DGAP-News: ZhongDe Waste Technology AG: Financial results impacted by further project delays
(firmenpresse) - DGAP-News: ZhongDe Waste Technology AG / Key word(s): Half Year
Results
ZhongDe Waste Technology AG: Financial results impacted by further
project delays
30.08.2012 / 08:57
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H1 results 2012
ZhongDe Waste Technology AG: Financial results impacted by further project
delays
Frankfurt, 30 August 2012 - Within the first half year 2012, ZhongDe Waste
Technology AG ('ZhongDe', 'the Company', Ticker symbol 'ZEF') was faced
project delays which adversely affected the H1 results of the Company. The
revenues of ZhongDe decreased to EUR 4.9 million (H1 2011: EUR 7.0 million)
and gross profit amounted to EUR 0.4 million (H1 2011: EUR 1.5 million).
However, ZhongDe still disposes of a strong cash position of EUR 106.7
million and an equity ratio of 60% as of June 30, 2012, providing the
Company with the necessary financial resources for future investments and
project finance. Also the order backlog still amounts to EUR 141.9 million
(H1 2011: EUR 144.5 million).
In the first six months 2012 EBIT decreased to EUR -3.5 million (H1 2011:
EUR -2.5 million). The net loss amounted to EUR -4.1 million, which
corresponds to a decline of 27.1% compared to the first half year 2011 with
a net loss of EUR -3.3 million. Next to the project delays, the main reason
for this decrease were higher other operating expenses and increased
finance costs, while selling and distribution costs went down by 46.2% to
EUR 0.7 million and also administrative expenses decreased slightly by 6.5%
to EUR 1.8 million. These reduced expenses show that ZhongDe's measures to
control operating costs are successful.
Despite the negative results in H1 2012, ZhongDe still disposes of a strong
cash position of EUR 106.7 million and a total equity of EUR 123.9 million
which ensures that the Company remains flexible especially in the field of
BOT investment, but also project finance.
The main reason for the negative development within the first half year
2012 are still the delays in the completion of waste-to-energy plants due
to several internal as well as external factors including delays in the
granting of various Chinese government approvals.
Regarding the future development of the Company, 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 is optimistic 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 Company
expects that the Zhoukou BOT project will be completed by the end of the
financial year 2012 and contribute to the results as well as further
construction progress of the other BOT and EPC projects. 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 thedisposal 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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30.08.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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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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183454 30.08.2012
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