718 -54%
Gross profit margin 40% 61% -34%
Cost of sales 14,765 13,937 +6%
EBITDA 5,008 17,363 -71%
EBITDA margin 20% 49% -58%
EBIT 4,736 17,179 -72%
EBIT margin 19% 48% -60%
Net profit 2,591 18,737 -86%
Net profit margin 10% 53% -80%
Earnings per share (in EUR) 0.203 1.44 -86%

 

1) Based on exchange rate at the end of the period

2) Calculated on the basis of 12,993,447 shares

3) Calculated on the basis of 12,997,792 shares

4) Calculated on the basis of 13,000,000 shares



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 centers in the hospital and healthcare industry. ZhongDe Group is one of the leading suppliers of state-of-the-art solid waste incinerators in China. ZhongDe Group also act as one of the leading players of large-size Waste-to-Energy industry in China.

 

 

Contact

William Jiuhua Wang
Director & CFO
ZhongDe Waste Technology AG
Tel: +86 (10) 885 98 010
E-Mail: william.jw@zhongdetech.com

 

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

Overview

9 May 2018

ZhongDe Wastes technology AG: Current Status of WuHai Waste-to-Energy Project


Details

9 May 2018

ZhongDe Wastes Technology AG: Introduction for DingZhou Waste-to-Energy Project


Details

28 November 2016

ZhongDe Wastes technology AG: Fast progress of BOT project in Lanzhou led to strongly improved revenues in the third quarter 2016


Details

27 October 2016

ZhongDe Waste Technology AG: New members of the Supervisory Board


Details

30 August 2016

ZhongDe Waste Technology AG: Project in Lanzhou continues progressing rapidly


Details

27 May 2016

ZhongDe Waste Technology AG: Rapid progress of main BOT project in Lanzhou resulted in strong revenue growth


Details

29 April 2016

ZhongDe Group: Improved project progress in 2015 but earnings impacted by extraordinary effects


Details

27 November 2015

Adverse external and internal effects slow down ZhongDe’s project progress


Details

28 August 2015

ZhongDe Waste Technology AG expects improved project progress for the second half of 2015


Details

28 May 2015

ZhongDe Waste Technology AG: Strong revenue increase reflects continuous project progress


Details

29 April 2015

ZhongDe Waste Technology AG: Remarkable project progress led to improved financial performance in 2014


Details

28 November 2014

ZhongDe Waste Technology AG: Strong year-on-year improvement of financial re-sults in the first nine months 2014


Details

28 August 2014

ZhongDe Waste Technology AG: Half-year results show slight recovery year-on-year


Details

28 May 2014

ZhongDe Waste Technology AG: Project progress not reflected in Q1 2014 results


Details

29 April 2014

ZhongDe Waste Technology AG: Successful sale of manufacturing site led to increase in EBIT and net result


Details

23 December 2013

ZhongDe Waste Technology AG signed contract to sell Beijing Miyun manufacturing site


Details

28 November 2013

ZhongDe Waste Technology AG: Weak business development despite increased order backlog


Details

28 August 2013

ZhongDe Waste Technology AG: Improved but still weak financial resultsin H1 2013 despite increased order backlog


Details

28 June 2013

ZhongDe Waste Technology AG signs EPC contract for new energy-from-waste plant in Wuhai


Details

28 May 2013

ZhongDe Waste Technology AG: First quarter 2013 shows improved year-on-year results


Details

29 April 2013

ZhongDe Waste Technology AG: Challenging circumstances adversely affect results 2012


Details

30 November 2012

ZhongDe Waste Technology AG: Financial results benefit from positive one-off effects in the third quarter 2012


Details

23 October 2012

ZhongDe Waste Technology signs BOT contract for largest waste-to-energy plant in China


Details

30 August 2012

ZhongDe Waste Technology AG: Financial results impacted by further project delays


Details

29 August 2012

Changes in the Supervisory Board of ZhongDe Waste Technology AG


Details

31 July 2012

ZhongDe Waste Technology AG: Difficult start into financial year 2012


Details

23 July 2012

Interview with Börsen Radio Network


Details

17 July 2012

ZhongDe Waste Technology AG: Weak 2011 results due to project delays


Details

30 April 2012

ZhongDe Waste Technology AG: Publication of Annual Report 2011 delayed


Details

30 November 2011

ZhongDe Waste Technology AG: Revenues and gross profit improve while EBIT and net profit decline


Details

14 September 2011

ZhongDe Waste Technology AG relocates legal domicile from Hamburg to Frankfurt


Details

31 August 2011

ZhongDe Waste Technology AG: Audited H1 2011 results


Details

31 May 2011

ZhongDe Waste Technology AG: Q1 results show positive trend


Details

26 May 2011
ZhongDe Waste Technology AG: State Council of China strengthens municipal waste treatment industry
Details

20 May 2011

ZhongDe Waste Technology AG: Feicheng BOO project passes emission test


Details

2 May 2011
ZhongDe Waste Technology AG: Strong order backlog, equity and cash position despite slight net loss in 2010
Details

24 February 2011
ZhongDe Waste Technology AG: Final gross profit rate of Datong EPC project of 26.6%
Details

30 December 2010
ZhongDe Waste Technology AG: Completion of Feicheng project construction
Details

30 November 2010
ZhongDe Waste Technology AG: Strong order backlog and cash position despite revenue decrease
Details

19 November 2010
ZhongDe Waste Technology AG: Change in Supervisory Board
Details

10 November 2010
ZhongDe Waste Technology AG signed financial leasing contracts of two BOT projects
Details

30 August 2010
ZhongDe Waste Technology AG: Better Performance of Q2 2010 vs. Q2 2009
Details

27 August 2010
ZhongDe Waste Technology AG: BNY Mellon has been appointed as Depositary Bank for ADR program
Details

19 July 2010
ZhongDe Waste Technology AG moves Offices from Hamburg
to Frankfurt am Main
Details

4 June 2010
ZhongDe Waste Technology AG signs EPC contract with Shouguang Fuyuan Waste to Power Co., Ltd
Details

28 May 2010
ZhongDe Waste Technology AG: Weak Q1 financials due to difficult weather and market conditions
Details

30 April 2010
ZhongDe Waste Technology AG: Strong order backlog after strategic shift
Details

12 February 2010
ZhongDe Waste Technology AG: Successful operation of Datong Project
Details

30 December 2009
ZhongDe Waste Technology AG signs agreement to increase contract amount of Datong Project
Details

30 December 2009
ZhongDe Waste Technology AG signs EPC contract with Dingzhou Ruiquan Solid Waste Treatment Co., Ltd
Details

30 November 2009
ZhongDe Waste Technology AG presents its financial results for Q3 2009
Details

7 September 2009
ZhongDe Waste Technology AG signs Letter of Intent with Covanta Energy Asia Pacific Holdings Ltd.
Details

31 August 2009
ZhongDe Waste Technology AG adjusted strategy for future growth in 2009
Details

3 August 2009
ZhongDe Waste Technology AG Annual General Meeting adopts dividend
Details

30 July 2009
ZhongDe Waste Technology AG signs letter of intent with ThyssenKrupp Xervon Energy
Details

20 July 2009
ZhongDe Waste Technology AG signs contract for waste incineration plant in Zhaodong City
Details

10 June 2009
ZhongDe Waste Technology AG announces to postpone its Annual General Meeting
Details

29 May 2009
ZhongDe Waste Technology AG presents its financial results for Q1 2009
Details

30 April 2009
ZhongDe Waste Technology AG maintains high growth rates
Details

20 April 2009
ZhongDe Waste Technology AG announces signing of two large-size BOT projects
Details

6 April 2009
ZhongDe Waste Technology AG signs Letter of Intent on Renewable Energy Projects for Electricity Generation in Jilin, PRC
Details

3 February 2009
ZhongDe Waste Technology AG announces strategic cooperation agreement with Genesis Energy Holdings Limited
Details

23 January 2009
ZhongDe Waste Technology AG signs contract with Zhucheng Baoyuan New Energy Power Generation Co., Ltd
Details

29 December 2008
ZhongDe Waste Technology AG announces change in the Supervisory Board
Details

28 November 2008
ZhongDe Waste Technology AG reports continued healthy growth in Q3 2008
Details

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

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

29 August 2008
ZhongDe Waste Technology AG reports continuous growth in Q2 2008
Details

30 June 2008
ZhongDe Waste Technology AG announces cooperation agreement with Veolia
Details

16 June 2008
ZhongDe Waste Technology AG announces signing of Lianshui BOO project
Details

30 May 2008
ZhongDe Waste Technology AG reports strong growth in Q1 2008
Details

29 April 2008
ZhongDe Waste Technology AG presents its audited full year results for fiscal year 2007: net profit more than doubled – order intake increased by 90% to €44.4 million
Details

7 April 2008
ZhongDe Waste Technology AG announces signing of Xinjiang BOT project
Details

18 March 2008
ZhongDe Waste Technology AG releases preliminary results for fiscal year 2007: net profit more than doubled - order intake increased by 90% to €44.4 million
Details

11 March 2008
ZhongDe Waste Technology AG signs contract for large scale waste incinerator plant
Details

28 November 2007
ZhongDe Waste Technology AG continues to grow in Q3 2007
Details

19 September 2007
ZhongDe Waste Technology AG secures land usage rights in Beijing – headstone for building a second production facility
Details

28 August 2007
ZhongDe Waste Technology AG presents strong performance in H1 2007
Details

9 August 2007
ZhongDe Waste Technology AG announces signing of two BOT projects
Details

12 July 2007
ZhongDe Waste Technology AG: Greenshoe option exercised in full
Details

5 July 2007
ZhongDe Waste Technology AG sets offer price and issue volume
Details

28 June 2007
ZhongDe Waste Technology AG: Price range between Euro 23 and Euro 26
Details

25 June 2007
ZhongDe Waste Technology AG launches its Initial Public Offering on the Prime Standard in Frankfurt
Details

14 June 2007
ZhongDe Waste Technology AG planning IPO in July 2007
Details