Q-FREE - RESULTS FOR THE SECOND QUARTER AND FIRST HALF 2018

Performance in the second quarter of 2018 was strong. The EBITDA margin was solid, order intake increased significantly, and cash flow from operations was at an all-time high.

Highlights second quarter 2018: 

* 226 MNOK in revenues, down 6% YoY due to finalisation of initial Slovenia delivery and portfolio divestments 

* 31 MNOK in EBITDA (14% margin), up 43% from 21 MNOK in Q2-17 due to favourable product mix and good cost control 

* 252 MNOK in order intake, up 16% YoY, plus 105-125 MNOK in estimated value from new frame agreements 

* 1 060 MNOK in order backlog (not including frame agreements), up from 1 026 at the end of Q1-18 

* 144 MNOK in operating cash flow, up from -5 MNOK in Q2-17

Highlights first half 2018: 

* 430 MNOK in revenues, down 10% from H1-17 

* 47 MNOK in EBITDA (11% margin), up 24% from H1-17  

* 455 MNOK in order intake, up 19% from H1-17 

* 102 MNOK in operating cash flow, up from -73 MNOK in H1-17

* Portfolio restructuring finalised (Serbia divested, Malta closed down, PSG and Brazil formally closed)

- We are very pleased with the second quarter 2018 results. First, Q-Free has now delivered seven consecutive quarters with year-on-year margin improvements. Second, the strong order intake supports future revenue growth and demonstrates our competitiveness in target segments. Third, the high cash flow from operations significantly improved our capital structure and financing flexibility. We are now aggressively pursuing new projects and tenders to further strengthen our order backlog and position the company for profitable growth, comments CEO in Q-Free, Håkon Volldal.

The live broadcast, starting at 9 AM CET, can be followed on

https://www.q-free.com/investor_relations/web-cast/ 

 
A recorded version will be available after the webcast has been concluded.

Enclosures:

Q2-2018 Report

Q2-2018 Presentation 

For further information, please contact:

President & CEO, Håkon Volldal: +47 977 19 973
CFO, Tor Eirik Knutsen: +47 950 50 062 

About Q-Free

Q-Free is a leading global supplier of Intelligent Transportation Systems comprising tolling, parking, infomobility, traffic management and C -ITS/connected vehicle solutions. Founded in 1984 and headquartered in Trondheim, Norway, the company has annual revenues of approximately 1 billion NOK, approximately 380 employees, offices in 17 countries, and a presence on all continents. Q-Free is listed on the Oslo Stock Exchange under the ticker QFR. 

www.q-free.com 

Twitter:@Q-FreeASA

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