AF Gruppen — Earnings Release 2013

Feb 14, 2014

New record result for AF Gruppen

New record result for AF Gruppen

AF Gruppen (AFG) posts best quarterly and annual net

profit in company history. Sound operations and

motivated employees form a good basis for profitable

growth.

AF Gruppen reported revenues of NOK 2,508 million

(NOK 2,709 million) and earnings before tax of NOK

213 million (NOK 116 million) for Q4. The profit

margin was 8.5 % (4.3 %). Revenues for 2013 were NOK

10,127 million (NOK 9,830 million) and preliminary

earnings before tax were NOK 580 million (NOK 318

million). The profit margin for 2013 was 5.7 %

(3.2%).

As at 31 December, AF Gruppen had a combined order

backlog of NOK 10,976 million (9,074 million). Return

on average capital employed was 45.7 % (24.8 %). Cash

flow from operations was NOK 1,015 million (194

million) in 2013.

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

Q4 was 0.9 (2.3). The accumulated LTI rate for 2013

was 1.4 (1.8). Total sickness absence for Q4 was 3.5

% (3.6 %). 2013 sickness absence was 3.7 % (3.3 %).

AF Gruppen has a strong financial position and as at

31 December the group had net interest-bearing

receivables of NOK 751 million (NOK 204 million). For

2013, a dividend of NOK 6.00 (4.50) per share has

been proposed.

In November 2013 AF Gruppen conducted an employee

satisfaction survey that shows that our employees are

very content, have a high degree of job satisfaction

and are proud to work for AF Gruppen.

"AF Gruppen posted the best quarterly and annual net

profit in company history. We have very satisfied

employees and are concerned with performing in the

time ahead. In combination with clear management and

good project and risk management, this provides

competitiveness and a good point of departure for

continued profitable growth," 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

www.afgruppen.no