Good quarterly results for the AF Group once again

The AF Group reports good, stable results for the 3rd

quarter. A high level of activity and solid financial

position provides a good foundation for continued

profitable growth.

The AF Group reports revenues of NOK 1,399 million

(NOK 1,278 million) and earnings before tax of NOK 81

million (NOK 132 million) for the 3rd quarter of

2010. This corresponds to a pre-tax margin of 5.8 %

(10.3 %). Year to date the earnings before tax was

NOK 254 million (NOK 259 million).

Net operating cash flow was NOK 209 million (NOK 576

million) year to date. Net interest-bearing

receivables were NOK 199 million (NOK -119 million)

as at 30 September 2010, while the return on the

average capital employed was NOK 35.9 % (36.2 %). The

order backlog stood at NOK 6,327 million (NOK 6,334

million) as at 30 September 2010.

The LTI rate was 1.0 and the sickness absence rate

was 4.2 % for the 3rd quarter for the Norwegian

operations. The year-to-date LTI rate was 1.2 and the

sickness absence rate was 3.8 %.

"With good results for the 3rd quarter of 2010, the

AF Group continues to deliver sound earnings. The

organisation still has the potential for further

improvement of its earnings. The level of activity is

at a historical high. Our order backlog is expected

to grow in the future, especially in the Building

business area, where there is an increasing demand

for our services. Our employees and our financial

position gives us a good foundation for profitable

growth, both organically and through acquisitions",

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

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