We cannot sum up the past year without mentioning the external conditions that have impacted us. The Covid-19 pandemic and associated infection control measures increased the need for flexibility and practical solutions. We are lucky to have skilled people and project organisations that have been able to adapt and mobilize for the extra effort required. The year has also demonstrated the willingness and execution capability inherent in the AF culture. A number of good performances in our projects
ensured a strong end to the year and a very good result for 2020.

At AF, we do not just measure financial performance. We also value the safety of everyone who works at, and for, AF. Safety is essential when working in our projects, and continuous safety work is the basis for everything we do. Nevertheless, we see sometimes there are flaws, and that the consequences of mistakes are serious.
Regrettably there were two cases in 2020 with fatal outcomes. These incidents affect and stay with us, and are a strong reminder of the energies we surround ourselves with. We must learn from our mistakes and implement measures that can prevent similar accidents from happening again. With an increase in serious injuries and fatal incidents, as well as historically high sickness absence for AF, it is vital that 
the entire organisation works to improve the situation.

The year 2020 marked the end of a highly ambitious strategy period that began in 2016. The verdict is ready, and we can celebrate new members of the AF family and growth that exceeded our goal. When we now set out a new path for the
next four years, we are just as ambitious. We will be the Nordic region's most profitable contractor, and the goal is to have a revenue of 40 billion
and a 7% operating margin by 2024. The goal of zero serious injuries and work-related absence is a prerequisite for profitable growth in AF. These ambitions will be fulfilled through thoroughness and hard work, as well as heightened efforts and
stricter compliance in safety work. 

With the new strategy, climate and the environment is one of four corporate initiatives. We want to reduce the relative carbon footprint from AF Gruppen's operations. The goal, relative to our revenue, is to halve greenhouse gas emissions and the amount of waste that cannot be recycled for each business area by 2030. This is a natural part of our corporate social responsibility. Sustainability is also profitable and offers new and exciting business opportunities. We will continue to seek out these opportunities. I believe that we are equipped and well positioned for the change of pace to come, because we are curious by nature and have a culture that is founded on entrepreneurial spirit and willingness to innovate.

In the coming years, we will also maintain pressure on innovation and digitalisation, as well as continue the prioritisation of cooperation with customers and suppliers. Last but not least, we will continue to invest in and develop our people. These initiatives, together with the ability to safeguard both diversity and a common culture are important drivers for maintaining our competitiveness.

The past year had many highlights. We delivered historically strong results for 2020 and we have completed and added many good projects. Our own digitalisation and innovation projects have helped us make a further leap in streamlining the business. Our work on diversity, including through the Diversitas network and #HunSpanderer,
has contributed to a sharper focus and change of attitudes related to unconscious discrimination. We have shown that we care about each other and kept up progress despite days and months that have been far from normal. We will continue to take good care of each other, both those who work at and for AF. This is part of our
corporate social responsibility. 

Being able to lead AF is a privilege I have embarked upon with great humility and gratitude. I am inspired and impressed by the drive and will to perform inherent in the organisation on a daily basis. It gives me faith that we will reach our ambitious goals by 2024.

Amund Tøftum