Revenues and earnings were supported by the accelerated implementation of the signature congestion management project in Gothenburg, which went live on 2 January 2013. This project also contributed to a strong cash flow from operating activities of NOK 87.2 million in the quarter, and the cash position increased to NOK 369 million at the end of 2012.
Order intake in the quarter amounted to NOK 98 million including a NOK 18 million service and maintenance contract in Stockholm, Sweden.
Even though the Jakarta Police project is still to be concluded, progress has been achieved during the quarter. Complex legal aspects and thorough due diligence have caused delays, although the company believes the processes related to the project financing are about to come to a conclusion.
Q-Free is currently increasing exposure in the Advanced Transportation Management System market to build a broader and more diversified long-term growth platform. This strategy will reduce dependency on individual projects and lower the political risk. In the fourth quarter 2012 the company took a step in this direction with the acquisition of the US-based parking management company TCS International.
The order backlog declined during the fourth quarter, pointing to a slower start to 2013. Q-Free expects activity to pick up through the year, although the level will depend on the start-up of the Jakarta project.
Enclosures: Presentation and report
Oslo 14 February 2013
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.