• FARA achieved an EBITDA in Q2 2009 of MNOK -3,5 (-3,3) in Q2 2009
• A order inflow of MNOK 34 in Q2 2009 (49,3)
• Order back log increased to MNOK 111 (104 in Q1 2009) + 6,7%
• Revenue was MNOK 27,0 (37,4) in Q2 2009
• Successfully raised MNOK 56,3 of new equity
• A number of major Norwegian funds subscribed

FARA 2Q-09 Report

Outlook

FARA expects to increase market share in all main markets in the next couple of years. Revenue throughout the year will vary but FARA expect to achieve a positive EBITDA for 2009. FARA had an order inflow of MNOK 34 in Q2, and the sales pipeline for the rest of 2009 looks very promising.

In the Nordic countries, Sweden and Finland are the most promising markets for 2009. Sweden will be the first country where FARA’s new migrated ticketing solution will be implemented. The new ticketing solution is a combination of the existing solution developed in Norway and part of the solution developed in Sweden. The plan is to migrate all customers to this solution by the end of 2011.

31% of FARA’s sales pipeline in 2009 is now in Central and Eastern Europe. Even though one should expect a lower hit rate in bids in new markets, FARA expects to have some quite significant sales in this region over the coming 6-12 months. For now Poland is the most promising country for FARA in this region. During the next 3-5 years FARA plans to establish itself as one of the major vendors in this region.

Infotainment (Real Time Passenger Information, commercials, news, weathercasts etc) is expected to be the fastest growing product segment for FARA. The market is growing quite rapidly and FARA aims to be among the dominant suppliers of this technology. By the 1st of July FARA had its new Infotainment business unit in place. As at 1st July approximately 15% of the sales pipeline for 2009 consists of Infotainment cases. It is expected that this proportion will grow and that within 2-4 years Infotainment will be as important for FARA as Ticketing currently is. There are already signed Infotainment contracts in Denmark, Finland and Germany.

In Germany the partnership with Trend Network will probably develop in a direction where the companies enter the markets in partnership, instead of FARA being a sub contractor to Trend. This will give FARA a more direct connection to the end customer.

The combination of a professional sales organisation and an effective delivery organization will ensure that FARA continues its organic growth in 2009.

For further information, please contact:
Øivind Kirksæter, CEO, tel +47 977 07 990, This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Ørjan Kirkefjord, CFO, tel +47 950 84 730, This e-mail address is being protected from spambots. You need JavaScript enabled to view it