Press releases

Financial results 2011

ZhongDe Waste Technology AG: Weak 2011 results due to project delays

 

- Revenues decreased by 3% to EUR 32.4 million

- Net loss of EUR 10.7 million

- Strong cash position of EUR 117.3 million for future investments

 

Frankfurt, 17thJuly 2012

The results of fiscal year 2011 of ZhongDe Waste Technology AG ("ZhongDe", "the Company", Ticker symbol "ZEF") were influenced by the delays in the completion of energy-from-waste plants currently under construction. According to the audited financial figures for the financial year 2011, revenues decreased by 3.0% from EUR 33.4 million in 2010 to 32.4 million in 2011. The Company realized a net loss of EUR 10.7 million. Nevertheless, ZhongDe’s cash position still remained very strong, amounting to EUR 117.3 million, and even increased by 40% compared to the previous year.


The weakening global economic situation also affected the Chinese economy. ZhongDe reacted to the changing domestic market situation by further strengthening its focus on large-size BOT (Build-Operate-Transfer) projects, supported by the Company’s project financing strategy. With additional bank loans and optimized standardization of BOT projects, ZhongDe is well prepared for increasing future investments in this sector.

 

Total revenues amounted to EUR 32.4 million in the financial year 2011, compared to EUR 33.4 million in 2010. This decrease of 3.0% was mainly influenced by the fact, that the construction progress of the current EPC (Engineering, Procurement and Construction) and BOT projects was slower than expected – mainly due to delays in approvals of the local authorities or other internal as well as external factors. On the other hand, the market for small-sized incinerators recovered slowly: ZhongDe sold four small-sized incinerators in 2011, compared to two in 2010.

 

ZhongDe’s gross profit reached EUR 4.1 million in 2011, representing a decrease of EUR 3.3 million or 44% year-on-year. Furthermore, increased administrative expenses and other expenses (e.g. provisions) led to an EBIT of EUR -7.7 million in 2011 (2010: EUR 0.8 million). The net profit amounted to EUR -10.7 million compared to EUR -1.0 million in 2010.

 

Outlook

2011 was a very challenging transition period for ZhongDe and this transition will continually influence its business development. ZhongDe’s financial performance in 2012 and 2013 will be affected by the possibility of completing its on-going EPC and BOT construction projects on time. According to the experiences made in the past, the fulfilment of the planning depends strongly on several internal and external factors, which are difficult to foresee. Nevertheless, ZhongDe’s Management Board expects to finalize its current BOT project Zhoukou until the end of the financial year 2012. This will contribute to the Group’s earnings.

 

Furthermore the company expects to sign one or two new projects contracts in 2012, which will bring significant growth of order intake.

 

“2011 was a difficult year for our Company. Our business was affected not only by the worldwide economic situation, but also by the Chinese market situation. However, looking ahead to the second half of 2012 and 2013, we expect to have further benefit from the favorable economic environment for eco-friendly waste disposal as well as from the growing demand for our waste-to-energy plants – both in China and in Asia. In addition, Chinese Government has enhanced the stimulation of green industries within the five-year-plan and the demand for waste-to-energy plants is increasing sustainably. Hence we’re convinced, that our Company can show an improved financial performance in the coming years”, commented Mr. Zefeng Chen, CEO of ZhongDe Waste Technology AG.

 

According to the current planning and by assuming that no unforeseeable events will happen, the Company expects, ZhongDe Group can generate a better result in revenues as well as a higher gross profit margin in 2012 compared to 2011. Furthermore, operating expenses are expected to be lower in 2012 compared to 2011. In 2013, ZhongDe expects additional improvements in relation to the forecast for the current financial year 2012.

 

 

About ZhongDe Group

ZhongDe Group designs, invests, constructs, finances and operates waste-to-energy 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 waste-to-energy plants in China.

 

 

Contact

William Jiuhua Wang

Executive Director and CFO

E-Mail: william.jw@zhongdetech.com

 

Ying Sun

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
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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30 November 2012

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23 October 2012

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30 August 2012

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29 August 2012

Changes in the Supervisory Board of ZhongDe Waste Technology AG


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31 July 2012

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23 July 2012

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17 July 2012

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30 April 2012

ZhongDe Waste Technology AG: Publication of Annual Report 2011 delayed


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30 November 2011

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14 September 2011

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31 August 2011

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31 May 2011

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26 May 2011
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20 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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19 July 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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7 September 2009
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31 August 2009
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3 August 2009
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30 July 2009
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20 July 2009
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10 June 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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23 January 2009
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29 December 2008
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10 November 2008
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30 September 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
ZhongDe Waste Technology AG signs contract for large scale waste incinerator plant
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28 November 2007
ZhongDe Waste Technology AG continues to grow in Q3 2007
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19 September 2007
ZhongDe Waste Technology AG secures land usage rights in Beijing – headstone for building a second production facility
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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
ZhongDe Waste Technology AG: Greenshoe option exercised in full
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5 July 2007
ZhongDe Waste Technology AG sets offer price and issue volume
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28 June 2007
ZhongDe Waste Technology AG: Price range between Euro 23 and Euro 26
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25 June 2007
ZhongDe Waste Technology AG launches its Initial Public Offering on the Prime Standard in Frankfurt
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14 June 2007
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