DGAP-News: ZhongDe Waste Technology AG: Difficult start into financial year 2012
(firmenpresse) - DGAP-News: ZhongDe Waste Technology AG / Key word(s): Quarter Results
ZhongDe Waste Technology AG: Difficult start into financial year 2012
31.07.2012 / 23:05
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Q1 results 2012
ZhongDe Waste Technology AG: Difficult start into financial year 2012
Frankfurt, 31 July 2012 - Within the first quarter 2012, ZhongDe Waste
Technology AG ('ZhongDe', 'the Company', Ticker symbol 'ZEF') realized
revenues of EUR 1.2 million (Q1 2011: EUR 2.4 million) and a gross profit
of EUR 0.1 million (Q1 2011: EUR 0.5 million). Nevertheless, ZhongDe still
had a strong cash position which increased by 53% to EUR 112.0 million at
the end of Q1 2012 compared to that at the end of Q1 2011. This ensures
that the Company remains flexible in the fields of new project investments
and finance.
EBIT improved slightly from EUR -1.5 million in the first quarter 2011 to
EUR -1.4 million in the first three months of 2012. Net loss amounted to
EUR -1.8 million, which corresponds to a decline of EUR 0.4 million
compared to the same period last year (Q1 2011: EUR 1.4 million). This
decrease is mainly due to higher finance costs.
ZhongDe's measures to control operating costs showed positive results: The
company reduced its selling and distribution expenses by 53.5% to EUR 0.3
million (Q1 2011: EUR 0.6 million) in the first quarter of 2012. Also
administrative expenses dropped from EUR 1.1 million to 1.0 million in this
period.
The main reason for the poor results of the first quarter 2012 are the
delays in the completion of waste-to-energy plants due to internal as well
as external factors. The future financial performance of ZhongDe will
depend on its progress of completing its on-going EPC and BOT construction
projects. ZhongDe's Management Board estimates to finalize its current
Zhoukou BOT project until the end of the financial year 2012.
Looking ahead, ZhongDe expects to benefit from the favorable economic
environment for eco-friendly waste disposal as well as from the growing
demand for waste-to-energy plants in China and throughout Asia. With regard
to the slow recovery of the market for small-scale incinerators, ZhongDe
will continue to focus on large-scale waste-to-energy projects. The company
expects to sign one or two new project contracts in 2012, which will lead
to a significant growth of order intake and order backlog. ZhongDe plans to
generate recurring revenues especially with the BOT business, which
delivers sustainable earnings stream from electricity sales and the waste
disposal fee. The management of ZhongDe is convinced that the company will
show improved financial performance in the coming years.
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(at)zhongdetech.com
Ying Sun
Herriotstr. 1
60528 Frankfurt am Main
T: +49 69 67733 172
F: +49 69 67733 200
E-Mail: ying.sun(at)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(at)kirchhoff.de
End of Corporate News
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31.07.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: ZhongDe Waste Technology AG
Herriotstraße 1
60528 Frankfurt am Main
Germany
Phone: + 49 69 67733 172
Fax: + 49 69 67733 200
E-mail: ying.sun(at)zhongde-ag.de
Internet: www.zhongde-ag.de
ISIN: DE000ZDWT018
WKN: ZDWT01
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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179811 31.07.2012
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Datum: 31.07.2012 - 23:05 Uhr
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News-ID 170446
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