Press releases
ZhongDe Waste Technology AG reports continued healthy growth in Q3 2008
Revenues increased by 82% to € 15.6 million in Q3 2008, amounting to € 35.7 million for the first nine months of 2008, up 51% from the same period in 2007.
Net profit of € 18.7 million in Q1-3 2008 and € 6.5 million in Q3 2008, increases of 31% and 17% respectively
Order backlog increased by 215% to € 36.3 million
EPS increases to € 0.50 in Q3 2008 from € 0.43 in Q3 2007
Hamburg, 28 November, 2008
ZhongDe Waste Technology AG ("the Company", ticker symbol "ZEF") today announced results for the first nine months of the financial year to 30 September 2008.
Revenues grew strongly to € 35.7 million in the nine months to end of September 2008, an increase of 51% compared to the same period in 2007, with a contribution of € 15.6 million in Q3 2008 compared to € 8.5 million in Q3 2007. Growth was driven primarily by a rise in municipal incinerator sales plus the partial recognition of the large scale Datong EPC (Engineering, Procurement and Construction) project in this quarter.
EBITDA rose by 24% in the first nine months of 2008 to € 17.4 million compared to € 14.0 million in 2007 and to € 6.4 million in Q3 2008 compared to € 5.2 million in Q3 2007.
The gross margin declined both in the third quarter of 2008 and in the first nine months of 2008 compared to the previous year periods due to the company's focus on larger size orders. In Q3 2008 this was specifically as a result of the gradual recognition of profits from the Datong EPC project. However the increase in order sizes compensated for the lower margin with net profit of the Company continuing to increase with orders for larger projects.
The net profit increased to € 18.7 million in the nine months to September 2008, compared with € 14.4 million in the previous year period. In Q3 2008, net profit amounted to € 6.5 million compared to € 5.5 million in Q3 2007, an increase of 17%.
Total order intake in the nine months to the end of September 2008 rose to € 53.0 million, a substantial rise compared to the same period in 2007 at € 29.8 million. The order backlog as at 30 September 2008 amounted to € 36.3 million*, an increase of 215% compared to € 11.5 million in 2007.
Earnings per share amounted to € 1.44 in the first nine months of 2008, with € 0.50 in Q3 2008, compared to € 1.10 and € 0.43, respectively in 2007.
The company's net cash position as at 30 September, 2008 amounted to € 97.7 million compared to € 83.9 million as at 31 December 2007. The Company is planning to use these funds to establish the Beijing plant and support various BOT projects scheduled to begin in the last quarter of 2008 and early 2009.
The company has implemented various measures to increase production efficiencies such as the upgrading and improving of manufacturing equipment which in turns has improved production capacity.
The company's CEO Zefeng Chen states: "The third quarter for the first time consolidates contributions from the Datong project, the first of larger projects which combine waste disposal and electricity generation. The development of Datong with a total contract volume of approx. € 30 million shows the Company's ability to secure large orders, which remains the primary growth focus in the future."
The Company is confident that it can continue to take advantage of the huge potential offered by the Chinese waste incineration market, while at the same time exploring opportunities in overseas markets to deliver the results its shareholders expect. All projects are well on track and we reiterate our belief that shareholders will see pleasing results at the end of 2008 with revenues above € 50.0 million and a net profit margin of above 45%.
*Based on exchange rate €/RMB as at 30 September 2008.
Key Financial Highlights
| Key figures in k€ | Q3 2008 | Q3 2007 | Change |
|---|---|---|---|
| Order intake | 8,455 | 10,809 | -22% |
| Order backlog | 36,264* | 11,515 | +215% |
| Revenues | 15,563 | 8,541 | +82% |
| Gross profit | 7,865 | 6,058 | +30% |
| Gross profit margin | 51% | 71% | - |
| Cost of sales | 7,698 | 2,483 | +210% |
| EBITDA | 6,388 | 5,190 | 23% |
| EBITDA margin | 41% | 61% | - |
| EBIT | 6,317 | 5,175 | 22% |
| EBIT margin | 41% | 61% | - |
| Net profit | 6,515 | 5,547 | +17% |
| Net profit margin | 42% | 65% | - |
| Earnings per share | 0.50 | 0.43 | +17% |
| Key figures in k€ | Q1-3 2008 | Q1-3 2007 | Change |
|---|---|---|---|
| Order intake | 53,013 | 29,754 | +78% |
| Order backlog | 36,264* | 11,515 | +215% |
| Revenues | 35,655 | 23,558 | +51% |
| Gross profit | 21,718 | 16,115 | +35% |
| Gross profit margin | 61% | 68% | - |
| Cost of sales | 13,937 | 7,443 | +87% |
| EBITDA | 17,363 | 13,978 | +24% |
| EBITDA margin | 49% | 59% | - |
| EBIT | 17,179 | 13,939 | +23% |
| EBIT margin | 48% | 59% | - |
| Net profit | 18,737 | 14,356 | +31% |
| Net profit margin | 53% | 61% | - |
| Earnings per share | 1.44 | 1.10 | +31% |
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 190 waste incinerators in about 13 provinces, and more than 130 waste incinerators in the last three financial years alone. Its waste incinerators are principally constructed for small and midsized Chinese cities in developed areas of the People's Republic of China, as well as for operators of medical disposal centres in the hospital and healthcare industry. ZhongDe Group is one of the leading suppliers of small and midsized solid waste incinerators in China, supplying state-of-the-art products.
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
30 August 2010
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27 August 2010
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19 July 2010
ZhongDe Waste Technology AG moves Offices from Hamburg
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28 May 2010
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30 April 2010
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12 February 2010
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30 December 2009
ZhongDe Waste Technology AG signs agreement to increase contract amount of Datong Project
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30 December 2009
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30 November 2009
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7 September 2009
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31 August 2009
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3 August 2009
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30 July 2009
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20 July 2009
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10 June 2009
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29 May 2009
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30 April 2009
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20 April 2009
ZhongDe Waste Technology AG announces signing of two large-size BOT projects
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6 April 2009
ZhongDe Waste Technology AG signs Letter of Intent on Renewable Energy Projects for Electricity Generation in Jilin, PRC
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3 February 2009
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23 January 2009
ZhongDe Waste Technology AG signs contract with Zhucheng Baoyuan New Energy Power Generation Co., Ltd
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29 December 2008
ZhongDe Waste Technology AG announces change in the Supervisory Board
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28 November 2008
ZhongDe Waste Technology AG reports continued healthy growth in Q3 2008
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10 November 2008
ZhongDe Waste Technology AG expects continuous growth and confirms initial estimation for financial year 2008
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30 September 2008
ZhongDe Waste Technology AG expects continuous growth and confirms initial estimation for financial year 2008
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29 August 2008
ZhongDe Waste Technology AG reports continuous growth in Q2 2008
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30 June 2008
ZhongDe Waste Technology AG announces cooperation agreement with Veolia
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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
ZhongDe Waste Technology AG presents its audited full year results for fiscal year 2007: net profit more than doubled – order intake increased by 90% to €44.4 million
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7 April 2008
ZhongDe Waste Technology AG announces signing of Xinjiang BOT project
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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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28 June 2007
ZhongDe Waste Technology AG: Price range between Euro 23 and Euro 26
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25 June 2007
ZhongDe Waste Technology AG launches its Initial Public Offering on the Prime Standard in Frankfurt
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14 June 2007
ZhongDe Waste Technology AG planning IPO in July 2007
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