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Q-FREE FOURTH QUARTER AND FULL YEAR 2014 RESULTS

The strong revenue growth in the fourth quarter reflects a substantial increase in sales within the ATMS business following the acquisition of US-based Open Roads by the end of the third quarter 2014, and an increase in product revenues.

For the full year 2014, revenues increased by 30 percent to NOK 789 million (606). EBITDA was NOK 84.7 million (-31.8), EBIT was NOK 8.4 million (-94.7).

– In early 2014, we revised our strategy and now aim at creating more leads in the small and mid-sized segments. In Q4, we have made significant progress in this respect. At the same time we succeeded in improving our overall financial performance and we increased our operational cash flow, comments CEO in Q-Free, Thomas Falck.

-We see that the expansion into ATMS is starting to pay off, and we see signs of improvement in the RUC market. In Q4 we demonstrated improving underlying margins from increasing volumes. We still have a long way to go, and we expect some volatility in the quarters to come, but we are taking steps to continuously improve our business to become a stronger and healthier player within the ITS market, he continues.

Order intake during the fourth quarter amounted to NOK 338 million, up from NOK 191 million in the third quarter 2014. By the end of the period, the total order backlog amounted to NOK 481 million, of which NOK 364 million relates to contracts for delivery in 2015.

Enclosures: presentation and report

For further information, please contact:

CEO Thomas Falck: +47 468 00 767

CFO Roar Østbø: +47 932 45 175

About Q-Free

Q-Free is a leading global supplier of products and solutions within Road User Charging and Advanced Transportation Management Systems. The Q-Free Group has approximately 400 employees with offices in 18 countries and presence on all continents. The Q-Free head office is in Trondheim,Norway. Q-Free is listed on Oslo Stock Exchange under the ticker QFR.

www.q-free.com      

Twitter: @Q-FreeASA