Press releases
ZhongDe Waste Technology AG reports strong growth in Q1 2008
Hamburg, May 30, 2008
Q1 revenues increased by 52% yoy to € 11.2 million
Net profit climbed to € 7.0 million, an advance of 71% yoy
Order intake increased by 365% yoy to € 44.0 million
Earnings per share increased by 69% yoy to € 0.54 per share
Continued strategic focus on municipal solid waste incinerators of larger scales
ZhongDe Waste Technology AG (‘the Company') today announced its Q1 2008 results which continue to reflect the Company's strong growth profile.
The Company achieved revenues of € 11.2 million in Q1 2008, an increase of 52% compared to € 7.4 million in the same period of the previous year. Growth was driven by a significant rise in municipal incinerator sales which amounted to € 10.7 million in Q1 2008 compared to € 3.5 million in Q1 2007, an increase of 208%, which now amount to 96% of the Company's total sales, compared to 47% in Q1 2007. A total of four municipal solid waste incinerators were sold in Q1 2008 compared to two in Q1 2007. Revenues in the medical waste incinerator segment declined from € 3.9 million in Q1 2007 to k€ 462 in Q1 2008 due to the company focusing on the strongly growing municipal solid waste incinerator segment.
Operating results in the first quarter of 2008 rose significantly, fuelled by the upward trend in the municipal solid waste incinerator segment. As a result gross profits increased from € 4.8 million in Q1 2007 to € 7.7 million in Q1 2008, an increase of 61%. EBITDA rose by 57% from € 4.1 million in Q1 2007 to € 6.5 million in Q1 2008, with an increase in the EBITDA margin from 56% to 58% in the respective periods. The net profit increased from € 4.1 million in Q1 2007 to € 7.0 million in Q1 2008, an increase of 71%, with the underlying net profit margin increasing from 56% in Q1 2007 to 63% in Q1 2008.
Orders continue to rise strongly in the municipal incinerator segment - during the Q1 2008 period, the Company received orders for contracts worth € 44 million compared to € 9.5 million in the same period last year and resulted in an order backlog of € 54.1 million in Q1 2008 compared to € 9.5 in Q1 2007.
Furthermore, the Company achieved a strong rise in EPS to € 0.54, compared to € 0.32 in Q1 2007 resulting from the strong sales growth and continued tight cost controls.
The Company's net cash position as at March 31, 2008 was € 86.6 million compared to € 83.8 million as at December 31, 2007.
In the period under review the Company has signed general contracts for the Datong waste disposal and electricity generation project with the total contract value amounting to approximately € 30 million. This is the Company's first major project to also include electricity generation on a large scale.
In view of the strong growth already recorded in this financial year, the Company has stepped up its recruitment by hiring some 12 skilled production workers which will help to ensure the timely delivery of the Company's products to customers.
CEO Zefeng Chen comments: "We are pleased that our strong growth profile is reflected in these Q1 2008 financial results - the market continues to be buoyant and we are successfully positioning ourselves as a major player in the waste incineration market in China with a strategy that focuses on larger scale incinerators. To this end, we are investing in R&D, have stepped up our recruitment programme and are pleased that our second production facility in Beijing is now in the construction stage. Together these efforts enable the Company to take advantage of the enormous potential and our outlook for the year remains strongly positive."
Key Financial Highlights
| Key figures in k€ | Q1 2008 | Q1 2007 | Change |
|---|---|---|---|
| Order intake | 43,992 | 9,465 | +365 |
| Order backlog | 54,142 | 9,465 | +472 |
| Revenues | 11,211 | 7,359 | +52 |
| Gross profit | 7,744 | 4,796 | +61 |
| Gross profit margin | 69% | 65% | |
| Cost of sales | 3,467 | 2,563 | +35 |
| EBITDA | 6,482 | 4,131 | +57 |
| EBITDA margin | 58% | 56% | |
| EBIT | 6,426 | 4,133 | +56 |
| EBIT margin | 57% | 56% | |
| Net profit | 7,027 | 4,112 | +71 |
| Net profit margin | 63% | 56% | |
| Earnings per share | 0,54 | 0,32 | +69 |
About ZhongDe Group
ZhongDe Group designs, manufactures and installs pyrolytic, grate and rotary kiln waste incinerators for the disposal of solid medical, municipal and industrial (including hazardous) waste. Since 1996, ZhongDe Group has installed approximately 180 waste incinerators in about 13 provinces, and more than 120 waste incinerators in the last three financial years alone. Its waste incinerators are principally constructed for operators of medical disposal centres in the hospital and healthcare industry, as well as for small and midsized Chinese cities in developed areas of the People's Republic of China. ZhongDe Group is one of the leading suppliers of small and midsized solid waste incinerators in China, supplying state-of-the-art products.
This document constitutes neither an offer to sell nor a solicitation to buy securities of ZhongDe Waste Technology AG. The securities have already been sold.
This document is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The shares in ZhongDe Waste Technology AG have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and are not being and will not be offered or sold in the United States of America.
This document is directed at and/or for distribution in the U.K. only to (i) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (ii) high net worth entities falling within article 49(2)(a) to (d) of the Order (all such persons being together referred to as “relevant persons”). This document is directed only at relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons.
Contact
Matthias Link
Managing Director
Citigate Dewe Rogerson GmbH
Goethestraße 26-28
60313 Frankfurt am Main
Tel: 0049-69 90 500-150
Fax: 0049-69 90 500-102
E-Mail: matthias.link@citigatedr.de
Internet: www.citigatedr.de
Overview
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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
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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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18 March 2008
ZhongDe Waste Technology AG releases preliminary results for fiscal year 2007: net profit more than doubled - order intake increased by 90% to €44.4 million
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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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ZhongDe Waste Technology AG launches its Initial Public Offering on the Prime Standard in Frankfurt
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