Estructura de deuda y aplicación de coberturas de riesgo financiero para el Grupo ICE, al tercer trimestre de 2023 y 2024
Fecha
0025-07-24
Autores
Delgado Arias, Osllin Suney
Trujillo Ortiz, Sharon Yanuskia
Título de la revista
ISSN de la revista
Título del volumen
Editor
Universidad Nacional, Costa Rica
Resumen
La estructura de deuda, los riesgos de mercado y las coberturas de riesgo son elementos de suma importancia para todas las organizaciones, puesto que el comprender su relación es indispensable para una administración eficiente de los recursos financieros, además, su análisis contribuye a la toma de decisiones, pues con estas variables se identifican alternativas que satisfacen los requerimientos de la institución. Es por lo anterior, que se lleva a cabo la investigación titulada: “Estructura de deuda y aplicación de coberturas de riesgo financiero para el Grupo ICE, al tercer trimestre de 2023 y 2024”. Este tema resulta de gran relevancia, debido a que, en la actualidad, es indispensable dar un seguimiento a estas variables, no solo por parte de los encargados de su gestión, sino también por parte de inversionistas y actores interesados, por lo que su análisis es fundamental, ya que, permite comprender la posición financiera en la que se encuentra una entidad, además ayuda a identificar áreas de mejora y a realizar un mejor control sobre el riesgo de mercado. Su estudio, además de formar parte de una gestión óptima para tomar decisiones estratégicas y anticipar posibles dificultades financieras, permite a los inversionistas y actores interesados tener mayor claridad sobre el manejo que se le dará a sus recursos y le brinda cierta seguridad sobre la recuperación de sus inversiones. Esta investigación se llevó a cabo en el Grupo ICE, esta es una entidad pública organizada como institución autónoma. El estudio, se dio específicamente en la Gerencia de Finanzas, en el edificio Jorge Manuel Dengo, ubicado en Sabana Norte, distrito Mata Redonda, San José, Costa Rica y se encuentra comprendida al tercer trimestre de 2023 y 2024. El propósito principal de esta investigación es evaluar cómo se encuentra la estructura de deuda de esta entidad, además de comprender los riesgos de mercado a los que se enfrenta y evaluar las coberturas de riesgo utilizadas, con la finalidad de optimizar pasivos e identificar de oportunidades de mejora. Cabe destacar que se eligió este tema debido a lo poco indagado en el contexto nacional, principalmente en relación con las coberturas de riesgo como derivados financieros y por el impacto que puede tener para otras empresas al servir como referencia para identificar áreas de crecimiento y fortalecimiento financiero. Durante el desarrollo de esta investigación se presentaron dificultades al momento de recabar bibliografía nacional actual y específica sobre las variables incluidas en este estudio, convirtiéndolo en un proceso complejo. De igual forma, el contactar a expertos en el área resultó un reto adicional, pues en el país no predomina un alto porcentaje de profesionales especializados en derivados financieros, ante esta limitación, se recurrió a expertos internacionales cuya perspectiva fue un aporte significativo. Asimismo, al momento de delimitar temporalmente este estudio, no se encontraba disponible el estado financiero consolidado para el período 2024, por lo que se eligió hacer uso de los estados financieros intermedios consolidados condensados. No obstante, durante el desarrollo del análisis la información de estos no satisfacía el alcance requerido por la investigación, hacia la etapa final del estudio, fue publicado el estado financiero consolidado para el año 2024, por lo que fue necesario recurrir a los estados financieros completos para lograr un alcance eficiente de los objetivos dispuestos.
Debt structure, market risks, and risk coverage are critical elements for all organizations, as understanding their relationship is essential for efficient management of financial resources. Furthermore, their analysis contributes to decision-making, as these variables identify alternatives that meet the institution's requirements. For this reason, the research entitled "Debt structure and application of financial risk coverage for the ICE Group, as of the third quarter of 2023 and 2024" was conducted. This topic is highly relevant because, currently, it is essential to monitor these variables, not only by those responsible for their management but also by investors and stakeholders. Therefore, their analysis is essential, as it allows for an understanding of an entity's financial position, helps identify areas for improvement, and better controls market risk. This study, in addition to being part of optimal management for making strategic decisions and anticipating potential financial difficulties, allows investors and stakeholders to have greater clarity on how their resources will be managed and provides them with some security regarding the recovery of their investments. This research was carried out at the ICE Group, a public entity organized as an autonomous institution. The study was specifically conducted at the Finance Department, in the Jorge Manuel Dengo building, located in Sabana Norte, Mata Redonda district, San José, Costa Rica, and covers the third quarter of 2023 and 2024. The main purpose of this research is to evaluate the current state of this entity's debt structure, in addition to understanding the market risks it faces and evaluating the risk coverage used, with the aim of optimizing liabilities and identifying opportunities for improvement. It should be noted that this topic was chosen due to the limited research in the national context, primarily in relation to risk hedging as financial derivatives, and the impact it can have on other companies by serving as a reference for identifying areas for growth and financial strengthening. During the development of this research, difficulties arose when gathering current and specific national literature on the variables included in this study, making it a complex process. Likewise, contacting experts in the field proved an additional challenge, as the country does not have a high percentage of professionals specialized in financial derivatives. Given this limitation, international experts were consulted, whose perspectives were a significant contribution. Furthermore, at the time of delimiting this study, the consolidated financial statement for the 2024 period was not available, so the condensed consolidated interim financial statements were chosen. However, during the development of the analysis, the information from these did not satisfy the scope required by the research. Towards the final stage of the study, the consolidated financial statement for 2024 was published, so it was necessary to resort to the full financial statements to achieve an efficient scope of the established objectives.
Debt structure, market risks, and risk coverage are critical elements for all organizations, as understanding their relationship is essential for efficient management of financial resources. Furthermore, their analysis contributes to decision-making, as these variables identify alternatives that meet the institution's requirements. For this reason, the research entitled "Debt structure and application of financial risk coverage for the ICE Group, as of the third quarter of 2023 and 2024" was conducted. This topic is highly relevant because, currently, it is essential to monitor these variables, not only by those responsible for their management but also by investors and stakeholders. Therefore, their analysis is essential, as it allows for an understanding of an entity's financial position, helps identify areas for improvement, and better controls market risk. This study, in addition to being part of optimal management for making strategic decisions and anticipating potential financial difficulties, allows investors and stakeholders to have greater clarity on how their resources will be managed and provides them with some security regarding the recovery of their investments. This research was carried out at the ICE Group, a public entity organized as an autonomous institution. The study was specifically conducted at the Finance Department, in the Jorge Manuel Dengo building, located in Sabana Norte, Mata Redonda district, San José, Costa Rica, and covers the third quarter of 2023 and 2024. The main purpose of this research is to evaluate the current state of this entity's debt structure, in addition to understanding the market risks it faces and evaluating the risk coverage used, with the aim of optimizing liabilities and identifying opportunities for improvement. It should be noted that this topic was chosen due to the limited research in the national context, primarily in relation to risk hedging as financial derivatives, and the impact it can have on other companies by serving as a reference for identifying areas for growth and financial strengthening. During the development of this research, difficulties arose when gathering current and specific national literature on the variables included in this study, making it a complex process. Likewise, contacting experts in the field proved an additional challenge, as the country does not have a high percentage of professionals specialized in financial derivatives. Given this limitation, international experts were consulted, whose perspectives were a significant contribution. Furthermore, at the time of delimiting this study, the consolidated financial statement for the 2024 period was not available, so the condensed consolidated interim financial statements were chosen. However, during the development of the analysis, the information from these did not satisfy the scope required by the research. Towards the final stage of the study, the consolidated financial statement for 2024 was published, so it was necessary to resort to the full financial statements to achieve an efficient scope of the established objectives.
Descripción
Licenciatura en Administración con énfasis en Gestión Financiera
Palabras clave
GESTIÓN FINANCIERA, FINANCIAL MANAGEMENT, RIESGO (FINANZAS), RISK (FINANCE), MERCADO FINANCIERO, FINANCIAL MARKET, FINANZAS, FINANCE