Q AF Gruppen ASA

Transcription

1 February 16 th 2018 Q AF Gruppen ASA E18 Tvedestrand - Arendal

2 4 th quarter 2017 Highlights Strong growth and solid order backlog Revenues: NOK 4,296 million (2,892) in Q4 and NOK 13,704 million (11,876) in EBT: NOK 310 million (340) in Q4 and NOK 935 million (1,040) in EBT margin: 7.2 % (11.8 %) in Q4 and 6.8 % (8.8 %) in Strong order backlog: NOK 19,773 million (15,332) Solid financial position: Net interest bearing receivables of NOK 1,210 million (606) Dividend proposal for 1 st half-year of NOK 5.00 (5.00) per share.

3 4 th quarter 2017 Safety Lost-time injury frequency (LTIF) Total recordable injury frequency (TRIF) Reported unwanted incident frequency (RUIF) 3, ,0 3,00 2,50 2,00 1,50 1,00 0,50 1, ,9 3,5 3,0 2,5 2,0 1,5 1,0 0,5 3,4 0, , Number lost-time injuries per million hours worked. Measuring of LTIF also includes injuries by subcontractor employees. Number of lost-time injuries, injuries involving substitute work and medical treatment injuries per million hours worked. Measuring of TRIF also includes injuries by subcontractor employees. Number of reported unwanted incidents per man-year.

4 4 th quarter 2017 Revenues Q4 revenues by business area: NOK million Property 13 Energy 73 Offshore Civil eng Building Environment 149 Q1 Q2 Q3 Q4 Revenues 2017: NOK 13,704 million (11,876)

5 4 th quarter 2017 Earnings before tax NOK million Good margins in all six business areas in Q4 EBT Q4: NOK 310 million (340) EBT % Q4: 7.2 % (11.8 %) EBT 2017: NOK 935 million (1,040) EBT % 2017: 6.8 % (8.8 %) Q1 Q2 Q3 Q4

6 4 th quarter 2017 Return on capital employed 12 month rolling average 60% 50% 40% 42,7 % 30% 20% * 10% 0% *AF s target is to achieve a return on capital employed above 20 %.

7 4 th quarter 2017 Cash flow statement NOK million Q Q EBIT ,034 Depreciations, amortization and impairment Change in net working capital Other adjustments / taxes paid Cash flow from operations , Net investments Cash flow from capital activities Interest paid and change in interest bearing debt Net decrease (increase) in cash and cash equivalents Net cash and cash equivalents at beginning of period Change in cash and cash equivalents without cash effect Net cash and cash equivalents end of period 1, ,

8 4 th quarter 2017 Net interest bearing receivables NOK million Net interest bearing receivables as of 31 December is NOK 1,210 million (606).

9 4 th quarter 2017 Balance sheet NOK million Non-current assets 4,049 3,789 Current assets, ex. Cash 2,581 2,291 Cash and cash equivalents 1, Total assets 7,728 6,549 Equity 2,077 1,950 Long term debt Short term debt 5,004 4,046 Total equity and debt 7,728 6,549

10 4 th quarter 2017 Equity ratio 40% 30% 26,9 % Long term debt 647 Equity % Total assets 7,728 10% 0% Short term debt 5 004

11 4 th quarter 2017 Health and environment Sick leave Source separation rate 6% 100% 95% 80% 83% 85% 4% 3,0 % 60% Regulatory requirement 2% 40% 20% % % Building Rehabilitation Demolition Sick leave in Q4: 3.0 % A total of 85,906 (101,519) tonnes of waste has been sorted in the 4 th quarter, and a total of 324,370 (507,198) tonnes has been sorted in 2017.

12 4 th quarter 2017 Business areas Bjørvika, Oslo

13 Civil Engineering High activity level and strong growth NOK million Q Q Revenues 1, ,478 3,368 EBIT EBT EBIT % 6.8 % 25.9 % 6.5 % 13.7 % EBT % 7.8 % 26.5 % 7.0 % 14.1 % AF Anlegg has started up several new projects in The unit has a high activity level in the 4 th quarter. Målselv Maskin & Transport has good operational performance and deliver very good Q4 and 2017 results. A high activity level for Kanonaden Entreprenad. The unit delivers good results. Pålplintar has somewhat lower activity and delivers weak results. Order backlog: NOK 6,510 million (5,589) E6 Frya-Vinstra

14 Environment Good operational performance NOK million Q Q Revenues EBIT EBT EBIT % 12.3 % 5.7 % 7.5 % 5.8 % EBT % 12.2 % 5.7 % 7.4 % 5.7 % Somewhat lower activity level for AF Decom compared to 2016, but good results both for the quarter as well as the full year. AF Härnösand Byggreturer has very good profitability in their projects and the unit delivers strong results. Seasonally lower activity level at the environmental facilities in Q4, but positive results. Construction work on the new environmental facility at Nes in Akershus is on schedule for the facility to open medio Order backlog: NOK 344 million (212) Petersons, Moss

15 Building High activity level and good operational performance NOK million Q Q Revenues 2,551 1,836 8,041 6,688 EBIT EBT EBIT % 5.6 % 8.5 % 6.0 % 7.3 % EBT % 5.8 % 8.7 % 6.1 % 7.4 % AF Bygg Oslo, LAB and the companies in Strøm Gundersen and MTH all deliver very good Q3 and 2017 results. Increasing activity in other units, but varying results both for Q4 and AF Bygg Prosjektpartner delivers very weak results. Market conditions in south-western Norway are demanding. The unit s projects are transferred to AF Anlegg as of January 1 st Order backlog: NOK 11,100 (8,467) Sjømannsskolen, Oslo

16 Property Good results in a wait-and-see market NOK million Q Q Revenues EBIT EBT EBIT % EBT % 90 (174) apartments were sold in Q4. AF s share is 36 (105). 285 (688) apartments were sold in AF s share was 111 (316). Five housing projects with 742 apartments in the production phase (AF s share 338). 86 % of the apartments in production are sold as per December 31 st. Land and development rights in progress: 2,314 (2,054) residential units. AF s share is 982 (848) AF has 92,084 (107,310) m 2 gross area of urban premises under development. AF s share is 45,273 (51,213). Nye Kilen Brygge 2

17 Energy Increasing activity and good results NOK million Q Q Revenues EBIT EBT EBIT % 7,5 % 12,8 % 8,2 % 10,0 % EBT % 10,0 % 12,8 % 9,1 % 8,9 % AF Energi & Miljøteknikk had an increasing activity level in Q4. Good operational performance for AF Energi & Miljøteknikk in ongoing projects and the unit delivers good Q3 and 2017 results. The market for energy services is improving and the orders are getting larger. The unit has a high volume of tender calculations and a solid order backlog. Order backlog: NOK 260 million (108)

18 Offshore Lower activity level and varying results NOK million Q Q Revenues ,014 EBIT EBT EBIT % 12.5 % 4.3 % 7.4 % 10.5 % EBT % 11.0 % 6.2 % 6.5 % 9.3 % Good operational performance and good results for AF Offshore Decom both in Q4 and High activity level at Environmental Base Vats. Low activity level for AF Offshore AeronMollier in Q4 and the unit delivers weak Q4 and 2017 results. Strong competition in the market for removing offshore installations and few removal projects in 2018 and Order backlog: NOK 916 million (550) AF Miljøbase Vats

19 Order situation Solid order backlog NOK million Q1 Q2 Q3 Q4

20 Order situation Order backlog per business area NOK million Energy Environment Offshore 916 Other Civil Eng ,773 (15,332) Building Q Q4 2017

21 Organisation

22 Organisation Organising for growth Culture People Organising Management and expertise

23 Organisation We will preserve and develop our culture AF Gruppen 1985 AF Gruppen 2018 We have never had more culture bearers than today

24 Organisation Record high employee satisfaction I am all in all satisfied with AF Gruppen as employer (scale 1-6) The survey shows that our employees find joy in their work and are proud to work at AF The possibility to use and develop one s competence is highlighted as an important factor for job satisfaction Leave due to illness at 3.0 % substantiates the survey results The results are significantly better than the industry average Source: Rambøll

25 Co-ownership Co-ownership motivates AF employees the second largest shareholder in AF Gruppen OBOS BBL 18,4 % AF AF Gruppen Gruppen employees ansatte 17,1 % ØMF Holding AS 15,1 % Constructio AS 14,0 % Folketrygdfondet 7,1 % 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

26 Organisation We will increase the percentage of women Women in AF vs. NTNU (Civil and Environmental Engineering) 45% 40% Funksjonær - AF 42% Alle - AF 35% 34% 30% 25% 20% 15% 10% 16% 16% 9% 9% 5% 0% Average Snitt Average Snitt

27 Organisation Increasing the percentage of women is part of our strategy Building culture and management capacity through developing leaders, internal recruiting and increased percentage of women

28 Organisation High attractiveness Growth means increased need for new employees people applies for a job at AF Gruppen every year *Attractive employer top 5, Karrierebarometeret

29 Organisation Developing leaders is a top priority Learning by doing AF Academy Support and guidance Management training program Step 1-6 AF Ansatt: bilde Division director Project manager Construction manager Operations manager Survey engineer

30 Organisation Technological development Autonomic dumper AR / VR 3D-printing Artificial intelligence New technology will change the way we work Change competence is key Some manual processes will be completely or partly automated Pepole will still be most important!

31 Organisation Expertise Need for more skilled employees Have own skilled labour within the diciplines where we have a competitive edge We will develop the industry s best expertise

32 Organisation Management through a decentralised structure Local management Local self-government with mandate and responsibility Central management Goals, requirements and structural capital Portfolio management Culture and core values

33 Organisation We are organising for growth in Sweden Offices Pålplintar AB AF Härnösand Byggreturer AB Kanonaden Entreprenad AB Kanonaden AF Bygg Göteborg AF Bygg Syd Pålplintar AF Projektutveckling AF Härnösand Byggreturer Härnösand Uppsala Örebro Stockholm Södertälje AF Bygg Göteborg AB AF Projektutveckling AB AF Bygg Syd AB Göteborg Nässjö Tranås Västervik Kalmar Our swedish units had a turnover of NOK 1,5 billion in 2017 Halmstad Malmö

34 Organisation Sweden a separate business area Civil eng. Environment Building Property Energy Offshore Sweden AF Anlegg AF Decom AF Bygg Oslo AF Eiendom AF Energi & Miljøteknikk AF Offshore Decom Pålplintar JR Anlegg Målselv Maskin & Transport Rimol Miljøpark (50 %) Jølsen Miljøpark Nes Miljøpark AF Byggfornyelse AF Nybygg AF Bygg Østfold Strøm Gundersen (m/døtre) LAB (m/døtre) LAB Eiendom Boligenergi (50 %) AF Decom Offshore UK Ltd Miljøbase Vats AF AeronMollier Kanonaden Entreprenad Härnösand Byggreturer AF Bygg Göteborg AF Bygg Syd AF Projektutveckling MTH (m/ døtre)

35 4 th quarter 2017 Summary MNOK Q Q Inntekter 4,296 2,892 13,704 11,876 EBIT ,034 EBT ,040 EBIT % 6.9 % 11.3 % 6.7 % 8.7 % EBT % 7.2 % 11.8 % 6.8 % 8.8 % Strong growth, good operational performance and good results Solid order backlog: NOK 19,773 million (15,332) Low absence due to illness and high job satisfaction among employees Strong cash flow and financial position Dividend proposal of NOK 5.00 (5.00) per share for 1 st halfyear 2018

36 Thank you for your attention! Q1 2018: May 9 th 2018