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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  AF Gruppen ASA    AFG   NO0003078107

AF GRUPPEN ASA

(AFG)
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AF Gruppen : with 26 per cent growth and good margins in Q3 2020

11/13/2020 | 01:00am EST
AF Gruppen (AFG) reports a good result for Q3 2020. Revenues increased by 26 per
cent to NOK 6,366 million in the quarter and profit before tax increased by 9
per cent to NOK 368 million. 

AF Gruppen's revenues were NOK 6,366 million (5,069 million) in the 3rd quarter
and NOK 19,540 million (16,146 million) year to date. This corresponds to growth
of 26 per cent and 21 per cent respectively, compared to the same periods last
year. Profit before tax were NOK 368 million (339 million) in the 3rd quarter
and NOK 833 million (929 million) year to date. This provided a profit margin of
5.8 per cent (6.7 per cent) in the third quarter and 4.3 per cent (5.8 per cent)
year to date. The order backlog was NOK 31,269 million (23,000 million) at the
end of the quarter.  

AF Gruppen is in a strong financial position. Net operating cash flow was NOK
574 million (182 million) for the 3rd quarter of 2020. As at 30 September 2020,
AF Gruppen had net interest-bearing receivables of NOK 341 million (-598
million). Earnings per share for the quarter were NOK 2.40 (NOK 2.32). The Board
of Directors has assessed AF Gruppen's financial situation and the
organisation's ability to address the uncertainty surrounding the impact of
Covid-19. The Board of Directors is of the opinion that the company has adequate
equity and liquidity based on the risk and scope of operations. The Board of
Directors has proposed a divided of NOK 3.50 (3.50) per share for the second
half of the year.

"After a weak first half, we are back to the right level of profitability.
Covid-19 and associated infection control measures have affected the market and
the framework conditions for project operations. Despite this, the units have
managed to maintain good production and we are therefore pleased with the result
for the quarter. I would like to thank all AF employees for the significant
efforts that have been made to achieve this. The profitability potential of
ongoing projects is good, and we have a healthy order backlog," says Amund
Tøftum, CEO of AF Gruppen. 

AF imposes the same strict requirements on all its partners and suppliers as on
its own employees. Figures from subcontractors are included in the injury
statistics. The LTI rate for the 3rd quarter was 1.0 (0.2). So far this year,
the LTI rate was 1.6 (0.9). 

AF works in a systematic and goal-oriented manner to avoid work-related absence.
The goal is overall sickness absence of less than 3.0 per cent. Sickness absence
for the third quarter was 4.0 per cent (3.5 per cent). So far this year, the
sickness absence was 4.5 per cent (3.5 per cent).

"AF Gruppen has always had an uncompromising attitude to the safety of both its
own employees and those employed by subcontractors. As we are soon to enter a
new strategy period, we will intensify our work on health and safety and work in
a structured manner to minimise AF Gruppen's impact on the external environment.
This is how we will strengthen the foundation for profitable growth over time,"
says Tøftum. 


Selected highlights from the quarter: 

o AF Anlegg delivered good results in the period, even with moderate levels of
activity. The E39 Kristiansand vest-Mandal øst road project has solid momentum,
and production in the Bergtunnlar Lovö project in Stockholm began at the end of
the quarter. The interaction phase for the regulation, planning and construction
of the new E6 Roterud-Storhove is underway. Expected construction start is the
second half of 2021. Målselv Maskin & Transport continues to deliver strong
results. 

o The Building business area delivered good results, although revenues declined
compared to the same period in 2019. The AF Bygg Oslo, Haga & Berg and Consolvo
units delivered very good results for the quarter, but there were varying
performances in the remaining portfolio of building units.

o Betonmast became a part of AF Gruppen on 31 October 2019. The business area
delivered relatively weak results, but profitability is increasing somewhat.
There is a large variation in the results of the different units in Norway,
where Betonmast Romerike excelled with strong results, and Betonmast Oslo,
Betonmast Buskerud-Vestfold and Betonmast Østfold delivered good results.
Operations in Sweden had a good level of activity and delivered an increase in
profitability. 

o The Property business area achieved good sales for several projects in the
quarter, including Lilleby Triangel, Bo på Billingstad, Brøter Terrasse and
Kråkehaugen. A total of 193 (61) apartments were sold in quarter, of which AF's
share was 71 (22). A total of 343 (303) apartments have been sold year to date,
of which AF's share was 123 (114). The sales ratio for commenced projects was 79
per cent.

o Energy and Environment maintained a good operating margin in the quarter. AF
Decom had good profitability for both demolition and recycling at AF's
environmental centres. The environmental centres have recovered a total of
394,323 (265,247) tonnes of materials so far this year, and the recycling rate
realised for contaminated materials was 86 per cent. AF Energi & Miljøteknikk
delivered results below expectation for the third quarter.

o The Sweden business area, which includes AF's Swedish operations in civil
engineering, construction, property and demolition, increased sales and
delivered a strong result for the quarter. In the Swedish civil engineering
market, Kanonaden reported strong revenue growth compared with the same quarter
last year and the unit delivered very strong results.

o Offshore had a higher level of activity and improved profitability compared
with the corresponding quarter last year. At AF Environmental Base Vats there
has been a high level of activity in the quarter, which contributed to good
profitability. High production is expected at AF Environmental Base Vats for the
rest of the year. AF Offshore Decom has demolished and facilitated the recycling
of approximately 15,000 tonnes of steel so far this year.


For further information:

Amund Tøftum, CEO, mobile +47 920 26 712
Sverre Hærem, CFO, mobile +47 952 45 167
Knut Ekern, Director Corporate Communications, mobile +47 930 02 600

www.afgruppen.no

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2020 26 704 M 3 116 M 3 116 M
Net income 2020 885 M 103 M 103 M
Net cash 2020 143 M 16,7 M 16,7 M
P/E ratio 2020 20,2x
Yield 2020 5,59%
Capitalization 17 997 M 2 105 M 2 100 M
EV / Sales 2020 0,67x
EV / Sales 2021 0,60x
Nbr of Employees 5 523
Free-Float 39,8%
Chart AF GRUPPEN ASA
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AF Gruppen ASA Technical Analysis Chart | AFG | NO0003078107 | MarketScreener
Technical analysis trends AF GRUPPEN ASA
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 2
Average target price 152,00 NOK
Last Close Price 170,00 NOK
Spread / Highest target 1,18%
Spread / Average Target -10,6%
Spread / Lowest Target -22,4%
EPS Revisions
Managers and Directors
NameTitle
Amund Toftum Group Chief Executive Officer
Pål Egil Rønn Chairman
Morten Grongstad President
Sverre Alf Hærem Chief Financial Officer & Executive Vice President
Arne Che Sveen Director
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