Solid results from the AF Gruppen
AF Gruppen continues its growth and delivered a solid result in Q3.
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.
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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Siste saker fra AF Gruppen ASA
LAB Entreprenør to build 65 apartments in Bergen14.11.2018 13:41 | Pressemelding
LAB Entreprenør, a company in AF Gruppen (AFG), has entered into an agreement with Skjoldnes Utvikling AS regarding the construction of 65 apartments at Skjoldnes in Bergen municipality.
Invitation to presentation of the Q3 2018 results5.11.2018 08:49 | Presseinvitasjon
AF Gruppen (AFG) will release its 3rd quarter results 2018 Friday November 9 at 07:00 am CET.
AF closes Helgesen Tekniske Bygg AS acquisition30.10.2018 14:47 | Pressemelding
Reference is made to the stock exchange announcement dated 27 August 2018, where AF Gruppen announced a signed a letter of intent regarding Helgesen Tekniske Bygg AS.
AF Gruppen signs letter of intent to acquire Swedish construction company15.10.2018 09:08 | Pressemelding
Today AF Gruppen signed a letter of intent to acquire 70% of the shares of HMB Holding AB.
New offshore decommissioning project for AF Gruppen12.10.2018 08:13 | Pressemelding
AF Gruppen ASA (AFG) have received an extension notice for a current frame agreement to include future removal and disposal of up to four additional platforms for a client in the UK North Sea.
AF Gruppen has entered into new, major contract with Nye Veier5.10.2018 11:23 | Pressemelding
AF Gruppen has signed a contract with Nye Veier for engineering and construction of the new E39 Kristiansand west - Mandal east motorway.
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