New record results and high order backlog for the AF Group

The AF Group achieved its best results ever in the

company's 25-year history for both first half of the

year and the second quarter. The order backlog has

stabilised at a high level.

For the first half of 2010, earnings before tax were

NOK 173 million (NOK 127 million). Revenues totalled

NOK 2,879 million (NOK 2,643 million). For the second

quarter of 2010, earnings before tax were NOK 82

million (NOK 77 million), and revenues totalled NOK

1,456 million (NOK 1,385 million). This corresponds

to a profit margin of 5.6 % (5.6 %).

Cash flow from operating activities was NOK 167

million (NOK 342 million) for the first half of the

year and NOK 83 million (NOK 104 million) for the

second quarter. The return on average employed

capital was 40.4 % (31.9 %) for the first half of the

year. The order backlog stood at NOK 6,561 million

(NOK 5,836 million) as at 30 June 2010.

The LTI rate was 2.3 and the sickness absence rate

was 3.7 % for the second quarter. The accumulated

figures for 2010 were an LTI rate of 1.6 and a

sickness absence rate of 3.6 %.

"The AF Group achieved its best results ever for the

first half of the year and second quarter. Such an

achievement is attributed to the thoroughness and

hard work of our employees. The outlook for the

future is still marked by uncertainty. The market is

expected to exhibit a slightly rising trend. AF is

looking forward to meeting new challenges with

employees who focus on creating results for the

customers and for AF," says Pål Egil Rønn, CEO of the

AF Group.

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.no

AI assistant