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ZhongDe Waste Technology AG releases preliminary results for the nine months to 30 September 2008: revenues increased by 82% in Q3 2008 - net profit of eur 18.7 million in Q1-3 2008 and eur 6.5 million in Q3 2008 - order backlog increased by 215% to EUR 3
Sales 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.
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 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%.
Order intake and order backlog:
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:
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 CEO Zefeng Chen states: "I'm pleased to present our preliminary results for the nine months to 30 September 2008, in which the Q3 performance reflects, once again, our ability to grow revenues and profits in line with expectations. 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 gross profit margin came down to 61% in the nine months to the end of September 2008 from 68% in the same period in 2007, in line with the anticipated slight margin convergence due to the strategic focus on larger incinerators. For FY 2008 the management however leaves its previous guidance unchanged with expectations of revenues above ¤ 50 million and a net profit margin of above 45%.
The complete financial results for the first nine months up to 30 September 2008 will be published on 28 November 2008.
*Based on exchange rate ¤/RMB as at 30 September 2008.
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