FARA ASA Q April 27, Ørjan Kirkefjord, CFO

Transcription

1 FARA ASA Q April 27, 2006 Ørjan Kirkefjord, CFO

2 01/ Highlights Delivery of new electronic ticketing system to 5 customers, is on schedule. Commenced pilot for operations in the counties of Hedmark, Oppland and Umeå. FARA`s technical platform is received with high interest in the market, and the company is positioning itself internationally. Upgrade to the new national standard for electronic ticketing in the county of Vestfold. Value; NOK 4,2 mill. Revenues of NOK 26,8 million against 18,2 million in the 4th quarter in Completed a share issue of NOK 14,3 million at the price of NOK 2,28 per share. Certified according to NS-EN ISO 9001:

3 02/ Profit and loss statement NOK Q Q Q Q Q Revenues Cost of goods Payroll expenses Other operating expenses Total operating expenses before depreciation Operating result before depr. - EBITDA Depreciation Operating result - EBIT Financial income Financial expense Net financial items Pretax profit Tax Profit after tax All numbers are converted acc to IFRS Gross margin 52,0-7,5 75,1 79,3 84,7 48,5 EBITDA margin -27,5-38,0-29,3-53,2-165,2-49,9 EBIT margin -28,1-40,4-30,2-55,6-171,7-52,3 Profit margin -28,5-40,3-30,1-55,9-169,8-52,

4 03/ Balance sheet - assets NOK Research and development Total intangible fixed assets Machinery, fixtures and fittings Total fixed assets Pension funds Total financial fixed assets Total fixed assets Inventories Total inventories Accounts receivables W ork in progress Other receivables Total receivables Cash Total current assets Total assets All numbers are converted according to IFRS

5 04/ Balance sheet equity and debt NOK Subscribed share capital Share premium reserve Total paid in capital Other Equity Total retained earnings Total equity Pension provision Total long term debt Account payable Public duties payable Advanced payments from customers O ther short term liabilities Total short term liabilities Total liabilities Total equity and liabilities A ll numbers are converted according to IFRS

6 05/ Cash flow and key figures NOK Net cash flow from op erations Net cash flow from investments 0 Net cash flow from financing Net chang e in cash in the p eriod Cash op ening balance Cash closing balance Average revolving credit Total funds and revolving credit Q O p erating result EBIT p er share -0,11-0,44 O p erating margin E B IT -2 8,1 % -5 2,3 % Pretax earnings p er share -0,11-0,44 Earnings p er share -0,11-0,44 Number of shares

7 06/ Major shareholders Beholdning Andel Navn Statsborger ,92 Q-FREE ASA NOR ,07 ODIN NORGE NOR ,64 TROJAN AS NOR ,41 HANDELSBANKEN MARKET EGENHANDELSKONTO NOR ,05 HAUAN CONSULTING AS NOR ,87 NORDEA BANK DENMARK S/A NORDEA (DK) CCA DNK ,66 JPMORGAN CHASE BANK CLIENTS TREATY ACCOU GBR ,61 NORDEA VEKST AKSJEFONDET V/NORDEA FONDENE AS NOR ,46 SKAGEN VEKST NOR ,37 ANDRESEN LARS NOR ,06 GRIMNES JAN PIHL NOR ,04 ACIER AS NOR ,03 BH INVEST AS NOR ,51 WEGA AS NOR ,45 KIKUT AS NOR ,3 WILH WILHELMSEN ASA NOR ,27 HAMMERSBORG INVEST A NOR ,95 NORDEA LIV NORGE AS AKSJER NOR ,94 SOLVANG KRISTOFER NOR ,89 DANSKE FUND NORGE VE DANSKE FUND NORGE NOR ,

8 07/ Market and framework Framework National and International standards Norwegian Handbook 206 Smart card standards NSD (Norway), RKF (Sweden) ENV1545 IFM (Interoperable Fare Management) model New Norwegian Accounting Act ( ) VAT Different organizational models: Net contracts Gross contracts Combination of Net and Gross contracts Automatic clearing on sale and use of products

9 08/ Market and framework Self-Service on Internet The customer can, using the Internet: Verify account status See the last transactions Purchase products (Period tickets) Purchased products will be put on an Action-list The next time the smart card (or another electronic ticket media) is used; the card is uploaded with the new product purchased

10 09/ Market and framework FARA technology Non-proprietary solution Standard AFC platform based on open standards Configurable platform for various tarrif structures and standards Modular and non propriatory hardware platform Easy integration to real time information systems, fleet management system and CCTV system Wireless communication by GPRS Configurable to different payment media System features: GPS providing position data Central Travel Account Web based Point-of-Sale solution Message system by text and audio

11 10/ Market and framework Developed world: Privatization and deregulation following less public funding: Multinational private operating companies: Connex, First, Arriva, etc Profitability, efficiency in focus Partnerships between operators and system providers Quality of service and performance to passengers Developing world: Growth in metropolitan areas High investment in new transport infrastructure High technology solutions Interoperable systems Convergence of standards, regulations Consolidation among suppliers Integrated systems Information Transaction and Payment media Security

12 11/ Market and framework Market size estimates 3500 Mill EUR Note: Rail/metro only; bus excluded AFC RTI Safety Europe Asia NoAmerica Ticketing Gate/Access control Source: SCI Verkehr GmbH, March

13 12/ Market and framework Development of new generation AFC system establishes a sustainable technology platform driven by open standards for, interoperability between operators and easy adoptions into new markets Obtained a solid position in for new generation AFC systems in Scandinavia, in a market with an attractive growth potential in Europe, Asia, and the US GOOD POSITION TO SUCCEED