Press releases

ZhongDe Waste Technology AG: Weak Q1 financials due to difficult weather and market conditions

Hamburg, 28 May 2010

 

Revenue decreased by 65.9% to € 3.7 million

EBIT € -1.7 million after € 4.2 million in Q1 2009

Order backlog of € 157.8 million; +17.1% vs. Q1 2009


The first quarter of 2010 of ZhongDe Waste Technology AG ("ZhongDe", "the Company", Ticker symbol "ZEF") was influenced by a difficult market environment, especially the bad weather conditions for EPC and BOT plant construction work. Revenues decreased by 65.9% year-on-year to € 3.7 million in 1 2010. Earnings before interest and tax (EBIT) decreased to € -1.7 million (Q1 2009: € 4.2 million) while net profit fell to € -2.0 million (Q1 2009: € 2.3 million). The order backlog amounted € 157.8 million and exceeds the Q1 2009 figure by € 23.0 million, or 17.1%.

 

The Q1 2010 revenues were generated solely in the BOT segment. We are currently focusing on large-scale waste-to-energy facilities, because the small- to medium-size incinerators market has not yet recovered in China. Since ZhongDe's EPC and BOT construction-in-progress projects are located in Northern China, we had to interrupt construction work on these projects during the period of extremely cold weather conditions in the first quarter of 2010 and during the Chinese Spring Festival vacation. Meanwhile, we focused on the marketing and negotiation of potential waste-to-energy project contracts.

 

The first large-sized waste-to-energy project of ZhongDe - the Datong EPC project - is operating smoothly. The celebration of successful finish and smooth operation of Datong waste-to-energy plant will be held by the owner at the end of June 2010 and the officials from central government and provincial authorities will attend.

 

Because of the foreign exchange differences, ZhongDe's equity increased by € 4.8 million to € 129.9 million and cash position improved by 2.3% from € 109.2 million at the end of Q1 2009 to € 111.7 million at the end of Q1 2010. The Company maintains a very strong equity ratio of 89.3%. With the strong cash position and equity ratio, ZhongDe Group maintains its flexibility on the background of the remaining influence of the international financial crisis and the economic turmoil. ZhongDe had no bank debts in Q1 2010, but is currently negotiating bank loans with several banks in connection with the financing of large-scale BOT projects.

 

While the order intake was zero, the order backlog amounts to € 157.8 million and includes three EPC projects (Zhucheng, Zhaodong and Dingzhou) and four BOT projects (Zhoukou, Feicheng, Xianning and Kunming).

 

CEO Mr. Zefeng Chen comments: "Although this is the first quarterly loss in ZhongDe's history because of the extremely cold weather in China, the three EPC and four BOT projects in the order backlog will be finished according to the timetable. We realize that the future has plenty of risks and challenges, our management team is confident that we can continue taking advantage of the huge market potential in the Chinese and international waste-to-energy market to create values for our shareholders."

 

 

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. ZhongDe Group acts as one of the leading players of large-size Waste-to-Energy industry in China.

 

 

Contact

William Jiuhua Wang
Executive Director and CFO
Phone: +86 (10) 885 98 010
E-Mail: william.jw@zhongdetech.com

 

Li Zhong (Linda)
Investor Relations Manager
Stadthausbrücke 1 - 3
20355 Hamburg
Germany
Phone: +49 (0) 40 37644 756
Fax: +49 (0) 40 37644 500
E-Mail: li.zhong@zhongde-ag.de

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