Q-Free Fourth Quarter and Preliminary Full Year 2011
Back on track and well prepared for next steps.
The Group generated revenues of 188 MNOK during the fourth quarter 2011 compared to 139 MNOK in the corresponding quarter in 2010. The corresponding figures for the full year were 705 MNOK compared with 568 MNOK. The operating profit in Q4 was 25 MNOK compared to 3 MNOK last year, and full year figures came with an EBIT of 59 MNOK in 2011 compared to a loss of 90 MNOK in 2010.
“We are pleased to say that we now are back on track and well prepared for the next steps,” says CEO Øyvind Isaksen and continues: ”Even more important is that we have during the quarter made new steps in positioning us for projects which can become company changers, - such as Jakarta, Gothenburg congestion charging etc.. In total, we have identified an accessible global opportunity pipeline in the range of NOK 5 – 15 billion for the next few years, and with our competitive position I believe we will take our fair share of this market growth.”
Highlights from the fourth quarter:
-Revenues 188.2 MNOK, 36 % increase compared to Q4-10.
-EBITDA (operating profit before depreciation) 35.9 MNOK, 19.1 % margin
-EBIT (operating profit) 25.3 MNOK, 13.5% margin
-Pretax profit 27.4 MNOK, 14.6 % margin
-Order intake 217 MNOK
-Order backlog 462 MNOK
-Cash position strengthened, - cash funds 440 MNOK at the end of Q4-11.
Outlook
Speaking about the future, Mr. Isaksen says: “Our goal for 2012 is to pass 1 BNOK in revenues at good profitability depending on the closure of the Jakarta project. But to be able to reach this, the first quarter will be an investment quarter where we prepare for execution of large projects. Depending on short term order intake we will at best achieve break even in the first quarter 2012. We believe the next quarters of the year will show increased profitability as projects are implemented and delivered.”
The company’s ambitions for the next years are strong growth at good profitability. ”The global pipeline is a strong growth driver, and we have built an international professional organisation able to handle strong organic growth and in addition we will enhance our acquisition activities to improve our position in key areas, such as the US market and in Traffic Surveillance and Management,” Mr. Isaksen concludes.
Oslo, 9th of February 2012
For further information, please contact:
CEO Øyvind Isaksen, cell: 47 908 76 398
CFO Roar Østbø, cell: 47 932 45 175
About Q-Free
Q-Free is a leading global supplier of solutions and products for Road User Charging and Traffic Surveillance having applications mainly within electronic toll collection for road financing, congestion charging, truck-tolling, law enforcement and parking/access control. Q-Free offers solutions and products based on state of the art technology, and is the leading supplier within DSRC (tag), ALPR (Automatic License Plate Registration) and GNSS (Global Navigation Satellite System) based solutions, with deliveries in Europe, Africa, Asia-Pacific, Middle East and North- and South America. The company has approximately 270 employees and is represented in 17 countries. Headquarter is based in Trondheim, Norway. Q-Free is listed on the Oslo Stock Exchange with the ticker QFR. www.q-free.com (http://www.q-free.com)
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