DGAP-News: ZhongDe Waste Technology AG: Strong order backlog and cash position despite revenue decrease
(firmenpresse) - ZhongDe Waste Technology AG / Key word(s): Quarter Results
30.11.2010 08:59
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* Revenue decreased by 40% to EUR 4.6 million
* Net profit down 53% to EUR 0.3 million
* Two new contracts currently under ZhongDe approval procedure
* Better order backlog of EUR 157 million (+24%) compared to Q3 2009
* Strong cash position of EUR 98 million and strong equity ratio of 87%
* Greatly enhanced reputation and image following 45 minutes special report
of the most-watched CCTV program about Datong Project
Frankfurt, 30 Nov 2010 - The third quarter of 2010 of ZhongDe Waste
Technology AG ('ZhongDe', 'the Company', Ticker symbol 'ZEF') showed less
revenue and profit but a strong cash position and order backlog. Revenues
decreased by 40% year-on-year to EUR 4.6 million in Q3 2010. The net profit
went down 53% to EUR 0.3 million, while gross profit was EUR 1.3 million
and EBIT was EUR -0.6 million. Two new contracts (one EPC and one BOT) are
currently under ZhongDe's approval procedure. The cash position and equity
ratio remain strong (EUR 98 million and 87% respectively). The order
backlog amounted to EUR 157 million and exceeds the Q3 2009 figure by EUR
30 million, or 24%, although the order backlog for 2009 was greatly revised
from EUR 56 million to EUR 127 million in view of the retrospective
application of IFRIC 12 to BOT projects.
Meanwhile, the marketing of ZhongDe has delivered excellent results. As the
first EPC project of ZhongDe, the Datong project was finished on time and
its quality is at a very high level. This energy-from-waste plant received
high appreciation from the owner and government officers. The off-gas
emission of Datong plant not only reaches the Chinese national standard,
but also reaches some EU standards (e.g. Dioxin emission). China Central TV
(CCTV) broadcasted a special report on the garden-style Datong plant in a
most-watched program which lasted
45 minutes. The Xinhua News Agency of the Central Government of China
regards the Datong plant in its report as the model green plant for the
energy-from-waste industry in China. Many media reported extensively on the
Datong plant, which not only reduced the public concerns in China about the
possible pollution from energy-from-waste plant emissions, but also greatly
enhanced ZhongDe's reputation and image as the leading player for
energy-from-waste green plants in China.
CEO Mr. Zefeng Chen comments: 'At the end of 2010, the Feicheng BOT project
will be completed. Furthermore, according to our plan two EPC and three BOT
projects will be finished in 2011, which will definitely bring more
revenues and profits. The management team is confident that ZhongDe can
continue taking advantage of the enormous potential in the Chinese and
international energy-from-waste market and create more value to the
company.'
About ZhongDe Group
ZhongDe Group designs, manufactures and installs pyrolytic, grate and
rotary kiln waste incinerators for the disposal of solid municipal,
industrial (including hazardous) and medical waste, as well as complete
sets of incineration plants with electricity generation. Since 1996,
ZhongDe Group has installed approximately 200 waste incinerators in about
13 provinces and more than 80 waste incinerators in the last three
financial years alone. ZhongDe Group acts as one of the leading players of
large-size energy-from-waste industry in China.
Contact:
William Jiuhua Wang
Executive Director and CFO
william.jw(at)zhongdetech.com
Ying Sun
Assistant IR Manager
Herriotstr. 1,
60528 Frankfurt am Main
Germany
Tel: +49 69 67733 172
Fax: +49 69 67733 200
E-Mail: ying.sun(at)zhongde-ag.de
30.11.2010 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
Stadthausbrücke 1-3
20355 Hamburg
Deutschland
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 Hamburg, München, Berlin, Düsseldorf, Stuttgart
End of Announcement DGAP News-Service
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Datum: 30.11.2010 - 08:59 Uhr
Sprache: Deutsch
News-ID 32751
Anzahl Zeichen: 0
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Kategorie:
Business News
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