ZhongDe Waste Technology AG announced earnings results for the first half of 2016. Total revenues in the first six months of 2016 grew by more than 100% to EUR 37.6 million against EUR 8.1 million a year ago, mainly due to the project progress in Lanzhou. Due to the slow progress of EPC projects during the first six months of 2016, gross result improved reaching negative EUR 0.5 million against EUR 1.1 million a year ago. While LBIT for the reporting period amounted to EUR 5.8 million against EUR 2.7 million a year ago. The financial result amounted to negative EUR 0.4 million compared to EUR 0.0 million in first half of 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 EUR 1.5 million in the first half 2015 to EUR 0.1 million in the first half 2016. The reasons for the higher tax expenses in the first half year 2015 were mainly profits caused by foreign exchange gains which are locally taxable. Accordingly, the net loss increased to EUR 6.3 million against EUR 4.2 million a year ago.

Based on the results from the first half-year, the management is convinced that it will be able to meet the targets for the financial year 2016 outlined in the Annual Report for the financial year ended 31 December 2015.