Solid results from the AF Gruppen
AF Gruppen’s revenues were NOK 4 536 million (3 399) in Q3. This corresponds to growth of 33% compared to the same period last year. The growth has mainly been organic.
Earnings before tax were NOK 313 million (232) in Q3. This corresponds to a profit margin of 6.9% (6.8%) in Q3.
The LTI rate for Q3 was 0.3 (0.7) and the sickness absence was 3.1% (2.6 %).
The order book stood at NOK 18 920 million (20 183) as at 30 September 2018. Net operating cash flow was NOK 100 million (410) for Q3.
AF Gruppen has a strong financial position, and had net interest-bearing receivables of NOK 680 million (1 068) as at 30 September 2018. The Board of Directors has proposed a dividend of 3.50 (3.50) per share for the second half of the year.
In October, AF Gruppen signed a final agreement to acquire 70% of Helgesen Tekniske Bygg AS (HTB). HTB is a building contractor in Valestrandsfossen outside of Bergen, which over the last three years has reported average revenues of NOK 335 million and an operating margin of 6.5%. The core business is the construction of industrial and warehouse buildings, shopping centres and office buildings.
In October, AF Gruppen also signed an agreement of intent to acquire 70% of the shares of HMB Holding AB (HMB). HMB constructs commercial buildings and housing in Stockholm/Mälardalen, as well as in Dalarna, Västmanland, Uppland and Gästrikland. HMBs revenues in 2017 were SEK 1 300 million with an operating margin of 7.7%.
-AF Gruppen continues its growth and delivered a solid result in Q3. In the civil engineering business area, growth was 65 per cent compared to the same period last year. We have several large projects in production and after the end of the quarter AF Gruppen signed a final agreement with Nye Veier for the planning and construction of the new E39 Kristiansand West – Mandal East. With a value of NOK 4 700 million, excluding VAT, this is the largest single contract in AF’s history. The contract gives us good opportunities to develop the expertise we have acquired together with the client and partners through the E18 Tvedestrand-Arendal project.
The acquisition of HTB will strengthen operations in Western Norway and build on LAB’s strong position in the region. With the agreement of intent to acquire 70 percent of the Swedish company HMB, we will also take an important strategic step into the Swedish market.
Strong growth must not be at the expense of safe and profitable operations. So I am very pleased that we are delivering good margins and a strong result, says CEO Morten Grongstad of AF Gruppen.
Contacts
Morten GrongstadCEO
Tel:+47 991 53 905morten.grongstad@afgruppen.noSverre HæremCFO
Tel:+952 45 167sverre.herem@afgruppen.noWibecke BrusdalCommunication Director
Tel:+47 930 93 150wibecke.brusdal@afgruppen.noImages
About 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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Latest releases from AF Gruppen ASA
Building a hotel and office building in Drammen22.3.2024 13:56:45 CET | Press release
Strøm Gundersen AS, a company within AF Gruppen, has been selected as the contractor for two contracts for the construction of a hotel and an office building in Brakerøya, Drammen. Both contracts are turnkey contracts and have a combined value of NOK 516 million excluding VAT.
Foundation assignment for the New E8 in Troms22.3.2024 13:44:35 CET | Press release
Fundamentering AS (FAS), a company within AF Gruppen, has entered into a contract with Metrostav Norge AS for foundation work on the Ramfjord Bridge in Troms. The client is the Norwegian Public Roads Administration. The contract is valued at approximately NOK 100 million excluding VAT.
Building 77 apartments in Bergen13.3.2024 09:40:47 CET | Press release
LAB Entreprenør, a company within AF Gruppen, has entered into an agreement with Gjelsten Bolig (formerly known as Profier) for the residential project Sjøbodene in Sandviken, Bergen. The contract is a turnkey project with an estimated value of approximately NOK 285 million excluding VAT.
Building a Biogas Plant in Voss1.3.2024 15:07:09 CET | Press release
LAB Entreprenør AS, a company within the AF Gruppen, has been selected as the contractor by BIR AS (Bergensområdets Interkommunale Renovasjonsselskap) for the construction and infrastructure of a new biogas plant in Voss. The contract is a turnkey project with an estimated value of approximately NOK 120 million (excluding VAT).
Building 178 apartments in Bergen22.2.2024 12:00:32 CET | Press release
LAB Entreprenør AS, a company in AF Gruppen, has entered into an agreement with Sandsli Stasjon AS, a wholly-owned subsidiary of Nåbo AS (formerly Bonava), for the residential project Sandsli Stasjon in Sandsli, Bergen.
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