Q-FREE ASA - Q1 2009 REPORT

During the first quarter 2009 Q-Free generated revenues of NOK 121,9 million, compared to NOK 133.8 million in the corresponding quarter 2008. Operating profit (EBIT) in the first quarter 2009 totalled NOK 6.1 million, compared to NOK 9.7 million in the first quarter 2008.

Order intake and backlog end first quarter is all time high and added up to NOK 799 million and NOK 1,017 million, respectively.

“This has been a quarter which will be remembered in the company’s history. The biggest ever projects awards have been achieved during the quarter. This is a result of a carefully planned strategy, attractive offering and not at least a tremendous effort from all our employees", says CEO of Q-Free, Øyvind Isaksen.

HIGHLIGHTS Q1 2009

• Revenues of NOK 121.9 million compared to NOK 133.8 million in the corresponding quarter in 2008 and NOK 118.9 million in the fourth quarter 2008.

• Operating profit (EBIT) of NOK 6.1 million compared to NOK 9.7 million in the first quarter 2008 and NOK 12.1 million in the fourth quarter 2008.

• Gross margin of 63,6 % compared to 50.9% in the first quarter 2008 and 67.5% in Q4-08.

• Profit before tax amounted to NOK 8.0 million, compared to NOK 10.3 million in the first quarter 2008 and NOK 19.4 million in the fourth quarter 2008.

• At the end of the first quarter 2009 the Group had cash funds of NOK 144.5 million compared to NOK 136.1 million in the corresponding quarter 2008 and NOK 119.6 million at the end of the fourth quarter 2008.

• Order intake amounting to NOK 799.0 million compared to NOK 70.9 million in Q1-08 and NOK 75.4 million in Q4-08.

• Order backlog of NOK 1.017 million, compared to NOK 308.4 million per Q1-08 and NOK 338.9 million per Q4-08.

Isaksen comments further, “The award of the new projects in Slovakia, Portugal and Bangkok represents a fantastic basis for further growth of the company based on even more highly skilled and experienced Q-Free personnel and on the basis of being a part of the most prestigious tolling projects in world”.

Enclosures: Q1 2009 Report and presentation

Trondheim 29th April 2009.

Tags: