AF Gruppen delivers solid margins in all its business areas during 3rd quarter

AF Gruppen delivers solid margins in all its business areas during 3rd quarter

OSLO, 18-Nov-2016 — /EuropaWire/ — AF Gruppen performed well and delivered solid margins in all its business areas. The company has a strong financial position. The Board of Directors has approved a dividend of NOK 3.00 per share for the second half-year.

AF Gruppen’s revenues were NOK 3,108 million (2,865 million) in the 3rd quarter and NOK 8,984 million (8,889 million) year to date. Earnings before tax were NOK 265 million (225 million) in the 3rd quarter and NOK 700 million (622 million) year to date. The profit margin was 8.5 per cent (7.8 per cent) in the 3rd quarter and 7.8 per cent (7.0 per cent) year to date.

AF imposes the same strict requirements on all its partners and suppliers as on its own employees.  Figures from the subcontractors are therefore included in the injury statistics. The LTI rate for the 3rd quarter was 1.7 (2.0). The LTI rate year to date was 1.4 (1.0). Sickness absence for the 3rd quarter was 3.4 per cent (3.4 per cent). Sickness absence was 3.7 per cent (3.8 per cent) year to date.

The order book stood at NOK 11,200 million (11,863) on 30 September 2016. Cash flow from operating activities was NOK 174 million (307 million) in the 3rd quarter and NOK 516 million (1,023 million) year to date.

AF Gruppen has a strong financial position, and the group had net interest-bearing receivables of NOK 473 million (301 million) as at 30 September 2016. The Board of Directors of AF Gruppen adopted a dividend of NOK 3.00 (3.00) per share for the 2nd half of the year.

AF Gruppen has signed a letter of intent with Kanonaden Entreprenør AB to acquire 70 per cent of the shares in the company. The transaction is subject to due diligence and is expected to close by 31 January 2017.

“AF Gruppen continues to deliver solid results in all six business areas.  We are embarking on a new strategy period with an ambitious target of growing profitably to revenues of NOK 20 billion by 2020.  Growth will, for example, be achieved in the major cities in Norway and Sweden, in nationwide project activities and through taking a greater share of the offshore market. Our execution capability lies in AF’s 3,200 employees, clear core values and emphasis on safety and risk management”, says Morten Grongstad, CEO of AF Gruppen.

For further information:
Morten Grongstad, CEO, mobile +47 991 53 905
Sverre Hærem, CFO, mobile +47 952 45 167
Wibecke Brusdal, Director Corporate Communications, mobile +47 930 93 150

SOURCE: AF Gruppen