AF Group reports historically high order backlog in 3Q 2013

Oslo, Norway, 18-11-2013 — /EuropaWire/ — The AF Group has a high level of activity and is performing well. A historically high order backlog give grounds for continued profitable growth.

The AF Group reported revenues of NOK 2,534 million (NOK 2,306 million) and earnings before tax of NOK 148 million (NOK 12 million) for Q3. The profit margin was 5.8 % (0.5 %). Revenues as at Q3 were NOK 7,619 million (7,121 million) and earnings before tax were NOK 367 million (202 million). The profit margin as at Q3 was 4.8 % (2.8 %).

As at 30 September, the AF Group had a combined order backlog of NOK 11,375 million (9,203 million). Return on average capital employed was 38.9 % (29.9 %). Cash flow from operations was NOK 486 million (-32 million) as at Q3.

AF assigns high priority to HSE, and the LTI rate for Q3 was 1.4 (1.9). As at Q3 the LTI rate was 1.5 (1.6). Total sickness absence for Q3 was 3.3% (3.2 %). As at Q3 sickness absence was 3.8 % (3.2 %).

The AF Group’s financial position is strong. As at 30 September the Group had net interest-bearing receivables of NOK 226 million (NOK -2 million).

“The AF Group’s quarterly result is a consequence of good project management. Our order backlog has never been higher, and there are opportunities for further growth in our markets. Good risk management and focus on sound and safe operations will ensure that we will remain competitive going forward,” says Pål Egil Rønn, CEO of the AF Group.

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For further information, contact:
Pål Egil Rønn, CEO, mobile +47 909 57 713
Sverre Hærem, CFO, mobile +47 952 45 167
Wibecke Brusdal, Director Corporate Communications, mobile +47 930 93 150

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