Press releases

ZhongDe Waste Technology AG: Final gross profit rate of Datong EPC project of 26.6%

 

Frankfurt, 24 February 2011

In consensus with its subcontractors, the ZhongDe Waste Technology AG ("ZhongDe", "the Company", Ticker symbol "ZEF") confirmes that final gross profit rate of Datong EPC project is 26.6%. This gross profit rate exceeds the standard rate of ZhongDe (25%) and the expected rate (24.4%) in 2009 annual report, because RMB 10.4 million (EUR 1.1 million) construction cost provision was cancelled in 2010.

 

The standard rate of gross profit of ZhongDe energy-from-waste EPC projects (Engineering, Procurement, Construction) is 25%. And 25% is also the standard rate of gross profit for ZhongDe energy-from-waste BOT projects (Build Operate Transfer) during the construction period. The Datong project construction work was finished at the end of 2009. At that time, ZhongDe made a provision of RMB 10.4 million (about EUR 1.1million) for covering additional costs that might occur after the delivery of the project, which was based on the conservatism principle, because the Datong project was the first large-scale energy-from-waste plant finished by ZhongDe with a daily waste disposal capacity of 1000 tons. Since the end of 2009, one year has passed and no extra costs have occurred. Therefore, ZhongDe decided to dissolve the RMB 10.4 million provisions for the Datong project at the end of 2010. This will have a positive effect on the financial statements 2010. As a result of construction cost reduction, the gross profit rate of the Datong energy-from-waste EPC project therefore rose from 24.4% to 26.6%.

 

Unlike the small-size waste disposal project at early stage, such as Feicheng project with only 200 ton/day waste disposal capacity and no electricity generation, ZhongDe now is focusing on large-size energy-from-waste projects like the Datong project. Therefore the Datong project serves as standard construction cost example for the company. The final 26.6% gross profit rate proves, that the 25% standard gross profit rate used by ZhongDe for all its projects is conservative, which can be achieved and even can be surpassed for ZhongDe large-size projects.

 

In the process of 2010 and 2011, ZhongDe signed and started construction work on a rising number of other large-scale energy-from-waste projects. Followed by the thereby increased quantities of equipment and construction orders, the bargaining power of ZhongDe against its subcontractors has been strengthened. Furthermore, ZhongDe focuses on standardizing its energy-from-waste plant design, construction and operation. The increased standardization will improve the project quality, shorten the construction period and reduce the project costs.

 

Zefeng Chen, founder and CEO of ZhongDe Waste Technology AG comments: "26.6% gross profit rate for the Datong project proves that ZhongDe is able to realise remarkable profits from large-scale projects. There are two EPC and three BOT projects planned to be finished in 2011. These projects are going to greatly increase ZhongDe's profits in 2011."

 

 

About ZhongDe Group

ZhongDe Group designs, constructs, finances and operates energy-from-waste incineration plants generating electricity from the disposal of solid municipal and industrial waste. ZhongDe realises either EPC (Engineering, Procurement and Construction) or BOT (Build, Operate and Transfer) projects, focusing on large-scale plants with waste disposal capacities of around 1000 tons per day. Since 1996, ZhongDe Group has installed approximately 200 waste incinerators in 13 provinces and more than 80 waste incinerators in the last three financial years alone. ZhongDe is one of the leading players in the project development and operation of large-size energy-from-waste plants in China.

 

 

Contact

William Jiuhua Wang
Executive Director and CFO
E-Mail: william.jw@zhongdetech.com

 

Ying Sun
Assistant IR Manager
Herriotstr. 1
60528 Frankfurt am Main
Germany

T: +49 69 67733 172
F: +49 69 67733 200
E-Mail: ying.sun@zhongde-ag.de

 

Kirchhoff Consult AG
Nicole Schüttforth
Investor Relations Consultant
T: +49 40 60 91 86 64
F: +49 40 60 91 86 60
E-Mail: nicole.schuettforth@kirchhoff.de

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