The AF Group has seen increased activity during the 3rd quarter and has acquired the majority shareholding in the Strøm Gundersen group and Rogaland Entreprenør. Orders in hand are high and the financial position is strong.
In Q3 2011, the AF Group had revenues of NOK 1,718 million (NOK 1,399 million), and the earnings before tax was NOK 64 million (NOK 81 million). This is equivalent to a profit margin of 3.7 % (5.8 %). Revenues totalled NOK 4,885 million (NOK 4,278 million) and earnings before tax totalled NOK 206 million (NOK 254 million) year to date.
As at 30.09.11, the AF Group had net interest-bearing receivables of NOK 567 million (NOK 199 million). The order backlog as at 30.09.11 was NOK 8,719 million (NOK 6,327 million).
The LTI rate was 1.9 and the sickness absence rate was 3.5 % for the third quarter. For the Norwegian part of the operations, the LTI rate was 2.2 and the sickness absence rate 3.4 %. The accumulated values for 2011 were an LTI rate of 2.0 and a sickness absence rate of 3.5 %.
The agreement to purchase a majority shareholding in the Strøm Gundersen group was finalised on 2 November 2011. The Strøm Gundersen group has a turnover of NOK 1,200 million and has consistently delivered good results. The business is located in eastern Norway, with its headquarters in Drammen.
- “AF Group's employees have consistently demonstrated that they perform to a high level. The quarter has seen good, robust operations, although contracts entered into during the financial crisis lower the total position a little. We expect these effects to diminish and that building activities in particular will have increasing margins. In general we are seeing increasing demand for AF's services both onshore and not least offshore.
Profitable growth is a core value in the AF Group. Over the past year, growth in building activities has been in focus, both organic and through acquisitions. It is therefore particularly satisfying that we have now succeeded in becoming established in the growth markets of Agder and Rogaland. The biggest addition this year has been the purchase of a majority shareholding in the Strøm Gundersen group. This is a company that has consistently shown very good results. We look forward to learning from each other and sharing our knowledge, expertise and management capacity so that the companies can continue their impressive development," says Pål Egil Rønn, CEO of the AF Group.
For further information, contact:
Pål Egil Rønn, CEO, mobile 909 57 713
Sverre Hærem, CFO, mobile 952 45 167
Wibecke Brusdal, Director Corporate Communications, mobile 930 93 150
Published: 11/11/2011
