Finansiel risikoanalyse af DLH A/S: Med fokus på fremmedkapitalinteresser

Martin Preben Lyngbæk

Student thesis: Master thesis


The purpose of this master thesis is to analyze Dalhoff Larsen & Horneman A/S capability to meet its financial and payments obligations arising from non-equity and analyze which factors the underlying risk arises from. Dalhoff Larsen & Horneman A/S was founded in 1908 and has headquarters in Denmark. The company has activities and subsidiaries around the world and is in the market for global timber wholesales. The company’s primary market is presently based in Europe and in 2012 it presented a yearly turnover of DKK 2.4 billion from a balance sheet amounting to DKK 1.2 billion. After years of growth the business has slowed down and the company faces significant challenges and risks both financially and strategically. The main conclusion from the external analysis is that the challenges faced from macro factors are raised and derived primary from the financial crisis. Competition in the industry has also increased, mostly due to the fact that growth has slowed down but also because in and exit-barriers are low. The industry is further pressured by high bargaining power from customers in the industry market and building market. The internal analysis shows that the company´s ratios and financial situation have been declining on several fronts throughout the years, thereby decreasing the ability to meet its financial obligations presently and in the future. The information from the external and internal analysis is used to estimate the future budget, financial ratios and underlying risks. The analysis provides the basis for a quantifying analysis of the trend and level of the underlying risk as seen from the non-equity perspective. The theoretically quantifying analysis clarifies the company´s financially poor situation. The quantifying analysis is subject to stress test of the primary underlying risks and concludes that the underlying risks and the company´s capability to meet its financial and payments obligations is very sensitive to changes in factors that is out of the control of the company. The analysis concludes that the company is capable to meet its financial and payment obligations but the underlying risk and conclusion is very sensitive to changes in the market and the company´s capability to improve its financial and strategically situation.

EducationsMSc in Finance and Accounting, (Graduate Programme) Final Thesis
Publication date2013
Number of pages99