AF Gruppen — Earnings Release 2015

Feb 11, 2016

AF Gruppen's earnings surpass NOK 1 billion

AF Gruppen's earnings surpass NOK 1 billion

AF Gruppen (AFG) continues to grow profitably with

revenue growth of 25 per cent and a 60 per cent

increase in earnings before tax from 2014 to 2015. For

the first time in the history of the company, earnings

before tax for the year surpassed NOK 1 billion.

Revenues totalled NOK 12,398 million (9,935 million)

in 2015. Preliminary earnings before tax was NOK 1,004

million (625 million) in 2015, corresponding to a

profit margin of 8.1 per cent (6.3 per cent).

Q4 revenues totalled NOK 3,509 million (2,730

million). Earnings before tax was NOK 382 million (216

million) in Q4, corresponding to a profit margin of

10.9 per cent (7.9 per cent) for the quarter.

AF Gruppen's total order backlog was NOK 11,183

million (9,429 million). Net operating cash flow was

NOK 395 million (-18 million) in Q4 and NOK 1,418

million (86 million) in 2015.

AF Gruppen places the same high demands on our

partners and suppliers as we do on ourselves, and we

expect that our partners and suppliers participate

actively in our efforts to make our shared workplaces

safe. The LTI rate for Q4 was 1.0 (1.3). For 2015, the

LTI rate was 1.0 (1.1). Total sickness absence for Q4

was 3.5% (3.7%). For 2015, sickness absence was 3.7%

(3.5%).

AF Gruppen has a strong financial position, and the

group had net interest-bearing receivables of NOK 593

million (-95 million) as at 31 December 2015. For

2016, a dividend of NOK 5.00 (5.00) per share has been

proposed for the first half of the year.

"AF Gruppen delivered earnings of over NOK 1 billion

for the first time in history, and all the business

areas delivered solid results. Thanks to the efforts

of our 3,000 capable and motivated employees, we are

continuing to grow both organically and through

acquisitions. Our foundation for performing well over

time is a performance culture based on deeply rooted

core values. We have built a good structure for risk

management, and we have project organisations that are

able to facilitate sound and safe operations together

with our customers and partners", says Morten

Grongstad, CEO of AF Gruppen.

For further information:

Morten Grongstad, CEO, mobile +47 991 53 905

Sverre Hærem, CFO, mobile +47 952 45 167

Wibecke Brusdal, Director Corporate Communications,

mobile +47 930 93 150

www.afgruppen.no