Press releases

Annual results 2013

ZhongDe Waste Technology AG: Successful sale of manufacturing site led to increase in EBIT and net result

 

  • Revenue decrease of 50.0 per cent to 12.3 million Euros
  • EBIT improved by 41.0 per cent to -7.4 million Euros
  • Net result increase of 32.0 per cent to -8.3 million Euros
  • Strong order backlog
  • Further increase of cash position to 110.1 million Euros

 

Frankfurt, 29 April, 2014

Looking back on the financial year 2013, ZhongDe Waste Technology AG was faced with some unexpected circumstances, which led to a delay in finalizing some of ZhongDe’s current BOT projects. This affected the financial results in 2013. However, ZhongDe managed to close, sell and develop others of its projects, generating cash flow for the running EPC and BOT projects. ZhongDe’s continued strong order backlogs as well as the comfortable cash position enable further investments for ZhongDe’s future business.

 

In the financial year 2013 ZhongDe generated revenues of 12.3 million Euros, a year-on-year loss of 50.0 per cent (2012: 24.8 million Euros). This decrease was mainly caused by the delayed progress in the construction of ZhongDe’s current BOT projects Kunming and Xianning as well as by the interruption of the construction of the two EPC projects in Zhucheng and Dingzhou. With regard to the fact, that ZhongDe’s BOT projects could not be completed as planned due to the unforeseen obstacles, the company had to adjust its revenue evaluation method from percentage of completion to the zero-profit method. Under this method, the revenues have been recorded according to the stage of completion without profit margin since the beginning of the second quarter 2013. The application of the zero-profit method led to a reduction of revenues amounting to 1.5 million Euros in 2013.

 

Gross profit declined from 1.6 million Euros in 2012 to -0.2 million Euros in 2013. Nevertheless, EBIT was improved by 5.1 million Euros or 41.0 per cent to -7.4 million Euros (2012: -12.6 million Euros) mainly due to the successful sale of the manufacturing site for small-size incinerators in Beijing Miyun, which contributed other income of 10.3 million Euros. The net result increased by 32.0 per cent to -8.3 million Euros (2012: -12.2 million Euros).

 

Favorable financial circumstances

In the financial year 2013 ZhongDe still had a strong order backlog of 226.1 million Euros. Furthermore, ZhongDe was able to increase its cash position by 10.0 per cent to 110.1 million Euros (2012: 100.3 million Euros). The equity of the company in 2013 amounted to 103.0 million Euros (2012: 112.8 million Euros) corresponding to an equity ratio of 45.0 per cent (2012: 56.0 per cent). Given this positive financial situation and having gained additional long-term project loans from the local banks, ZhongDe is well prepared for future investments.

 

Outlook

Looking ahead to its future development, ZhongDe expects to further benefit from the favorable political and economic environment for eco-friendly waste disposal as well as the growing demand for energy-from-waste plants in China. Especially in the context of the new Chinese government concept of a “Beautiful China”, aiming to reduce the pollution and to protect the environment in China, energy-from-waste is defined as the most important way of municipal and industrial solid waste disposal. The management of ZDWT currently negotiates with the Chinese government concerning new projects and is confident that more contracts will be closed in 2014 and beyond.

 

Although ZhongDe did not achieve some of its targets set for 2013, including the sale of the Feicheng project, which is now scheduled for 2016, while other projects of ZhongDe developed positively. The two BOT projects in Zhoukou and Xianning have entered into trial operation and are expected to be completed in 2014. The company expects to complete the construction of Kunming project as well in 2014 and to start its trial operation in 2015. Moreover, two EPC projects in Dingzhou and Zhucheng are planned to be finished in 2015.

 

In order to further increase the efficiency of construction processes and improve the controlling of its current projects, ZhongDe plans to implement a new project controlling software, as well as a new accounting and budgeting software.

 

2014 will still be a transition period for ZhongDe, but due to the planned completion of several projects the management expects a rapid growth in revenues as well as improved operating results in the financial year 2014 although still leading to a loss before taxes. In addition, the group’s cash position is supposed to be further stabilized within the financial year 2014.

 

Please find the complete annual report 2013 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 energy-from-waste plants generating electricity from the incineration 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 energy-from-waste 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

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23 December 2013

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28 August 2013

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28 June 2013

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30 August 2012

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29 August 2012

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30 April 2012

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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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24 February 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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7 September 2009
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31 August 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
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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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3 February 2009
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23 January 2009
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29 December 2008
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28 November 2008
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10 November 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
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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
ZhongDe Waste Technology AG announces signing of Xinjiang BOT project
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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
ZhongDe Waste Technology AG planning IPO in July 2007
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