VGP NV: Company Profile and SWOT Analysis by WMIntelligence

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									VGP NV

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VGP NV                                                                  Financial Snapshot

                                                                        Operating Performance
Fast Facts
                                    Cerveny dvur, Mlada Boleslav, 293   The company reported revenue of US$38.10 million
Headquarters Address
                                    01,Belgium                          during the fiscal year 2010 (2010). The company's
                                                                        revenue grew at a CAGR of 90.79% during 2006–
Telephone                            + 420 326 724866
                                                                        2010, with an annual growth of 26.25% over 2009. In
                                                                        2010, the company recorded an operating margin of
Fax                                  + 420 326 724867                   168.96%, as against 50.66% in 2009.

Website                             www.vgpparks.eu
                                                                        Revenue and Margins
Ticker Symbol, Stock Exchange       VGP, Euronext Brussels

Number of Employees                 36

Fiscal Year End                     December

Revenue (in US$ million)            38.10

Revenue (in EUR million)            28.57




SWOT Analysis                                                           Return on Equity

Strengths                           Weaknesses                          The company recorded a return on equity (ROE) of
                                                                        14.97% for 2010, as compared to its peers, Banimmo
Long Term Leasing & SME Clients     Declining Operational Performance   S.A. (Ticker: BANI), Accentis NV (Ticker: ACCB) and
                                                                        Babis Vovos International Construction S.A. (Ticker:
                                    Lack of Presence Across the         VOVOS), which recorded ROEs of 0.33%, -20.16%
Strong Local Presence                                                   and -467.90% respectively. The company reported a
                                    Developing Markets
                                                                        net profit margin of 168.96% in 2010.
Strong Projects Portfolio           Rising Debt Obligation
                                                                        Return on Equity
Opportunities                       Threats

Geographical Expansion of Operations Competitive Environment

                                    Limited Confidence in Real Estate
Projects Under Construction
                                    Market
                                    Slow Growth in Central & Eastern
Rise in Leasing Agreements
                                    European Markets




                                                                        Liquidity Position

                                                                        The company reported a current ratio of 1.62 in 2010,
                                                                        as compared to its peers, Banimmo S.A., Accentis NV
                                                                        and Babis Vovos International Construction S.A.,
                                                                        which recorded current ratios of 4.54, 0.95 and 0.31
                                                                        respectively. As of December 2010, the company
                                                                        recorded cash and short-term investments of worth
                                                                        US$7.12 million, against US$6.43 million current debt.
                                                                        The company reported a debt to equity ratio of 0.71 in
                                                                        2010 as compared to its peers, Banimmo S.A.,
                                                                        Accentis NV and Babis Vovos International
                                                                        Construction S.A., which recorded debt to equity
                                                                        ratios of 1.80, 1.28 and 12.81 respectively.




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VGP NV - SWOT Profile                                                                                           Page 1
VGP NV

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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       Net Debt vs. Gearing Ratio ..............................................................................................................................11
      2.2.3       Solvency ..........................................................................................................................................................12
      2.2.4       Valuation ..........................................................................................................................................................13
    2.3       Competitive Benchmarking ..................................................................................................................................14
      2.3.1       Efficiency ..........................................................................................................................................................14
      2.3.2       Turnover – Inventory and Asset .......................................................................................................................15
      2.3.3       Liquidity ............................................................................................................................................................16
3     SWOT Analysis ...................................................................................................................................... 17
    3.1       SWOT Analysis - Overview ..................................................................................................................................17
    3.2       Strengths ..............................................................................................................................................................17
    3.3       Weaknesses .........................................................................................................................................................17
    3.4       Opportunities ........................................................................................................................................................18
    3.5       Threats .................................................................................................................................................................18
4     VGP NV - Company Statement .
								
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