third quarter 2016 af gruppen asa · quarterly report | november 15, 2016 third quarter 2016 ......

1Quarterly Report | November 15, 2016

Third Quarter 2016

AF Gruppen ASA

2 3

AF has always been proud of its strenght and ability to perform complex tasks. The group’s entreprenurial spirit has been characterised by the ability and will to think differently and to find better, more future-oriented ways to generate value.

3RD Q

UA

RTER 2016

• Revenues were NOK 3,108 million (2,865 million) in the 3rd quarter and NOK 8,984 million (8,889 million) year to date.

• Earnings before tax were NOK 265 million (225 million) in the 3rd quarter and NOK 700 million (622 million) year to date.

• Profit margin was 8.5 per cent (7.8 per cent) in the 3rd quarter and 7.8 per cent (7.0 per cent) year to date.

• Net operating cash flow was NOK 174 million (307 million) in the 3rd quarter and NOK 516 million (1,023 million) year to date.

• The order book stood at NOK 11,200 million (11,863 million) on 30 September 2016.

• Net interest-bearing receivables were NOK 473 million (301 million) as at 30 September 2016.

• A dividend of NOK 3.00 (3.00) per share has been declared by the Board of Directors for the second half of the year.

HIGHLIGHTSQ3

EARNINGS BEFORE TAX PER QUARTER (NOK MILLION)

150

250

300

350

400

200

02012 2013 2014 2015

100

50

REVENUES PER QUARTER (NOK MILLION)

2,000

3,000

3,500

2,500

0 2012 2013 2014 2015

1,000

500

1,500

4,000

4,500

2016 2016

AF Gruppen continues to deliver solid results in all six business areas. Summing up, this enables us to present the best third quarter result in the company's history. An important event in the quarter has been the implementation of the offshore campaign on the Murchison project. The fact that we, in cooperation with Heerema, have completed the most demanding part of the project on time, within budget, within the customer's expectations and with no injuries, is very satisfying.

A good order intake and high level of tendering activity provides a good basis for further growth. Our strong financial position allows us to distribute a dividend to our shareholders while also strengthening our positions through acquisitions. After the end of the quarter AF has signed a letter of intent to acquire 70 per cent of the shares of Kanonanden Entreprenør. This signifies the ambition for further growth in Sweden. AF will proceed with the model of acquiring profitable and well-run companies where local co-ownership is retained.

The quarter also allowed us to put our final touch on the strategy plan towards 2020. In the best AF spirit, we have established an ambitious plan with a target of growing profitably to revenues of NOK 20 billion by 2020. Growth will, for example, be achieved in the major cities in Norway and Sweden, in nationwide project activities and through taking a greater share of the offshore market. Just as important is our clear goal of “zero work-related absence”. This means that we aim for zero injuries with resulting absence and zero sickness absence related to conditions at work. Putting safety and health first is a matter of values for us at AF.

Although the strategy is characterised by clear ambitions, it is also based on the same core values that have made AF so successful up to the present. Our execution capability lies in AF's 3,200 employees, clear core values and emphasis on safety and risk management. Overall, we thus have the best possible point of departure for further growth.

4 5

The Civil Engineering business area encompasses AF's civil engineering activities in Norway and Sweden.

Civil Engineering comprises three business units:• AF Anlegg• Målselv Maskin & Transport • Pålplintar AB

Civil Engineering reported revenues of NOK 842 million (903 million) and earnings before tax of NOK 86 million (84 million) in the 3rd quarter. Revenues totalled NOK 2,623 million (2,655 million) and earnings before tax totalled NOK 278 million (185 million) year to date.

The civil engineering market in Norway is doing well. Both AF Anlegg and Målselv Maskin & Transport performed well operationally and delivered very good results in the 3rd quarter. There is a large supply of new projects in the market, and there is a very high volume of tender calculations.

The Swedish unit, Pålplintar, reported weak results for the 3rd quarter as well. Organisational changes have been carried out.

AF Anlegg was chosen by the City of Oslo as the contractor for the performance of structural work in connection with

the expansion of the Bekkelaget treatment plant. The work will start in November 2016, and completion is scheduled for March 2020. The contract is a general contract with an estimated value of NOK 450 million, excluding VAT.

AF Gruppen has signed a letter of intent with Kanonaden Entreprenad AB to acquire 70 per cent of the shares in the company after the end of the quarter. Kanonaden Entreprenad AB is a Swedish civil engineering company established in 1983 with headquarters in Nässjö in Jönköping County. In 2015 the company and its subsidiaries saw revenue of SEK 654 million, and the company has approximately 170 employees. The agreed enterprise value for 100 per cent of Kanonaden Entreprenad AB on a cash and debt-free basis is SEK 260 million. Settlement is expected to consist of shares (20 per cent of EV) in AF Gruppen ASA and cash. The transaction is subject to due diligence and approval by the Board of Directors. It is expected that the transaction will be completed by 31 January 2017.

The order backlog for Civil Engineering as at 30 September 2016 was NOK 2,697 million (3,637 million).

SUMMARY OF 3RD QUARTER 2016 BUSINESS AREASCivil Engineering

3RD Q

UA

RTER 2016

Key figures (NOK million) 3Q 16 3Q 15 YTD 16 YTD 15 2015

Revenues and other income 3,108 2,865 8,984 8,889 12,398EBITDA 343 286 845 739 1,151Earnings before finacial items and tax (EBIT) 270 235 706 631 1,010Earnings before tax (EBT) 265 225 700 622 1,004Result per share (NOK) 1,74 1,41 4,79 4,33 7,64EBITDA margin 11.1 % 10.0 % 9.4 % 8.3 % 9.3 %Operating profit margin (EBIT %) 8.7 % 8.2 % 7.9 % 7.1 % 8.1 %Profit margin (EBT %) 8.5 % 7.8 % 7.8 % 7.0 % 8.1 %Return on capital employed (ROaCE) 1) - - 58.6 % 45.4 % 53.6 %Cash flow from operating activities 174 307 516 1,023 1,418Net interest-bearing receivables (debt) 473 301 473 301 593Equity ratio 27.7 % 26.1 % 27.7 % 26.1 % 29.1 %Order backlog 11,200 11,863 11,200 11,863 11,183LTI rate 1.7 2.0 1.4 1.0 1.0Sick leave 3.4 % 3.4 % 3.7 % 3.8 % 3.7 %

1) 12-month rolling average

NOK million 3Q 16 3Q 15 YTD 16 YTD 15 2015

Revenues and income 842 903 2,623 2,655 3,760EBIT 86 83 268 187 339EBT 86 84 278 185 339EBIT % 10.2 % 9.2 % 10.2 % 7.1 % 9.0 %EBT % 10.2 % 9.3 % 10.6 % 7.0 % 9.0 %

Harpe bridge, E6 Frya-Vinstra

6 7

The Environment business area encompasses AF’s services related to demolition and recycling services onshore.

The business area consists of two business units:• AF Decom• Härnösand Byggreturer

Environment also has operations in Rimol Environmental Park and Jølsen Environmental Park.

Environment reported revenues of NOK 189 million (167 million) and earnings before tax of NOK 10 million (13 million) for the 3rd quarter. Revenues totalled NOK 557 million (526 million) and earnings before tax totalled NOK 32 million (36 million) year to date.

The market for demolition and recycling in Norway and Sweden is good. AF Decom reported a high level of activity and satisfactory results for the 3rd quarter. The unit is experiencing a good supply of new jobs. Härnösand Byggreturer also saw a good level of activity and delivered good results in the 3rd quarter.

Rimol Miljøpark in Trondheim treats and recycles contaminated material, while Jølsen Miljøpark at Skedsmo crushes and recycles concrete and asphalt. Rimol Environmental Park reported a high level of activity and delivered good results for the 3rd quarter, while Jølsen Environmental Park reported somewhat lower activity during the period.

The order backlog for the Environment business area was NOK 202 million (185 million) as at 30 September 2016.

Environment

The Building business area encompasses activities related to new building and renovation in Norway and Sweden.

The Building business area is divided into eight business units:• AF Bygg Oslo • AF Byggfornyelse• AF Bygg Østfold• AF Bygg Prosjektpartner (formerly AF Bygg Rogaland and AF Bygg Sør)• AF Bygg Sverige and subsidiaries• Strøm Gundersen and subsidiaries• LAB and subsidiaries

Building reported revenues of NOK 1,542 million (1,656 million) and earnings before tax of NOK 125 million (134 million) for the 3rd quarter. Revenues totalled NOK 4,852 million (4,780 million) and earnings before tax totalled NOK 338 million (353 million) year to date.

Building reported a high level of activity for the 3rd quarter and very good results. AF Bygg Oslo, LAB and the companies in Strøm Gundersen all reported very good results for the quarter. AF Bygg Østfold and AF Bygg Sweden reported satisfactory results. For the remaining units, there are regional differences in the levels of activity and results.

After the end of the quarter, AF decided to merge the AF Bygg Rogaland and AF Bygg Sør units. The new name of the unit is AF Bygg Prosjektpartner. This unit should be able to carry out projects throughout Norway, but will give priority to areas in which AF has a market and customer potential.

Building's order backlog was NOK 7,274 million (6,457 million) as at 30 September 2016.

Building

3RD Q

UA

RTER 2016

Olav Hall Museum, SarpsborgKloster Island, Skien


Revenues and income 189 167 557 526 687EBIT 10 12 32 35 45EBT 10 13 32 36 46EBIT % 5.2 % 7.5 % 5.8 % 6.7 % 6.6 %EBT % 5.1 % 7.6 % 5.7 % 6.8 % 6.7 %


Revenues and income 1,542 1,656 4,852 4,780 6,678EBIT 123 131 329 351 479EBT 125 134 338 353 485EBIT % 8.0 % 7.9 % 6.8 % 7.3 % 7.2 %EBT % 8.1 % 8.1 % 7.0 % 7.4 % 7.3 %

Building has announced four contracts with a total value of NOK 938 million, excluding VAT, in the 3rd quarter:

Business unit Project Contract value

AF Byggfornyelse New Deichmanske Main Library NOK million 172AF Bygg Syd Malmø sewerage treatment plant NOK million 182Strøm Gundersen Doyén Drammen NOK million 222Strøm Gundersen Schweigaardsgate 33 NOK million 362

8 9

The Property business area encompasses the development of residential housing units and commercial buildings. The activities take place in geographic areas where AF has its own production capacity. The development projects are organized as associates that are recognized in the income statement with AF's share of the period's result.

The business area constitutes property business in Norway and Sweden.

Two new construction stages at Krydderhagen with a total of 102 apartments were released for sale in the 3rd quarter. In addition, one new construction stage at Thurmannskogen with 35 apartments and part 1 of Lillo Gård with 74 apartments were released for sale. A total of 291 (98) apartments were sold in the 3rd quarter. AF's share of the apartments sold is 117 (40).

Property reported earnings before tax of NOK 4 million (5 million) in the 3rd quarter. Earnings before tax were NOK 22 million (7 million) year to date.

Property has seven housing projects with a total of 779 apartments in the production stage (AF's share 322): • Krydderhagen B1, B2 and B3 at Hasle (87 apartments)• Krydderhagen C1, C2 and C3 at Hasle (84 apartments)• Thurmannskogen Bygg A-G at Lørenskog (259 apartments)• Engebrets Promenade A-D at Lillestrøm (171 apartments)• Rolfsbukta Terrasse at Fornebu (72 apartments)• Losjeplassen in Drammen (102 apartments)• Jacob Kjødes vei 10 in Bergen (4 apartments)

For further information, see Note 7 on page 28.

Property has one commercial project in the production stage: • Securitas Building (13,584 square metres) at Hasle, which is scheduled for completion in 2017

Property has four construction stages in the sales phase with a total of 211 apartments, of which AF's share is 84.

AF also has ownership interests in land and development rights in progress, which are estimated to amount to 2,244 (2,192) residential units. AF's share of this is 956 (991) residential units. AF has commercial property with a gross area of 107,310 (122,717) square metres under development. AF's share of this is 51,213 (59,272) square metres. LAB and Målselv Maskin & Transport has development rights that are included in the figures.

The residential housing market in the greater Oslo area is very good. There are expectations of positive developments in the results for ongoing operations due to a high rate of sales for ongoing and launched projects.

Property

The Energy business area encompasses AF's energy services for onshore activities.

The business area consists of a single business unit:• AF Energi & Miljøteknikk

Energy also has activities in Boligenergi AS, which is owned jointly with OBOS.

Revenues in the 3rd quarter were NOK 37 million (70 million) and earnings before tax were NOK 4 million (7 million). Revenues totalled NOK 119 million (168 million) and earnings before tax totalled NOK 8 million (14 million) year to date.

AF Energi & Miljøteknikk reported a low level of activity, but the unit’s ongoing projects are performing well operationally and it reported good results for the 3rd quarter.

AF Energi & Miljøteknikk has several EPC contracts in the analysis phase, and it is expected that they will be converted to projects to be executed. The energy savings contracts have had a modest effect on the order backlog, since they do not include a contractual volume. It is expected that these contracts may possibly generate activity of approximately NOK 150 million, in addition to the existing order backlog.

The order backlog in Energy as at 30 September 2016 was NOK 115 million (117 million).

Energy

3RD Q

UA

RTER 2016

Lillo Gård, Oslo Moholt Energy Central, Trondheim

Foto

: Bår

d Iv

ar B

asm

o


Revenues and income 15 8 38 20 25EBIT 8 8 34 15 69EBT 4 5 22 7 57EBIT % - - - - -EBT % - - - - -


Revenues and income 37 70 119 168 225EBIT 4 6 10 13 19EBT 4 7 8 14 21EBIT % 11.5 % 9.0 % 8.6 % 7.9 % 8.3 %EBT % 11.0 % 10.2 % 7.0 % 8.4 % 9.4 %

10 11

The Offshore business area encompasses AF's services related to the removal, demolition and recycling of offshore installations. Offshore also includes new building, modification and maintenance work related to HVAC, cranes, modules and rig services. In addition, Offshore has services related to the maintenance and modification of onshore facilities for the oil and gas industry.

The business area consists of four business units:• AF Offshore Decom and subsidiaries• AF Offshore AeronMollier • AF Offshore Mandal• Environmental Base at Vats

Offshore also has activities related to the maintenance and modification of onshore facilities (MMO).

Revenues in the 3rd quarter were NOK 411 million (125 million) and earnings before tax were NOK 60 million (–). Revenues totalled NOK 803 million (988 million) and earnings before tax totalled NOK 81 million (68 million) year to date.

The low price of oil entails opportunities for our demolition activities. Tender activity is high, and the number of outstanding tenders has never been higher. AF Offshore Decom's revenue

varies according to the share of offshore and onshore activities. The offshore campaign on the Murchison platform is completed in 3rd quarter, which resulted in a high level of activity and good results for the 3rd quarter.

The business in offshore maintenance and modification has experienced difficult market conditions for a long period of time and a low level of activity. AF has therefore carried out significant organisational adaptations over the past year, and AF has chosen to write down goodwill by NOK 40 million allocated to AF Offshore AeronMollier during the quarter. The business unit reported nevertheless positive results for the quarter and year to date.

V & M Landanlegg (MMO oil and gas land facilities) reported a lower level of activity, but good results for the 3rd quarter as well.

The order backlog for Offshore as at 30 September 2016 was NOK 626 million (1,132 million).

Offshore

FINANCIAL INFORMATION

AF Gruppen shall have robust financing with respect to operational and market-related fluctuations. The company’s required return on invested capital is 20 per cent. At the same time, the financial position shall reinforce the company’s growth strategy and provide an adequate dividend capacity.

Cash flow from operations was NOK 174 million (307 million) in the 3rd quarter. Net operating cash flow was NOK 516 million (1,023 million) year to date. AF Gruppen had a cash flow from net investments of NOK 0 million (-51 million) in the 3rd quarter and NOK -27 million (12 million) year to date. Cash flow before capital transactions and financing was NOK 174 million (256 million) in the 3rd quarter. Cash flow before capital transactions and financing was NOK 489 million (1,035 million) year to date. Dividends totalling NOK 463 million were paid to the company's shareholders in the 2nd quarter.

AF Gruppen had net interest-bearing receivables of NOK 473 million (301 million) at the end of the 3rd quarter.

AF Gruppen's total financing framework is NOK 1,880 million. The framework comprises a one-year revolving credit facility with Danske Bank of NOK 1,200 million and a credit facility of NOK 80 million with DNB. In addition, AF has a credit facility of NOK 600 million with Handelsbanken that will be renewed annually up until June 2020.

The available liquidity, including credit facilities, stood at NOK 2,353 million as at 30 September 2016.

Total assets were NOK 6,577 million (6,508 million) as at 30 September 2016. The Group’s equity totalled NOK 1,824 million (1,699 million). This corresponds to an equity ratio of 27.7 per cent (26.1 per cent).

LIST OF SHAREHOLDERS AS AT 30 SEPTEMBER 2015

3RD Q

UA

RTER 2016

Name No. shares % share

OBOS BBL 15,643,841 16.9ØMF Holding AS 14,342,761 15.5Constructio AS 13,678,049 14.8Folketrygdfondet 5,011,393 5.4Aspelin Ramm Gruppen AS 4,993,269 5.4LJM A/S 2,413,900 2.6VITO Kongsvinger AS 1,911,676 2.1Skogheim, Arne 1,723,870 1.9SE Banken (nom) 1,517,896 1.6Staavi, Bjørn 1,515,452 1.6Ten largest shareholders 62,752,107 67.7Total other shareholders 29,857,893 32.2Own shares 70,000 0.1Total number of shares 92,680,000 100.0

Environmental Base Vats, Vats

AFG - Share price last 12 months

Oct

201

5

Nov Dec

Jan

2016 Fe

b

Mar

Apr Ju

l

May

Aug

Jun

Sep

170

160

150

140

130

120

110

100


Revenues and income 411 125 803 988 1,187EBIT 65 15 98 83 104EBT 60 - 81 68 83EBIT % 15.7 % 11.8 % 12.2 % 8.4 % 8.7 %EBT % 14.7 % 0.0 % 10.1 % 6.9 % 7.0 %

12 13

20

15

10

5

0

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

YTD

201

6

LTI RATE

SHARE PERFORMANCEAF Gruppen’s shares are listed on the Oslo Stock Exchange’s OB-match list and trade under the ticker AFG. The share is included in the Oslo Stock Exchange total index (OSEAX), benchmark index (OSEBX) and fund index (OSEFX), as well as the new Oslo Stock Exchange Mid Cap Index (OSEMX).

As at 30 September 2016, the AF share had a closing price of NOK 158.00. This corresponds to a return of 16.9 per cent in 2016, adjusted for a dividend of NOK 5 per share distributed in the 2nd quarter. The Oslo Stock Exchange's benchmark index showed a return of 2 per cent during the same period.

In October a total of 580 employees subscribed for a total of 1,000,000 shares in connection with AF Gruppen's share programme. The shares were subscribed for at a price of NOK 128.60 per share, which corresponds to a discount of 20 per cent in relation to the average market price during the subscription period. The Board of Directors resolved to sell 70,000 treasury shares in this connection. In November, 930,000 new shares were issued. The new issue was adopted by the Board of Directors in accordance with the authorisation granted by the General Meeting of 12 May 2016. After completion of the new issue, the total number of shares is 93,610,000, which corresponds to share capital of NOK 4,680,500.

The company’s Board of Directors has been granted authority by the General Meeting to determine the dividend to be distributed in the 2nd half of the year. The Board of Directors proposed a divided of NOK 3.00 (3.00) per share. The AF share will be listed ex-dividend on 16 November with payment to the shareholders on 23 November.

HEALTH, SAFETY AND THE

ENVIRONMENT (HSE)HSE has high priority in AF Gruppen and is an integral part of the management at all levels. AF has a structured and uniform HSE system that encompasses all the projects.

The working environment should be safe for everyone – including those who are employed by our subcontractors. The figures from the subcontractors are therefore included in the injury statistics.

The LTI rate is an important measurement parameter for safety work at AF. The LTI rate is defined as the number of injuries resulting in absence per million man-hours. A total of four injuries resulting in absence were registered in the 3rd quarter. This gives an LTI rate (lost-time injury rate) of 1.7 (2.0) for the 3rd quarter. The LTI rate year to date in 2016 is 1.4 (1.0).

Through systematic and long-term efforts, the LTI (lost time in jury) rate has been reduced over the years. Identifying risk and risk analysis are a key part of our preventive activities. Physical and organisational barriers are established to reduce the risk of personal injury to an acceptable level based on an assessment of the risks. In addition to risk assessments, being able to learn from our mistakes is also vital.

The registration of sickness absence forms the basis for the measurement of health work at AF. For the 3rd quarter, sickness absence was 3.4 per cent (3.4 per cent), and it has been 3.7 per cent (3.8 per cent) year to date. AF's sickness absence is low compared to that of comparable businesses. AF’s target is total sickness absence of less than 3.0 per cent, a level we believe represents a healthy situation without absence due to occupational illnesses/injuries. AF believes that it can achieve this target through systematic health work, which consists, for example, of ongoing risk analysis of exposure that is harmful to health, the establishment of physical and organisational barriers, and close follow-up of employees on sick leave.

Environmental work has high priority throughout the entire Group. AF would like to avoid environmental damage and minimise undesirable effects on the environment. Environmental work is an integral part of HSE work, and the tools used are therefore the same that are used otherwise in connection with HSE work. Follow-up of the source

separation rate parameter acts as an extra driving force for AF's environmental work. This parameter places the focus on an important environmental factor that AF has an opportunity to influence. The source separation rate indicates how much of the waste from AF's operations is separated for the purpose of facilitating recycling.

For the 3rd quarter, the result for building was 85 per cent (82 per cent), the result for renovation was 78 per cent (81 per cent) and the result for demolition was 95 per cent (97 per cent). These results are considered very good, and they are well above the government requirement of a minimum of 60 per cent. A total of 191,608 (70,761) tonnes of waste has been sorted in the 3rd quarter, and a total of 405,679 (251,390) tonnes has been sorted year to date.

ORGANISATIONThe AF Gruppen is working continuously to build a uniform corporate culture. Motivated employees and a solid organisation are an important foundation for creating value. At AF we are building the organisation with a robust composition of technical expertise and management capacity at all levels. The resources are organised close to the production with project teams where the managers have an influential force.

AF invests a lot of time and resources in the development of employees through training in various positions in production and through development of the AF Academy. More than 80 per cent of the current managers have been recruited internally. AF is experiencing an increasing and satisfactory influx of qualified employees, and our employees are good ambassadors for the recruitment of new personnel. AF Gruppen had a total of 3,091 (3,157) employees at the end of the 3rd quarter. Of these employees, 2,906 (2,931) were employed in Norway, 173 (172) in Sweden, 1 (41) in Lithuania, 9 (9) in China and 2 (4) in Germany.

RISK AND RISK MANAGEMENTAF Gruppen is exposed to risk of both an operational and financial nature. AF Gruppen wants to assume operational risk that the business units can influence and control. AF has developed risk management processes that are well adapted to our operations. Standardised, action-oriented risk management processes ensure comprehensive and coherent risk management in all parts of the organisation. AF seeks to limit exposure to risk that cannot be influenced. A risk review is conducted for all projects before a tender is even submitted. Analysis of risk during the tendering phase enables the correct pricing and management of risk in the project. The same project organizations conduct detailed risk reviews every quarter. The Corporate Management Team will participate in risk reviews of all projects valued at more than NOK 100 million. In addition, a total of 20 risk reviews in the business units, in which the Corporate Management Team also participated, were conducted in the 3rd quarter of 2016.

Financial risk encompasses market risk, credit risk and liquidity risk. Market risk includes commodity price risk, foreign exchange risk and interest rate risk. AF is exposed to foreign exchange risk, and as a major demolition and recycling operator, the group is also exposed to fluctuations in steel prices. AF aims to have low exposure to risks that cannot be influenced, and it uses hedging instruments to mitigate the risk associated with foreign exchange rates and steel prices. AF has credit risk in relation to customers, suppliers and partners. In addition to the parent company and bank guarantees, the use of credit rating tools contributes to reducing risk. Liquidity risk is considered low. AF Gruppen has a total financing framework of NOK 1,880 million and available liquidity of NOK 2,353 million as at 30 September 2016.

MARKET OUTLOOKPublic sector demand is the strongest driver behind civil engineering investments in Norway, and political priorities and government grants are therefore of great importance

3RD Q

UA

RTER 2016

LTI RATE DEVELOPMENT

4

3

2

1

0

SICK LEAVE DEVELOPMENT

2 %

4 %

6 %

0 %

2012

2013

2014

2015

YTD

15

YTD

16

1.01.4

2012

2013

2014

2015

YTD

15

YTD

16

3.8 % 3.7 %

SOURCE SEPARATION RATE

100

75

50

25

0

84 %

Regulatory requirement

Building Renovation Demolition

YTD 2015YTD 2016

79 %

97 %

14 15

to the civil engineering market. The civil engineering market is less sensitive to cyclical fluctuations than the building market. The analysis company Prognosesenteret expects that the total civil engineering investments will increase by 14 per cent in 2016, 12 per cent in 2017 and a further 12 per cent in 2018. This represents an upward adjustment of 4 per cent in 2017 in relation to the previous forecasts, the other years remain unchanged. The greatest growth is expected in road construction and power and energy plants, while the greatest decline is expected in onshore oil and gas installations and railways. In 2017-2018, the greatest growth is expected in the Oslo Region, Interior Region and Southern Norway, in particular. This is due to the fact that several large road projects are to be carried out in these regions. A positive market outlook in the civil engineering sector provides a good foundation for AF’s Civil Engineering business.

AF's activities in the Building, Property and Environment business areas are linked to the demand for new housing and non-residential buildings. This demand is mainly influenced by the development of the Norwegian and global economy, including the labour market, income growth and interest rate levels. The drop in oil prices has led to greater uncertainty in the Norwegian economy and an increase in unemployment, but this is mainly related to the petroleum industry. At the same time, low interest rates combined with urbanisation and a low supply of residential units have contributed to a sharp increase in residential property prices, although there are major regional differences.

Figures from Property Norway for October show that residential property prices in Norway in October 2016 were 12 per cent higher than one year ago. The greatest price increase was in Oslo (21.7 per cent) and the weakest 12-month increase was in Stavanger and Sandnes, with a price decline of 3.9 per cent and 2.7 per cent, respectively. In Sweden, building and civil engineering investments have shown a positive trend and the Swedish Construction Federation forecasts strong growth of 9 per cent in 2016 and a further 3 per cent for 2017. The greatest growth is expected in the new residential housing segment (15 per cent in 2016 and 6 per cent in 2017), but growth is also expected in commercial buildings (5 per cent and 1 per cent in 2016 and 2017, respectively). The civil engineering market is expected to grow 3 per cent in 2016 and 1 per cent in 2017. There are large regional differences, but the general market conditions in Building, Environment and Property are considered to be good. This gives AF a good point of departure for further growth within these business areas.

The decline in oil prices is leading to constantly new investment cuts on the continental shelf. Statistics Norway estimates that the investments in oil and gas production, including pipeline transport, will total NOK 163.5 billion in 2016. This represents a decline of 1.5 per cent compared with the estimate given in the previous quarter. It is in particular the investments in field development that are being reduced.

The investments for 2017 are estimated at NOK 150.5 billion. A low oil price and uncertainty in the petroleum industry will affect AF's maintenance and modification activities. A lower oil price will also make several of the fields in the North Sea less profitable, and the oil companies will to a greater extent than previously consider shutting down and removing the older platforms. This represents good opportunities for AF's offshore activities related to the demolition and removal of decommissioned installations.

Earlier this year, the Norwegian Parliament adopted ambitious energy goals towards the year 2030. This includes, for example, a significant reduction in the consumption of energy by existing buildings compared with the current level (10 TWh reduction). Enova has assessed the potential for energy savings in Norwegian buildings and points out that opportunities are greatest in connection with rehabilitation of buildings and that there is a major maintenance backlog on public buildings. Ambitious energy goals and constantly more stringent requirements from authorities and the market with regard to reduced energy consumption in buildings are buoying the market outlook for the Energy business area.

The development of the Swedish economy has been very strong in recent times, aided by Riksbanken's expansive monetary policy. The key rate in Sweden has been reduced to a record low -0.5 per cent to stimulate the Swedish economy. The building investments in Sweden are currently at a high level due to the high demand from the private sector, and the Swedish Construction Federation expects that the production of new residential units is the most important reason why the building investments are expected to increase in 2016 and 2017. An expansive monetary policy and positive developments in macro-economic conditions and growth in the building and construction industry form a sound basis for AF's Swedish operations.

STRATEGYAF has prepared a new corporate strategy for 2017-2020. See page 15 for further details.

Oslo, 15 November 2016Board of Directors of AF Gruppen ASA

For more detailed information, please contact:CEO Morten [email protected]+47 991 53 905

CFO Sverre Hæ[email protected]+47 952 45 167

Internett: www.afgruppen.no

EVP

Andr

eas J

ul R

øsjø

and

EVP

Bår

d Fr

yden

lund

. Pho

to: M

ax E

man

uels

on

CORPORATE STRATEGY 2020 AF has prepared a new corporate strategy in 2016 for 2017-2020. The ambition of profitability and strong growth from our previous strategy period will continue, while new focus areas will be refined in the new strategy.

The new corporate strategy highlights four main initiatives for AF's future work: organic and structural growth, customer and partner relations, creativity and innovation, and management capacity and technical expertise.

The goal is for AF Gruppen to have annual revenues of NOK 20 billion by 2020 and to achieve a clear position in several large cities such as Oslo, Bergen, Gothenburg and Stockholm. Growth will also be achieved in nationwide project activities and through taking a greater share of the offshore market. It is expected that most of this growth will be organic, but in order to achieve our goal, structural revenue growth bordering on our core operations and new operations will also be required.

16 17

Financial information

CONDENSED CONSOLIDATED STATEMENT OF INCOME

3RD Q

UA

RTER 2016

NOK million, except per share data 3Q 16 3Q 15 YTD 16 YTD 15 2015

Revenues and income 3,108 2,865 8,984 8,889 12,398

Subcontractors -1,334 -1,485 -3,812 -4,364 -6,145Cost of materials -500 -379 -1,597 -1,369 -1,765Payroll cost -656 -624 -1,957 -1,832 -2,535Operating expenses ex. depreciation and impairment -274 -168 -783 -665 -968Net gains (losses) and profit (loss) from associates -1 78 9 80 166EBITDA 343 286 845 739 1,151

Depreciation and impairment of tangible fixed assets -33 -34 -97 -91 -123Depreciation and impairment of intagible assets -41 -16 -41 -18 -18Earnings before financial items and tax (EBIT) 270 235 706 631 1,010

Net financial items -5 -10 -6 -9 -6Earnings before tax (EBT) 265 225 700 622 1,004

Income tax expense -82 -62 -194 -169 -226Net income for the period 183 163 506 453 778

Attributable to:Shareholders of the parent 161 130 444 393 697Non-controlling interests 22 33 62 60 81Net income for the period 183 163 506 453 778

Earnings per share 1.74 1.41 4.79 4.33 7.64 Diluted earnings per share 1.69 1.39 4.68 4.28 7.50

Key figures 3Q 16 3Q 15 YTD 16 YTD 15 2015

EBITDA margin 11.1 % 10.0 % 9.4 % 8.3 % 9.3 %Operating profit margin (EBIT %) 8.7 % 8.2 % 7.9 % 7.1 % 8.1 %Profit margin (EBT %) 8.5 % 7.8 % 7.8 % 7.0 % 8.1 %Return on capital employed (ROaCE)1) - - 58.6 % 45.4 % 53.6 %Return on equity - - 46.5 % 36.3 % 43.8 %Equity ratio 27.7 % 26.1 % 27.7 % 26.1 % 29.1 %Net interest-bearing receivables (debt) 2) 473 301 473 301 593Capital employed 3) 1,960 1,815 1,960 1,815 1,925Order backlog 11,200 11,863 11,200 11,863 11,183

1) Return on capital employed (ROaCE) = Earnings before tax + interest expense / average capital employed 2) Net interest-bearing receivables (debt) = Cash and cash equivalents + interest-bearing receivables - interest-bearing debt 3) Capital employed = Equity + interest-bearing debt

Han

s Jin

grot

, Ann

ica

Alm

roth

and

Kar

l Ger

mun

dson

, AF

Bygg

Göt

ebor

g. P

hoto

: Rob

ert E

lmen

gård

18 19

STATEMENT OF COMPREHENSIVE INCOME

EQUITY

CONSOLIDATED BALANCE SHEET

3RD Q

UA

RTER 2016

NOK million 30/09/2016 30/09/2015 31/12/2015

Tangible fixed assets 1,119 1,104 1,111Intagible assets 2,031 2,072 2,077Investment in associates and joint ventures 394 407 433Deferred tax asset 58 84 94Interest-bearing receivables 197 157 169Pension plan and other financial assets 10 8 10Total non-current assets 3,809 3,833 3,895

Inventories 142 144 152Projects for own account 44 163 67Trade receivables and other receivables 2,171 2,106 1,599Interest-bearing receivables 52 40 70Financial derivatives - 2 1Cash and cash equivalents 359 220 459Total current assets 2,768 2,676 2,348

Total assets 6,577 6,508 6,243

Equity attributable to sharholders of the parent 1,589 1,442 1,561Minority interests 234 257 259Total equity 1,824 1,699 1,820

Long-term interest-bearing debt 101 76 83Retirement benefit obligations 2 1 2Provisions 158 171 183Deferred tax 412 325 392Financial derivatives 44 63 54Total non-current liabilities 717 635 714

Short-term interest-bearing debt 35 41 22Trade payables and other short term debt 3,502 3,461 3,236Financial derivatives 35 86 108Provisions 183 173 165Tax payable 282 414 178Total current liabilities 4,037 4,175 3,710

Total liabilities 4,753 4,810 4,424

Total equity and liabilities 6,577 6,508 6,243

NOK million Paid-in capital

Translation differences

Actuarial pension

gains/(losses)

Cash flow hedging

Retained earnings

Attributable to shareholders Minority Total equity

As at 01/01/2015 356 9 -13 -74 1,083 1,362 137 1,499Comprehensive income - 5 - -77 393 321 60 382Capital increase 292 - - - - 292 - 292Purchase of treasury shares - - - - -17 -17 - -17Sale of treasury shares - - - - 7 7 - 7Dividend paid -347 - - - -110 -457 -30 -487Share-based remuneration 4 - - - - 4 - 4Addition of minority by aqusitions - - - - - - 115 115Transactions with minority - - - - -71 -71 -25 -97As at 30/09/2015 306 14 -13 -151 1,285 1,441 258 1,699

As at 31/12/2015 411 29 -12 -171 1,303 1,561 259 1,820Comprehensive income - -28 - 112 444 528 62 590Purchase of treasury shares - - - - -23 -23 - -23Sale of treasury shares - - - - 13 13 - 13Dividend paid -315 - - - -148 -463 -74 -537Share-based remuneration 5 - - - - 5 - 5Transactions with minority - - - - -32 -32 -13 -44As at 30/09/2016 101 1 -12 -59 1,558 1,589 234 1,824


Net income for the period 183 163 506 453 778

Net actuarial gains and losses - - - - 2Items that will not be reclassified to income statement in subsequent periods - - - - 2

Net cash flow hedges 66 -75 112 -77 -98Currency translation differences -14 12 -28 6 21Items that may be reclassified to income statement in subsequent periods 51 -64 84 -71 -76

Other comprehensive income for the period 51 -64 84 -71 -75

Total comprehensive income for the period 235 99 590 382 703

Attributable to:-Shareholders of the parent 212 65 528 321 621- Minority 22 34 62 60 83Total comprehensive income for the period 235 99 590 382 703

20 21

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

AF Gruppen’s division into operating segments is consistent with the division of the business areas: Civil Engineering, Environment, Building, Property, Energy and Offshore.

Segment information is presented in accordance with the Group’s accounting policies in accordance with IFRS with the exception of IFRIC 15 (Agreements for the Construction of Real Estate). This policy exception applies to the Building and Property segments in Norway. Income from projects for own account in these segments is recognised in accordance with IAS 11. This means that the recognition of income in these projects is the product of the physical degree of completion, the percentage sold and the expected contribution margin.

Segment information is presented in accordance with reporting to the Corporate Management Team and is consistent with the financial information utilised by the Company’s senior decision-makers when evaluating developments and allocating resources. The effect of IFRIC 15 on the consolidated accounts is illustrated in a separate table in the segment information. Additional information on projects for own account is provided in Note 7.

BUSINESS AREAS

Civil Engineering

3RD Q

UA

RTER 2016


Earnings before financial items and tax (EBIT) 270 235 706 631 1,010Depreciation, amortisation and impairment 74 51 138 109 142Change in net working capital -195 103 -258 484 789Income taxes paid -14 -6 -67 -126 -361Other adjustments 39 -76 -4 -76 -162Cash flow from operating activities 174 307 516 1,023 1,418

Net investments - -51 -27 12 74Cash flow before financing activities 174 256 489 1,035 1,492

Share issue - - - - 72Dividend paid - - -463 -457 -735Transactions with minority -5 -93 -117 -127 -128Sale (purchase) of treasury shares -4 -11 -10 -10 3Borrowings (repayment of debt) -20 -46 13 -292 -298Interest paid -6 -3 -22 -17 -34Cash flow from financing activities -35 -153 -599 -904 -1,119

Net decrease (increase) in in cash and cash equivalents 138 103 -109 130 372

Net cash and cash equivalents at beginning of period 211 118 459 91 91Change in cash and cash eqivalents without cash effect 9 -1 9 -2 -4Net cash and cash equivalents end of period 359 220 359 220 459


External revenue and income 841 903 2,622 2,653 3,759Internal revenue and income 1 - 1 1 1Total revenue and income 842 903 2,623 2,655 3,760

EBITDA 99 98 308 228 394Earnings before financial items and tax (EBIT) 86 83 268 187 339Earnings before tax (EBT) 86 84 278 185 339

EBITDA % 11.8 % 10.9 % 11.8 % 8.6 % 10.5 %EBIT % 10.2 % 9.2 % 10.2 % 7.1 % 9.0 %EBT % 10.2 % 9.3 % 10.6 % 7.0 % 9.0 %

Assets 1,352 1,436 1,352 1,436 1,232Order backlog 2,697 3,637 2,697 3,637 3,402

22 23

PropertyEnvironment

EnergyBuilding

3RD Q

UA

RTER 2016


External revenue and income 180 158 526 499 641Internal revenue and income 9 9 31 26 47Total revenue and income 189 167 557 526 687


EBITDA % 7.4 % 9.5 % 7.9 % 8.2 % 8.2 %EBIT % 5.2 % 7.5 % 5.8 % 6.7 % 6.6 %EBT % 5.1 % 7.6 % 5.7 % 6.8 % 6.7 %

Assets 262 387 262 387 278Order backlog 202 185 202 185 216


External revenue and income 1,530 1,652 4,796 4,770 6,661Internal revenue and income 12 4 56 10 17Total revenue and income 1,542 1,656 4,852 4,780 6,678


EBITDA % 8.6 % 8.4 % 7.3 % 7.8 % 7.6 %EBIT % 8.0 % 7.9 % 6.8 % 7.3 % 7.2 %EBT % 8.1 % 8.1 % 7.0 % 7.4 % 7.3 %



External revenue and income 15 8 37 20 25Internal revenue and income - - 1 - -Total revenue and income 15 8 38 20 25


EBITDA % - - - - -EBIT % - - - - -EBT % - - - - -

Assets 837 646 837 646 630Order backlog - - - - -


External revenue and income 37 70 118 168 225Internal revenue and income - - - - -Total revenue and income 37 70 119 168 225


EBITDA % 11.8 % 9.1 % 8.9 % 8.0 % 8.5 %EBIT % 11.5 % 9.0 % 8.6 % 7.9 % 8.3 %EBT % 11.0 % 10.2 % 7.0 % 8.4 % 9.4 %

Assets 117 134 117 134 133Order backlog 115 117 115 117 90

24 25

Offshore

Øvrige segment (Konsern)

IFRIC 15

Elimineringer

3RD Q

UA

RTER 2016


External revenue and income 10 9 23 26 45Internal revenue and income 10 10 26 33 42

Total revenue and income 20 19 49 59 88

EBITDA -9 -2 -22 1 -6Earnings before financial items and tax (EBIT) -14 -6 -34 -10 -21Earnings before tax (EBT) -12 -3 -29 2 -4

Assets 590 424 590 424 528Order backlog - - - - -


External revenue and income 142 -36 86 -160 -Internal revenue and income -32 -24 -116 -71 -109Total revenue and income 110 -60 -30 -231 -109

EBITDA 15 -8 1 -28 2Earnings before financial items and tax (EBIT) 15 -8 1 -28 2Earnings before tax (EBT) 15 -8 1 -28 2

Assets -1,671 -1,742 -1,671 -1,742 -1,784Order backlog 82 257 82 257 168

Sum segment


External revenue and income 411 125 802 987 1,186Internal revenue and income - - 1 1 2Total revenue and income 411 125 803 988 1,187

EBITDA 107 36 144 110 134Earnings before financial items and tax (EBIT) 65 15 98 83 104Earnings before tax (EBT) 60 - 81 68 83

EBITDA % 26.0 % 28.4 % 17.9 % 11.1 % 11.3 %EBIT % 15.7 % 11.8 % 12.2 % 8.4 % 8.7 %EBT % 14.7 % 0.0 % 10.1 % 6.9 % 7.0 %

Assets 1,464 1,494 1,464 1,494 1,354Order backlog 626 1,132 626 1,132 1,182


External revenue and income -59 -25 -25 -75 -144Internal revenue and income - - - - -Total revenue and income -59 -25 -25 -75 -144

EBITDA -27 -7 -31 -15 -27Earnings before financial items and tax (EBIT) -27 -7 -31 -15 -27Earnings before tax (EBT) -27 -7 -31 -15 -27

Assets -62 -19 -62 -19 -31Order backlog 203 79 203 79 178


External revenue and income 3,108 2,865 8,984 8,889 12,398Internal revenue and income - - - - -Total revenue and income 3,108 2,865 8,984 8,889 12,398

EBITDA 343 286 845 739 1,151Earnings before financial items and tax (EBIT) 270 235 706 631 1,010Earnings before tax (EBT) 265 225 700 622 1,004

EBITDA % 11.1 % 10.0 % 9.4 % 8.3 % 9.3 %EBIT % 8.7 % 8.2 % 7.9 % 7.1 % 8.1 %EBT % 8.5 % 7.8 % 7.8 % 7.0 % 8.1 %


26 27

1. GENERAL INFORMATIONAF Gruppen is one of Norway's leading contracting and industrial groups. AF Gruppen is divided into six business areas: Civil Engineering, Envi-ronment, Building, Property, Energy and Offshore.

AF Gruppen ASA is a public limited company registered and domiciled in Norway. The head office is located at Innspurten 15, 0663 Oslo. AF is listed on the Oslo Stock Exchange's OB Match list under the ticker symbol AFG.

This summary of financial information for the 3rd quarter has not been audited

2. BASIS OF PREPARATIONThe consolidated financial statements for AF Gruppen encompass AF Gruppen ASA and its subsidiaries, joint ventures and associated companies. The consolidated financial statements for the 3rd quarter have been prepared in accordance with IAS 34 Interim Accounts. The summary of the finan-cial information presented in the quarterly accounts is intended to be read in conjunction with the annual report for 2015, which has been prepared in accordance with the International Financial Reporting Standards (IFRS).

As a result of rounding off, the numbers or percentages will not always add up to the total.

3. CHANGES IN THE GROUP’S STRUCTUREThere have been no material changes to the Group's structure in the 3rd quarter of 2016.

4. ACCOUNTING POLICIESThe accounting policies applied to the accounts are consistent with those described in the annual report for 2015.

New and amended standards implemented by the GroupAF Gruppen has not implemented new or changed standards in 2016 with material effect on the group's financial position and results.

5. ESTIMATESThe preparation of the interim accounts requires the use of assessments, estimates and assumptions that have an effect on the application of accounting principles and recognised figures related to assets and commitments, revenues and costs. The estimates are based on the management’s best judgement and experience, and there is some uncertainty related to the concurrence of these estimates with the actual result. Estimates and their underlying assumptions are assessed on a continuous basis. Changes in accounting estimates are recognised for the period in which the estimate is changed and for future periods if these are affected by the change in estimate.

NOTES

COW

I-bui

ldin

g, H

asle

. Pho

to: F

arte

in R

udjo

rd

28 29

AFs construction value Housing Construction period OwnershipProject ex. VAT (NOK million) units Start up Completion share AF

Krydderhagen A1/A2/A3, Hasle 245 94 Q2 2014 Q1/Q2 2016 50 %

Krydderhagen B1/B2/B3, Hasle 182 87 Q3 2015 Q2 2017 50 %

Krydderhagen C1/C2/C3, Hasle 169 84 Q3 2016 Q1 2018 50 %

Spikkestadkvartalet 83 40 Q1 2015 Q2 2016 33 %

Thurmannskogen A/E Lørenskog 170 90 Q2 2015 Q1/Q2 2017 33 %

Thurmannskogen B/C/DLørenskog 220 96 Q4 2015 Q1 2018 33 %

Thurmannskogen F/G Lørenskog 150 73 Q3 2016 Q3 2018 33 %

Engebrets Promenade B/C/D, Lillestrøm 290 125 Q2 2015 Q4 2017 40 %

Engebrets Promenade A, Lillestrøm 118 46 Q3 2016 Q4 2017 40 %

Rolfsbukta Terasse Fornebu - 72 Q2 2015 Q2 2017 33 %

Losjeplassen, Drammen - 102 Q3 2015 Q2 2017 50 %

BRF Brottkärr Höjd 2:1 Göteborg - 12 Q2 2015 Q2 2016 40 %

BRF Brottkärr Höjd 2:2 Göteborg - 5 Q3 2015 Q3 2016 40 %

Jacob Kjødes vei 10 Bergen 18 4 Q3 2015 Q3 2016 50 %

6. TRANSACTIONS WITH RELATED PARTIESThe Group’s related parties consist of associates, joint ventures, the Company's shareholders and members of the Board of Directors and Corporate Management Team. All business transactions with related parties are carried out in accordance with the arm’s length principle.

In March 2016 AF Gruppen ASA carried out the sale of 95,550 of its own shares to senior employees, of which 24,200 shares were sold to primary insiders. The sale is part of the company's bonus programme, where parts of bonuses can be used to purchase shares in AF Gruppen ASA at a 20 per cent discount compared with the market price of NOK 139.50 on 31 December 2015.

In October 2016, a share issue in AF Gruppen ASA was carried out as part of the share programme for the group’s employees. Primary insiders subscribed then for 38,135 shares at a price of NOK 128.60 per share. The subscription price was 20 per cent lower than the average market price during the subscription period.

7. IFRIC 15Segment information is presented in accordance with the AF Group’s accounting policies in accordance with IFRS with the exception of IFRIC 15 (Agreements for the Construction of Real Estate). The effect of IFRIC 15 on the consolidated accounts is illustrated in a separate table in the segment information. According to IFRIC 15, income from the sale of apartments and the associated proportion of contracting services shall not be entered until handover. The table below shows residential housing projects for our own account that are in the production phase. Contractor values have been included in those cases where group companies are the contractor.

Projects for own account - Property

3. KVARTA

L 2016

Conc

rete

Tech

nolo

gist

, Ber

nt K

ristia

nsen

. Pho

to: M

ax E

man

uels

on

30 31

COMPANY INFORMATION

AAF Gruppen ASAHead office:Innspurten 150603 Oslo NorwayT +47 22 89 11 00F +47 22 89 11 01

Postal address:P.O. Box 6272 Etterstad0603 Oslo Norway

Company’s Board of DirectorsPål Egil Rønn, Board ChairmanDaniel Kjørberg Siraj, Board Deputy ChairmanBorghild LundeHege BømarkKristian HolthKenneth SvendsenPål Jacob GjerpArne SveenPeter Groth, DeputyBjörn Erik Svensson, DeputyOdd-Erik Zimmer, Deputy

Corporate ManagementMorten Grongstad, CEO Sverre Hærem, CFOArild Moe, EVP Civil Engineering Henning Olsen, EVP Building Greater Oslo and SwedenAndreas Jul Røsjø, EVP Property and Energy Amund Tøftum, EVP OffshoreEirik Wraal, EVP EnvironmentBård Frydenlund, EVP HR and Building South West

Financial calendarPresentation of interim accounts:

14/02/2017 Interim report 4th quarter 201612/05/2017 Interim report 1st quarter 201725/08/2017 Interim report 2nd quarter 201710/11/2017 Interim report 3rd quarter 2017

The presentation of interim accounts will take place at Hotel Continental, Stortingsgata 24-26, at 8:30 a.m.

For more information on the company, visit our web site at www.afgruppen.com

Cover photo: Murchison, Nordsjøen. Photo by Jan Berghuis

Dam

Sva

rtav

atn,

Sau

da. P

hoto

: Alf

I. Br

inge

dal

32

AF Anlegg JR Anlegg AF Arctic

Pålplintar

Målselv Maskin & Transport

AF Decom

Rimol Miljøpark

Jølsen Miljøpark

Härnösand Byggreturer

AF Bygg Oslo

AF Byggfornyelse

AF Bygg Østfold

AF Bygg Sør

AF Bygg Rogaland

Strøm Gundersen Consolvo Haga & Berg Entreprenør

Thorendahl

AF Bygg Sverige AF Bygg Göteborg

AF Bygg Syd

LAB LAB Entreprenør

Åsane Byggmester- forretning

FAS

AF Eiendom

AF Projektutveckling

AF Energi & Miljøteknikk

Boligenergi

AF Offshore Decom

AF Decom Offshore UK Ltd.

Miljøbase Vats

AF Offshore Mandal

AF Offshore AeronMollier Aeron Energy Tech. Co

AF Offshore Aeron Pte. Ltd.

Civil Engineering Environment Building Property Energy Offshore

OPERATIONAL STRUCTURE

third quarter 2016 af gruppen asa · quarterly report | november 15, 2016 third quarter 2016 ......

Documents