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

  • Iteris first quarter 2015 revenues up
    October 17, 2014
    Iteris has reported total revenues of US18.1 million for its fiscal first quarter 2015, up six per cent over the same quarter a year ago. This was primarily driven by a 20 per cent increase in roadway sensors. iPerform revenues were also up 15 per cent, while transportation systems revenues were down seven per cent, but added US$10.1 million in new contracts The increase in roadway sensors revenues was largely attributable to the success of various growth initiatives, including increases in the distribut
    Read More
  • Contract wins for Sensys Traffic
    July 11, 2013
    Sensys Traffic and the Swedish Transport Administration have signed multi-year contracts estimated to be worth up to US$82.5 million, and at least US$16.5 million for the delivery of monitoring systems and roadside cabinets for traffic safety cameras. Sensys won procurement contracts for measurement systems and measurement cabinets earlier this year. The procurement process was appealed, but following a subsequent decision of the Administrative Court, Sensys and the Swedish Transport Administration have now
    Read More
  • Q-Free sees logic in video tolling
    September 15, 2014
    Q-Free’s Frank Kjelsli talks to Colin Sowman about why video tolling could be the boost to efficiency and interoperability the industry is seeking. Like it or not, the principal of one person, one tolling account is likely to become a reality: be that in America with the 2016 interoperability deadline or the European EETS requirement. Multi-tag readers are being introduced and alliances are being formed to meet legislative requirements but as the debate continues about which systems and protocols to adopt,
    Read More
  • Q-Free wins US Homeland Security contract
    February 22, 2016
    Q-Free’s Homeland Security Division, Prometheus Security Group Global, has been awarded a contract to provide its proprietary VICADS Video Management system for installation at a major undisclosed US Military facility. The contract, which will be delivered within the first half of 2016, is valued at US$1.5 million with an option for a further increase valued at US$582,000. Prometheus Security Group Global, which provides high-end critical asset protection equipment and services to the Homeland Security m
    Read More

Highlighted Content