AF Gruppen — Earnings Release 2015

May 13, 2015

AF Gruppen posts new records

AF Gruppen posts new records

AF Gruppen (AFG) started the year with increased

revenues and an operating profit of NOK 134 million

(84 million) in the first quarter. Competent and

motivated employees, good partners and a focus on

safety gave results.

Revenue for the first quarter was NOK 2 534 million

(2 295 million). Pre-tax profit in the first quarter

was NOK 134 million (92 million), corresponding to a

profit margin for the quarter of 5.3% (4.0%).

AF Gruppen's total order backlog was NOK 11 287

million (10 521 million). Cash flow from operations

was NOK 493 million (-130 million) in Q1.

AF Gruppen gives a high priority to HSE work and the

injury rate for the first quarter was 0 (0.9). Total

sickness absence for Q1 was 4.7% (3.8%).

AF Gruppen has a strong financial position and as of

31.03.15 the Group had net interest-bearing

receivables of NOK 375 million (902 million).

In April, AF Gruppen signed an agreement of intent

with Målselv Maskin & Transport AS with the

intention to purchase a 70% stake in the company.

This transaction is subject to due diligence and

board approval. It is expected to take place in Q2.

"AF Gruppen has started 2015 with the best results

for the first quarter in company history. Our

employees are performing well in all our business

areas. Safety work is an essential part of our

corporate culture. We are therefore proud and

humbled to have completed a quarter without lost

time injury. This shows that our long-term focus on

the safety of our employees and partners gives

results.

Once again, AF Gruppen has been voted by Universum

as the most attractive employer in the construction

industry. We are experiencing record levels of

interest from engineering students. Our

attractiveness provides a sound basis for the

development of the company and future growth," said

Pål Egil Rønn, CEO of AF Gruppen.

For further information, please contact:

Pål Egil Rønn, CEO, mobile 909 57 713

Sverre Hærem, CFO, mobile 952 45 167

Wibecke Brusdal, Communications Director, mobile 930

93 150

www.afgruppen.no