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ER - ZhongDe Waste Technology AG: Better Performance of Q2 2010 vs. Q2 2009

Company: ZhongDe Waste Technology AG Date: 2010-08-30 Language: English Register to download

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 News Details

Corporate | 30 August 2010 09:39

#   

ZhongDe Waste Technology AG: Better Performance of Q2 2010 vs. Q2 2009

**ZhongDe Waste Technology AG / Half Year Results**

30.08.2010 09:39

Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.

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- Revenue increased in Q2 by 15% to EUR 11.3 million
- EBIT increased in Q2 by 59% to EUR 1.1 million 
- Order intake strongly increased from EUR 1 million in Q2 2009 to EUR 25
million in Q2 2010 and order backlog went up by 36% to EUR 188 million

Frankfurt, 30. August 2010 - In the second quarter of 2010, ZhongDe Waste
Technology AG ('ZhongDe', 'the company', Ticker symbol 'ZEF') showed a
better performance compared to Q2 2009. The revenues increased by 15%
year-on-year to EUR 11.3 million in Q2 2010. Earnings before interest and
tax (EBIT) increased by 59% to EUR 1.1 million. The order intake strongly
increased from EUR 1 million to EUR 25 million. The order backlog amounted
to EUR 188 million and exceeded the Q2 2009 figure by EUR 49 million, or
36%.

The better performance of Q2 2010 against Q2 2009 was achieved through BOT
and EPC energy-from-waste projects. The performance of Q2 2010 is much
better than Q1 2010. Meanwhile, the results of the first half year 2010
could not match the results of the first half year 2009 because of the poor
Q1 2010 and the better H1 2009 results which were amended in view of the
retrospective application of IFRIC 12 to BOT projects. ZhongDe is currently
focusing on large-scale energy-from-waste facilities. The strongly
increased order intake and order backlog was due to the new Shouguang EPC
energy-from-waste contract. Currently, ZhongDe is negotiating additional
large-scale projects that have already entered the approval stage.

Datong project is regarded as a model green plant in China

The Datong project, ZhongDe's first large scale EPC project, is operating
smoothly and has passed the off-gas test which was performed by government
authorities in China. The energy-from-waste plant has been visited by many
high-ranking officials of China's central government and the Shanxi
Province authorities, as well as Chinese and foreign partners and potential
clients. The EU standard energy-from-waste plant is regarded by these
high-ranking officers as the model green plant for the green economy of
China. These visits received heavy media coverage, which has created an
excellent reputation and image for ZhongDe Waste Technology AG, both in
China and in other countries.

Balance sheet improved

At the end of the first half of 2010, almost all items of the balance sheet
are better than these items at the end of 2009. In particular, the net cash
position as at 30 June 2010 has improved, although the company continued
its buy-back programme. At the end of Q2 2010, ZhongDe's cash position
improved by 6.8% from EUR 111.9 million as of December 2009 to EUR 119.5
million. As one of ZhongDe risk-avoiding measures, the majority of cash and
cash equivalents were transferred into China and converted into RMB,
considering the long-term RBM appreciation tendency against the major
currencies Euro, USD, etc. The appreciation of RBM against the Euro in H1
2010, improved the cash position of ZhongDe. The Shareholders' equity
increased by 13.7 % to EUR 142 million. The company maintains a very strong
equity ratio of 86%. With the strong cash position and equity ratio,
ZhongDe maintains flexibility on the background of the remaining influence
of international financial crisis and the economic turmoil.

The order backlog amounts to EUR 188 million and includes four EPC projects
(Zhucheng, Zhaodong, Dingzhou and Shouguang) and four BOT projects
(Zhoukou, Feicheng，Xianning and Kunming).

CEO Mr. Zefeng Chen comments: 'Both BOT and EPC energy-from-waste projects
contributed to the better performance of Q2 2010. The four EPC and four BOT
projects in our order backlog will be finished according to the timetable.
ZhongDe management team is confident that we can continue taking advantage
of the huge market potential in the Chinese and international
energy-from-waste market to realize a satisfying 2010 annual result for our
shareholders.'

About ZhongDe Group
ZhongDe Waste Technology is an energy-from-waste company that designs,
invests in, constructs and operates energy-from-waste plants, which
generate electricity through the disposal of solid municipal, industrial
(including hazardous) and medical waste. Since 1996, ZhongDe Group has
completed approximately 200 waste disposal projects in about 13 provinces
in China, of which more than 80 projects have been completed in the last
three years.


William Jiuhua Wang
Executive Director and CFO
william.jw@zhongdetech.com

Kirchhoff Consult AG (Investor & Public Relations)
Sebastian Bucher
Herrengraben 1
20459 Hamburg
Germany
Tel.: +49 40 609186 0
Fax: +49 40 609186 60
Email sebastian.bucher@kirchhoff.de




30.08.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      ZhongDe Waste Technology AG
              Herriotstr. 1
              60528 Frankfurt
              Deutschland
Phone:        + 49 69 67733 172
Fax:          + 49 69 67733 200
E-mail:       ying.sun@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 News                                     DGAP News-Service
 
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