AF Gruppen - Earnings Release 2014

Improved profitability and safe operations in AF Gruppen

AF Gruppen presents its best pre-tax result for Q1 at

the same time that the injury rate is lower than

ever.

AF Gruppen reported revenues of NOK 2,295 million

(NOK 2,376 million) and earnings before tax of NOK 92

million (NOK 91 million) for Q1. The profit margin

was 4.0% (3.8%).

As at 31 March, AF Gruppen had a combined order

backlog of NOK 10,521 million (9,257 million). Return

on average capital employed was 42.4% (26.7%). Net

operating cash flow was NOK -130 million (-121) in

Q1.

AF assigns high priority to HSE, and the LTI rate for

Q1 was 0.9 (2.1). The rotating 12-month LTI rate is

1,1. The profit margin for Q1 was 3.8% (4.6 %).

AF Gruppen has a strong financial position and as at

31 March 2014 the group had net interest-bearing

receivables of NOK 902 million (NOK 42 million).

"It is pleasing that the long-term focus on the

safety of our employees and partners is yielding

results. Skilled employees that are satisfied with

their work is our most important asset, and we will

continue to focus on safety and profitability through

clear leadership and sound risk management," 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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