Per Aarsleff A/S: Company Profile and SWOT Analysis by WMIntelligence

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									Per Aarsleff A-S

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Per Aarsleff A/S                                                              Financial Snapshot

                                                                              Operating Performance
Fast Facts
                                                                              The company reported revenues of US$771.78 million
Headquarters Address                    Lokesvej 15, Aabyhoej, 8230,Denmark
                                                                              during 2010, with a CARC of 4.93% during 2006–
                                                                              2010. Its revenue declined at an annual rate of
Telephone                               + 45 874 42222
                                                                              15.08% over the previous fiscal year. In 2010, the
                                                                              company recorded an operating margin of 1.83%, as
Fax                                     + 45 874 42249                        against 4.59% in 2009.

Website                                 www.aarsleff.com
                                                                              Revenue and Margins
Ticker Symbol, Stock Exchange           PAAL B, Copenhagen Stock Exchange

Number of Employees                     3,402

Fiscal Year End                         September

Revenue (in US$ million)                771.78

Revenue (in DKK million)                4,337.38




SWOT Analysis                                                                 Return on Equity

Strengths                               Weaknesses                            The company recorded a return on equity (ROE) of
                                                                              3.62% for 2010, as compared to its peers, Hoejgaard
                                        Concentration of Revenues In          Holding a/s (Ticker: HOEJ B), Monberg & Thorsen
Efficient Use of Resources
                                        Denmark                               A/S (Ticker: MT B) and Arkil Holding A/S (Ticker:
                                                                              ARKIL B), which recorded ROEs of 4.40%, 3.14%
Specific Business Expertise             Declining Market Share in Sector      and -4.73% respectively. The company reported an
                                                                              operating margin of 1.83% in 2010.
Strategic Acquisitions                  Declining Operating Margin

                                        Unbalanced Segmental Revenue          Return on Equity
Strong Project Portfolio
                                        Distribution

Opportunities                           Threats
Construction Spending in Asia Pacific
                                        Contraction in Danish Economy
Markets
Investments in Water and Wastewater High Competition for Infrastructure
Sector                              Projects

Stimulus Package by Governments         Shortage of Skilled Labor




                                                                              Liquidity Position

                                                                              The company reported a current ratio of 1.22 in 2010,
                                                                              as compared to its peers, Hoejgaard Holding a/s,
                                                                              Monberg & Thorsen A/S and Arkil Holding A/S, which
                                                                              recorded current ratios of 1.37, 1.44 and 1.60
                                                                              respectively. As of September 2010, the company
                                                                              recorded cash and short-term investments of worth
                                                                              US$74.24 million, against US$67.87 million current
                                                                              debt. The company reported a debt to equity ratio of
                                                                              0.37 in 2010 as compared to its peers, Hoejgaard
                                                                              Holding a/s, Monberg & Thorsen A/S and Arkil
                                                                              Holding A/S, which recorded debt to equity ratios of
                                                                              0.12, 0.34 and 0.28 respectively.




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Per Aarsleff A-S - SWOT Profile                                                                                      Page 1
Per Aarsleff A-S

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TABLE OF CONTENTS

1     Business Analysis ................................................................................................................................... 5
    1.1       Company Overview ................................................................................................................................................5
    1.2       Business Description ..............................................................................................................................................5
    1.3       Major Products and Services .................................................................................................................................6
2     Analysis of Key Performance Indicators ............................................................................................... 7
    2.1       Five Year Snapshot: Overview of Financial and Operational Performance Indicators ..........................................7
    2.2       Key Financial Performance Indicators .................................................................................................................10
      2.2.1       Revenue and Operating Profit .........................................................................................................................10
      2.2.2       Asset, Liabilities and Capex .............................................................................................................................11
      2.2.3       Net Debt vs. Gearing Ratio ..............................................................................................................................12
      2.2.4       Operational Efficiency ......................................................................................................................................13
      2.2.5       Solvency ..........................................................................................................................................................14
      2.2.6       Valuation ..........................................................................................................................................................15
    2.3       Competitive Benchmarking ..................................................................................................................................16
      2.3.1       Market Capitalization .......................................................................................................................................16
      2.3.2       Efficiency ..........................................................................................................................................................17
      2.3.3       Capital Expenditure ..........................................................................................................................................18
      2.3.4       Turnover – Inventory and Asset .......................................................................................................................19
      2.3.5       Liquidity ............................................................................................................................................................20
3     Merg
								
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