Press releases

Q1 2016 results

ZhongDe Waste Technology AG: Rapid progress of main BOT project in Lanzhou resulted in strong revenue growth

  • Revenue increased by more than 100 per cent to 26.6 million Euros
  • EBIT amounted to -1.1 million Euros
  • Net loss down from -2.2 million Euros to -1.7 million Euros
  • Unchanged outlook for full-year 2016

 

Frankfurt, 27 May 2016

In the first quarter of 2016, ZhongDe Waste Technology AG (“ZhongDe”) continued to focus on the progress of its main BOT project Lanzhou, which led to strongly improved revenues.

 

Total revenues of the first three months 2016 grew by more than 100 per cent to 26.6 million Euros (Q1 2015: 5.6 million Euros). Thereof, 26.5 million Euros were contributed by the Lanzhou project (Q1 2015: 3.7 million Euros). The acceptance of the installation of two incinerators in the facility led to revenues of 17.2 million Euros. Additionally, construction works amounting to 9.0 million Euros could be finished in the first quarter of 2016.

 

Due to the slow progress of EPC projects during the first three months 2016, gross profit decreased to -0.2 million Euros (Q1 2015: -0,1 million Euros). While the EPC projects are still accounted for under the percentage-of-completion-method, the BOT projects are accounted for the zero-profit-method. Thus, the increased stage of completion of the Lanzhou BOT project has no influence on the gross profit margin.

 

EBIT for the reporting period amounted to -1.1 million Euros (Q1 2015: -1.0 million Euros) with an improved EBIT margin of -4 percent (Q1 2015: -17 percent).

 

The financial result amounted to -0.6 million Euros compared to 0.0 million Euros in 2015 mainly due to increased interest expenses relating to the new bank loans granted to ZhongDe in the second half of 2015. This effect was offset by the decrease of income tax expenses from 1.2 million Euros in the first quarter 2015 to 0.0 million Euros in the first quarter 2016. The higher tax expenses in the first quarter 2015 were related to foreign exchange gains which were locally taxable.

 

Accordingly, the net loss decreased to -1.7 million Euros (Q1 2015: -2.2 million Euros).

 

Solid financial position

As at 31 March 2016, ZhongDe’s cash position amounted to 71.5 million Euros (as at 31 December 2015: 75.8 million Euros). The existing funds are planned to be primarily invested in budgeted projects such as the BOT project in Lanzhou as well as the EPC projects in Zhucheng and Dingzhou. Furthermore, the management of ZhongDe intends to secure the cash position of the company by obtaining additional loans to finance the current projects.

 

Total equity of the Group amounted to 98.8 million as of 31 March 2016 (as of 31 December 2015: 104.6 million Euros), corresponding to an equity ratio of 33.7 percent (as of 31 December 2015: 36.6 percent).

 

Due to the project progress in Lanzhou and foreign currency translation differences ZhongDe’s order backlog decreased by 23.2 percent to 104.1 million Euros.

 

Unchanged outlook for the full-year 2016

Looking ahead to the full financial year 2016, ZhongDe confirms the outlook given in the Annual Report 2015. Summarized, in 2016 the focus will lie on the further progress of the project construction in Lanzhou, but also on the completion of the other existing BOT and EPC projects. While the BOT project in Lanzhou will remain the main revenue driver, the trial runs of the BOT projects in Zhoukou, Xianning and Kunming as well as the EPC project in Zhucheng will also contribute to revenues in 2016. The Management Board is confident to complete the BOT projects in Zhoukou and Xianning as well as the EPC Project in Zhucheng within 2016. The completion of the BOT project in Kunming is planned for 2017.

 

Furthermore, ZhongDe plans to offer waste transportation in the near future. For this purpose, ZhongDe founded the Zhoukou Fulin Environmental Engineering Construction Co., Ltd. At the end of the first quarter of 2016, the new company has not yet commenced business activities.

 

Based on the results from the first quarter, the management is convinced to meet the targets for the financial year 2016. 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 Q1 report 2016 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

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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

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28 August 2015

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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
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20 July 2009
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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
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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
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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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