Q-Free preparing for new projects

Q-Free has announced revenues of US$21.11 million during the first quarter 2012 compared to US$29.66 million in the corresponding quarter in 2011, while order intake came in at $44.29 million, $6.45 million more than in previous quarter and $2.96 million more than in Q1-2011, reflecting, the company says, that its general optimism regarding demand is well grounded.
April 27, 2012 Read time: 3 mins
108 Q-Free has announced revenues of US$21.11 million during the first quarter 2012 compared to US$29.66 million in the corresponding quarter in 2011, while order intake came in at $44.29 million, $6.45 million more than in previous quarter and $2.96 million more than in Q1-2011, reflecting, the company says, that its general optimism regarding demand is well grounded.

Most important short term is the development in the Jakarta project which Q-Free signed at the end of October, 2011, with PT Rin for the delivery of an electronic law enforcement (ELE) system for Jakarta (DKI) and greater area of Jakarta (Bodetabek). Based on Q-Free's latest tolling solutions, it will be used by the local police for controlling traffic in Jakarta. The purpose of the system is to provide a more efficient system for registration and control of registered vehicles in Indonesia and will improve the efficiency of the local police to enforce stolen vehicles, fake number plates and security related incidents. The potential contract value is some US$167 million for road side infrastructure, operational back office, tags and a service and a maintenance contract for six years. More than half of the contract value is related to delivery of tags.

Although the financing for the project is not concluded yet, Q-Free reports that good progress has been made. 5320 GIEK has approved to give guarantees for the project and 5321 Eksportfinans and Q-Free’s client are currently negotiating the loan agreement. It is expected that this will be signed during May 2012.

The $44.29 million order intake in the quarter is comprised of congestion charging infrastructure in Gothenburg, Sweden, a tag frame agreement with Spanish operator Abertis, AutoPASS contracts in Norway, an access control contract with Brisbane Airport in Australia, a tag order from 3843 Via Verde, Portugal, and other smaller product orders from various markets. The Group’s order backlog totalled US$103.75 at the end of the first quarter 2012 compared to $80.57 at the end of the fourth quarter 2011.

“Our order intake this quarter indicates the high market activity,” says Q-Free CEO Øyvind Isaksen. The company communicated last quarter an addressable opportunity pipeline of US$872 million - $2.62 billion globally for the next three years, and Isaksen says he sees no reasons to revise this. ”We are working on company changing projects and believe it is just a matter of time before breakthrough in new markets.”

The company targeted US$174.42 million in revenue with EBIT level exceeding 10 % for 2012. As the financial close for the Jakarta project is somewhat delayed, the key assumption for the year target is not met. Even so, Q-Free says it still aims to be in the range of the target, depending on kick-off of the Jakarta project in May and conclusion on other projects in the first half of the year.
Parking & Access Control Charging, Tolling & RUC Enforcement

For more information on companies in this article

Related Content

  • Authorities look to MaaS for new solutions and cost savings
    July 18, 2017
    The structure of society and the way in which our cities work will be completely transformed by Mobility as a Service (MaaS), Finland’s minister of transport and communications Anne Berner, told ITS International’s recent MaaS Market conference 2017 in London. In her keynote address, Berner told a packed audience of more than 200 ITS professionals that MaaS has the potential to help governments around the world meet their big city targets such as the rate of employment, the environment, the efficient use of
    Read More
  • Rhode Island installing wrong-way driver signing
    November 21, 2014
    Rhode Island Department of Transport (RIDOT) is undertaking a US$2 million project to upgrade the signing and striping at 145 locations, more than 200 actual ramps, and install detection systems at 24 high-risk areas. The systems not only alert a driver who travelling in the wrong direction, they notify police and other motorists of a potential wrong-way driver. At the two dozen high-risk areas, most in the Providence metropolitan area, new detection systems will sense if a driver has entered a highway o
    Read More
  • Sensys wins breakthrough order from Qatar
    January 8, 2015
    Following targeted long-term marketing efforts, Sensys Traffic has succeeded in winning an order for traffic safety systems worth US$754,000 from a customer in Qatar. The Middle East is now Sensys’ second largest market and the order from Qatar means the company now has customers in eight of the region’s 14 countries. In light of this development, Sensys has decided to establish a local presence in the Middle East during 2015, in order to better meet demand from both existing and new customers. The mai
    Read More
  • ITS initiatives provide travel information for disabled passengers
    December 4, 2012
    David Crawford investigates initiatives and issues in travel information for disabled passengers. World Health Organisation estimates suggest that 10% of the global population live with a disability. This can impact directly on their mobility, with implications for their independence; keeping active; and travelling to work, education and social activities; as well as the accessibility of information necessary to aid mobility. The EU-supported ‘CARDIAC’ project (Coordination Action in R&D in Accessible & Ass
    Read More

Highlighted Content