Press releases
Annual results 2012
ZhongDe Waste Technology AG: Challenging circumstances adversely affect results 2012
- Revenues decreased by 24.0 per cent to 24.8 million Euros
- EBIT amounted to -12.6 million Euros
- Order intake strongly increased to 140.6 million Euros
- Order backlog grew significantly to 257.4 million Euros
- Solid cash position
Frankfurt, 29 April 2013
2012 was a very challenging transition period for ZhongDe Waste Technology AG in regards to the completion of its running BOT and EPC projects. While revenues decreased to 24.8 million Euros, gross profit went down by 62.0 per cent to 1.6 million Euros. The company expects to benefit from the favorable economic environment in China for eco-friendly waste disposal in the future.
In the fiscal year 2012 revenues of ZhongDe Waste Technology decreased by 24.0 per cent to 24.8 million Euros (2011: 32.4 million Euros). This decrease was mainly influenced by the fact that the construction progress of the current EPC (Engineering, Procurement and Construction) projects Dingzhou and Zhucheng was suspended according to the requirements of the owners and the fact that the construction progress of BOT (Build, Operate and Transfer) projects was slower than planned, mainly due to delays in obtaining required government approvals. With 24.5 million Euros or 99.0 per cent most of the revenues were generated from BOT projects and only 0.3 million Euros from EPC projects (2011: 8.9 million Euros). The demand for small- and mid-sized incinerators came to a halt in 2012, thus there were no recorded revenues in 2012 in this business segment.
Gross profit amounted to 1.6 million Euros in 2012, which corresponds to a decrease of 62.0 per cent compared to the previous year (2011: 4.1 million Euros). Accordingly gross profit margin went down from 12.7 per cent in 2011 to 6.4 per cent in 2012. The main reason for this development was the adjustment of costs estimated for the construction of EPC and BOT projects.
As a consequence of the aforementioned circumstances, EBIT went down by 62.4 per cent to -12.6 million Euros (2011: -7.7 million Euros). EBIT margin amounted to -51.0 per cent (2011: -24.0 per cent). Furthermore, ZhongDe realised a net loss of 12.2 million Euros (2011: net loss of 10,7 million Euros).
Positive effects of cost controlling and strong order backlog
ZhongDe’s strict cost control measures showed positive results within the financial year 2012. While selling and distribution costs explicitly decreased by 49.0 per cent to 1.9 million Euros (2011: 3.7 million Euros), administrative expenses could be reduced by 13.0 per cent to 3.7 million Euros (2011: 4.3 million Euros).
Despite the negative results in 2012, ZhongDe has a solid base regarding its high order intake and backlog. Order intake strongly increased in 2012 to 140.6 million Euros (2011: 6.5 million Euros). Order backlog also grew significantly by 78.0 per cent from 144.2 million Euros in 2011 to 257.4 million Euros in 2012. This was mainly due to the new BOT project in Lanzhou, which ZhongDe won in October 2012.
Solid cash position
Furthermore, ZhongDe still disposes of a strong cash position. Cash and cash equivalents amounted to 100.3 million Euros (2011: 117.3 million Euros). This gives the company a favorable position for further investments. First of all ZhongDe plans to invest the funds in its budgeted EPC and BOT projects and further business activities.
Equity slightly decreased by 10.3 per cent to 112.8 million Euros (2011: 125.7 million Euros), while the equity ratio went down from 63.0 per cent in 2011 to 58.0 per cent in 2012.
Modest outlook
Looking ahead to 2013 and 2014, ZhongDe expects to further benefit from the favorable political and economic environment for eco-friendly waste disposal as well as from the growing demand for waste-to-energy plants in China, but also throughout Asia. Currently ZhongDe is negotiating on two new projects with an expected volume of 1.000 tons per day each and is confident to close the contracts in 2013. This year, ZhongDe will enter two new projects into the approval procedure. Moreover, ZhongDe’s current three BOT projects will be completed and begin their operations in 2013. These BOT projects will generate revenues as soon as they generate cash-inflows from by-products such as electricity. ZhongDe’s biggest project – Lanzhou – will finish the preparation state and start its construction in 2013 as well.
All in all, ZhongDe expects the next year to maintain a transition period in which the company will finalise its existing projects and start its operations as well as the project in Lanzhou. This will result in comparably more cash-inflows from guaranteed payments from the operations, but at the same time in decreased revenues for that transition period. For 2013, although an improvement of the operating result is to be expected, a loss before taxes is to be expected, however, with the Group’s cash position being stabilized. ZhongDe anticipates, that its financial performance will improve and create value for its shareholders in the mid-term.
Please find the complete annual report 2012 of ZhongDe Waste Technology AG on the company’s website under the following link:
http://www.zhongde-ag.com/investor_relations/publikationen.html
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 throughout China. ZhongDe is one of the leading players in the project development and operation of waste-to-energy plants in China.
Contact
ZhongDe Waste Technology AG
William Jiuhua Wang
Executive Director and CFO
E-Mail: william.jw@zhongdetech.com
Ying Sun
Investor Relations
Messeturm 25th floor
Friedrich-Ebert-Anlage 49
60308 Frankfurt am Main
T: +49 69 50956 5655
F: +49 69 50956 5520
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
Overview
28 November 2016
ZhongDe Wastes technology AG: Fast progress of BOT project in Lanzhou led to strongly improved revenues in the third quarter 2016
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30 August 2016
ZhongDe Waste Technology AG: Project in Lanzhou continues progressing rapidly
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27 May 2016
ZhongDe Waste Technology AG: Rapid progress of main BOT project in Lanzhou resulted in strong revenue growth
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29 April 2016
ZhongDe Group: Improved project progress in 2015 but earnings impacted by extraordinary effects
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28 August 2015
ZhongDe Waste Technology AG expects improved project progress for the second half of 2015
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28 May 2015
ZhongDe Waste Technology AG: Strong revenue increase reflects continuous project progress
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29 April 2015
ZhongDe Waste Technology AG: Remarkable project progress led to improved financial performance in 2014
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28 November 2014
ZhongDe Waste Technology AG: Strong year-on-year improvement of financial re-sults in the first nine months 2014
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28 August 2014
ZhongDe Waste Technology AG: Half-year results show slight recovery year-on-year
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29 April 2014
ZhongDe Waste Technology AG: Successful sale of manufacturing site led to increase in EBIT and net result
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23 December 2013
ZhongDe Waste Technology AG signed contract to sell Beijing Miyun manufacturing site
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28 November 2013
ZhongDe Waste Technology AG: Weak business development despite increased order backlog
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28 August 2013
ZhongDe Waste Technology AG: Improved but still weak financial resultsin H1 2013 despite increased order backlog
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28 June 2013
ZhongDe Waste Technology AG signs EPC contract for new energy-from-waste plant in Wuhai
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28 May 2013
ZhongDe Waste Technology AG: First quarter 2013 shows improved year-on-year results
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29 April 2013
ZhongDe Waste Technology AG: Challenging circumstances adversely affect results 2012
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30 November 2012
ZhongDe Waste Technology AG: Financial results benefit from positive one-off effects in the third quarter 2012
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23 October 2012
ZhongDe Waste Technology signs BOT contract for largest waste-to-energy plant in China
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30 August 2012
ZhongDe Waste Technology AG: Financial results impacted by further project delays
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30 November 2011
ZhongDe Waste Technology AG: Revenues and gross profit improve while EBIT and net profit decline
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14 September 2011
ZhongDe Waste Technology AG relocates legal domicile from Hamburg to Frankfurt
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26 May 2011
ZhongDe Waste Technology AG: State Council of China strengthens municipal waste treatment industry
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2 May 2011
ZhongDe Waste Technology AG: Strong order backlog, equity and cash position despite slight net loss in 2010
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24 February 2011
ZhongDe Waste Technology AG: Final gross profit rate of Datong EPC project of 26.6%
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30 December 2010
ZhongDe Waste Technology AG: Completion of Feicheng project construction
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30 November 2010
ZhongDe Waste Technology AG: Strong order backlog and cash position despite revenue decrease
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19 November 2010
ZhongDe Waste Technology AG: Change in Supervisory Board
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10 November 2010
ZhongDe Waste Technology AG signed financial leasing contracts of two BOT projects
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30 August 2010
ZhongDe Waste Technology AG: Better Performance of Q2 2010 vs. Q2 2009
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27 August 2010
ZhongDe Waste Technology AG: BNY Mellon has been appointed as Depositary Bank for ADR program
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19 July 2010
ZhongDe Waste Technology AG moves Offices from Hamburg
to Frankfurt am Main
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4 June 2010
ZhongDe Waste Technology AG signs EPC contract with Shouguang Fuyuan Waste to Power Co., Ltd
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28 May 2010
ZhongDe Waste Technology AG: Weak Q1 financials due to difficult weather and market conditions
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30 April 2010
ZhongDe Waste Technology AG: Strong order backlog after strategic shift
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12 February 2010
ZhongDe Waste Technology AG: Successful operation of Datong Project
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30 December 2009
ZhongDe Waste Technology AG signs agreement to increase contract amount of Datong Project
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30 December 2009
ZhongDe Waste Technology AG signs EPC contract with Dingzhou Ruiquan Solid Waste Treatment Co., Ltd
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30 November 2009
ZhongDe Waste Technology AG presents its financial results for Q3 2009
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7 September 2009
ZhongDe Waste Technology AG signs Letter of Intent with Covanta Energy Asia Pacific Holdings Ltd.
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31 August 2009
ZhongDe Waste Technology AG adjusted strategy for future growth in 2009
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3 August 2009
ZhongDe Waste Technology AG Annual General Meeting adopts dividend
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30 July 2009
ZhongDe Waste Technology AG signs letter of intent with ThyssenKrupp Xervon Energy
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20 July 2009
ZhongDe Waste Technology AG signs contract for waste incineration plant in Zhaodong City
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10 June 2009
ZhongDe Waste Technology AG announces to postpone its Annual General Meeting
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29 May 2009
ZhongDe Waste Technology AG presents its financial results for Q1 2009
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30 April 2009
ZhongDe Waste Technology AG maintains high growth rates
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20 April 2009
ZhongDe Waste Technology AG announces signing of two large-size BOT projects
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6 April 2009
ZhongDe Waste Technology AG signs Letter of Intent on Renewable Energy Projects for Electricity Generation in Jilin, PRC
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3 February 2009
ZhongDe Waste Technology AG announces strategic cooperation agreement with Genesis Energy Holdings Limited
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23 January 2009
ZhongDe Waste Technology AG signs contract with Zhucheng Baoyuan New Energy Power Generation Co., Ltd
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29 December 2008
ZhongDe Waste Technology AG announces change in the Supervisory Board
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28 November 2008
ZhongDe Waste Technology AG reports continued healthy growth in Q3 2008
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10 November 2008
ZhongDe Waste Technology AG expects continuous growth and confirms initial estimation for financial year 2008
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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
ZhongDe Waste Technology AG reports continuous growth in Q2 2008
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30 June 2008
ZhongDe Waste Technology AG announces cooperation agreement with Veolia
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16 June 2008
ZhongDe Waste Technology AG announces signing of Lianshui BOO project
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30 May 2008
ZhongDe Waste Technology AG reports strong growth in Q1 2008
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29 April 2008
ZhongDe Waste Technology AG presents its audited full year results for fiscal year 2007: net profit more than doubled – order intake increased by 90% to €44.4 million
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7 April 2008
ZhongDe Waste Technology AG announces signing of Xinjiang BOT project
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18 March 2008
ZhongDe Waste Technology AG releases preliminary results for fiscal year 2007: net profit more than doubled - order intake increased by 90% to €44.4 million
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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
ZhongDe Waste Technology AG planning IPO in July 2007
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