Third Quarter 2016

AF Gruppen ASA

1 Quarterly Report | November 15, 2016

AF has always been proud of its strenght and ability to perform complex tasks. The group's entreprenurial spirit has been characterised by the ability and will to think differently and to find better, more future-oriented ways to generate value.

Revenues were NOK 3,108 million (2,865 million) in the 3rd quarter and NOK 8,984 million (8,889 million) year to date.
Earnings before tax were NOK 265 million (225 million) in the 3rd quarter and NOK 700 million (622 million) year to date.
Profit margin was 8.5 per cent (7.8 per cent) in the 3rd quarter and 7.8 per cent (7.0 per cent) year to date.
and NOK 516 million (1,023 million) year to date.
The order book stood at NOK 11,200 million (11,863 million) on 30 September 2016.
Net interest-bearing receivables were NOK 473 million (301 million) as at 30 September 2016.
A dividend of NOK 3.00 (3.00) per share has been declared by the Board of Directors for the second half of the year.

• Net operating cash flow was NOK 174 million (307 million) in the 3rd quarter

HIGHLIGHTS Q3

AF Gruppen continues to deliver solid results in all six business areas. Summing up, this enables us to present the best third quarter result in the company's history. An important event in the quarter has been the implementation of the offshore campaign on the Murchison project. The fact that we, in cooperation with Heerema, have completed the most demanding part of the project on time, within budget, within the customer's expectations and with no injuries, is very satisfying.

A good order intake and high level of tendering activity provides a good basis for further growth. Our strong financial position allows us to distribute a dividend to our shareholders while also strengthening our positions through acquisitions. After the end of the quarter AF has signed a letter of intent to acquire 70 per cent of the shares of Kanonanden Entreprenør. This signifies the ambition for further growth in Sweden. AF will proceed with the model of acquiring profitable and well-run companies where local co-ownership is retained.

The quarter also allowed us to put our final touch on the strategy plan towards 2020. In the best AF spirit, we have established an ambitious plan with a target of growing profitably to revenues of NOK 20 billion by 2020. Growth will, for example, be achieved in the major cities in Norway and Sweden, in nationwide project activities and through taking a greater share of the offshore market. Just as important is our clear goal of "zero work-related absence". This means that we aim for zero injuries with resulting absence and zero sickness absence related to conditions at work. Putting safety and health first is a matter of values for us at AF.

Although the strategy is characterised by clear ambitions, it is also based on the same core values that have made AF so successful up to the present. Our execution capability lies in AF's 3,200 employees, clear core values and emphasis on safety and risk management. Overall, we thus have the best possible point of departure for further growth.

The Civil Engineering business area encompasses AF's civil engineering activities in Norway and Sweden.

Civil Engineering comprises three business units:

AF Anlegg
Målselv Maskin & Transport

• Pålplintar AB

Civil Engineering reported revenues of NOK 842 million (903 million) and earnings before tax of NOK 86 million (84 million) in the 3rd quarter. Revenues totalled NOK 2,623 million (2,655 million) and earnings before tax totalled NOK 278 million (185 million) year to date.

The civil engineering market in Norway is doing well. Both AF Anlegg and Målselv Maskin & Transport performed well operationally and delivered very good results in the 3rd quarter. There is a large supply of new projects in the market, and there is a very high volume of tender calculations.

AF Anlegg was chosen by the City of Oslo as the contractor for the performance of structural work in connection with the expansion of the Bekkelaget treatment plant. The work will start in November 2016, and completion is scheduled for March 2020. The contract is a general contract with an estimated value of NOK 450 million, excluding VAT.

The Swedish unit, Pålplintar, reported weak results for the 3rd quarter as well. Organisational changes have been carried out. The order backlog for Civil Engineering as at 30 September 2016 was NOK 2,697 million (3,637 million).

AF Gruppen has signed a letter of intent with Kanonaden Entreprenad AB to acquire 70 per cent of the shares in the company after the end of the quarter. Kanonaden Entreprenad AB is a Swedish civil engineering company established in 1983 with headquarters in Nässjö in Jönköping County. In 2015 the company and its subsidiaries saw revenue of SEK 654 million, and the company has approximately 170 employees. The agreed enterprise value for 100 per cent of Kanonaden Entreprenad AB on a cash and debt-free basis is SEK 260 million. Settlement is expected to consist of shares (20 per cent of EV) in AF Gruppen ASA and cash. The transaction is subject to due diligence and approval by the Board of Directors. It is expected that the transaction will be completed by 31 January 2017.

SUMMARY OF 3RD QUARTER 2016 BUSINESS AREAS

Civil Engineering

Key figures (NOK million)	3Q 16	3Q 15	YTD 16	YTD 15	2015

Revenues and other income	3,108	2,865	8,984	8,889	12,398
EBITDA	343	286	845	739	1,151
Earnings before finacial items and tax (EBIT)	270	235	706	631	1,010
Earnings before tax (EBT)	265	225	700	622	1,004
Result per share (NOK)	1,74	1,41	4,79	4,33	7,64
EBITDA margin	11.1 %	10.0 %	9.4 %	8.3 %	9.3 %
Operating profit margin (EBIT %)	8.7 %	8.2 %	7.9 %	7.1 %	8.1 %
Profit margin (EBT %)	8.5 %	7.8 %	7.8 %	7.0 %	8.1 %
Return on capital employed (ROaCE) 1)	-	-	58.6 %	45.4 %	53.6 %
Cash flow from operating activities	174	307	516	1,023	1,418
Net interest-bearing receivables (debt)	473	301	473	301	593
Equity ratio	27.7 %	26.1 %	27.7 %	26.1 %	29.1 %
Order backlog	11,200	11,863	11,200	11,863	11,183
LTI rate	1.7	2.0	1.4	1.0	1.0
Sick leave	3.4 %	3.4 %	3.7 %	3.8 %	3.7 %

1) 12-month rolling average

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

Revenues and income	842	903	2,623	2,655	3,760
EBIT	86	83	268	187	339
EBT	86	84	278	185	339
EBIT %	10.2 %	9.2 %	10.2 %	7.1 %	9.0 %
EBT %	10.2 %	9.3 %	10.6 %	7.0 %	9.0 %

Harpe bridge, E6 Frya-Vinstra

The Environment business area encompasses AF's services related to demolition and recycling services onshore.

The business area consists of two business units:

AF Decom
Härnösand Byggreturer

Environment also has operations in Rimol Environmental Park and Jølsen Environmental Park.

Environment reported revenues of NOK 189 million (167 million) and earnings before tax of NOK 10 million (13 million) for the 3rd quarter. Revenues totalled NOK 557 million (526 million) and earnings before tax totalled NOK 32 million (36 million) year to date.

The market for demolition and recycling in Norway and Sweden is good. AF Decom reported a high level of activity and satisfactory results for the 3rd quarter. The unit is experiencing a good supply of new jobs. Härnösand Byggreturer also saw a good level of activity and delivered good results in the 3rd quarter.

Rimol Miljøpark in Trondheim treats and recycles contaminated material, while Jølsen Miljøpark at Skedsmo crushes and recycles concrete and asphalt. Rimol Environmental Park reported a high level of activity and delivered good results for the 3rd quarter, while Jølsen Environmental Park reported somewhat lower activity during the period.

The order backlog for the Environment business area was NOK 202 million (185 million) as at 30 September 2016.

Environment

The Building business area encompasses activities related to new building and renovation in Norway and Sweden.

The Building business area is divided into eight business units:

AF Bygg Oslo
AF Byggfornyelse
AF Bygg Østfold
AF Bygg Prosjektpartner (formerly AF Bygg Rogaland and AF Bygg Sør) • AF Bygg Sverige and subsidiaries • Strøm Gundersen and subsidiaries After the end of the quarter, AF decided to merge the AF Bygg Rogaland and AF Bygg Sør units. The new name of the unit is AF Bygg Prosjektpartner. This unit should be able to carry out projects throughout Norway, but will give priority to areas in which AF has a market and customer potential.
LAB and subsidiaries

Building reported revenues of NOK 1,542 million (1,656 million) and earnings before tax of NOK 125 million (134 million) for the 3rd quarter. Revenues totalled NOK 4,852 million (4,780 million) and earnings before tax totalled NOK 338 million (353 million) year to date.

Building reported a high level of activity for the 3rd quarter and very good results. AF Bygg Oslo, LAB and the companies in Strøm Gundersen all reported very good results for the quarter. AF Bygg Østfold and AF Bygg Sweden reported satisfactory results. For the remaining units, there are regional differences in the levels of activity and results.

Building's order backlog was NOK 7,274 million (6,457 million) as at 30 September 2016.

Building

Kloster Island, Skien Olav Hall Museum, Sarpsborg

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

Revenues and income	189	167	557	526	687
EBIT	10	12	32	35	45
EBT	10	13	32	36	46
EBIT %	5.2 %	7.5 %	5.8 %	6.7 %	6.6 %
EBT %	5.1 %	7.6 %	5.7 %	6.8 %	6.7 %

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

Revenues and income	1,542	1,656	4,852	4,780	6,678
EBIT	123	131	329	351	479
EBT	125	134	338	353	485
EBIT %	8.0 %	7.9 %	6.8 %	7.3 %	7.2 %
EBT %	8.1 %	8.1 %	7.0 %	7.4 %	7.3 %

Building has announced four contracts with a total value of NOK 938 million, excluding VAT, in the 3rd quarter:

Business unit	Project	Contract value

AF Byggfornyelse	New Deichmanske Main Library	NOK million 172
AF Bygg Syd	Malmø sewerage treatment plant	NOK million 182
Strøm Gundersen	Doyén Drammen	NOK million 222
Strøm Gundersen	Schweigaardsgate 33	NOK million 362

The Property business area encompasses the development of residential housing units and commercial buildings. The activities take place in geographic areas where AF has its own production capacity. The development projects are organized as associates that are recognized in the income statement with AF's share of the period's result.

The business area constitutes property business in Norway and Sweden.

Two new construction stages at Krydderhagen with a total of 102 apartments were released for sale in the 3rd quarter. In addition, one new construction stage at Thurmannskogen with 35 apartments and part 1 of Lillo Gård with 74 apartments were released for sale. A total of 291 (98) apartments were sold in the 3rd quarter. AF's share of the apartments sold is 117 (40).

Property reported earnings before tax of NOK 4 million (5 million) in the 3rd quarter. Earnings before tax were NOK 22 million (7 million) year to date.

Property has seven housing projects with a total of 779 apartments in the production stage (AF's share 322):

Krydderhagen B1, B2 and B3 at Hasle (87 apartments)
Krydderhagen C1, C2 and C3 at Hasle (84 apartments)
Thurmannskogen Bygg A-G at Lørenskog (259 apartments)
Engebrets Promenade A-D at Lillestrøm (171 apartments)
Rolfsbukta Terrasse at Fornebu (72 apartments)
Losjeplassen in Drammen (102 apartments)
Jacob Kjødes vei 10 in Bergen (4 apartments)

For further information, see Note 7 on page 28.

Property has one commercial project in the production stage:

• Securitas Building (13,584 square metres) at Hasle, which is scheduled for completion in 2017

Property has four construction stages in the sales phase with a total of 211 apartments, of which AF's share is 84.

AF also has ownership interests in land and development rights in progress, which are estimated to amount to 2,244 (2,192) residential units. AF's share of this is 956 (991) residential units. AF has commercial property with a gross area of 107,310 (122,717) square metres under development. AF's share of this is 51,213 (59,272) square metres. LAB and Målselv Maskin & Transport has development rights that are included in the figures.

The residential housing market in the greater Oslo area is very good. There are expectations of positive developments in the results for ongoing operations due to a high rate of sales for ongoing and launched projects.

Property

The Energy business area encompasses AF's energy services for onshore activities.

The business area consists of a single business unit: • AF Energi & Miljøteknikk

Energy also has activities in Boligenergi AS, which is owned jointly with OBOS.

Revenues in the 3rd quarter were NOK 37 million (70 million) and earnings before tax were NOK 4 million (7 million). Revenues totalled NOK 119 million (168 million) and earnings before tax totalled NOK 8 million (14 million) year to date.

AF Energi & Miljøteknikk reported a low level of activity, but the unit's ongoing projects are performing well operationally and it reported good results for the 3rd quarter.

AF Energi & Miljøteknikk has several EPC contracts in the analysis phase, and it is expected that they will be converted to projects to be executed. The energy savings contracts have had a modest effect on the order backlog, since they do not include a contractual volume. It is expected that these contracts may possibly generate activity of approximately NOK 150 million, in addition to the existing order backlog.

The order backlog in Energy as at 30 September 2016 was NOK 115 million (117 million).

Energy

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

Revenues and income	15	8	38	20	25
EBIT	8	8	34	15	69
EBT	4	5	22	7	57
EBIT %	-	-	-	-	-
EBT %	-	-	-	-	-

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

Revenues and income	37	70	119	168	225
EBIT	4	6	10	13	19
EBT	4	7	8	14	21
EBIT %	11.5 %	9.0 %	8.6 %	7.9 %	8.3 %
EBT %	11.0 %	10.2 %	7.0 %	8.4 %	9.4 %

The Offshore business area encompasses AF's services related to the removal, demolition and recycling of offshore installations. Offshore also includes new building, modification and maintenance work related to HVAC, cranes, modules and rig services. In addition, Offshore has services related to the maintenance and modification of onshore facilities for the oil and gas industry.

The business area consists of four business units:

AF Offshore Decom and subsidiaries
AF Offshore AeronMollier
AF Offshore Mandal
Environmental Base at Vats

Offshore also has activities related to the maintenance and modification of onshore facilities (MMO).

Revenues in the 3rd quarter were NOK 411 million (125 million) and earnings before tax were NOK 60 million (–). Revenues totalled NOK 803 million (988 million) and earnings before tax totalled NOK 81 million (68 million) year to date.

The low price of oil entails opportunities for our demolition activities. Tender activity is high, and the number of outstanding tenders has never been higher. AF Offshore Decom's revenue varies according to the share of offshore and onshore activities. The offshore campaign on the Murchison platform is completed in 3rd quarter, which resulted in a high level of activity and good results for the 3rd quarter.

The business in offshore maintenance and modification has experienced difficult market conditions for a long period of time and a low level of activity. AF has therefore carried out significant organisational adaptations over the past year, and AF has chosen to write down goodwill by NOK 40 million allocated to AF Offshore AeronMollier during the quarter. The business unit reported nevertheless positive results for the quarter and year to date.

V & M Landanlegg (MMO oil and gas land facilities) reported a lower level of activity, but good results for the 3rd quarter as well.

The order backlog for Offshore as at 30 September 2016 was NOK 626 million (1,132 million).

Offshore

FINANCIAL INFORMATION

AF Gruppen shall have robust financing with respect to operational and market-related fluctuations. The company's required return on invested capital is 20 per cent. At the same time, the financial position shall reinforce the company's growth strategy and provide an adequate dividend capacity.

Cash flow from operations was NOK 174 million (307 million) in the 3rd quarter. Net operating cash flow was NOK 516 million (1,023 million) year to date. AF Gruppen had a cash flow from net investments of NOK 0 million (-51 million) in the 3rd quarter and NOK -27 million (12 million) year to date. Cash flow before capital transactions and financing was NOK 174 million (256 million) in the 3rd quarter. Cash flow before capital transactions and financing was NOK 489 million (1,035 million) year to date. Dividends totalling NOK 463 million were paid to the company's shareholders in the 2nd quarter.

AF Gruppen had net interest-bearing receivables of NOK 473 million (301 million) at the end of the 3rd quarter.
AF Gruppen's total financing framework is NOK 1,880 million. The framework comprises a one-year revolving credit facility with Danske Bank of NOK 1,200 million and a credit facility of NOK 80 million with DNB. In addition, AF has a credit facility of NOK 600 million with Handelsbanken that will be renewed annually up until June 2020.
The available liquidity, including credit facilities, stood at NOK 2,353 million as at 30 September 2016.
Total assets were NOK 6,577 million (6,508 million) as at 30 September 2016. The Group's equity totalled NOK 1,824 million (1,699 million). This corresponds to an equity ratio of 27.7 per cent (26.1 per cent).

LIST OF SHAREHOLDERS AS AT 30 SEPTEMBER 2015

Name	No. shares	% share

OBOS BBL	15,643,841	16.9
ØMF Holding AS	14,342,761	15.5
Constructio AS	13,678,049	14.8
Folketrygdfondet	5,011,393	5.4
Aspelin Ramm Gruppen AS	4,993,269	5.4
LJM A/S	2,413,900	2.6
VITO Kongsvinger AS	1,911,676	2.1
Skogheim, Arne	1,723,870	1.9
SE Banken (nom)	1,517,896	1.6
Staavi, Bjørn	1,515,452	1.6
Ten largest shareholders	62,752,107	67.7
Total other shareholders	29,857,893	32.2
Own shares	70,000	0.1
Total number of shares	92,680,000	100.0

Environmental Base Vats, Vats

AFG - Share price last 12 months

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

Revenues and income	411	125	803	988	1,187
EBIT	65	15	98	83	104
EBT	60	-	81	68	83
EBIT %	15.7 %	11.8 %	12.2 %	8.4 %	8.7 %
EBT %	14.7 %	0.0 %	10.1 %	6.9 %	7.0 %

SHARE PERFORMANCE

AF Gruppen's shares are listed on the Oslo Stock Exchange's OB-match list and trade under the ticker AFG. The share is included in the Oslo Stock Exchange total index (OSEAX), benchmark index (OSEBX) and fund index (OSEFX), as well as the new Oslo Stock Exchange Mid Cap Index (OSEMX).

As at 30 September 2016, the AF share had a closing price of NOK 158.00. This corresponds to a return of 16.9 per cent in 2016, adjusted for a dividend of NOK 5 per share distributed in the 2nd quarter. The Oslo Stock Exchange's benchmark index showed a return of 2 per cent during the same period.

In October a total of 580 employees subscribed for a total of 1,000,000 shares in connection with AF Gruppen's share programme. The shares were subscribed for at a price of NOK 128.60 per share, which corresponds to a discount of 20 per cent in relation to the average market price during the subscription period. The Board of Directors resolved to sell 70,000 treasury shares in this connection. In November, 930,000 new shares were issued. The new issue was adopted by the Board of Directors in accordance with the authorisation granted by the General Meeting of 12 May 2016. After completion of the new issue, the total number of shares is 93,610,000, which corresponds to share capital of NOK 4,680,500.

The company's Board of Directors has been granted authority by the General Meeting to determine the dividend to be distributed in the 2nd half of the year. The Board of Directors proposed a divided of NOK 3.00 (3.00) per share. The AF share will be listed ex-dividend on 16 November with payment to the shareholders on 23 November.

HEALTH, SAFETY AND THE ENVIRONMENT (HSE)

HSE has high priority in AF Gruppen and is an integral part of the management at all levels. AF has a structured and uniform HSE system that encompasses all the projects. The working environment should be safe for everyone – including those who are employed by our subcontractors. The figures from the subcontractors are therefore included in the injury statistics.

The LTI rate is an important measurement parameter for safety work at AF. The LTI rate is defined as the number of injuries resulting in absence per million man-hours. A total of four injuries resulting in absence were registered in the 3rd quarter. This gives an LTI rate (lost-time injury rate) of 1.7 (2.0) for the 3rd quarter. The LTI rate year to date in 2016 is 1.4 (1.0).

Through systematic and long-term efforts, the LTI (lost time in jury) rate has been reduced over the years. Identifying risk and risk analysis are a key part of our preventive activities. Physical and organisational barriers are established to reduce the risk of personal injury to an acceptable level based on an assessment of the risks. In addition to risk assessments, being able to learn from our mistakes is also vital.

The registration of sickness absence forms the basis for the measurement of health work at AF. For the 3rd quarter, sickness absence was 3.4 per cent (3.4 per cent), and it has been 3.7 per cent (3.8 per cent) year to date. AF's sickness absence is low compared to that of comparable businesses. AF's target is total sickness absence of less than 3.0 per cent, a level we believe represents a healthy situation without absence due to occupational illnesses/injuries. AF believes that it can achieve this target through systematic health work, which consists, for example, of ongoing risk analysis of exposure that is harmful to health, the establishment of physical and organisational barriers, and close follow-up of employees on sick leave.

Environmental work has high priority throughout the entire Group. AF would like to avoid environmental damage and minimise undesirable effects on the environment. Environmental work is an integral part of HSE work, and the tools used are therefore the same that are used otherwise in connection with HSE work. Follow-up of the source

separation rate parameter acts as an extra driving force for AF's environmental work. This parameter places the focus on an important environmental factor that AF has an opportunity to influence. The source separation rate indicates how much of the waste from AF's operations is separated for the purpose of facilitating recycling.

For the 3rd quarter, the result for building was 85 per cent (82 per cent), the result for renovation was 78 per cent (81 per cent) and the result for demolition was 95 per cent (97 per cent). These results are considered very good, and they are well above the government requirement of a minimum of 60 per cent. A total of 191,608 (70,761) tonnes of waste has been sorted in the 3rd quarter, and a total of 405,679 (251,390) tonnes has been sorted year to date.

ORGANISATION

The AF Gruppen is working continuously to build a uniform

AF Gruppen had a total of 3,091 (3,157) employees at the end of the 3rd quarter. Of these employees, 2,906 (2,931) were employed in Norway, 173 (172) in Sweden, 1 (41) in Lithuania, 9 (9) in China and 2 (4) in Germany.

RISK AND RISK MANAGEMENT

corporate culture. Motivated employees and a solid organisation are an important foundation for creating value. At AF we are building the organisation with a robust composition of technical expertise and management capacity at all levels. The resources are organised close to the production with project teams where the managers have an influential force. AF invests a lot of time and resources in the development of employees through training in various positions in production and through development of the AF Academy. More than 80 per cent of the current managers have been recruited internally. AF is experiencing an increasing and satisfactory influx of qualified employees, and our employees are good ambassadors for the recruitment of new personnel. Financial risk encompasses market risk, credit risk and liquidity risk. Market risk includes commodity price risk, foreign exchange risk and interest rate risk. AF is exposed to foreign exchange risk, and as a major demolition and recycling operator, the group is also exposed to fluctuations in steel prices. AF aims to have low exposure to risks that cannot be influenced, and it uses hedging instruments to mitigate the risk associated with foreign exchange rates and steel prices. AF has credit risk in relation to customers, suppliers and partners. In addition to the parent company and bank guarantees, the use of credit rating tools contributes to reducing risk. Liquidity risk is considered low. AF Gruppen has a total financing framework of NOK 1,880 million and available liquidity of NOK 2,353 million as at 30 September 2016.

AF Gruppen is exposed to risk of both an operational and financial nature. AF Gruppen wants to assume operational risk that the business units can influence and control. AF has developed risk management processes that are well adapted to our operations. Standardised, action-oriented risk management processes ensure comprehensive and coherent risk management in all parts of the organisation. AF seeks to limit exposure to risk that cannot be influenced. A risk review is conducted for all projects before a tender is even submitted. Analysis of risk during the tendering phase enables the correct pricing and management of risk in the project. The same project organizations conduct detailed risk reviews every quarter. The Corporate Management Team will participate in risk reviews of all projects valued at more than NOK 100 million. In addition, a total of 20 risk reviews in the business units, in which the Corporate Management Team also participated, were conducted in the 3rd quarter of 2016.

MARKET OUTLOOK

Public sector demand is the strongest driver behind civil engineering investments in Norway, and political priorities and government grants are therefore of great importance

SICK LEAVE DEVELOPMENT

to the civil engineering market. The civil engineering market is less sensitive to cyclical fluctuations than the building market. The analysis company Prognosesenteret expects that the total civil engineering investments will increase by 14 per cent in 2016, 12 per cent in 2017 and a further 12 per cent in 2018. This represents an upward adjustment of 4 per cent in 2017 in relation to the previous forecasts, the other years remain unchanged. The greatest growth is expected in road construction and power and energy plants, while the greatest decline is expected in onshore oil and gas installations and railways. In 2017-2018, the greatest growth is expected in the Oslo Region, Interior Region and Southern Norway, in particular. This is due to the fact that several large road projects are to be carried out in these regions. A positive market outlook in the civil engineering sector provides a good foundation for AF's Civil Engineering business.

AF's activities in the Building, Property and Environment business areas are linked to the demand for new housing and non-residential buildings. This demand is mainly influenced by the development of the Norwegian and global economy, including the labour market, income growth and interest rate levels. The drop in oil prices has led to greater uncertainty in the Norwegian economy and an increase in unemployment, but this is mainly related to the petroleum industry. At the same time, low interest rates combined with urbanisation and a low supply of residential units have contributed to a sharp increase in residential property prices, although there are major regional differences.

Figures from Property Norway for October show that residential property prices in Norway in October 2016 were 12 per cent higher than one year ago. The greatest price increase was in Oslo (21.7 per cent) and the weakest 12-month increase was in Stavanger and Sandnes, with a price decline of 3.9 per cent and 2.7 per cent, respectively. In Sweden, building and civil engineering investments have shown a positive trend and the Swedish Construction Federation forecasts strong growth of 9 per cent in 2016 and a further 3 per cent for 2017. The greatest growth is expected in the new residential housing segment (15 per cent in 2016 and 6 per cent in 2017), but growth is also expected in commercial buildings (5 per cent and 1 per cent in 2016 and 2017, respectively). The civil engineering market is expected to grow 3 per cent in 2016 and 1 per cent in 2017. There are large regional differences, but the general market conditions in Building, Environment and Property are considered to be good. This gives AF a good point of departure for further growth within these business areas.

The decline in oil prices is leading to constantly new investment cuts on the continental shelf. Statistics Norway estimates that the investments in oil and gas production, including pipeline transport, will total NOK 163.5 billion in 2016. This represents a decline of 1.5 per cent compared with the estimate given in the previous quarter. It is in particular the investments in field development that are being reduced. The investments for 2017 are estimated at NOK 150.5 billion. A low oil price and uncertainty in the petroleum industry will affect AF's maintenance and modification activities. A lower oil price will also make several of the fields in the North Sea less profitable, and the oil companies will to a greater extent than previously consider shutting down and removing the older platforms. This represents good opportunities for AF's offshore activities related to the demolition and removal of decommissioned installations.

Earlier this year, the Norwegian Parliament adopted ambitious energy goals towards the year 2030. This includes, for example, a significant reduction in the consumption of energy by existing buildings compared with the current level (10 TWh reduction). Enova has assessed the potential for energy savings in Norwegian buildings and points out that opportunities are greatest in connection with rehabilitation of buildings and that there is a major maintenance backlog on public buildings. Ambitious energy goals and constantly more stringent requirements from authorities and the market with regard to reduced energy consumption in buildings are buoying the market outlook for the Energy business area.

The development of the Swedish economy has been very strong in recent times, aided by Riksbanken's expansive monetary policy. The key rate in Sweden has been reduced to a record low -0.5 per cent to stimulate the Swedish economy. The building investments in Sweden are currently at a high level due to the high demand from the private sector, and the Swedish Construction Federation expects that the production of new residential units is the most important reason why the building investments are expected to increase in 2016 and 2017. An expansive monetary policy and positive developments in macro-economic conditions and growth in the building and construction industry form a sound basis for AF's Swedish operations.

STRATEGY

AF has prepared a new corporate strategy for 2017-2020. See page 15 for further details.

Oslo, 15 November 2016

Board of Directors of AF Gruppen ASA

For more detailed information, please contact: CEO Morten Grongstad

[email protected] +47 991 53 905

CFO Sverre Hærem

[email protected] +47 952 45 167

Internett: www.afgruppen.no

CORPORATE STRATEGY 2020

AF has prepared a new corporate strategy in 2016 for 2017-2020. The ambition of profitability and strong growth from our previous strategy period will continue, while new focus areas will be refined in the new strategy.

The new corporate strategy highlights four main initiatives for AF's future work: organic and structural growth, customer and partner relations, creativity and innovation, and management capacity and technical expertise.

The goal is for AF Gruppen to have annual revenues of NOK 20 billion by 2020 and to achieve a clear position in several large cities such as Oslo, Bergen, Gothenburg and Stockholm. Growth will also be achieved in nationwide project activities and through taking a greater share of the offshore market. It is expected that most of this growth will be organic, but in order to achieve our goal, structural revenue growth bordering on our core operations and new operations will also be required.

CONDENSED CONSOLIDATED STATEMENT OF INCOME

NOK million, except per share data	3Q 16	3Q 15	YTD 16	YTD 15	2015

Revenues and income	3,108	2,865	8,984	8,889	12,398

Subcontractors	-1,334	-1,485	-3,812	-4,364	-6,145
Cost of materials	-500	-379	-1,597	-1,369	-1,765
Payroll cost	-656	-624	-1,957	-1,832	-2,535
Operating expenses ex. depreciation and impairment	-274	-168	-783	-665	-968
Net gains (losses) and profit (loss) from associates	-1	78	9	80	166
EBITDA	343	286	845	739	1,151

Depreciation and impairment of tangible fixed assets	-33	-34	-97	-91	-123
Depreciation and impairment of intagible assets	-41	-16	-41	-18	-18
Earnings before financial items and tax (EBIT)	270	235	706	631	1,010

Net financial items	-5	-10	-6	-9	-6
Earnings before tax (EBT)	265	225	700	622	1,004

Income tax expense	-82	-62	-194	-169	-226
Net income for the period	183	163	506	453	778

Attributable to:
Shareholders of the parent	161	130	444	393	697
Non-controlling interests	22	33	62	60	81
Net income for the period	183	163	506	453	778


Earnings per share	1.74	1.41	4.79	4.33	7.64
Diluted earnings per share	1.69	1.39	4.68	4.28	7.50

Key figures	3Q 16	3Q 15	YTD 16	YTD 15	2015

EBITDA margin	11.1 %	10.0 %	9.4 %	8.3 %	9.3 %
Operating profit margin (EBIT %)	8.7 %	8.2 %	7.9 %	7.1 %	8.1 %
Profit margin (EBT %)	8.5 %	7.8 %	7.8 %	7.0 %	8.1 %
Return on capital employed (ROaCE)1)	-	-	58.6 %	45.4 %	53.6 %
Return on equity	-	-	46.5 %	36.3 %	43.8 %
Equity ratio	27.7 %	26.1 %	27.7 %	26.1 %	29.1 %
Net interest-bearing receivables (debt) 2)	473	301	473	301	593
Capital employed 3)	1,960	1,815	1,960	1,815	1,925
Order backlog	11,200	11,863	11,200	11,863	11,183

1) Return on capital employed (ROaCE) = Earnings before tax + interest expense / average capital employed 2) Net interest-bearing receivables (debt) = Cash and cash equivalents + interest-bearing receivables - interest-bearing debt

3) Capital employed = Equity + interest-bearing debt

STATEMENT OF COMPREHENSIVE INCOME

EQUITY

CONSOLIDATED BALANCE SHEET

NOK million	30/09/2016	30/09/2015	31/12/2015

Tangible fixed assets	1,119	1,104	1,111
Intagible assets	2,031	2,072	2,077
Investment in associates and joint ventures	394	407	433
Deferred tax asset	58	84	94
Interest-bearing receivables	197	157	169
Pension plan and other financial assets	10	8	10
Total non-current assets	3,809	3,833	3,895

Inventories	142	144	152
Projects for own account	44	163	67
Trade receivables and other receivables	2,171	2,106	1,599
Interest-bearing receivables	52	40	70
Financial derivatives	-	2	1
Cash and cash equivalents	359	220	459
Total current assets	2,768	2,676	2,348

Total assets	6,577	6,508	6,243

Equity attributable to sharholders of the parent	1,589	1,442	1,561
Minority interests	234	257	259
Total equity	1,824	1,699	1,820

Long-term interest-bearing debt	101	76	83
Retirement benefit obligations	2	1	2
Provisions	158	171	183
Deferred tax	412	325	392
Financial derivatives	44	63	54
Total non-current liabilities	717	635	714

Short-term interest-bearing debt	35	41	22
Trade payables and other short term debt	3,502	3,461	3,236
Financial derivatives	35	86	108
Provisions	183	173	165
Tax payable	282	414	178
Total current liabilities	4,037	4,175	3,710

Total liabilities	4,753	4,810	4,424

Total equity and liabilities	6,577	6,508	6,243

NOK million	Paid-in capital	Translation differences	Actuarial pension gains/ (losses)	Cash flow hedging	Retained earnings	Attributable to shareholders Minority		Total equity
As at 01/01/2015	356	9	-13	-74	1,083	1,362	137	1,499
Comprehensive income	-	5	-	-77	393	321	60	382
Capital increase	292	-	-	-	-	292	-	292
Purchase of treasury shares	-	-	-	-	-17	-17	-	-17
Sale of treasury shares	-	-	-	-	7	7	-	7
Dividend paid	-347	-	-	-	-110	-457	-30	-487
Share-based remuneration	4	-	-	-	-	4	-	4
Addition of minority by aqusitions	-	-	-	-	-	-	115	115
Transactions with minority	-	-	-	-	-71	-71	-25	-97
As at 30/09/2015	306	14	-13	-151	1,285	1,441	258	1,699
As at 31/12/2015	411	29	-12	-171	1,303	1,561	259	1,820
Comprehensive income	-	-28	-	112	444	528	62	590
Purchase of treasury shares	-	-	-	-	-23	-23	-	-23
Sale of treasury shares	-	-	-	-	13	13	-	13
Dividend paid	-315	-	-	-	-148	-463	-74	-537
Share-based remuneration	5	-	-	-	-	5	-	5
Transactions with minority	-	-	-	-	-32	-32	-13	-44
As at 30/09/2016	101	1	-12	-59	1,558	1,589	234	1,824

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

Net income for the period	183	163	506	453	778

Net actuarial gains and losses	-	-	-	-	2
Items that will not be reclassified to income statement in subsequent periods	-	-	-	-	2

Net cash flow hedges	66	-75	112	-77	-98
Currency translation differences	-14	12	-28	6	21
Items that may be reclassified to income statement in subsequent periods	51	-64	84	-71	-76

Other comprehensive income for the period	51	-64	84	-71	-75

Total comprehensive income for the period	235	99	590	382	703

Attributable to:
-Shareholders of the parent	212	65	528	321	621
- Minority	22	34	62	60	83
Total comprehensive income for the period	235	99	590	382	703

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

AF Gruppen's division into operating segments is consistent with the division of the business areas: Civil Engineering, Environment, Building, Property, Energy and Offshore.

Segment information is presented in accordance with the Group's accounting policies in accordance with IFRS with the exception of IFRIC 15 (Agreements for the Construction of Real Estate). This policy exception applies to the Building and Property segments in Norway. Income from projects for own account in these segments is recognised in accordance with IAS 11. This means that the recognition of income in these projects is the product of the physical degree of completion, the percentage sold and the expected contribution margin.

Segment information is presented in accordance with reporting to the Corporate Management Team and is consistent with the financial information utilised by the Company's senior decision-makers when evaluating developments and allocating resources. The effect of IFRIC 15 on the consolidated accounts is illustrated in a separate table in the segment information. Additional information on projects for own account is provided in Note 7.

BUSINESS AREAS

Civil Engineering

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

Earnings before financial items and tax (EBIT)	270	235	706	631	1,010
Depreciation, amortisation and impairment	74	51	138	109	142
Change in net working capital	-195	103	-258	484	789
Income taxes paid	-14	-6	-67	-126	-361
Other adjustments	39	-76	-4	-76	-162
Cash flow from operating activities	174	307	516	1,023	1,418

Net investments	-	-51	-27	12	74
Cash flow before financing activities	174	256	489	1,035	1,492

Share issue	-	-	-	-	72
Dividend paid	-	-	-463	-457	-735
Transactions with minority	-5	-93	-117	-127	-128
Sale (purchase) of treasury shares	-4	-11	-10	-10	3
Borrowings (repayment of debt)	-20	-46	13	-292	-298
Interest paid	-6	-3	-22	-17	-34
Cash flow from financing activities	-35	-153	-599	-904	-1,119

Net decrease (increase) in in cash and cash equivalents	138	103	-109	130	372

Net cash and cash equivalents at beginning of period	211	118	459	91	91
Change in cash and cash eqivalents without cash effect	9	-1	9	-2	-4
Net cash and cash equivalents end of period	359	220	359	220	459

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

External revenue and income	841	903	2,622	2,653	3,759
Internal revenue and income	1	-	1	1	1
Total revenue and income	842	903	2,623	2,655	3,760

EBITDA	99	98	308	228	394
Earnings before financial items and tax (EBIT)	86	83	268	187	339
Earnings before tax (EBT)	86	84	278	185	339

EBITDA %	11.8 %	10.9 %	11.8 %	8.6 %	10.5 %
EBIT %	10.2 %	9.2 %	10.2 %	7.1 %	9.0 %
EBT %	10.2 %	9.3 %	10.6 %	7.0 %	9.0 %

Assets	1,352	1,436	1,352	1,436	1,232
Order backlog	2,697	3,637	2,697	3,637	3,402

Environment Property

Building Energy

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

External revenue and income	180	158	526	499	641
Internal revenue and income	9	9	31	26	47
Total revenue and income	189	167	557	526	687

EBITDA	14	16	44	43	56
Earnings before financial items and tax (EBIT)	10	12	32	35	45
Earnings before tax (EBT)	10	13	32	36	46

EBITDA %	7.4 %	9.5 %	7.9 %	8.2 %	8.2 %
EBIT %	5.2 %	7.5 %	5.8 %	6.7 %	6.6 %
EBT %	5.1 %	7.6 %	5.7 %	6.8 %	6.7 %

Assets	262	387	262	387	278
Order backlog	202	185	202	185	216

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

External revenue and income	1,530	1,652	4,796	4,770	6,661
Internal revenue and income	12	4	56	10	17
Total revenue and income	1,542	1,656	4,852	4,780	6,678

EBITDA	133	139	356	372	510
Earnings before financial items and tax (EBIT)	123	131	329	351	479
Earnings before tax (EBT)	125	134	338	353	485

EBITDA %	8.6 %	8.4 %	7.3 %	7.8 %	7.6 %
EBIT %	8.0 %	7.9 %	6.8 %	7.3 %	7.2 %
EBT %	8.1 %	8.1 %	7.0 %	7.4 %	7.3 %

Assets	3,689	3,748	3,689	3,748	3,903
Order backlog	7,274	6,457	7,274	6,457	5,947

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

External revenue and income	15	8	37	20	25
Internal revenue and income	-	-	1	-	-
Total revenue and income	15	8	38	20	25

EBITDA	8	8	34	15	69
Earnings before financial items and tax (EBIT)	8	8	34	15	69
Earnings before tax (EBT)	4	5	22	7	57

EBITDA %	-	-	-	-	-
EBIT %	-	-	-	-	-
EBT %	-	-	-	-	-

Assets	837	646	837	646	630
Order backlog	-	-	-	-	-

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

External revenue and income	37	70	118	168	225
Internal revenue and income	-	-	-	-	-
Total revenue and income	37	70	119	168	225

EBITDA	4	6	11	13	19
Earnings before financial items and tax (EBIT)	4	6	10	13	19
Earnings before tax (EBT)	4	7	8	14	21

EBITDA %	11.8 %	9.1 %	8.9 %	8.0 %	8.5 %
EBIT %	11.5 %	9.0 %	8.6 %	7.9 %	8.3 %
EBT %	11.0 %	10.2 %	7.0 %	8.4 %	9.4 %

Assets	117	134	117	134	133
Order backlog	115	117	115	117	90

Offshore

Øvrige segment (Konsern)

IFRIC 15

Elimineringer

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

External revenue and income	10	9	23	26	45
Internal revenue and income	10	10	26	33	42
Total revenue and income	20	19	49	59	88

EBITDA	-9	-2	-22	1	-6
Earnings before financial items and tax (EBIT)	-14	-6	-34	-10	-21
Earnings before tax (EBT)	-12	-3	-29	2	-4

Assets	590	424	590	424	528
Order backlog	-	-	-	-	-

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

External revenue and income	142	-36	86	-160	-
Internal revenue and income	-32	-24	-116	-71	-109
Total revenue and income	110	-60	-30	-231	-109

EBITDA	15	-8	1	-28	2
Earnings before financial items and tax (EBIT)	15	-8	1	-28	2
Earnings before tax (EBT)	15	-8	1	-28	2

Assets	-1,671	-1,742	-1,671	-1,742	-1,784
Order backlog	82	257	82	257	168

Sum segment

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

External revenue and income	411	125	802	987	1,186
Internal revenue and income	-	-	1	1	2
Total revenue and income	411	125	803	988	1,187

EBITDA	107	36	144	110	134
Earnings before financial items and tax (EBIT)	65	15	98	83	104
Earnings before tax (EBT)	60	-	81	68	83

EBITDA %	26.0 %	28.4 %	17.9 %	11.1 %	11.3 %
EBIT %	15.7 %	11.8 %	12.2 %	8.4 %	8.7 %
EBT %	14.7 %	0.0 %	10.1 %	6.9 %	7.0 %

Assets	1,464	1,494	1,464	1,494	1,354
Order backlog	626	1,132	626	1,132	1,182

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

External revenue and income	-59	-25	-25	-75	-144
Internal revenue and income	-	-	-	-	-
Total revenue and income	-59	-25	-25	-75	-144

EBITDA	-27	-7	-31	-15	-27
Earnings before financial items and tax (EBIT)	-27	-7	-31	-15	-27
Earnings before tax (EBT)	-27	-7	-31	-15	-27

Assets	-62	-19	-62	-19	-31
Order backlog	203	79	203	79	178

NOK million	3Q 16	3Q 15	YTD 16	YTD 15	2015

External revenue and income	3,108	2,865	8,984	8,889	12,398
Internal revenue and income	-	-	-	-	-
Total revenue and income	3,108	2,865	8,984	8,889	12,398

EBITDA	343	286	845	739	1,151
Earnings before financial items and tax (EBIT)	270	235	706	631	1,010
Earnings before tax (EBT)	265	225	700	622	1,004

EBITDA %	11.1 %	10.0 %	9.4 %	8.3 %	9.3 %
EBIT %	8.7 %	8.2 %	7.9 %	7.1 %	8.1 %
EBT %	8.5 %	7.8 %	7.8 %	7.0 %	8.1 %

Assets	6,577	6,508	6,577	6,508	6,243
Order backlog	11,200	11,863	11,200	11,863	11,183

1. GENERAL INFORMATION

AF Gruppen is one of Norway's leading contracting and industrial groups. AF Gruppen is divided into six business areas: Civil Engineering, Environment, Building, Property, Energy and Offshore.

AF Gruppen ASA is a public limited company registered and domiciled in Norway. The head office is located at Innspurten 15, 0663 Oslo. AF is listed on the Oslo Stock Exchange's OB Match list under the ticker symbol AFG.

This summary of financial information for the 3rd quarter has not been audited

2. BASIS OF PREPARATION

The consolidated financial statements for AF Gruppen encompass AF Gruppen ASA and its subsidiaries, joint ventures and associated companies. The consolidated financial statements for the 3rd quarter have been prepared in accordance with IAS 34 Interim Accounts. The summary of the financial information presented in the quarterly accounts is intended to be read in conjunction with the annual report for 2015, which has been prepared in accordance with the International Financial Reporting Standards (IFRS).

As a result of rounding off, the numbers or percentages will not always add up to the total.

3. CHANGES IN THE GROUP'S STRUCTURE

There have been no material changes to the Group's structure in the 3rd quarter of 2016.

4. ACCOUNTING POLICIES

The accounting policies applied to the accounts are consistent with those described in the annual report for 2015.

New and amended standards implemented by the Group AF Gruppen has not implemented new or changed standards in 2016 with material effect on the group's financial position and results.

5. ESTIMATES

The preparation of the interim accounts requires the use of assessments, estimates and assumptions that have an effect on the application of accounting principles and recognised figures related to assets and commitments, revenues and costs. The estimates are based on the management's best judgement and experience, and there is some uncertainty related to the concurrence of these estimates with the actual result. Estimates and their underlying assumptions are assessed on a continuous basis. Changes in accounting estimates are recognised for the period in which the estimate is changed and for future periods if these are affected by the change in estimate.

NOTES

	AFs construction value	Housing Construction period		Ownership
Project	ex. VAT (NOK million)	units	Start up	Completion	share AF

Krydderhagen A1/A2/A3, Hasle	245	94	Q2 2014	Q1/Q2 2016	50 %
Krydderhagen B1/B2/B3, Hasle	182	87	Q3 2015	Q2 2017	50 %
Krydderhagen C1/C2/C3, Hasle	169	84	Q3 2016	Q1 2018	50 %
Spikkestadkvartalet	83	40	Q1 2015	Q2 2016	33 %
Thurmannskogen A/E Lørenskog	170	90	Q2 2015	Q1/Q2 2017	33 %
Thurmannskogen B/C/D Lørenskog	220	96	Q4 2015	Q1 2018	33 %
Thurmannskogen F/G Lørenskog	150	73	Q3 2016	Q3 2018	33 %
Engebrets Promenade B/C/D, Lillestrøm	290	125	Q2 2015	Q4 2017	40 %
Engebrets Promenade A, Lillestrøm	118	46	Q3 2016	Q4 2017	40 %
Rolfsbukta Terasse Fornebu	-	72	Q2 2015	Q2 2017	33 %
Losjeplassen, Drammen	-	102	Q3 2015	Q2 2017	50 %
BRF Brottkärr Höjd 2:1 Göteborg	-	12	Q2 2015	Q2 2016	40 %
BRF Brottkärr Höjd 2:2 Göteborg	-	5	Q3 2015	Q3 2016	40 %
Jacob Kjødes vei 10 Bergen	18	4	Q3 2015	Q3 2016	50 %

6. TRANSACTIONS WITH RELATED PARTIES

The Group's related parties consist of associates, joint ventures, the Company's shareholders and members of the Board of Directors and Corporate Management Team. All business transactions with related parties are carried out in accordance with the arm's length principle.

In March 2016 AF Gruppen ASA carried out the sale of 95,550 of its own shares to senior employees, of which 24,200 shares were sold to primary insiders. The sale is part of the company's bonus programme, where parts of bonuses can be used to purchase shares in AF Gruppen ASA at a 20 per cent discount compared with the market price of NOK 139.50 on 31 December 2015.

In October 2016, a share issue in AF Gruppen ASA was carried out as part of the share programme for the group's employees. Primary insiders subscribed then for 38,135 shares at a price of NOK 128.60 per share. The subscription price was 20 per cent lower than the average market price during the subscription period.

7. IFRIC 15

Segment information is presented in accordance with the AF Group's accounting policies in accordance with IFRS with the exception of IFRIC 15 (Agreements for the Construction of Real Estate). The effect of IFRIC 15 on the consolidated accounts is illustrated in a separate table in the segment information. According to IFRIC 15, income from the sale of apartments and the associated proportion of contracting services shall not be entered until handover. The table below shows residential housing projects for our own account that are in the production phase. Contractor values have been included in those cases where group companies are the contractor.

AI assistant

AF Gruppen — Interim / Quarterly Report 2016

3522_rns_2016-11-15_3c06baa4-0c90-4b18-b1be-86f6371e5835.pdf

AF Gruppen ASA

HIGHLIGHTS Q3

SUMMARY OF 3RD QUARTER 2016 BUSINESS AREAS

Civil Engineering

Environment

Building

Property

Energy

Offshore

FINANCIAL INFORMATION

LIST OF SHAREHOLDERS AS AT 30 SEPTEMBER 2015

SHARE PERFORMANCE

HEALTH, SAFETY AND THE ENVIRONMENT (HSE)

ORGANISATION

RISK AND RISK MANAGEMENT

MARKET OUTLOOK

SICK LEAVE DEVELOPMENT

STRATEGY

Oslo, 15 November 2016

For more detailed information, please contact: CEO Morten Grongstad

CFO Sverre Hærem

CORPORATE STRATEGY 2020

CONDENSED CONSOLIDATED STATEMENT OF INCOME

STATEMENT OF COMPREHENSIVE INCOME

EQUITY

CONSOLIDATED BALANCE SHEET

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

BUSINESS AREAS

Civil Engineering

Environment Property

Building Energy

Offshore

Øvrige segment (Konsern)

IFRIC 15

Elimineringer

Sum segment

1. GENERAL INFORMATION

2. BASIS OF PREPARATION

3. CHANGES IN THE GROUP'S STRUCTURE

4. ACCOUNTING POLICIES

5. ESTIMATES

NOTES

6. TRANSACTIONS WITH RELATED PARTIES

7. IFRIC 15

Projects for own account - Property

COMPANY INFORMATION

AAF Gruppen ASA

Postal address:

Company's Board of Directors

Corporate Management

Financial calendar Presentation of interim accounts:

OPERATIONAL STRUCTURE

Civil Engineering Environment Building Property Energy Offshore

AF Anlegg

AF Decom

Consolvo

AF Bygg Sverige

LAB

AF Energi & Miljøteknikk

AF Offshore Mandal

More from AF Gruppen

AF Gruppen Interim / Quarterly Report 2016