Press releases
ZhongDe Waste Technology AG: Audited H1 2011 results
Frankfurt, August 31, 2011
ZhongDe Waste Technology AG ("ZhongDe", "the Company", Ticker symbol "ZEF") today published its audited results for the second quarter and the first six months of the financial year 2011. In consistency with its already announced preliminary figures, the audited results show improved Q2 2011 revenues compared to Q1 2011, but a decline in revenues on a year-on-year basis.
Revenues in Q2 2011 increased by 92% to € 4.6 million from € 2.4 million in Q1 2011. However, ZhongDe's revenues decreased by 59% in Q2 2011 compared to the € 11.3 million revenues in Q2 2010. The decreased revenues were the main reason for the net loss of € -1.8 million in Q2 2011.
In the first six months of 2011, ZhongDe recorded total revenues of € 7.0 million, a decline of 53% compared to H1 2010 revenues of € 15.0 million. The EBITDA showed a corresponding development, amounting to € -2.2 million (H1 2010: € -0.4 million). As a consequence, the Company recorded a net loss for the first half of 2011 of € -3.2 million (H1 2010: € -1.7 million).
The major reason for the decrease in revenues in Q2 and H1 2011 is the delay of the construction progress of current large-scale energy-from-waste projects, which still caused by the delay of local government approvals.
Strong cash and order positions indicate potential revenue increase
Although more cash was invested in the construction of ongoing projects, ZhongDe’s cash position kept strong and amounted to EUR 99.3 million at the end of the second quarter. Although there is no order intake in Q2 2011, three new project contracts are under the approval procedure of ZhongDe. All three projects are large-size plants with a minimum waste disposal capacity of 1000 ton/day, each of them will bring more order intake and order backlog in 2011.
The strong order backlog and cash position indicate the Company’s potential in the coming quarters, hence ZhongDe still are confident of catching up with the annual plan of completing one or two projects by the end of 2011, which will bring more annual revenues and profits in 2011 than those in 2010.
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 1,000 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
Investor Relations
Herriotstr. 1,
60528 Frankfurt am Main
T: +49 69 67733 172
F: +49 69 67733 200
E-Mail: ying.sun@zhongde-ag.de
Kirchhoff Consult AG
Nicole Schüttforth
T: +49 40 60 91 86 64
F: +49 40 60 91 86 60
E-Mail: nicole.schuettforth@kirchhoff.de
Overview
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14 September 2011
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26 May 2011
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2 May 2011
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30 December 2010
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30 November 2010
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19 November 2010
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10 November 2010
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30 August 2010
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27 August 2010
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19 July 2010
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4 June 2010
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28 May 2010
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30 April 2010
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12 February 2010
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30 December 2009
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30 December 2009
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30 November 2009
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29 May 2009
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30 April 2009
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20 April 2009
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6 April 2009
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30 September 2008
ZhongDe Waste Technology AG expects continuous growth and confirms initial estimation for financial year 2008
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29 August 2008
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30 June 2008
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16 June 2008
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30 May 2008
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29 April 2008
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7 April 2008
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18 March 2008
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11 March 2008
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28 November 2007
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19 September 2007
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28 August 2007
ZhongDe Waste Technology AG presents strong performance in H1 2007
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9 August 2007
ZhongDe Waste Technology AG announces signing of two BOT projects
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12 July 2007
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5 July 2007
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