AF reports strong earnings and increased backlog

AF Gruppen posted Q3 earnings before tax of NOK 132 million (NOK 67 million). The total order backlog increased to NOK 6 334 million (NOK 5 587 million).

In Q3 2009, AF Gruppen reported revenues of NOK 1 278 million (NOK 1 508 million) and earnings before tax of NOK 132 million (NOK 67 million). This corresponds to a profit margin of 10.3 %. AF Gruppen reported year-to-date earnings before tax of NOK 259 million (NOK 176 million), equivalent to earnings per share of NOK 13.00 (NOK 9.15).

AF Gruppen had a strong cash flow from operating activities of NOK 235 million (NOK 239 million) in Q3 and NOK 576 million (NOK 269 million) year-to-date. Return on capital employed is 36.2 % (29.2 %).

Health, safety and environment (HSE) is an integral part of the management at all levels in the AF Gruppen and steps were taken during the quarter to further raise the standard. Year-to-date 2009, the LTI-rate is 3.0 (2.7) for the Norwegian portion of operations, while sick leave is 3.9 % (4.1 %).

“AF Gruppen continues to post sound earnings, demonstrating an ability to perform over time. We have continued our systematic risk management and ended Q3 with a healthy order backlog. We are cautious optimists about the market development. Our core value of profitable growth remains strong and we have expansive thoughts about the future,” says Pål Egil Rønn, CEO of AF Gruppen.

For further information:
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