AF Gruppen - Earnings Release 2014

Safe and good operations for AF Gruppen

AF Gruppen's (AFG) profit margin for Q3 was 7 %. The

profit margin and injury rate shows that work on

continuous improvement in the organizations is

progressing. AF Gruppen is well equipped for further

growth, both organizationally and financially.

Revenues were NOK 2,343 million (NOK 2,534 million)

and earnings before tax were NOK 164 million (148

million) in the 3rd quarter. The profit margin for

Q3 was 7.0 % (5.8 %). Revenues as at Q3 were NOK

7,205 million (7,619 million) and earnings before

tax were NOK 408 million (367 million). The profit

margin as at Q3 was 5.7 % (4.8 %). AF Gruppen's

total order backlog was NOK 10,347 million (11,375

million). Net operating cash flow was NOK 210

million (NOK 218 million) in Q3 and NOK 104 million

(NOK 486 million) year to date.

AF assigns high priority to HSE, and the LTI rate

for Q3 was 0.4 (1.4). As at Q3 the LTI rate was 1.0

(1.5). Total sickness absence for Q3 was 3.2 % (3.3

%). As at Q3 sickness absence was 3.4 % (3.8 %).

As at 30 September 2014, AF Gruppen had net interest-

bearing debt of NOK 39 million (NOK -226 million).

"It is satisfying to see that our units are

performing well and delivering good results.

Distinct leadership, motivated employees and solid

risk management result in sound operations and a low

injury rate. Now we want to increase focus on

profitable growth, and will intensify the search for

candidates who perform well and who share our

culture and values," says Pål Egil Rønn, CEO of AF

Gruppen.

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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