Looking for a specific product?

Make a search for products & suppliers, articles & news.

Q-Free third quarter 2012: Another investment quarter

The postponement of the Jakarta project has a negative impact on the company's short term financial performance. The third quarter result reflects this. Hence, the operating profit (EBIT) in the quarter was negative with -23 MNOK, on level with the previous quarter, but lower than same quarter last year.

 

However, the top line figures were picking up during the quarter. Revenues came in at 154 MNOK compared to 144 MNOK Q3 last year and also substantially higher than the previous quarters in 2012.

Order intake totalized to 153 MNOK, clearly improved compared to previous quarter which summarized to 68 MNOK. The main orders this quarter were 52 MNOK variation orders related to the congestion charging infrastructure project in Sweden, 33 MNOK infrastructure contracts in Australia, including one year service and maintenance, 24 MNOK call off on tag frame agreement in Brazil worth 72 MNOK and 10 MNOK tag order in Portugal. Consequently, the Group's order backlog increased to 552 MNOK at the end of the third quarter 2012 compared to 549 MNOK at the end of the second quarter 2012, and 75 MNOK higher than previous year.

For obvious reasons the postponement of the Jakarta-project has a lot of attention, and CEO Øyvind Isaksen is firm in his comments: "The conclusion of the Jakarta-project is still pending final decision on financing. Our client is in the process of concluding and it is our belief that this project will materialise, and as such represent a start of a new era for the company - a company changer."

However, Isaksen also reminds of a bigger picture on the back of all the attention on the Jakarta-project: "We have to keep in mind that Road User Charging still is a market in its early days, and by nature such early markets are project driven. We are working hard to develop Q-Free
further as a long term leading player, and will going forward consciously focus on making the financial performance less dependent on single project events. The forming of the new Advanced Transportation Management Systems (ATMS)-division is an example of such an initiative,
and we have seen several potential projects within this area in the last quarters."

The CEO is not pleased with another quarter with red figures, but sees bright spots: "The order intake in the third quarter is acceptable and the signature project in Gothenburg is developing well also with additional variation orders in the quarter." He confirms the company's positive market view: "We have previously identified and communicated an accessible global opportunity pipeline within our present core business in the range of NOK 5 - 15 billion for the next few years. Although Europe is hampered by the weak economic development in the region, it seems like this is of less importance in our market compared to other sectors. We have not seen any reason to revise the pipeline numbers and planning activities continue to be high."

Following the postponement of the Jakarta-project, Q-Free confirms a modest expectation for the year 2012 in the Q3-report. The year in total is expected to post lower revenues than last year, with an expected full year EBIT 2012 in line with the accumulated figures per Q3-12.

Associated companies:


Related news

Latest news

Trainee weekend in Hafjell and Bremanger daily life

First joint kick of seminar

Pentair and Stahl Tranberg had their first customer event presenting both companies heat tracing solutions for customers.

Untrue rumours about an on-going incident at the Halden Research Reactor in Norway

The Norwegian Radiation Protection Authority has become aware that stories about an ongoing incident involving a “meltdown” at the Norwegian Institute for Energy Technology (IFE) reactor situated in Halden are currently ci...

Gulf Notified Body meeting in Manama Bahrain

At the end of January, the GSO (Gulf Standards Organization) arranged the first meeting with the present group of 23 Notified Bodies. These Notified Bodies are authorised by GSO to certify the electrical products as curren...

SMART SYSTEM USES POST OFFICE VEHICLES TO ANALYZE ROADS.

During the spring thaw period in Sweden, many small roads are closed to traffic despite the fact that they are fit for use. The BiFi research project has analysed the roads’ bearing capacity in real time using Internet-con...

Children with poor vitamin B12 status early in life struggle more with tasks, recognition and interpreting feelings

Small children with low levels of vitamin B12 had more difficulties solving cognitive tests, such as the ability to do puzzles, recognize letters and interpret other children’s feelings.

BP Awards Schlumberger Contract for Mad Dog 2 Project

Export Conference 2017: A changing world

Register for this year’s most important conference for Norwegian exporters. We can promise you an interesting and inspirational day!

Meet Elkem Silicon Materials at the Ceramics Expo 2017

Elkem Silicon Metrials invites to meet their team at the Ceramics Expo 2017. This is North America’s largest, free-to-attend exhibition for Ceramic manufacturing and applications.