AF Gruppen

Earnings Release • Apr 19, 2020

Approved annual accounts 2019

Approved annual accounts 2019

On April 19, 2020, The Board of Directors of AF Gruppen ASA (AFG) has approved the annual accounts for 2019. Profit before tax was NOK 1,317 million. Tax expense was NOK 290 million and annual profit was NOK 1,027 million.

Due to the group's strong financial position, The Board of Directors will as previously communicated propose to the General Meeting a dividend payment of NOK 6.00 per share for the first half-year. The payment is in line with the company’s dividend policy, which is to distribute a minimum of 50 % of the profit for the year as dividends on a semi-annual basis.

Even though some of the company’s projects have been directly and indirectly impacted by the COVID-19 pandemic, the company has managed to maintain relatively good operational performance so far. The Board of Directors will give honor to the employees, elected representatives and management for their effort and their ability to find good solutions during these challenging times.

At the same time, The Board of Directors points out that the current market uncertainty will have to be significantly reduced prior to the second half-year dividend review in order to maintain dividends at historical levels.