AF Gruppen — Earnings Release 2009

Feb 12, 2010

AF Group delivers all-time high annual results

The AF Group (AFG) posted record results for 2009,

with preliminary earnings before tax of NOK 366

million (NOK 308 million).

AF Group had revenues in Q4 of NOK 1,497 million (NOK

1,563 million) and revenues for the full year 2009 of

NOK 5,401 million (5,916 million). Preliminary

earnings before tax in Q4 were NOK 107 million (NOK

131 million), corresponding to a profit margin of 7.2

% (8.4 %). For the full year 2009 preliminary

earnings before tax were NOK 366 million (NOK 308

million), corresponding to a profit margin of 6.8 %

(5.2 %). Earnings per share* for 2009 were NOK 3.85

(3.16).

AF Group had a strong cash flow from operations in Q4

of NOK 365 million (NOK 134 million) and NOK 941

million (NOK 402 million) for the full-year 2009.

The Board of Directors' preliminary dividend proposal

for 2009 is NOK 1.60 per share (NOK 1.40).

AF Group gives high priority to health, safety and

environment work. The Lost Time Injury Frequency Rate

in 2009 for Norwegian operations was 3,1 (2.3), while

overall sick leave remained stable at 4,0 % (4.0%).

AF Group recently conducted an employee satisfaction

survey that understated overall employee satisfaction

and AF Groups position as an attractive employer.

"During all of 2009, AF Group delivered high profit

and is entering a new year with a solid order

backlog. For some business areas 2010 will be a

particularly challenging year. We are however

cautious optimists. We will continue to focus on

developing a sound and strong corporate culture

grounded in our fundamental values. 2010 has started

well!", says Pål Egil Rønn, CEO of the AF Group.

*Earnings per share are adjusted for share split

implemented on 18 January 2010.

For further information:

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

Internet: www.afgruppen.com