Press releases

Annual Results 2015

ZhongDe Group: Improved project progress in 2015 but earnings impacted by extraordinary effects

  • Revenue growth of 9.3 percent to 38.2 million Euros driven by foreign exchange rate effects
  • EBIT amounts to -13.2 million Euros
  • Significant progress for the largest BOT project in Lanzhou and increased average percentage-of-completion rate of all BOT and EPC projects
  • Revenue growth and positive EBIT expected for 2016

 

Frankfurt, 29 April 2016

In the financial year 2015, ZhongDe Waste Technology AG achieved progress in almost all of its BOT and EPC projects. Particularly ZhongDe’s biggest BOT project in Lanzhou advanced remarkably. Despite the increase in revenues, the Group’s earnings could not be improved. With regard to the full-year 2016, ZhongDe expects a rapid growth in revenues and a positive EBIT.

 

2015 remained a challenging period for the Company. Nevertheless, ZhongDe managed to keep its business on track and to generate revenues of 38.2 million Euros, slightly above the previous year’s level of 35.0 million Euros. ZhongDe’s four current BOT projects contributed 30.9 million Euros to the Group’s total revenues (2014: 23.7 million Euros), while the two EPC projects Zhucheng and Dingzhou generated 6.1 million Euros (2014: 10.1 million Euros). In 2015, ZhongDe sold one medium-sized incinerator, which contributed 1.2 million Euros to the total revenues of the Group. The revenue increase of 9.3 percent was due to foreign exchange rate effects. Applying the functional currency RMB, revenue decreased from RMB 286.3 million in the prior year to RMB 266.6 million in the year under review (-6.8%). Gross profit amounted to -1.7 million Euros (2014: 0.5 million Euros) corresponding to a gross profit margin of -4.5 percent (2014: 1.4 percent). Due to the IFRS zero-profit method applied for the BOT projects, the suspension of two EPC projects and also a non-recurring write-off of advance payments to subcontractors, the EBIT decreased significantly to -13.2 million Euros (2014: 3.0 million Euros). The net loss for 2015 reached -16.1 million Euros (2014: -1.0 million Euros).

 

High order backlog and solid cash position

With an order backlog of 135.6 million Euros at the end of 2015 (2014: 212.5 million Euros) ZhongDe has a good basis to generate revenues and profit in the future and to maintain a strong position in the Chinese waste-to-energy market. The Wuhai EPC project has been removed from the order backlog, since it is currently unclear when the work on the project will be resumed.

 

ZhongDe’s equity position amounted to 104.6 million Euros as of 31 December 2015 (31 December 2014: 112.9 million Euros) while the equity ratio came down to 37 per cent (2014: 45 percent).

 

Cash and cash equivalents totalled up to 75.8 million Euros as at 31 December 2015 with a decrease of 13 per cent compared to 87.2 million Euros as at 31 December 2014. ZhongDe plans to invest the funds in its current BOT and EPC projects.

 

BOT and EPC projects progressing

Last year the construction of ZhongDe’s biggest BOT project Lanzhou progressed significantly, reaching a percentage-of-completion rate of 39.2 percent at the end of 2015 (PoC as of 31 December 2014: 18.1 percent completed). The other three BOT projects Zhoukou, Xianning and Kunming were trial operation in 2015 and generated other operating income amounting to 3.1 million Euros. On average the completion of the BOT projects reached 64 percent (2014: 51 percent). The average percentage-of-completion rate in the EPC segment of the Group reached 67 percent (2014: 58 percent).

 

Positive outlook for the full-year 2016

With regards to the further development of the company in 2016 and 2017, ZhongDe expects to further benefit from the increasingly favourable political and economic environment for eco-friendly waste disposal, as well as from the growing demand for waste-to-energy plants in China and throughout Asia.

 

Nevertheless, ZhongDe’s Management assumes that 2016 will remain a challenging period. The focus will lie on the completion of existing projects and especially on further progress of the project construction in Lanzhou. The Management Board is confident to complete the BOT projects in Zhoukou and Xianning and the Zhucheng EPC-project in the course of the year. Provided that the projects can progress as planned, the Management Board expects a rapid growth in revenues for the full-year 2016. EBITDA and EBIT are expected to follow that trend and turn positive.

 

Please find the complete annual report 2015 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 realizes 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

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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27 October 2016

ZhongDe Waste Technology AG: New members of the Supervisory Board


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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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27 November 2015

Adverse external and internal effects slow down ZhongDe’s project progress


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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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28 May 2014

ZhongDe Waste Technology AG: Project progress not reflected in Q1 2014 results


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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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29 August 2012

Changes in the Supervisory Board of ZhongDe Waste Technology AG


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31 July 2012

ZhongDe Waste Technology AG: Difficult start into financial year 2012


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23 July 2012

Interview with Börsen Radio Network


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17 July 2012

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


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30 April 2012

ZhongDe Waste Technology AG: Publication of Annual Report 2011 delayed


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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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31 August 2011

ZhongDe Waste Technology AG: Audited H1 2011 results


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31 May 2011

ZhongDe Waste Technology AG: Q1 results show positive trend


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26 May 2011
ZhongDe Waste Technology AG: State Council of China strengthens municipal waste treatment industry
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20 May 2011

ZhongDe Waste Technology AG: Feicheng BOO project passes emission test


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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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