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

  • EV charging will require increased investment in cyber security systems
    April 18, 2012
    The technology architecture associated with electric vehicle (EV) charging is continuing to evolve as utilities and other key players in the industry ecosystem identify business requirements and risks associated with adding significant new demands on the electrical grid. One of the most pressing challenges is related to securing financial transactions and end-to-end communications throughout the EV charging infrastructure, and a recent report from Pike Research indicates that these areas will be the focus o
    Read More
  • Texas, Oklahoma move to interoperable tolling
    April 25, 2013
    Electronic toll systems in Texas and Oklahoma could be interoperable as soon as 2014, according to toll authorities from both states. Moves to link tolling systems in Texas and Oklahoma will enable drivers with Texas tolling accounts or Oklahoma turnpike accounts to travel on the other state’s toll roads using their current toll tags. The tolls would be automatically billed to the out-of-state driver’s account. “Oklahoma Governor Mary Fallin said it would be good to have interoperability with other states,
    Read More
  • Q-Free wins autopass contract in Norway
    November 2, 2015
    Q-Free has been awarded a contract, valued at US$3 million by the Norwegian Public Roads Administration (NPRA) for autopass equipment for the Bypakke Grenland toll project, including installation and service and maintenance for 90 months, with further options for the service and maintenance period. The installation is due to be completed in the third quarter of 2016.
    Read More
  • Q-Free Slovenia tender award confirmed
    August 2, 2016
    Following the announcement in March of a contract award by Slovenia’s motorway management company Družba za Avtoceste v Republiki Sloveniji (DARS) to a consortium of Q-Free and Telekom Slovenije, the National Revision Commission of Slovenia has completed the complaint review process and all complaints have been rejected. The contract to deliver a nationwide truck tolling system for the country will be finalised in the near future. Q-Free will provide the system delivery, including the enforcement back
    Read More

Highlighted Content