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.