Press releases

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

Frankfurt, 30. August 2010

 

Revenue increased in Q2 by 15% to € 11.3 million
EBIT increased in Q2 by 59% to € 1.1 million
Order intake strongly increased from € 1 million in Q2 2009 to € 25 million in Q2 2010 and order backlog went up by 36% to € 188 million

 

In the second quarter of 2010, ZhongDe Waste Technology AG ("ZhongDe", "the company", Ticker symbol "ZEF") showed a better performance compared to Q2 2009. The revenues increased by 15% year-on-year to € 11.3 million in Q2 2010. Earnings before interest and tax (EBIT) increased by 59% to € 1.1 million. The order intake strongly increased from € 1 million to € 25 million. The order backlog amounted to € 188 million and exceeded the Q2 2009 figure by € 49 million, or 36%.

 

The better performance of Q2 2010 against Q2 2009 was achieved through BOT and EPC energy-from-waste projects. The performance of Q2 2010 is much better than Q1 2010. Meanwhile, the results of the first half year 2010 could not match the results of the first half year 2009 because of the poor Q1 2010 and the better H1 2009 results which were amended in view of the retrospective application of IFRIC 12 to BOT projects. ZhongDe is currently focusing on large-scale energy-from-waste facilities. The strongly increased order intake and order backlog was due to the new Shouguang EPC energy-from-waste contract. Currently, ZhongDe is negotiating additional large-scale projects that have already entered the approval stage.

 

 

Datong project is regarded as a model green plant in China

The Datong project, ZhongDe's first large scale EPC project, is operating smoothly and has passed the off-gas test which was performed by government authorities in China. The energy-from-waste plant has been visited by many high-ranking officials of China's central government and the Shanxi Province authorities, as well as Chinese and foreign partners and potential clients. The EU standard energy-from-waste plant is regarded by these high-ranking officers as the model green plant for the green economy of China. These visits received heavy media coverage, which has created an excellent reputation and image for ZhongDe Waste Technology AG, both in China and in other countries.

 

 

Balance sheet improved

At the end of the first half of 2010, almost all items of the balance sheet are better than these items at the end of 2009. In particular, the net cash position as at 30 June 2010 has improved, although the company continued its buy-back programme. At the end of Q2 2010, ZhongDe's cash position improved by 6.8% from € 111.9 million as of December 2009 to € 119.5 million. As one of ZhongDe risk-avoiding measures, the majority of cash and cash equivalents were transferred into China and converted into RMB, considering the long-term RBM appreciation tendency against the major currencies Euro, USD, etc. The appreciation of RBM against the Euro in H1 2010, improved the cash position of ZhongDe. The Shareholders' equity increased by 13.7 % to € 142 million. The company maintains a very strong equity ratio of 86%. With the strong cash position and equity ratio, ZhongDe maintains flexibility on the background of the remaining influence of international financial crisis and the economic turmoil.

 

The order backlog amounts to € 188 million and includes four EPC projects (Zhucheng, Zhaodong, Dingzhou and Shouguang) and four BOT projects (Zhoukou, Feicheng, Xianning and Kunming).

 

CEO Mr. Zefeng Chen comments: "Both BOT and EPC energy-from-waste projects contributed to the better performance of Q2 2010. The four EPC and four BOT projects in our order backlog will be finished according to the timetable. ZhongDe management team is confident that we can continue taking advantage of the huge market potential in the Chinese and international energy-from-waste market to realize a satisfying 2010 annual result for our shareholders."

 

 

About ZhongDe Group

ZhongDe Waste Technology is an energy-from-waste company that designs, invests in, constructs and operates energy-from-waste plants, which generate electricity through the disposal of solid municipal, industrial (including hazardous) and medical waste. Since 1996, ZhongDe Group has completed approximately 200 waste disposal projects in about 13 provinces in China, of which more than 80 projects have been completed in the last three years.

 

 

Contact

William Jiuhua Wang
Executive Director and CFO
william.jw@zhongdetech.com

 

Kirchhoff Consult AG (Investor & Public Relations)
Sebastian Bucher
Herrengraben 1
20459 Hamburg
Germany
Tel.: +49 40 609186 0
Fax: +49 40 609186 60
sebastian.bucher@kirchhoff.de

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