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