New record results and high order backlog for the AF Group

The AF Group achieved its best results ever in the company’s 25-year history for both first half of the year and the second quarter. The order backlog has stabilised at a high level.

For the first half of 2010, earnings before tax were NOK 173 million (NOK 127 million). Revenues totalled NOK 2,879 million (NOK 2,643 million). For the second quarter of 2010, earnings before tax were NOK 82 million (NOK 77 million), and revenues totalled NOK 1,456 million (NOK 1,385 million). This corresponds to a profit margin of 5.6 % (5.6 %).

Cash flow from operating activities was NOK 167 million (NOK 342 million) for the first half of the year and NOK 83 million (NOK 104 million) for the second quarter. The return on average employed capital was 40.4 % (31.9 %) for the first half of the year. The order backlog stood at NOK 6,561 million (NOK 5,836 million) as at 30 June 2010.

The LTI rate was 2.3 and the sickness absence rate was 3.7 % for the second quarter. The accumulated figures for 2010 were an LTI rate of 1.6 and a sickness absence rate of 3.6 %.

“The AF Group achieved its best results ever for the first half of the year and second quarter. Such an achievement is attributed to the thoroughness and hard work of our employees. The outlook for the future is still marked by uncertainty. The market is expected to exhibit a slightly rising trend. AF is looking forward to meeting new challenges with employees who focus on creating results for the customers and for AF,” says Pål Egil Rønn, CEO of the AF Group.

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

Second Quarter 2010