AF Gruppen’s operating revenue was MNOK 1,539 (1,299) in the second quarter of 2008. The company has improved margins in the business areas Building and Civil Engineering, and has a record high order backlog in Environment.
AF’s new target area Energy has more than doubled its operating revenue in the first half-year of 2008 compared to the same period last year. Profit before tax was MNOK 61 (55) in the second quarter and EBT margin was 4.0% (4.2%).
AF has completed several large projects in first six months of 2008. Sogn Arena, Bertel O. Steen’s new main office, was finalised in the first quarter, while Langerud retirement home was completed in May 2008. AF has also completed Color Line’s new ferry terminal in Larvik.
Order bookings have been good in most of the business areas. A weak housing market however, reduces order bookings in Building and Property compared to the first six months of 2007.
AF Gruppen has in the second quarter signed a contract with Oslo Lufthavn AS regarding civil engineering work at Oslo Airport Gardermoen. The contract value is MNOK 140. AF has also signed a contract with Eiendomsspar AS and Thrane Steen AS for the construction of an office building at Skøyen, Oslo. The contract value is MNOK 250.
AF Gruppen has continued to target the business areas Environment and Energy in the first six months of 2008. AF acquired Hagen & Nygård AS and Tempero Energitjenester AS during the first quarter. In the second quarter, AF has purchased 100% of the shares in Aeron AS. Aeron is a leading supplier of HVAC systems (Heating, Ventilation, Air Conditioning and Cooling) to the ship industry and will be part of the Energy business area.
- AF Gruppen’s building and civil engineering business make a large contribution to our best ever half-year profit. Many of the business units have improved their margins significantly. Results in Sweden are not satisfactory, and we work hard to improve the business margins in Sweden.
We have continued our targeting of energy and environmental services in the first six months of 2008 through acquisitions and organic growth. It’s satisfactory to register positive order bookings in both these areas and a high level of activity. AF Gruppen is prepared for a reduction in demand for some of our services, but our diversified portfolio of services reduces risk related to changes in demand in markets, says Pål Egil Rønn, CEO of AF Gruppen.
The presentation can also by viewed by webcast. Please see www.ose.no
For Information;
Pål Egil Rønn, CEO, Tel. + 47 22 89 11 00
Sverre Hærem, CFO, Tel. + 47 22 89 11 00
Wibecke Brusdal, Communication Director, Tel. 930 93 150
