Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Spsasub
Spsasub
Contacto:
Claudia Vivanco
cvivanco@equilibrium.com.pe
Diego Cavero
dcavero@equilibrium.com.pe
511- 616-0400
29 de setiembre de 2014
Clasificacin
Categora
Definicin de Categora
Dic.13
2,333.7
1,672.0
661.7
Jun. 14
2.362.5
1,640.9
721.7
Utilidad:
ROAA*:
ROAE*:
Dic.13
9.5
0.4%
1.5%
Jun.14
11.0
1.5%
5.1%
Historia de Clasificacin: Primer Programa de Bonos de Subordinados Primera Emisin A-.pe (13.11.06). Segunda y tercera emisin A-.pe (18.11.07). A.pe (13.05.08). Primer Programa de
Bonos Corporativos Primera y Segunda emisin AA-.pe
(20.11.09).
Para la presente evaluacin se ha utilizado los estados financieros auditados de Supermercados Peruanos S.A. al 31 de diciembre del 2010, 2011,
2012 y 2013 as como estados financieros no auditados al 30 de junio de 2013 y 2014, e informacin adicional proporcionada por el Emisor.
Fortalezas
1. Respaldo del Grupo Econmico al que pertenece.
2. Capacitado equipo profesional
3. Slida presencia en el sector.
4. Adecuado posicionamiento de marca.
Debilidades
1. Niveles de apalancamiento por encima del promedio del mercado.
2. Elevados requerimientos de capital de trabajo.
3. Menor holgura en los ndices de cobertura dados los fuertes planes de expansin y la menor generacin.
4. Desaceleracin en sus ventas.
5. Exposicin a riesgo cambiario.
Oportunidades
1. Crecimiento de la penetracin del retail moderno.
2. Potencialidad de provincias.
3. Nuevos formatos de tiendas.
Amenazas
1. Posible ingreso de operadores internacionales.
2. Planes de expansin de la competencia.
3. Deterioro en los mrgenes por agresivo crecimiento y la fuerte rivalidad en el sector.
SUPERMERCADOS PERUANOS
Balances Actualizados
(Miles de nuevos soles)
PCGA
IFRS
IFRS
IFRS
IFRS
IFRS
108,688
0
21,789
6,711
0
24,638
280,466
8%
0%
2%
0%
0%
2%
20%
135,148
20,000
28,994
9,602
70,628
32,003
309,461
7%
1%
2%
1%
4%
2%
17%
64,989
115,052
40,338
15,942
28,319
32,022
299,202
3%
6%
2%
1%
1%
2%
15%
40,952
0
37,343
52,363
28,958
53,246
309,661
2%
0%
2%
3%
1%
3%
15%
163,351
0
42,889
28,681
17,171
54,525
367,084
7%
0%
2%
1%
1%
2%
16%
79,756
0
38,512
33,335
17,747
82,389
408,425
3%
0%
2%
1%
1%
3%
17%
Jun. 14
Dic. 13
-51%
-10%
16%
3%
51%
11%
Jun. 14
Jun. 13
95%
3%
-36%
-39%
55%
32%
442,292
929,920
49,105
6,983
0
0
0
6,749
31%
65%
3%
0%
0%
0%
0%
0%
605,836
1,116,465
43,600
0
244
55,780
9,200
10,402
33%
61%
2%
0%
0%
3%
0%
1%
595,864
1,339,783
56,609
0
244
0
18,056
18,970
29%
66%
3%
0%
0%
0%
1%
1%
522,523
1,418,239
63,157
0
244
0
18,443
19,517
26%
69%
3%
0%
0%
0%
1%
1%
673,701
1,551,688
72,038
0
244
0
18,229
17,813
29%
66%
3%
0%
0%
0%
1%
1%
660,164
1,592,326
73,726
0
244
0
17,979
18,116
28%
67%
3%
0%
0%
0%
1%
1%
-2%
3%
2%
0%
-1%
2%
26%
12%
17%
0%
-3%
-7%
992,757
1,435,049
69%
100%
1,235,691
1,841,527
67%
100%
1,433,662
2,029,526
71%
100%
1,519,600
2,042,123
74%
100%
1,660,012
2,333,713
71%
100%
1,702,391
2,362,555
72%
100%
3%
1%
12%
16%
PASIVOS
Dic.10
ACTIVOS
Caja Bancos
Otros Activos Financieros
Cuentas por Cobrar Comerciales
Otras cuentas por cobrar a relacionadas
Inversiones Financieras disponibles
Otras cuentas por Cobrar
Total de Existencias
Dic.10
Dic.11
Dic.12
Jun. 13
Dic. 13
Jun. 14
Jun. 14
Dic. 13
Jun. 14
Jun. 13
0
577,639
59,164
11,817
8,820
10,586
0
53,962
85,185
8,932
4,357
9,360
0%
40%
4%
1%
1%
1%
0%
4%
6%
1%
0%
1%
0
623,918
65,099
11,136
0
9,771
0
42,839
63,746
10,671
3,731
1,362
0%
34%
4%
1%
0%
1%
0%
2%
3%
1%
0%
0%
0
644,458
88,034
0
0
9,771
0
41,468
51,239
6,385
3,301
1,843
0%
31.8%
4%
0%
0%
0%
0%
2%
3%
0%
0%
0%
0
591,395
101,833
0
0
9,771
0
41,183
82,434
3,771
3,464
0
0%
29.0%
5%
0%
0%
0%
0%
2%
4%
0%
0%
0%
0
777,424
91,373
0
0
9,771
74,678
49,419
133,868
27,365
3,550
0%
33%
4%
0%
0%
0%
3%
2%
6%
1%
0%
0%
0
717,304
102,294
0
0
4,886
74,678
54,794
134,358
40,658
3,770
0
0%
30.4%
4%
0%
0%
0%
3%
2%
6%
2%
0%
0%
-8%
12%
-50%
0%
11%
0%
49%
6%
-
21%
0%
-50%
33%
63%
978%
9%
-
744,637
10,655
4,644
74,925
65,169
0
91,667
247,060
33,249
2,588
2,700
52%
1%
0%
5%
5%
0%
6%
17%
2%
0%
0%
768,527
0
0
72,796
56,213
336,842
105,711
571,562
36,182
2,278
4,042
42%
0%
0%
4%
3%
18%
6%
31%
2%
0%
0%
795,260
0
0
70,022
46,442
351,161
120,249
587,874
42,137
3,157
4,995
39%
0%
0%
3%
2%
17.3%
6%
29%
2%
0%
0%
782,897
0
0
74,431
41,556
383,772
133,401
633,160
37,055
3,563
2,330
38%
0%
0%
4%
2%
18.8%
7%
31%
2%
0%
0%
1,033,580
0
0
0
36,670
386,115
164,051
586,836
47,908
3,642
0
44%
0%
0%
0%
2%
17%
7%
25%
2%
0%
0%
998,384
0
0
0
36,670
386,721
152,420
575,811
60,642
3,835
2,192
42%
0%
0%
0%
2%
16.4%
6%
24%
3%
0%
0%
-3%
0%
0%
-7%
-2%
27%
5%
-
28%
-100%
-12%
1%
14%
-9%
64%
8%
-6%
285,597
1,030,234
20%
72%
614,064
1,382,591
33%
75%
638,163
1,433,423
31%
71%
676,108
1,459,005
33%
71%
638,386
1,671,966
27%
72%
642,480
1,640,864
27%
69%
1%
-2%
-5%
12%
306,678
21%
306,678
17%
336,349
17%
336,349
16%
347,005
15%
355,823
15%
3%
6%
27,314
1,738
205
0
15,645
53,235
2%
0%
0%
0%
1%
4%
27,314
7,062
-117
2,242
79,036
36,721
1%
0%
0%
0%
4%
2%
91,784
7,062
0
2,548
100,420
57,680
5%
0%
0%
0%
5%
3%
91,784
12,830
0
2,236
152,332
-12,413
4%
0%
0%
0%
7%
-1%
139,079
12,830
276
719
152,332
9,506
6%
0%
0%
0%
7%
0%
178,211
13,780
0
1,954
160,887
11,036
8%
0%
0%
0%
7%
0%
28%
7%
-100%
172%
6%
16%
94%
7%
-13%
6%
-189%
404,815
1,435,049
28%
100%
458,936
1,841,527
25%
100%
595,843
2,029,266
29%
100%
583,118
2,042,123
29%
100%
661,747
2,333,713
28%
100%
721,691
2,362,555
31%
100%
9%
1%
24%
16%
Dic.11
Dic.12
Jun. 13
Dic. 13
Jun. 14
SUPERMERCADOS PERUANOS
Estado de Ganancias y Prdidas
(Miles de nuevos soles)
Dic.10
Dic.11
Dic.12
Jun. 13
Dic. 13
Jun. 14
Jun. 14
Dic. 13
Jun. 13
Dic. 12
12%
9%
17%
12%
2,398,530
0
100%
0%
2,787,421
28,338
99%
1%
3,021,006
33,516
99%
1%
1,541,777
17,795
100%
1%
3,287,701
37,403
99%
1%
1,728,614
20,781
100%
1%
TOTAL INGRESOS
Costo de Ventas
UTILIDAD (PERDIDA) BRUTA
Gastos de Administracin
Gastos de Ventas
UTILIDAD DE OPERACION
Ingresos y gastos Diversos (Neto)
Ingresos Financieros
Gastos Financieros
2,398,530
1,793,102
605,428
58,593
435,924
110,911
-1,114
1,091
30,591
100%
75%
25%
2%
18%
5%
0%
0%
1%
2,815,759
2,089,019
726,740
72,284
552,361
102,095
-9,884
2,458
39,814
100%
74%
26%
3%
20%
4%
0%
0%
1%
3,054,522
2,253,558
800,964
69,071
608,510
123,383
-986
6,785
63,590
100%
74%
26%
2%
20%
4%
0%
0%
2%
1,559,572
1,169,521
390,051
43,129
327,488
19,434
29,507
3,452
33,281
100%
76%
25%
3%
21%
1.3%
2%
0%
2%
3,325,104
2,479,677
845,427
81,434
664,652
99,341
28,414
8,061
73,456
100%
75%
25%
2%
20%
3%
1%
0%
2%
1,749,395
1,301,809
447,586
42,695
363,310
41,581
10,395
2,512
37,648
100%
75%
26%
2%
21%
2%
1%
0%
2%
12%
11%
15%
-1%
11%
114%
-65%
-27%
13%
9%
10%
6%
18%
9%
-19%
-2982%
19%
16%
80,297
6,134
86,431
7,392
25,804
53,235
3%
0%
4%
0%
1%
2.2%
54,855
6,812
61,667
0
24,946
36,721
2%
0%
2%
0%
1%
1%
65,592
23,689
89,281
0
31,601
57,680
51.89%
2%
1%
3%
0%
1%
2%
19,112
-38,061
-18,949
0
-6,536
-12,413
114.12%
1%
-2%
-1%
0%
0%
-0.8%
62,360
-41,490
20,870
0
11,364
9,506
50.85%
2%
-1%
1%
0%
0%
0%
16,840
355
17,195
0
6,159
11,036
12.12%
1%
0%
1%
0%
0%
1%
-12%
-101%
-191%
-5%
-275%
-77%
-64%
-84%
Cifras Relevantes
Utilidad de Operacin
Dic.10
Dic.11
Dic.12
Jun. 13
Dic. 13
Jun. 14
110,911
102,095
123,383
19,434
99,341
41,581
Depreciacin
56,275
80,151
70,172
35,613
76,432
41,934
Amortizacin
3,437
4,753
5,088
2,996
6,150
4,344
170,623
186,999
198,643
58,043
181,923
87,859
EBITDA
EBITDA anualizado
170,623
186,999
198,643
169,477
181,923
211,739
158,002
111,118
210,382
-50,430
131,918
-53,176
332,245
635,308
639,113
715,594
720,704
710,169
Servicio de Deuda
115,776
103,560
114,829
144,426
207,324
212,181
30,591
39,814
63,590
61,992
73,456
77,823
2.7
1.0
Indicadores Adicionales
Cobertura y Deuda Financiera
EBITDA / gastos financieros
EBITDA / servicio de deuda
5.6
1.5
4.7
1.8
3.1
1.7
2.7
1.2
2.477
0.877
1.9
3.4
3.2
4.2
4.0
3.4
23.15%
9.26%
34.50%
8.05%
31.49%
9.98%
35.04%
8.91%
30.88%
10.80%
30.06%
10.92%
Solvencia
Pasivo / Patrimonio
2.54
3.01
2.41
2.50
2.53
2.27
0.59
0.22
-302,345
0.79
0.29
-162,691
0.75
0.34
-199,396
0.67
0.23
-260,374
0.65
0.28
-359,879
0.66
0.23
-338,220
3.3
109.8
56.3
7.11%
8.42%
3.20%
3.7
106.0
53.3
6.71%
6.16%
3.27%
4.8
103.4
47.8
6.58%
6.37%
4.52%
4.3
89.4
47.7
3.76%
-1.49%
4.38%
4.6
109.9
53.3
5.53%
4.55%
4.73%
4.0
96.6
56.5
5.08%
5.52%
5.02%
ROAE*
14.67%
8.35%
10.93%
5.74%
1.51%
5.05%
ROAA*
4.04%
2.21%
2.98%
1.59%
0.44%
1.50%
Liquidez
Activo cte/Pasivo Cte
Prueba Acida
Capital de Trabajo (miles de S/.)
Gestin
Rotacin de cobranzas
Rotacin de cuentas por pagar
Rotacin de inventarios
EBITDA / Ventas
Rentabilidad Operativa* / Promedio Activo
Gastos Financieros* / Promedio Pasivo
* Datos Anualizados
-194%
-189%