AF Gruppen with strong growth and a good result
AF Gruppen increased revenues by 40% in the second quarter and delivered a good result for the quarter and first half of 2018.
AF Gruppen's revenues were NOK 4,692 million (3,347 million) in the second quarter and NOK 8,575 million (6,009 million) for the 1st half of the year. This corresponds to growth of 40% and 43% respectively, compared to the same period last year. Earnings before tax were NOK 256 million (NOK 250 million) for the 2nd quarter and NOK 450 million (393 million) for the 1st half of the year. This resulted in a profit margin of 5.5% (7.5%) for Q2 and 5.3% (6.5%) for the first 6 months.
AF Gruppen has an uncompromising attitude towards safety, and imposes the same stringent requirements on partners and suppliers as on our own employees. Figures from subcontractors are therefore included in the injury statistics. The LTI rate for the second quarter was 0.8 (1.4). The LTI rate for the first half of 2018 was 1.1 (1.2). For the 2nd quarter, sickness absence was 3.1% (2.8%), and year to date it was 3.4% (3.2%).
An order intake of NOK 5,106 million during the quarter resulted in an order backlog of NOK 19,866 million as at 30 June 2018. Net operating cash flow was NOK 33 million (203 million) for the 2nd quarter and NOK 159 million (619 million) for the 1st half of the year.
AF Gruppen has a strong financial position, and the group had net interest-bearing receivables of NOK 609 million (698 million) as at 30 June 2018.
“Our growth and value creation must never be at the expense of safety. This requires a great effort every day. We were given a strong reminder of how vulnerable we are when an employee of one of our subcontractors died as a result of a work accident on the E18 Tvedestrand-Arendal project in May. When fatal accidents occur, strong growth and a good quarterly result play second fiddle. Although we have a low injury rate, we must never forget that safety work requires constant maintenance. Continuous learning and measures that reinforce the barriers against adverse events therefore have a high priority. It is our responsibility that everyone who works on our projects arrives home safely every day, and this sets the standard for our project implementation,” says CEO Morten Grongstad of AF Gruppen.
Morten GrongstadCEO+47 991 53 firstname.lastname@example.org
Sverre HæremCFO+952 45 email@example.com
Wibecke BrusdalCommunication Director+47 930 93 firstname.lastname@example.org
Om AF Gruppen ASA
AF Gruppen is a leading contracting and industrial group. The purpose of our business is to create value for our customers, owners, employees and society at large. We are proud of our good financial results, but every bit as important are the non-financial values that we create every day. A safe working environment for our employees and sub-contractor personnel, new services that help solve society’s environmental challenges and ethical business operations that create security for our customers. This in turn provides us with the opportunity to create additional value for our owners.
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New offshore decommissioning project for AF Gruppen18.9.2018 17:19 | Pressemelding
AF Gruppen in a consortium with Heerema Marine Contractors (HMC) have received notice that Fairfield Betula Limited intends to enter into a contract for the removal and disposal of the Dunlin Alpha topside in the UK continental shelf.
AF Gruppen Expanding Älmhult Waterworks17.9.2018 08:10 | Pressemelding
AF Gruppen has been appointed by Älmhult municipality as the general contractor for the renovation and development of Älmhult’s waterworks. The municipality is growing and these initiatives will ensure the future supply of drinking water.
AF Gruppen strengthens focus on Bergen27.8.2018 08:11 | Pressemelding
LAB AS, a subsidiary of AF Gruppen (AFG), has signed a letter of intent with Helgesen Tekniske Bygg AS (HTB) to acquire 70 per cent of the shares in the company.
AF Gruppen sells two completed commercial buildings in Hasle24.8.2018 09:21 | Pressemelding
Hasle Linje Næring DA has entered into an agreement to sell its properties at Bøkkerveien 5 and Haslevangen 16 in the Hasle area of Oslo to Höegh Eiendom. Höegh Eiendom owns 49.5% of Hasle Linje Næring DA, while AF Gruppen also owns 49.5% and the remaining 1% is owned by Vind AS.
Invitation to presentation of the Q2 2018 results17.8.2018 10:10 | Presseinvitasjon
AF Gruppen (AFG) will release its 2nd quarter results 2018 Friday August 24 at 07:00 am CET.
AF Gruppen to build 149 apartments at Grünerløkka29.6.2018 13:07 | Pressemelding
AF Gruppen has signed a contract with Sofienberggaten 21-23 AS to build the residential project “Mills-kvartal” at Grünerløkka in Oslo. The residential development company is owned by Agra, Canica and Macama (40 % / 40 % / 20 %).
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