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27.05.2016 09:50:26
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DGAP-News: ZhongDe Waste Technology AG
DGAP-News: ZhongDe Waste Technology AG: Rapid progress of main BOT project in Lanzhou resulted in strong revenue growth
- Revenue increased by more than 100 per cent to 26.6 million Euros
- EBIT amounted to -1.1 million Euros
- Net loss down from -2.2 million Euros to -1.7 million Euros
- Unchanged outlook for full-year 2016
Frankfurt, 27 May 2016 - In the first quarter of 2016, ZhongDe Waste Technology AG ("ZhongDe") continued to focus on the progress of its main BOT project Lanzhou, which led to strongly improved revenues.
Total revenues of the first three months 2016 grew by more than 100 per cent to 26.6 million Euros (Q1 2015: 5.6 million Euros). Thereof, 26.5 million Euros were contributed by the Lanzhou project (Q1 2015: 3.7 million Euros). The acceptance of the installation of two incinerators in the facility led to revenues of 17.2 million Euros. Additionally, construction works amounting to 9.0 million Euros could be finished in the first quarter of 2016.
Due to the slow progress of EPC projects during the first three months 2016, gross profit decreased to -0.2 million Euros (Q1 2015: -0,1 million Euros). While the EPC projects are still accounted for under the percentage-of-completion-method, the BOT projects are accounted for the zero-profit-method. Thus, the increased stage of completion of the Lanzhou BOT project has no influence on the gross profit margin.
EBIT for the reporting period amounted to -1.1 million Euros (Q1 2015: -1.0 million Euros) with an improved EBIT margin of -4 percent (Q1 2015: -17 percent).
The financial result amounted to -0.6 million Euros compared to 0.0 million Euros in 2015 mainly due to increased interest expenses relating to the new bank loans granted to ZhongDe in the second half of 2015. This effect was offset by the decrease of income tax expenses from 1.2 million Euros in the first quarter 2015 to 0.0 million Euros in the first quarter 2016. The higher tax expenses in the first quarter 2015 were related to foreign exchange gains which were locally taxable.
Accordingly, the net loss decreased to -1.7 million Euros (Q1 2015: -2.2 million Euros).
Solid financial position
As at 31 March 2016, ZhongDe's cash position amounted to 71.5 million Euros (as at 31 December 2015: 75.8 million Euros). The existing funds are planned to be primarily invested in budgeted projects such as the BOT project in Lanzhou as well as the EPC projects in Zhucheng and Dingzhou. Furthermore, the management of ZhongDe intends to secure the cash position of the company by obtaining additional loans to finance the current projects.
Total equity of the Group amounted to 98.8 million as of 31 March 2016 (as of 31 December 2015: 104.6 million Euros), corresponding to an equity ratio of 33.7 percent (as of 31 December 2015: 36.6 percent).
Due to the project progress in Lanzhou and foreign currency translation differences ZhongDe's order backlog decreased by 23.2 percent to 104.1 million Euros.
Unchanged outlook for the full-year 2016
Looking ahead to the full financial year 2016, ZhongDe confirms the outlook given in the Annual Report 2015. Summarized, in 2016 the focus will lie on the further progress of the project construction in Lanzhou, but also on the completion of the other existing BOT and EPC projects. While the BOT project in Lanzhou will remain the main revenue driver, the trial runs of the BOT projects in Zhoukou, Xianning and Kunming as well as the EPC project in Zhucheng will also contribute to revenues in 2016. The Management Board is confident to complete the BOT projects in Zhoukou and Xianning as well as the EPC Project in Zhucheng within 2016. The completion of the BOT project in Kunming is planned for 2017.
Furthermore, ZhongDe plans to offer waste transportation in the near future. For this purpose, ZhongDe founded the Zhoukou Fulin Environmental Engineering Construction Co., Ltd. At the end of the first quarter of 2016, the new company has not yet commenced business activities.
Based on the results from the first quarter, the management is convinced to meet the targets for the financial year 2016. Provided that the projects can progress as planned, the Management Board expects a rapid growth in revenues for the full-year 2016. EBITDA and EBIT are expected to follow that trend and turn positive.
Please find the complete Q1 report 2016 of ZhongDe Waste Technology AG on the company's website under the following link:
http://www.zhongde-ag.com/investor_relations/publikationen.html
About ZhongDe Group
ZhongDe Group designs, invests, constructs, finances and operates energy- from-waste plants generating electricity from the incineration of solid municipal and industrial waste. ZhongDe realizes 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 throughout China. ZhongDe is one of the leading players in the project development and operation of energy-from-waste plants in China.
Contact ZhongDe Waste Technology AG William Jiuhua Wang Executive Director and CFO E-Mail: william.jw@zhongdetech.com
Ying Sun Investor Relations Messeturm 25th floor Friedrich-Ebert-Anlage 49 60308 Frankfurt am Main T: +49 69 50956 5655 F: +49 69 50956 5520 E-Mail: ying.sun@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@kirchhoff.de
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27.05.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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Language: English Company: ZhongDe Waste Technology AG Messeturm 25th floor 60308 Frankfurt Germany Phone: + 49 69 50956 5655 Fax: + 49 69 50956 5520 E-mail: william.jw@163.com,ying.sun@zhongde-ag.de Internet: www.zhongde-ag.de ISIN: DE000ZDWT018 WKN: ZDWT01 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart End of News DGAP News Service ---------------------------------------------------------------------------
467017 27.05.2016
DGAP-News: ZhongDe Waste Technology AG / Key word(s): Quarterly / Interim
Statement
ZhongDe Waste Technology AG: Rapid progress of main BOT project in Lanzhou
resulted in strong revenue growth
27.05.2016 / 09:50
The issuer is solely responsible for the content of this announcement.
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Q1 2016 results
ZhongDe Waste Technology AG: Rapid progress of main BOT project in Lanzhou
resulted in strong revenue growth
- Revenue increased by more than 100 per cent to 26.6 million Euros
- EBIT amounted to -1.1 million Euros
- Net loss down from -2.2 million Euros to -1.7 million Euros
- Unchanged outlook for full-year 2016
Frankfurt, 27 May 2016 - In the first quarter of 2016, ZhongDe Waste Technology AG ("ZhongDe") continued to focus on the progress of its main BOT project Lanzhou, which led to strongly improved revenues.
Total revenues of the first three months 2016 grew by more than 100 per cent to 26.6 million Euros (Q1 2015: 5.6 million Euros). Thereof, 26.5 million Euros were contributed by the Lanzhou project (Q1 2015: 3.7 million Euros). The acceptance of the installation of two incinerators in the facility led to revenues of 17.2 million Euros. Additionally, construction works amounting to 9.0 million Euros could be finished in the first quarter of 2016.
Due to the slow progress of EPC projects during the first three months 2016, gross profit decreased to -0.2 million Euros (Q1 2015: -0,1 million Euros). While the EPC projects are still accounted for under the percentage-of-completion-method, the BOT projects are accounted for the zero-profit-method. Thus, the increased stage of completion of the Lanzhou BOT project has no influence on the gross profit margin.
EBIT for the reporting period amounted to -1.1 million Euros (Q1 2015: -1.0 million Euros) with an improved EBIT margin of -4 percent (Q1 2015: -17 percent).
The financial result amounted to -0.6 million Euros compared to 0.0 million Euros in 2015 mainly due to increased interest expenses relating to the new bank loans granted to ZhongDe in the second half of 2015. This effect was offset by the decrease of income tax expenses from 1.2 million Euros in the first quarter 2015 to 0.0 million Euros in the first quarter 2016. The higher tax expenses in the first quarter 2015 were related to foreign exchange gains which were locally taxable.
Accordingly, the net loss decreased to -1.7 million Euros (Q1 2015: -2.2 million Euros).
Solid financial position
As at 31 March 2016, ZhongDe's cash position amounted to 71.5 million Euros (as at 31 December 2015: 75.8 million Euros). The existing funds are planned to be primarily invested in budgeted projects such as the BOT project in Lanzhou as well as the EPC projects in Zhucheng and Dingzhou. Furthermore, the management of ZhongDe intends to secure the cash position of the company by obtaining additional loans to finance the current projects.
Total equity of the Group amounted to 98.8 million as of 31 March 2016 (as of 31 December 2015: 104.6 million Euros), corresponding to an equity ratio of 33.7 percent (as of 31 December 2015: 36.6 percent).
Due to the project progress in Lanzhou and foreign currency translation differences ZhongDe's order backlog decreased by 23.2 percent to 104.1 million Euros.
Unchanged outlook for the full-year 2016
Looking ahead to the full financial year 2016, ZhongDe confirms the outlook given in the Annual Report 2015. Summarized, in 2016 the focus will lie on the further progress of the project construction in Lanzhou, but also on the completion of the other existing BOT and EPC projects. While the BOT project in Lanzhou will remain the main revenue driver, the trial runs of the BOT projects in Zhoukou, Xianning and Kunming as well as the EPC project in Zhucheng will also contribute to revenues in 2016. The Management Board is confident to complete the BOT projects in Zhoukou and Xianning as well as the EPC Project in Zhucheng within 2016. The completion of the BOT project in Kunming is planned for 2017.
Furthermore, ZhongDe plans to offer waste transportation in the near future. For this purpose, ZhongDe founded the Zhoukou Fulin Environmental Engineering Construction Co., Ltd. At the end of the first quarter of 2016, the new company has not yet commenced business activities.
Based on the results from the first quarter, the management is convinced to meet the targets for the financial year 2016. Provided that the projects can progress as planned, the Management Board expects a rapid growth in revenues for the full-year 2016. EBITDA and EBIT are expected to follow that trend and turn positive.
Please find the complete Q1 report 2016 of ZhongDe Waste Technology AG on the company's website under the following link:
http://www.zhongde-ag.com/investor_relations/publikationen.html
About ZhongDe Group
ZhongDe Group designs, invests, constructs, finances and operates energy- from-waste plants generating electricity from the incineration of solid municipal and industrial waste. ZhongDe realizes 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 throughout China. ZhongDe is one of the leading players in the project development and operation of energy-from-waste plants in China.
Contact ZhongDe Waste Technology AG William Jiuhua Wang Executive Director and CFO E-Mail: william.jw@zhongdetech.com
Ying Sun Investor Relations Messeturm 25th floor Friedrich-Ebert-Anlage 49 60308 Frankfurt am Main T: +49 69 50956 5655 F: +49 69 50956 5520 E-Mail: ying.sun@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@kirchhoff.de
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27.05.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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Language: English Company: ZhongDe Waste Technology AG Messeturm 25th floor 60308 Frankfurt Germany Phone: + 49 69 50956 5655 Fax: + 49 69 50956 5520 E-mail: william.jw@163.com,ying.sun@zhongde-ag.de Internet: www.zhongde-ag.de ISIN: DE000ZDWT018 WKN: ZDWT01 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart End of News DGAP News Service ---------------------------------------------------------------------------
467017 27.05.2016
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