Press releases
ZhongDe Waste Technology AG: Weak Q1 financials due to difficult weather and market conditions
Hamburg, 28 May 2010
Revenue decreased by 65.9% to € 3.7 million
EBIT € -1.7 million after € 4.2 million in Q1 2009
Order backlog of € 157.8 million; +17.1% vs. Q1 2009
The first quarter of 2010 of ZhongDe Waste Technology AG ("ZhongDe", "the Company", Ticker symbol "ZEF") was influenced by a difficult market environment, especially the bad weather conditions for EPC and BOT plant construction work. Revenues decreased by 65.9% year-on-year to € 3.7 million in 1 2010. Earnings before interest and tax (EBIT) decreased to € -1.7 million (Q1 2009: € 4.2 million) while net profit fell to € -2.0 million (Q1 2009: € 2.3 million). The order backlog amounted € 157.8 million and exceeds the Q1 2009 figure by € 23.0 million, or 17.1%.
The Q1 2010 revenues were generated solely in the BOT segment. We are currently focusing on large-scale waste-to-energy facilities, because the small- to medium-size incinerators market has not yet recovered in China. Since ZhongDe's EPC and BOT construction-in-progress projects are located in Northern China, we had to interrupt construction work on these projects during the period of extremely cold weather conditions in the first quarter of 2010 and during the Chinese Spring Festival vacation. Meanwhile, we focused on the marketing and negotiation of potential waste-to-energy project contracts.
The first large-sized waste-to-energy project of ZhongDe - the Datong EPC project - is operating smoothly. The celebration of successful finish and smooth operation of Datong waste-to-energy plant will be held by the owner at the end of June 2010 and the officials from central government and provincial authorities will attend.
Because of the foreign exchange differences, ZhongDe's equity increased by € 4.8 million to € 129.9 million and cash position improved by 2.3% from € 109.2 million at the end of Q1 2009 to € 111.7 million at the end of Q1 2010. The Company maintains a very strong equity ratio of 89.3%. With the strong cash position and equity ratio, ZhongDe Group maintains its flexibility on the background of the remaining influence of the international financial crisis and the economic turmoil. ZhongDe had no bank debts in Q1 2010, but is currently negotiating bank loans with several banks in connection with the financing of large-scale BOT projects.
While the order intake was zero, the order backlog amounts to € 157.8 million and includes three EPC projects (Zhucheng, Zhaodong and Dingzhou) and four BOT projects (Zhoukou, Feicheng, Xianning and Kunming).
CEO Mr. Zefeng Chen comments: "Although this is the first quarterly loss in ZhongDe's history because of the extremely cold weather in China, the three EPC and four BOT projects in the order backlog will be finished according to the timetable. We realize that the future has plenty of risks and challenges, our management team is confident that we can continue taking advantage of the huge market potential in the Chinese and international waste-to-energy market to create values for our shareholders."
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 Waste-to-Energy industry in China.
Contact
William Jiuhua Wang
Executive Director and CFO
Phone: +86 (10) 885 98 010
E-Mail: william.jw@zhongdetech.com
Li Zhong (Linda)
Investor Relations Manager
Stadthausbrücke 1 - 3
20355 Hamburg
Germany
Phone: +49 (0) 40 37644 756
Fax: +49 (0) 40 37644 500
E-Mail: li.zhong@zhongde-ag.de
Overview
30 August 2010
ZhongDe Waste Technology AG: Better Performance of Q2 2010 vs. Q2 2009
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27 August 2010
ZhongDe Waste Technology AG: BNY Mellon has been appointed as Depositary Bank for ADR program
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19 July 2010
ZhongDe Waste Technology AG moves Offices from Hamburg
to Frankfurt am Main
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4 June 2010
ZhongDe Waste Technology AG signs EPC contract with Shouguang Fuyuan Waste to Power Co., Ltd
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28 May 2010
ZhongDe Waste Technology AG: Weak Q1 financials due to difficult weather and market conditions
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30 April 2010
ZhongDe Waste Technology AG: Strong order backlog after strategic shift
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12 February 2010
ZhongDe Waste Technology AG: Successful operation of Datong Project
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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
ZhongDe Waste Technology AG signs EPC contract with Dingzhou Ruiquan Solid Waste Treatment Co., Ltd
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30 November 2009
ZhongDe Waste Technology AG presents its financial results for Q3 2009
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7 September 2009
ZhongDe Waste Technology AG signs Letter of Intent with Covanta Energy Asia Pacific Holdings Ltd.
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31 August 2009
ZhongDe Waste Technology AG adjusted strategy for future growth in 2009
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3 August 2009
ZhongDe Waste Technology AG Annual General Meeting adopts dividend
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30 July 2009
ZhongDe Waste Technology AG signs letter of intent with ThyssenKrupp Xervon Energy
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20 July 2009
ZhongDe Waste Technology AG signs contract for waste incineration plant in Zhaodong City
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10 June 2009
ZhongDe Waste Technology AG announces to postpone its Annual General Meeting
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29 May 2009
ZhongDe Waste Technology AG presents its financial results for Q1 2009
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30 April 2009
ZhongDe Waste Technology AG maintains high growth rates
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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
ZhongDe Waste Technology AG announces strategic cooperation agreement with Genesis Energy Holdings Limited
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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
ZhongDe Waste Technology AG reports strong growth in Q1 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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