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Financial information

A person in high-visibility clothing is standing and looking towards Drammensfjorden through a large window at the new hospital in Drammen.
Photo: Max Emanuelson

AF aims to create continuous value growth, making the company appealing to investors. This approach provides operational freedom for the business and opportunities for employee development. AF will identify opportunities and manage the business to ensure that the values created by the company are transparent.

Our goals for profitability, financial strength and dividend

Profitability

AF shall have an operating margin greater than 5 per cent. The goal for the strategy period leading up to 2024 is to achieve a return on capital employed greater than 20 per cent and increase the operating margin to 7 per cent. 

Financial Strength 

AF’s financial strength target is to achieve a minimum equity ratio of 20 per cent and to have sufficient liquidity to cover the Group’s current needs at any given time.

Dividend

AF’s dividend policy is to provide shareholders with a competitive dividend yield. The aim is to distribute a minimum of 50 per cent of the financial results for the year as a dividend per share over time. Dividends are paid out up to twice per year.

Corporate Social Responsibility and Sustainability

One of the most significant challenges facing society today is climate change and its environmental impact. We aim to minimize the environmental impact of our operations and focus on developing and delivering services that reduce energy consumption and the use of other scarce resources.

Sustainable entrepreneurship

Quarterly results

Revenues (MNOK)

Earnings before tax (MNOK)

Profit margin (%)

H1

Order backlog (MNOK)

Return on average capital employed (%)

On a sunny day at Mo i Rana's new airport, an asphalt strip stretches into the horizon. Two road rollers sit on the gravel next to it.
AF Gruppen is building a new airport in Mo i Rana for Avinor.Photo: AF Gruppen

Financial ratios

In a beautiful winter landscape on Svalbard, at sunset, a lift stands against an old antenna that is half-demolished.
AF Decom removed the old geodetic observatory in Ny-ÅlesundPhoto: Dag S. Roland

Debt Financing and Financial Strategy

The financing of AF Gruppen should be robust against market and operational fluctuations and support the company's dividend and growth strategy.

Mergers and acquisitions (M&A)

Profitable growth is a core value at AF Gruppen, and we continuously work on structural growth as an integral part of our strategy.

Since its establishment in 1985, AF Gruppen has acquired over 100 companies through around 50 transactions. Some of the most significant activities have been the merger with Ragnar Evensen (1997) and the acquisitions of Strøm Gundersen Gruppen (2011), LAB (2015), HMB (2019), and Betonmast (2019).

The logos of the ten largest companies AF has merged with, Stenseth & RS, Betonmast, HMB, Helgesen Tekniske Bygg, Kanonaden, Målselv Maskin, LAB, Strøm Gundersen, Aeron, and Mollier.
The ten largest transactions by AF Gruppen

Director M&A in AF Gruppen

AF Gruppen has a director dedicated to M&A who oversees processes and maintains structural capital and guidelines for growth. Additionally, several key personnel from business units and corporate staff participate in parts of the acquisition process. External assistance is sought when necessary.

The company looks for well-operated businesses that are self-sufficient and where employees are interested in continuing as part-owners. It is important that the corporate culture and core values align with those of AF Gruppen.

Contact M&A