FARA ASA Presentation Q October Øivind Kirksæter, CEO Ørjan Kirkefjord, CFO

Transcription

1 FARA ASA Presentation Q October 2010 Øivind Kirksæter, CEO Ørjan Kirkefjord, CFO

2 Agenda Highlights FARA in Perspective Financial Review Q&A Page 2

3 Highlights Q P&L Improving operations (million NOK) Year to date EBITDA 0,9 (- 9,3)* Revenue, Q ,8 (38,3)* EBITDA, Q ,8 (- 6,4)* Improved Gross margin Cash-flow YTD -1,0 (- 45,9)* Increased quality of revenue New product portfolio on track * Figures in brackets are Q numbers Page 3

4 FARA Our five year achievements Since the demerger from Q-Free in 2005 FARA has focused on two strategic goals: Building a Best of Breed product portfolio Building a home market for FARA to support the development and maintenance of these systems by: acquiring and consolidating four technology companies into one strong Nordic unit winning bids and delivering new modules in the aftermarket Page 4

5 From embedded systems to a software solution The technology shift The standard solution used by most public transport operators is based on embedded systems with proprietary hardware This create very definite generations of systems, and creates a need to discard the systems at some stage The future is open solutions running on off-the-shelf hardware The FARA Solution FARA has developed a stabile parameter based ticketing system, running on standard hardware FARA s customers can update both HW and SW step by step, and participate in a continuous journey into the future, having a state-of-the-art system all the way Page 5

6 Partnering up with our customers FARA has built the next generation ticketing system by using the best elements of each of our legacy ticketing systems Designed the upgraded open platform for ticketing and real time information together with our customers Partnered with Kalmar Län in Sweden to develop this upgraded solution Page 6

7 System roll-out Status on the phased delivery to Kalmar is: Phase one completed last winter Phase two will be put into full operation in November Code freeze for Phase three is in October Up-grade of other customers in 2011 Page 7

8 Building a strong home market Building the necessary customer base Organic growth through winning new customers and cross sales of products. Acquiring companies and expanding the product portfolio FARA is now the largest player in the Nordics Recurring revenue and aftermarket sales are growing Page 8

9 A new operational model The new product portfolio requires a new organizational approach Centralized functions Closed offices in: Århus, Denmark Sundsvall, Sweden UK Page 9

10 Outlook Within the next 6-12 months FARA will: Have a fully integrated system portfolio Finalise the consolidation of systems and integration of the four group companies Have most of our customers running the new systems Be ready for the next step in order to become a significant European player in this industry Page 10

11 Financial review KNOK Q Q YTD 2010 YTD Revenues EBITDA EBIT Profit after tax Gross margin 72 % 58 % 74 % 61 % 60 % EBITDA margin -6 % -17 % -1 % -9 % -25 % Page 11

12 Financial review Profit & loss statement KNOK Q Q YTD 2010 YTD Revenues Cost of goods sold COGS Gross margin Payroll expenses Other operating expenses Sum operating expenses before depreciation Operating result before depreciation EBITDA Depreciation Operating result EBIT Net financial items Pretax profit Tax Profit after tax Gross margin 72 % 58 % 74 % 61 % 60 % EBITDA margin -6 % -17 % -1 % -9 % -25 % EBIT margin -14 % -22 % -8 % -15 % -31 % EBT margin -13 % -24 % -8 % -17 % -31 % Order inflow Order backlog Page 12

13 Financial review Balance sheet - assets KNOK Capitalized development Acquired R&D Goodwill Intangible fixed assets Machinery, fixtures, fittings Fixed assets Leasing Financial fixed assets Total fixed assets Inventories Accounts receivables Work in progress Other receivables Receivables Cash 0 0 Total current assets Total assets Page 13

14 Financial review Balance sheet equity & debt KNOK Subscribed share capital Other paid in capital Total paid in capital Other equity Total retained earnings Total equity Total long term debt Bank overdraft Other short term debt Accounts payable Public duties payable Other short term liabilities Total short term liabilities Total liabilities Total equity and liabilities Page 14

15 Financial review Cash flow KNOK Net cash flow from operations Net cash flow from investments Net cash flow from financing Net change in cash in the period Cash opening balance Cash closing balance Guarantees Average revolving credit Total funds and revolving credit All numbers according to IFRS and accumulated up to date Page 15

16 Major shareholders Number Share Name ,98 REDBACK AS ,87 UBS (LUXEMBOURG) S.A ORDINARY ACCOUNT ,17 SABARO INVESTMENTS L JOHN CASELY ,31 RAMS AS ,12 KOMMUNAL LANDSPENSJO ,25 VPF NORDEA VEKST JPMORGAN EUROPE LTD, ,05 KLP AKSJE NORGE VPF ,69 MP PENSJON ,36 WARRENWICKLUND NORGE ,91 POLAR ELECTRO OT-PAL ,9 DANSKE INVEST NORGE ,62 TERRA NORGE VPF ,51 VPF NORDEA SMB C/O JPMORGAN EUROPE ,47 KIKUT AS ARNE NILSEN ,27 HANDELSBANKEN MARKET MARKET-MAKING DERIVA ,27 WILH. WILHELMSEN HOL (AKSJER) ,12 OLE JOHAN OLSEN INVE ,11 LOGIKA AS ,01 JOHS. HANSENS REDERI ,97 JPMBLSA NORDEA LUX LENDING A ,96 16

17 Financial review Order inflow & backlog Revenue Order intake Order backlog Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q3 Only the value of one year of all service & maintenance contracts is included in the order backlog. Most customers have signed up for multiple years service & maintenance. Book Build (order intake/revenue); accumulated Q ,81 Page 17

18 ENJOY YOUR JOURNEY! Enjoy your journey! Q&A Page 18