Q-FREE SECOND QUARTER RESULTS 2012
Q-Free’s second quarter is characterised by an unfortunate combination of delays in the bigger projects and soft product sales. Consequently the financial results for the quarter are weak. Revenues in the quarter came in at 114 MNOK compared to 202 MNOK in the corresponding quarter in 2011. The operating profit was – 22.8 MNOK compared to 16.3 MNOK last year.
Order intake was 68 MNOK, with tag order from Vinci Autoroutes, France, of 15 MNOK being the main contributor. End quarter, the order backlog is 549 MNOK. Post quarter, an extension of the Gothenburg-project of 32 MNOK and a 72 MNOK frame agreement in Brazil, of which 24 MNOK are firm, have been received. The cash position has increased, giving 391 MNOK in cash funds at the end of Q2.
The company has earlier communicated a gradual increase of revenues and profitability during 2012. As the financing of the Jakarta project is further delayed, the key assumption for the financial targets for 2012 are not met. The company will revert with the financial implications when timeline of the Jakarta project is known.
“Although the delay of the Jakarta project has a negative impact on short term profitability, we believe that this project will make 2012 a company changing year”, says CEO Øyvind Isaksen in a comment. ”Both with respect to size and application area this contract represents important steps, and opens up opportunities in Indonesia and other markets that will change our market position significantly.”
Mr. Isaksen confirms that there are many market opportunities going forward. “We have to be prepared for quarterly variations, many processes are complex and difficult to predict with regards to timing. The fundamentals are present, and our evaluation of an addressable global pipeline of 5 – 15 MNOK the next years is unchanged. Q-Free is in a unique position having executed projects in all main application areas as well as access to a portfolio which stands out compared to competition.”
The newly established Advanced Transportation Management System (ATMS) division is also an important step to build a stronger company. In addition to enabling the company’s growth ambitions, the ATMS business line will also make the company less dependent of the bigger project wins as ATMS area will increase recurring business. “This step is also important to position us for a convergence between ATMS and Road User Charging,” concludes Mr. Isaksen.
Oslo, 15th of August 2012
For further information please contact:
CEO Øyvind Isaksen, cell: +47 908 76 398
CFO Roar Østbø, cell: +47 932 45 175
Q-Free is a leading global supplier of products and solutions for Road User Charging and Advanced Transportation Management. The company has approximately 300 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 Twitter @Q-FreeASA
Tags: