st AF Gruppen ASA...BUS2, Haukeland University Hospital in Bergen The New Securitas HQ at Hasle in...

1Quarterly Report | May 8, 2018

1st quarter 20 18

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.

1ST QU

ARTER 2018

Q1From the CEO

AF Gruppen began 2018 with solid growth in both Norway and Sweden. We need a continuous supply of new colleagues and are experiencing great interest in both AF Gruppen and our industry. Recently published surveys by Universum and Karrierebarometeret showed that Engineering students see AF as the most attractive employer among contractors in Norway.

It is part of the AF culture to be curious and look for new solutions. The possibilities for innovation and the use of digital tools in the construction process are almost limitless. Improving existing processes is a natural part of our project operations and the key to increased productivity and quality. Meanwhile, innovation and digitalisation make us more attractive as an employer for the smartest brains. To further enhance our competitiveness, AF has built an organisation dedicated to increasing innovation and digitalisation, as well as facilitating new business models. AF has also, in cooperation with OBOS, established a separate venture aimed at innovative start-ups in the construction industry. The ambition is to enable good technology solutions to be realised.

• Revenues were NOK 3 883 million (2 662 million) for the 1st quarter.

• Earnings before tax were NOK 194 million (142 million) for the 1st quarter.

• The profit margin was 5.0% (5.4%) for the 1st quarter.

• Net operating cash flow was NOK 126 million (415 million) for the 1st quarter.

• The order book stood at NOK 19 451 million (15 984 million) as at 31 March 2018.

• Net interest-bearing receivables were NOK 1 017 million (1 063 million) as at 31 March 2018.

• The Board of Directors' has proposed a dividend of NOK 5.00 (5.00) per share for payment in the first half of 2018.

HIGHLIGHTS

EARNINGS BEFORE TAX PER QUARTER (NOK MILLION)

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SUMMARY OF 1ST QUARTER

Key figures (NOK million) 1Q 18 1Q 17 2017

Revenues and other income 3 883 2 662 13 704EBITDA 228 184 1 092Earnings before finacial items and tax (EBIT) 185 145 924Earnings before tax (EBT) 194 142 935Result per share (NOK) 1.33 0.89 6.43EBITDA margin 5.9 % 6.9 % 8.0 %Operating profit margin 4.8 % 5.5 % 6.7 %Profit margin 5.0 % 5.4 % 6.8 %Return on capital employed (ROaCE)1) 45.8 % 49.7 % 42.7 %Cash flow from operating activities 126 415 1 354Net interest-bearing receivables (debt) 1 017 1 063 1 210Equity ratio 27.1 % 31.9 % 26.9 %Order backlog 19 451 15 984 19 773LTI rate 1.3 1.1 1.1Absence due to illness 3.5 % 3.5 % 3.0 %

1) 12-month rolling average

Sweden was established as a business area for AF Gruppen as of 1 January 2018. The new business area consists of the units Kanonaden Entreprenad and subsidiaries, Pålplintar, AF Härnösand Byggreturer, AF Bygg Gothenburg, AF Bygg Syd and AF Projektutveckling.

All the numbers from the business areas for 2017 have been restated in accordance with the new structure so that they are comparable.

1ST QU

ARTER 2018

6 7

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

Civil Engineering consists of two business units:• AF Anlegg• Målselv Maskin & Transport

Civil Engineering reported revenues of NOK 1 246 million (668 million) and earnings before tax of NOK 67 million (49 million) in the 1st quarter.

AF Anlegg reported a very high level of activity for quarter and delivered good results. The civil engineering market in Norway is growing and the unit has a high level of activity in tender calculation. Målselv Maskin & Transport also delivered good results for the quarter.

Civil Engineering signed a contract with Bane Nor Eiendom in the 1st quarter to develop a new rail workshop at Kvalaberg

in Stavanger. The contract encompasses development, planning and construction, and the value of the contract is estimated at NOK 200 million, excl. VAT.

After the end of the quarter, Civil Engineering entered into a letter of intent with Stratkraft Energi to perform civil engineering work on construction stage 2 of the Storlia Power Station in Eidfjord Municipality. The contract is valued at approximately NOK 100 million, excl. VAT, and it encompasses civil engineering work in connection with the access, inlet and outlet tunnels, underground power station and concrete work in the station.

The order backlog for Civil Engineering was NOK 5 723 million (5 281 million) as at 31 March 2018.

BUSINESS AREASCivil Engineering

1ST QU

ARTER 2018

NOK million 1Q 18 1Q 17 2017

Revenues and income 1 246 668 3 569Earnings before financial items and tax (EBIT) 57 50 249Earnings before tax (EBT) 67 49 269Operating margin 4.6 % 7.5 % 7.0 %Profit margin 5.4 % 7.4 % 7.5 %

The New Environmental Park at Nes

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

The business area consists of a single business unit:• AF Decom

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

Environment reported revenues of NOK 131 million (100 million) and earnings before tax of NOK 7 million (2 million) for the 1st quarter.

There is a good market for environmental services. AF Decom saw a high level of activity in the 1st quarter, and the unit delivered good results for the first quarter.

Rimol Environmental Park in Trondheim and Jølsen Environmental Park in Lillestrøm both have had a seasonally lower level of activity in the 1st quarter.

Environment is developing a new environmental centre for the treatment of contaminated materials at Nes in Akershus. Work on the new environmental park is ongoing, and completion is expected in the 2nd quarter of 2018. The environmental park will be the first of its type in Eastern Norway and will contribute to the recycling of up to 80 per cent of the materials that would have otherwise ended up at traditional disposal sites.

The order backlog for the Environment business area was NOK 276 million (209 million) as at 31 March 2018.

Environment

E6 in Soknedal


Revenues and income 131 100 474Earnings before financial items and tax (EBIT) 8 3 28Earnings before tax (EBT) 7 2 27Operating margin 5.8 % 2.6 % 5.9 %Profit margin 5.5 % 2.4 % 5.8 %

8 9

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

The Building business area is divided into seven business units:• AF Bygg Oslo • AF Byggfornyelse• AF Nybygg• AF Bygg Østfold• Strøm Gundersen and subsidiaries• MTH and subsidiaries• LAB and subsidiaries

Building reported revenues of NOK 1 808 million (1 483 million) and earnings before tax of NOK 96 million (83 million) for the 1st quarter.

There is a high level of activity in the building market in Norway, and a more positive residential market has resulted in the start-up of new projects. Building reported a good level of activity for the 1st quarter and good results overall. AF Bygg Oslo, LAB and MTH all reported good results for

the 1st quarter. AF Bygg Østfold, AF Byggfornyelse and Strøm Gundersen reported an increasing level of activity and delivered satisfactory results for the quarter. AF Nybygg delivered weak results for the 1st quarter. The unit has contracted two new jobs after the end of the quarter, and the unit is expected to deliver positive results in 2018.

LAB Entreprenør entered into a contract with the Bergen Health Trust in the 1st quarter for contract K201 / stage 2 of the new Children's and Adolescents’ Hospital (BUS2) at Haukeland University Hospital in Bergen. The contract encompasses site preparation work, construction of the structural shell, airtight building and outdoor work. The contract is a general contract valued at NOK 781 million, excl. VAT.

The Building business area reported an additional seven contracts with a combined value of NOK 1 353 million to the stock exchange after the end of the quarter.

Building's order backlog was NOK 9 936 million (8 141 million) as at 31 March 2018.

Building

1ST QU

ARTER 2018

The New Securitas HQ at Hasle in OsloBUS2, Haukeland University Hospital in Bergen


Revenues and income 1 808 1 483 7 474Earnings before financial items and tax (EBIT) 90 80 467Earnings before tax (EBT) 96 83 481Operating margin 5.0 % 5.4 % 6.3 %Profit margin 5.3 % 5.6 % 6.4 %

The Property business area develops residential units and commercial buildings in Norway. The activities take place in geographic areas where AF has its own production capacity. The development projects are organised in associates and joint ventures, which are recognised in accordance with the equity method of accounting, and only AF's share of the earnings are included in the accounts.

Property reported earnings before tax of NOK 14 million (19 million) for the 1st quarter.

The market in Greater Oslo was marked by a more positive attitude among residential buyers in the 1st quarter. A total of 55 (127) apartments were sold in the 1st quarter, and AF's share was 22 (47). The sales ratio for projects in progress is 77 per cent.

At the end of the 1st quarter, there was a total of 307 (171) units for sale. AF's share was 125 (116). At the end of the 1st quarter, Property had 2 (7) unsold completed apartments, of which AF’s share was 1 (3).

Property has four residential property projects with a total of 717 apartments under construction (AF’s share is 267): • Krydderhagen at Hasle (245 apartments)• Thurmannskogen in Lørenskog (147 apartments)• Lillo Gård at Nydalen (268 apartments)• Nye Kilen Brygge (57 apartments)

For further information, see Note 7 on page 32.

In the 1st quarter, property had two commercial projects under construction in Oslo , with a total gross area of 9 405 square metres (AF’s share was 3 098 square metres):• Lillo Gård Shops at Nydalen (total gross area of 6 354 square metres)• Hasle Linje Næring Wang Ung at Hasle (total gross area of 3 051 square metres)

Structural work on the Securitas building (total gross area of 15 159 square metres) was completed in the 1st quarter.

AF has a building site inventory (residential units under construction) in Norway that is estimated to yield 2 113 (2 278) residential units. AF's share of this is 856 (903) residential units. AF also has commercial property under construction with a total gross area of 92 084 (93 642) square metres. AF's share of this is a total gross area of 45 273 (46 429) square metres. LAB and Målselv Maskin & Transport have development rights that are included in the figures.

PropertyNOK million 1Q 18 1Q 17 2017

Revenues and income 4 5 21Earnings before financial items and tax (EBIT) 17 23 78Earnings before tax (EBT) 14 19 64Operating margin - - -Profit margin - - -

10 11

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

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

Revenues in the 1st quarter were NOK 56 million (51 million) and earnings before tax were NOK -1 million (4 million).

The energy services market is good, and the size of the contracts is increasing at the same time.

AF Energi & Miljøteknikk saw an increased level of activity in the 1st quarter, but the unit delivered poor results. The results

are affected by the start-up of new business in Bergen and Lithuania, as well as challenging conclusions for two EPC contracts.

AF Energi & Miljøteknikk has had many EPC contracts in the analysis phase, and several of these have been converted to projects to be executed. The unit therefore has a strong order backlog.

The order backlog for Energy was NOK 286 million (164 million) as at 31 March 2018.

The Sweden business area encompasses activities related to civil engineering, environment, building and property in Sweden.

The business area consists of four business units:• Kanonaden Entreprenad and subsidiaries• Pålplintar• AF Härnösand Byggreturer• AF Bygg Göteborg• AF Bygg Syd• AF Projektutveckling

Sweden reported revenues of NOK 507 million (327 million) and earnings before tax of NOK 21 million (17 million) for the 1st quarter.

The Swedish civil engineering market is hesitant and marked by strong competition. Kanonaden Entreprenad reported satisfactory results for the 1st quarter. Pålplintar reported a low level of activity and weak results for the 1st quarter.

The market for environmental services is also good in Sweden. AF Härnösand Byggreturer reported a high level of activity and very good profitability for its projects for the first quarter.

In Sweden, the residential market is somewhat more hesitant than in Norway. AF Projektutveckling nevertheless delivered strong results for the 1st quarter. AF Bygg Gothenburg and AF Bygg Syd reported satisfactory results for the quarter.

AF’s property activities in Sweden have one residential property project with a total of 54 apartments under construction (AF's share is 54):• BRF Glashuset in Halmstad, Sweden (54 apartments), all of which have been sold

BRF Surte Tower outside of Gothenburg was completed in the 1st quarter. The number of unsold completed apartments was 3 (0) at the end of the 1st quarter. AF has a building site inventory (residential units under construction) in Sweden that is estimated to yield 365 (26) residential units. AF's share of this is 353 (10) residential units.

The order backlog for Sweden was NOK 1 746 million (1 051 million) as at 31 March 2018.

Energy Sweden

1ST QU

ARTER 2018

Cooling and heating project at Campus Ås in Ås The Eriksberg Ship Yard in Gothenburg


Revenues and income 56 51 244Earnings before financial items and tax (EBIT) - 4 20Earnings before tax (EBT) -1 4 22Operating margin 0.0 % 8.1 % 8.2 %Profit margin -2.6 % 8.1 % 9.1 %


Revenues and income 507 327 1 611Earnings before financial items and tax (EBIT) 22 17 83Earnings before tax (EBT) 21 17 82Operating margin 4.3 % 5.2 % 5.2 %Profit margin 4.2 % 5.2 % 5.1 %

12 13

AFG - Share price last 12 months

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The Offshore business area encompasses AF's services related to the removal, demolition and decommissioning of offshore installations. Offshore also includes new building, modification and maintenance work related to HVAC 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 two business units:• AF Offshore Decom and subsidiaries• AF AeronMollier

Offshore also has activities related to the AF Environmental Base at Vats and the maintenance and modification of onshore facilities (V & M Landanlegg).

Revenues for the 1st quarter were NOK 182 million (155 million) and earnings before tax were NOK 4 million (8 million).

AF Offshore Decom reported a lower level of activity, but the unit delivered positive results.. As communicated earlier, the

market for the removal of offshore installations is marked by strong competition and few projects in the short term.New projects that were contracted in 2017 will primarily be carried out in 2019 or later.

AF Offshore AeronMollier has challenging market conditions. The unit reported a somewhat lower level of activity for the 1st quarter and delivered weak results for the quarter. The unit has received several contracts during the quarter, which includes contracts with Havyard Ship Technology for the design and delivery of HVAC systems for new ferries that are to be built for Fjord 1, as well as Phase 2 of the Johan Sverdrup development.

The order backlog for offshore was NOK 922 million (605 million) as at 31 March 2018.

Offshore

FINANCIAL INFORMATIONAF Gruppen shall have robust financing with respect to operational and market-related fluctuations. The company’s required return on invested capital is 20 %. 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 126 million (415 million) for the 1st quarter. AF Gruppen reported cash flow from net investments of NOK -245 million (-142 million) for the 1st quarter. Cash flow before capital transactions and financing was NOK -118 million (274 million) for the 1st quarter.

The AF Group had net interest-bearing receivables of NOK 1 017 million (1 063 million) at the end of the 1st quarter.

AF Gruppen's total financing framework is NOK 1 880 million. AF Gruppen has a credit facility of NOK 1 200 million with Danske Bank that will remain in effect until 2020. The framework also consists of 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 until June 2020.

The available liquidity, including credit facilities, stood at NOK 2 759 million as at 31 March 2018.

Total assets were NOK 7 854 million (7 140 million) as at 31 March 2018. The Group’s equity totalled NOK 2 127 million (2 275 million). This corresponds to an equity ratio of 27.1 % (31.9 %).

LIST OF SHAREHOLDERS AS AT 31 MARCH 2018

1ST QU

ARTER 2018

Name No. shares % share

OBOS BBL 18 066 733 18.4ØMF HOLDING AS 14 752 859 15.1CONSTRUCTIO AS 13 741 782 14.0FOLKETRYGDFONDET 6 924 956 7.1ARTEL II AS 2 508 267 2.6LJM A/S 2 413 900 2.5VITO KONGSVINGER AS 1 861 676 1.9ARNE SKOGHEIM AS 1 753 870 1.8LANDSFORSAKRINGAR FASTIGHETSFOND 1 695 454 1.7STAAVI, BJØRN 1 570 000 1.6Ten largest shareholders 65 289 497 66.6Total other shareholders 32 529 959 33.2Own shares 141 544 0.1Total number of shares 97 961 000 100.0

The Havyard ferries


Revenues and income 182 155 664Earnings before financial items and tax (EBIT) 3 10 59Earnings before tax (EBT) 4 8 49Operating margin 1.8 % 6.5 % 8.8 %Profit margin 2.2 % 5.0 % 7.4 %

14 15

SHARE PERFORMANCEAF Gruppen’s shares are listed on the Oslo Børs OB Match List and trade under the ticker AFG. The share is included in Oslo Børs All Share Index (OSEAX), Benchmark Index (OSEBX) and Mutual Fund Index (OSEFX), as well as the new Oslo Børs Mid Cap Index (OSEMX).

The closing price for the AF share was NOK 127.50 as at 31 March 2018. This corresponds to a return of -4.5 % year to date. The Oslo Børs Benchmark Index showed a return of -1.1 % for the same period.

For 2018, a dividend of NOK 5.00 (5.00) per share has been proposed for payment in the 1st half of the year. NOK 3.75 of this will be a reimbursement of paid-in capital. The Board will also present a proposal to the General Meeting to authorize the board to determine distribution of dividends for payment in the last half of the year after presentation of the quarterly results for the 3rd quarter.

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 5 injuries resulting in absence were registered in the 1st quarter. This gives an LTI rate (lost-time injury rate) of 1.3 (1.1) for the 1st quarter.

Significant resources are being invested to further improve our HSE efforts in order to be able to achieve our goal of an LTI rate of zero. Key to this work is AF's fundamental understanding and acceptance that all injuries have a cause

and can, therefore, be avoided. 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, it is also vital to be able to learn from our mistakes. AF has systematised this through reporting and responding to undesired incidents, as well as investigating the most serious incidents. The number of reports has increased steadily during the last 13 years, and we see a clear correlation between the increased reporting of undesired incidents and the decrease in injuries.

The registration of sickness absence forms the basis for the measurement of health work at AF. Sickness absence was 3.5 % (3.5 %) for the 1st quarter. AF's sickness absence is low compared to that of comparable businesses. Our target is total sickness absence of less than 3.0 %, a level we believe represents a healthy situation without absence due to occupational illnesses/injuries. Systematic efforts are being made, which consist, 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 1st quarter, the result for building was 83 % (80 %), the result for renovation was 79 % (75 %) and the result for demolition was 93 % (96 %). These results are considered very good, and they

are well above the government requirement of a minimum of 60 %. A total of 52 363 tonnes (85 675 tonnes) were separated at source in the 1st quarter.

ORGANISATIONWith clear growth ambitions and a rapidly increasing order backlog, there is an increasing need for resources. Therefore, the continuous effort to build a uniform corporate culture is more important than ever. 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 production, with project teams where the managers have a major 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 % 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 has organised itself for further growth and has expanded its corporate structure from 1 January 2018 by a dedicated business area for Sweden. All the Swedish units are part of this business area. AF’s Swedish units reported revenues of NOK 1.6 billion for 2017. The AF Group had a total of 3 850 (3 352) employees at the end of the 1st quarter. Of these employees, 3 357 (2 975) were employed in Norway, 462 (364) in Sweden, 17 (1) in Lithuania, 9 (9) in China and 5 (3) 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 25 risk reviews in the business units, in which the Corporate Management Team also participated, were conducted in connection with the 1st quarter of 2018.

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, AF Gruppen 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. The liquidity risk is considered low. AF Gruppen has a total financing framework of NOK 1 880 million and available liquidity of NOK 2 759 million as at 31 March 2018.

MARKET OUTLOOKThe civil engineering market in Norway is good and less sensitive to cyclical fluctuations since public sector demand is the greatest driver behind investments in civil engineering in Norway. In the 2018 State Budget, NOK 67.5 billion has been allocated to transport, which is an increase of 6.5 % over the budget for 2017. NOK 35.9 billion of this has been allocated to roads. This represents an increase of 7.7 % compared with 2017. Prognosesenteret expects a high level of activity in the civil engineering market for the period from 2018 to 2019, with growth in investments of 12.8 % and 12.1 %, respectively. It is primarily the large road projects in the Interior Region and Southern and Southwestern Norway that are driving growth.

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Building Renovation Demolition

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Regulatory requirement

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The higher investment estimate for transport and road projects, as well as the planned start-up of many major civil engineering projects, provide a good foundation for further growth of AF's civil engineering activities.

Figures from Property Norway for March 2018 show the residential property prices in Norway rose 0.5 %. Adjusted for seasonal variations, the prices rose 0.2 %. In March, residential property prices were 2.2 % lower than 12 months ago. Property Norway reports that there is a weak to moderate price upswing in most areas for the 1st quarter of 2018, with the exception of the capital, where there was a strong price upswing. According to Property Norway, this confirms the trend that the residential property prices are stabilising. The supply side is diminished, but an increase in the number of residential units sold in March indicates rising demand. There are several signs of improvement in the Norwegian residential market, compared with the weak performance in 2017. Prognosesenteret expects total growth in the building market to be 1.3 % in 2018. A retraction of 0.8 % is expected for investments in new residential units, but new commercial buildings and renovation, remodelling and extension for residential and commercial buildings are expected to grow from 1.5 % to 2.5 %. Overall, a high level of activity is expected. A somewhat hesitant residential market may result in the start-up of fewer new projects in 2018.

The Environment business area provides traditional demolition services and the subsequent receiving, treating and recycling of materials. The level of demolition activity is closely connected to the general level of activity in the building and civil engineering markets. The positive outlook for the civil engineering market in Norway and moderate growth in the building market is positive for the demand for services in the Environment business area. The market opportunities for the treatment of contaminated materials are huge, since the materials that were previously delivered to disposal sites can now be recycled. Overall, this provides a good foundation for further growth in AF's environmental operations.

The authorities in Norway have defined ambitious energy goals related to a reduction in the consumption of energy towards the year 2030. These goals are to be realised through a significant reduction in the consumption of energy by existing buildings compared with the current level, among other things. Enova has found that there is a major maintenance backlog for public buildings and major conservation opportunities in connection with the rehabilitation of buildings. The delivery of heating and cooling to commercial buildings is another interesting market. The demand here is associated with new residential and commercial building starts, where a high number of starts is expected in 2018. The market for energy savings contracts (EPCs) in municipalities and public enterprises is also an interesting market area. There has been a significant increase in the number of advertised energy savings contracts in recent years, and this growth is expected to continue. Overall, a good market is expected for

AF's activities in the Energy area.

Statistics Norway estimates that investments related to oil, gas and pipeline transport will amount to NOK 144.3 billion in 2018. This is a decline of 1.6% compared with the corresponding figures for 2017. Uncertainty in the oil industry may have an impact on AF's HVAC activities, as well as on maintenance and modification. Lower oil prices will 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. The market outlook for offshore demolition activities therefore has a positive correlation with lower oil prices. The market for the removal of offshore installations is marked by strong competition and few demolition projects to be carried out in 2018 and 2019. Estimates from the British industry organisation Oil & Gas UK indicate that more than 200 platforms must be removed fully or partially on the British, Norwegian, Danish and Dutch sectors during the period from 2017 to 2025. This represents good opportunities for AF's offshore activities related to the demolition and removal of decommissioned oil installations. For AF’s offshore activities in the HVAC area, as well as maintenance and modifications, the market conditions are still challenging, but growth is expected for the cruise and passenger vessel segments.

The residential price performance in Sweden, like Norway, has been marked by strong growth over some time now. Throughout 2017, the residential property prices also fell in Sweden. To date in 2018, the figures are weakly uplifting, and there have been signs of improvement. The Swedish central bank Riksbanken points out that Sweden and the surrounding world are showing strong economic expansion. The central bank assumes that the demand for residential units will remain high and that the decline in prices will be limited and temporary. The Swedish Construction Federation assumes there will be declining growth in building and civil engineering investments in Sweden in 2018 after several years of high growth. Continued growth combined with an expansive monetary policy and increased employment provides a good foundation for AF's Swedish operations

Oslo, 8 May 2018Board 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

Internet: afgruppen.com

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Financial Information

CONDENSED CONSOLIDATED STATEMENT OF INCOME

1ST QU

ARTER 2018


Revenues and income 3 883 2 662 13 704

Subcontractors -1 793 -1 080 -6 233Cost of materials -751 -393 -2 277Payroll cost -824 -718 -2 961Operating expenses ex. depreciation and impairment -317 -294 -1 256Net gains (losses) and profit (loss) from associates 31 8 116EBITDA 228 184 1 092

Depreciation and impairment of tangible fixed assets -43 -39 -166Depreciation and impairment of intagible assets -1 -1 -2Earnings before financial items and tax (EBIT) 185 145 924

Net financial items 9 -3 12Earnings before tax (EBT) 194 142 935

Income tax expense -42 -39 -181Net income for the period 152 104 754

Attributable to:Shareholders of the parent 130 84 621Non-controlling interests 22 20 133Net income for the period 152 104 754

Earnings per share (NOK) 1.33 0.89 6.43 Diluted earnings per share (NOK) 1.33 0.89 6.43

Key Figures Q1 18 Q1 17 2017

EBITDA margin 5.9 % 6.9 % 8.0 %Operating profit margin 4.8 % 5.5 % 6.7 %Profit margin 5.0 % 5.4 % 6.8 %Return on capital employed (ROaCE) 1) 45.8 % 49.7 % 42.7 %Return on equity 38.7 % 39.4 % 35.8 %Equity ratio 27.1 % 31.9 % 26.9 %Net interest-bearing receivables (debt) 2) 1 017 1 063 1 210Capital employed 3) 2 240 2 396 2 198Order backlog 19 451 15 984 19 773

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

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STATEMENT OF COMPREHENSIVE INCOME

EQUITY

CONSOLIDATED BALANCE SHEET

1ST QU

ARTER 2018

NOK million 31/03/18 31/03/17 31/12/17

Tangible fixed assets 1 260 1 175 1 241Intagible assets 2 170 2 166 2 188Investment in associates and joint ventures 396 395 363Deferred tax asset 23 32 26Interest-bearing receivables 235 232 216Pension plan and other financial assets 11 6 10Total non-current assets 4 095 4 006 4 045

Inventories 215 146 159Projects for own account 164 70 186Trade receivables and other receivables 2 479 1 966 2 216Interest-bearing receivables 16 44 16Derivatives 8 - 3Cash and cash equivalents 879 907 1 098Total current assets 3 760 3 134 3 679

Total assets 7 854 7 140 7 724

Equity attributable to sharholders of the parent 1 817 2 047 1 693Minority interests 311 228 384Total equity 2 127 2 275 2 078

Long-term interest-bearing debt 99 109 102Retirement benefit obligations 1 1 1Provisions 190 159 189Deferred tax 327 259 327Derivatives 10 39 23Total non-current liabilities 628 567 643

Short-term interest-bearing debt 14 13 19Trade payables and other short term debt 4 737 3 733 4 481Derivatives 6 48 26Provisions 208 153 353Tax payable 135 352 126Total current liabilities 5 099 4 298 5 003

Total liabilities 5 727 4 865 5 646

Total equity and liabilities 7 854 7 140 7 724

NOK million Paid-in capital

Translation differences

Actuarial pension

gains/(losses)

Cash flow hedge

Retained earnings

Attribut-able to share-

holders MinorityTotal

equity

As at 31/12/2016 223 6 -16 -53 1 519 1 680 270 1 950Comprehensive income - 8 - - 84 92 22 114Capital increase 281 - - - - 281 - 281Purchase of treasury shares - - - - -5 -5 - -5Sale of treasury shares - - - - 13 13 - 13Dividend paid - - - - - - -69 -69Share-based remuneration - - - - 2 2 - 2Addition of minority by aqusitions - - - - - - 17 17Transactions with minority - - - - -16 -16 -11 -27As at 31/03/2017 504 14 -16 -53 1 597 2 047 228 2 275

As at 31/12/2017 482 32 -14 -15 1 209 1 693 384 2 078Change in accounting principles - - - - 16 16 - 16As at 1/1/2018 482 32 -14 -15 1 225 1 709 384 2 094Comprehensive income - -33 - 9 130 106 20 126Capital increase - - - - - - - -Purchase of treasury shares - - - - -7 -7 - -7Sale of treasury shares - - - - 8 8 - 8Dividend paid - - - - - - -90 -90Share-based remuneration 4 - - - - 4 - 4Put options for minority - - - - -3 -3 - -3Addition of minority by aqusitions - - - - - - - -Transactions with minority - - - - -1 -1 -3 -4As at 31/03/2018 486 -1 -14 -7 1 352 1817 311 2127


Net income for the period 152 104 754

Net actuarial gains and losses - - 1Currency translation differences minority -2 1 2Items that will not be reclassified to income statement in subsequent periods -2 1 3

Net cash flow hedges 9 - 38Currency translation differences majority -33 8 26Items that may be reclassified to income statement in subsequent periods -24 8 64

Other comprehensive income for the period -26 10 67

Total comprehensive income for the period 126 114 821

Attributable to:-Shareholders of the parent 106 92 686- Minority 20 22 135Total comprehensive income for the period 126 114 821

22 23

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, Sweden and Offshore.

Sweden will be organised as a separate business area as of 1 January 2018. The new business area consists of the units AF Härnösand Byggreturer, Kanonaden Entreprenad and subsidiaries, Pålplintar, AF Bygg Göteborg, AF Bygg Syd and AF Projektutveckling. The comparable figures for the business areas have been similarly restated.

Segment information is presented in accordance with the AF Gruppen’s accounting policies in accordance with IFRS with the exception of the principles for revenue recognition for residential property development in accordance with IFRS 15. This policy exception applies to the Building and Property segments. Revenue from projects for own account in these segments is not recognised upon handover as regulated in IFRS 15, but in accordance with the degree of completion method. This means that the recognition of revenue in these projects is the product of the degree of completion, sales ratio and 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 the deviant application of principles 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

1ST QU

ARTER 2018


Earnings before financial items and tax (EBIT) 185 145 924Depreciation, amortisation and impairment 44 39 169Change in net working capital -52 287 775Income taxes paid -23 -50 -407Other adjustments -27 -6 -107Cash flow from operating activities 126 415 1 354

Net investments -245 -142 -119Cash flow before financing activities -118 274 1 235

Share issue - 232 322Dividend paid to majority shareholders - - -829Dividend paid to minority -90 -60 -77Sale (purchase) of treasury shares - 8 -10Borrowings (repayment of debt) -7 -12 2Interest paid -3 -3 -13Cash flow from financing activities -100 165 -604

Net decrease (increase) in in cash and cash equivalents -219 439 632

Net cash and cash equivalents at beginning of period 1 098 469 469Change in cash and cash eqivalents without cash effect -1 - -2Net cash and cash equivalents end of period 879 907 1 098


External revenue and income 1 242 659 3 511Internal revenue and income 4 9 59Total revenue and income 1 246 668 3 569

EBITDA 74 63 306Earnings before financial items and tax (EBIT) 57 50 249Earnings before tax (EBT) 67 49 269

EBITDA-margin 5.9 % 9.4 % 8.6 %Operating margin 4.6 % 7.5 % 7.0 %Profit margin 5.4 % 7.4 % 7.5 %

Assets 1 820 1 335 1 871Order backlog 5 723 5 281 6 082

Environment


External revenue and income 120 90 404Internal revenue and income 11 10 70Total revenue and income 131 100 474



Assets 240 177 282Order backlog 276 209 274

24 25

Property

Energy

Sweden

Building

1ST QU

ARTER 2018


External revenue and income 1 795 1 480 7 455Internal revenue and income 14 3 19Total revenue and income 1 808 1 483 7 474





External revenue and income 4 5 21Internal revenue and income - - -Total revenue and income 4 5 21


EBITDA-margin - - -Operating margin - - -Profit margin - - -

Assets 824 807 740Order backlog - - -


External revenue and income 51 51 235Internal revenue and income 5 - 9Total revenue and income 56 51 244

EBITDA - 4 21Earnings before financial items and tax (EBIT) - 4 20Earnings before tax (EBT) -1 4 22

EBITDA-margin 0.5 % 8.4 % 8.5 %Operating margin 0.0 % 8.1 % 8.2 %Profit margin -2.6 % 8.1 % 9.1 %

Assets 116 125 163Order backlog 286 164 260


External revenue and income 507 327 1 611Internal revenue and income - - -Total revenue and income 507 327 1 611



Assets 1 240 894 1 249Order backlog 1 746 1 051 1 760

26 27

Offshore

Other Segments (Group)

GAAP adjustments

Eliminations

1ST QU

ARTER 2018


External revenue and income 6 22 34Internal revenue and income 6 4 23

Total revenue and income 12 26 57

EBITDA -5 -7 -18Earnings before financial items and tax (EBIT) -9 -11 -33Earnings before tax (EBT) -11 -9 -32

Assets 1 670 800 2 050Order backlog - - -

Segment Total


External revenue and income 181 155 665Internal revenue and income 1 - -1Total revenue and income 182 155 664



Assets 1 397 1 511 1 262Order backlog 922 605 916


External revenue and income 3 883 2 662 13 704Internal revenue and income - - -Total revenue and income 3 883 2 662 13 704

EBITDA 228 184 1 092Earnings before financial items and tax (EBIT) 185 145 924Earnings before tax (EBT) 194 142 935




External revenue and income -46 -12 -47Internal revenue and income -39 -26 -177

Total revenue and income -86 -38 -224

EBITDA -4 -1 -8Earnings before financial items and tax (EBIT) -4 -1 -8Earnings before tax (EBT) -4 -1 -8

Assets -3 696 -1 628 -4 236Order backlog 203 122 157


External revenue and income 23 -116 -187Internal revenue and income - - -

Total revenue and income 23 -116 -187

EBITDA - -30 -19Earnings before financial items and tax (EBIT) - -30 -19Earnings before tax (EBT) - -30 -19

Assets -93 -119 -109Order backlog 359 412 486

28 29

1. GENERAL INFORMATIONAF Gruppen is one of Norway's leading contracting and industrial groups. AF Gruppen is divided into seven business areas: Civil Engineering, Environment, Building, Property, Energy, Sweden 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 Børs OB Match List under the ticker symbol AFG.

This summary of financial information for Q1 2018 has not been audited.

2. BASIS OF PREPARATIONThe consolidated accounts for AF Gruppen encompass AF Gruppen ASA and its subsidiaries, joint ventures and associated companies. The consolidated financial statements for Q1 have been prepared in accordance with IAS 34 Interim Accounts. The summary of the financial information presented in the quarterly accounts is intended to be read in conjunction with the annual report for 2017, 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 STRUCTURESweden will be organised as a separate business area as of 1 January 2018. The new business area consists of the units AF Härnösand Byggreturer, Kanonaden Entreprenad and subsidiaries, Pålplintar, AF Bygg Göteborg, AF Bygg Syd and AF Projektutveckling.

The comparable figures for the business areas have been similarly restated.

4. ACCOUNTING POLICIESThe accounting policies applied to the accounts are consistent with those described in the annual report for 2017 with the exception of the following principles.

New and amended accounting standards IFRS 9 Financial InstrumentsIFRS 9 Financial Instruments replaces IAS 39 Financial Instruments: Recognition and Measurement for annual periods beginning on or after 1 January 2018. IFRS 9 specifies principles for classification and measurement of financial assets and financial liabilities, impairment and hedge accounting.

The new standard for financial instruments has no significant impact on the Group's financialstanding or results.

IFRS 15 — Revenue from Contracts with CustomersAF Gruppen has implemented IFRS 15 Revenue from contracts with customers in 2018. The new standard for revenue recognition replaces IAS 11, IAS 18 and IFRIC 15. IFRS 15 stipulates evaluation criteria for revenue recognition that differs from earlier standards. The key principle of IFRS 15 is that compensation that an enterprise expects to be entitled to shall be recognised as revenue based on a pattern that reflects the transfer of goods or services to the customer. IFRS 15 introduces a new and structured five-step model for the recognition and measurement of revenues. Attached is a revised and complete version of our principles on revenue accounting.

Projects for third-party accountsA significant portion of AF Gruppen's business activities consists of construction and civil engineering projects. The projects are carried out most often on behalf of public and private clients based on contracts, so-called projects for third-party accounts. The characteristic feature of such contracts is that they are client financed.

Projects for third-party accounts are recognised as transferred to the customer over time, and project revenues are recognised in step with the progress made. Each individual project is recognised on an ongoing basis in the income statement based on the progression of the delivery obligation and estimated consideration. The progression of the delivery obligation, the degree of completion, is calculated as the production carried out in relation to the production agreed on. For turnkey contracts (form of contract that encompasses responsibility for the design and construction) and small projects, the production completed is assessed as a rule in accordance with an input-based method in which the costs incurred on the balance sheet date in relation to the estimated total costs are used as a reasonable approximation. For general contracts (form of contract that encompasses a large share of the construction work, such as site preparation and concrete work,

NOTES

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carpentry, etc.) the production completed is assessed as a rule in accordance with an output-based method based on the invoiceable deliveries completed in the project.

Revenue from the projects is only recognised when it is highly probably that a significant reversal of the recognised cumulative operating revenue will not occur. In the early stages of a project, a smaller than the proportionate share of the expected profit is recognised as revenue if the remaining risk in the project is assessed as high. In the final stages of the project, a larger share is recognised as revenue, since the expected profit can be estimated with a greater degree of certainty and there is a narrower range of outcomes in the projects. Risk adjustment is particularly relevant for civil engineering projects.

When the outcome of the project cannot be estimated reliably, only revenue equivalent to the incurred project costs will be recognised. If a loss-making project is identified, the contract will be valued in accordance with IAS 37, and a provision for losses will be made in the current period corresponding to the best estimate of the expenses that will be incurred to settle the contractual obligation.

The recognition of revenue from disputed claims, claims for additional work, change orders, incentive bonuses, etc., starts when it has been recognised that AF Gruppen's rights to the consideration are legally enforceable. IFRS 15 has a higher threshold for revenue recognition than previous revenue standards. Current revenue recognition in AF Gruppen is in line with previous revenue recognition as project estimates have been a conservative best estimate. The stricter requirements of IFRS 15 has therefore not resulted in an adjustment of previous revenue recognition.

Provisions are made for identified and expected warranty work. Projects for own accountProjects for own account largely involve the development and construction of apartment buildings for sale. These are self-financed projects. An apartment building consists of many units, and the majority of the units are sold before a project starts.

In Norway the handover of projects for own account is recognised in accordance with the rights and requirements that follow from the Housing Construction Act. In accordance with the Act, a residential buyer is entitled to terminate the sales contract before completion/handover. Thus, apartments constructed in Norway on behalf of a customer are recognised as not being handed over to the customer until possession is taken Revenue from own account projects in Norway is thus recognised upon the handover. The expenses in projects for own account are capitalised on an ongoing basis in the balance sheet as current assets until they are recognised in the income statement. The associated prepayments from customers is recognised as current liabilities.

In accordance with IFRS 15, projects for own account in Sweden are recognised on an ongoing basis based on the percentage of sales and degree of completion, which corresponds to the recognition of revenue from projects for third-party accounts. This follows from the fact that projects for own account are regarded as constructed on behalf of the customer and the transfer of the apartment is regarded as completed in step with the progress of the project. There is no corresponding right to terminate the sales contract in Sweden as there is in Norway.

The implementation of IFRS 15 entails a change in principle from previous years when revenue from projects for own account in Sweden was recognised upon handover. The effect of the change in principle has been recognised through equity. As of 1 January 2017, the effect of the change in principle that has been recognised increased equity by NOK 16 million.

Demolition workDemolition work encompasses the demolition of buildings, oil platforms and other installations. Demolition work that is recognised as transferred to the customer in step with the progress is treated in accordance with the same accounting policies as for projects for third-party accounts.

Sale of plant and equipment and other revenuesGains/losses on the sale of plant and equipment and other goods are recognised in the income statement when delivery has been made.

Financial incomeInterest is recognised as income in accordance with the effective interest method.

Dividends are recognised as revenue when the shareholders’ right to receive a dividend has been established by the General Meeting.

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.

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6. TRANSACTIONS WITH RELATED PARTIESThe Group’s related parties consist of associates, joint ventures, 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.

7. DEVIANT APPLICATION OF PRINCIPLES IN THE SEGMENT ACCOUNTSThe segment information is presented in accordance with the Group's accounting policies in accordance with IFRS with the exception of the principles for revenue recognition for residential property development in accordance with IFRS 15. This policy exception applies to the Building and Property segments. Revenue from projects for own account in these segments is not recognised upon handover as regulated in IFRS 15, but in accordance with the degree of completion method. This means that the recognition of income in these projects is the product of the degree of completion, sales ratio and expected contribution margin. The effect of this on the consolidated accounts is illustrated in a separate table in the segment information.

The effect for the year of the deviant application of principles in the segment accounts with respect to earnings before tax is NOK 0 million (-30 million). The effect on equity was NOK -89 million and the accumulated reversed revenues were NOK 359 million (412 million) as at 31 March 2018.

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

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AF's construction value Housing Construction period Ownership

Project ex. VAT (NOK million) units Start up Completion share AF

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

Krydderhagen D1/D2/D3/D4, Hasle 385 143 Q2 2017 Q2 2019 50 %

Krydderhagen E1/E2, Hasle 185 102 Q2 2017 Q3 2018 50 %

Thurmannskogen B/C/D, Lørenskog 220 96 Q4 2015 Q4 2017/Q1 2018 33 %

Thurmannskogen F/G, Lørenskog 150 72 Q3 2016 Q3 2018 33 %

Thurmannskogen H/J/K, Lørenskog 139 75 Q2 2017 Q2 2019 33 %

Lillo Gård Haugen, Nydalen 506 162 Q1 2017 Q2 2019 25 %

Nye Kilen Brygge, Sandefjord 224 80 Q1 2018 Q1 2020 50 %

34 35

COMPANY INFORMATION

AF Gruppen ASAHead office:Innspurten 150603 OsloNorwayT +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, Deputy ChairmanBorghild LundeHege BømarkKristian HolthKenneth SvendsenPål Jacob GjerpArne SveenGunnar Bøyum, deputyBjörn Erik Svensson, deputyOdd-Erik Zimmer, deputy

Corporate ManagementMorten Grongstad, CEO Sverre Hærem, CFOArild Moe, EVP Civil Engineering Henning Olsen, EVP BuildingAndreas Jul Røsjø, EVP Property and EnergyAmund Tøftum, EVP OffshoreEirik Wraal, EVP Environment and Social responsibilityBård Frydenlund, EVP HR and Sweden

Financial calendarPresentation of interim accounts:

09/05/2018 Interim report 1st quarter 201824/08/2018 Interim report 2nd quarter 201809/11/2018 Interim report 3rd quarter 2018

The interim reports will be presented at the offices of Danske Bank at Aker Brygge (Bryggetorget 4) at 8:30 a.m.

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

Cover: Demoliton of Loran-C radio mast in Vesterålen. Photo: AF Gruppen / Fartein Rudjord

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OPERATIONAL STRUCTURE

Civil Engineering Environment Building Property SwedenEnergy Offshore

AF Anlegg JR Anlegg

Målselv Maskin & Transport

AF Decom

Jølsen Miljøpark

Rimol Miljøpark

AF Byggfornyelse

AF Bygg Oslo

AF Bygg Østfold

AF Nybygg

LAB LAB Entreprenør

FAS

Åsane Byggmester- forretning

MTH Kirkestuen

Lasse Holst

Thorendahl

VD Vindu og Dør Montasje

Strøm Gundersen Consolvo Haga & Berg Entreprenør

AF Eiendom

LAB Eiendom

AF Energi & Miljøteknikk

Boligenergi

Kanonaden Entreprenad

Pålplintar

AF Bygg Göteborg

AF Bygg Syd

AF Projektutveckling

AF Härnösand Byggreturer

AF Offshore Decom

AF Offshore Decom UK Ltd.

AF Miljøbase Vats

AF AeronMollier Aeron Energy Tech. Co

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