DGAP-News: ZhongDe Waste Technology AG: Audited H1 2011 results
(firmenpresse) - DGAP-News: ZhongDe Waste Technology AG / Key word(s): Half Year
Results
ZhongDe Waste Technology AG: Audited H1 2011 results
31.08.2011 / 08:45
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Frankfurt, August 31, 2011 - ZhongDe Waste Technology AG ('ZhongDe', 'the
Company', Ticker symbol 'ZEF') today published its audited results for the
second quarter and the first six months of the financial year 2011. In
consistency with its already announced preliminary figures, the audited
results show improved Q2 2011 revenues compared to Q1 2011, but a decline
in revenues on a year-on-year basis.
Revenues in Q2 2011 increased by 92% to EUR 4.6 million from EUR 2.4
million in Q1 2011. However, ZhongDe's revenues decreased by 59% in Q2 2011
compared to the EUR 11.3 million revenues in Q2 2010. The decreased
revenues were the main reason for the net loss of EUR -1.8 million in Q2
2011.
In the first six months of 2011, ZhongDe recorded total revenues of EUR 7.0
million, a decline of 53% compared to H1 2010 revenues of EUR 15.0 million.
The EBITDA showed a corresponding development, amounting to EUR -2.2
million (H1 2010: EUR -0.4 million). As a consequence, the Company recorded
a net loss for the first half of 2011 of EUR -3.2 million (H1 2010: EUR
-1.7 million).
The major reason for the decrease in revenues in Q2 and H1 2011 is the
delay of the construction progress of current large-scale energy-from-waste
projects, which still caused by the delay of local government approvals.
Strong cash and order positions indicate potential revenue increase
Although more cash was invested in the construction of ongoing projects,
ZhongDe's cash position kept strong and amounted to EUR 99.3 million at the
end of the second quarter. Although there is no order intake in Q2 2011,
three new project contracts are under the approval procedure of ZhongDe.
All three projects are large-size plants with a minimum waste disposal
capacity of 1000 ton/day, each of them will bring more order intake and
order backlog in 2011.
The strong order backlog and cash position indicate the Company's potential
in the coming quarters, hence ZhongDe still are confident of catching up
with the annual plan of completing one or two projects by the end of 2011,
which will bring more annual revenues and profits in 2011 than those in
2010.
About ZhongDe Group
ZhongDe Group designs, constructs, finances and operates energy-from-waste
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 and more than 80 waste
incinerators in the last three financial years alone. ZhongDe is one of the
leading players in the project development and operation of large-size
energy-from-waste plants in China.
Contact
William Jiuhua Wang
Executive Director and CFO
E-Mail: william.jw(at)zhongdetech.com
Ying Sun
Investor Relations
Herriotstr. 1
60528 Frankfurt am Main
Germany
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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31.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: ZhongDe Waste Technology AG
Stadthausbrücke 1-3
20355 Hamburg
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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137616 31.08.2011
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Datum: 31.08.2011 - 08:45 Uhr
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News-ID 60850
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