Analisis financiero Superdeporte S.a

8/18/2019 Analisis financiero Superdeporte S.a

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los recursos captados en virtud del proceso de emisión de obligaciones de corto plazo, papel

comercial, sería de hasta en un 85% a capital de trabajo y hasta en un 15% a sustitución de pasivos

bancarios a corto plazo. Para estos efectos, se autorizó al Gerente General de la Compañía o quien

') +&&*%'$,& &9 L-+:C; ;& '$7 ;-7%)7-,-)9&7 &7:$:C:$+-$7 $ $*%'-$+ F ;&:$''$+ &' ;&7:-9) $%+)E$;) %)+ '$

OC9:$ &9 ')7 ;),C*&9:)7 %&+:-9&9:&s e inclusive a modificar los porcentajes antes señalados.

En virtud de la delegación y autorización conferida por la Junta General de Accionistas, el Gerente

General determina que los recursos provenientes de la emisión serán utilizados en un >@@S $

sustitución de pasivos bancarios de corto plazo.

Fecha de emisión

T&,K$ &9 DC& '$7 )E'-


8/37

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4246G >@R5`a> >@@A@@S

TC&9:&W ./#0310#2340 .565 / Elaboración: Class International Rating

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,.1%* F$`* .3$%$+&/ M&, .= .3$/&, J 1.L&)$*+&/ .1 .= ,.L$/%,& ./M.)$*= M*,* R*=&,./ 1& $1/),$%&/ – X(a5Em J< =*/$1R.,/$&1./ .1 *))$&1./ .1 )&3M*NO*/ 1*)$&1*=./ & .S%,*1`.,*/ P#. 1& )&%$).1 .1 D&=/* & .1 3.,)*+&/,.L#=*+&/ J ./%41 R$1)#=*+*/ )&1 .= .3$/&, .1 =&/ %4,3$1&/ +. =* ^.J +. e.,)*+& +. a*=&,./ J /#/ 1&,3*/)&3M=.3.1%*,$*/:6

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^* ,.=*)$01 M&,).1%#*= +.= f7j ./%*D=.)$+* .1 ./%. *,%O)#=& +.D.,T 3*1%.1.,/. Z*/%* =* %&%*= ,.+.1)$01 +. =*/&D=$L*)$&1./< ,./M.)%& +.= 3&1%& +. =*/ &D=$L*)$&1./ .1 )$,)#=*)$016 (= $1)#3M=$3$.1%& +. ./%* +$/M&/$)$01 +*,T

: “La verificación realizada por la calificadora al certificado del monto máximo de la emisión, contempla única y exclusivament . #1 *1T=$/$/ +. P#. =* $1F&,3*)$01 P#. )&1/%* .1 +$)Z&).,%$F$)*+& ./%4 +*1+& )#3M=$3$.1%& * =& P#. =* 1&,3* $1+$)*< =& )#*= /$L1$F$)* P#. =* )*=$F$)*+&,* 1& Z* *#+$%*+& =* $1F&,3*)$01 P#. )&1/%* .1 .= ).,%$F$)*+& J %*3M&)& Z* R.,$F$)*+& =*)*=$+*+ J R.,*)$+*+ +. la misma, lo cual es de entera y única responsabilidad del emisor.”


9/37

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12/37

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TG/O2 TMV6V(M032 >`5@Ra [Q5â]\ [?5>>@\ [a5Q_?\ []5R?]\

FLUJO OPERATIVO + INVERSIÓN + FINANCIERO

_5_aR []5]@^\ ?5@^> [a]Q\ `]^

TG/O2 10 (6O6 V042 _5_aR []5]@^\ ?5@^> [a]Q\ `]^

TG/O2 10 (6O6 MVM(M6G ]5^]R a5>R] _5^>^ a5âa ^5Q_Q

TG/O2 10 (6O6 V042 6(/8/G612 a5>R] _5^>^ a5âa ^5Q_Q a5?a`

Fuente: Estructuración Financiera / Elaboración: Class International Rating

GRÁFICO 2: NIVEL DE COBERTURA: FLUJOS

^

N.5 10/16 TMV6V(M036 b #6P2 10 (6#M46G 10 G6. 2UGMP6(M2V0.

Fuente: Estructuración Financiera / Elaboración: Class International Rating

G$1*=3.1%.< =* 2*=$F$)*+&,* ,.*=$Q0 #1 *1T=$/$/ +. /.1/$D$=$+*+ +. =&/ F=#`&/ M,&J.)%*+&/< =* )#*= *F.)%*+$,.)%*3.1%. * =&/ )&/%&/ +. R.1%* +. =* )&3M*NO*< /$.1+& .= Hj =* 3TS$3* R*,$*)$01 M.,3$%$+* M*,* P#. =&/F=#`&/ /&M&,%.1 .= M*L& +. /#/ Z*D.,./< /$.1+& .= /.L#1+& *N& +. M,&J.))$01 .= +. 3*J&, /.1/$D$=$+*+6 2*D.,./*=%*, P#.< =*/ M,&J.))$&1./ *= Z*D., /$+& .=*D&,*+*/ )&1 /#M#./%&/ 3#J )&1/.,R*+&,./< 1& =. M.,3$%.1 * =*)&3M*NO* %.1., #1* Z&=L#,* .1 .= 3*1.`& +. /#/ )&/%&/ J L*/%&/6

2^?-- E5Y(X5?YEV5?^ X?YE5b 2*=$F$)*+&,* +. X$./L&/ -6?6 Z* *1*=$Q*+& J ./%#+$*+& =*/ M,&J.))$&1./ +../%*+& +. ,./#=%*+&/< ./%*+& +. F=#`& +. .F.)%$R& J +. F=#`& +. )*`*< M,./.1%*+*/ M&, =* .3M,./* .1 .= $1F&,3.+. ./%,#)%#,*)$01 F$1*1)$.,&< M*,* .= M=*Q& +. R$L.1)$* +. =* M,./.1%. .3$/$01< 3$/3*/ P#.< D*`& =&/ /#M#./%&/P#. Z*1 /$+& .=*D&,*+*/< /.N*=*1 P#. =* .3M,./* M&/.. #1* *).M%*D=. )*M*)$+*+ M*,* L.1.,*, F=#`&/ +.1%,& +.=*/ M,&J.))$&1./ ./%*D=.)$+*/ )&1 ,./M.)%& * =&/ M*L&/ ./M.,*+&/ */O )&3& /&D,. =* D*/. +. =*/ .SM.)%*%$R*/./M.,*+*/ +. ,.*))$01 +.= e.,)*+&m *+$)$&1*=3.1%.< +$)Z*/ M,&J.))$&1./ /.N*=*1 P#. .= .3$/&, L.1.,*,T =&/,.)#,/&/ /#F$)$.1%./ M*,* M,&R$/$&1*, J )#D,$, %&+&/ =&/ M*L&/ +. )*M$%*= . $1%.,././ J +.3T/ )&3M,&3$/&/ P#.+.D* *F,&1%*, =* M,./.1%. .3$/$01< +. *)#.,+& )&1 =&/ %4,3$1&/ J )&1+$)$&1./ M,./.1%*+*/ .1 .= )&1%,*%& +.=U*M.= 2&3.,)$*= < */O )&3& +. =&/ +.3T/ *)%$R&/ J )&1%$1L.1%./6 U&, =& %*1%& 2^?-- E5Y(X5?YEV5?^ X?YE5b2*=$F$)*+&,* +. X$./L&/ -6?6 ./%T +*1+& )#3M=$3$.1%& *= *1T=$/$/< ./%#+$& J .SM,./*, ),$%.,$& /&D,. =& ./%*D=.)$+&.1 =&/ 1#3.,*=./ :6:< :68< J :6d +.= ?,%O)#=& :f +.= 2*MO%#=& EEE +.= -#D%O%#=& Ea +.= YO%#=& EE +. =* 2&+$F$)*)$01 +.=*/ X./&=#)$&1./ (SM.+$+*/ M&, .= 2&1/.`& 5*)$&1*= +. a*=&,./6

g [o]G=#`& +. .F.)%$R& F$1*= .1 )*+* #1& +. =&/ M.,$&+&/ *1%./ +. )&1/$+.,*, .= M*L& +. )* M$%*= +. =* .3$/$01 &D`.%& +. *1T=$/$/ .1 .= M,./.1%. ./%#+$& J +.3T/ +.#+* F$1*1)$.,*6


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3MG1 [*-'')9&7 /.1 cMZR@>?\ _5>R`A_ 3&*&7$7 [*-'')9&7 /.1\ [McZR@>?\ >5^]RA>

3-&7?\ >@]A@?

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Fuente: Página web del Banco Central del Ecuador / Elaboración: Class International Rating

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17/37

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87 Z%%M@99+$1.,&6#1$R$/$&16)&39M,&/M.,$+*+9*,%$)=.987:d':7'789)$1)&'3*1.,*/'.1'P#.'.='*=Q*'*='+&=*,'1&/'*F.)%*

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Z%%M@99BBB6=*Z&,*6)&36.)9$1+.S6MZM91&%$)$*/9/Z&B9::7:Id8f:79':9^&/q.SM&,%*+&,./q.)#*%&,$*1&/qq*3*1.).1q/$1q?%M+.*6Z%3=w6WF'J,b7L*QC

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18/37

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Fuente: SUPERDEPORTE S.A. / Elaboración: Class International Rating

-WU(XA(UVXY( -6?6< )&3.,)$*=$Q* /#/ M,&+#)%&/ * %,*R4/ +. /#/ >: %$.1+*/ P#. ./%T1 #D$)*+*/ * =& =*,L& +. =*2&/%* J -$.,,* +.= M*O/6 -. +$/%,$D#J.1 .1 dH %$.1+*/ e*,*%Z&1 -M&,%/< :f c&+.L*/ J V#%=.%/< :g %$.1+*/


19/37

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69-C01-72B?D "- 2?:018-72B? ./2923-4- ;6 >- 012] Q>AaQS

U6V(2 10G MV.4M4/42 0(/6423M6V2 10 .0P/3M161 .2(M6G >5^R`5>^_ `A>`S

2432. ?]?5>]R >AQ?S

4):$' Ra5@>Q5`RQ >@@A@@S

TC&9:&W ./#0310#2340 S.A. / Elaboración: Class International Rating

(1 )#*1%& * /# *+3$1$/%,*)$01< =* )&3M*NO* %$.1. )&3& &,L*1$/3&/ *+3$1$/%,*%$R&/ * =* l#1%* b.1.,*= +.?))$&1$/%*/< *= U,./$+.1%. J b.,.1%. b.1.,*=< /$.1+& +.1%,& .==&/ =* l#1%* b.1.,*= +. ?))$&1$/%*/ .= 0,L*1&

/#M,.3& +. =* )&3M*NO*6

GRÁFICO ?: ORGANIGRAMA DE LA COMPAÑÍA


8d U,&/M.)%& +. VF.,%* UiD=$)*

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(G 2B;NG 4 2;F=B *G=J@;H V 2GBK>@?;H := B; (@?; := 2E=?@GH

^&/ M,.)$&/ M*,* ./%. %$M& +. *,%O)#=&/ ./%T1 +.F$1$+&/ M&, .= 1$R.= +. +.3*1+* P#. %$.1.1 .1 .= 3.,)*+&6?+$)$&1*=3.1%.< =&/ M,&+#)%&/ $3M&,%*+&/ P#. )&3.,)$*=$Q* =* )&3M*NO* ./%T1 /#`.%&/ * R*,$*)$&1./ .S%.,1*/

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Analisis financiero Superdeporte S.a

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